D-Wave Quantum Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance in revenue and losses compared to the previous fiscal period. The company generated revenue of $1.87 million for Q3 2024, a decrease of 27% from $2.56 million in Q3 2023. However, for the nine months ended September 30, 2024, total revenue increased to $6.52 million, up 11% from $5.85 million in the same period last year. This growth was primarily driven by a $1.7 million increase in revenue from Quantum Computing as a Service (QCaaS), which offset a decline in professional service revenue.

Gross profit for Q3 2024 was $1.04 million, down from $1.53 million in Q3 2023, while gross profit for the nine-month period rose to $4.09 million, a significant increase from $2.66 million in the prior year. The company reported a net loss of $22.71 million for Q3 2024, compared to a loss of $16.11 million in Q3 2023. For the nine months, the net loss improved to $57.80 million from $66.70 million in the previous year.

D-Wave's total current assets decreased to $35.08 million as of September 30, 2024, from $47.05 million at the end of 2023. Total liabilities increased significantly to $66.48 million, while total assets decreased to $49.56 million, resulting in a stockholders' deficit of $16.92 million, an improvement from $24.48 million at the end of 2023.

The company has been active in financing, having raised $32.2 million from the issuance of common shares under a Purchase Agreement with Lincoln Park Capital Fund and $20.7 million from an At-the-Market (ATM) Agreement. As of September 30, 2024, D-Wave had $49.9 million of issuance capacity under the Purchase Agreement and $79.1 million under the ATM Agreement.

D-Wave also finalized a $50 million Term Loan in April 2023, with a remaining balance of $13.7 million as of September 30, 2024. The loan was fully repaid on October 22, 2024. The company faced challenges, including a material weakness in internal control over financial reporting, which management is addressing by hiring experienced finance and accounting executives.

Overall, while D-Wave Quantum Inc. showed improvements in year-to-date revenue and reduced net losses, it continues to navigate significant operational and financial challenges.