"That's a headline-grabber. CEO Alan Baratz didn't just tout progress; he declared victory over the entire quantum field, dismissing rivals' machines as "toys." In a space defined by theoretical milestones and experimental data, absolute statements like this are more marketing than measurement. They project dominance but blur the line between scientific achievement and investor storytelling. When leadership claims exclusivity in a still-unproven market, investors should treat it as a signal: the narrative is driving the stock more than the science."
"Net loss for the quarter was $140.8 million... The increase is due primarily to $121.9 million in non-cash charges related to the remeasurement of the company's warrant liability. This one deserves a slow read.D-Wave generated $3.7 million in revenue, but lost $140.8 million, more than six times last year's loss.Management explains it away as a "non-cash" accounting artifact. But those charges stem from warrant exercises triggered by surging share prices, equity dilution."
Revenue doubled year over year. Gross margins expanded. Cash reserves rose over 2,700% to $836 million. Reported quarterly revenue was $3.7 million while net loss totaled $140.8 million. The loss increased primarily due to $121.9 million in non-cash charges from remeasurement of warrant liability. The cash surge derived largely from investors exercising warrants amid a share price spike, not from increased customer revenue. Company claimed its Advantage2 system is the only quantum computer to solve an important useful problem classically intractable and labeled competitors' machines as toys. The contrast between financial inflows and operational revenue signals caution about narrative-driven valuation.
Read at 24/7 Wall St.
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