D-Wave reports flat FY2024 revenue but record bookings up 502% in Q4
On 2025-03-13 D-Wave reported FY2024 revenue of $8.8 million, flat versus FY2023, with Q4 2024 revenue of $2.3 million, down about 21% year-over-year and below estimates (EODHD: actual EPS -$0.10 vs -$0.08 estimate, a -25% surprise). The company emphasized record Q4 bookings of $18.3 million, up 502% year-over-year, driven by its first sale of an Advantage system to the Julich Supercomputing Center, and full-year bookings of $23.9 million, up 128%. Cash stood above $300 million as of 2025-03-13, and management guided Q1 2025 revenue to exceed $10 million.
The print pairs an EPS miss and flat revenue with a record-bookings inflection and a first full-system sale to a national supercomputing center, the more forward-looking signal for an order-driven hardware business.
Strong bookings and a >$300M cash position reduce financing risk and support the Q1 guidance step-up; if bookings convert to revenue, it would validate the system-sale plus Leap-cloud model and differentiate D-Wave from pre-revenue gate-model peers.