D-Wave Quantum Inc. (NYSE: QBTS), the pioneering quantum computing systems provider, has successfully concluded its previously announced “at-the-market” (ATM) equity offering program, raising $150 million in gross proceeds. The offering, which ran from January 15th through January 21st, achieved an average share price of $6.10, representing a 3.7% premium over the Volume Weighted Average Price during the trading period.
Following this successful capital raise, D-Wave’s cash reserves now stand at approximately $320 million. These funds will be allocated to support the company’s ongoing technical innovations and operational activities, including working capital requirements and capital expenditures.
“We believe that the completion of this equity offering provides us with the capital necessary to fully execute our operating plan to sustained profitability and positive cash flow,” said Dr. Alan Baratz, CEO of D-Wave. “We’ve built an incredibly strong business that we expect will continue to drive value not only for our customers but for our stockholders as well. We are leading the commercialization of quantum computing with customer applications deployed in production, quantum computers that have demonstrated the ability to solve useful problems that are unreachable with classical computing, new go-to-market offerings in quantum optimization and on-premise systems sales, and the development of an important new market – quantum AI. Our momentum is evident.”
About D-Wave
As the world’s first commercial quantum computer supplier, D-Wave stands at the forefront of quantum computing innovation. The company uniquely develops both annealing and gate-model quantum computers, alongside comprehensive software and services. D-Wave’s technology serves diverse industries, with implementations at leading organizations including:
- Financial Services: Mastercard
- Consulting: Deloitte
- Healthcare: Siemens Healthineers
- Technology: NEC Corporation, Unisys
- Manufacturing: DENSO, ArcelorMittal
- Defense: Lockheed Martin, Davidson Technologies
- Research: Los Alamos National Laboratory, Forschungszentrum Jülich, University of Southern California
- Retail: Pattison Food Group Ltd.
The company’s mission focuses on delivering practical quantum applications across various fields, including logistics, artificial intelligence, materials science, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
