✎ Contributed by Ty Griffin
D-Wave Quantum (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers, announced the successful completion of $175 million in gross proceeds from its $100 million and $75 million “at-the-market” equity offering programs. The $75 million program, initiated on December 9, closed at an average price of $4.8149 per share, with D-Wave stock trading at a Volume Weighted Average Price of $4.6625 over the same period.
The company expects to conclude the fiscal 2024 fourth quarter with at least $160 million in cash. The funds will be used to support working capital, capital expenditures, and technical development. In the press release, CEO Dr. Alan Baratz highlighted the role of D-Wave’s 5,000-qubit Advantage
quantum computer in driving commercial adoption of annealing quantum computing and emphasized the funding’s importance for executing against its product and go-to-market strategies and roadmaps.
To view the full press release, visit https://ibn.fm/ssni9
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. The company’s mission is to unlock the power of quantum computing today to benefit business and society. D-Wave does this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.
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 the company’s most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of the company’s Quarterly Reports on Form 10-Q and in its 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 the company on the date hereof. The company undertakes no duty to update this information unless required by law.
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