Business
D-Wave shares close at $12, below the $14.09 price Commerce paid for its stake
D-Wave Quantum (QBTS) closed at $12 on Monday, under the $14.09 per share the U.S. Commerce Department paid in September under a CHIPS and Science Act agreement for up to $100 million in funding. Commerce received 7,095,721 shares, a minority, non-controlling stake. Q2 revenue was flat year over year at $3.1 million, below the $4.02 million consensus, while first-half bookings rose more than 1,120% to $35.5 million, helped by a $20 million Advantage2 system sale to Florida Atlantic University. Operating expenses rose 93% to $55 million, and cash and investments fell to $546.2 million from $819.3 million a year earlier, mostly due to the January acquisition of Quantum Circuits; D-Wave reports Q3 results on November 10.
Why it mattersThe article frames the Q3 report as a test of whether the $40.7 million in remaining performance obligations turns into revenue. Analysts quoted expect revenue to compound about 81% a year over the next two years, so system deliveries carry much of that forecast. The piece is investment commentary, not a company announcement.