D-Wave Quantum: Commercially Viable, Yet Cash Burn Remains

Summary

• D-Wave Quantum Inc. has shown solid growth this year but continued cash burn.
• Their focus on annealing quantum computing allows for commercially viable optimization problems.
• Current pricing and volumes are insufficient to cover operating expenses, requiring improvement in sales processes to mitigate cash burn.
• The recent ATM offering provides liquidity, but further share dilution is likely if sales processes don't evolve to cover costs and repay debt.