D-Wave bookings jump 1,994% YoY to $33.4M despite Q1 revenue drop and rising costs.

D-Wave Quantum saw a massive 1,994% year-over-year increase in bookings, reaching $33.4 million, and its remaining performance obligations grew 563% to $42.4 million, indicating strong future revenue potential. The company reported an 81% drop in Q1 revenue to $2.9 million due to the absence of a large hardware deal recorded in the previous year. Gross margins remain high at 82.59%, supporting a scalable quantum-computing-as-a-service model. However, operating expenses surged 125% to $56.5 million, leading to negative free cash flow. With $588.4 million in cash, D-Wave faces risks from aggressive spending and extended commercialization timelines that could dilute shareholder value.