Filing Overview
D-Wave Quantum Inc. filed a Form 8-K dated July 20, 2023, under Item 2.02 and Item 9.01. The filing relates to the company’s fiscal second quarter ended June 30, 2023. It furnished a press release discussing expected quarterly revenue, bookings, updated earnings guidance, liquidity, and customer contracts.
Financial Metrics and Liquidity
The filing text does not provide clear values for revenue, bookings, earnings, margins, cash flow, debt, cash balances, or liquidity. These details were included or referenced in Exhibit 99.1, but the exhibit’s substantive press release content is not included in the provided text.
Material Changes Versus Prior Period
The filing indicates that D-Wave updated its earnings guidance and provided an expected revenue range for the second quarter. It also highlighted new or expanded customer contracts during the first half of 2023. Quantified comparisons with the prior comparable period are not provided.
Outlook, Commentary, and Risks
- Management issued updated earnings guidance and an expected second-quarter revenue range.
- The company provided a liquidity update.
- New and expanded customer contracts were highlighted.
- The filing text does not provide the underlying assumptions, risks, contingencies, or detailed commentary supporting the guidance.
Important Facts to Verify
- Verify the revenue range, bookings, and updated earnings guidance in Exhibit 99.1.
- Verify cash, liquidity, debt, and cash-burn information in the press release or related financial statements.
- Review the nature, duration, and value of the new or expanded customer contracts.
- Confirm whether the expected results and guidance were subsequently achieved or revised.
- Note that the Form 8-K information and Exhibit 99.1 were furnished rather than filed for purposes of Section 18 liability.