Filing Summary
Business Context and Reporting Period
D-Wave Quantum Inc. filed a Form 8-K under Item 1.01 reporting a material lease amendment dated September 9, 2022. The filing identifies D-Wave Commercial Inc., an indirectly wholly owned subsidiary, as the contracting party. The report was signed on December 28, 2022.
Material Agreement and Financial Impact
- The lease for approximately 6,000 square feet of space in Palo Alto, California was extended from June 2023 through June 2024.
- Base rent for July 1, 2023 through June 30, 2024 is $19,200 per month, or $230,400 over the 12-month extension before any other charges or amendments.
- The amendment also changes certain other lease provisions, but the filing text does not describe them in detail.
- The filing provides no revenue, profit, cash flow, margin, debt, liquidity, or other operating metrics.
Changes Versus Prior Period and Outlook
The principal change is the one-year extension of the Palo Alto lease. The filing contains no earnings guidance, business outlook, management commentary, risk discussion, contingencies, or unusual accounting items.
Important Facts to Verify
- Review Exhibit 10.1 for the complete lease terms, including the amended provisions and any additional rent, operating expenses, renewal rights, or termination conditions.
- Confirm how the lease extension is reflected in the company’s lease liabilities, right-of-use assets, and future commitments.
- Note the discrepancy between the September 9, 2022 report date and the December 28, 2022 signature date.
- Confirm the exact lease termination date and the applicability of the stated $19,200 monthly base rent.