D-Wave Quantum Inc. (NYSE:QBTS) shares are trading lower on Friday.
On Thursday, the company reported second-quarter revenue of $3.1 million, beating analyst estimates of $2.63 million.
The company reported a second-quarter adjusted loss of 8 cents per share, missing estimates for a loss of 5 cents per share.
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Needham analyst N. Quinn Bolton reiterated the Buy rating on D-Wave Quantum with a price forecast of $20.
Bolton said that recent equity raises have put D-Wave on its strongest cash footing ever, enabling the company to pursue acquisitions, accelerate quantum technology development, expand manufacturing capacity and grow its workforce.
The analyst added that commercial engagement is climbing across energy, IT and telecom markets, and that the system sales pipeline has roughly doubled from three units in the first quarter to about six or seven systems.
Bolton noted that in 2022 D-Wave became the only public company exclusively focused on quantum annealing.
He added that the firm has solidified its commercial leadership by offering hybrid classical-quantum solutions for production-scale cloud applications.
The analyst expects this expanded technology suite and practical use-case focus to accelerate customer adoption and revenue growth.
Bolton cautioned, however, that with the company still operating at a negative EBITDA, shareholders should be prepared for further dilutive financing rounds until D-Wave achieves break-even.
Price Action: QBTS shares are trading lower by 1.46% to $16.92 at last check Friday.
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