D-Wave Quantum Inc. (NYSE:QBTS) Q1 2023 Earnings Conference Call May 19, 2023 8:00 AM ET

Company Participants

Kevin Hunt - Investor Relations

Alan Baratz - Chief Executive Officer

John Markovich - Chief Financial Officer

Conference Call Participants

David Williams - Benchmark Company

Harsh Kumar - Piper Sandler

Richard Shannon - Craig-Hallum Capital Group

Kevin Garrigan - WestPark Capital

Suji Desilva - Roth Capital Partners

Quinn Bolton - Needham & Company

Operator

Hello and welcome to the D-Wave Q1 2023 Earnings Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Kevin Hunt, Investor Relations. Please go ahead.

Kevin Hunt

Thank you, and good morning. With me today are Alan Baratz, our Chief Executive Officer; and John Markovich, our Chief Financial Officer.

Before we begin, I'd like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release, and the company's most recent periodic SEC report.

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules; such as non-GAAP operating expenses and adjusted EBITDA. Reconciliations to GAAP measures and certain additional information are also included in today's earnings release, which is available in the Investor Relations section of our company website at www.dwavesys.com.

I'll now hand over the call to Alan.

Alan Baratz

Thanks, Kevin, and good morning, everyone. Well, it feels like we were just here talking about Q4 and FY ‘23. But it really is a pleasure to connect again so quickly and keep you apprised of D-Wave’s business momentum.

As a reminder to those investors following D-Wave and the overall quantum computing category, we are in a unique market position as the only company in the world offering quantum annealing technology. And unlike other types of quantum computing modalities, quantum annealing is in the market with commercial customers today. That gives us a first mover advantage in accelerating the commercial adoption of quantum, while others in the industry focus on research and development.

Quantum annealing is a valuable technology for solving complex optimization problems and awareness of its value to the enterprise is quickly growing. In fact, earlier this month, global information technology market intelligence firm IDC recognized quantum annealing as a core quantum computing system in its annual taxonomy report on the sector. Companies are increasingly turning to the technology to find solutions to their most computationally complex optimization problems. These are problems that are fundamental to nearly every business and industry, things like employee scheduling, factory process automation, fraud detection, advertising optimization and many more.