D-Wave Quantum Inc. (NYSE:QBTS) Q3 2022 Earnings Call Transcript November 10, 2022 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

Harsh Kumar - Piper Sandler

Suji Desilva - Roth Capital

Richard Shannon - Craig-Hallum

Kevin Garrigan - WestPark Capital

Operator

Good morning, and welcome to the D-Wave Third Quarter Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Kevin Hunt. 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 adjusted EBITDA, adjusted net income and adjusted earnings per common share. 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

Good morning, everyone. We are pleased to share our third quarter results with you today. As the numbers reflect, our momentum with commercialization of quantum computing continues to grow.

The first half of the year was somewhat slower than expected, but the headwinds that I mentioned last quarter have begun to subside, and we are seeing traction on a number of fronts.

This past quarter, new companies have engaged with us, deals are now progressing through to the next stage, and both new and existing customers are signing new deals. Our [indiscernible] is a new customer with whom we are working on a manufacturing optimization applications that will drive operational cost savings associated with producing steel coils.

Through our new engagement with BASF, we're building a job shop scheduling application that will optimize the throughput of jobs in the laboratory. It's clear that companies are recognizing the value of our practical quantum solutions and what they can bring to the enterprise, right now, not five years from now.