D-Wave Quantum Inc. (NYSE:QBTS) Q1 2024 Earnings Conference Call May 13, 2024 8:00 AM ET

Company Participants

Kevin Hunt - Investor Relations
Alan Baratz - Chief Executive Officer
John Markovich - Chief Financial Officer

Conference Call Participants

Harsh Kumar - Piper Sandler
Quinn Bolton - Needham
David Williams - Benchmark
Richard Shannon - Craig-Hallum
Suji Desilva - ROTH MKM
Kevin Garrigan - Westpark Capital
Craig Ellis - B. Riley Securities

Operator

Good day, everyone, and welcome to the D-Wave First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions] Please note, this call may be recorded and I will be standing by should you need any assistance.

It is now my pleasure to turn the conference over to Kevin Hunt, Investor Relations. Please go ahead.

Kevin Hunt

Thank you, and good morning.

With me today are Dr. Alan Baratz, our Chief Executive Officer, and John Markovich, our Chief Financial Officer.

Before we begin, I would 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 and operational measures under SEC rules, such as non-GAAP gross profit, non-GAAP operating expenses, adjusted EBITDA and bookings. Reconciliations to GAAP financial measures and certain additional information are also included in today's earnings release, which is available at the Investor Relations section of our company website at www.dwavequantum.com.

I will now hand over -- the call to Alan.

Alan Baratz

Thank you, Kevin. Good morning, everyone, and thank you all for joining us today.

It feels like we were just together discussing our remarkable FY '23 results and now we're back again to share Q1 highlights. We provided a thorough business update back in March and today's presentation will build upon many of the same themes we touched upon during our FY '23 call. The bottom-line is that our progress continues.

First, we're hitting all our major product milestones and delivering on our track record of innovation and execution, especially with our Advantage2 system. This is all about getting even greater quantum processing power into the hands of customers as soon as possible.

Second, we're furthering the science of quantum computing. Our recent research demonstrating what we believe is an example of quantum supremacy, meaning our system's ability to solve important real-world problems that cannot be solved classically, is now going through the peer review process with an esteemed scientific publication.