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In other recent news, D-Wave Quantum (NASDAQ:QMCO) Inc. has seen a series of significant developments. The company announced the addition of Sharon Holt to its board of directors, following the recent appointments of John DiLullo and Rohit Ghai. Holt's experience in semiconductors, embedded technologies, and intellectual property is expected to aid D-Wave's mission of making quantum computing accessible for complex computational problems.
In financial news, D-Wave reported mixed results in its Q3 2024 earnings. The company saw a decrease in overall revenue by 27% to $1.9 million, but experienced a 41% rise in its core Quantum Computing as a Service (QCaaS) segment. Despite a net loss increase, D-Wave managed to pay off a $50 million loan and maintain a healthy cash balance.
The company also reported progress on its 4,400 qubit Advantage 2 processor and a significant pilot with NTT DOCOMO, resulting in a 15% reduction in network congestion. D-Wave reiterated its full-year adjusted EBITDA loss guidance of less than $54.3 million, with a focus on achieving sustained profitability with less funding than competitors. These are among the recent developments as D-Wave continues to establish a strong presence in the quantum computing market.
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