May. 3 at 6:06 PM
$QBTS earnings will be interesting.
~
$32.8M bookings announced recently appear heavily concentrated:~
$20M (Florida Atlantic University system) + ~
$10M QCaaS deal with a Fortune 100 + small remainder. Most of this likely converts to revenue over time rather than immediately.
Key question is how much of this actually shows up this quarter vs. remains in backlog.
There are also potential timing effects from prior deals (e.g. Davidson, EU system sales), where revenue recognition may be milestone-based.
I’m also watching 👀 for any update on Yonsei University as a potential future system sale.
More broadly, I’m looking 👀 for:
AI + quantum hybrid system traction; and
Sovereign / national compute infrastructure deals
Those feel like the only developments that materially shift the forward narrative.
Just MHO. Anyone disagree?