It has been a big year so far for D-Wave Quantum Inc. (NYSE: QBTS), as the company closed on its $550-million cash and stock acquisition of Quantum Circuits in January, dramatically increasing D-Wave's capabilities in the gate-model quantum tech space. While investors may increasingly see D-Wave as a leading quantum computing player with key advantages over its competitors in the wake of the acquisition, shelf registrations totaling $330 million in the first month of the year may also set off alarm bells about further dilution risk.
Investors are clearly cautious, as QBTS shares have fallen 27% year to date. The Quantum Circuits deal, while exciting from a technological perspective, does not immediately address a major investor concern: how will D-Wave grow its sales while narrowing its losses or even achieving profitability?
