PALO ALTO, Calif. & BURNABY, British Columbia - D-Wave Quantum (NASDAQ:QMCO) Inc. (NYSE:QBTS), known for its quantum computing systems, software, and services, announced today that it has regained compliance with the New York Stock Exchange's (NYSE) minimum share price requirement. This comes after a notification from the NYSE on March 1, 2024, confirming the company's average closing share price had met the $1.00 minimum over the preceding 30 trading days.
The NYSE's continued listing standard, under Section 802.01C of the NYSE Listed Company Manual, requires that a company's average closing share price remains above $1.00. D-Wave's compliance alleviates concerns about its ability to stay listed on the NYSE, provided it maintains adherence to all applicable listing standards.
D-Wave has established itself as a significant player in the quantum computing industry, claiming to be the world's first commercial supplier of quantum computers. The company has developed both annealing quantum computers and gate-model quantum computers. It has aimed to leverage quantum computing to address complex challenges across various sectors, such as logistics, artificial intelligence, materials sciences, drug discovery, and financial modeling, among others.
The company's client list includes notable organizations like Mastercard (NYSE:MA), Lockheed Martin (NYSE:LMT), and Los Alamos National Laboratory, which have utilized D-Wave's technology for advanced computational tasks.
This announcement is based on a press release statement from D-Wave Quantum Inc.
InvestingPro Insights
D-Wave Quantum Inc. (NYSE:QBTS) has recently drawn attention with its compliance to the NYSE's minimum share price requirement, a positive signal for investors concerned about the company's listing status. To provide further context to D-Wave's financial health and market performance, here are some key insights from InvestingPro:
InvestingPro Data indicates a market capitalization of $271.88 million USD, reflecting the company's current valuation in the market. Despite a negative P/E ratio of -2.67, which suggests that the company is not currently profitable, there is a notable revenue growth of 14.48% over the last twelve months as of Q1 2023. This growth is even more pronounced on a quarterly basis, with a 51.15% increase in revenue for Q3 2023, indicating a potential upswing in the company's financial trajectory.
InvestingPro Tips highlight that analysts are anticipating sales growth in the current year, which aligns with the observed revenue uptrend. Additionally, 3 analysts have revised their earnings upwards for the upcoming period, suggesting a more optimistic outlook on D-Wave's future earnings potential.
While the company's stock has experienced high volatility, as indicated by a substantial 9.47% drop in price total return over the last week, it's also worth noting the strong returns over longer periods, including a 117.97% one-year price total return. This could imply that for investors with a higher risk tolerance, D-Wave offers an interesting opportunity, especially considering that the company is trading at a high revenue valuation multiple.
For readers looking to delve deeper into D-Wave's financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/QBTS. And for those interested in a subscription, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 17 additional tips listed in InvestingPro that could further guide investment decisions regarding D-Wave Quantum Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.