The primary reason for the lower loss per share and higher revenue was the sale of a quantum computing system worth $12.20 million during the quarter.

Shares of D-Wave Quantum Inc. (QBTS) rocketed by over 37% on Thursday after the company’s first-quarter (Q1) results beat Wall Street expectations.

D-Wave reported a loss of $0.02 per share during the quarter, while the Street expected a loss of $0.04 per share. The company’s revenue also surpassed the analyst consensus – D-Wave posted revenue of $15 million during the quarter, notably higher than the estimated $10.50 million.

For comparison, D-Wave reported a loss of $0.11 per share during the same period a year ago, while its revenue stood at $2.46 million.

The primary reason for the lower loss per share and higher revenue was the sale of a quantum computing system worth $12.20 million during the quarter.

The company has now beaten analyst expectations on the revenue and earnings fronts in two of the past five quarters.

D-Wave CEO Alan Baratz called the March-ended quarter the “most significant” yet in the company’s history.

“We recognized revenue on our first Advantage system sale to a major research institution, moved an additional customer application into commercial production, and became the first to demonstrate quantum supremacy over classical computing on a useful real-world problem,” said Baratz, explaining what drove the company’s revenue surge in Q1.

D-Wave’s customer base rose to 133 at the end of Q1, including 69 commercial, 12 government, and 52 research organizations.

The company said its annual user conference, held on March 31 and April 1, saw a 23% surge in attendance.

NTT Docomo, Davidson Technologies, and Japan Tobacco were among the customers who showcased their use of D-Wave technology at the conference.

D-Wave’s stock is up 11.20% year-to-date, and nearly 587% over the past 12 months.

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