D-Wave Quantum Inc. ( QBTS ) shares are volatile Thursday but have climbed more than 50% over the past month as investors react to first-quarter results and technical updates.

What To Know: The company reported $15 million in revenue for first-quarter, a sharp increase from the $2.4 million it posted a year earlier. The growth was mainly due to its first recognized sale of the Advantage quantum computing system and increased use of its hybrid solutions.

D-Wave reported a net loss of 2 cents per share, better than analyst expectations for a 7-cent loss. Gross profit improved significantly, reaching $13.9 million with a gross margin of over 92%. The company also reported a cash balance of $304.3 million, helped by proceeds from its third equity offering.

In addition to financials, D-Wave disclosed that it demonstrated quantum performance on a real-world simulation problem that it says was faster than a classical supercomputer could manage. It also highlighted collaborations with Ford Otosan for vehicle scheduling and with Japan Tobacco's pharma division for drug research. D-Wave said its Advantage2 system, designed for defense use, is undergoing final testing.

The company also discussed research into blockchain hashing using quantum computing, which it claims could reduce energy use significantly. This led to interest from organizations in the blockchain space.

QBTS Price Action: D-wave Quantum ( QBTS ) shares were down 0.72% at $11 at the time of writing, according to Benzinga Pro.

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