D-Wave Quantum Inc. ( QBTS ) on Friday said it expects significant booking growth for fiscal year 2024.

The company reported that its bookings will exceed $23 million, marking a 120% increase over fiscal year 2023.

The company’s CEO Alan Baratz has criticized Nvidia Corp. CEO Jensen Huang for his comments regarding the timeline for achieving practical quantum computing, saying he is “dead wrong.”

Huang’s remarks during Nvidia’s analyst day, suggesting a 15 to 30-year wait for “very useful quantum computers,” have sparked a heated debate in the tech community.

A key driver of D-Wave’s growth is the first-ever customer purchase of the D-Wave Advantage system, a quantum computer with over 5,000 qubits.

This sale signals a major expansion of D-Wave’s revenue model, as it begins offering on-premise quantum systems in addition to its cloud services.

Also Read: Quantum Stocks Regetti Computing, IonQ, D-Wave Poised To Open Higher After Nvidia CEO Comments Drove Huge Losses

The Advantage system provides customers full access to its capabilities, allowing them to modify system parameters and integrate it into their own infrastructure.

D-Wave’s growing customer base, including research centers and businesses, highlights the increasing demand for quantum computing solutions, particularly for addressing challenges in AI power consumption and national security.

Additionally, D-Wave disclosed that its fiscal fourth-quarter 2024 bookings will reach at least $18 million, a staggering 500% increase over the same period last year.

The company also ended the fiscal year with a strong cash position of approximately $178 million.

Price Action: QBTS shares are trading higher by 0.66% to $6.14 premarket at last check Friday.

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