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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 23, 2024

D-Wave Quantum Inc.

(Exact name of registrant as specified in its charter)

Delaware	001-41468	88-1068854
(State or other jurisdiction of incorporation	(Commission File Number	(IRS Employer Identification No.)

2650 East Bayshore Road

Palo Alto, California

94303

(Address of principal executive offices) (Zip Code)

(604) 630-1428

Registrant’s telephone number, including area code:

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.0001 per share	QBTS	New York Stock Exchange
Warrants, each whole warrant exercisable for 1.4541326 shares of common stock at an exercise price of $11.50	QBTS.WT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b -2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01.

Regulation FD Disclosure.

On January 23, 2024, D-Wave Quantum, Inc. (the “Company”) will host an analyst day at its Burnaby office, with some attendees attending virtually. The analyst day presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.		Description
99.1		Analyst Day Presentation, dated January 23, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: January 23, 2024	D-Wave Quantum Inc.

	By:	/s/ Alan Baratz
		Alan Baratz
		President & Chief Executive Officer

EX-99.1 2 ef20019450_99-1.htm EXHIBIT 99.1

Exhibit 99.1

WELCOME ANALYST DAY 2024 JOHN MARKOVICH, CFO, D-WAVE

FORWARD-LOOKING STATEMENTS 2 COPYRIGHT © D-WAVE Certain statements in this presentation are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. Forward-looking statements in this presentation include, but are not limited to, statements regarding the future growth of the quantum industry and potential investment in quantum; the pace and trajectory of the development of quantum technology; quantum’s future total addressable market (TAM); future commercial use-cases for quantum; D-Wave’s expected production deployments for customers; D-Wave’s progress towards achieving quantum supremacy in significant and meaningful problems; D-Wave’s plans for its Advantage2TM and Advantage3TM systems, as well as its other technological innovations; the potential for increase in value of D-Wave’s technology; the implementation and impact of the National Defense Authorization Act and the National Quantum Initiative; D-Wave's sales and go-to-market strategies; and D-Wave's demand generation and marketing strategies. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the potential for D-Wave’s competitors to outpace its technological growth; general economic conditions and other risks; the risk that we are unable to raise sufficient capital to achieve our business objectives; our ability to expand our customer base and the customer adoption of our solutions; risks within D-Wave’s industry, including anticipated trends, growth rates, and challenges for companies engaged in the business of quantum computing and the markets in which they operate; the outcome of any legal proceedings that may be instituted against us; risks related to the performance of our business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and/or timing thereof; the performance of our products; the effects of competition on our business; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we may never achieve or sustain profitability; the risk that we are unable to secure or protect our intellectual property; volatility in the price of our securities; the risk that our securities will not maintain the listing on the NYSE; and the numerous other factors set forth in D-Wave’s Annual Report on Form 10-K for its fiscal year ended December 31, 2022 and other filings with the Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this presentation in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

AGENDA 3 COPYRIGHT © D-WAVE TIME (PST) SUBJECT PRESENTING 9:00 am Welcome and Agenda John Markovich, CFO 9:10 am Opening Keynote Dr. Alan Baratz, CEO 9:40 am Customer Presentations: Pattison Food Group Lindsay Dukowski, Sr. Manager, Data & Analytics Davidson Technologies Dale Moore, President IPG / Momentum Jason Snyder, CTO VINCI Energies Cédric Lejay, Data Scientist Customer Q&A All 11:00 am Go-To-Market Irwan Owen, VP, Growth Andrew Pau, Transport Sector Leader, Deloitte Alexander Condello, Sr. Director, Algorithms, Performance & Tools Michelle Maggs, VP, Marketing 11:45 am Lunch / Break 12:15 pm Lab Tour All 1:15 pm Systems Mark Johnson, SVP, Quantum Technologies and Systems Products 1:45 pm Software Trevor Lanting, SVP, Software, Algorithms and Cloud Services 2:15 pm Q&A Session All 2:50 pm Closing Remarks John Markovich

ANALYST DAY 2024 LEADING QUANTUM’S TRANSFORMATION OF THE ENTERPRISE DR. ALAN BARATZ, CEO, D-WAVE

THIS IS A PIVOTAL MOMENT FROM EXPERIMENTATION TO OPERATIONAL USE FROM TOY PROBLEMS TO ENTERPRISE SCALE FROM POTENTIAL IMPACT TO QUANTIFIABLE ROI

D-WAVE AT A GLANCE ESTABLISHED PRODUCT PORTFOLIO: World’s largest Quantum Computer Accessible through production-grade cloud service Demonstrated advantage over classical GROWING COMMERCIAL ADOPTION: 1st commercial Quantum Computing company 30+ proven business use cases Initial applications moving into production HIGH-VALUE CONSULTATIVE SERVICES: 20+ successful POC engagements in 18 months Advisory services to aid in production deployment INDUSTRY PERSPECTIVE: “By working with D-Wave and adopting quantum technology as part of our tech stack, we believe we can uncover an even greater collection of data-driven insights to deliver more relevant and effective marketing for our clients, at scale.” – Philippe Krakowsky, CEO of Interpublic Group MARKET LEADER STRONG CUSTOMER BASE THOUGHT LEADERSHIP Top three quantum patent portfolio globally 40 PhDs 220+ U.S. granted patents 130+ Pending worldwide 60+% Annealing AND Gate Over 225 scientific papers published Quantum Annealing Fifth generation system 5000+ qubits Real-Time Quantum Cloud Quantum hybrid solvers 99% up-time Open-Source Python Tools Easily configurable Simplifies use of QC & HSS Customer PS On-Ramp From application eval to production deployment (Source: GlobalData) 9 COPYRIGHT © D-WAVE

BQM, DQM, CQM Solvers Next-gen Solver 2 Universal Solvers 3, … Platform Innovation Opportunity 2023 2026 2024 20… Workforce Scheduling Job Shop Scheduling Vehicle Routing Scheduling & Routing Wireless Infrastructure Optimization Network Flow Optimization Supply Chain Optimization Process & Flow Model Training Prompting Optimization Feature Selection Machine Learning Drug Discovery Protein Design Advanced Use Cases Energy Unit Commitment Production Application Use Cases 2028 Performance Update Targeted Hybrid Solvers 2 2025 2027 2029 Missile Defense Optimization Satellite Placement Radar Scheduling Defense & Aerospace Resource Allocation Customer Offer Allocation Portfolio Optimization Allocation & Risk Management Fraud Detection Systems Software $100B Market Opportunity * Based on D-Wave analysis and research from Grand View Research, Allied Market Research, Research and Markets and 360 Research Reports $100B Market Opportunity* $100B Market Opportunity* TECH & PRODUCTS DRIVING CUSTOMER USE CASES 10 COPYRIGHT © D-WAVE

ADVANTAGE2 SYSTEM WILL FEATURE: HIGHER CONNECTIVITY (degree 20) architecture HIGHER COHERENCE IC fabrication process 7000+ QUBIT QPU EARLY BENCHMARKS DEMONSTRATE: Doubled coherence time for faster time-to-solution 10x increase with error mitigation techniques More than 40% increase in energy scale for higher quality solutions 4800 qubit prototype ready for test ADVANTAGE2TM SYSTEM: A GIANT STEP IN PERFORMANCE Fueling customer success with GREATER QUBIT COHERENCE AND CONNECTIVITY that will address even larger, more complex customer use cases 11 COPYRIGHT © D-WAVE

12 COPYRIGHT © D-WAVE PATHWAY TO PROVING QUANTUM SUPREMACY: QUANTUM EFFECTS ACCELERATING OPTIMIZATION MILESTONES ACHIEVED RESEARCH NEARING COMPLETION Proven scaling performance advantage in theory and measurements of COHERENT QUANTUM ANNEALING Demonstrated with ADVANTAGETM quantum computers Demonstrated on hard MATERIAL SIMULATION problem instances Further increases in coherence time expected to translate into GREATER PERFORMANCE ADVANTAGE Classical simulations performed on FRONTIER AND SUMMIT SUPERCOMPUTERS AT OAK RIDGE NATIONAL LAB EXPONENTIAL ADVANTAGE over state-of-the-art classical techniques (tensor networks, neural networks, heuristics) CLASSICAL COMPUTERS TOO SLOW for all but the smallest instances

PROGRESS ACCELERATING ON GATE MODEL PROGRAM 13 COPYRIGHT © D-WAVE Demonstrated FAST, SCALABLE READOUT FOR FLUXONIUM Completed layout of LOGICAL QUBIT PROTOTYPE Built fluxonium qubits with demonstrated QUANTUM PROPERTIES COMPARABLE TO THE BEST SEEN TO DATE in peer-reviewed scientific literature RECENT PROGRESS Flip-chip approach to combines the best of both worlds: HIGH COHERENCE of single-layer qubit fabrication SCALABILITY of multi-layer IC control chip NEXT STEPS Demonstrate INTEGRATED CONTROL OF FLUXONIUM Fabricate and build LOGICAL QUBIT

SOFTWARE ADVANCEMENTS FOR ACCELERATING QUANTUM COMMERCIALIZATION 14 COPYRIGHT © D-WAVE Only quantum computing service with REAL-TIME ACCESS Continuing to harden LeapTM Service for GROWING SET OF PRODUCTION APPLICATIONS PRODUCTION LEADERSHIP Powerful combination of CLASSICAL AND QUANTUM RESOURCES Rapidly adapting to SUPPORT CUSTOMER USE CASES Next gen hybrid solver for IMPROVED PERFORMANCE on growing set of use cases HYBRID SOLVER INNOVATION Support VERTICAL MARKET FOCUS Channel PARTNER SUPPORT Ongoing SOC 2®️ TYPE 2 COMPLIANCE GO-TO-MARKET SUPPORT Next generation solver performance on ‘Travelling Salesperson Problem’

15 COPYRIGHT © D-WAVE 220+ US granted patents 210+ granted and pending patents worldwide (non-US) 60%+ OF THE PORTFOLIO applies to both gate model and annealing quantum computing Portfolio covers hardware and software, including systems, qubits and other devices, fabrication, architecture, system software, cryogenics, hybrid quantum computing, and applications of quantum computing 220+ US Granted Patents 500+ GRANTED AND PENDING PATENTS WORLDWIDE, INCLUDING: D-WAVE QUANTUM PATENT PORTFOLIO RANKED AS 3RD LARGEST IN THE WORLD

80% OF COMPANIES plan to increase quantum computing (QC) commitment in next 2-3 years1 42% OF BUSINESS LEADERS see QC as key for logistics/supply chain management1 31% OF ENTERPRISES have abandoned complex problems because of time to solve2 CATALYSTS FOR ADOPTION: business process efficiencies, increased revenue1 BENEFITS: speed, cost, and accuracy Hyperion research 451 research BCG research McKinsey research THERE IS STRONG ENTERPRISE DEMAND FOR QUANTUM SOLUTIONS 16 COPYRIGHT © D-WAVE OF COMPANIES FORSEE ANNUAL QC BUDGETS OF $15M OR HIGHER1 33% NEAR-TERM COMMERCIAL USE CASES IDENTIFIED BY EXPERTS4 99+ EXPECTED TAM BY 20433 $850B

PRODUCTION APPLICATION DEPLOYMENTSON THE NEAR-TERM HORIZON 17 COPYRIGHT © D-WAVE # of Proofs of Concept Built for Customers Multiple Applications Now Moving Into Production More Customer Production Deployments Expected in Next 2 Quarters Deployments Fuel QCaaS Usage and Growth 26

CUSTOMERS REALIZING TANGIBLE BUSINESS RESULTS WITH D-WAVE TECHNOLOGY COPYRIGHT © D-WAVE 18 HVAC DESIGN RADAR SCHEDULING TOUR SCHEDULING E-COMMERCE DRIVER DELIVERY SCHEDULING PRESIDENT DALE MOORE CHIEF TECHNOLOGY OFFICER, MOMENTUM JASON SNYDER SENIOR MANAGER, DATA & ANALYTICS LINDSAY DUKOWSKI DATA SCIENTIST CÉDRIC LEJAY

SHAPING GOVERNMENT QUANTUM PROGRAMS FOR INCLUSIVITY AND NEAR-TERM APPLICATION SUPPORT NATIONAL DEFENSE AUTHORIZATION ACT (NDAA) Now includes annealing, gate model and hybrid Tasks DoD with creating near-term quantum application pilot program NATIONAL QUANTUM INITIATIVE (NQI) Includes near-term applications tested program at National Science Foundation Includes industry engagement & inclusivity language Expands to new government agencies: Department of Homeland Security Department of State Special Operations Association of America National Aeronautics and Space Agency 19 COPYRIGHT © D-WAVE

CUSTOMER Q&A ANALYST DAY 2024

IRWAN OWEN, VICE PRESIDENT, D-WAVE ANALYST DAY 2024 GROWTH AND SALES

WORLDWIDE GO-TO-MARKET STRATEGY 29 COPYRIGHT © D-WAVE LAND NEW CUSTOMERS AND EXPAND EXISTING BASE ENGAGE PARTNERS FOR INCREASED BREADTH AND SPEED REDUCE TIME TO PRODUCTION PURSUE GOVERNMENT SALES AND GRANTS PRIORITIZE KEY VERTICAL MARKETS

Delivery process improvement and implementation Creation of vertical-specific use-case templates for rapid PoCs Dedicated team for customer success and account management Deliver a delightful end-to-end experience Focus on increasing production usage and identify further expansion LAND NEW CUSTOMERS WHILE PROGRESSING CURRENT CUSTOMERS Primary focus on manufacturing and logistics verticals Secondary focus on government and public sector All else will be opportunistic including identification of future verticals Vertically focused sales teams; Regional support for remainder Staff with vertical experience, expertise and customer connections Current customers managed through customer success team New messaging across vertical ICPs and personas Focussed outreach to increase pipeline volume Tight coordination between sales and marketing 30 COPYRIGHT © D-WAVE PROFESSIONAL SERVICES CUSTOMER SUCCESS MARKET SEGMENTATION VERTICAL TARGETING LAND NEW CUSTOMERS PROGRESS EXISTING BASE

REDUCE TIME TO PRODUCTION APPLICATIONS ACCELERATE TIME TO PRODUCTION THROUGH VERTICAL SPECIFIC POCs, “lite” POCs and standardized offering to facilitate rapid deployment 31 COPYRIGHT © D-WAVE 2024 CURRENT POCs VERTICAL SPECIFIC POCs 2025 CUSTOMER REQUESTED POCs VERTICAL SPECIFIC POCs “LITE” POCs “STANDARD OFFERING” 2026 CUSTOMER REQUESTED POCs VERTICAL SPECIFIC POCs “LITE” POCs “STANDARD OFFERING”

PRIORITIZING VERTICALS AND USE CASES 32 COPYRIGHT © D-WAVE MANUFACTURING LOGISTICS RESOURCE ALLOCATION JOB SHOP SCHEDULING FACTORY PLANNING RESOURCE SCHEDULING VEHICLE ROUTING LABOR ALLOCATION KEY VERTICALS USE CASES

PURSUE GOVERNMENT SALES & GRANTS GRANT FUNDING LEAP POWER USERS & SYSTEM PLACEMENTS PUBLIC SECTOR SALES OPPORTUNITIES WITH NATIONAL LABS 36 COPYRIGHT © D-WAVE FOUNDATIONAL POLICY WORK IS ENABLING PUBLIC SECTOR SALES EXPANSION

DEMAND GEN AND MARKETING MICHELLE MAGGS, VICE PRESIDENT, D-WAVE ANALYST DAY 2024

OUR PROGRESS “As the only quantum hardware developer in the quantum annealing market, D-Wave is in a unique position of being able to provide enterprises with a quantum computing infrastructure-as-a-service (QCIaaS) offering that is designed to address the needs of enterprises interested in becoming quantum ready using quantum annealing.” — IDC Spotlight Paper Customer-focused storytelling Vertically-focused campaigns Multi-channel demand gen to grow pipeline Continued education of the technology, the category and D-Wave’s commercial, technical and scientific leadership OUR FOCUS EXTENDING AWARENESS OF D-WAVE AND QUANTUM VIA ALWAYS-ON COMMUNICATIONS AND MARKETING PROGRAMS 38 COPYRIGHT © D-WAVE

VERTICAL-SPECIFIC MARKETING EFFORTS UNDERWAY TO GENERATE HEIGHTENED INTEREST AMONG KEY TARGETS in logistics optimization and automation, empowering you to MAKE QUANTUM-INFORMED DECISIONS in logistics efficiency, reaching new levels of operational agility, profitability, and competitiveness D-WAVE IS YOUR STRATEGIC PARTNER 40 COPYRIGHT © D-WAVE

LUNCH & LAB TOUR ANALYST DAY 2024

MARK JOHNSON, SENIOR VICE PRESIDENT, D-WAVE QUANTUM TECHNOLOGIES AND SYSTEMS PRODUCTS ANALYST DAY 2024

2 3, … BQM, DQM, CQM Solvers Next-gen Solver Targeted Hybrid Solvers 2 2023 2026 2024 20… 2028 2025 2027 2029 DRIVING CUSTOMER USE CASES $100B Market Opportunity* 43 COPYRIGHT © D-WAVE Workforce Scheduling Job Shop Scheduling Vehicle Routing Scheduling & Routing Wireless Infrastructure Optimization Network Flow Optimization Supply Chain Optimization Process & Flow Model Training Prompting Optimization Feature Selection Machine Learning Drug Discovery Protein Design Advanced Use Cases Energy Unit Commitment Missile Defense Optimization Satellite Placement Radar Scheduling Defense & Aerospace Resource Allocation Customer Offer Allocation Portfolio Optimization Allocation & Risk Management Fraud Detection * Based on D-Wave analysis and research from Grand View Research, Allied Market Research, Research and Markets and 360 Research Reports Coherent Annealing Error Mitigation Projective Readout for Machine Learning Improved Qubit Coherence Diabatic Algorithms to Enhance Optimization Platform Innovation Production Application Use Cases Performance Update Systems Software Universal Solvers Opportunity

ADVANTAGE2 SYSTEM WILL FEATURE: A new HIGHER CONNECTIVITY (degree 20) architecture A new HIGHER COHERENCE IC fabrication process A larger 7000+ QUBIT QPU 4800 qubit prototype ready for test ADVANTAGE2 SYSTEM: A GIANT STEP IN PERFORMANCE 44 COPYRIGHT © D-WAVE Q2 2022 – 500+ QUBIT PROTOTYPE of new architecture in original Advantage QPU fabrication process demonstrated, available in the Leap service Q1 2023 – Early 400 QUBIT PROTOTYPES in new fabrication stack calibrated Q4 2023 – 1200+ QUBIT PROTOTYPE in new fabrication stack shows significant performance improvement over the Advantage system NEXT STEP – 4800 QUBIT QPUs in new fabrication stack (Early Advantage2 Production System) PROGRESS TOWARDS ADVANTAGE2 PRODUCT RELEASE

1200 QUBIT ADVANTAGE2 PROTOTYPE DELIVERS PERFORMANCE BOOST ON HARD PROBLEMS 45 COPYRIGHT © D-WAVE ENERGY SCALE INCREASED BY MORE THAN 40% Delivers more high-quality solutions DOUBLED COHERENCE TIME Faster time-to-solution EXAMPLE: PERFORMANCE ON SAT PROBLEMS Advantage2 prototype beats Advantage system more than 90% of the time Enables solution of larger problems QUBIT CONNECTIVITY INCREASED FROM 15 TO 20 SAT (Satisfiability)

Not a replacement for the error correction needed for gate model systems Residual Energy Mitigated curve has lower energy ERROR MITIGATION ON ADVANTAGE2 PROTOTYPE SHOWS GREATLY INCREASED QUBIT COHERENCE 46 COPYRIGHT © D-WAVE ALLOWS US TO ACHIEVE PERFORMANCE OF A MORE COHERENT PROCESSOR Nearly 10X INCREASE in effective decoherence time on Advantage2 Prototype NEAR-TERM APPROACH to reduce errors using quantum computers Importance of INCREASING COHERENCE

Demonstrated on hard MATERIAL SIMULATION problem instances THEORY EXPERIMENT *Lower and steeper are better QUANTUM EFFECTS ACCELERATING OPTIMIZATION 47 COPYRIGHT © D-WAVE Proven performance scaling advantage in theory and measurements of COHERENT QUANTUM ANNEALING Demonstrated with ADVANTAGETM quantum computers Further increases in coherence time expected to translate into GREATER PERFORMANCE ADVANTAGE

PATHWAY TO PROVING quantum supremacy: QUANTUM EFFECTS ACCELERATING OPTIMIZATION 48 COPYRIGHT © D-WAVE Classical simulations performed on FRONTIER AND SUMMIT SUPERCOMPUTERS AT OAK RIDGE NATIONAL LAB EXPONENTIAL ADVANTAGE over state-of-the-art classical techniques (tensor networks, neural networks, heuristics) CLASSICAL COMPUTERS TOO SLOW for all but the smallest instances

QUANTUM ANNEALING TECHNOLOGY ACCELERATES GATE MODEL DEVELOPMENT 49 COPYRIGHT © D-WAVE SUPERCONDUCTING Fabrication Design & Test @VLSI Scale CONTROL / READOUT Electronics CRYOGENIC PACKAGING Superconducting PCB CRYOGENIC SYSTEMS ENGINEERING Run-Times Measured in Years CRYOGENIC FILTERING & I/O Magnetic & Thermal Shielding

D-Wave fluxonium qubit PROGRESS ACCELERATING ON GATE MODEL PROGRAM 50 COPYRIGHT © D-WAVE Demonstrated FAST, SCALABLE READOUT FOR FLUXONIUM Completed layout of LOGICAL QUBIT PROTOTYPE Built fluxonium qubits with demonstrated QUANTUM PROPERTIES COMPARABLE TO THE BEST SEEN TO DATE in peer-reviewed scientific literature RECENT PROGRESS Flip-chip approach to combines the best of both worlds: HIGH COHERENCE of single-layer qubit fabrication SCALABILITY of multi-layer IC control chip NEXT STEPS Demonstrate INTEGRATED CONTROL OF FLUXONIUM Fabricate and build LOGICAL QUBIT Control Chip Qubit Chip Hybrid quantum package

LEAP SERVICE, OCEAN SDK, AND HYBRID TREVOR LANTING, SENIOR VICE PRESIDENT, D-WAVE ANALYST DAY 2024

TECH DRIVING CUSTOMER USE CASES BQM, DQM, CQM Solvers Next-gen Solver 2 Universal Solvers 3, … Platform Innovation Opportunity 2023 2026 2024 20… Workforce Scheduling Job Shop Scheduling Vehicle Routing Scheduling & Routing Wireless Infrastructure Optimization Network Flow Optimization Supply Chain Optimization Process & Flow Model Training Prompting Optimization Feature Selection Machine Learning Drug Discovery Protein Design Advanced Use Cases Energy Unit Commitment Production Application Use Cases 2028 Performance Update Targeted Hybrid Solvers 2 2025 2027 2029 Missile Defense Optimization Satellite Placement Radar Scheduling Defense & Aerospace Resource Allocation Customer Offer Allocation Portfolio Optimization Allocation & Risk Management Fraud Detection Systems Software $100B Market Opportunity * Based on D-Wave analysis and research from Grand View Research, Allied Market Research, Research and Markets and 360 Research Reports $100B Market Opportunity* $100B Market Opportunity* COPYRIGHT © D-WAVE

SOFTWARE ADVANCEMENTS FOR ACCELERATING QUANTUM COMMERCIALIZATION 53 COPYRIGHT © D-WAVE Only quantum computing service with REAL-TIME ACCESS Continuing to harden Leap service for GROWING SET OF PRODUCTION APPLICATIONS PRODUCTION LEADERSHIP Powerful combination of CLASSICAL AND QUANTUM RESOURCES Rapidly adapting to SUPPORT CUSTOMER USE CASES Next-gen hybrid solver for IMPROVED PERFORMANCE on growing set of use cases HYBRID SOLVER INNOVATION Support VERTICAL MARKET FOCUS Channel PARTNER SUPPORT Ongoing SOC 2®️ TYPE 2 COMPLIANCE GO-TO-MARKET SUPPORT

PRODUCTION LEADERSHIP SUPPORTS INCREASING CUSTOMER APPLICATION DEPLOYMENTS GROWING SET OF CUSTOMERS IN PRODUCTION EMPLOYEE SCHEDULING AND DRIVER SCHEDULING use cases currently running Increasing numbers of customers to DEPLOY PRODUCTION APPLICATIONS in 2024 Infrastructure allows for ZERO DOWNTIME during deployment of new Leap service features Working toward CONTINUOUS DEPLOYMENT of new Leap service features INDUSTRY-LEADING PLATFORM PERFORMANCE First and only full-stack QC technology to ACHIEVE SOC 2®️ TYPE 2 COMPLIANCE End-to-end monitoring in place to verify > 99% UPTIME Offering SERVICE LEVEL AGREEMENTS and BUSINESS TIER SUPPORT for production customers Planning ENHANCED API TOKEN MANAGEMENT and login features in 2024 54 COPYRIGHT © D-WAVE

COMBINE CLASSICAL AND QUANTUM RESOURCES to solve commercial optimization problems Flagship hybrid solver CQM - CONSTRAINED QUADRATIC MODEL - supports optimization problems with up to half a million variables Professional services engagements and growing set of use cases provide powerful LIBRARY OF REAL-WORLD PROBLEMS for further innovation CQM has undergone rapid changes to support KEY CUSTOMER USE CASES FEATURE SELECTION example in the Ocean SDK for optimizing machine learning workflows Results of solver changes on Offer Allocation problem set Broad-based performance gains HYBRID SOLVER INNOVATION EXPANDS COMMERCIAL VALUE 55 COPYRIGHT © D-WAVE CLASSICAL AND QUANTUM WORKING TOGETHER

Prototype next-generation solver performance on ‘Travelling Salesperson Problem’ NEXT-GENERATION HYBRID SOLVER UNLOCKS HIGHER LEVEL OF PERFORMANCE 56 COPYRIGHT © D-WAVE ENHANCEMENTS IN UNDERLYING DATA MODEL: COMPACT REPRESENTATION of complex and constrained non-linear optimization problems Completed prototype shows INCREASED PERFORMANCE at INCREASED PROBLEM SCALE Allows broad portfolio of hybrid moves and BENCHMARKING FRAMEWORK for assessing performance Next-generation hybrid solver will be AVAILABLE IN THE LEAP SERVICE IN 2024

FULL STACK SUPPORT FOR ADVANTAGE2 SYSTEM 57 COPYRIGHT © D-WAVE ADVANTAGE2 SYSTEM Advantage2 QPUs: MOST COHERENT, most HIGHLY CONNECTED annealing QC technology Supporting hybrid solvers on significantly MORE POWERFUL ADVANTAGE2 PROCESSORS in 2024 Planning improvements to REDUCE SYSTEM LATENCY to deliver solutions faster Assembling broad set of benchmarking collateral highlighting COMPUTATIONAL POWER of Advantage2 System Developing controls that allow customers to operate in COHERENT QUANTUM ANNEALING REGIME unlocking value in quantum simulation and sampling

SYNCHRONIZING PRODUCT AND SALES 58 COPYRIGHT © D-WAVE CUSTOMER SUCCESS FOCUS SEAT-BASED PRICING model gives customers all the access and resources needed for developing applications and moving to production Support for open-source IDEs expands EASE OF TECHNOLOGY ADOPTION SOC 2®️ TYPE 2 compliance drives confidence in security and integrity of Leap service platform ACCELERATING COMMERCIALIZATION Developing key demonstrations supporting our focus on MANUFACTURING and LOGISTICS verticals Platform support for new CHANNEL PARTNERS Targeted hybrid solver improvements to speed adoption of KEY USE CASES On-going compliance initiatives demonstrating Leap service platform SECURITY AND INTEGRITY

D-WAVE: BLAZING THE TRAIL FOR COMMERCIAL QUANTUM COMPUTING 60 Opportunity 2023 2026 2024 20… 2028 2025 2027 2029 $100B Market Opportunity $100B Market Opportunity* $100B Market Opportunity* STRONG PRODUCT ROADMAP driving improved performance and increased use case applicability QUANTUM SUPREMACY creating tailwinds for commercial and government VERTICALIZATION accelerating path to production usage GOVERNMENT LEGISLATION opening new opportunities Workforce Scheduling Job Shop Scheduling Vehicle Routing Scheduling & Routing Wireless Infrastructure Optimization Network Flow Optimization Supply Chain Optimization Process & Flow Model Training Prompting Optimization Feature Selection Machine Learning Drug Discovery Protein Design Advanced Use Cases Energy Unit Commitment Production Application Use Cases Missile Defense Optimization Satellite Placement Radar Scheduling Defense & Aerospace Resource Allocation Customer Offer Allocation Portfolio Optimization Allocation & Risk Management Fraud Detection * Based on D-Wave analysis and research from Grand View Research, Allied Market Research, Research and Markets and 360 Research Reports COPYRIGHT © D-WAVE

Q&A SESSION ANALYST DAY 2024

CLOSING REMARKS ANALYST DAY 2024 JOHN MARKOVICH, CFO, D-WAVE