D-Wave Stands Ready To Support New U.S. Law Creating Pilot Program On Near-Term Quantum Computing Applications

Government Action Will Accelerate Use of Quantum at Department of Defense and National Security

D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems, software, and services and the world’s first commercial supplier of quantum computers, commends U.S. policy makers for including a quantum pilot program focused on near-term quantum computing applications in the National Defense Authorization Act (NDAA) that was passed by Congress and signed into law by President Biden on December 22, 2023. This significant action establishes a program focused on near-term applications development to solve problems facing the Department of Defense (DOD) including the Armed Forces. This program will test, evaluate, and use quantum and quantum-hybrid applications to address problems facing our defense, military, and national security operations, such as meeting the near-term needs of warfighters, and explicitly calls out consideration to use annealing quantum computing and quantum-hybrid technologies. The new law also calls for building and strengthening relationships between the DOD, academic institutions, small businesses, and non-traditional defense contractors, an important move given the significant quantum innovation driven by small businesses like D-Wave.

The pilot program aims to build and mature demonstrations, proof of concepts (POCs), and pilots using all viable quantum computing systems ensuring that the U.S. Defense department is using the best available technology to achieve mission objectives. D-Wave has already developed demos, POCs, and applications for other governments and businesses around the world to solve optimization challenges and has the technology that is necessary to begin working with the U.S. government today. For example, commercially available annealing quantum computing systems have been used by SavantX at the Port of Los Angeles to optimize the operations of a cargo pier to address global supply chain challenges facing our nation. In addition, D-Wave and its customers have built near-term applications and demos for last-mile resupply during emergency response for the Australian Army, as well as applications for carbon emission reduction and optimization of tsunami evacuation routes in Japan. Applications have also been developed to mitigate potential attacks including a missile interceptor assignment application and radar scheduling application.

“We applaud Congress and the Administration for taking this critical step to accelerate the use of quantum to provide solutions for critical challenges facing DOD and our military,” said Dr. Alan Baratz, CEO of D-Wave. “This bipartisan action also moves us closer to other global leaders who have already begun to build applications that benefit national security. D-Wave and its customers have already built several quantum-hybrid applications that can provide important benefits for the military, and we look forward to working with the government to advance this new pilot program.”

This new program aligns with other Congressional language on quantum calling for near-term application development and inclusivity of annealing, gate-model, and quantum-hybrid technologies in a variety of pieces of legislation expected to move next year.

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world’s first commercial supplier of quantum computers—and the only company building both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s technology has been used by some of the world’s most advanced organizations including Volkswagen, Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.

Forward-Looking Statements

Certain statements in this press release 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 press release include, but are not limited to, statements regarding the initiatives that will be implemented under the NDAA and the potential impact of such initiatives. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risk that the NDAA may be modified in the future or that the initiatives under the NDAA may not go as planned; general economic conditions and other risks; 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 press release 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.

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