"Short-seller campaigns are "really all about somebody who's shorting the stock trying to make money. So, I think you need to take everything with a grain of salt," Baratz told Fortune recently. "There were a lot of misstatements and untrue statements and characterizations in the Kerrisdale report, so we just dismissed it.""
""A wide range of D-Wave customers we interviewed in key verticals like logistics, manufacturing, and pharmaceuticals reported seeing zero benefit from the technology," the report alleged at the time."
"" there is no proof " that D-Wave's quantum systems solve complex problems faster than ordinary "classical" computers."
Four main publicly traded quantum computing companies—D-Wave, IonQ, Rigetti, and Quantum Computing Inc.—have been targeted by activist investors shorting their stock over the past 14 months. Each company holds a multibillion-dollar market capitalization that far exceeds the modest revenues from daily operations. D-Wave was accused by Kerrisdale Capital of offering no proof that its systems outperform classical computers, prompting public rebuttals from CEO Alan Baratz. D-Wave reports a threefold revenue increase, more than 100 paying customers, a $10 million licensing deal, and a half-billion-dollar acquisition, while its stock rose from around $6 to about $15 by May 2025.
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