Shares of D-Wave Quantum Inc. (NYSE: QBTS) fell 5.38% in pre-market trading on Thursday, despite the company reporting strong revenue growth for its third quarter. The quantum computing systems firm posted Q3 revenue of $3.739 million, up 100% year-over-year and beating analyst estimates of $3.03 million.

While D-Wave's top-line growth impressed, investors appear concerned about the company's widening losses. The firm reported a net loss of $139.986 million for Q3, a significant increase from the $22.712 million loss in the same period last year. This substantial loss was primarily attributed to $121.9 million in non-cash charges related to the remeasurement of the company's warrant liability.

Despite the pre-market decline, D-Wave highlighted several positive developments in its earnings report. The company achieved its highest cash balance in history at over $836 million and reported having more than 100 revenue-generating customers, including nearly two dozen Forbes Global 2000 companies. Additionally, D-Wave secured a €10 million booking for a quantum computing facility in Italy, signaling growing international demand for its technologies. However, the market's reaction suggests investors may be focusing on the company's increased losses and potential dilution concerns related to warrant exercises.