D-Wave Quantum logged record first-quarter record revenue and posted a narrower quarterly loss. The stock soared.

D-Wave Quantum shares surged 34%, while other industry names, such as Quantum Computing, Rigetti Computing rose 7.3% and 4.7% respectively.

Revenue was $15 million in the first quarter, representing a 509% increase from the $12.5 million recorded a year earlier. The figure handily topped the $10.5 million analysts had expected, according to FactSet.

While operating expenses climbed 31% to $25.2 million in the quarter, the company's loss narrowed to $5.4 million from $17.3 million a year earlier. The change was largely driven by the $12.2 million sale of a quantum computing system, D-Wave said.

Management noted that the company's consolidated cash balance totaled $304.3 million as of March 31, and was "sufficient to fund the company to profitability."

CEO Alan Baratz described the quarter as "arguably the most significant in D-Wave's history." Highlights included the sale of an Advantage quantum machine to the Jülich Supercomputing Centre in Germany, which delivered a notable boost to revenue.

Baratz also pointed to D-Wave's controversial peer-reviewed paper, which was published in the journal Science in March. The company said its Advantage2 system solved a problem in 20 minutes that would have taken one of the world's most powerful supercomputers nearly 1 million years.

These claims were hotly contested by scientists from the Center for Computational Quantum Physics, but other researchers asserted that D-Wave's overarching beyond-classical argument held true.