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Quantum Computing Inc. Reports First Quarter 2025 Financial Results
HOBOKEN, N.J., May 15, 2025 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, integrated photonics and quantum
About this update from Quantum Computing Inc.
[{"type":"text","content":"HOBOKEN, N.J., May 15, 2025 /PRNewswire/ -- Quantum Computing Inc. (\"QCi\" or the \"Company\") (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, today released financial results for the three-month period ended March 31, 2025.\nDr. Yuping Huang, Interim Chief Executive Officer of QCi, commented, \"QCi delivered solid operational and financial progress in the first quarter, strengthening our balance sheet and advancing key strategic initiatives. We completed construction during the quarter of our Quantum Photonic Chip Foundry in Tempe, Arizona, a major milestone that positions us to meet growing demand for thin film lithium niobate (TFLN) photonic chips, underscored by the announcement of a fifth purchase during the period. We're encouraged by our early traction, which is the first step in what we believe is a significant, multi-year opportunity to serve the expanding markets in datacom, telecom, and quantum-enabled applications. In parallel, we continued to deepen engagement with both government and commercial partners, reinforcing the growing interest in our quantum and photonic machines and positioning QCi to capitalize on emerging opportunities ahead.\"\nFirst Quarter 2025 Financial Highlights\nFirst quarter 2025 revenues totaled approximately $39,000 (33% gross margin) compared to $27,000 (41% gross margin) generated in the first quarter of 2024. Gross margin can vary at our current revenue levels. As such, the year-over-year decrease is not unexpected.First quarter 2025 operating expenses totaled $8.3 million compared to the previous year's first quarter operating expenses of $6.3 million. The year-over-year increase was primarily driven by higher employee-based expenses.The Company reported net income attributable to common stockholders of $17.0 million, or $0.13 per basic share for the first quarter of 2025, compared to a net loss attributable to common stockholders of $6.4 million or $(0.08) per basic share for the same period of the previous year. The increase in net income this quarter was primarily due to a $23.6 million non-cash gain on the mark-to-market valuation of the Company's warrant liability as a result of our merger with QPhoton in June 2022.Total assets at March 31, 2025 were $242.5 million, increasing from $153.6 million at December 31, 2024. Cash and cash equivale...