Business
Quantum Computing Inc. Reports Fourth Quarter 2024 Financial Results
HOBOKEN, N.J., March 20, 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., March 20, 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 and twelve-month periods ended December 31, 2024.\n\n \n \n \n \n \n \n\n \nDr William McGann, Chief Executive Officer of QCi, commented, \"QCi made meaningful progress in the fourth quarter strengthening our financial position to support the continued advancement of our quantum solutions and foundry services. With a significantly bolstered balance sheet, we are well-positioned to scale operations and accelerate commercialization efforts.\n\"Operationally, we remain on track to launch our Quantum Photonic Chip Foundry in early 2025, with multiple purchase orders secured, reinforcing the growing demand for TFLN (thin film lithium niobate)-based photonic integrated circuits. Additionally, our collaborations with NASA highlight the real-world applications of our Dirac-3 quantum optimization machine, further validating its capabilities. Looking ahead, we are focused on executing our growth strategy, expanding industry partnerships, and delivering next-generation photonic and quantum technologies to the market.\"\nFourth Quarter 2024 Financial Highlights\nFourth quarter 2024 revenues totaled approximately $62,000 (55% gross margin) compared to $75,000 (13% gross margin) generated in the fourth quarter 2023. The increase in gross margin is primarily attributed to lower costs of goods sold in the 2024 period.Fourth quarter 2024 operating expenses totaled $8.9 million compared to the previous year's fourth quarter operating expenses of $6.6 million. The year-over-year increase was primarily driven by higher non-cash employee-based expenses, including stock-based compensation, and increased depreciation expense for production equipment installed at the Company's TFLN chip foundry in Tempe, AZ. Cash used in operations for the full year ended 2024 decreased by $2.1 million year-over-year, driven by lower general and administrative expenditures.The Company reported a net loss attributable to common stockholders of $51.2 million, or $(0.47) per basic share for the fourth quarter of 2024, compared to a net loss attributable to common stockholders of $6.8 million or $(0.09) per basic share for the same period of...