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Quantum Computing Inc. (QCi), trading under the symbol QUBT, is an American company specializing in quantum computing and artificial intelligence software development. QCi focuses on creating heterogeneous software that can run on various quantum platforms. The company is headquartered in Leesburg, Virginia, and is known for its innovative approach to delivering quantum products for high-performance computing applications. QCi's products operate at room temperature, use low power, and are cost-effective. The company's portfolio includes a financial portfolio optimizer, which helps financial advisors and investment managers make optimal investment decisions, and cybersecurity applications.
Recently, QCi announced a successful partnership with NASA, where they have been awarded a project to denoise LiDAR spectral information using their proprietary Entropy Quantum Computing (EQC). This project aims to enhance NASA's capabilities to measure the physical properties of clouds and aerosols in lower earth orbit. QCi's Chief Executive Officer, Dr. William McGann, expressed excitement about the project and highlighted the potential of their upcoming launch of the Dirac-3, a high-dimensional Entropy Quantum Machine.
In addition to their work with NASA, QCi recently commercialized their quantum optimization platform, Dirac-3, designed to address complex problems with larger numbers of variables. The Dirac system is the first of its kind to natively solve integer problems using quantum digits (qdits), expanding the use of quantum technology in optimization solutions. This innovative product has garnered interest from various industries, including healthcare, financial services, supply chain, and autonomous vehicles.
Quantum Computing Inc. (QUBT) has secured a prime contract from NASA's Goddard Space Flight Center to apply its Dirac-3 entropy quantum optimization machine for phase unwrapping in interferometric data processing. The project aims to enhance NASA's imaging reconstruction and data processing capabilities using QCi's quantum optimization technology.
The contract focuses on utilizing Dirac-3 to solve complex phase unwrapping problems in radar-generated interferometric data, with the goal of improving solution quality and computational speed compared to classical computing methods. If successful, the project could yield long-term benefits for NASA's big-data processing capabilities and potentially expand to other applications where quantum solutions offer advantages.
Quantum Computing Inc. (QUBT) has announced two concurrent stock offerings totaling $50 million. The company is selling 1,540,000 shares through a registered direct offering and 8,460,000 shares through a private placement, both priced at $5.00 per share. The offerings are expected to close around December 12, 2024.
The proceeds will be used for working capital and general corporate purposes, including the development of quantum technologies and the buildout of their TFLN Photonic Chip Foundry in Tempe, Arizona, which is scheduled for completion in Q1 2025. Titan Partners Group is acting as the sole placement agent for these offerings.
Quantum Computing Inc. (QUBT) has received its second purchase order for its thin film lithium niobate (TFLN) photonic chip foundry from the University of Texas at Austin. The order will support the University's RF Acoustic Microsystem Group's research and is part of QCi Foundry's pilot launch program, with fulfillment expected in Q1 2025. QCi's Foundry in Tempe, Arizona, will process TFLN and other transition metal ferroelectrics, with production scheduled to begin in Q1 2025. This follows QCi's first order from a research institute in Asia, positioning the company in the high-performance, TFLN-based optical chip market.
Quantum Computing Inc. (QUBT) has announced a registered direct offering of 16,000,000 shares of common stock at $2.50 per share, priced at-the-market under Nasdaq rules. The offering is expected to generate gross proceeds of $40 million before deducting placement agent commissions and expenses. The closing is anticipated around November 18, 2024. The company plans to use the net proceeds for debt repayment, working capital, and general corporate purposes. Titan Partners Group, a division of American Capital Partners, is serving as the sole placement agent.
Quantum Computing Inc. (QUBT) has secured its first order for its thin film lithium niobate (TFLN) photonic chip foundry from a prominent Asian research institute. The order leverages QCi's proprietary capabilities in TFLN processing and includes in-house photonic chip design services with two fabrication runs. Initial delivery is expected in December 2024, with completion by Q1 2025. This milestone follows recent MOUs for process design kits and design services, leading up to the official opening of the QCi Foundry in Tempe, Arizona in Q1 2025.
Quantum Computing Inc. (Nasdaq: QUBT) reported its third-quarter 2024 financial results, highlighting significant strategic and operational progress. Revenue for Q3 2024 reached $101,000, a 102% increase from Q3 2023, primarily due to a contract with Johns Hopkins University. However, gross margin decreased to 9% from 52%. Operating expenses were reduced by 18% to $5.4 million, resulting in a net loss of $5.7 million, or $(0.06) per share, compared to a net loss of $7.1 million, or $(0.10) per share, in Q3 2023.
Key operational highlights included the final commissioning phase of the TFLN foundry in Tempe, Arizona, and the extension of the CRADA with Los Alamos National Laboratory. QCi raised $7.0 million through secured convertible debt financing, increasing total assets to $76.8 million. The company also secured a fifth task order with NASA to develop quantum remote sensing technology for spaceborne LiDAR missions.
Quantum Computing Inc. (QUBT) announces significant progress towards its quantum photonic chip foundry opening in Q1 2025. The company has launched a pilot program for thin film lithium niobate (TFLN) foundry services and secured two strategic MOUs: one with Spark Photonics Design for evaluation chip kits, and another with Alcyon Photonics for process design kits development. QCi is currently in negotiations with potential customers across North America, Europe, and Asia, expecting to finalize multiple orders for TFLN electro-optical modulator chips by year-end. The foundry will operate a 150 mm wafer line with front-end and packaging capabilities.
Quantum Computing Inc (Nasdaq: QUBT), an integrated photonics and quantum optics technology company, will host a conference call and webcast on November 6, 2024, at 4:30 p.m. Eastern Time to discuss third quarter 2024 operational results. The company will release Q3 2024 financial results after market close on the same day. Shareholders can access the webcast through QCi's website or join via phone using the access code 894466. A replay will be available until November 20, 2024.
Quantum Computing Inc. (QUBT) has entered the final stage of commissioning its quantum photonic chip foundry in Tempe, Arizona. The foundry, initially announced in September 2023, will focus on processing thin film lithium niobate (TFLN) to produce high-performance optical components and photonic integrated circuits (PICs). These chips will serve as essential optical engines for photonic-based quantum computers, secure quantum communications, and 3.2Tbps data rates for datacom.
The QCi Foundry is set to be the first US-based semiconductor foundry of its kind, enhancing capabilities and capacity of TFLN devices. It will meet the growing demand for rapid prototyping and scalable production of PICs. The foundry's anticipated grand opening is set for Q1 2025, with early access offered to customers at favorable rates. Initial wafer runs will focus on custom runs for selected clients, with plans for a multi-project wafer (MPW) run available in the second half of 2025.
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) has been awarded a fifth project from NASA to develop quantum remote sensing technology for LIDAR missions. This partnership aims to significantly lower the cost of spaceborne LIDAR imaging and advance understanding of climate change mechanisms. The new contract marks a pivotal step towards deploying QCi's technology on LIDAR flights and establishes its applicability in diverse fields.
QCi's innovative approach could reduce LIDAR mission costs from billions to millions, enabling more frequent flights for better climate change research. The project builds upon QCi's previous work in denoising satellite LiDAR images using their Dirac-3 entropy quantum optimization machine. This collaboration reinforces QCi's commitment to providing cost-effective solutions for remote sensing applications and highlights the potential of quantum technology in environmental management strategies.
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