Quantum Computing Inc Stock Price, News & Analysis

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.

Quantum Computing Inc. (QUBT) reported its Q2 and H1 2024 financial results. Key highlights include:

- Q2 2024 revenue: $183,000 (32% gross margin), up from $112,000 in Q2 2023

- Q2 2024 operating expenses: $5.3 million, down 24% year-over-year

- Net loss: $5.2 million ($0.06 per basic share) vs $7.6 million ($0.12 per basic share) in Q2 2023

- Cash and cash equivalents: $2.5 million as of June 30, 2024

- Total assets: $76.0 million

- Shareholders' equity: $65.5 million

Operational highlights include progress on establishing a U.S.-based Thin Film Lithium Niobate foundry, a $200,000 quantum LiDAR prototype sale to Johns Hopkins University, and enhanced sales strategy with key appointments. The company also regained compliance with Nasdaq and SEC reporting requirements.

Quantum Computing Inc. (QCi) (Nasdaq: QUBT) has extended its Cooperative Research and Development Agreement (CRADA) with Los Alamos National Laboratory (LANL). The collaboration focuses on QCi's new Dirac-3 entropy quantum optimization machine, designed to solve complex problems in quantum simulations, social networks, protein structure prediction, and telecommunications.

Dirac-3 is the first machine of its kind to address high-dimensional discrete variables with multi-body interactions using nonlinear quantum optics. QCi's CEO, Dr. William McGann, highlighted Dirac-3's capabilities in solving complex real-world problems in energy grid management, offshore wind optimization, and signal processing applications.

QCi is also working on projects for NASA and has CRADAs with the U.S. Department of Defense. The company aims to provide accessible and affordable quantum machines that operate at room temperature and low power.

Quantum Computing Inc. (QUBT) has filed its Form 10-K/A for fiscal years 2023 and 2022, completing a restatement of its financial statements. The restatement, conducted with new auditor BPM LLP, resulted in no material impact on cash balances or operating cash flows. Key adjustments include corrections to purchase accounting, preferred dividends, and stock-based compensation. For 2023, the restatement led to a 9% decrease in net loss to $27,022,000 and a 6% decrease in total assets to $74,355,000. The company expects to file Q1 and Q2 2024 Form 10-Qs soon to regain Nasdaq compliance.

Quantum Computing Inc. (NASDAQ: QUBT) has received a non-compliance notice from Nasdaq for failing to timely file its Q2 2024 10-Q report. The company has until December 16, 2024 to regain compliance by filing both Q1 and Q2 2024 10-Qs, or face potential delisting. The delay is attributed to a recent change in auditors, with BF Borgers CPA PC dismissed on May 3, 2024, following an SEC order, and BPM LLP appointed on June 6, 2024. QCi expects to file the overdue reports soon after BPM completes the audit of the 2023 fiscal year financials. The company remains confident in regaining full compliance before the deadline.

Quantum Computing Inc. (QCi) (Nasdaq: QUBT) has released a mid-year business update highlighting its strategic progress. Key developments include:

1. Establishing the first U.S.-based Thin Film Lithium Niobate (TFLN) fabrication facility in Tempe, Arizona, scheduled for Q4 2024.

2. Finalizing two new high-performance computing platforms and a broad remote sensing platform for LiDAR applications.

3. Launching an 'Accessible and Affordable' marketing campaign for its Dirac-3 computer, emphasizing its competitive price, compact size, and low energy consumption.

4. Appointing Richard Nelson as SVP of Business Development and Pouya Dianet as Director of TFLN Optical Chip Sales.

5. Selecting BPM LLP as its new auditor and engaging IMS Investor Relations to enhance financial transparency and investor communications.

Quantum Computing Inc. (NASDAQ: QUBT) has received a non-compliance notice from Nasdaq due to the late filing of its quarterly report for the period ending March 31, 2024. The company has until August 23, 2024, to submit a plan to regain compliance. If accepted, QCi could have up to 180 days to meet the requirements, delaying potential delisting until December 16, 2024. The delay follows the dismissal of their previous auditor, BF Borgers, and the appointment of BPM LLP on June 6, 2024. QCi plans to file the report soon after BPM completes its audit of the 2023 financial statements. This notice is in line with Nasdaq Listing Rule 5810(b). Quantum Computing Inc. focuses on quantum optics and nanophotonics technology, offering products in high-performance computing, AI, cybersecurity, and remote sensing.

Quantum Computing Inc. (QCi) (Nasdaq: QUBT) reported its preliminary, unaudited financial results for Q1 2024. Revenue was approximately $27,000 with a gross margin of 42%. Operating expenses decreased by 18% YoY to $6.4 million, and net loss reduced to $6.9 million from $8.5 million in Q1 2023. R&D expenses remained stable at $1.4 million. The company saw a decrease in selling, general, and administrative expenses by 25% YoY. Total assets increased to $83.1 million, cash reserves rose to $6.1 million, and total liabilities decreased to $3.8 million. As of March 31, 2024, QCi had a positive stockholders' equity of $79.3 million, an 8.2% increase from December 31, 2023.