Quantum Computing Inc. Reports Fourth Quarter 2024 Financial Results
Quantum Computing Inc. (QUBT) reported its Q4 2024 financial results, showing revenues of $62,000 with a 55% gross margin, compared to $75,000 with 13% gross margin in Q4 2023. Operating expenses increased to $8.9 million from $6.6 million year-over-year. The company reported a net loss of $51.2 million, or $(0.47) per share.
Cash position strengthened significantly, with cash and equivalents increasing by $76.9 million to $78.9 million. The company raised $92.1 million through common stock offerings in Q4, with an additional $100 million offering announced subsequently.
Operationally, QCi secured its fifth task order with NASA for quantum remote sensing technology and is preparing to launch its Quantum Photonic Chip Foundry in early 2025. The foundry has received multiple purchase orders, and the company established partnerships with Spark Photonics Design and Alcyon Photonics.
Quantum Computing Inc. (QUBT) ha riportato i risultati finanziari del quarto trimestre 2024, mostrando ricavi di 62.000 dollari con un margine lordo del 55%, rispetto ai 75.000 dollari con un margine lordo del 13% nel quarto trimestre 2023. Le spese operative sono aumentate a 8,9 milioni di dollari rispetto ai 6,6 milioni dell'anno precedente. L'azienda ha riportato una perdita netta di 51,2 milioni di dollari, ovvero $(0,47) per azione.
La posizione di cassa è migliorata significativamente, con liquidità e equivalenti aumentati di 76,9 milioni di dollari, raggiungendo un totale di 78,9 milioni di dollari. L'azienda ha raccolto 92,1 milioni di dollari tramite offerte di azioni ordinarie nel quarto trimestre, con un ulteriore offerta di 100 milioni di dollari annunciata successivamente.
Operativamente, QCi ha ottenuto il suo quinto ordine di lavoro con la NASA per tecnologia di rilevamento remoto quantistico e si sta preparando a lanciare il suo Quantum Photonic Chip Foundry all'inizio del 2025. La fonderia ha ricevuto numerosi ordini di acquisto e l'azienda ha stabilito partnership con Spark Photonics Design e Alcyon Photonics.
Quantum Computing Inc. (QUBT) reportó sus resultados financieros del cuarto trimestre de 2024, mostrando ingresos de 62,000 dólares con un margen bruto del 55%, en comparación con 75,000 dólares y un margen bruto del 13% en el cuarto trimestre de 2023. Los gastos operativos aumentaron a 8.9 millones de dólares desde 6.6 millones en comparación interanual. La empresa reportó una pérdida neta de 51.2 millones de dólares, o $(0.47) por acción.
La posición de efectivo se fortaleció significativamente, con efectivo y equivalentes aumentando en 76.9 millones de dólares, alcanzando un total de 78.9 millones de dólares. La compañía recaudó 92.1 millones de dólares a través de ofertas de acciones comunes en el cuarto trimestre, con una oferta adicional de 100 millones de dólares anunciada posteriormente.
Operativamente, QCi aseguró su quinto pedido con la NASA para tecnología de detección remota cuántica y se está preparando para lanzar su Quantum Photonic Chip Foundry a principios de 2025. La fundición ha recibido múltiples órdenes de compra y la empresa ha establecido asociaciones con Spark Photonics Design y Alcyon Photonics.
Quantum Computing Inc. (QUBT)는 2024년 4분기 재무 결과를 발표하며 수익이 62,000달러로 총 이익률이 55%에 달했다고 보고했습니다. 이는 2023년 4분기 75,000달러와 13%의 총 이익률에 비해 증가한 수치입니다. 운영 비용은 전년 대비 6.6백만 달러에서 8.9백만 달러로 증가했습니다. 회사는 51.2백만 달러의 순손실을 보고했으며, 이는 주당 $(0.47)입니다.
현금 위치는 크게 강화되었으며, 현금 및 현금성 자산이 76.9백만 달러 증가하여 총 78.9백만 달러에 도달했습니다. 회사는 4분기 동안 보통주 공모를 통해 92.1백만 달러를 모금했으며, 이후 1억 달러의 추가 공모를 발표했습니다.
운영 측면에서 QCi는 NASA와의 다섯 번째 작업 주문을 확보했으며, 2025년 초에 Quantum Photonic Chip Foundry를 출시할 준비를 하고 있습니다. 이 파운드리는 여러 구매 주문을 받았으며, 회사는 Spark Photonics Design 및 Alcyon Photonics와 파트너십을 체결했습니다.
Quantum Computing Inc. (QUBT) a publié ses résultats financiers pour le quatrième trimestre 2024, affichant des revenus de 62 000 dollars avec une marge brute de 55 %, contre 75 000 dollars avec une marge brute de 13 % au quatrième trimestre 2023. Les dépenses d'exploitation ont augmenté à 8,9 millions de dollars, contre 6,6 millions de dollars l'année précédente. L'entreprise a enregistré une perte nette de 51,2 millions de dollars, soit $(0,47) par action.
La position de trésorerie s'est considérablement renforcée, avec une augmentation de 76,9 millions de dollars, atteignant 78,9 millions de dollars en liquidités et équivalents. L'entreprise a levé 92,1 millions de dollars par le biais d'offres d'actions ordinaires au quatrième trimestre, avec une offre supplémentaire de 100 millions de dollars annoncée par la suite.
Sur le plan opérationnel, QCi a sécurisé son cinquième bon de commande avec la NASA pour une technologie de télédétection quantique et se prépare à lancer son Quantum Photonic Chip Foundry début 2025. La fonderie a reçu plusieurs commandes d'achat, et l'entreprise a établi des partenariats avec Spark Photonics Design et Alcyon Photonics.
Quantum Computing Inc. (QUBT) hat seine finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit Einnahmen von 62.000 Dollar und einer Bruttomarge von 55 %, verglichen mit 75.000 Dollar und einer Bruttomarge von 13 % im vierten Quartal 2023. Die Betriebskosten stiegen im Jahresvergleich von 6,6 Millionen Dollar auf 8,9 Millionen Dollar. Das Unternehmen meldete einen Nettoverlust von 51,2 Millionen Dollar, was $(0,47) pro Aktie entspricht.
Die Liquiditätsposition hat sich erheblich verbessert, mit einem Anstieg von 76,9 Millionen Dollar auf insgesamt 78,9 Millionen Dollar an Bargeld und liquiden Mitteln. Das Unternehmen hat im vierten Quartal 92,1 Millionen Dollar durch die Ausgabe von Stammaktien gesammelt, und eine zusätzliche Emission von 100 Millionen Dollar wurde anschließend angekündigt.
Betrieblich hat QCi seinen fünften Arbeitsauftrag von NASA für quantentechnologische Fernmessungstechnologie gesichert und bereitet sich darauf vor, Anfang 2025 seine Quantum Photonic Chip Foundry zu starten. Die Foundry hat mehrere Bestellungen erhalten, und das Unternehmen hat Partnerschaften mit Spark Photonics Design und Alcyon Photonics gegründet.
- Significant improvement in gross margin from 13% to 55% year-over-year
- Strong cash position with $78.9 million in cash and equivalents
- Successful capital raise of $92.1 million through stock offerings
- Multiple purchase orders secured for TFLN Foundry
- New NASA contracts and partnerships established
- Revenue declined from $75,000 to $62,000 year-over-year
- Operating expenses increased 35% to $8.9 million
- Net loss widened significantly to $51.2 million from $6.8 million
- Substantial shareholder dilution through multiple stock offerings
- Total liabilities increased by $41 million year-over-year
Insights
Quantum Computing Inc.'s Q4 2024 results reveal a mixed financial picture with some concerning metrics offset by strategic positioning moves. Revenue declined to
More positively, QCi has dramatically strengthened its balance sheet, increasing cash and equivalents by
Despite minimal current revenue, the company shows commercial traction with multiple purchase orders for its Quantum Photonic Chip Foundry scheduled to launch in Q1 2025. The NASA partnerships and task orders provide validation of QCi's technology and potential government revenue streams. The reduced cash burn in operations (down
QCi represents a high-risk/high-reward position in the nascent quantum computing sector. While current financials show minimal commercial activity, the substantially improved cash position provides time to execute on commercialization efforts in a capital-intensive industry.
Dr 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.
"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."
Fourth Quarter 2024 Financial Highlights
- Fourth 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 $6.6 million Tempe, AZ. Cash used in operations for the full year ended 2024 decreased by$2.1 million - The Company reported a net loss attributable to common stockholders of
$51.2 million $(0.47) $6.8 million $(0.09) - Total assets at December 31, 2024 were
$153.6 million $74.4 million $76.9 million $78.9 million $92.1 million $100 million - Total liabilities at December 31, 2024 were
$46.3 million $41 million - As of December 31, 2024, the Company had shareholders' equity totaling
$107.3 million
Fourth Quarter 2024 Operational Highlights
- Advancing Strategic Partnerships with NASA: On October 17, QCi secured its fifth task order with NASA, focused on developing quantum remote sensing technology for spaceborne LiDAR missions. This contract aims to lower the cost of climate-monitoring missions while improving data collection capabilities. On December 17, QCi announced an additional contract with NASA to support phase unwrapping using the Dirac-3 quantum computer as a Photonic Optimization Solver, further demonstrating the machine's capabilities in complex data processing applications.
- Quantum Photonic Chip Foundry Update: QCi reached the final stage of commissioning its Quantum Photonic Chip Foundry in
Tempe, Arizona . Construction is substantially complete, and the Company is now establishing its process design kit (PDK) and filling customer orders. During the quarter, the Company announced two memorandums of understanding (MOUs) with leading industry partners, Spark Photonics Design and Alcyon Photonics, expanding collaboration opportunities. As part of its 2024 Pilot Launch Program, QCi secured multiple pre-orders, and subsequent to the quarter, the Company announced a total of five purchase orders for its TFLN Foundry. The Foundry remains on schedule to be operational in the first quarter of 2025. - Strengthening Sales & Market Presence: The Company continued expanding its commercial and government engagement, attending 10 trade shows and conferences during the quarter to showcase its quantum optimization and photonic chip solutions to potential customers and partners.
- Advancing Quantum Solutions to Meet Immediate Market Needs: On November 14, 2024, CEO Dr. William McGann presented at the Quantum Frontiers Conference at Los Alamos National Laboratory, showcasing QCi's quantum optimization solutions and their potential to accelerate real-world adoption of quantum technologies. QCi continues to position its Dirac-3 machine as a critical tool for government and commercial applications, bridging the gap between theoretical quantum advancements and practical deployment to make quantum computing accessible today.
Earnings Conference Call
The Company will host its fourth quarter and year end conference call on Thursday, March 20, 2025, at 4:30 p.m. To access the live webcast of the conference call, log onto the QCi website at https://quantumcomputinginc.com/ and click on the Investor Relations page. Investors may also access the webcast via the following link:
https://www.webcaster4.com/Webcast/Page/3051/52052
To participate in the call by phone, dial (877) 545-0523 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0016. Callers should use access code: 605802.
A replay of the teleconference will be available until April 3, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52052.
About Quantum Computing Inc.
Quantum Computing Inc. (Nasdaq: QUBT) is an innovative, integrated photonics and quantum optics technology company that provides accessible and affordable quantum machines to the world today. QCi's products are designed to operate at room temperature and low power at an affordable cost. The Company's portfolio of core technologies and products offer unique capabilities in the areas of high-performance computing, artificial intelligence, and cybersecurity, as well as remote sensing applications.
Company Contact:
Rosalyn Christian/John Nesbett
IMS Investor Relations
qci@imsinvestorrelations.com
Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, generally identified by terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," "aim to," or variations of these or similar words, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of QCi and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the timing of commencing production at our TFLN fabrication facility, and the outcome of ongoing collaborations and demonstration projects with certain
IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice): All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.
QUANTUM COMPUTING INC. | ||||||||
Consolidated Balance Sheets | ||||||||
(in thousands, except par value data) | ||||||||
December 31, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 78,945 | $ | 2,059 | ||||
Accounts receivable, net | 27 | 65 | ||||||
Inventory | 18 | 73 | ||||||
Loans receivable, net | - | 279 | ||||||
Prepaid expenses and other current assets | 161 | 180 | ||||||
Total current assets | 79,151 | 2,656 | ||||||
Property and equipment, net | 8,212 | 2,870 | ||||||
Operating lease right-of-use assets | 1,522 | 1,051 | ||||||
Intangible assets, net | 8,972 | 12,076 | ||||||
Goodwill | 55,573 | 55,573 | ||||||
Other non-current assets | 129 | 129 | ||||||
Total assets | $ | 153,559 | $ | 74,355 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,372 | $ | 1,462 | ||||
Accrued expenses | 2,134 | 639 | ||||||
Financial liabilities, net of issuance costs | - | 1,925 | ||||||
Deferred revenue | 79 | - | ||||||
Other current liabilities | 974 | 786 | ||||||
Total current liabilities | 4,559 | 4,812 | ||||||
Derivative liability | 40,532 | - | ||||||
Operating lease liabilities | 1,181 | 840 | ||||||
Total liabilities | 46,272 | 5,652 | ||||||
Contingencies (see Note 8) | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, | ||||||||
shares and 1,490 thousand shares issued and outstanding as of December 31, 2024 | ||||||||
and 2023, respectively; 3,080 thousand shares of Series B Preferred Stock | ||||||||
authorized; no shares issued and outstanding as of December 31, 2024 and 2023 | - | - | ||||||
Common stock, | ||||||||
thousand and 77,451 thousand shares issued and outstanding as of December 31, | ||||||||
2024 and 2023, respectively | 13 | 8 | ||||||
Additional paid-in capital | 307,756 | 200,635 | ||||||
Accumulated deficit | (200,482) | (131,940) | ||||||
Total stockholders' equity | 107,287 | 68,703 | ||||||
Total liabilities and stockholders' equity | $ | 153,559 | $ | 74,355 | ||||
QUANTUM COMPUTING INC. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total revenue | $ | 62 | $ | 75 | $ | 373 | $ | 358 | ||||||||
Cost of revenue | 28 | 65 | 261 | 196 | ||||||||||||
Gross profit | 34 | 10 | 112 | 162 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 4,758 | 1,914 | 11,318 | 8,891 | ||||||||||||
Sales and marketing | 575 | 410 | 1,818 | 1,806 | ||||||||||||
General and administrative | 3,615 | 4,266 | 12,913 | 15,708 | ||||||||||||
Total operating expenses | 8,948 | 6,590 | 26,049 | 26,405 | ||||||||||||
Loss from operations | (8,914) | (6,580) | (25,937) | (26,243) | ||||||||||||
Non-operating income (expense) | ||||||||||||||||
Interest and other income | 243 | 77 | 423 | 295 | ||||||||||||
Interest expense, net | (2,034) | (268) | (2,496) | (1,602) | ||||||||||||
Change in value of warrant liabilities | (40,532) | 144 | (40,532) | 528 | ||||||||||||
Loss before income tax provision | (51,237) | (6,627) | (68,542) | (27,022) | ||||||||||||
Income tax provision | - | - | - | - | ||||||||||||
Net loss | (51,237) | (6,627) | (68,542) | (27,022) | ||||||||||||
Less: Series A convertible preferred stock dividends | - | (215) | - | 861 | ||||||||||||
Net loss attributable to common stockholders | $ | (51,237) | $ | (6,842) | $ | (68,542) | $ | (27,883) | ||||||||
Loss per share – basic and diluted | $ | (0.47) | $ | (0.09) | $ | (0.73) | $ | (0.42) | ||||||||
Weighted average shares used in computing net loss per | ||||||||||||||||
common share – basic and dilutive | 108,530 | 75,649 | 93,881 | 66,611 | ||||||||||||
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SOURCE Quantum Computing Inc.
FAQ
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