Quantum Computing Inc. Reports Third Quarter 2024 Financial Results
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. (Nasdaq: QUBT) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando significativi progressi strategici e operativi. I ricavi per il Q3 2024 hanno raggiunto $101.000, un aumento del 102% rispetto al Q3 2023, principalmente grazie a un contratto con la Johns Hopkins University. Tuttavia, il margine lordo è diminuito al 9% rispetto al 52%. Le spese operative sono state ridotte del 18% a $5,4 milioni, comportando una perdita netta di $5,7 milioni, ovvero $(0,06) per azione, rispetto a una perdita netta di $7,1 milioni, o $(0,10) per azione, nel Q3 2023.
I principali punti operativi hanno incluso la fase finale di commissioning della fonderia TFLN a Tempe, Arizona, e l'estensione del CRADA con il Laboratorio Nazionale di Los Alamos. QCi ha raccolto $7,0 milioni attraverso un finanziamento con debito convertibile garantito, aumentando il totale degli attivi a $76,8 milioni. L'azienda ha anche ottenuto un quinto ordine di lavoro con la NASA per sviluppare tecnologia di rilevamento remoto quantistico per missioni LiDAR spaziali.
Quantum Computing Inc. (Nasdaq: QUBT) reportó sus resultados financieros del tercer trimestre de 2024, destacando un progreso estratégico y operativo significativo. Los ingresos para el Q3 2024 alcanzaron los $101,000, un aumento del 102% en comparación con el Q3 2023, principalmente debido a un contrato con la Universidad Johns Hopkins. Sin embargo, el margen bruto disminuyó al 9% desde el 52%. Los gastos operativos se redujeron en un 18% a $5.4 millones, resultando en una pérdida neta de $5.7 millones, o $(0.06) por acción, en comparación con una pérdida neta de $7.1 millones, o $(0.10) por acción, en el Q3 2023.
Los aspectos operativos clave incluyeron la fase final de comisionado de la fundición TFLN en Tempe, Arizona, y la extensión del CRADA con el Laboratorio Nacional de Los Álamos. QCi recaudó $7.0 millones a través de financiamiento de deuda convertible asegurada, aumentando los activos totales a $76.8 millones. La compañía también aseguró una quinta orden de tarea con la NASA para desarrollar tecnología de sensado remoto cuántico para misiones LiDAR en el espacio.
양자 컴퓨팅 주식회사 (Nasdaq: QUBT)는 2024년 3분기 재무 결과를 보고하며, 전략적 및 운영적 발전을 강조했습니다. 2024년 3분기 매출은 101,000달러에 달했으며, 2023년 3분기와 비교해 102% 증가했습니다. 이는 주로 존스 홉킨스 대학교와의 계약 덕분입니다. 그러나 총 마진은 52%에서 9%로 감소했습니다. 운영 비용은 18% 감소하여 540만 달러가 되었고, 그 결과 570만 달러의 순손실이 발생했으며, 주당 $(0.06)였습니다. 이는 2023년 3분기 순손실 710만 달러, 주당 $(0.10)와 비교됩니다.
주요 운영 하이라이트에는 아리조나주 템피에 있는 TFLN 주조소의 최종 커미셔닝 단계와 로스 알라모스 국립 연구소와의 CRADA 연장이 포함되었습니다. QCi는 보장된 전환 사채 자금을 통해 700만 달러를 모금하여 총 자산을 7,680만 달러로 늘렸습니다. 또한 NASA와의 다섯 번째 업무 지시를 확보하여 우주 LiDAR 임무를 위한 양자 원격 감지 기술을 개발했습니다.
Quantum Computing Inc. (Nasdaq: QUBT) a publié ses résultats financiers du troisième trimestre 2024, soulignant des progrès stratégiques et opérationnels significatifs. Les revenus pour le T3 2024 ont atteint 101 000 $, soit une augmentation de 102 % par rapport au T3 2023, principalement grâce à un contrat avec l'Université Johns Hopkins. Cependant, la marge brute a diminué à 9 % contre 52 %. Les dépenses opérationnelles ont été réduites de 18 %, atteignant 5,4 millions de dollars, entraînant une perte nette de 5,7 millions de dollars, soit $(0,06) par action, par rapport à une perte nette de 7,1 millions de dollars, soit $(0,10) par action, dans le T3 2023.
Les principaux points opérationnels comprenaient la phase finale de mise en service de la fonderie TFLN à Tempe, en Arizona, et l'extension du CRADA avec le Laboratoire national de Los Alamos. QCi a levé 7,0 millions de dollars par le biais d'un financement par dette convertible sécurisée, portant le total des actifs à 76,8 millions de dollars. L'entreprise a également sécurisé un cinquième ordre de mission avec la NASA pour développer une technologie de détection à distance quantique pour des missions LiDAR spatiales.
Quantum Computing Inc. (Nasdaq: QUBT) hat die finanziellen Ergebnisse des dritten Quartals 2024 bekanntgegeben und erhebliche strategische und operationale Fortschritte hervorgehoben. Der Umsatz für das Q3 2024 erreichte 101.000 US-Dollar, was einem Anstieg von 102% im Vergleich zum Q3 2023 entspricht, hauptsächlich aufgrund eines Vertrags mit der Johns Hopkins University. Der Bruttogewinn hingegen sank auf 9% von 52%. Die Betriebskosten wurden um 18% auf 5,4 Millionen US-Dollar gesenkt, was zu einem Nettoverlust von 5,7 Millionen US-Dollar oder $(0,06) pro Aktie führte, im Vergleich zu einem Nettoverlust von 7,1 Millionen US-Dollar oder $(0,10) pro Aktie im Q3 2023.
Wichtige operative Höhepunkte umfassten die endgültige Inbetriebnahme der TFLN-Gießerei in Tempe, Arizona, sowie die Verlängerung des CRADA mit dem Los Alamos National Laboratory. QCi hat 7,0 Millionen US-Dollar durch gesichertes wandelbares Schuldenfinanzierung gesammelt, was die Gesamtaktiva auf 76,8 Millionen US-Dollar erhöht. Das Unternehmen hat zudem einen fünften Arbeitsauftrag von der NASA gesichert, um Quantensensor-Technologie für Weltraum-LiDAR-Missionen zu entwickeln.
- Revenue increased by 102% to $101,000 in Q3 2024.
- Operating expenses decreased by 18% to $5.4 million.
- Net loss narrowed to $5.7 million, or $(0.06) per share.
- Total assets increased to $76.8 million.
- Raised $7.0 million through secured convertible debt financing.
- Secured a fifth task order with NASA.
- Gross margin decreased to 9% from 52% in Q3 2023.
- Total liabilities increased by $5.3 million to $10.9 million.
Dr William McGann, Chief Executive Officer of QCi, commented, "Throughout the third quarter of 2024, we continued to make strategic progress across multiple fronts. Our ongoing development of our
Third Quarter 2024 Financial Highlights
- Third quarter 2024 revenues totaled approximately
$101,000 9% gross margin) compared to$50,000 52% gross margin) generated in the third quarter 2023. The increase in revenues and decrease in gross margin was primarily the result of progress executing our contract with Johns Hopkins University to deliver a customized quantum LiDAR prototype. - Third quarter 2024 operating expenses totaled
$5.4 million $6.6 million 18% period-over-period decrease is primarily a result of the Company's disciplined strategy to minimize general and administrative expenses, including reductions in both employee and consultant costs. - The Company reported a net loss attributable to common stockholders of
$5.7 million $(0.06) $7.1 million $(0.10) - Total assets at September 30, 2024 were
$76.8 million $74.4 million $1.0 million $3.1 million $7.0 million - Total liabilities at September 30, 2024 were
$10.9 million $5.3 million - As of September 30, 2024, the Company had shareholders' equity totaling
$60.4 million
Third Quarter 2024 Operational Highlights
- Extension of CRADA with Los Alamos National Laboratory: QCi renewed its Cooperative Research and Development Agreement (CRADA) with Los Alamos National Laboratory (LANL) to further explore the capabilities of the Dirac-3 quantum optimization machine. This extension will support the development of advanced quantum solutions in fields such as energy grid management, social networks, and telecommunications.
- Progress on TFLN Chip Foundry: QCi advanced to the final phase of commissioning its
U.S. -based TFLN foundry inTempe, Arizona . The facility remains on track to begin production in early 2025, positioning QCi as a leader in the high-performance, TFLN-based optical chip market. - Key Industry Engagements: QCi actively participated in major industry events, including the Quantum World Congress 2024 and Quantum.Tech
Europe , where the Company presented the capabilities of its Dirac-3 platform and began initial conversations on its planned foundry services. These engagements raised the profile of QCi's technology among key government and commercial stakeholders, driving further interest and partnerships. - Continued Development of Entropy Quantum Computing Solutions: The Company's Dirac-3 platform continued to gain traction, with benchmark studies conducted in collaboration with National Laboratories such as
Oak Ridge and Lawrence Berkeley to demonstrate its efficiency in solving complex computational problems. - Progress with NASA: Subsequent to the end of the quarter, QCi secured a fifth task order with NASA, focused on developing quantum remote sensing technology for spaceborne LiDAR missions. This contract aims to reduce the cost of climate-monitoring missions and enhance data collection capabilities, reinforcing QCi's strategic partnership with NASA.
Earnings Conference Call
The Company will host a conference call on Wednesday, November 6, 2024, at 4:30 p.m., to discuss its financial results for the third quarter of 2024. 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/3051/51497
To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 894466.
A replay of the teleconference will be available until November 20, 2024, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 51497
About Quantum Computing Inc.
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an innovative, integrated photonics company that provides accessible and affordable quantum machines to the world today. QCi products are designed to operate at room temperature and low power at an affordable cost. The Company's portfolio of core technology and products offer unique capabilities in the areas of high-performance computing, artificial intelligence and cybersecurity as well as remote sensing applications.
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. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value data) | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 3,064 | $ | 2,059 | ||||
Accounts receivable | 63 | 65 | ||||||
Inventory | 241 | 73 | ||||||
Loans receivable, net | 306 | 279 | ||||||
Prepaid expenses and other current assets | 238 | 180 | ||||||
Total current assets | 3,912 | 2,656 | ||||||
Property and equipment, net | 5,826 | 2,870 | ||||||
Operating lease right-of-use assets | 1,622 | 1,051 | ||||||
Intangible assets, net | 9,748 | 12,076 | ||||||
Goodwill | 55,573 | 55,573 | ||||||
Other non-current assets | 129 | 129 | ||||||
Total assets | $ | 76,810 | $ | 74,355 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 923 | $ | 1,462 | ||||
Accrued expenses | 539 | 639 | ||||||
Financial liabilities, net of issuance costs | - | 1,925 | ||||||
Deferred revenue | 48 | - | ||||||
Other current liabilities | 921 | 786 | ||||||
Total current liabilities | 2,431 | 4,812 | ||||||
Financial liabilities, net of issuance costs | 7,180 | - | ||||||
Operating lease liabilities | 1,297 | 840 | ||||||
Total liabilities | 10,908 | 5,652 | ||||||
Mezzanine equity | 5,463 | - | ||||||
Stockholders' equity | ||||||||
Preferred stock, | ||||||||
thousand and 1,490 thousand shares issued and outstanding as of September 30, | ||||||||
2024 and December 31, 2023, respectively; 3,080 thousand shares of Series B | ||||||||
Preferred Stock authorized; no shares issued and outstanding as of September 30, | ||||||||
2024 and December 31, 2023 | - | - | ||||||
Common stock, | ||||||||
thousand and 77,451 thousand shares issued and outstanding as of September 30, | ||||||||
2024 and December 31, 2023, respectively | 9 | 8 | ||||||
Additional paid-in capital | 209,675 | 200,635 | ||||||
Accumulated deficit | (149,245) | (131,940) | ||||||
Total stockholders' equity | 60,439 | 68,703 | ||||||
Total liabilities and mezzanine and stockholders' equity | $ | 76,810 | $ | 74,355 | ||||
QUANTUM COMPUTING INC. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(Restated) | (Restated) | |||||||||||||||
Total revenue | $ | 101 | $ | 50 | $ | 311 | $ | 283 | ||||||||
Cost of revenue | 92 | 24 | 233 | 131 | ||||||||||||
Gross profit | 9 | 26 | 78 | 152 | ||||||||||||
Research and development | 2,244 | 2,328 | 6,560 | 6,977 | ||||||||||||
Sales and marketing | 363 | 584 | 1,243 | 1,397 | ||||||||||||
General and administrative | 2,840 | 3,725 | 9,298 | 11,442 | ||||||||||||
Operating expenses | 5,447 | 6,637 | 17,101 | 19,816 | ||||||||||||
Loss from operations | (5,438) | (6,611) | (17,023) | (19,664) | ||||||||||||
Non-operating income (expense) | ||||||||||||||||
Interest and other income | 70 | 126 | 180 | 219 | ||||||||||||
Interest expense, net | (307) | (369) | (462) | (1,334) | ||||||||||||
Change in value of warrant liabilities | - | 13 | - | 384 | ||||||||||||
Loss before income tax provision | (5,675) | (6,841) | (17,305) | (20,395) | ||||||||||||
Income tax provision | - | - | - | - | ||||||||||||
Net loss | (5,675) | (6,841) | (17,305) | (20,395) | ||||||||||||
Less: Series A convertible preferred stock dividends | - | (215) | - | (646) | ||||||||||||
Net loss attributable to common stockholders | $ | (5,675) | $ | (7,056) | $ | (17,305) | $ | (21,041) | ||||||||
Loss per share – basic and diluted | $ | (0.06) | $ | (0.10) | $ | (0.19) | $ | (0.33) | ||||||||
Weighted average shares used in computing net loss per | ||||||||||||||||
common share – basic and dilutive | 93,048 | 71,588 | 89,063 | 64,246 | ||||||||||||
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SOURCE Quantum Computing Inc.
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