HOBOKEN, N.J., Nov. 6, 2024 /PRNewswire/ — Quantum Computing Inc. (“QCi” or the “Firm”) (Nasdaq: QUBT), an progressive, built-in photonics and quantum optics know-how firm, at present launched monetary outcomes for the three and nine-month durations ended September 30, 2024.
Dr William McGann, Chief Govt Officer of QCi, commented, “All through the third quarter of 2024, we continued to make strategic progress throughout a number of fronts. Our ongoing improvement of our U.S.-based Skinny Movie Lithium Niobate (TFLN) foundry in Tempe stays on schedule and we’re within the last stage of commissioning, marking a vital step towards scaling our capabilities and increasing into new markets. Our current gross sales efforts, led by new management, have begun to translate into tangible outcomes as we progress on securing offtake agreements for our chips and orders for our machines. We’re excited by the curiosity we have seen from potential companions and clients, and we look ahead to delivering on the promise of high-performance photonics know-how in early 2025. I stay assured in our workforce’s capacity to execute on our imaginative and prescient of delivering accessible, reasonably priced, and scalable quantum options, and I’m excited in regards to the alternatives forward.”
Third Quarter 2024 Monetary Highlights
Third quarter 2024 revenues totaled roughly $101,000 (9% gross margin) in comparison with $50,000 (52% gross margin) generated within the third quarter 2023. The rise in revenues and reduce in gross margin was primarily the results of progress executing our contract with Johns Hopkins College to ship a custom-made quantum LiDAR prototype.
Third quarter 2024 working bills totaled $5.4 million in comparison with the earlier 12 months’s second quarter working bills of $6.6 million. The 18% period-over-period lower is primarily a results of the Firm’s disciplined technique to reduce basic and administrative bills, together with reductions in each worker and marketing consultant prices.
The Firm reported a internet loss attributable to frequent stockholders of $5.7 million, or $(0.06) per fundamental share for the third quarter of 2024, in comparison with a internet loss attributable to frequent stockholders of $7.1 million or $(0.10) per fundamental share for a similar interval of the earlier 12 months.
Whole property at September 30, 2024 have been $76.8 million, rising from $74.4 million at December 31, 2023. Money and money equivalents at September 30, 2024 elevated by $1.0 million to $3.1 million from year-end 2023. Through the third quarter, the Firm raised internet proceeds of $7.0 million in a secured convertible debt financing.
Whole liabilities at September 30, 2024 have been $10.9 million, a rise of roughly $5.3 million in comparison with year-end 2023, pushed primarily by the Firm’s aforementioned secured convertible debt financing, offset by compensation of the Firm’s unsecured debt financing within the first quarter 2024.
As of September 30, 2024, the Firm had shareholders’ fairness totaling $60.4 million.
Third Quarter 2024 Operational Highlights
Extension of CRADA with Los Alamos Nationwide Laboratory: QCi renewed its Cooperative Analysis and Improvement Settlement (CRADA) with Los Alamos Nationwide Laboratory (LANL) to additional discover the capabilities of the Dirac-3 quantum optimization machine. This extension will help the event of superior quantum options in fields akin to vitality grid administration, social networks, and telecommunications.
Progress on TFLN Chip Foundry: QCi superior to the ultimate part of commissioning its U.S.-based TFLN foundry in Tempe, Arizona. The power stays on monitor to start manufacturing in early 2025, positioning QCi as a pacesetter within the high-performance, TFLN-based optical chip market.
Key Trade Engagements: QCi actively participated in main trade occasions, together with the Quantum World Congress 2024 and Quantum.Tech Europe, the place the Firm introduced the capabilities of its Dirac-3 platform and commenced preliminary conversations on its deliberate foundry providers. These engagements raised the profile of QCi’s know-how amongst key authorities and business stakeholders, driving additional curiosity and partnerships.
Continued Improvement of Entropy Quantum Computing Options: The Firm’s Dirac-3 platform continued to realize traction, with benchmark research performed in collaboration with Nationwide Laboratories akin to Oak Ridge and Lawrence Berkeley to show its effectivity in fixing advanced computational issues.
Progress with NASA: Subsequent to the tip of the quarter, QCi secured a fifth job order with NASA, targeted on creating quantum distant sensing know-how for spaceborne LiDAR missions. This contract goals to cut back the price of climate-monitoring missions and improve information assortment capabilities, reinforcing QCi’s strategic partnership with NASA.
Earnings Convention Name
The Firm will host a convention name on Wednesday, November 6, 2024, at 4:30 p.m., to debate its monetary outcomes for the third quarter of 2024. To entry the stay webcast of the convention name, log onto the QCi web site at https://quantumcomputinginc.com/ and click on on the Investor Relations web page. Buyers may additionally entry the webcast by way of the next hyperlink: https://www.webcaster4.com/Webcast/Page/3051/51497
To take part within the name by cellphone, dial (888) 506-0062 roughly 5 minutes previous to the scheduled begin time. Worldwide callers please dial (973) 528-0011. Callers ought to use entry code: 894466.
A replay of the teleconference will likely be obtainable till November 20, 2024, and could also be accessed by dialing (877) 481-4010. Worldwide callers could dial (919) 882-2331. Callers ought to use convention ID: 51497
QCi (PRNewsfoto/Quantum Computing Inc.)
About Quantum Computing Inc.
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an progressive, built-in photonics firm that gives accessible and reasonably priced quantum machines to the world at present. QCi merchandise are designed to function at room temperature and low energy at an reasonably priced price. The Firm’s portfolio of core know-how and merchandise provide distinctive capabilities within the areas of high-performance computing, synthetic intelligence and cybersecurity in addition to distant sensing purposes.
Ahead-Trying Statements
This press launch accommodates forward-looking statements as outlined inside Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. These forward-looking statements, usually recognized by phrases akin to “could,” “will,” “count on,” “imagine,” “anticipate,” “estimate,” “intends,” “aim,” “goal,” “search,” “try,” “goal to,” or variations of those or related phrases, contain dangers and uncertainties as a result of they relate to occasions and rely on circumstances that may happen sooner or later. These statements embody statements relating to the intent, perception or present expectations of QCi and members of its administration in addition to the assumptions on which such statements are primarily based. Potential traders are cautioned that any such forward-looking statements aren’t ensures of future efficiency and contain dangers and uncertainties, together with the timing of commencing manufacturing at our TFLN fabrication facility, and the result of ongoing collaborations and demonstration tasks with sure U.S. authorities businesses, and that precise outcomes could differ materially from these contemplated by such forward-looking statements. Besides as required by federal securities legislation, QCi undertakes no obligation to replace or revise forward-looking statements to mirror modified situations.
IMPORTANT NOTICE TO USERS (abstract solely, click here for full textual content of discover): All info is unaudited until in any other case famous or accompanied by an audit opinion and is topic to the extra complete info contained in our SEC studies and filings. We don’t endorse third-party info. All info speaks as of the final fiscal quarter or 12 months for which we now have filed a Kind 10-Ok or 10-Q, or for historic info the date or interval expressly indicated in or with such info. We undertake no responsibility to replace the data. Ahead-looking statements are topic to dangers and uncertainties described in our Forms 10-Q and 10-K.
QUANTUM COMPUTING INC.
Condensed Consolidated Stability Sheets
(Unaudited, in hundreds, besides par worth information)
September 30,
December 31,
2024
2023
Property
Present property
Money and money equivalents
$
3,064
$
2,059
Accounts receivable
63
65
Stock
241
73
Loans receivable, internet
306
279
Pay as you go bills and different present property
238
180
Whole present property
3,912
2,656
Property and gear, internet
5,826
2,870
Working lease right-of-use property
1,622
1,051
Intangible property, internet
9,748
12,076
Goodwill
55,573
55,573
Different non-current property
129
129
Whole property
$
76,810
$
74,355
Liabilities and Stockholders’ Fairness
Present liabilities
Accounts payable
$
923
$
1,462
Accrued bills
539
639
Monetary liabilities, internet of issuance prices
–
1,925
Deferred income
48
–
Different present liabilities
921
786
Whole present liabilities
2,431
4,812
Monetary liabilities, internet of issuance prices
7,180
–
Working lease liabilities
1,297
840
Whole liabilities
10,908
5,652
Mezzanine fairness
5,463
–
Stockholders’ fairness
Most well-liked inventory, $0.0001 par worth, 1,550 shares Collection A Most well-liked approved; 993
thousand and 1,490 thousand shares issued and excellent as of September 30,
2024 and December 31, 2023, respectively; 3,080 thousand shares of Collection B
Most well-liked Inventory approved; no shares issued and excellent as of September 30,
2024 and December 31, 2023
–
–
Widespread inventory, $0.0001 par worth, 250,000 thousand shares approved; 94,416
thousand and 77,451 thousand shares issued and excellent as of September 30,
2024 and December 31, 2023, respectively
9
8
Extra paid-in capital
209,675
200,635
Amassed deficit
(149,245)
(131,940)
Whole stockholders’ fairness
60,439
68,703
Whole liabilities and mezzanine and stockholders’ fairness
$
76,810
$
74,355
QUANTUM COMPUTING INC.
Condensed Consolidated Statements of Operations
(Unaudited, in hundreds, besides per share information)
Three Months Ended
9 Months Ended
September 30,
September 30,
2024
2023
2024
2023
(Restated)
(Restated)
Whole income
$
101
$
50
$
311
$
283
Price of income
92
24
233
131
Gross revenue
9
26
78
152
Analysis and improvement
2,244
2,328
6,560
6,977
Gross sales and advertising
363
584
1,243
1,397
Common and administrative
2,840
3,725
9,298
11,442
Working bills
5,447
6,637
17,101
19,816
Loss from operations
(5,438)
(6,611)
(17,023)
(19,664)
Non-operating revenue (expense)
Curiosity and different revenue
70
126
180
219
Curiosity expense, internet
(307)
(369)
(462)
(1,334)
Change in worth of warrant liabilities
–
13
–
384
Loss earlier than revenue tax provision
(5,675)
(6,841)
(17,305)
(20,395)
Revenue tax provision
–
–
–
–
Web loss
(5,675)
(6,841)
(17,305)
(20,395)
Much less: Collection A convertible most popular inventory dividends
–
(215)
–
(646)
Web loss attributable to frequent stockholders
$
(5,675)
$
(7,056)
$
(17,305)
$
(21,041)
Loss per share – fundamental and diluted
$
(0.06)
$
(0.10)
$
(0.19)
$
(0.33)
Weighted common shares utilized in computing internet loss per
