Quantum Computing Inc. (QCi), a quantum optics and nanophotonics technology company, has released its preliminary financial results for Q1 2024. The company reported revenues of approximately $27,000, primarily from professional services using the Dirac-series computers. Operating expenses were $6.4 million, an 18% decrease from Q1 2023. The company reported a net loss of $6.9 million. As of March 31, 2024, the company’s total assets were $83.1 million, an increase of $4.3 million from December 31, 2023. QCi also announced the appointment of BPM LLP as its new independent registered public accounting firm.
Quantum Computing Inc. Releases Q1 2024 Financial Results
Quantum Computing Inc. (QCi), a company specializing in quantum optics and nanophotonics technology, has recently disclosed its preliminary, unaudited financial results for the first quarter of 2024. The company has also announced its collaboration with BPM LLP, a new independent registered public accounting firm. The financial details are included in the Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on June 11, 2024, and can be accessed via the investor relations section of QCi’s website.
Financial Highlights of Q1 2024
The financial results for the first quarter of 2024 reveal that QCi’s revenues amounted to approximately $27,000, with a gross margin of 42%. The revenues primarily came from professional services that utilize the Dirac-series computers and other prototype design and configuration services. The operating expenses for the first quarter totaled $6.4 million, marking an 18% decrease compared to the first quarter of 2023. The company’s research and development expenses remained relatively consistent with the first quarter of 2023, totaling $1.4 million. Selling, general, and administrative expenses saw a decrease of 25% compared to the first quarter of 2023.
Net Loss and Tax Net Operating Loss Carryforwards
QCi reported a net loss of $6.9 million, or $(0.08) per basic share, compared to a net loss of $8.5 million, or $(0.14) per basic share, for the same period of the previous year. As of March 31, 2024, the company’s gross tax net operating loss carryforwards were approximately $15.7 million.
Assets, Liabilities, and Stockholders’ Equity
As of March 31, 2024, QCi’s total assets were $83.1 million, an increase of approximately $4.3 million compared to December 31, 2023. Cash and cash equivalents increased by $4 million from December 31, 2023, to $6.1 million. Total liabilities as of March 31, 2024, were $3.8 million, a decrease of approximately $1.7 million compared to December 31, 2023. The company had positive stockholders’ equity totaling $79.3 million, an increase of approximately 8.2% compared to December 31, 2023.
Quantum Computing Inc. (QCi) is a company that focuses on integrated photonics, providing accessible and affordable quantum machines. QCi’s 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, cybersecurity, and remote sensing applications.
Legal Disclaimer
Quantum Zeitgeist does not provide personal investment or financial advice, or act as personal financial, legal, or institutional investment advisors, or individually advocate the purchase or sale of any security or investment or the use of any particular financial strategy. All investment strategies include the risk of loss for some or even all of your capital. Before pursuing any financial strategies discussed or relying on information within this website, you should always consult with a licensed financial advisor. Any analysis we provide is for informational purposes only and does not take into consideration your circumstances or other factors that may be important in making decisions. It should not be considered an individualized recommendation or personalized investment advice. Any investment vehicles, stocks, or securities mentioned may not be suitable for all investors.
External Link: Click Here For More