Quantum Computing Inc. Reports Third Quarter Financial Growth Progress

Quantum Computing Inc., a pioneering photonics and quantum optics technology company, has reported its third quarter 2024 financial results, showcasing significant progress in multiple areas. Dr. William McGann, CEO of QCi, highlighted the company’s strategic advancements, including the development of its US-based Thin Film Lithium Niobate (TFLN) foundry in Tempe, Arizona, which is on track to begin production in early 2025.

The company has also made headway in securing offtake agreements for its chips and orders for its machines, driven by new leadership and sales efforts. Notably, QCi has extended its Cooperative Research and Development Agreement (CRADA) with Los Alamos National Laboratory to further explore the capabilities of its Dirac-3 quantum optimization machine. The company’s technology has garnered interest from key government and commercial stakeholders, including NASA, with which it has secured a fifth task order focused on developing quantum remote sensing technology for spaceborne LiDAR missions.

Quantum Computing Inc. Reports Third Quarter 2024 Financial Results and Operational Highlights

Quantum Computing Inc. (QCi), a company that specializes in integrated photonics and quantum optics technology, has released its financial results for the three and nine-month periods ended September 30, 2024. The company’s Chief Executive Officer, Dr. William McGann, expressed confidence in the team’s ability to execute on their vision of delivering accessible, affordable, and scalable quantum solutions.

Financial Highlights

QCi reported revenues of approximately $101,000 for the third quarter of 2024, representing a 9% gross margin. This is an increase from the $50,000 generated in the same period last year. The company’s operating expenses totaled $5.4 million, which is an 18% decrease compared to the previous year’s second quarter operating expenses. QCi reported a net loss attributable to common stockholders of $5.7 million, or $(0.06) per basic share for the third quarter of 2024.

The company’s total assets at September 30, 2024, were $65.3 million, with shareholders’ equity totaling $60.4 million. QCi’s secured convertible debt financing, which was completed during the quarter, contributed to an increase in total liabilities of approximately $5.3 million compared to year-end 2023.

Operational Highlights

QCi has made significant progress in its operational activities during the third quarter of 2024. The company extended 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.

The company has also made significant progress in its TFLN chip foundry in Tempe, Arizona. The facility is on track to begin production in early 2025, positioning QCi as a leader in the high-performance, TFLN-based optical chip market.

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.

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.

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.

QCi hosted a conference call on Wednesday, November 6, 2024, at 4:30 p.m., to discuss its financial results for the third quarter of 2024. A replay of the teleconference will be available until November 20, 2024.

Quantum Computing Inc. (QCi) 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.