HOBOKEN, N.J., May 15, 2025
/PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, today released financial results for the three-month period ended March 31, 2025.
Dr. Yuping Huang, Interim Chief Executive Officer of QCi, commented, "QCi delivered solid operational and financial progress in the first quarter, strengthening our balance sheet and advancing key strategic initiatives. We completed construction during the quarter of our Quantum Photonic Chip Foundry in Tempe, Arizona, a major milestone that positions us to meet growing demand for thin film lithium niobate (TFLN) photonic chips, underscored by the announcement of a fifth purchase during the period. We're encouraged by our early traction, which is the first step in what we believe is a significant, multi-year opportunity to serve the expanding markets in datacom, telecom, and quantum-enabled applications. In parallel, we continued to deepen engagement with both government and commercial partners, reinforcing the growing interest in our quantum and photonic machines and positioning QCi to capitalize on emerging opportunities ahead."
First Quarter 2025 Financial Highlights
First Quarter 2025 Operational Highlights
Earnings Conference Call
The Company will host its first quarter conference call on Thursday, May 15, 2025, at 4:30 p.m. To access the live webcast of the conference call, visit the QCi Investor Relations page. Investors may also access the webcast via the following link: Webcast.
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: 832763.
A replay of the teleconference will be available until May 22, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52325.
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 [email protected]
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 orders and revenue, and the outcome of ongoing collaborations and demonstration projects with certain U.S. government agencies, academic institutions and commercial customers, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, QCi undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
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)
March 31, 2025
December 31, 2024
| Assets |
|
| Current assets: |
|
| Cash and cash equivalents |
$166,429 |
| Accounts receivable, net |
20 |
| Inventory |
131 |
| Prepaid expenses and other current assets |
660 |
| Total current assets |
167,240 |
| Property and equipment, net |
9,976 |
| Operating lease right-of-use assets |
1,419 |
| Intangible assets, net |
8,196 |
| Goodwill |
55,573 |
| Other non-current assets |
129 |
| Total assets |
$242,533 |
Liabilities and Stockholders' Equity
| Liabilities |
|
| Current liabilities: |
|
| Accounts payable |
$2,022 |
| Accrued expenses |
647 |
| Deferred revenue |
83 |
| Other current liabilities |
990 |
| Total current liabilities |
3,742 |
| Derivative liability |
16,902 |
| Operating lease liabilities |
1,062 |
| Total liabilities |
21,706 |
Stockholders' equity:
| Stockholders' Equity |
|
| Common stock, $0.0001 par value, 250,000 thousand shares authorized; |
137,322 thousand and 129,012 thousand shares issued and outstanding |
|
as of March 31, 2025 and December 31, 2024, respectively |
| 14 |
13 |
| Additional paid-in capital |
404,313 |
| Accumulated deficit |
(183,500) |
| Total stockholders' equity |
220,827 |
| Total liabilities and stockholders' equity |
$242,533 |
QUANTUM COMPUTING INC.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended March 31, 2025
2024
| Total revenue |
$39 |
$27 |
| Cost of revenue |
26 |
16 |
| Gross profit |
13 |
11 |
| Operating expenses |
|
| Research and development |
2,985 |
| Sales and marketing |
672 |
| General and administrative |
4,642 |
| Total operating expenses |
8,299 |
| Loss from operations |
(8,286) |
| Non-operating income (expense) |
|
| Interest and other income |
1,696 |
| Interest expense, net |
(58) |
| Change in fair value of warrant liabilities |
23,630 |
| Income (loss) before income tax provision |
16,982 |
| Income tax provision |
- |
| Net income (loss) |
16,982 |
| Net income (loss) attributable to common stockholders |
$16,982 |
| Earnings (loss) per share: |
|
| Basic |
$0.13 |
| Diluted |
$0.11 |
| Weighted average shares used in computing net earnings (loss) per common share: |
|
| Basic |
135,217 |
| Diluted |
153,006 |
SOURCE Quantum Computing Inc.
