HOBOKEN, N.J., Oct. 2, 2024 /PRNewswire/ — Quantum Computing Inc. (“QCi” or the “Firm”) (Nasdaq: QUBT), an revolutionary, built-in photonics and quantum optics know-how firm, at the moment launched monetary outcomes for the three- and six-month intervals ended June 30, 2024, which comprise restated monetary outcomes for the quarterly intervals ended June 30, 2023.
Dr William McGann, Chief Government Officer of QCi, commented, “In the course of the first half of 2024, we strengthened our place within the quantum computing panorama. Our progress on establishing our U.S.-based Skinny Movie Lithium Niobate (TFLN) foundry is continuing nicely, marking a vital step towards positioning QCi as a pacesetter within the rising optical chip market. Our partnerships continued to evolve, highlighted by our profitable product sale to Johns Hopkins College and ongoing collaboration with NASA. I am additionally happy to announce that with the submitting of those monetary outcomes, we’ve taken key steps to regain compliance with Nasdaq and at the moment are caught up with our Securities and Alternate Fee (SEC) reporting necessities. Like another corporations that skilled delays as a consequence of compelled auditor transitions, we have navigated this course of successfully whereas guaranteeing adherence to finest practices. We at the moment are well-positioned to proceed advancing our mission.”
Second Quarter 2024 Monetary Highlights:
Second quarter 2024 revenues totaled roughly $183,000 (32% gross margin) in comparison with $112,000 (54% gross margin) generated within the second quarter 2023. The rise in revenues was as a consequence of elevated contractual gross sales. The lower in gross margin was practically completely the results of income within the present interval being primarily comprised of custom-made analysis and improvement as in comparison with consulting companies income within the prior interval.
Second quarter 2024 working bills totaled $5.3 million in comparison with the earlier 12 months’s second quarter working bills of $7.0 million. The 24% period-over-period lower is primarily a results of the Firm’s disciplined technique to attenuate normal and administrative bills in addition to web reductions in stock-based compensation.
The Firm reported a web loss accessible to frequent stockholders of $5.2 million, or $(0.06) per primary share for the second quarter of 2024, in comparison with a web loss accessible to frequent stockholders of $7.6 million or $(0.12) per primary share for a similar interval of the earlier 12 months.
Whole belongings at June 30, 2024 have been $76.0 million, growing from $74.4 million at December 31, 2023. Money and money equivalents at June 30, 2024 elevated $0.5 million from year-end 2023 to $2.5 million. Subsequent to the shut of the quarter, the Firm raised web proceeds of $7.0 million in a secured convertible debt financing.
Whole liabilities at June 30, 2024 have been $3.6 million, a lower of roughly $2.1 million in comparison with year-end 2023, pushed primarily by the Firm’s month-to-month compensation of its unsecured debt, which was paid in full within the first quarter of 2024, and sizable discount in accrued bills reflecting the issuance of restricted inventory grants.
As of June 30, 2024, the Firm had shareholders’ fairness totaling $65.5 million.
Second Quarter 2024 Operational Highlights
Profitable Quantum LiDAR Prototype Sale: QCi executed the sale of a quantum LiDAR prototype to Johns Hopkins College for $200,000. This sale marked a big development in underwater LiDAR know-how and showcases the industrial potential of QCi’s quantum options throughout numerous functions.
Enhanced Gross sales Technique: QCi appointed Richard Nelson as Senior Vice President of Enterprise Growth and Pouya Dianet as Director of TFLN Optical Chip Gross sales to speed up market penetration and develop international gross sales of QCi’s quantum applied sciences.
TFLN Foundry Progress: The Firm continues to advance its strategic initiative to ascertain the primary U.S.-based TFLN fabrication facility in Tempe, Arizona, a key component of QCi’s long-term technique to turn into a pacesetter within the optical chip market, and to safe offtake agreements for future chip gross sales from the foundry.
Subsequent to the Quarter: Consistent with the Firm’s initiative to develop its partnerships with authorities businesses and laboratories, QCi introduced the extension of its Cooperative Analysis and Growth Settlement (CRADA) with the Los Alamos Nationwide Laboratory (LANL). This strategic collaborative settlement focuses on QCi’s new entropy quantum optimization machine, Dirac-3, and its capabilities to shortly and effectively clear up extremely advanced issues related to quantum simulations, social networks, protein construction prediction, and telecommunications.
Moreover, the Firm filed with the SEC its Kind 10-Q for the quarterly interval ending March 31, 2024, which comprises restated monetary outcomes for the three-month interval ended March 31, 2023. As beforehand disclosed, following the entry of a cease-and-desist order by the SEC towards the Firm’s former auditor, BF Borgers CPA PC, the Firm engaged a brand new impartial registered public accounting agency, BPM LLP, to reaudit 2023 and 2022 monetary outcomes and the quarterly monetary outcomes launched at the moment. Whereas the auditor transition was the first purpose for the delay in our March 31, 2024 and June 30, 2024, quarterly filings, we don’t count on any additional delays going ahead.
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an revolutionary, built-in photonics firm that gives accessible and inexpensive quantum machines to the world at the moment. QCi merchandise are designed to function at room temperature and low energy at an inexpensive value. 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 functions.
QUANTUM COMPUTING INC.
Condensed Consolidated Steadiness Sheets
(Unaudited, in 1000’s, besides par worth knowledge)
June 30,
December 31,
2024
2023
Property
Present belongings
Money and money equivalents
$
2,526
$
2,059
Accounts receivable
56
65
Stock
266
73
Loans receivable, web of provision for credit score losses of $295 and $279
295
279
Pay as you go bills and different present belongings
272
180
Whole present belongings
3,415
2,656
Property and tools, web
5,387
2,870
Working lease right-of-use belongings
923
1,051
Intangible belongings, web
10,524
12,076
Goodwill
55,573
55,573
Different non-current belongings
133
129
Whole belongings
$
75,955
$
74,355
Liabilities and Stockholders’ Fairness
Present liabilities
Accounts payable
$
1,672
$
1,462
Accrued bills
327
639
Monetary liabilities, web of issuance prices
–
1,925
Deferred income
104
–
Different present liabilities
790
786
Whole present liabilities
2,893
4,812
Working lease liabilities
708
840
Whole liabilities
3,601
5,652
Contingencies (see Word 10)
Mezzanine fairness
6,829
–
Stockholders’ fairness
Most well-liked inventory, $0.0001 par worth, 1,550 shares Collection A Most well-liked licensed; 1,241
and 1,490 shares issued and excellent as of June 30, 2024 and December 31,
2023, respectively; 3,080 shares of Collection B Most well-liked Inventory licensed; no shares
issued and excellent as of June 30, 2024 and December 31, 2023
–
–
Widespread inventory, $0.0001 par worth, 250,000 shares licensed; 94,416 and 77,451
shares issued and excellent as of June 30, 2024 and December 31, 2023,
respectively
9
8
Further paid-in capital
209,086
200,635
Accrued deficit
(143,570)
(131,940)
Whole stockholders’ fairness
65,525
68,703
Whole liabilities and mezzanine and stockholders’ fairness
$
75,955
$
74,355
QUANTUM COMPUTING INC.
Condensed Consolidated Statements of Operations
(Unaudited, in 1000’s, besides per share knowledge)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
(Restated)
(Restated)
Whole income
$
183
$
112
$
210
$
233
Value of income
125
51
141
107
Gross revenue
58
61
69
126
Analysis and improvement
2,094
2,466
4,315
4,650
Gross sales and advertising and marketing
429
385
880
812
Normal and administrative
2,802
4,168
6,459
7,718
Working bills
5,325
7,019
11,654
13,180
Loss from operations
(5,267)
(6,958)
(11,585)
(13,054)
Non-operating earnings (expense)
Curiosity and different earnings
73
61
110
93
Curiosity expense, web
–
(537)
(155)
(963)
Change in worth of warrant legal responsibility
–
17
–
370
Loss earlier than earnings tax provision
(5,194)
(7,417)
(11,630)
(13,554)
Revenue tax provision
–
–
–
–
Web loss
(5,194)
(7,417)
(11,630)
(13,554)
Much less: Collection A convertible most well-liked inventory dividends
–
(215)
–
(431)
Web loss accessible to frequent stockholders
$
(5,194)
$
(7,632)
$
(11,630)
$
(13,985)
Loss per share – primary and diluted
$
(0.06)
$
(0.12)
$
(0.13)
$
(0.23)
Weighted common shares utilized in computing web loss per
frequent share – primary and dilutive
93,550
62,667
87,185
60,832
View unique content material to obtain multimedia:https://www.prnewswire.com/news-releases/quantum-computing-inc-reports-second-quarter-and-first-half-2024-financial-results-302266104.html
SOURCE Quantum Computing Inc.