Quantum Computing Inc. (QCi), an innovative company specializing in integrated photonics and quantum optics technology, has reported its financial results for the three and six months ending June 30, 2024. These results include restated financial figures for the periods ending June 30, 2023. Dr. William McGann, QCi’s Chief Executive Officer, expressed his satisfaction with the company’s progress, stating, “During the first half of 2024, we strengthened our position in the quantum computing landscape. Our progress on establishing our U.S.-based Thin Film Lithium Niobate (TFLN) foundry is proceeding well, marking a critical step toward positioning QCi as a leader in the growing optical chip market. Our partnerships continued to evolve, highlighted by our successful product sale to Johns Hopkins University and ongoing collaboration with NASA. I’m also pleased to announce that with the filing of these financial results, we have taken key steps to regain compliance with Nasdaq and are now caught up with our Securities and Exchange Commission (SEC) reporting requirements. Like some other companies that experienced delays due to forced auditor transitions, we’ve navigated this process effectively while ensuring adherence to best practices. We are now well-positioned to continue advancing our mission.”
QCi achieved a number of milestones in the second quarter of 2024, including:
*
Increased Revenue:
Revenue for the second quarter of 2024 totaled approximately $183,000, a significant increase from the $112,000 generated in the same period of 2023. This increase was driven by higher contractual sales.*
Operational Efficiency:
QCi successfully reduced operating expenses by 24% from the previous year’s second quarter, primarily due to a disciplined strategy to minimize general and administrative expenses and a reduction in stock-based compensation.*
Strong Balance Sheet:
Total assets at June 30, 2024, were $76.0 million, up from $74.4 million at the end of 2023. Cash and cash equivalents also increased to $2.5 million, reflecting a $0.5 million increase from year-end 2023.*
Successful Quantum LiDAR Prototype Sale:
QCi achieved a key milestone by selling a quantum LiDAR prototype to Johns Hopkins University for $200,000. This sale demonstrates the significant commercial potential of QCi’s quantum solutions across diverse applications.*
Enhanced Sales Strategy:
QCi appointed Richard Nelson as Senior Vice President of Business Development and Pouya Dianet as Director of TFLN Optical Chip Sales to accelerate market penetration and expand global sales of its quantum technologies.*
TFLN Foundry Progress:
QCi continues to make progress on establishing its first U.S.-based TFLN fabrication facility in Tempe, Arizona. This facility will be a key factor in QCi’s strategy to become a leader in the optical chip market.*
Expanded Government Partnerships:
QCi announced the extension of its Cooperative Research and Development Agreement (CRADA) with the Los Alamos National Laboratory (LANL). This agreement focuses on QCi’s new entropy quantum optimization machine, Dirac-3, and its capabilities to solve complex problems related to quantum simulations, social networks, protein structure prediction, and telecommunications.*
Financial Reporting Compliance:
QCi filed its Form 10-Q for the quarterly period ending March 31, 2024, containing restated financial results for the three-month period ending March 31, 2023. The company engaged a new independent registered public accounting firm, BPM LLP, to reaudit its 2023 and 2022 financial results and the quarterly financial results released today. This process was necessary following the entry of a cease-and-desist order by the SEC against the Company’s former auditor, BF Borgers CPA PC.Quantum Computing Inc. (QCi) is committed to providing accessible and affordable quantum machines to the world. Its products are designed to operate at room temperature and low power, making them cost-effective. QCi’s portfolio of core technology and products offers unique capabilities in the areas of high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications.
The company’s strong second-quarter results and ongoing progress in its key initiatives position QCi for continued growth and success in the dynamic quantum computing landscape.
