HOBOKEN,
N.J., June 11, 2024 /PRNewswire/ -- Quantum
Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an
innovative, quantum optics and nanophotonics technology
company, today released in an effort to be transparent its
preliminary, unaudited financial results for the three-month period
ended March 31, 2024. QCi also
announced that it has engaged BPM LLP as the Company's new
independent registered public accounting firm. Additional details
of the Company's financial results are included in our Current
Report on Form 8-K filed with the Securities and Exchange
Commission ("SEC") on June 11, 2024,
which can be viewed on the investor relations section of QCi's
website.
First quarter 2024 financial highlights:
- First quarter 2024 revenues totaled approximately $27,000 (42% gross margin). Revenues to date have
consisted primarily of professional services that utilize the
Dirac-series computers and other prototype design and configuration
services.
- First quarter 2024 operating expenses totaled $6.4 million, which is an 18% decrease compared
to the first quarter of 2023.
- Research and development expenses for the quarter totaled
$1.4 million, relatively consistent
with the first quarter of 2023.
- Selling, general and administrative expenses decreased 25%
compared to the first quarter of 2023.
- The Company 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.
- Total assets as of March 31,
2024, were $83.1 million, an
increase of approximately $4.3
million compared to December
31, 2023.
- As of March 31, 2024, cash and
cash equivalents increased $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.
- As of March 31, 2024, the Company
had positive stockholders' equity totaling $79.3 million, an increase of approximately 8.2%
compared to December 31, 2023.
The financial information disclosed in this release and the
accompanying Current Report on Form 8-K filed with the SEC on
June 11, 2024 is preliminary and
unreviewed. These estimated results are subject to change upon
completion of the Company's quarter-end financial review
process.
Quantum Computing Inc. (QCi) (Nasdaq: QUBT) 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, cybersecurity as well as remote
sensing applications.
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SOURCE Quantum Computing Inc.