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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quantum Computing Inc | NASDAQ:QUBT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.13 | 1.13 | 1.17 | 3,950 | 10:22:54 |
HOBOKEN, N.J., Oct. 2, 2024 /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- and six-month periods ended June 30, 2024, which contain restated financial results for the quarterly periods ended June 30, 2023.
Dr William McGann, Chief Executive Officer of QCi, commented, "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."
Second Quarter 2024 Financial Highlights:
Second Quarter 2024 Operational Highlights
Additionally, the Company filed with the SEC its Form 10-Q for the quarterly period ending March 31, 2024, which contains restated financial results for the three-month period ended March 31, 2023. As previously disclosed, following the entry of a cease-and-desist order by the SEC against the Company's former auditor, BF Borgers CPA PC, the Company engaged a new independent registered public accounting firm, BPM LLP, to reaudit 2023 and 2022 financial results and the quarterly financial results released today. While the auditor transition was the primary reason for the delay in our March 31, 2024 and June 30, 2024, quarterly filings, we do not expect any further delays going forward.
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 and cybersecurity as well as remote sensing applications.
QUANTUM COMPUTING INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value data)
| ||||||||
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 2,526 | $ | 2,059 | ||||
Accounts receivable | 56 | 65 | ||||||
Inventory | 266 | 73 | ||||||
Loans receivable, net of provision for credit losses of $295 and $279 | 295 | 279 | ||||||
Prepaid expenses and other current assets | 272 | 180 | ||||||
Total current assets | 3,415 | 2,656 | ||||||
Property and equipment, net | 5,387 | 2,870 | ||||||
Operating lease right-of-use assets | 923 | 1,051 | ||||||
Intangible assets, net | 10,524 | 12,076 | ||||||
Goodwill | 55,573 | 55,573 | ||||||
Other non-current assets | 133 | 129 | ||||||
Total assets | $ | 75,955 | $ | 74,355 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,672 | $ | 1,462 | ||||
Accrued expenses | 327 | 639 | ||||||
Financial liabilities, net of issuance costs | - | 1,925 | ||||||
Deferred revenue | 104 | - | ||||||
Other current liabilities | 790 | 786 | ||||||
Total current liabilities | 2,893 | 4,812 | ||||||
Operating lease liabilities | 708 | 840 | ||||||
Total liabilities | 3,601 | 5,652 | ||||||
Contingencies (see Note 10) | ||||||||
Mezzanine equity | 6,829 | - | ||||||
Stockholders' equity | ||||||||
Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; 1,241 | ||||||||
and 1,490 shares issued and outstanding as of June 30, 2024 and December 31, | ||||||||
2023, respectively; 3,080 shares of Series B Preferred Stock authorized; no shares | ||||||||
issued and outstanding as of June 30, 2024 and December 31, 2023 | - | - | ||||||
Common stock, $0.0001 par value, 250,000 shares authorized; 94,416 and 77,451 | ||||||||
shares issued and outstanding as of June 30, 2024 and December 31, 2023, | ||||||||
respectively | 9 | 8 | ||||||
Additional paid-in capital | 209,086 | 200,635 | ||||||
Accumulated deficit | (143,570) | (131,940) | ||||||
Total stockholders' equity | 65,525 | 68,703 | ||||||
Total liabilities and mezzanine and stockholders' equity | $ | 75,955 | $ | 74,355 |
QUANTUM COMPUTING INC. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(Restated) | (Restated) | |||||||||||||||
Total revenue | $ | 183 | $ | 112 | $ | 210 | $ | 233 | ||||||||
Cost of revenue | 125 | 51 | 141 | 107 | ||||||||||||
Gross profit | 58 | 61 | 69 | 126 | ||||||||||||
Research and development | 2,094 | 2,466 | 4,315 | 4,650 | ||||||||||||
Sales and marketing | 429 | 385 | 880 | 812 | ||||||||||||
General and administrative | 2,802 | 4,168 | 6,459 | 7,718 | ||||||||||||
Operating expenses | 5,325 | 7,019 | 11,654 | 13,180 | ||||||||||||
Loss from operations | (5,267) | (6,958) | (11,585) | (13,054) | ||||||||||||
Non-operating income (expense) | ||||||||||||||||
Interest and other income | 73 | 61 | 110 | 93 | ||||||||||||
Interest expense, net | - | (537) | (155) | (963) | ||||||||||||
Change in value of warrant liability | - | 17 | - | 370 | ||||||||||||
Loss before income tax provision | (5,194) | (7,417) | (11,630) | (13,554) | ||||||||||||
Income tax provision | - | - | - | - | ||||||||||||
Net loss | (5,194) | (7,417) | (11,630) | (13,554) | ||||||||||||
Less: Series A convertible preferred stock dividends | - | (215) | - | (431) | ||||||||||||
Net loss available to common stockholders | $ | (5,194) | $ | (7,632) | $ | (11,630) | $ | (13,985) | ||||||||
Loss per share – basic and diluted | $ | (0.06) | $ | (0.12) | $ | (0.13) | $ | (0.23) | ||||||||
Weighted average shares used in computing net loss per | ||||||||||||||||
common share – basic and dilutive | 93,550 | 62,667 | 87,185 | 60,832 | ||||||||||||
View original content to download 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.
Copyright 2024 PR Newswire
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