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HOBOKEN, N.J. - Quantum Computing Inc. (NASDAQ:QUBT), a leader in photonics and quantum optics technology with a market capitalization of $805 million, disclosed today that it has completed the sale of its EmuCore reservoir computer to a prominent automotive manufacturer. According to InvestingPro data, the company’s stock has shown significant volatility with a beta of 3.0, currently trading at $5.87, well above its 52-week low of $0.35. The device, intended for research and development, has been shipped to the client.
The EmuCore system, based on a field-programmable gate array (FPGA), is designed to efficiently tackle challenges in serial data structures like time series prediction and image recognition. It promises a combination of flexibility, security, and low power consumption, making it suitable for machine learning applications at the edge of networks.
This sale is a significant endorsement of QCi’s technology, as noted by CEO Dr. William McGann, who expressed enthusiasm for supporting a leading automotive innovator with the EmuCore device. The company views this transaction as evidence of the growing demand for its products across various markets.
QCi is preparing to launch PCIe-based photonic reservoir computing units, anticipated to deliver superior performance per watt for AI and sensor-intensive tasks. The current FPGA-based EmuCore serves as a precursor, allowing customers to assess potential applications for the upcoming technology.
Quantum Computing Inc. aims to provide the world with quantum machines that are both accessible and affordable. Their products, which operate at room temperature and require low power, span high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications.
The company’s forward-looking statements indicate plans for new product releases and expectations for the performance and market acceptance of its quantum products. However, they also acknowledge the inherent risks and uncertainties of such projections, emphasizing that actual results may vary.
This announcement is based on a press release statement from Quantum Computing Inc.
In other recent news, Quantum Computing Inc. reported its Q4 2024 earnings, missing both earnings per share and revenue forecasts. The company posted an EPS of -$0.47, significantly below the anticipated -$0.08, and revenue came in at $62,000, falling short of the expected $400,000. Despite the earnings miss, Quantum Computing Inc. improved its gross margin to 55% from 13% a year ago, reflecting better cost management. In another development, Quantum Computing Inc. secured a new purchase order for its Quantum Photonic Vibrometer from the Department of Aerospace Structures and Materials at Delft University of Technology in the Netherlands. This marks the company’s second order in its LiDAR-based R&D offering, indicating growing interest in its technology. Meanwhile, IonQ announced the availability of its IonQ Forte Enterprise quantum computer on Amazon Braket, a service from Amazon Web Services. This collaboration aims to make quantum computing more accessible to developers worldwide, opening up new possibilities for enterprise applications. These recent developments highlight ongoing efforts by both companies to advance their technologies and expand their market presence.
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