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Investing.com -- Quantum Computing Inc. (NASDAQ:QUBT) shares fell 2.7% after the integrated photonics and quantum optics technology company reported second quarter results that missed analyst expectations, with significantly lower revenue and wider losses than anticipated.
The company reported second quarter revenue of $61,000, falling short of the $100,000 analyst consensus and declining 67% compared to $183,000 in the same quarter last year. Quantum Computing posted a quarterly loss of $0.26 per share, considerably worse than the expected loss of $0.06 per share.
"We delivered meaningful commercial progress in the second quarter with new customer wins across quantum sensing, cybersecurity, and AI," said Dr. Yuping Huang, Interim Chief Executive Officer of QCi. "Our first shipments to leading research institutions and commercial enterprises in Europe, Asia, and the U.S., together with our deepening engagement with NASA, underscore the growing demand for QCi’s photonic technologies."
The company’s operating expenses more than doubled to $10.2 million compared to $5.3 million in the second quarter of 2024, primarily due to higher employee-based expenses. The net loss of $36.5 million included a $28 million non-cash loss on mark-to-market valuation of the company’s warrant derivative liability.
Despite weak quarterly results, QCi highlighted several operational achievements, including the completion of its quantum photonic chip foundry in Tempe, Arizona, which is now fulfilling customer pre-orders. The company also secured new orders from Delft University of Technology for its Quantum Photonic Vibrometer and from a major global automotive manufacturer for its EmuCore reservoir computing device.
Cash and cash equivalents increased to $348.8 million as of June 30, bolstered by $188 million raised through a private placement of common stock during the quarter. The company was also added to the Russell 3000® and Russell 2000® Indexes in June.
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