Quantum Computing Inc. (QCI) report achieving third quarter 2023 revenue of $50 thousand. This compares to revenue of $38 thousand in the year ago quarter and $112 thousand in the previously second quarter of 2023. Net loss was $8.2 million compared to $7.5 million in Q3 2022 and $4.6 million in Q2 2023. The company ended the quarter with $7.3 million in cash and cash equivalents compared to $7.2 million at the end of Q2. The increase in cash was primarily due to receipt of $7.8 million during the period July 1, 2023 through August 9, 2023 through the sale of common stock via QCI’s ATM (At The Market) facility with Ascendiant Capital Markets, LLC.
The indicated it has received a NASA Ames subcontract award from Bay Area Environmental Research Institute (BAERI) for a photonic sensor instrument. They also announced they had sold a Reservoir Computer and Quantum Random Number Generator to its partners Assured Cyber Protection Ltd and AI firm millionways. They had also been performing several proof-of-concept and beta tests of its Dirac-1 and Dirac-2 Entropy Quantum Computers. They now have seven end users currently working with the systems. On the technical side, the company noted that they have made five product release announcements this year, expanded manufacturing capacity, increased their technical staff, and begun the buildout of their quantum chip facility in Tempe, Arizona.
Additional details about QCI’s Q3 financial results and overall company status are available in a news release posted on their website here.
November 18, 2023