Quantum Computing, Inc. (QUBT) Bundle
A Brief History of Quantum Computing Inc.
Quantum Computing Inc. (QUBT) has established itself as a pioneer in the quantum computing sector, developing technologies that facilitate complex optimization problems through its proprietary Entropy Quantum Computing (EQC) technology. As of 2024, the company's evolution is marked by significant financial and operational milestones.
Financial Overview
As of September 30, 2024, Quantum Computing Inc. reported current assets of $3.9 million and current liabilities of $2.4 million. This resulted in a working capital of $1.5 million, a marked improvement from a working capital deficit of $2.2 million reported at the end of 2023. The increase of $3.7 million in working capital was primarily due to cash proceeds from the issuance of shares and the Streeterville Convertible Note.
| Period | Current Assets ($) | Current Liabilities ($) | Working Capital ($) |
|---|---|---|---|
| September 30, 2024 | 3,912,000 | 2,431,000 | 1,481,000 |
| December 31, 2023 | 2,656,000 | 4,812,000 | (2,156,000) |
Revenue Performance
For the nine months ended September 30, 2024, Quantum Computing Inc. reported total revenues of $311,000, which reflects a 10% increase from $283,000 in the same period of 2023. The revenue from services was $284,000, while product revenues amounted to $27,000. The increase in revenue is attributed to a higher number of active customer engagements in proof-of-concept projects and research and development contracts.
| Period | Total Revenue ($) | Service Revenue ($) | Product Revenue ($) |
|---|---|---|---|
| September 30, 2024 | 311,000 | 284,000 | 27,000 |
| September 30, 2023 | 283,000 | 283,000 | 0 |
Operating Expenses
The company reported total operating expenses of $17.1 million for the nine months ended September 30, 2024, down from $19.8 million in the same period of 2023. The reduction in expenses can be attributed to lower general and administrative costs, which decreased by approximately $2.1 million.
| Expense Type | 2024 ($) | 2023 ($) |
|---|---|---|
| Total Operating Expenses | 17,101,000 | 19,816,000 |
| General and Administrative | 9,298,000 | 11,442,000 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Quantum Computing Inc. reported net cash used in operating activities of $(12.4 million), a slight improvement from $(13.3 million) in 2023. The company generated $16.6 million from financing activities, primarily from equity financing and the issuance of convertible notes.
| Cash Flow Category | 2024 ($) | 2023 ($) |
|---|---|---|
| Net Cash Used in Operating Activities | (12,439,000) | (13,348,000) |
| Net Cash Used in Investing Activities | (3,170,000) | (2,665,000) |
| Net Cash Provided by Financing Activities | 16,614,000 | 18,084,000 |
Stock Performance and Shareholder Equity
As of September 30, 2024, Quantum Computing Inc. had total stockholders’ equity of $60.4 million, reflecting a decrease from $68.7 million at the end of 2023. The decline was influenced by net losses attributable to common stockholders of $(17.3 million) for the nine months ended September 30, 2024.
| Period | Total Stockholders' Equity ($) | Net Loss ($) |
|---|---|---|
| September 30, 2024 | 60,439,000 | (17,305,000) |
| December 31, 2023 | 68,703,000 | (21,041,000) |
Quantum Computing Inc. continues to navigate the challenges of the quantum computing landscape while seeking to enhance its operational capabilities and financial stability through strategic investments and capital management.
A Who Owns Quantum Computing, Inc. (QUBT)
Current Ownership Structure
As of September 30, 2024, Quantum Computing, Inc. (QUBT) has a diverse ownership structure comprising common and preferred shareholders. The company has issued 94,416 thousand shares of common stock and 993 thousand shares of Series A preferred stock. The following table outlines the key ownership details:
| Share Class | Total Shares Issued | Shareholder Type |
|---|---|---|
| Common Stock | 94,416 thousand | Public Investors |
| Series A Preferred Stock | 993 thousand | Institutional Investors |
Major Shareholders
As of 2024, the major shareholders of Quantum Computing, Inc. include both institutional and retail investors. The following table provides insights into the largest shareholders based on the latest filings:
| Shareholder Name | Type | Shares Held | Percentage Ownership |
|---|---|---|---|
| Streeterville Capital, LLC | Institutional | 8,250 thousand | 8.74% |
| QPhoton, LLC | Private | 6,300 thousand | 6.68% |
| Various Retail Investors | Retail | 80,866 thousand | 85.58% |
Stock Performance
The stock performance of QUBT has shown volatility in response to market conditions and company developments. As of September 30, 2024, the stock price was reported at $1.16, reflecting a decrease of approximately 15% from the previous quarter. Below is a summary of key stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $1.16 |
| Market Capitalization | $109.0 million |
| 52-Week High | $2.50 |
| 52-Week Low | $0.90 |
Financial Overview
Quantum Computing, Inc. has experienced significant financial changes in 2024, with the following key financial figures reported for the nine months ended September 30, 2024:
| Financial Metric | Value |
|---|---|
| Total Revenue | $311 thousand |
| Net Loss | $(17.3) million |
| Operating Expenses | $17.1 million |
| Cash and Cash Equivalents | $3.1 million |
Recent Financing Activities
In August 2024, the company raised $8.25 million through a secured convertible promissory note issued to Streeterville Capital, LLC. This funding is aimed at supporting ongoing operations and capital expenditures. The following table summarizes the recent financing activities:
| Activity | Amount Raised | Purpose |
|---|---|---|
| Secured Convertible Note | $8.25 million | Working Capital |
| Common Stock Issuance (ATM Facility) | $14.6 million | General Corporate Purposes |
Future Outlook
The future outlook for Quantum Computing, Inc. remains contingent on securing additional financing and achieving sufficient revenue growth. The company aims to expand its operations and continue developing its quantum technologies. As of September 30, 2024, the accumulated deficit stood at $(149.2) million, indicating the need for ongoing capital infusion to sustain operations and growth.
Quantum Computing, Inc. (QUBT) Mission Statement
Overview of Mission Statement
Quantum Computing, Inc. (QUBT) aims to leverage its patented quantum technologies to deliver innovative solutions in high-performance computing. The mission underscores a commitment to making quantum computing accessible and affordable, enabling end-users to solve complex optimization problems effectively.
Financial Performance Metrics
As of September 30, 2024, Quantum Computing, Inc. reported the following financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Total Revenue | $311 |
| Cost of Revenue | $233 |
| Gross Profit | $78 |
| Operating Expenses | $17,101 |
| Net Loss | $(17,305) |
| Accumulated Deficit | $(149,245) |
| Cash and Cash Equivalents | $3,064 |
Key Strategic Initiatives
- Investment in research and development to enhance quantum optical chips and devices.
- Establishment of the AZ Chip Facility to support manufacturing capabilities.
- Expansion of services through the “Quantum Solutions” offering to address customer needs.
Market Position and Competitive Landscape
Quantum Computing, Inc. operates in a highly competitive market, focusing on sectors such as:
- Quantum Intelligence (AI and Machine Learning)
- Remote Sensing
- Imaging
- Cybersecurity
Recent Developments and Future Outlook
As part of its growth strategy, QUBT has raised capital through various financing activities, including:
| Financing Activity | Amount (in thousands) |
|---|---|
| Proceeds from Stock Issuance (ATM Facility) | $14,629 |
| Convertible Promissory Note Issuance | $8,250 |
The company continues to pursue additional funding to maintain operational stability and support ongoing projects.
Performance Analysis
The following table summarizes key performance indicators over the last nine months:
| Period | Total Revenue (in thousands) | Net Loss (in thousands) | Cash and Cash Equivalents (in thousands) |
|---|---|---|---|
| September 30, 2024 | $311 | $(17,305) | $3,064 |
| September 30, 2023 | $283 | $(20,395) | $7,379 |
Conclusion on Financial Viability
As of September 30, 2024, Quantum Computing, Inc. has demonstrated resilience in its revenue growth despite ongoing losses. The company’s strategic initiatives and capital raises are critical to its mission of advancing quantum technology and achieving market leadership.
How Quantum Computing, Inc. (QUBT) Works
Business Model
Quantum Computing, Inc. operates primarily in the quantum computing sector, focusing on developing photonic quantum computing systems. The company leverages its patented technologies to offer services and products aimed at solving complex optimization problems across various industries.
Financial Overview
As of September 30, 2024, Quantum Computing, Inc. reported total revenues of $101,000 for the three months ended September 30, 2024, compared to $50,000 for the same period in 2023, marking a 102% increase. For the nine months ended September 30, 2024, total revenue was $311,000, up from $283,000 in the previous year, reflecting a 10% increase.
| Period | Total Revenue (in thousands) | Gross Profit (in thousands) | Net Loss (in thousands) | Loss per Share |
|---|---|---|---|---|
| Q3 2024 | $101 | $9 | $(5,675) | $(0.06) |
| Q3 2023 | $50 | $26 | $(6,841) | $(0.10) |
| 9M 2024 | $311 | $78 | $(17,305) | $(0.19) |
| 9M 2023 | $283 | $152 | $(20,395) | $(0.33) |
Operating Expenses
Operating expenses for Q3 2024 totaled $5.45 million, a decrease of 18% compared to $6.64 million in Q3 2023. The decrease is primarily attributed to lower general and administrative expenses and reduced sales and marketing costs.
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Research and Development | $2,244 | $2,328 |
| Sales and Marketing | $363 | $584 |
| General and Administrative | $2,840 | $3,725 |
Cash Flow Analysis
For the nine months ended September 30, 2024, Quantum Computing, Inc. recorded net cash used in operating activities of $(12.4) million, a slight improvement from $(13.3) million in the same period of 2023. Cash provided by financing activities was $16.6 million in 2024, compared to $18.1 million in 2023.
| Cash Flow Source | 9M 2024 (in thousands) | 9M 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(12,439) | $(13,348) |
| Net Cash Used in Investing Activities | $(3,170) | $(2,665) |
| Net Cash Provided by Financing Activities | $16,614 | $18,084 |
Current Financial Position
As of September 30, 2024, Quantum Computing, Inc. reported current assets of $3.91 million and current liabilities of $2.43 million, resulting in working capital of $1.48 million, a significant improvement from a deficit of $2.16 million at the end of 2023.
| Financial Metric | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Current Assets | $3,912 | $2,656 |
| Current Liabilities | $2,431 | $4,812 |
| Working Capital | $1,481 | $(2,156) |
Future Outlook
The company anticipates ongoing investments in research and development, particularly in its AZ Chips Facility and quantum optical products. As of September 30, 2024, Quantum Computing, Inc. held cash and cash equivalents of $3.1 million but may require additional financing to support its operations and growth strategies moving forward.
How Quantum Computing, Inc. (QUBT) Makes Money
Revenue Streams
Quantum Computing, Inc. primarily generates revenue through two main avenues: services and products. The breakdown of revenue for the three and nine months ending September 30, 2024, is as follows:
| Revenue Source | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) | % Change (2024 vs. 2023) |
|---|---|---|---|---|---|
| Products | $0 | $0 | $27 | $0 | NM |
| Services | $101 | $50 | $284 | $283 | 102% |
| Total Revenue | $101 | $50 | $311 | $283 | 10% |
Cost of Revenue
The cost of revenue for QUBT includes direct labor and materials associated with service delivery and product sales. The cost breakdown for the same periods is detailed below:
| Cost Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Cost of Revenue | $92 | $24 | $233 | $131 |
Gross Profit and Margins
Gross profit for the company has seen fluctuations, particularly impacted by the cost of services delivered. The gross profit and margins are summarized below:
| Metric | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Gross Profit | $9 | $26 | $78 | $152 |
| Gross Margin | 9% | 52% | 25% | 54% |
Operating Expenses
Operating expenses encompass research and development, sales and marketing, and general and administrative costs. The details for these expenses are as follows:
| Expense Type | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Research and Development | $2,244 | $2,328 | $6,560 | $6,977 |
| Sales and Marketing | $363 | $584 | $1,243 | $1,397 |
| General and Administrative | $2,840 | $3,725 | $9,298 | $11,442 |
| Total Operating Expenses | $5,447 | $6,637 | $17,101 | $19,816 |
Net Loss
Despite revenue growth, QUBT continues to report net losses, reflecting the high operating costs associated with its R&D and operational investments. The net loss figures are as follows:
| Period | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|---|---|
| Net Loss | $(5,675) | $(6,841) | $(17,305) | $(20,395) |
Liquidity and Cash Flow
As of September 30, 2024, QUBT reported cash and cash equivalents of $3.1 million. The cash flow from operations and financing activities indicates the company's reliance on external funding:
| Cash Flow Type | Nine Months Ended September 30, 2024 (in thousands) | Nine Months Ended September 30, 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(12,439) | $(13,348) |
| Net Cash Provided by Financing Activities | $16,614 | $18,084 |
Conclusion of Financial Overview
The financial data indicates that Quantum Computing, Inc. is navigating a complex landscape, balancing growth in revenue with significant investment in R&D and operational expenses. The company's ability to convert its technological advancements into sustainable revenue streams will be crucial for future profitability.
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Resources:
- Quantum Computing, Inc. (QUBT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Quantum Computing, Inc. (QUBT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Quantum Computing, Inc. (QUBT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.