Wed, Oct 2, 9:19 PM (80 days ago)
For the quarter ended March 31, 2024, Quantum Computing Inc. reported total revenue of $27,000, a significant decline of 78% from $121,000 in the same period last year. The gross profit decreased to $11,000, with a gross margin of 41%, down from 54%. Operating expenses rose slightly to $6.33 million, resulting in a loss from operations of $6.32 million, compared to a loss of $6.10 million in Q1 2023. The net loss for the quarter was $6.44 million, reflecting a 5% increase in losses year-over-year. Cash and cash equivalents increased to $6.1 million, bolstered by $12.2 million raised through an At-the-Market facility. Working capital improved to $3.75 million from a deficit of $2.16 million. However, the company continues to face uncertainties regarding future operations, including the need for additional funding to sustain operations over the next twelve months due to ongoing losses and the necessity for continued investment in R&D.