Wed, Sep 11, 9:02 PM (100 days ago)
Quantum Computing Inc. (QCi) has filed an amendment to its 10-K for the fiscal year ended December 31, 2023, primarily to restate its financial statements due to errors identified after switching auditors from BF Borgers to BPM LLP. The restatement resulted in a decrease in net loss by $2.7 million for 2023 and $12.6 million for 2022, leading to a revised loss per share of $0.42 for 2023, down from $0.46, and $0.73 for 2022. For 2023, QCi reported revenues of $358,000, a significant increase from $136,000 in 2022, driven by service contracts. Operating expenses decreased by 8% to $26.4 million, aided by reductions in general and administrative costs. The company continues to face liquidity challenges, with a working capital deficit of $2.2 million and reliance on additional financing to sustain operations. QCi's merger with QPhoton in 2022 remains a strategic focus, with ongoing developments in quantum technology products. However, the company faces risks related to market acceptance and competitive pressures in the evolving tech landscape.