Wed, Oct 2, 9:25 PM (80 days ago)
Quantum Computing Inc. reported its Q2 2024 financial results, showing a revenue increase of 63% year-over-year to $183,000, although total revenue decreased by 10% for the first half to $210,000. The company recorded a net loss of $5.2 million for Q2 2024, a 30% improvement from the prior year's loss of $7.4 million. Operating expenses decreased 24% to $5.3 million, driven by a significant reduction in general and administrative costs. The accumulated deficit reached $143.6 million, raising concerns about the company's ability to maintain operations without additional capital. Cash and equivalents stood at $2.5 million, with working capital improving to $522,000 from a deficit at year-end. The company anticipates needing further financing to support ongoing operations and R&D initiatives. Recent developments include a secured convertible promissory note issuance for $8.25 million to bolster cash reserves. Overall, while there are signs of operational cost management, uncertainties around funding and market conditions pose risks for future growth.