SEATTLE, Nov. 22, 2024 /PRNewswire/ -- Spectral Capital Corporation (OTCQB: FCCN), a pioneer in Quantum as a Service (QaaS) computing and decentralized cloud infrastructure, is pleased to announce that it has submitted the first of 104 patents acquired from Chairman, Sean Michael Brehm.One of the biggest challenges to the widespread adoption of quantum computing is the problem of balancing computing tasks efficiently between classical computing systems and emergent quantum systems.  Spectral's Quantum Balan ...

Core Insights - Quantum Corporation (QMCO) has launched the DXi9200, a hybrid data protection appliance designed to combat modern cybersecurity threats, particularly ransomware [1][2] - The DXi9200 features flexible scalability, starting with a 110 TB entry capacity and can scale up to 2.2 PB, with a data reduction rate of 70x, allowing for efficient data management [3] - The appliance is built on a hardened architecture aligned with the NIST Cybersecurity Framework 2.0, incorporating advanced security features such as data encryption and multi-factor authentication [4] Product Features - The DXi9200 offers 30% faster "ingest and restore" performance compared to its predecessor, enabling more frequent backups and rapid data recovery [5] - It includes immutable snapshots and RAID parity protection to safeguard against data corruption, and it integrates with leading backup software like Veeam and Veritas [6] - The appliance combines NVMe flash and dense hard drives, achieving double the price/performance of earlier models while using 25% less power [7] Market Position - QMCO is recognized as a leading provider of end-to-end data management solutions, serving various sectors including life sciences and government [9] - Despite the launch of the DXi9200, QMCO has experienced a 6.9% year-over-year revenue decline to $70.5 million, attributed to a slowdown in the Product segment and supply chain issues [10] - QMCO's stock has decreased by 50.7% over the past year, contrasting with a 26.1% growth in its subindustry [11]

REDWOOD CITY, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced the new Check Point Quantum Firewall Software R82 (R82) and additional innovations for the Infinity Platform. As organizations face a 75% surge in cyber-attacks worldwide, R82 delivers new AI-powered engines to prevent against zero-day threats including phishing, malware, and domain name system (DNS) exploits. It also includes ...

HOBOKEN, N.J., Nov. 20, 2024 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, today announced the Company has received its second purchase order for its thin film lithium niobate (TFLN) photonic chip foundry from the University of Texas at Austin. The order will support the research efforts of the University's RF Acoustic Microsystem Group and is part of the QCi Foundry's pilot launch program, with fulf ...

D-Wave Quantum (NYSE: QBTS ) has been on a wild ride since I last covered the stock over a month ago. I assigned a SELL rating on the stock, citing its shaky financial positioning, worrying quarterly losses, and waning investor interest. While itsMuslim Farooque is a leading financial journalist and market analyst with over five years of expertise in covering the stock and cryptocurrency markets. His work has been widely featured on platforms such as Seeking Alpha, InvestorPlace, GuruFocus, BarCharts, TipRa ...

Small deep value individual investor, with a modest private investment portfolio, split approx. 50%-50% between shares and call options. I have a B.Sc. in aeronautical engineering and over 6 years of experience as an engineering consultant in the aerospace sector. The latter statement is not relevant in any way whatsoever to my investment style, but I thought to add it for self-indulgent purposes. I have a contrarian investment style, highly risky, and often dealing with illiquid options. How illiquid? Well ...

Montreal, Quebec--(Newsfile Corp. - November 15, 2024) - Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) ("QeM" or the "Corporation"), is pleased to announce that it has closed a non-brokered private placement by issuing a total of 7,500,000 units (the "Units") at $0.10 per Unit, for a total gross proceed of $750,000 to several strategic investors who add significant value to the Corporation's cybersecurity initiatives.Each Unit is comprised of one common share and one warrant of the Corporation. Each war ...

Core Points - Quantum Computing Inc. has entered into a securities purchase agreement to sell 16,000,000 shares of common stock at a price of $2.50 per share, resulting in gross proceeds of $40 million before expenses [1][2] - The net proceeds from the offering will be used for debt repayment, working capital, and general corporate purposes [2] - The offering is made under an effective shelf registration statement previously filed with the SEC [3] Company Overview - Quantum Computing Inc. is an innovative company specializing in integrated photonics and quantum optics technology, providing accessible quantum machines designed to operate at room temperature and low power [5] - The company's products are aimed at high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications [5]

Revenue Performance - Total revenue for the three months ended September 30, 2024, was $70,469 thousand, a decrease of $5,211 thousand or 7% compared to $75,680 thousand for the same period in 2023[108]. - For the six months ended September 30, 2024, total revenue decreased by $26.4 million, or 16%, to $141.8 million compared to $168.2 million in the same period in 2023[123]. Product and Service Revenue - Product revenue decreased by $6,162 thousand, or 14%, to $36,785 thousand, primarily due to customers transitioning to subscription-based offerings[109]. - Service and subscription revenue increased by $816 thousand, or 3%, to $31,321 thousand, driven by new support bookings[109]. - Product revenue decreased by $23.7 million, or 23%, primarily due to a $20 million decrease in demand from large hyperscale customers[124]. - Service and subscription revenue decreased by $2.7 million, or 4%, driven by certain long-lived products reaching their end-of-service-life[125]. - The transition to subscription-based offerings is expected to continue affecting product revenue, particularly in Primary and Secondary storage systems[109]. Profitability and Expenses - Gross profit for the three months ended September 30, 2024, was $29,268 thousand, down $3,468 thousand or 11% from $32,736 thousand in the same period in 2023[111]. - Gross profit for the six months ended September 30, 2024, was $55.4 million, representing a gross margin of 39.1%, down from 40.7% in the same period in 2023[127]. - Operating expenses totaled $36,202 thousand, a slight decrease of $246 thousand or 1% compared to $36,448 thousand in the prior year[115]. - Operating expenses increased by $2.8 million, or 4%, to $80.1 million, with general and administrative expenses rising by $12.1 million, or 53%[130]. - General and administrative expenses rose by $3,736 thousand, or 36%, to $13,977 thousand, primarily due to non-recurring costs related to financial statement restatements[115]. - Research and development expenses decreased by $888 thousand, or 10%, to $8,264 thousand, reflecting improved organizational efficiencies[115]. Interest and Taxation - Interest expense increased by $2,276 thousand, or 59%, to $6,131 thousand due to a higher effective interest rate on the Term Loan[118]. - Interest expense increased by $2.9 million, or 41%, due to a higher effective interest rate on the Term Loan[134]. - The income tax provision for the six months ended September 30, 2024, was $605,000, a decrease of $458,000, or 43%, compared to $1.1 million in 2023[138]. Cash Flow and Debt - Net cash used in operating activities was $17.2 million for the six months ended September 30, 2024, compared to $11.3 million for the same period in 2023, primarily due to lower earnings[144]. - Net cash used in investing activities was $3.2 million for the six months ended September 30, 2024, down from $3.9 million in the same period in 2023, attributed to capital expenditures[145][147]. - Net cash provided by financing activities was $11.5 million for the six months ended September 30, 2024, compared to $14.8 million for the same period in 2023, primarily related to borrowings on the Term Loan[147][148]. - The net increase in cash and cash equivalents was a decrease of $8.9 million for the six months ended September 30, 2024, compared to a decrease of $421,000 in the same period in 2023[146]. - As of September 30, 2024, the company had cash and cash equivalents of $16.7 million, with total outstanding Term Loan debt of $104.7 million and PNC Credit Facility borrowings of $28.4 million[141]. Risks and Liabilities - The company continues to face longer sales cycles and an unpredictable macro environment, impacting future performance[103]. - The company is subject to various debt covenants, and failure to comply could adversely affect its financial condition and ability to service obligations[142]. - The company has contingent liabilities primarily related to product liability and potential intellectual property infringement, with little historical cost associated with such indemnifications[149]. - There have been no material changes to the company's quantitative and qualitative disclosures about market risk from those described in the Form 10-K[155]. Other Financial Metrics - The change in fair value of warrant liabilities increased by $0.1 million, or 2%, to $5.2 million for the six months ended September 30, 2024[135]. - Loss on debt extinguishment was $3.0 million for the six months ended September 30, 2024, related to the prepayment of the Term Loan[136]. - Other income (expense) was $(1.4) million, a decrease of $745,000, or 118%, primarily due to fluctuations in foreign currency exchange rates[133].

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $70.5 million, a decrease of approximately 7% year-over-year and down about 1% from the prior quarter [14] - GAAP gross margin was 41.5%, compared to 43.3% in the same quarter last year and 36.6% in the prior quarter [16] - GAAP net loss for the quarter was $13.5 million, or a loss of $2.82 per share, including approximately $4.7 million of one-time expenses related to debt and restructuring activities [17] - Adjusted EBITDA was essentially breakeven at a negative $300,000, compared to a positive $1.7 million in the prior year and a negative $3.1 million in the prior quarter [19] - Non-GAAP operating expenses were $30.4 million, a reduction of approximately 9% year-over-year [18] Business Line Data and Key Metrics Changes - Sales bookings were consistent with overall business expectations, despite operational headwinds related to the supply chain [15] - Backlog remained elevated at approximately $14 million, above the target run rate of $8 million to $10 million [16] - Subscription portion of total annual recurring revenue (ARR) increased approximately 28% year-over-year to $19.6 million, with over 88% of new unit sales being subscription-based [24] Market Data and Key Metrics Changes - The company is experiencing longer lead times for high-speed all-flash systems, which have increased from about 2-3 weeks to up to 10 weeks [37] - The transition to a new manufacturing partner is expected to impact operations in the upcoming quarter [27][50] Company Strategy and Development Direction - The company is focusing on reallocating resources towards high-priority growth initiatives, particularly Myriad and ActiveScale [34] - The go-to-market strategy is evolving to enhance sales resources dedicated to select product lines [34] - The company anticipates that operational improvements and new product introductions will drive revenue growth and profitability in the second half of FY 2025 and beyond [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing operational headwinds, particularly related to supply chain issues, but expressed confidence in the bookings and backlog [37][40] - The company expects to return to positive cash flow in the back half of FY 2025 and anticipates FY 2026 to be cash flow positive for the first time in five years [9][26] - The updated fiscal year FY 2025 outlook is set at a target of $280 million in revenue, with adjusted EBITDA expected to be $3 million [31] Other Important Information - The company has achieved almost $40 million in total savings as of the end of FY 2025 compared to FY 2023 [9] - Cash, cash equivalents, and restricted cash at the end of Q2 were approximately $17 million, with outstanding debt totaling $104.7 million [25] Q&A Session Summary Question: Revenue shortfall and supply chain issues - Management indicated that the sales team brought in the necessary purchase orders, but longer lead times for high-speed all-flash systems impacted fulfillment [37][38] Question: Metrics around Myriad and ActiveScale - Management reported significant pipeline growth and over 1,000 customers on subscription software [41] Question: Cash usage and future cash flow - Management discussed the anticipated return to positive cash flow in the back half of FY 2025, with significant one-time expenses expected to subside [42][43] Question: Conversion rates needed for breakeven cash flow - Management noted that while win rates are slightly down, the focus on recurring revenue and operational efficiency is key to achieving breakeven cash flow [46] Question: Elevated backlog persistence - Management acknowledged that elevated backlog may persist due to ongoing operational headwinds and a factory transition [50]