Quantum puting (US:QUBT)2025-05-15 20:59Financial Performance - Revenue for the three months ended March 31, 2025, was solely derived from contracts to perform professional services, with no specific figures provided in the extracted content [31]. - For the three months ended March 31, 2025, the company reported a net income of $16,982 thousand compared to a net loss of $6,436 thousand for the same period in 2024, resulting in a basic earnings per share of $0.13 versus a loss per share of $(0.08) [54]. - The company had a total revenue of $39 thousand for the three months ended March 31, 2025, an increase from $27 thousand in the same period of 2024, reflecting a growth of approximately 44.4% [58]. - Operating loss for the three months ended March 31, 2025, was $(8,286) thousand, compared to $(6,319) thousand for the same period in 2024, indicating a deterioration in operating performance [58]. - The Company recognized a gain of $23,630 thousand on the change in fair value of warrant liabilities during the three months ended March 31, 2025, contributing significantly to the net income [58]. - The total effective tax rate was approximately 0% for both the three months ended March 31, 2025, and 2024, primarily due to a valuation allowance against net deferred tax assets [60]. Cash and Liquidity - As of March 31, 2025, the Company had $165.5 million in cash equivalents, up from $78.9 million as of December 31, 2024, indicating a significant increase in liquidity [30]. - The Company maintains its cash in high-quality financial institutions, with no significant credit risk exposure reported [30]. - The Company raised $93.6 million in net proceeds for the three months ended March 31, 2025, compared to $12.2 million for the same period in 2024 [93]. - The Company completed a private placement on January 9, 2025, selling 8,163,266 shares at $12.25 per share, resulting in gross proceeds of $100 million [91]. Assets and Liabilities - The Company has not recorded any impairment from long-lived assets during the three months ended March 31, 2025, and 2024, indicating stable asset performance [43]. - Accounts receivable as of March 31, 2025, are considered fully collectible, with no provision for credit losses recorded [34]. - The Company has no financial and derivative liabilities, nor accrued interest, as of March 31, 2025 and 2024 [71]. - The company has operating lease liabilities with a present value of $1,515 thousand as of March 31, 2025, with total minimum payments of $1,584 thousand due in the coming years [70]. - The company’s property and equipment increased by approximately $2.0 million, primarily due to expenditures for establishing the AZ Chips Facility [64]. Stock and Equity - The Company has authorized 1,550,000 shares of Series A preferred stock and 3,079,864 shares of Series B preferred stock, none of which are issued and outstanding as of March 31, 2025 [84]. - The total number of shares reserved for issuance under the 2022 Equity and Incentive Plan is 19.0 million, with 16.6 million shares issued and outstanding as of March 31, 2025 [99]. - The weighted average grant-date fair value of stock options granted during the three months ended March 31, 2025, was $7.40 per share, compared to $1.38 per share in 2024 [101]. - Total stock-based compensation expense for the three months ended March 31, 2025, was $1.387 million, an increase from $1.226 million in 2024 [103]. - As of March 31, 2025, there were 1.3 million shares of unvested restricted stock awarded under the 2022 Plan, with a fair value of $1.20 per share [102]. Management and Governance - Dr. William McGann will retire as CEO effective May 12, 2025, with a severance payment of $420,000 over 12 months [112]. - Dr. Yuping Huang has been appointed as Interim CEO effective upon Dr. McGann's resignation [113]. Research and Development - The Company has not incurred any material capitalizable software development costs to date, indicating a focus on expensing R&D costs as incurred [48]. - The Company has begun to commercialize some licensed technology under the Stevens License Agreement but has not recognized any related revenue as of March 31, 2025 [111].