Prnewswireยท2025-05-15 20:05Core Insights - Quantum Computing Inc. (QCi) reported solid operational and financial progress in Q1 2025, completing the construction of its Quantum Photonic Chip Foundry in Tempe, Arizona, which positions the company to meet the growing demand for thin film lithium niobate (TFLN) photonic chips [2][5] Financial Highlights - Q1 2025 revenues were approximately $39,000 with a gross margin of 33%, compared to $27,000 and a gross margin of 41% in Q1 2024 [5] - Operating expenses for Q1 2025 totaled $8.3 million, up from $6.3 million in the same period last year, primarily due to increased employee-related expenses [5] - The company reported a net income of $17.0 million, or $0.13 per basic share, compared to a net loss of $6.4 million, or $(0.08) per basic share, in Q1 2024, largely due to a $23.6 million non-cash gain from the mark-to-market valuation of the company's warrant liability [5][14] - Total assets increased to $242.5 million as of March 31, 2025, up from $153.6 million at the end of 2024, with cash and cash equivalents rising by $87.5 million to $166.4 million [5][13] - Total liabilities decreased to $21.7 million from $46.3 million at year-end 2024, primarily due to non-cash changes in the fair value of the company's warrant liability [5][13] Operational Highlights - The Quantum Photonic Chip Foundry in Tempe, Arizona, is now operational, with five initial orders received for its foundry services [5] - QCi announced a collaboration with Sanders Tri-Institutional Therapeutics Discovery Institute to leverage its Dirac-3 quantum optimization machine for computational chemistry and biomolecular modeling [5] - Eric Schwartz was appointed to the Board of Directors, bringing over 20 years of experience in corporate finance and strategy to support QCi's growth initiatives [5] Strategic Partnerships and Market Engagement - QCi was awarded a subcontract valued at approximately $406,000 to support NASA's Langley Research Center, utilizing its Dirac-3 quantum computer for a project aimed at improving daytime Earth observation [6] - The company secured additional customer orders, including a Quantum Photonic Vibrometer for Delft University of Technology and an EmuCore reservoir computing device for a major automotive manufacturer, indicating growing demand for its quantum solutions [6]