Quantum Computing Inc. Turns a Profit, Shares Jump
Quantum Computing Inc. (QUBT) saw its stock rise 12 percent in premarket trading on Friday after reporting a profit for the first quarter. This marks a sharp turnaround from the same period last year, when the company posted a loss.
The company reported earnings of 17 million dollars or 11 cents per share. That compares with a loss of 6.4 million dollars or 8 cents per share in the first quarter of 2024. Revenue increased slightly, from 27 thousand dollars to 39 thousand. A major factor in the profit was a 23.6 million dollar non-cash gain related to the revaluation of warrant liabilities. This accounting change is tied to Quantum Computing’s 2022 merger with QPhoton.
Interim CEO Dr. Yuping Huang said the company also completed its new chip factory in Tempe, Arizona. The facility produces thin film lithium niobate photonic chips, which are used in quantum and photonic systems. Huang described the early results from the plant as encouraging and said the company sees long-term potential in telecom, datacom, and quantum-related markets.
He also noted growing engagement with both government and commercial partners, which he sees as a sign of rising demand for the company's technology.
The update comes just days after a disappointing earnings report from competitor Rigetti Computing, which saw a drop in sales. Despite the jump in share price, Quantum Computing stock was still down about 44 percent for the year heading into Friday’s session.