Quantum Computing Inc. (QUBT)

• Bereich: Quantum Software Tools, Quantum Photonic Chip Foundry, and Quantum Machines
• Hauptsitz: Hoboken, New Jersey, USA  
• Gegründet: 2001 (formerly Innovative Beverage Group Holdings, Inc.)  

Core Innovation & Technology: Quantum Computing Inc. (QCI) positions itself as an integrated photonics company that provides quantum machines to commercial and government markets in the United States. Their core innovation spans both hardware and software, aiming to make quantum computing accessible and applicable for real-world problems.  

Ihre Schlüsseltechnologie und Angebote beinhalten:

• Qatalyst™: QCI’s flagship software product, designed to enable developers to create and execute “quantum-ready” applications on conventional computers. It offers a cloud-based solution, allowing users to leverage quantum-inspired or quantum-native applications without requiring deep quantum programming expertise or direct access to quantum hardware.  
• Quantum Photonic Chip Foundry: QCI has completed the construction of its Quantum Photonic Chip Foundry in Tempe, Arizona. This facility is a key milestone for scaling its U.S.-based Thin-Film Lithium Niobate (TFLN) manufacturing services. The company is now establishing its process design kit (PDK) and fulfilling initial customer orders for foundry services.  
• Dirac-3 Quantum Optimization Machine: QCI offers quantum optimization machines like the Dirac-3, which is designed as a full-stack system allowing users to avoid the complexity of circuit-level software development kits. It aims to bridge the gap between theoretical quantum advancements and practical deployment for government and commercial applications.  
• Other Quantum Products: QCI’s portfolio also includes a reservoir computer (an edge device for recurrent neural network applications), LiDAR (for seeing through dense fog), a quantum photonic vibrometer (for remote vibration detection), and quantum networks/authentication products.  

Schlüsselmerkmale und Unterscheidungsmerkmale:

• Integrated Approach: QCI differentiates itself by developing both quantum software tools (Qatalyst) and quantum hardware (Dirac-3, TFLN chips), aiming for a comprehensive ecosystem.  
• Accessibility: Qatalyst and the Dirac-3 machine are designed to simplify quantum application development and execution, making quantum computing more approachable for a wider user base.  
• U.S.-based TFLN Manufacturing: The completion of their Quantum Photonic Chip Foundry is a significant step towards scaling U.S.-based manufacturing services for optical devices, which are crucial for various quantum and classical applications.  
• Patented Technology: QCI holds patents related to “Machine Learning Mapping for Quantum Processing Units,” indicating innovation in integrating AI with quantum hardware.  

Jetzige Finanzielle Leistung (mit tieferem Einblick ins Q1 2025):

Quantum Computing Inc. has reported financial results that show a complex picture of significant investment, asset growth, and a unique profitability event in Q1 2025.

• Umsatz:
  • Q1 2025: $39 thousand  
  • Q1 2024: $27 thousand  
  • Change: An increase of $12 thousand, or 44%, primarily due to changes in the number, size, and effort of active customer proof-of-concept, R&D services, and custom hardware contracts.  
• Cost of Revenue:
  • Q1 2025: $26 thousand  
  • Q1 2024: $16 thousand  
  • Change: Increased by $10 thousand, or 63%, mainly due to higher direct labor and other direct costs for contract performance.  
• Gross Profit:
  • Q1 2025: $13 thousand  
  • Q1 2024: $11 thousand  
  • Bruttomarge: Declined from 41% in Q1 2024 to 33% in Q1 2025. This is attributed to a reduction in contractual service revenue where the cost of revenues was defined under general professional services obligations.  
• Betriebskosten:
  • Total Operating Expenses Q1 2025: $8.3 million (vs. $6.3 million in Q1 2024 ) – an increase of 32% or $2.0 million. This was primarily due to higher employee-based expenses and increased general and administrative, and research and development expenses.
    • Research and Development (R&D) Q1 2025: $3.0 million (vs. $2.2 million in Q1 2024) – increased by 34% due to higher headcount, payroll, lab equipment, and depreciation.  
    • Sales and Marketing (S&M) Q1 2025: $0.7 million (vs. $0.5 million in Q1 2024) – increased by 49% due to higher tradeshow, travel, and marketing program costs.  
    • General and Administrative (G&A) Q1 2025: $4.6 million (vs. $3.7 million in Q1 2024) – increased by 27% due to higher employee/advisor expenses (including stock-based compensation, payroll, bonus, travel) and legal fees, partially offset by decreased severance.  
• Non-operating Income (Expense):
  • Interest and other income Q1 2025: $1.7 million (vs. $0.04 million in Q1 2024) – primarily due to higher cash balances in mutual funds and money market accounts.  
  • Interest expense Q1 2025: -$0.06 million (vs. -$0.16 million in Q1 2024) – decrease due to decreased borrowings.  
  • Change in fair value of warrant liabilities Q1 2025: +$23.6 million (vs. $0 in Q1 2024) – a non-cash gain from mark-to-market adjustments for QPhoton Warrants.  
• Net Income (Loss) attributable to common stockholders:
  • Q1 2025: $17.0 million net income (or $0.13 per basic share )  
  • Q1 2024: -$6.4 million net loss (or -$0.08 per basic share )  

Profitability in Q1 2025: QCI reported a net income of $17.0 million in Q1 2025, marking a significant turnaround from a net loss of $6.4 million in Q1 2024.  

Es ist jedoch entscheidend, die Quelle dieses Gewinns zu verstehen:

• The net income was primarily due to a $23.6 million non-cash gain from the mark-to-market valuation of the company’s warrant liability. This is an accounting adjustment and does not reflect operational cash flow or core business profitability.  
• Excluding this non-cash accounting adjustment, the company’s operating loss actually widened to $8.3 million in Q1 2025, from $6.3 million in Q1 2024. This widening operating loss was driven by higher employee-related expenses as the company scales operations.  

Therefore, while QCI reported a net profit on paper in Q1 2025, it was not operationally profitable. The underlying core business continued to incur losses, which even increased compared to the prior year, due to scaling costs.