Quantum Computing Shares Fall After Disappointing Q4 Earnings Report

Quantum Computing Inc (NASDAQ: QUBT) saw its stock price decline during Thursday’s after-hours trading following the release of its fourth-quarter financial results. Here’s a detailed look at the report.

• Q4 Revenue: The company reported revenue of $62,000, falling significantly short of analyst estimates of $200,000.

• Q4 EPS: Quantum Computing incurred a loss of 47 cents per share, in contrast to the expected loss of just five cents.

Additionally, operating expenses for the fourth quarter reached $8.9 million, an increase from $6.6 million in the previous year.

At the end of the quarter, Quantum Computing reported $78.9 million in cash and cash equivalents.

According to William McGann, the CEO of Quantum Computing, "QCI made meaningful progress in the fourth quarter strengthening our financial position to support the continued advancement of our quantum solutions and foundry services." He added, "With a significantly bolstered balance sheet, we are well-positioned to scale operations and accelerate commercialization efforts."

Looking ahead, the company plans to execute its growth strategy by expanding industry partnerships and advancing its photonic and quantum technologies.

Moreover, Quantum Computing is on target to launch its Quantum Photonic Chip Foundry by early 2025 and has already secured multiple purchase orders.

Quantum Computing executives are currently engaging in discussions about the quarter on a call with investors and analysts which began at 4:30 PM ET.

QUBT Price Action: As of the last update, Quantum Computing shares have dropped by 11.23%, trading at $6.56.

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Quantum, Earnings, Stock