Quantum Computing Inc. (QCi) released its financial results for the three-month period ended March 31, 2025, on May 15, 2025. The company reported total revenue of $39 thousand, an increase of 44% from $27 thousand in Q1 2024. QCi reported net income attributable to common stockholders of $17.0 million, a significant improvement from a net loss of $6.4 million in Q1 2024.
This net income was primarily driven by a non-cash gain of $23.6 million from the change in the fair value of the QPhoton warrant liability, resulting mainly from a decline in the company's stock price. Operating expenses increased by 31% to $8.3 million in Q1 2025, driven by higher R&D, G&A, and S&M expenses.
Liquidity saw a dramatic improvement, with cash and cash equivalents increasing to $166.4 million as of March 31, 2025, from $78.9 million at December 31, 2024, primarily due to $93.6 million in net proceeds from common stock issuances in January 2025. Interim CEO Dr. Yuping Huang highlighted the completion of the Quantum Photonic Chip Foundry construction and a fifth purchase order during the quarter as key operational progress.
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