Quantum Computing Inc. (QCi) released its financial results for the three and nine months ended September 30, 2024, on November 6, 2024. For the third quarter of 2024, total revenue was $101 thousand, an increase from $50 thousand in Q3 2023. The company reported a net loss of $5.675 million, compared to a net loss of $6.841 million in Q3 2023.
Operating expenses for Q3 2024 totaled $5.447 million, down from $6.637 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $311 thousand, an increase from $283 thousand in the prior-year period, with a net loss of $17.305 million, an improvement from $20.395 million in the first nine months of 2023.
Dr. William McGann, CEO of QCi, noted that the U.S.-based Thin Film Lithium Niobate (TFLN) foundry in Tempe remained on schedule and was in the final stage of commissioning. He also mentioned that recent sales efforts were translating into tangible results, with progress on securing offtake agreements for chips and orders for machines.
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