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Quantum Computing Inc (NASDAQ:QUBT) shares are trading higher on Monday after the company announced better-than-expected financial results for the third quarter.
What To Know: After the market close on Friday, Quantum Computing reported third-quarter revenue of $384,000, beating analyst estimates of approximately $117,000, according to Benzinga Pro. The company reported third-quarter earnings of 1 cent per share, beating estimates for a loss of 6 cents per share.
Total revenue increased 280% year-over-year, primarily due to increased effort on research and development services and custom hardware contracts. The company also said it started to recognize revenue for cloud-based access to the Dirac-3 quantum optimization system during the quarter.
“The third quarter marked another important step forward for QCi as we strengthened our balance sheet, deepened commercial and government relationships, and advanced our roadmap toward scalable quantum and photonic manufacturing,” said Yuping Huang, interim CEO of Quantum Computing Inc.
Quantum Computing ended the period with $352.4 million in cash and cash equivalents, up from $273.5 million at the end of 2024. The company also said it raised an additional $750 million subsequent to quarter’s end.
On Monday, Quantum Computing announced that it will unveil its photonics-based reservoir computing system, called Neurawave, at SuperCompute25 this week. The company will also provide on-cloud demonstrations for its Dirac-3 quantum computer at the conference.
“Our integrated photonic approach continues to differentiate QCi as we work to bring practical quantum technologies out of the lab and into the hands of people. We remain focused on technical execution, strategic hiring, and thoughtful scaling of our foundry and quantum systems to meet growing global demand,” Huang added.
QUBT Price Action: Quantum Computing Inc shares were up 10.66% at $11.73 at the time of publication on Monday, according to Benzinga Pro.
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Posted In: QUBT
