Summary by Futu AI
Quantum Computing Inc. reported Q3 2024 financial results with total revenue increasing 102% to $101,000 compared to $50,000 in Q3 2023. The company reduced operating expenses by 18% to $5.4 million, while net loss decreased 17% to $5.7 million compared to the prior year period. Gross margin was 9% versus 52% in Q3 2023.The company continued investing in its AZ Chips Facility development and quantum technology research. As of September 30, 2024, cash and cash equivalents stood at $3.1 million, supported by $14.6 million in net proceeds from ATM facility sales and a new $8.25 million convertible note. Research and development expenses decreased 4% to $2.2 million while general and administrative costs fell 24% to $2.8 million.Management indicated substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing within 12 months. The company is pursuing various funding options including public/private equity, debt financing and government grants to support ongoing operations and development of its quantum computing and photonics technology platforms.
