Quantum Computing Inc. reported Q1 2024 financial results with revenue of $27,000, down 78% YoY from $121,000, primarily due to fewer active customer contracts. Net loss widened to $6.4 million compared to $6.1 million in Q1 2023. The company ended the quarter with $6.1 million in cash and cash equivalents, up from $2.1 million at year-end 2023.Research and development expenses remained stable at $2.2 million as the company continued investing in product development, particularly its TFLN chip manufacturing facility in Tempe, Arizona. General and administrative expenses increased slightly to $3.7 million, driven by severance costs and stock-based compensation. The company raised $12.2 million through its ATM facility during the quarter.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 equity and debt financing as well as U.S. government grants, while focusing on commercializing its room-temperature quantum computing and sensing products.

Quantum Computing Inc. reported Q1 2024 financial results with revenue of $27,000, down 78% YoY from $121,000, primarily due to fewer active customer contracts. Net loss widened to $6.4 million compared to $6.1 million in Q1 2023. The company ended the quarter with $6.1 million in cash and cash equivalents, up from $2.1 million at year-end 2023.Research and development expenses remained stable at $2.2 million as the company continued investing in product development, particularly its TFLN chip manufacturing facility in Tempe, Arizona. General and administrative expenses increased slightly to $3.7 million, driven by severance costs and stock-based compensation. The company raised $12.2 million through its ATM facility during the quarter.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 equity and debt financing as well as U.S. government grants, while focusing on commercializing its room-temperature quantum computing and sensing products.