Quantum Computing Inc. reported FY2023 financial results with revenue increasing 163% to $358,000 from $136,000 in 2022, driven by growth in professional services. Net loss widened to $27.0 million from $26.0 million, while operating expenses decreased 8% to $26.4 million. The company also announced restatement of 2022-2023 financial statements.The restatement primarily relates to purchase accounting for the QPhoton merger, stock-based compensation, financing costs and other matters. Key adjustments include changes to goodwill valuation, intangible assets amortization, and warrant liability accounting. The net effect decreased 2023 net loss by $2.7 million and 2022 net loss by $12.6 million.Looking ahead, the company faces substantial going concern uncertainty due to recurring losses and limited cash. Management is pursuing additional financing through equity/debt offerings and government grants. The company fully repaid its $8.25 million Streeterville note in March 2024 and secured a new $8.25 million convertible note in August 2024 to fund operations and capital expenditures.

Quantum Computing Inc. reported FY2023 financial results with revenue increasing 163% to $358,000 from $136,000 in 2022, driven by growth in professional services. Net loss widened to $27.0 million from $26.0 million, while operating expenses decreased 8% to $26.4 million. The company also announced restatement of 2022-2023 financial statements.The restatement primarily relates to purchase accounting for the QPhoton merger, stock-based compensation, financing costs and other matters. Key adjustments include changes to goodwill valuation, intangible assets amortization, and warrant liability accounting. The net effect decreased 2023 net loss by $2.7 million and 2022 net loss by $12.6 million.Looking ahead, the company faces substantial going concern uncertainty due to recurring losses and limited cash. Management is pursuing additional financing through equity/debt offerings and government grants. The company fully repaid its $8.25 million Streeterville note in March 2024 and secured a new $8.25 million convertible note in August 2024 to fund operations and capital expenditures.