Summary by Futu AI
Quantum Computing Inc. reported Q1 2024 financial results, with revenue decreasing 78% year-over-year to $27,000 and net loss widening to $6.4 million. The company attributed the revenue decline to changes in customer contracts. Gross profit fell 83% to $11,000, with gross margin contracting to 41% from 54% last year.Operating expenses rose 3% to $6.3 million, driven by higher research and development costs as the company continued investing in product development. Cash and cash equivalents stood at $6.1 million as of March 31, 2024. The company raised $12.2 million through its at-the-market facility during the quarter.Management expressed concerns about the company's ability to continue as a going concern, citing the need for additional financing within 12 months. Quantum Computing is focusing on commercializing its Entropy Quantum Computing technology and developing thin film lithium niobate chips for quantum applications. The company plans to apply for funding under government programs to support its chip manufacturing initiatives.
