Quantum Computing Inc. (QCi) released its financial results for the three and six months ended June 30, 2024, on October 2, 2024, which included restated financial results for the quarterly periods ended June 30, 2023. The company reported total revenue of $183 thousand for Q2 2024, an increase from $112 thousand in Q2 2023, and a net loss of $5.194 million, an improvement from a net loss of $7.417 million in Q2 2023.
For the first half of 2024, total revenue was $210 thousand, compared to $233 thousand in the prior-year period, with a net loss of $11.630 million, an improvement from $13.554 million in the first half of 2023. Operating expenses for Q2 2024 were $5.325 million, down from $7.019 million in Q2 2023.
QCi's CEO, Dr. William McGann, highlighted progress on the U.S.-based Thin Film Lithium Niobate (TFLN) foundry and ongoing collaborations with NASA, along with a product sale to Johns Hopkins University. The company also confirmed it had taken steps to regain compliance with Nasdaq by catching up on SEC reporting requirements, following delays due to an auditor transition.
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