Summary by Moomoo AI
Quantum Computing Inc. reported Q2 2024 revenue of $183,000, up 63% quarter-over-quarter, while net loss narrowed to $5.2 million from $7.4 million in Q2 2023. Gross profit was $58,000 with a 32% margin, as the company continued investing in quantum computing and photonics technology development.Operating expenses decreased 24% to $5.3 million, driven by lower general and administrative costs of $2.8 million and reduced research and development spending of $2.1 million. The company maintained focus on developing room-temperature quantum systems and establishing its TFLN chip manufacturing facility in Arizona.As of June 30, 2024, QCI had $2.5 million in cash and working capital of $522,000. The company raised $14.6 million through its ATM facility in H1 2024 but noted substantial doubt about its ability to continue as a going concern, requiring additional financing within 12 months to fund operations and product development initiatives.
