Quantum Computing Inc. (QCI) reported total 2022 revenue of $135,648 versus no revenue in 2021. Operating expenses were $36.5 million versus $17.1 million in the previous year due to the impact of its merger with QPhoton, increased engineering personnel, non-stock based compensation, and other factors. Net loss was $38.5 million versus $10.7 million the previous year. The company ended the year with Cash and Cash Equivalents of $5.3 million versus $16.7 million at the end of 2021. Over the year, the company had received $6.4 million from the sale of $3 million of their stock through a market facility managed by Ascendiant Capital.
2022 was a very important year for the company due to the acquisition of QPhoton which allowed them to offer Quantum Computing as a Service (QCaaS) with full stack quantum computing capabilities. The company has worked on several proof-of-concept projects including projects to optimize sensor placement on BMW cars, optimize flight trajectories with VIPC, detect fraudulent banking transactions with Rabobank, optimize windmill placement, optimize nuclear fuel rod replacement, and predict show stock. . They also established a new subsidiary, QI Solutions, Inc. to pursue government business.
The company also showed their roadmap for product development including the Dirac-2 follow-up to the existing Dirac-1 which supports calculations based on Qudits (variables 0-53) instead of Qubits, Reservoir Quantum Computer, Quantum Random Number generator, and other products based on quantum photonics. The company’s goal is to achieve an EBITDA and cash flow break-even point in 2 years with approximately $30 million in revenue.
For more information on QCI’s financial reports, you can view the press release posted on their website Here.