Quantum Computing Inc. (QCI) reported Q1 revenue of $150,530, an increase from the $31,240 reported in the corresponding 2022 quarter. The net loss in Q1 2023 was $8.5 million, increasing from the $7.1 million loss they reported in 2022. The company ended the quarter on March 31, 2023 with $6.8 million in cash compared to the $5.3 million they had as of December 31, 2022. the increase in cash was largely due to the issuance of shares through their previously negotiated At-The-Market (ATM) facility which brought in approximately $6.6 million in cash.
The company continues to develop the Dirac series of entropy quantum computers as well as additional product areas including quantum random number generators (QRNG), reservoir photonic computing capabilities, and cybersecurity products that can effectively protect information in a trustless environment. The company continues to work with end users with paid proof of concept tests, beta tests and partnerships. This includes projects with Virginia Innovation Partnership Corporation (VPIC), Rabobank and others. The company also reported several additions to their management team and the joining of several additional quantum industry consortia.
May 13, 2023