Quantum Computing Inc. Q1 FY2025 earnings call

• Yuping Huang introduced herself as Interim CEO, thanked Bill McGann for his leadership, and mentioned the board is searching for a new CEO. - QCi is an integrated photonics and quantum optics company with mission to deliver accessible quantum machines. - Progress at Tempe foundry: completed construction, ramping customer deliveries, secured fifth purchase order from Canadian research institute. - Quantum machine business: collaborations with Sanders Tri-Institutional, NASA, Delft, automotive manufacturer; sold quantum photonic vibrometer and EmuCore device. - Attended trade shows to expand relationships; added Eric Schwartz to the board. - Chris Boehmler provided financial overview including revenues, expenses, net income, assets, cash, liabilities, and equity.

First quarter 2025 revenues totaled approximately $39,000 compared to $27,000 in the prior year quarter. Gross margin decreased to 33% from 41% in the first quarter of 2024. Operating expenses for the first quarter totaled $8.3 million compared to $6.3 million in the same quarter last year. Net income attributable to common stockholders was approximately $17 million, or $0.13 per basic share, compared to a net loss of $6.4 million in the prior year quarter. Total assets stood at approximately $242.5 million as of March 31, 2025, up from $153.6 million at year-end 2024. Cash and cash equivalents increased to $166.4 million at quarter-end, bolstered by net proceeds from stock offerings. Total liabilities decreased, and stockholders' equity rose to $220.8 million.

The company is well-positioned with completion of TFLN chip foundry, growing customer pipeline, and strengthened balance sheet. Anticipates revenue growth to start accelerating in 2026 as customer base scales up.

Q: Is there any expectations of any capacity constraints in the near term and have you thought about potentially opening up another one either in the US or internationally?

A: Thanks for the question, Ed. So to your first question, the answer is yes. QCi is developing disruptive technologies and needs to build an open ecosystem. We cut costs last year to build the foundry and are now in a stronger financial position to expand sales and business development. Regarding the second question, right after the grand opening, there was a workshop discussing next steps including Fab 2, with exciting developments ahead.