Quantum Computing Inc. (QCi) reported its financial results for the second quarter and first half of 2024, highlighting a mixed performance in revenue and losses compared to the previous fiscal period. For the three months ended June 30, 2024, total revenue reached $183,000, a significant increase of 63% from $112,000 in the same period of 2023. However, for the six months ended June 30, 2024, revenue decreased by 10% to $210,000, down from $233,000 in the prior year.

The company's gross profit for the second quarter was $58,000, down from $61,000 a year earlier, reflecting a gross margin of 32%, compared to 55% in the same quarter of 2023. Operating expenses for the second quarter decreased by 24% to $5,325,000, primarily due to reductions in general and administrative expenses and research and development costs. The net loss for the second quarter was $(5,194,000), a 30% improvement from $(7,417,000) in the same quarter of 2023. For the first half of 2024, the net loss was $(11,630,000), a 14% improvement compared to $(13,554,000) in the prior year.

As of June 30, 2024, QCi reported total assets of $75,955,000, with total stockholders' equity at $65,525,000. The accumulated deficit increased to $(143,570,000) from $(131,940,000) at the end of 2023. The company’s cash and cash equivalents rose to $2,526,000 from $2,059,000 at the end of the previous year, while working capital improved to $522,000, up from a deficit of $(2,156,000).

Strategically, QCi has been active in financing and restructuring efforts. The company redeemed shares of Series A Preferred Stock, reducing the outstanding shares from 1,490,004 at the end of 2023 to 1,241,655 by June 30, 2024. Additionally, QCi raised $14.6 million through the sale of common stock in the second quarter, compared to $7.9 million in the same period of 2023. The company also entered into a Redemption Agreement with Series A Holders, reclassifying $8.125 million of additional paid-in capital to mezzanine equity.

QCi's operational focus remains on developing accessible quantum computing technologies, with ongoing efforts to build a manufacturing facility for Thin Film Lithium Niobate chips. The company is also exploring funding opportunities under the Title 17 Clean Energy Financing Program and the CHIPS Act to support its initiatives.