Shares of a company Quantum Computing from the quantum computing and computer science sector are up 36% today after the firm beat net income expectations and reported a significant increase in cash on its balance sheet, effectively buying itself more time to reach full and stable profitability.
- Earnings per share came in at 11 cents, beating the consensus estimate of a 7-cent loss.
- Revenue totaled $39,000, below expectations ($100,000), but representing a 44.44% year-over-year increase.
- Cash and cash equivalents at the end of the quarter stood at $166.4 million, a $87.5 million YoY increase.
- Total assets amounted to $242.5 million.
- The company announced significant operational and financial progress in the first quarter.
- It completed construction of its Quantum Photonic Chip Foundry in Tempe, Arizona.
- The facility is intended to meet growing demand for thin-film lithium niobate (TFLN) photonic chips, with the company announcing its fifth order during the period.
QUBT.US shares are still down 50% from their Q4 2024 highs, when the entire quantum sector surged following Google’s comments.
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Source: xStation5
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