Quantum Computing Inc Reports Q1 Earnings, Shares Move Higher After Hours

Quantum Computing Inc QUBT reported first-quarter financial results after the market close on Thursday. Here’s a rundown of the report.

Q1 Earnings: Quantum Computing reported first-quarter revenue of $39,000, missing analyst estimates of $100,000, according to Benzinga Pro. The company reported first-quarter earnings of 11 cents per share, beating estimates for a loss of seven cents per share.

“We’re encouraged by our early traction, which is the first step in what we believe is a significant, multi-year opportunity to serve the expanding markets in datacom, telecom and quantum-enabled applications,” said Yuping Huang, CEO of Quantum Computing Inc.

“In parallel, we continued to deepen engagement with both government and commercial partners, reinforcing the growing interest in our quantum and photonic machines and positioning QCi to capitalize on emerging opportunities ahead.”

The company said it completed construction of its Quantum Photonic Chip Foundry in Tempe, Arizona, during the first quarter. The company also highlighted a subcontract awarded subsequent to the quarter’s end through Analytical Mechanics Associates to support NASA’s Langley Research Center. The subcontract is valued at approximately $406,000.

QUBT Price Action: Quantum Computing Inc shares were up 1.62% after-hours, trading at $9.24 at the time of publication on Thursday, according to Benzinga Pro.

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Photo: Bartlomiej K. Wroblewski/Shutterstock.