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Quantum Computing Inc. (QUBT+1.83%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $68.5 million for the year, compared to a net loss of $27.0 million in the previous year. The increase in net loss is primarily attributed to a $40.5 million mark-to-market loss on warrant liabilities.
Revenue for the year was $373,000, a slight increase from $358,000 in 2023. The revenue was primarily derived from professional services and product sales.
Operating expenses totaled $26.0 million, slightly lower than the $26.4 million reported in 2023. This decrease was mainly due to reduced general and administrative expenses.
Research and development expenses increased by 27% to $11.3 million, reflecting the company's continued investment in developing quantum computing technologies.
The company completed several financing activities, raising $106.8 million through the issuance of common stock and $6.995 million through a secured promissory note, which was later repaid.
As of December 31, 2024, Quantum Computing Inc. reported $78.9 million in cash and cash equivalents, with a working capital of $74.6 million.
The company is involved in several legal proceedings, including a breach of contract lawsuit and a securities class action lawsuit. The outcomes of these cases are currently uncertain.
Quantum Computing Inc. continues to focus on developing quantum computing solutions and expanding its market presence. The company has not yet achieved profitability and anticipates further investments in research and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Quantum Computing Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.