Quantum Computing rises after Q3 results; CEO plans to use the $1.5 billion raised this year to transition toward volume production “by the end of this decade”
Quantum Computing is leaping double digits in premarket trading on Monday after the integrated photonic quantum company jumped back into profitability in its third-quarter earnings, with the company’s strong balance sheet set to enable a ramp-up of production and R&D.
Revenue increased 280% year over year for the quarter to $384,000, largely thanks to a purchase order worth ~$332,000 from a top 5 US bank back in July for quantum cybersecurity solutions.
Perhaps most important, however, were comments from the company’s leadership about how it plans to deploy its swelling cash coffers.
After QUBT’s recent $750 million raise, its balance sheet is now in a strong position, with the company stating that it “ended the third quarter with $352 million in cash and $461 million in investments, and subsequent to the quarter raised an additional $750 million, giving us a substantial liquid position of over $1.5 billion today.”
That gives the company the largest cash pile among the four public pure-play quantum companies, a war chest that QCi looks to use “to implement our TFLN fabrication and quantum machine development initiatives,” alongside acquisition opportunities, according to CFO Chris Roberts on the earnings call.
Indeed, QUBT’s leadership remained bullish about creating a “robust quantum products platform leveraging TFLN integrated chip technology” from 2028 and beyond. The company’s CEO, Yuping Huang, said on the earnings call (emphasis ours):
“Our long-term goal is to move from prototype and small-batch manufacturing toward volume production, and we see that transition take shape by the end of this decade. To get there, our current three-year road map is focused on refining our processes, scaling small-batch production, and expanding our team and facility to position QSA for industrial-scale output.
In other words, the technology is there. Our quantum machines and photonic chips have been validated across multiple use cases. The next step is to scale the engineering and the manufacturing behind them, and we now have the team, resources, facility, and plan to make that happen.”
Amid a wider pullback in speculative stocks, QUBT has been deeply in the red in recent weeks, down 42% in the past month.
