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Quantum Computing Inc. Reports Second Quarter and First Half 2024 Financial Results

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HOBOKEN, N.J., Oct. 2, 2024 /PRNewswire/ — Quantum Computing Inc. (“QCi” or the “Company”) (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, today released financial results for the three- and six-month periods ended June 30, 2024, which contain restated financial results for the quarterly periods ended June 30, 2023.

Dr William McGann, Chief Executive Officer of QCi, commented, “During the first half of 2024, we strengthened our position in the quantum computing landscape. Our progress on establishing our U.S.-based Thin Film Lithium Niobate (TFLN) foundry is proceeding well, marking a critical step toward positioning QCi as a leader in the growing optical chip market. Our partnerships continued to evolve, highlighted by our successful product sale to Johns Hopkins University and ongoing collaboration with NASA. I’m also pleased to announce that with the filing of these financial results, we have taken key steps to regain compliance with Nasdaq and are now caught up with our Securities and Exchange Commission (SEC) reporting requirements. Like some other companies that experienced delays due to forced auditor transitions, we’ve navigated this process effectively while ensuring adherence to best practices. We are now well-positioned to continue advancing our mission.”

Second Quarter 2024 Financial Highlights:

Second quarter 2024 revenues totaled approximately $183,000 (32% gross margin) compared to $112,000 (54% gross margin) generated in the second quarter 2023. The increase in revenues was due to increased contractual sales. The decrease in gross margin was nearly entirely the result of revenue in the current period being primarily comprised of customized research and development as compared to consulting services revenue in the prior period.Second quarter 2024 operating expenses totaled $5.3 million compared to the previous year’s second quarter operating expenses of $7.0 million. The 24% period-over-period decrease is primarily a result of the Company’s disciplined strategy to minimize general and administrative expenses as well as net reductions in stock-based compensation.The Company reported a net loss available to common stockholders of $5.2 million, or $(0.06) per basic share for the second quarter of 2024, compared to a net loss available to common stockholders of $7.6 million or $(0.12) per basic share for the same period of the previous year.Total assets at June 30, 2024 were $76.0 million, increasing from $74.4 million at December 31, 2023. Cash and cash equivalents at June 30, 2024 increased $0.5 million from year-end 2023 to $2.5 million. Subsequent to the close of the quarter, the Company raised net proceeds of $7.0 million in a secured convertible debt financing.Total liabilities at June 30, 2024 were $3.6 million, a decrease of approximately $2.1 million compared to year-end 2023, driven primarily by the Company’s monthly repayment of its unsecured debt, which was paid in full in the first quarter of 2024, and sizable reduction in accrued expenses reflecting the issuance of restricted stock grants.As of June 30, 2024, the Company had shareholders’ equity totaling $65.5 million.

Second Quarter 2024 Operational Highlights

Successful Quantum LiDAR Prototype Sale: QCi executed the sale of a quantum LiDAR prototype to Johns Hopkins University for $200,000. This sale marked a significant advancement in underwater LiDAR technology and showcases the commercial potential of QCi’s quantum solutions across diverse applications.Enhanced Sales Strategy: QCi appointed Richard Nelson as Senior Vice President of Business Development and Pouya Dianet as Director of TFLN Optical Chip Sales to accelerate market penetration and expand global sales of QCi’s quantum technologies.TFLN Foundry Progress: The Company continues to advance its strategic initiative to establish the first U.S.-based TFLN fabrication facility in Tempe, Arizona, a key element of QCi’s long-term strategy to become a leader in the optical chip market, and to secure offtake agreements for future chip sales from the foundry.Subsequent to the Quarter: In line with the Company’s initiative to expand its partnerships with government agencies and laboratories, QCi announced the extension of its Cooperative Research and Development Agreement (CRADA) with the Los Alamos National Laboratory (LANL). This strategic collaborative agreement focuses on QCi’s new entropy quantum optimization machine, Dirac-3, and its capabilities to quickly and efficiently solve highly complex problems associated with quantum simulations, social networks, protein structure prediction, and telecommunications.

Additionally, the Company filed with the SEC its Form 10-Q for the quarterly period ending March 31, 2024, which contains restated financial results for the three-month period ended March 31, 2023. As previously disclosed, following the entry of a cease-and-desist order by the SEC against the Company’s former auditor, BF Borgers CPA PC, the Company engaged a new independent registered public accounting firm, BPM LLP, to reaudit 2023 and 2022 financial results and the quarterly financial results released today.  While the auditor transition was the primary reason for the delay in our March 31, 2024 and June 30, 2024, quarterly filings, we do not expect any further delays going forward.

Quantum Computing Inc. (QCi) (Nasdaq: QUBT) is an innovative, integrated photonics company that provides accessible and affordable quantum machines to the world today. QCi products are designed to operate at room temperature and low power at an affordable cost. The Company’s portfolio of core technology and products offer unique capabilities in the areas of high-performance computing, artificial intelligence and cybersecurity as well as remote sensing applications.

QUANTUM COMPUTING INC.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value data)

 

June 30,

December 31,

2024

2023

  Assets

  Current assets

     Cash and cash equivalents

$

2,526

$

2,059

     Accounts receivable

56

65

     Inventory

266

73

     Loans receivable, net of provision for credit losses of $295 and $279

295

279

     Prepaid expenses and other current assets

272

180

Total current assets

3,415

2,656

Property and equipment, net

5,387

2,870

Operating lease right-of-use assets

923

1,051

Intangible assets, net

10,524

12,076

Goodwill

55,573

55,573

Other non-current assets

133

129

Total assets

$

75,955

$

74,355

Liabilities and Stockholders’ Equity

Current liabilities

       Accounts payable

$

1,672

$

1,462

       Accrued expenses

327

639

       Financial liabilities, net of issuance costs

1,925

       Deferred revenue

104

       Other current liabilities

790

786

Total current liabilities

2,893

4,812

Operating lease liabilities

708

840

Total liabilities

3,601

5,652

Contingencies (see Note 10)

Mezzanine equity

6,829

Stockholders’ equity

     Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; 1,241  

          and 1,490 shares issued and outstanding as of June 30, 2024 and December 31,

          2023, respectively; 3,080 shares of Series B Preferred Stock authorized; no shares

          issued and outstanding as of June 30, 2024 and December 31, 2023

     Common stock, $0.0001 par value, 250,000 shares authorized; 94,416 and 77,451  

          shares issued and outstanding as of June 30, 2024 and December 31, 2023,

          respectively

9

8

     Additional paid-in capital

209,086

200,635

     Accumulated deficit

(143,570)

(131,940)

Total stockholders’ equity

65,525

68,703

Total liabilities and mezzanine and stockholders’ equity

$

75,955

$

74,355

 

QUANTUM COMPUTING INC.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(Restated)

(Restated)

Total revenue

$

183

$

112

$

210

$

233

Cost of revenue

125

51

141

107

Gross profit

58

61

69

126

Research and development

2,094

2,466

4,315

4,650

Sales and marketing

429

385

880

812

General and administrative

2,802

4,168

6,459

7,718

Operating expenses

5,325

7,019

11,654

13,180

Loss from operations

(5,267)

(6,958)

(11,585)

(13,054)

Non-operating income (expense)

Interest and other income

73

61

110

93

Interest expense, net

(537)

(155)

(963)

Change in value of warrant liability

17

370

Loss before income tax provision

(5,194)

(7,417)

(11,630)

(13,554)

Income tax provision

Net loss

(5,194)

(7,417)

(11,630)

(13,554)

Less: Series A convertible preferred stock dividends

(215)

(431)

Net loss available to common stockholders

$

(5,194)

$

(7,632)

$

(11,630)

$

(13,985)

Loss per share – basic and diluted

$

(0.06)

$

(0.12)

$

(0.13)

$

(0.23)

Weighted average shares used in computing net loss per 

common share – basic and dilutive

93,550

62,667

87,185

60,832

 

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SOURCE Quantum Computing Inc.

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Manufacturing Category at 139th Canton Fair Presents Smarter, Lighter and More Connected Solutions

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GUANGZHOU, China, April 24, 2026 /PRNewswire/ — At the 139th Canton Fair, Manufacturing category presented a clear view of how industrial equipment is evolving to address efficiency, labor shortages, and sustainability goals. Across power equipment, machinery, automation systems, and industrial robots, exhibitors pointed to a common direction: smarter operation, stronger engineering performance, and deeper integration with digital manufacturing systems.

Industrial equipment is advancing towards intelligence with products emphasizing built-in sensing and automatic adjustment to enhance reliability and efficiency. Silent inverter generators, for example, can detect operating conditions and ambient temperature to regulate cooling for better fuel use and stability. Pumps and cleaning equipment with variable-frequency drives and integrated protection systems follow the same approach, prioritizing smooth operation, longer service life, and consistent output.

Lightweight, high-performance design has also become a priority across categories. Advances in materials and structural engineering are enabling major weight reductions without compromising power or durability. Aluminum-extrusion housings in three-phase asynchronous motors cut weight by up to 40% while improving heat dissipation and installation efficiency. Lightweight permanent-magnet submersible pumps delivered stronger flow stability despite smaller size and reduced weight.

AI-based visual inspection and quality control are also becoming essential. AI-powered optical inspection stations demonstrated full-process, high-speed inspection without relying on manual sampling. By turning experience-based judgment into standardized, repeatable rules, these systems help manufacturers improve scalability and consistency.

Industrial robots are taking on more active roles as well. Security patrol robot dogs and inspection robots are moving beyond monitoring to direct intervention, such as carrying fire-suppression modules for emergency response. This shift marks a broader move from passive observation to active execution in high-risk or labor-intensive environments.

Finally, more industrial devices are being designed as system nodes rather than standalone machines. Intelligent industrial gateways that combine data collection, protocol conversion, edge computing, and secure transmission show how equipment value increasingly depends on its ability to connect with enterprise-level digital systems.

The 139th Canton Fair vividly showcased the accelerated shift of industrial equipment toward intelligent and system-level development.

For pre-registration, please click: https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

 

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SOURCE Canton Fair

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Zhejiang unicorn ranks grow to 58 as Hangzhou tightens lead, top ranking shows

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Province adds three unicorns, expands high-growth pipeline
Hangzhou accounts for 83% as new entrants and startups scale up

HANGZHOU, China, April 24, 2026 /PRNewswire/ — Zhejiang’s roster of unicorn companies has expanded to 58 as of April 2026, highlighting the province’s growing role as a hub for emerging technologies and industrial upgrading.

The latest rankings, released at the 10th All Blossom Conference in Hangzhou on April 23, show companies spread across seven cities, including Hangzhou, Ningbo, Jiaxing, Jinhua, Shaoxing, Taizhou and Wenzhou.

While Hangzhou, Ningbo and Jiaxing remain the top three hubs, the broader distribution points to a more geographically balanced innovation landscape. The province’s unicorn count rose by three from a year earlier.

Hangzhou continues to dominate the landscape, home to 48 of Zhejiang’s unicorns, up from 44 last year—when it already accounted for roughly four out of every five such startups.

The annual rankings also include tiered lists of “future unicorns,” valued between $100 million and $1 billion, and early-stage “seed unicorns” worth $10 million to $100 million.

Together, they map a full pipeline of high-growth companies across sectors such as artificial intelligence, embodied intelligence, life sciences, new energy, semiconductors, advanced manufacturing and aerospace, and have become a key barometer of Zhejiang’s startup ecosystem.

Among the top 100 future unicorns, integrated circuits lead with 22 companies, followed by artificial intelligence and life sciences with 19 each. Advanced manufacturing accounts for 16 firms, new energy and materials 15, and next-generation information technology nine.

In the seed unicorn category, new energy and life sciences each count 22 companies, ahead of advanced manufacturing with 19, while AI, next-generation IT and semiconductors each have 11 firms, and aerospace-related companies total four.

Against that provincial backdrop, Hangzhou remains the clear center of gravity—continuing to generate both the largest share of unicorns and the deepest pipeline of emerging startups.

The city added eight companies to its unicorn ranks on April 23, bringing the total to 48, according to the same conference ranking.

The new entrants—Hailiang Technology Services, Geener Microelectronics, Spirit AI, Geespace, Sunrise, Seepin, DEEP Robotics and Simplexity Robotics—span sectors from semiconductors and robotics to commercial aerospace.

As of April, Hangzhou accounted for 83% of Zhejiang’s unicorns, up from 80% a year earlier, underscoring its outsized role in the province’s innovation economy.

The conference also released a list of 413 quasi-unicorns—companies typically valued between $100 million and $1 billion—including 50 new additions.

Several firms, such as Diagens Biotechnology, Manycore Tech, Mirxes, Promisemed, Saint Bella, Tide Pharmaceutical, Tongshifu and ISV, exited the list after scaling into unicorn status or completing initial public offerings.

Quasi-unicorns are concentrated in sectors aligned with Hangzhou’s broader “296X” industrial strategy. Life sciences lead with 118 firms, followed by next-generation information technology with 78 and AI and embodied intelligence with 50—together accounting for about 60% of the total.

The “296X” is an industrial cluster blueprint the city introduced in October 2025 in an effort to speed up the integration of technological and industrial innovation.

More than half of both unicorns and quasi-unicorns—255 companies—are classified as nationally recognized “specialized and refined” enterprises, including 20 unicorns and 235 quasi-unicorns, reflecting a structured pipeline of high-growth firms.

Since 2018, Hangzhou’s unicorn count has risen from 26 to 48, while quasi-unicorns have expanded from 105 to 413, underscoring sustained growth in its innovation-driven economy.

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SOURCE All Blossom Conference

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KUN Unveils AI Intelligent Strategy at Money20/20 Asia: Reconstructing Global Commercial Efficiency with “1-1-4-6” Layout

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BANGKOK, April 24, 2026 /PRNewswire/ — At the prestigious Money20/20 Asia held at QSNCC, KUN showcased its upgraded brand identity and launched the “1-1-4-6” Intelligent Strategic Blueprint. This milestone marks KUN’s comprehensive transition toward a globalized, full-stack, and intelligent ecosystem.

Dr. Louis Liu, Founder & Group CEO of KUN, stated at the launch: “While the convergence of Web2 and Web3 defines the current era, we believe the embedded ecosystem synergy of AI and Web3 is the inevitable future of commerce. Our evolution is an intelligent reconstruction of commercial efficiency. By leveraging decades of vertical payment expertise, we provide enterprise clients with full-stack, end-to-end payment and financial solutions. Through digital orchestration and operations, we deliver secure, compliant, and high-velocity transaction safeguards to empower global business growth.”

Money20/20 Roundtable: Compliance as the “Scaling Layer” for Institutional Adoption

At the “Bridging TradFi and DeFi” roundtable, Dr. Liu shared three key insights on the future of cross-border finance:

Asia as the Hub for Real-World Stablecoin Settlement: Asia has emerged as a critical hub for cross-border trade flows and stablecoin settlement, connecting high-growth emerging markets. Currently, 60% of the world’s on-chain stablecoin trade volume is centered in Asia, making it a primary corridor for capital flows between Asia, LATAM, Africa, and the Middle East.

Compliance as the “Scaling Layer”: The bottleneck for scaling digital payments is not technology or licensing, but the ability to embed jurisdictional compliance frameworks into business logic. Integrating AML and risk controls directly into the payment flow is the prerequisite for the explosion of global institutional applications.

Accelerating AI and Web3 Ecosystem Convergence: As AI agents increasingly enter commercial decision-making, payments are shifting from human-controlled to autonomous. Blockchain and stablecoins will serve as the default infrastructure for Agent-to-Agent (A2A) transactions.

Exhibition Interaction: From Platform Governance to Vertical Efficiency

At the main exhibition area, KUN demonstrated its dual-brand synergy through a new visual identity:

KUN: Positioned as the Trusted Vertical Digital Payments Platform for Real Economy, providing one-stop digital payments and scenario-based on-chain financial solutions.

YeeZ: A KUN Group brand specializing in 2B2C Global Corporate Card Issuance for global enterprises.

The “1-1-4-6” Strategic Blueprint: Driving Global Growth

KUN decoded its “1-1-4-6” strategy—an AI-powered blueprint designed for seamless asset mobility. The ecosystem integrates KUN Space™ (the digital payments & financial services platform) with KUN Nexus™ (the AI-orchestrated liquidity network). Driven by four core engines—KUN | Pay, KUN | Cards, KUN | Money, and KUN | Agent—the strategy empowers liquidity for six vertical sectors: Bulk Commodity, General Trade, B2B Cross-border E-Commerce, Service Trade, Web3 Ecosystems, and AI Applications.

Future Vision: The Era of “Driverless” Intelligent Payments

The launch highlighted KUN | Agent as the pioneer of the “driverless” era of intelligent global payments.

KUNClaw.AI: Orchestrates autonomous financial workflows to drive intelligent cost reduction and efficiency.

AI Agent Wallet: Features programmable KYC and authorization fences to ensure secure, compliant execution where “decision is payment”.

Seamless Network, Borderless Payments.

KUN remains dedicated to serving as the engine for the real economy, providing secure, compliant, and efficient one-stop cross-border payment solutions in an uncertain global environment.

About KUN

KUN is an innovative financial infrastructure company centered on digital payments and embedded finance. Built on a globally distributed licensing framework and a robust compliance and risk-management system, KUN connects Asia with high-growth emerging markets across Africa, Latin America, and the Middle East.

Positioned as a trusted vertical digital payments platform for real economies, the company operates across four core pillars—Cross-Border Digital Payments, On-Chain Finance, Card Issuing, and AI Agentic Payments. By integrating artificial intelligence and blockchain technologies, KUN delivers secure, compliant, and efficient one-stop payment and transaction services for enterprise clients across industries including commodity trade, B2B cross-border e-commerce, service trade, Web3 ecosystems, and AI applications.

Through this integrated infrastructure, KUN serves as a growth engine enabling enterprises to expand globally with speed, trust, and financial connectivity.

Learn more about KUN → www.kun.global

Contact: KUN: brandmkt@kun.global  

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SOURCE KUN

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