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Quantum Computing Inc. Reports Fourth Quarter 2024 Financial Results

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HOBOKEN, N.J., March 20, 2025 /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 twelve-month periods ended December 31, 2024.

Dr William McGann, Chief Executive Officer of QCi, commented, “QCi made meaningful progress in the fourth quarter strengthening our financial position to support the continued advancement of our quantum solutions and foundry services. With a significantly bolstered balance sheet, we are well-positioned to scale operations and accelerate commercialization efforts.

“Operationally, we remain on track to launch our Quantum Photonic Chip Foundry in early 2025, with multiple purchase orders secured, reinforcing the growing demand for TFLN (thin film lithium niobate)-based photonic integrated circuits. Additionally, our collaborations with NASA highlight the real-world applications of our Dirac-3 quantum optimization machine, further validating its capabilities. Looking ahead, we are focused on executing our growth strategy, expanding industry partnerships, and delivering next-generation photonic and quantum technologies to the market.”

Fourth Quarter 2024 Financial Highlights

Fourth quarter 2024 revenues totaled approximately $62,000 (55% gross margin) compared to $75,000 (13% gross margin) generated in the fourth quarter 2023. The increase in gross margin is primarily attributed to lower costs of goods sold in the 2024 period.Fourth quarter 2024 operating expenses totaled $8.9 million compared to the previous year’s fourth quarter operating expenses of $6.6 million. The year-over-year increase was primarily driven by higher non-cash employee-based expenses, including stock-based compensation, and increased depreciation expense for production equipment installed at the Company’s TFLN chip foundry in Tempe, AZ. Cash used in operations for the full year ended 2024 decreased by $2.1 million year-over-year, driven by lower general and administrative expenditures.The Company reported a net loss attributable to common stockholders of $51.2 million, or $(0.47) per basic share for the fourth quarter of 2024, compared to a net loss attributable to common stockholders of $6.8 million or $(0.09) per basic share for the same period of the previous year. The higher net loss this quarter was primarily due to non-cash charges attributable to the mark-to-market of the Company’s warrant-related derivative liability as a result of our merger with QPhoton in June 2022.Total assets at December 31, 2024 were $153.6 million, increasing from $74.4 million at December 31, 2023. Cash and cash equivalents at December 31, 2024 increased by $76.9 million to $78.9 million from year-end 2023. During the fourth quarter, the Company raised total net proceeds of $92.1 million through offerings of common stock. Subsequent to the quarter, the Company announced an additional offering of common stock for gross proceeds of $100 million.Total liabilities at December 31, 2024 were $46.3 million, an increase of approximately $41 million compared to year-end 2023, driven primarily by the previously disclosed non-cash Q Photon warrant accounting updates.As of December 31, 2024, the Company had shareholders’ equity totaling $107.3 million.

Fourth Quarter 2024 Operational Highlights

Advancing Strategic Partnerships with NASA: On October 17, QCi secured its fifth task order with NASA, focused on developing quantum remote sensing technology for spaceborne LiDAR missions. This contract aims to lower the cost of climate-monitoring missions while improving data collection capabilities. On December 17, QCi announced an additional contract with NASA to support phase unwrapping using the Dirac-3 quantum computer as a Photonic Optimization Solver, further demonstrating the machine’s capabilities in complex data processing applications.Quantum Photonic Chip Foundry Update: QCi reached the final stage of commissioning its Quantum Photonic Chip Foundry in Tempe, Arizona. Construction is substantially complete, and the Company is now establishing its process design kit (PDK) and filling customer orders. During the quarter, the Company announced two memorandums of understanding (MOUs) with leading industry partners, Spark Photonics Design and Alcyon Photonics, expanding collaboration opportunities. As part of its 2024 Pilot Launch Program, QCi secured multiple pre-orders, and subsequent to the quarter, the Company announced a total of five purchase orders for its TFLN Foundry. The Foundry remains on schedule to be operational in the first quarter of 2025.Strengthening Sales & Market Presence: The Company continued expanding its commercial and government engagement, attending 10 trade shows and conferences during the quarter to showcase its quantum optimization and photonic chip solutions to potential customers and partners.Advancing Quantum Solutions to Meet Immediate Market Needs: On November 14, 2024, CEO Dr. William McGann presented at the Quantum Frontiers Conference at Los Alamos National Laboratory, showcasing QCi’s quantum optimization solutions and their potential to accelerate real-world adoption of quantum technologies. QCi continues to position its Dirac-3 machine as a critical tool for government and commercial applications, bridging the gap between theoretical quantum advancements and practical deployment to make quantum computing accessible today.

Earnings Conference Call

The Company will host its fourth quarter and year end conference call on Thursday, March 20, 2025, at 4:30 p.m. To access the live webcast of the conference call, log onto the QCi website at https://quantumcomputinginc.com/ and click on the Investor Relations page. Investors may also access the webcast via the following link:
https://www.webcaster4.com/Webcast/Page/3051/52052

To participate in the call by phone, dial (877) 545-0523 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0016. Callers should use access code: 605802.

A replay of the teleconference will be available until April 3, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52052.

About Quantum Computing Inc.

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

Company Contact:
Rosalyn Christian/John Nesbett
IMS Investor Relations
qci@imsinvestorrelations.com

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, generally identified by terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “intends,” “goal,” “objective,” “seek,” “attempt,” “aim to,” or variations of these or similar words, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of QCi and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the timing of commencing production at our TFLN fabrication facility, and the outcome of ongoing collaborations and demonstration projects with certain U.S. government agencies, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, QCi undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

IMPORTANT NOTICE TO USERS (summary only, click here  for full text of notice): All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.

 

QUANTUM COMPUTING INC.

Consolidated Balance Sheets

(in thousands, except par value data)

December 31,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

78,945

$

2,059

Accounts receivable, net

27

65

Inventory

18

73

Loans receivable, net

279

Prepaid expenses and other current assets

161

180

Total current assets

79,151

2,656

Property and equipment, net

8,212

2,870

Operating lease right-of-use assets

1,522

1,051

Intangible assets, net

8,972

12,076

Goodwill

55,573

55,573

Other non-current assets

129

129

Total assets

$

153,559

$

74,355

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

1,372

$

1,462

Accrued expenses

2,134

639

Financial liabilities, net of issuance costs

1,925

Deferred revenue

79

Other current liabilities

974

786

Total current liabilities

4,559

4,812

Derivative liability

40,532

Operating lease liabilities

1,181

840

Total liabilities

46,272

5,652

Contingencies (see Note 8)

Stockholders’ equity:

Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; no

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

  and 2023, respectively; 3,080 thousand shares of Series B Preferred Stock

  authorized; no shares issued and outstanding as of December 31, 2024 and 2023

Common stock, $0.0001 par value, 250,000 thousand shares authorized; 129,012

  thousand and 77,451 thousand shares issued and outstanding as of December 31,

  2024 and 2023, respectively

13

8

Additional paid-in capital

307,756

200,635

Accumulated deficit

(200,482)

(131,940)

Total stockholders’ equity

107,287

68,703

Total liabilities and stockholders’ equity

$

153,559

$

74,355

 

QUANTUM COMPUTING INC.

Consolidated Statements of Operations

(in thousands, except per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2024

2023

2024

2023

Total revenue

$

62

$

75

$

373

$

358

Cost of revenue

28

65

261

196

Gross profit

34

10

112

162

Operating expenses

Research and development

4,758

1,914

11,318

8,891

Sales and marketing

575

410

1,818

1,806

General and administrative

3,615

4,266

12,913

15,708

Total operating expenses

8,948

6,590

26,049

26,405

Loss from operations

(8,914)

(6,580)

(25,937)

(26,243)

Non-operating income (expense)

Interest and other income

243

77

423

295

Interest expense, net

(2,034)

(268)

(2,496)

(1,602)

Change in value of warrant liabilities

(40,532)

144

(40,532)

528

Loss before income tax provision

(51,237)

(6,627)

(68,542)

(27,022)

Income tax provision

Net loss

(51,237)

(6,627)

(68,542)

(27,022)

Less: Series A convertible preferred stock dividends

(215)

861

Net loss attributable to common stockholders

$

(51,237)

$

(6,842)

$

(68,542)

$

(27,883)

Loss per share – basic and diluted

$

(0.47)

$

(0.09)

$

(0.73)

$

(0.42)

Weighted average shares used in computing net loss per 

   common share – basic and dilutive

108,530

75,649

93,881

66,611

 

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SOURCE Quantum Computing Inc.

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Great Place To Work names Invisors on the 2026 Best Workplaces for Women List, Ranking no.65

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Invisors named a UK’s Best Workplaces for Women™!

GLASGOW, Scotland, July 24, 2026 /PRNewswire/ — Invisors, a Workday Services Partner has officially been recognized as one of UK’s Best Workplaces for Women 2026™, in 65th place out of the 350 ranked organisations.

Invisors’ values and culture are among the reasons women at our organisation say it is a great place to work. Discover how the team brings this philosophy to life at invisors.com/company-overview.

The 2026 UK’s Best Workplaces for Women list is made up of employers whose people have told Great Place To Work® UK they work for a place that is inclusive and equitable for all. The 350 companies on the list are committed to ensuring a reasonable balance of women and men across the organisation; removing barriers to women’s career advancement; and creating workplaces where all employees, regardless of gender, can flourish.

“I’m incredibly proud to see Invisors recognized as a Top Place for Women to Work. This award reflects the culture we’ve built together—one that values inclusivity, flexibility and empowerment. It’s a place where people are supported to bring their whole selves to work, grow their careers and strive for excellence every day.” Jennifer Donnelly-Corbett, EMEA Manager, HCM and Absence at Invisors.

Benedict Gautrey, Managing Director of Great Place To Work UK says:

“This year’s UK’s Best Workplaces for Women list celebrates businesses making a genuine difference day to day, not just in what they say, but in how people experience work. What matters most is that this recognition comes directly from women working in these organisations, who tell us they feel supported, valued, and able to grow.

Our research demonstrates that these organisations creating high-trust environments deliver stronger results, whether in financial outcomes, impact, or service delivery, alongside greater agility and resilience in the face of change.

Congratulations to Invisors for creating an environment where inclusion is clearly felt in practice.” 

Matt Smith, Managing Director, Global HR Operations, Invisors “Being named as one of the UK’s Best Workplaces for Women list is an achievement because it reflects what our people actually experience, not just what we aspire to. We’ve worked to build an environment where career growth and success aren’t something women have to fight for — it’s built into how we operate. This recognition is a great step in the journey, not the finish line, and we’re committed to keeping that bar high as Invisors grows within the UK.”

About Invisors

As a certified Workday Services Partner, Invisors helps clients leverage their organisational data to make better-informed business decisions through the deployment of Workday. Invisors’ success is measured by their clients’ ability to achieve their big-picture vision. From initial deployments to ongoing projects, Invisors is dedicated to elevating perspectives and transforming results. To learn more, visit invisors.com

About Great Place To Work®

Great Place To Work® is the global authority on workplace culture, helping organisations to create exceptional, high-performing workplaces where employees feel trusted and valued. The UK’s Best Workplaces for Women™ enables these outstanding organisations to celebrate their achievements, build their employer brand, and inspire others to take action. For more information, visit www.greatplacetowork.co.uk.

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SOURCE Invisors

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Auction Direct USA in Raleigh, NC, Makes It Easy to Shop for Used Vehicles Online

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RALEIGH, N.C., July 24, 2026 /PRNewswire/ — Auction Direct USA in Raleigh, NC, helps shoppers browse used-vehicle inventory, compare options, and complete key steps of the buying process online for a faster, more convenient shopping experience.

Auction Direct USA in Raleigh, NC, is simplifying the used vehicle shopping experience by offering convenient online tools that help drivers browse inventory, compare options, and begin the purchasing process from the comfort of home.

With a user-friendly website, shoppers can explore an extensive selection of used cars, trucks, and SUVs that fit a variety of budgets and lifestyles. Detailed vehicle listings provide important information, including photos, key features, specifications, pricing, and availability, allowing customers to make informed decisions before visiting the dealership.

The online platform also makes it easy to narrow vehicle choices using search filters for make, model, body style, price range, mileage, model year, and other preferences. These features help shoppers quickly find vehicles that meet their individual needs while saving valuable time.

In addition to browsing inventory, customers can use several digital shopping tools to streamline the buying process. Visitors can estimate monthly payments, value a trade-in, complete a finance application, and schedule a test drive online. These resources allow shoppers to prepare for their dealership visit with greater confidence and convenience.

Auction Direct USA in Raleigh, NC, regularly updates its online inventory, giving customers access to fresh vehicle selections as they become available. Whether someone is searching for a dependable commuter car, a family-friendly SUV, or a capable pickup truck, the website provides an efficient way to explore available options before stepping into the showroom.

The dealership remains committed to delivering a straightforward, customer-focused buying experience by combining a wide range of high-quality used vehicles with digital tools that simplify every stage of the shopping journey.

Drivers looking to begin their search can visit Auction Direct USA in Raleigh, NC, or browse the current inventory online to compare vehicles and take advantage of convenient shopping resources before visiting the dealership in person.

About Auction Direct USA in Raleigh, NC

Auction Direct USA in Raleigh, NC, offers a diverse inventory of quality used cars, trucks, and SUVs to meet a wide range of driving needs and budgets. By combining a customer-focused approach with convenient online shopping tools, the dealership helps make finding and purchasing a used vehicle simple, efficient, and enjoyable.

Media Contact: Tony Kicinski, 844-678-8048, tonyk@auctiondirectusa.com

 

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SOURCE Auction Direct USA

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FLAGSTAR BANK, N.A. ANNOUNCES $250 MILLION SHARE REPURCHASE PROGRAM

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Board of Directors Authorizes Repurchase of Up to $250 Million of Outstanding Common Stock, Reflecting the Bank’s Strong Capital Position and Commitment to Long-Term Shareholder Value

HICKSVILLE, N.Y., July 24, 2026 /PRNewswire/ — Flagstar Bank, N.A. (NYSE: FLG) (the “Bank”) today announced that its Board of Directors has authorized a common stock repurchase program under which the Bank may repurchase up to $250 million of its outstanding common stock over the next 12-month period.

Commenting on the repurchase program, Joseph M. Otting, Executive Chairman and Chief Executive Officer stated, “We are pleased to announce our stock buyback program, which reflects the meaningful progress we have made in executing our strategic plan, the strength of the balance sheet, and Flagstar’s long-term growth prospects. We have consistently maintained capital levels well above regulatory requirements, and we believe that returning capital to our shareholders through a share repurchase program represents a compelling and disciplined use of our excess capital at this time.

“We remain deeply committed to serving our customers and communities and we are confident that this program — alongside our continued investment in our people, products, systems, and technology — will deliver sustainable, long-term value for our shareholders.”

Repurchases may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of any share repurchases will be subject to a variety of factors, including the availability of stock for repurchases, the Bank’s capital position and financial performance, regulatory considerations, and general market conditions. The share repurchase program does not obligate the Bank to acquire any specific number of shares and may be modified, suspended, or discontinued at any time without prior notice. Any future stock repurchase programs would be subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position and financial performance, accounting and regulatory considerations, and general market conditions.

Flagstar Bank, N.A.

Flagstar Bank, N.A. is one of the largest regional banks in the country and is headquartered in Hicksville, New York. At June 30, 2026, the Bank had $87.7 billion of assets, $61.2 billion of loans, deposits of $67.5 billion, and total stockholders’ equity of $8.1 billion. Flagstar Bank, N.A. operates approximately 340 locations across nine states, with strong footholds in the greater New York/New Jersey metropolitan region and in the upper Midwest, along with a significant presence in fast-growing markets in Florida and the West Coast.

Cautionary Statements Regarding Forward-Looking Language

This press release may include forward‐looking statements by us and our authorized officers pertaining to such matters as our goals, beliefs, intentions, and expectations regarding, among other things: (a) revenues, earnings, loan production, asset quality, liquidity position, capital levels, risk analysis, divestitures, acquisitions, and other material transactions, among other matters; (b) the future costs and benefits of the actions we may take; (c) our assessments of credit risk and probable losses on loans and associated allowances and reserves; (d) our assessments of interest rate and other market risks; (e) our ability to achieve profitability goals within projected timeframes and to execute on our strategic plan, including the sufficiency of our internal resources, procedures and systems; (f) our ability to execute our capital management strategies, including our ability to complete our current stock repurchase program and to implement future stock repurchase programs; (g) our ability to attract, incentivize, and retain key personnel and the roles of key personnel; (h) our ability to achieve our financial and other strategic goals, including those related to our recent holding company reorganization, which was completed in October 2025 (the “Reorganization”), our merger with Flagstar Bancorp, Inc., which was completed in December 2022, our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023, and our ability to comply with the heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; (i) the impact of the $1.05 billion capital raise we completed in March 2024; (j) the conversion or exchange of shares of our preferred stock; (k) the payment of dividends on shares of our capital stock, including adjustments to the amount of dividends payable on shares of our preferred stock; (l) the dilution of existing equity holders associated with future equity awards and stock issuances; (m) the effects of the reverse stock split we effected in July 2024; and (n) the impact of the 2024 sale of our mortgage servicing operations, third party mortgage loan origination business, and mortgage warehouse business.

Forward‐looking statements are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “should,” “confident,” and other similar words and expressions, and are subject to numerous assumptions, risks, and uncertainties, which change over time. Additionally, forward‐looking statements speak only as of the date they are made; we do not assume any duty, and do not undertake, to update our forward‐looking statements. Furthermore, because forward‐looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in our statements, and our future performance could differ materially from our historical results.

Our forward‐looking statements are subject to, among others, the following principal risks and uncertainties: general economic conditions and trends, either nationally or locally; conditions in the securities, credit and financial markets; changes in interest rates; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services; changes in real estate values; changes in the quality or composition of our loan or investment portfolios, including associated allowances and reserves; changes in future allowance for credit losses, including changes required under relevant accounting and regulatory requirements; the ability to pay future dividends; the ability to implement future stock repurchase programs, which are subject to the approval of the Board of Directors and other various factors, including the Bank’s liquidity, capital position, and financial performance, accounting and regulatory considerations, as well as general market conditions; changes in our capital management and balance sheet strategies and our ability to successfully implement such strategies; our ability to achieve the anticipated benefits of the Reorganization; changes in our Board of Directors and our executive management team; changes in our strategic plan, including changes in our internal resources, procedures and systems, and our ability to successfully implement such plan; changes in competitive pressures among financial institutions or from non‐financial institutions; changes in legislation, regulations, and policies; changes relating to rent regulation and housing, including recent legislative action in New York City to freeze rents on certain rent-regulated properties; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the outcome of federal, state, and local elections and the resulting economic and other impact on the areas in which we conduct business; the impact of changing political conditions or federal government shutdowns; the imposition of restrictions on our operations by bank regulators; the outcome of pending or threatened litigation, or of investigations or any other matters before regulatory agencies, whether currently existing or commencing in the future; our ability to comply with heightened regulatory standards with respect to governance and risk management programs to which we are subject as a national bank with assets of $50 billion or more; the restructuring of our mortgage business; our ability to achieve anticipated cost savings and enhanced efficiencies with respect to our balance sheet and expense reduction strategies; the impact of failures or disruptions in or breaches of our operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns; the impact of natural disasters, extreme weather events, civil unrest, international military conflict, terrorism or other geopolitical events; and a variety of other matters which, by their nature, are subject to significant uncertainties and/or are beyond our control. Our forward-looking statements are also subject to the following principal risks and uncertainties with respect to our merger with Flagstar Bancorp, which was completed in December 2022, and our acquisition of substantial portions of the former Signature Bank through an FDIC-assisted transaction, which was completed in March 2023: the possibility that the anticipated benefits of the transactions will not be realized when expected or at all; the possibility of increased legal and compliance costs, including with respect to any litigation or regulatory actions related to the business practices of acquired companies or the combined business; diversion of management’s attention from ongoing business operations and opportunities; the possibility that we may be unable to achieve expected synergies and operating efficiencies in or as a result of the transactions within the expected timeframes or at all; and revenues following the transactions may be lower than expected.

More information regarding some of these factors is provided in the Risk Factors section of our Annual Report on Form 10‐K for the year ended December 31, 2025, and in other reports we file with the Office of the Comptroller of the Currency (the “OCC”) and voluntarily file with the Securities and Exchange Commission (the “SEC”), and which are also available on our Investor Relations website. Our forward‐looking statements may also be subject to other risks and uncertainties, including those we may discuss in this news release, on our conference call, during investor presentations, or in our securities disclosure filings. All such files are accessible on our website at ir.flagstar.com, on the OCC’s website at www.occ.gov, and on the SEC’s website at www.sec.gov.

Investor Contact:
Salvatore J. DiMartino
(516) 683-4286

Media Contact:
Jessica Torchia
(248) 312-6451

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SOURCE Flagstar Bank, N.A.

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