Quantum Computing Inc. reports a 9,000% year-over-year revenue increase, driven by photonics product sales across government and commercial sectors.
Quantum Computing Inc. (QUBT) posted second-quarter revenue of $5.6 million, a 9,000% increase from $61,000 a year earlier. The surge stems from photonics product sales to government, educational, and commercial customers, according to the company’s earnings release.
Revenue also rose 51% sequentially from $3.7 million in Q1. Despite the growth, net loss narrowed to $11.8 million from $36.5 million a year ago, primarily due to reduced paper losses on warrant derivatives rather than core profitability. QUBT ended the quarter with a $42.5 million order backlog.
Shares of QUBT traded near $9 on August 21, contributing to a broader rally in quantum computing stocks, including D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and IonQ (IONQ).