TEMPE, AZ - Quantum (NASDAQ:QMCO) Computing Inc. (NASDAQ:QUBT), a leader in integrated photonics and quantum optics technology, is nearing the final stage of commissioning its state-of-the-art quantum photonic chip foundry in Tempe, Arizona. The facility, which was initially announced in September 2023, is expected to begin operations in the first quarter of 2025, with a focus on producing high-performance optical components and photonic integrated circuits (PICs) for a range of advanced technological applications.
The foundry will process thin film lithium niobate (TFLN), a material known for its exceptional optical properties, to manufacture components that are critical for the development of photonic-based quantum computers, secure quantum communications, and high-speed datacom solutions. The increasing demands of artificial intelligence (AI) and the future of integrated photonics are driving the need for these high-speed, 3.2Tbps data rate capabilities.
Dr. Pouya Dianat, QCi's Director of PIC and Foundry Service, is slated to formally introduce the foundry and its services at the Optica Photonic-Enabled Cloud Computing (PECC) Industry Summit on October 23, 2024, in Sunnyvale, California. He will highlight QCi's technological advancements, particularly its precision etching of TFLN, which is essential for minimizing photon loss in PICs. The foundry's wafer-scale production capabilities will also be showcased, including the production of electro-optic modulators and waveguides.
According to Dr. Dianat, "The QCi Foundry will be the first US-based semiconductor foundry of its kind, set to enhance the capabilities and capacity of TFLN devices." He emphasized the foundry's role in meeting market needs for rapid prototyping and scalable production of PICs, as well as its potential impact on national defense and technology sectors.
QCi's strategy includes offering early access to customers and early adopters with favorable terms, with initial wafer runs focusing on custom projects for selected clients. A multi-project wafer (MPW) run is planned for the latter half of 2025.
This announcement is based on a press release statement from Quantum Computing Inc. and provides a glimpse into the future of quantum computing and photonics technology. The company's proprietary TFLN processing technology is expected to provide customers with reliable and scalable solutions for integrating photonic engines into their products.
In other recent news, Quantum Computing Inc. has secured a new NASA contract to develop cost-effective quantum remote sensing technology for spaceborne LIDAR imaging. The initiative aims to reduce the cost of LIDAR missions, potentially from billions to millions of dollars. The company has also extended its partnership with Los Alamos National Laboratory, focusing on the Dirac-3 quantum optimization machine.
Quantum Computing Inc. has revised its annual report for the years ended December 31, 2023, and 2022, resulting in non-cash adjustments to its financial statements. The company faces potential delisting from the Nasdaq Stock Market due to non-compliance with a listing rule, following a delay in submitting its quarterly financial report. The company has until December 16, 2024, to regain compliance.
In other developments, Quantum Computing Inc. has welcomed Dr. Javad Shabani, an Associate Professor of Physics at New York University, to its Board of Directors. Ascendiant Capital has adjusted its outlook on Quantum Computing Inc., reducing the 12-month price target to $8.25 from the previous $8.75, while maintaining a Buy rating on the company's stock. These are the recent developments at Quantum Computing Inc.
InvestingPro Insights
As Quantum Computing Inc. (NASDAQ:QUBT) approaches the launch of its groundbreaking quantum photonic chip foundry, investors are closely watching the company's financial performance and market position. According to InvestingPro data, QUBT's market capitalization stands at $104.13 million, reflecting the market's current valuation of the company's potential in the quantum computing space.
The company's revenue growth is a positive indicator, with a 63.39% increase in quarterly revenue as of Q2 2024. This aligns with the company's ambitious plans for its new foundry and suggests growing market interest in QUBT's technologies. An InvestingPro Tip notes that analysts anticipate sales growth in the current year, which could be driven by the upcoming foundry operations and increasing demand for quantum computing solutions.
However, investors should be aware that QUBT is currently operating at a loss, with an adjusted operating income of -$24.77 million over the last twelve months. This is not uncommon for companies in the early stages of developing cutting-edge technologies, but it underscores the importance of the new foundry's success in potentially turning the company's financials around.
The stock has shown significant momentum, with a 72.73% price return over the last three months, indicating strong investor optimism about QUBT's future prospects. This performance aligns with another InvestingPro Tip highlighting the stock's significant return over the last week.
For investors seeking a deeper understanding of QUBT's potential, InvestingPro offers 14 additional tips that could provide valuable insights into the company's financial health and market position. These tips can help investors make more informed decisions as they evaluate QUBT's role in the evolving quantum computing landscape.
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