HOBOKEN, N.J. - Quantum (NASDAQ:QMCO) Computing Inc. (Nasdaq: QUBT), a $2.33 billion market cap company specializing in photonics and quantum optics technology, today announced significant progress within its QCi Foundry Pilot Launch Program, having secured its third and fourth purchase orders for its thin film lithium niobate (TFLN) photonic chip foundry. According to InvestingPro data, the company has demonstrated impressive revenue growth of 35.61% over the last twelve months, despite operating in a highly volatile market segment. These latest orders come from a leading European technical university and a Canadian photonic integrated circuit (PIC) design house, signaling a robust start to the year for QCi.
The European university intends to utilize QCi's expertise in periodically poled lithium niobate (PPLN) structures for advanced telecommunications applications, a move that aligns with QCi's strategic roadmap and wafer-scale technology ambitions. Meanwhile, the Canadian design company's commercial order, which includes the customization of a TFLN PIC chip, marks the first non-research-based customer engagement for QCi. Delivery of this order is slated for the second quarter of 2025, with priority access to a future multi-project wafer run expected in the latter half of the year.
Dr. Pouya Dianat, Director of PICs and Foundry Services at QCi, expressed optimism about the program's generated interest from both research and commercial sectors and anticipates this momentum to translate into further orders as the company expands its foundry services throughout the year. QCi is set to officially launch its full foundry services in the first quarter of 2025. With a current ratio of 1.61 and moderate debt levels, InvestingPro analysis indicates the company maintains a Fair financial health rating, positioning it well for this expansion phase.
In addition to these developments, QCi has successfully completed the partial delivery of its first foundry customer's order in December 2024 to an Asian client, which included TFLN PIC chips featuring passive elements like ring resonators and waveguides. The company's US-based semiconductor foundry in Tempe, Arizona, is preparing for full-scale production of high-performance photonic chips, with QCi planning to showcase its services at the upcoming SPIE Photonics West 2025 in San Francisco.
QCi's growth trajectory is anchored in its capacity to offer both baseline commercial TFLN chip products and unique customer designs, leveraging its design, fabrication, and characterization expertise. The company's stock has shown remarkable momentum, with an extraordinary 2,884% return over the past six months, currently trading at $18.09. This news is based on a press release statement and reflects the company's current expectations for its foundry services and customer engagements. For deeper insights into QUBT's valuation and 15+ additional ProTips, visit InvestingPro.
In other recent news, Quantum Computing Inc. has seen a flurry of activity. The company has extended CEO Dr. William J. McGann's contract through 2025, including a salary increase and a guaranteed annual bonus. The company has also secured a prime contract from NASA's Goddard Space Flight Center, utilizing Quantum Computing's Dirac-3 machine to enhance NASA's imaging and data processing capabilities.
In addition to the NASA contract, Quantum Computing Inc. has received a new purchase order for its thin film lithium niobate (TFLN) photonic chip from the University of Texas at Austin, indicating its expanding commercial viability. Despite criticism from Citron Research regarding Quantum Computing's R&D spending, Ascendiant Capital maintains a Buy rating for the company, albeit with a reduced 12-month price target of $8.25 from the previous $8.75.
These recent developments highlight the dynamic operations of Quantum Computing Inc. in the evolving quantum computing sector. However, the company remains unprofitable with an EBITDA of -$20.26 million, despite impressive revenue growth of 35.61% over the last twelve months. These are the recent developments at Quantum Computing Inc.
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