HOBOKEN, N.J. - Quantum (NASDAQ:QMCO) Computing Inc. (Nasdaq: QUBT), whose stock has surged over 1,600% in the past six months, and specializing in photonics and quantum optics technologies, has been awarded a contract by NASA's Goddard Space Flight Center to employ its Dirac-3 entropy quantum optimization machine. According to InvestingPro data, the company has shown promising revenue growth with a 35.6% increase in the last twelve months. The technology is set to enhance NASA's imaging and data processing capabilities, specifically targeting the phase unwrapping problem associated with radar-generated interferometric data.
The collaboration with NASA aims to demonstrate the potential of the Dirac-3 machine to reconstruct images and extract information more efficiently than current state-of-the-art algorithms on classical computers. QCi's CEO, Dr. William McGann, expressed the company's pride in supporting NASA's mission and the opportunity to showcase the advantages of their quantum optimization technology. The company maintains a healthy current ratio of 1.61 and operates with a moderate debt level, as revealed by InvestingPro analysis.
If successful, this project could lead to improved big-data processing for NASA and may set a precedent for applying quantum solutions to similar challenges in other sectors. The contract is a testament to QCi's commitment to advancing quantum and photonic technologies for complex computational problems.
Quantum Computing Inc. offers quantum machines that operate at room temperature and low power, aiming to provide high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications at an affordable cost. While the company's market capitalization stands at $1.3 billion, InvestingPro subscribers can access 15+ additional exclusive tips and comprehensive financial metrics to better understand the company's growth trajectory and market position.
This partnership is based on a press release statement and contains forward-looking statements regarding the project's goals and potential broader applications of the technology. As with any such statements, there are inherent risks and uncertainties, and actual results may differ from those anticipated. QCi has stated that it does not intend to update these statements unless required by law.
In other recent news, Quantum Computing Inc. has been making significant strides in the quantum computing sector. The company recently secured a new contract with NASA to develop cost-effective quantum remote sensing technology for spaceborne LIDAR imaging. Additionally, Quantum Computing Inc. has completed a $40 million stock offering, marking a significant financial milestone for the company.
The company is also nearing the completion of its quantum photonic chip foundry in Arizona, expected to begin operations in 2025. The foundry will manufacture components crucial for the development of photonic-based quantum computers, secure quantum communications, and high-speed datacom solutions. Furthermore, Quantum Computing Inc. has secured a new purchase order for its thin film lithium niobate (TFLN) photonic chip from the University of Texas at Austin, indicating its growing commercial viability.
However, the company faces potential delisting from the Nasdaq Stock Market due to non-compliance with a listing rule. In analyst notes, 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.
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