Quantum Computing reported first-quarter revenue of $3.7 million, up from $39,000 in the same period a year earlier, as the company leaned on two recently completed acquisitions to broaden its business. Chief Executive Officer and Chairman Dr. Yuping Huang said the company made “meaningful progress” during the quarter.
The revenue jump was driven primarily by the early February acquisition of Luminar Semiconductor, Inc. and, to a lesser extent, NuCrypt, which Quantum Computing acquired in early March. Excluding those businesses, the company said it generated $204,000 in revenue, mainly from foundry order deliveries and work on a NASA research and development subcontract.
The quarter also came with a heavier cost base. Operating expenses climbed to $19.8 million from $8.3 million a year earlier, underscoring how much the company is spending as it tries to scale a broader platform. Quantum Computing completed both deals during the quarter and said the purchases expand its photonics and quantum communications capabilities.
Huang said LSI adds lasers, detectors, advanced packaging and testing, while NuCrypt's technology can generate, measure and distribute entangled photons over fiber optic cables. He described the company as building a vertically integrated photonics and quantum technology platform, with LSI's subsidiaries — Freedom Photonics, EM4 and Optogration — folded into that effort.
The numbers point to a company in transition rather than one already benefiting from scale. Chris Roberts said he does not expect major direct cost savings from eliminating redundancies, even as the larger organization has grown to close to 200 people and carries approximately 25 issued and pending patents. For Qubt stock investors, the immediate question is whether the new revenue mix can outrun the expense growth that comes with the expansion.
