Shares in Quantum Computing (QUBT) rose 21% in premarket trading on Monday after the company outlined a path to volume production and expanded strategic partnerships amid a $1.5 billion capital raise.
“Over the next 3 years, our road map priority is small-scale, high-value manufacturing as we refine processes, demonstrate performance across customer applications, and establish supply chain and design partnerships,” Yuping Huang, Interim Chief Executive Officer of QCi, said.
When asked about the broader use cases for the quantum security solution in the financial sector, Huang explained ongoing discussions with firms in wireless, internet, and aerospace sectors about integrating quantum communication technology into photonic integrated chips, targeting long-term quantum internet applications.
CFO Christopher Roberts, meanwhile, said that the company was looking actively for acquisition candidates and evaluating them as they come up.
“We’re looking at M&A as a way of doing 2 things. One is to acquire customers and revenue and product lines that can be moved forward and migrated forward with our technologies. And we’re also looking to fill in some key aspects of our own technology road map.”
In terms of key metrics, revenue rose from $61,000 in Q2 to $384,000 in Q3, and there was a move from a net loss of $36 million in Q2 to net income of $2.4 million in Q3, largely due to one-time gains and increased capital.