Key Takeaways
- Quantum Computing’s fourth-quarter loss soared on expenses related to a merger three years ago, and shares sank.
- Operating costs also jumped 35% year-over-year.
- The photonic and quantum optics product maker’s shares took off earlier this week on positive news from another firm in the sector, D-Wave Quantum.
Quantum Computing (QUBT) stock fell Friday, a day after the high-tech firm that produces photonic and quantum optics products reported a widening fourth-quarter loss.
Shares had soared earlier this week when another company in the sector, D-Wave Quantum (QBTS), announced its quantum machine outperformed current supercomputers on certain tasks.
After the bell Thursday, Quantum Computing posted a Q4 net loss of $0.47 per share, more than five times its per-share loss last year. Revenue fell 17% year-over-year to $62,000.
The company said the larger loss was mainly because of costs related to the merger with QPhoton in June 2022. In addition, operating expenses grew 35% to $8.9 million on “higher non-cash employee-based expenses, including stock-based compensation, and increased depreciation expense for production equipment installed at the Company’s TFLN chip foundry in Tempe, AZ.”
Quantum Computing shares sank 14% as markets opened Friday but pared losses and were down 2% about 30 minutes after the opening bell. They have lost about three-quarters of their value since hitting an all-time high in December.
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