HOBOKEN, N.J. – Quantum (NASDAQ:QMCO) Computing Inc. (NASDAQ:QUBT), a company specializing in photonics and quantum optics technology, today announced a new purchase order from the University of Texas at Austin for its thin film lithium niobate (TFLN) photonic chip foundry. The order, which is part of QCi’s pilot launch program, is set to be fulfilled in the first quarter of 2025 and will support the University’s RF Acoustic Microsystem Group’s research efforts.
The collaboration with the University of Texas is aimed at advancing chip-scale acoustic and cross-domain microsystems, with QCi providing custom fabrication services tailored to the University’s research needs. The use of standard TFLN processing recipes by QCi is expected to enable scalable industrial processes for these applications. This purchase order is a testament to the commercial viability and expanding capabilities of the QCi Foundry, which is designed to meet the growing demands of various applications including signal processing, sensing, computing, and advanced acoustic systems for volume deployment.
Dr. William McGann, CEO of QCi, expressed enthusiasm for the partnership, stating that it underscores the recognition of TFLN’s importance in the future of telecom, datacom, and quantum markets. The order follows a recent announcement by QCi of its first order for the TFLN photonic chip foundry from a notable research and technology institute in Asia.
The QCi Foundry, located in Tempe, Arizona, is dedicated to processing TFLN and other transition metal ferroelectrics. The facility is scheduled to start production in early 2025, positioning QCi as a key player in the optical chip market based on high-performance TFLN.
Quantum Computing Inc. offers quantum machines that are accessible, affordable, and designed to operate at room temperature and low power. The company’s portfolio includes products for high-performance computing, artificial intelligence, cybersecurity, and remote sensing applications. This news is based on a press release statement from Quantum Computing Inc.
In other recent news, Quantum Computing Inc. has completed a $40 million stock offering, marking a significant financial milestone for the company. Concurrently, the company is progressing toward the launch of its quantum photonic chip foundry, expected to commence operations in 2025. Quantum Computing Inc. has also secured a new contract with NASA to develop cost-effective quantum remote sensing technology for spaceborne LIDAR imaging. Furthermore, the company extended its partnership with Los Alamos National Laboratory, focusing on the Dirac-3 quantum optimization machine. However, Quantum Computing Inc. is currently facing potential delisting from the Nasdaq Stock Market due to non-compliance with a listing rule. 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 some of the recent developments at Quantum Computing Inc.
InvestingPro Insights
Quantum Computing Inc.’s (NASDAQ:QUBT) recent purchase order from the University of Texas at Austin aligns with the company’s growth trajectory, as reflected in its financial metrics and market performance. According to InvestingPro data, QUBT has shown impressive revenue growth, with a 102.0% increase in quarterly revenue as of Q3 2024. This strong growth is consistent with the company’s expanding capabilities and commercial viability of its TFLN photonic chip foundry.
InvestingPro Tips highlight that analysts anticipate sales growth in the current year, which is in line with the company’s recent order announcements and the scheduled production start of the QCi Foundry in early 2025. Additionally, the stock has demonstrated a strong return over the last month and three months, with price total returns of 176.09% and 313.48% respectively, indicating growing investor confidence in QUBT’s potential.
However, it’s important to note that QUBT operates with a moderate level of debt and is not currently profitable. The company’s P/E ratio of -10.42 (adjusted for the last twelve months as of Q3 2024) suggests that investors are pricing in future growth expectations rather than current earnings.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for QUBT, providing a deeper understanding of the company’s financial health and market position.
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