Quantum Computing Inc. (QCI) reported 2022 total revenue at $135,648 versus no revenue in 2021. Operating expenses were $36.5 million versus $17.1 million in the prior year due to impact of its merger with QPhoton, increase in engineering personnel, non-stock based compensation, and other factors. The net loss was $38.5 million versus $10.7 million in the prior year. The company ended the year with Cash and Cash Equivalents of $5.3 million versus $16.7 million at the end of 2021. After the end of the year, the company has received $6.4 million from sales of $3 million of their shares via an at-the-market facility managed by Ascendiant Capital.

2022 was a pivotal year for the company due to their acquisition of QPhoton which allowed them to offer Quantum Computing as a Service (QCaaS) with a full-stack quantum computing capability. The company has been working on several proof-of-concept projects including projects to optimize sensor placement on a BMW automobile, optimize flight trajectories with VIPC, detect fraudulent banking transactions with Rabobank, optimize windmill placement, optimize nuclear fuel rod replacements, and predict stock performance. They also created a new subsidiary QI Solutions, Inc. to pursue government business.

The company also indicated their roadmap for product development including a Dirac-2 follow-on to the existing Dirac-1 that supports calculations based upon Qudits (0-53 variables) instead of Qubits, a Reservoir Quantum Computer, a Quantum Random Number generator, and other products based upon quantum photonics. The companys goal is to hit EBITDA and cashflow breakeven within 2 years at a revenue level of about $30 million.

For more information about QCIs financial report, you can view their press release posted on their website here.

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Quantum Computing Inc. Announces 2022 Financial Results and Starts Transition to Commercialization - Quantum Computing Report