Shares of Quantum Computing Inc. (NASDAQ: QUBT) plunged 15.43% in pre-market trading on Friday, following the release of disappointing fourth-quarter 2024 financial results and amid broader concerns in the quantum computing industry.

The company reported its Q4 2024 results after market close on Thursday, revealing a staggering net loss of $51.2 million, or $(0.47) per share, compared to a loss of $6.8 million, or $(0.09) per share, in the same period last year. This significant increase in losses was primarily attributed to non-cash charges related to warrant accounting. Additionally, Quantum Computing Inc. posted revenue of just $62,000 for the quarter, falling well short of analyst expectations of $200,000.

The disappointing financial performance comes at a time when the quantum computing industry is facing increased scrutiny. On Thursday, Nvidia CEO Jensen Huang addressed comments he made earlier this year suggesting that quantum computing wouldn't be "very useful" for 15 to 30 years. While Huang attempted to walk back these remarks during Nvidia's quantum computing event, his previous statements had already triggered a selloff in quantum computing stocks.

The combination of Quantum Computing Inc.'s weak financial results and the ongoing industry uncertainty has led to a sharp decline in the company's stock price. Other quantum computing firms, including D-Wave Quantum, Rigetti Computing, and IonQ, also experienced downward pressure in sympathy with QUBT's decline.

Despite the negative market reaction, Quantum Computing Inc. CEO Dr. William McGann emphasized the company's progress in strengthening its financial position and advancing its quantum solutions and foundry services. However, investors appear to be focusing on the near-term financial performance rather than long-term potential, as the company continues to invest in scaling operations and commercialization efforts.