By Kelly Cloonan
Shares of Quantum Computing rose after the company shared progress on its quantum-chip foundry and logged higher revenue in the first quarter.
The stock rose 35% to $12.47. Shares have increased by almost 15-fold over the past 12 months.
Interim Chief Executive Yuping Huang said late Thursday that the company completed construction on its Quantum Photonic Chip Foundry in Tempe, Ariz., positioning it to meet growing demand for thin-film lithium niobate photonic chips.
The Hoboken, N.J.-based company is now establishing its process-design kit and filling customer orders, and has received five initial orders for its foundry services so far, it said.
"We're encouraged by our early traction, which is the first step in what we believe is a significant, multi-year opportunity to serve the expanding markets in datacom, telecom, and quantum-enabled applications," Huang said.
The company on Thursday logged a first-quarter profit of $17 million, or 11 cents a share, compared with a loss of $6.44 million, or 8 cents a share, a year earlier. The increase in net income was primarily a result of a $23.6 million non-cash gain on the mark-to-market valuation of the company's warrant liability from its merger with QPhoton in 2022, the company said.
Revenue rose 44% to $39,000.
Huang said the company continued to make progress with both government and commercial partners in the quarter, setting up the company to take advantage of further opportunities ahead.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 16, 2025 13:00 ET (17:00 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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