HOBOKEN, NJ – Quantum Computing Inc. (Nasdaq: QUBT), whose stock has risen more than 1,600% in the past six months and which specializes in photonics and quantum optics technologies, has been awarded a contract by Goddard Space Flight Center NASA to employ its Dirac-3 quantum entropy optimization machine. According to data from InvestingPro, the company has shown promising revenue growth with an increase of 35.6% over the past twelve months. The technology is intended to improve NASA’s imaging and data processing capabilities, specifically targeting the phase unwinding problem associated with radar-generated interferometric data.
The collaboration with NASA aims to demonstrate the potential of the Dirac-3 machine to reconstruct images and extract information more efficiently than current state-of-the-art algorithms on classical computers. QCi CEO Dr. William McGann expressed the company’s pride in supporting NASA’s mission and the opportunity to showcase the benefits of their quantum optimization technology. The company maintains a healthy current cash ratio of 1.61 and operates with a moderate debt level, as revealed by InvestingPro’s analysis.
If successful, this project could lead to improved big data processing for NASA and could set a precedent for applying quantum solutions to similar challenges in other industries. The contract is a testament to QCi’s commitment to advancing quantum and photonic technologies for complex computational problems.
Quantum Computing Inc. offers quantum machines that operate at room temperature and low power, aiming to provide high-performance computing, artificial intelligence, cybersecurity and remote sensing applications at an affordable cost. While the company’s market capitalization stands at $1.3 billion, InvestingPro subscribers can access over 15 additional exclusive tips and comprehensive financial metrics to better understand the company’s growth trajectory and market position .
This partnership is based on a press release and contains forward-looking statements regarding the project objectives and potential broader applications of the technology. As with all such statements, there are inherent risks and uncertainties, and actual results may differ from those anticipated. QCi said it has no intention of updating these statements unless required by law.
In other recent news, Quantum Computing Inc. has made significant progress in the field of quantum computing. The company recently secured a new contract with NASA to develop low-cost quantum remote sensing technologies for space-based LIDAR imaging. Additionally, Quantum Computing Inc. completed a $40 million equity offering, marking a significant financial milestone for the company.
The company is also nearing completion of its quantum photonic chip foundry in Arizona, which is expected to begin operations in 2025. The foundry will produce critical components for the development of photonics-based quantum computers, secure quantum communications, and high-speed datacom solutions. Additionally, Quantum Computing Inc. has secured a new purchase order for its thin-film lithium niobate (TFLN) photonic chip from the University of Texas at Austin, indicating its growing commercial viability.
However, the company risks delisting from the Nasdaq Stock Market due to non-compliance with a listing rule. In analyst notes, Ascendiant Capital changed its outlook on Quantum Computing Inc., reducing its 12-month price target to $8.25 from $8.75 previously, while maintaining a Buy rating on the company’s stock. These are the recent developments of Quantum Computing Inc.
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