2025 Q1 Form 10-K Financial Statement
#000121390025025561 Filed on March 20, 2025
Income Statement
Concept | 2025 Q1 | 2024 Q4 | 2024 |
---|---|---|---|
Revenue | $373.0K | ||
YoY Change | 4.18% | ||
Cost Of Revenue | $261.0K | ||
YoY Change | 33.41% | ||
Gross Profit | $112.0K | ||
YoY Change | -31.04% | ||
Gross Profit Margin | 30.03% | ||
Selling, General & Admin | $14.73M | ||
YoY Change | -29.64% | ||
% of Gross Profit | 13152.68% | ||
Research & Development | $11.32M | ||
YoY Change | 75.54% | ||
% of Gross Profit | 10105.36% | ||
Depreciation & Amortization | $694.0K | ||
YoY Change | -64.55% | ||
% of Gross Profit | 619.64% | ||
Operating Expenses | $26.05M | ||
YoY Change | -4.87% | ||
Operating Profit | -$25.94M | ||
YoY Change | -4.72% | ||
Interest Expense | |||
YoY Change | |||
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$68.54M | ||
YoY Change | 130.54% | ||
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$68.54M | ||
YoY Change | 130.54% | ||
Net Earnings / Revenue | -18375.87% | ||
Basic Earnings Per Share | -$0.73 | ||
Diluted Earnings Per Share | -$0.73 | ||
COMMON SHARES | |||
Basic Shares Outstanding | 137.2M shares | 91.35M shares | 93.88M shares |
Diluted Shares Outstanding | 93.88M shares |
Balance Sheet
Concept | 2025 Q1 | 2024 Q4 | 2024 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $78.90M | ||
Short-Term Investments | |||
Other Short-Term Assets | |||
YoY Change | |||
Inventory | $18.00K | ||
Prepaid Expenses | |||
Receivables | $27.00K | ||
Other Receivables | |||
Total Short-Term Assets | $79.15M | ||
YoY Change | 2387.66% | ||
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $8.212M | ||
YoY Change | 123.78% | ||
Goodwill | $55.57M | ||
YoY Change | -7.93% | ||
Intangibles | $8.972M | ||
YoY Change | -21.22% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $129.0K | ||
YoY Change | -0.04% | ||
Total Long-Term Assets | $74.41M | ||
YoY Change | -1.51% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $79.15M | ||
Total Long-Term Assets | $74.41M | ||
Total Assets | $153.6M | ||
YoY Change | 95.05% | ||
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $1.372M | ||
YoY Change | -6.13% | ||
Accrued Expenses | $2.134M | ||
YoY Change | 989.22% | ||
Deferred Revenue | $79.00K | ||
YoY Change | |||
Short-Term Debt | |||
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $4.559M | ||
YoY Change | -1.31% | ||
LONG-TERM LIABILITIES | |||
Long-Term Debt | |||
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | |||
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.559M | ||
Total Long-Term Liabilities | |||
Total Liabilities | $46.27M | ||
YoY Change | 747.52% | ||
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$200.5M | ||
YoY Change | 33.92% | ||
Common Stock | $13.00K | ||
YoY Change | 67.85% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $107.3M | ||
YoY Change | |||
Total Liabilities & Shareholders Equity | $153.6M | ||
YoY Change | 95.05% |
Cashflow Statement
Concept | 2025 Q1 | 2024 Q4 | 2024 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$68.54M | ||
YoY Change | 130.54% | ||
Depreciation, Depletion And Amortization | $694.0K | ||
YoY Change | -64.55% | ||
Cash From Operating Activities | -$16.21M | ||
YoY Change | -18.69% | ||
INVESTING ACTIVITIES | |||
Capital Expenditures | $6.036M | ||
YoY Change | 184.99% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$6.036M | ||
YoY Change | 130.56% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | $215.0K | ||
YoY Change | -75.14% | ||
Common Stock Issuance & Retirement, Net | $106.8M | ||
YoY Change | 318.88% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $99.14M | ||
YoY Change | 413.4% | ||
NET CHANGE | |||
Cash From Operating Activities | -$16.21M | ||
Cash From Investing Activities | -$6.036M | ||
Cash From Financing Activities | $99.14M | ||
Net Change In Cash | $76.89M | ||
YoY Change | -2466.32% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | -$16.21M | ||
Capital Expenditures | $6.036M | ||
Free Cash Flow | -$22.25M | ||
YoY Change | 0.86% |
Facts In Submission
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NetIncomeLoss
|
-68542000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-27022000 | usd |
CY2024 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3798000 | usd |
CY2023 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
3307000 | usd |
CY2024 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
2059000 | usd |
CY2023 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
925000 | usd |
CY2024 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
40532000 | usd |
CY2023 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-528000 | usd |
CY2024 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
666000 | usd |
CY2024 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
279000 | usd |
CY2023 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
279000 | usd |
CY2024 | qubt |
Other Recognized Lossesgains
OtherRecognizedLossesgains
|
-4000 | usd |
CY2023 | qubt |
Other Recognized Lossesgains
OtherRecognizedLossesgains
|
-5000 | usd |
CY2024 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
5782000 | usd |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4271000 | usd |
CY2024 | qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
23000 | usd |
CY2023 | qubt |
Stockbased Compensation Expense For Services
StockbasedCompensationExpenseForServices
|
284000 | usd |
CY2024 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-38000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
52000 | usd |
CY2024 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-55000 | usd |
CY2023 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
70000 | usd |
CY2024 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-16000 | usd |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
110000 | usd |
CY2023 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
69000 | usd |
CY2024 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-90000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
596000 | usd |
CY2024 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
79000 | usd |
CY2024 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
550000 | usd |
CY2023 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
110000 | usd |
CY2024 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-130000 | usd |
CY2023 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-241000 | usd |
CY2024 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16213000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-18315000 | usd |
CY2024 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
6036000 | usd |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2112000 | usd |
CY2023 | us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
500000 | usd |
CY2024 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-6036000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2612000 | usd |
CY2024 | qubt |
Proceeds Raised From Financial Liabilities Net Of Issuance Costs
ProceedsRaisedFromFinancialLiabilitiesNetOfIssuanceCosts
|
6995000 | usd |
CY2024 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
10313000 | usd |
CY2023 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
6187000 | usd |
CY2024 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
215000 | usd |
CY2023 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
865000 | usd |
CY2024 | us-gaap |
Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
|
4098000 | usd |
CY2024 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
106766000 | usd |
CY2023 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
24730000 | usd |
CY2024 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
99135000 | usd |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
17678000 | usd |
CY2024 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
76886000 | usd |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-3249000 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2059000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
5308000 | usd |
CY2024Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
78945000 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2059000 | usd |
CY2024 | us-gaap |
Interest Paid Net
InterestPaidNet
|
268000 | usd |
CY2023 | us-gaap |
Interest Paid Net
InterestPaidNet
|
813000 | usd |
CY2024 | qubt |
Reclassification Of Series A Preferred Stock To Mezzanine Equity
ReclassificationOfSeriesAPreferredStockToMezzanineEquity
|
8195000 | usd |
CY2024 | qubt |
Valuation Of Derivative Associated With Convertible Financial Liability
ValuationOfDerivativeAssociatedWithConvertibleFinancialLiability
|
666000 | usd |
CY2024 | qubt |
Conversion Of Series A Preferred To Common Stock
ConversionOfSeriesAPreferredToCommonStock
|
4097000 | usd |
CY2024 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
765000 | usd |
CY2024 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1 – Nature of the Organization and Business</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Corporate History</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Quantum Computing Inc. (“QCi” or the “Company”) was formed in the State of Nevada on July 25, 2001, under its original name, Ticketcart, Inc., which was changed to Innovative Beverage Group Holdings, Inc. in 2009. The Company redomiciled to Delaware on February 22, 2018 and changed its name to Quantum Computing Inc. Effective July 20, 2018, the trading symbol for the Company’s common stock, par value $0.0001, on the OTC Market changed from “IBGH” to “QUBT”. On July 15, 2021 the Company uplisted to The Nasdaq Stock Market LLC. On June 16, 2022, the Company merged with QPhoton, Inc. (“QPhoton”), a developer of quantum photonic systems and related technologies and applications. The QPhoton Merger enabled us to develop hardware applications integrated with the Company’s software platform, Qatalyst, that existed before the QPhoton Merger.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Nature of Business</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">QCi is an American company utilizing integrated photonics and non-linear quantum optics to develop and deliver machines for quantum computing, reservoir computing, and remote sensing, imaging and cybersecurity applications based on patented and proprietary photonics technology. QCi’s products are designed to operate at room temperature and at very low power levels compared to other quantum systems currently available in the market, such as superconducting, ion-trap, or annealing architectures. Our core photonics technology enables the execution of a go-to-market strategy which emphasizes scalability, accessibility and affordability. Our quantum machines, supported by professional services through our “Quantum Solutions” offering, enable subject matter experts (SMEs) and end users to deliver critical business solutions involving highly complex optimization problems.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The leading application of our quantum offerings today is our Entropy Quantum Computing. Our longer-term product development plan is to migrate the EQC’s current design, as well as other product designs based on discrete components, to a set of optical integrated circuits (TFLN Optical Chips) built on TFLN wafers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Liquidity</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets, and the satisfaction of liabilities in the normal course of business. We have not achieved a level of sales adequate to support the Company’s cost structure. The Company has historically incurred losses and negative cash flows from operations. During the year ended December 31, 2024, the Company issued 49,679 shares of common stock for net proceeds of $106.8 million. Cash and cash equivalents on hand were $78.9 million as of December 31, 2024. As of December 31, 2024, the Company also had an accumulated deficit of $200.5 million and working capital of $74.6 million. In January 2025, the Company issued 8,163,266 shares of common stock for net proceeds of $93.3 million. As a result, the Company has adequate cash and cash equivalents on hand to meet its obligations over the next 12 months.</p> | |
CY2024 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2018-07-20 | |
CY2018Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2024 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
106800000 | usd |
CY2024Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
78900000 | usd |
CY2024Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-200500000 | usd |
CY2024 | qubt |
Working Capital Deficit
WorkingCapitalDeficit
|
74600000 | usd |
CY2024 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Reclassifications</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain reclassifications have been made to the fiscal year 2023 consolidated financial statements to conform ot the fiscal year 2024 presentation. The reclassifications had no impact on net loss, total assets, total liabilities, or stockholders’ equity.</p> | |
CY2024 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates required to be made by management include the valuation of goodwill and intangible assets, deferred tax assets, equity-based transactions and liquidity assessment. Actual results may differ from these estimates.</p> | |
CY2024Q4 | us-gaap |
Deposits Money Market Deposits
DepositsMoneyMarketDeposits
|
78900000 | usd |
CY2023Q4 | us-gaap |
Deposits Money Market Deposits
DepositsMoneyMarketDeposits
|
960000 | usd |
CY2024 | us-gaap |
Revenues
Revenues
|
373000 | usd |
CY2023 | us-gaap |
Revenues
Revenues
|
358000 | usd |
CY2024Q4 | us-gaap |
Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
|
0.04 | pure |
CY2024 | us-gaap |
Revenues
Revenues
|
373000 | usd |
CY2023 | us-gaap |
Revenues
Revenues
|
358000 | usd |
CY2024 | us-gaap |
Provision For Other Credit Losses
ProvisionForOtherCreditLosses
|
3500 | usd |
CY2024Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
78900000 | usd |
CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
78900000 | usd |
CY2024 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-68542000 | usd |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-27022000 | usd |
CY2023 | us-gaap |
Dividends Preferred Stock Cash
DividendsPreferredStockCash
|
861000 | usd |
CY2024 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-68542000 | usd |
CY2024 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-68542000 | usd |
CY2023 | us-gaap |
Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
|
-27883000 | usd |
CY2023 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-27883000 | usd |
CY2024 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
93881000 | shares |
CY2024 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
93881000 | shares |
CY2023 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
66611000 | shares |
CY2023 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
66611000 | shares |
CY2024 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.73 | |
CY2024 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.73 | |
CY2023 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.42 | |
CY2023 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.42 | |
CY2024 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
18487000 | shares |
CY2023 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
19525000 | shares |
CY2024 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | pure |
CY2024 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
423000 | usd |
CY2023 | us-gaap |
Interest And Other Income
InterestAndOtherIncome
|
295000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16991000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
8019000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
8972000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
16991000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
4915000 | usd |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
12076000 | usd |
CY2024 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
3100000 | usd |
CY2023 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
3100000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
2472000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
2021000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
1903000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
1819000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
757000 | usd |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
8972000 | usd |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
-0.031 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
-0.124 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
0.02 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
0.027 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
-0.005 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
0 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
0 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
|
-0.001 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
|
-0.003 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
|
-0.001 | pure |
CY2024 | qubt |
Effective Income Tax Rate Reconciliation True Ups Income Taxes
EffectiveIncomeTaxRateReconciliationTrueUpsIncomeTaxes
|
0 | pure |
CY2023 | qubt |
Effective Income Tax Rate Reconciliation True Ups Income Taxes
EffectiveIncomeTaxRateReconciliationTrueUpsIncomeTaxes
|
0 | pure |
CY2022 | qubt |
Effective Income Tax Rate Reconciliation True Ups Income Taxes
EffectiveIncomeTaxRateReconciliationTrueUpsIncomeTaxes
|
0 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.06 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.223 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.237 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | pure |
CY2023 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.004 | pure |
CY2022 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | pure |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | pure |
CY2024Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
|
89000000 | usd |
CY2024Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
|
7000000 | usd |
CY2021 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Settlements State And Local
EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal
|
0.80 | pure |
CY2024 | us-gaap |
Subsidiary Or Equity Method Investee Cumulative Percentage Ownership After All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions
|
0.50 | pure |
CY2024Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
89400000 | usd |
CY2024 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
|
0.30 | pure |
CY2024Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
14000000 | usd |
CY2024Q4 | us-gaap |
Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
|
3000000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
13000000 | usd |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
|
0.26 | pure |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
|
11000000 | usd |
CY2023Q4 | us-gaap |
Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
|
2000000 | usd |
CY2024 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
16000000 | usd |
CY2024Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
878000 | usd |
CY2024 | us-gaap |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
|
96767000 | usd |
CY2024 | us-gaap |
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
|
167774000 | usd |
CY2024Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
263541000 | usd |
CY2024Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
9178000 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
3142000 | usd |
CY2024Q4 | us-gaap |
Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
|
966000 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Owned Accumulated Depreciation
PropertyPlantAndEquipmentOwnedAccumulatedDepreciation
|
272000 | usd |
CY2024Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
8212000 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2870000 | usd |
CY2024 | us-gaap |
Property Plant And Equipment Gross Period Increase Decrease
PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease
|
6000000 | usd |
CY2024 | us-gaap |
Depreciation
Depreciation
|
694000 | usd |
CY2023 | us-gaap |
Depreciation
Depreciation
|
203000 | usd |
CY2024 | qubt |
Property Plant And Equipment Yet To Placed Have Not Started Depreciating
PropertyPlantAndEquipmentYetToPlacedHaveNotStartedDepreciating
|
5400000 | usd |
CY2023Q4 | us-gaap |
Notes And Loans Payable Current
NotesAndLoansPayableCurrent
|
2063000 | usd |
CY2023Q4 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
138000 | usd |
CY2023Q4 | us-gaap |
Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
|
1925000 | usd |
CY2023Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
14000 | usd |
CY2024Q3 | us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
450000 | usd |
CY2024Q3 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
55000 | usd |
CY2022Q1 | us-gaap |
Investment Sold Not Yet Purchased Balance Principal Amount
InvestmentSoldNotYetPurchasedBalancePrincipalAmount
|
1250000 | usd |
CY2022Q2 | us-gaap |
Investment Sold Not Yet Purchased Balance Principal Amount
InvestmentSoldNotYetPurchasedBalancePrincipalAmount
|
1250000 | usd |
CY2022Q2 | us-gaap |
Loans Assumed1
LoansAssumed1
|
2500000 | usd |
CY2022Q2 | us-gaap |
Investment Interest Rate
InvestmentInterestRate
|
0.15 | pure |
CY2022Q1 | us-gaap |
Investment Interest Rate
InvestmentInterestRate
|
0.15 | pure |
CY2024 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 – Contingencies </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indemnification Arrangements</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We enter into standard indemnification arrangements in our ordinary course of business. Pursuant to these arrangements, we indemnify, hold harmless, and agree to reimburse the indemnified parties for losses suffered or incurred by the indemnified parties (generally our business partners or customers) in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to our products. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments we could be required to make under these agreements is not determinable. We have never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, we believe the estimated fair value of these agreements is minimal.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into indemnification agreements with our directors and officers that may require us to indemnify our directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of a culpable nature. These agreements also require us to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified and to make good faith determination whether or not it is practicable for us to obtain directors and officers insurance. We currently have directors and officers liability insurance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Legal Proceedings</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may be involved in legal proceedings arising in the ordinary course of business. In general, management believes that ordinary course of business matters will not have a material adverse effect on our consolidated financial position or consolidated results of operations and are adequately covered by our liability insurance. However, it is possible that consolidated cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one of more of these contingencies or because of the diversion of management’s attention and the incurrence of significant expenses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Part I, Item 3, <i>Legal Proceedings</i>, in this Form 10-K for additional details on the status of the following proceedings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">BV Advisory v. QCi Breach Lawsuit</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the time of the QPhoton Merger in June 2022, QPhoton had an outstanding balance of principal and interest due to BV Advisory based on a note purchase agreement that QPhoton had entered into with BV Advisory on March 1, 2021 (the “BV Note Purchase Agreement”). Accordingly, the Company has recorded an estimated payable (the “BV Advisory Payable”), recognized as other current liabilities on the consolidated financial statements, based on best available information in the amount of $536 thousand as of December 31, 2024 and 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, BV Advisory filed a complaint Delaware Chancery Court naming the Company and certain of its directors and officers (among others) as defendants seeking, among other relief, monetary damages for an alleged breach of the BV Note Purchase Agreement. During the year ended December 31, 2024, BV Advisory’s other claims were dismissed by the Delaware Chancery Court and BV Advisory transferred its claim for breach of the BV Note Purchase Agreement to the Delaware Superior Court. The Company believes that BV Advisory’s claims have no merit and intends to defend itself vigorously. BV Advisory’s claims are not covered by the Company’s liability insurance, nor does the Company believe it is necessary to accrue an amount in addition to the BV Advisory Payable at this time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">BV Advisory v. QCi Appraisal Action</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BV Advisory was purportedly a shareholder of QPhoton, Inc., the predecessor in interest to QPhoton, LLC, a wholly owned subsidiary of the Company (both referred to as “QPhoton” in this Legal Proceedings discussion). BV Advisory rejected the Merger Consideration (as defined below) and on October 13, 2022 filed a petition in the Delaware Chancery Court seeking appraisal of the shares of QPhoton it allegedly owned (which shares represented 10% of the shares of QPhoton outstanding immediately prior to the Company’s acquisition of QPhoton). The Appraisal Petition is currently pending in Delaware Chancery Court. The Company included BV Advisory’s purported ownership of QPhoton in the purchase price accounting for the QPhoton Merger.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s total purchase price of QPhoton was approximately $71.0 million, or $69.9 million net of cash acquired, consisting of Company common stock, Series B Preferred Stock and QPhoton Warrants (as defined below). While the total shares of the Company’s common stock on an as-converted basis offered in the QPhoton Merger was 36,600,823 (the “Merger Consideration”), the fair market valuation contemplated 31,299,417 of the shares, which assumed full conversion of the 2,377,028 shares of Series B Preferred Stock to common stock at the 10:1 ratio, and that only 1,726,931 of the warrants to purchase up to 7,028,337 shares of the Company’s common stock (the “QPhoton Warrants”) would eventually be exercised (specifically only the QPhoton Warrants for which the associated Company options and/or warrants had an exercise price at or below $2.27 at the time of the QPhoton Merger).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, as of December 31, 2024 and 2023, the Company has neither issued 2,957,251 shares of the Company’s common stock on an as converted basis (the “Unissued QPhoton Shares”) nor 702,834 warrants to purchase shares of the Company’s common stock (the “Unissued QPhoton Warrants”) that were included in the Merger Consideration. The Unissued QPhoton Shares are included in the statement of stockholder’s equity as additional paid in capital as of as of December 31, 2024 and 2023, and the Unissued QPhoton Warrants have a carrying value of $40.5 million as a liability on the Company’s consolidated balance sheet as of December 31, 2024, and <span style="-sec-ix-hidden: hidden-fact-96">no</span> carrying value as a liability on the Company’s consolidated balance sheet as of December 31, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>QCi v. BV Advisory Injunction Lawsuit</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 31, 2025, the Company filed a complaint in Delaware Chancery Court against BV Defendants (BV Advisory and its principal Keith Barksdale) asserting claims for defamation, breach of contract, conversion, aiding and abetting conversion, and misappropriation of trade secrets based on the BV Defendants’ unauthorized possession and dissemination of certain of the Company’s confidential and privileged documents. The Company seeks, among other relief, injunctive relief and damages. On February 11, 2025, the Court granted the Company’s motion for temporary restraining order and instructed the parties to negotiate an expedited case schedule. On February 13, 2025, the Court entered a stipulated case schedule that set a trial for April 8 and 9, 2025 on the Company’s claims for conversion, aiding and abetting conversion, and misappropriation of trade secrets. The parties are currently engaged in discovery. The Company does not believe it is necessary to accrue a litigation reserve at this time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Securities Class Action Lawsuit</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 25, 2025, a class action lawsuit was filed against the Company and certain of its current and past officers in the New Jersey District Court, by a plaintiff seeking to represent a class of all persons who purchased the Company’s securities between March 30, 2020 and January 15, 2025, alleging violations of Section 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose material information about the Company’s customers, contracts and business operations. To date, the New Jersey District Court has not certified a class or designated a lead plaintiff. The Company disputes the allegations in the complaint, intends to vigorously defend against the claims asserted, and does not believe it is necessary to accrue a litigation reserve at this time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Arbitration over Stock Options</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2025, the Company entered into arbitrations with Former Consultants (two individuals) regarding forfeiture of stock options. The Company had issued stock options to the consultants in 2020 and 2021 and terminated the Former Consultants’ agreements in March 2024, at which time the Company informed the Former Consultants that any vested options had to be exercised within three months of the termination date, per the Company’s Equity and Incentive Plans. The Former Consultants did not exercise their vested options, and the options were duly forfeited. In December 2024, the Former Consultants claim that they still retain the right to exercise the options, which the Company has rejected. The Company believes these claims are without merit, intends to defend itself vigorously, and does not believe it is necessary to accrue a litigation reserve at this time.</p> | |
CY2024 | qubt |
Fair Market Valuation Contemplated Shares
FairMarketValuationContemplatedShares
|
31299417 | shares |
CY2024 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
2377028 | shares |
CY2024Q4 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
7028337 | shares |
CY2024Q4 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
40500000 | usd |
CY2024Q4 | us-gaap |
Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
|
558000 | usd |
CY2024Q4 | us-gaap |
Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
|
558000 | usd |
CY2024Q4 | us-gaap |
Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
|
5.5 | |
CY2024Q1 | us-gaap |
Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
|
5.5 | |
CY2024Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
16000000 | shares |
CY2024Q4 | us-gaap |
Sale Of Stock Price Per Share
SaleOfStockPricePerShare
|
2.5 | |
CY2024Q4 | qubt |
Other Offering Expenses
OtherOfferingExpenses
|
40000000 | usd |
CY2024Q4 | us-gaap |
Convertible Debt
ConvertibleDebt
|
9300000 | usd |
CY2024Q4 | qubt |
Cash Fee Percentage
CashFeePercentage
|
0.0725 | pure |
CY2024Q4 | qubt |
Percentage Of Securities Sold
PercentageOfSecuritiesSold
|
0.05 | pure |
CY2024Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
2.875 | |
CY2024Q4 | qubt |
Fee And Expenses
FeeAndExpenses
|
100000 | usd |
CY2024Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
1540000 | shares |
CY2024Q4 | qubt |
Placement Shares
PlacementShares
|
8460000 | shares |
CY2024Q4 | us-gaap |
Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
|
5 | |
CY2024Q4 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
42300000 | usd |
CY2024Q4 | us-gaap |
Investment Interest Rate Paid In Cash
InvestmentInterestRatePaidInCash
|
0.07 | pure |
CY2024Q4 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
500000 | usd |
CY2024Q4 | qubt |
Percentage Of Securities Sold Offerings
PercentageOfSecuritiesSoldOfferings
|
0.05 | pure |
CY2024Q4 | qubt |
Fee And Expenses
FeeAndExpenses
|
100000 | usd |
CY2022Q2 | us-gaap |
Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
|
6300000 | shares |
CY2022Q2 | us-gaap |
Warrant Exercise Price Increase
WarrantExercisePriceIncrease
|
0.0001 | |
CY2024 | us-gaap |
Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
|
6300000 | usd |
CY2024 | us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
7000000 | usd |
CY2024 | us-gaap |
Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
|
457926 | shares |
CY2024 | qubt |
Forfeited Percentage
ForfeitedPercentage
|
0.65 | pure |
CY2024 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
40500000 | usd |
CY2023 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-528000 | usd |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
9165000 | shares |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.51 | |
CY2022Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P4Y2M12D | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
5340000 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
1.38 | |
CY2023 | qubt |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm2
|
P5Y | |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
662000 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
4.41 | |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
13843000 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.64 | |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P3Y8M12D | |
CY2024 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
830000 | shares |
CY2024 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
0.92 | |
CY2024 | qubt |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm2
|
P5Y | |
CY2024 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
1690000 | shares |
CY2024 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
4.14 | |
CY2024Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
12983000 | shares |
CY2024Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
2.34 | |
CY2024 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P2Y10M24D | |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
8803000 | shares |
CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
3.21 | |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P3Y4M24D | |
CY2024Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
9646000 | shares |
CY2024Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
2.66 | |
CY2024 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P2Y8M12D | |
CY2024 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
CY2024 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2023 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y | |
CY2024Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
12983000 | shares |
CY2024Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
9646000 | shares |
CY2024 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
5782000 | usd |
CY2023 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4271000 | usd |
CY2024 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
1500000 | usd |
CY2023 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
33000 | usd |
CY2024 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
|
23000 | usd |
CY2023 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
|
284000 | usd |
CY2024 | us-gaap |
Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
|
142000 | shares |
CY2023 | us-gaap |
Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
|
1600000 | shares |
CY2024Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
437000 | usd |
CY2024Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
591000 | usd |
CY2024Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
515000 | usd |
CY2024Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
212000 | usd |
CY2024Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
1755000 | usd |
CY2024Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
136000 | usd |
CY2024Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
1619000 | usd |
CY2024Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
438000 | usd |
CY2024Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
1181000 | usd |
CY2024 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
385000 | usd |
CY2023 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
411000 | usd |
CY2024Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3Y3M18D | |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3Y8M12D | |
CY2024Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | pure |
CY2023Q4 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.10 | pure |
CY2024 | qubt |
Consideration Agreement Description
ConsiderationAgreementDescription
|
As consideration for the license and other rights granted under the agreement, QPhoton agreed to pay the following: (i) $35 thousand within 30 days of execution of the agreement, (ii) $28 thousand within 30 days of each annual anniversary of the effective date, (iii) equity in the Company equivalent to 9.0% of the membership units of the Company within 30 days of the execution of the agreement, and (iv) royalties of 3.5% of the Net Sales Price of each licensed product sold or licensed by the Company during the quarter then-ended, for which it also received payment, concurrent with the delivery of the relevant quarterly report. | |
CY2024Q4 | us-gaap |
Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
|
usd | |
CY2024Q4 | us-gaap |
Financial Services Liabilities
FinancialServicesLiabilities
|
usd | |
CY2023Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
usd | |
CY2023Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
|
usd | |
CY2024Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2024 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
usd | |
CY2024 | us-gaap |
Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
|
usd | |
CY2023 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
usd | |
CY2024 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
usd | |
CY2023 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
usd | |
CY2024 | us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
usd | |
CY2023 | qubt |
Proceeds Raised From Financial Liabilities Net Of Issuance Costs
ProceedsRaisedFromFinancialLiabilitiesNetOfIssuanceCosts
|
usd | |
CY2023 | us-gaap |
Payments For Repurchase Of Preferred Stock And Preference Stock
PaymentsForRepurchaseOfPreferredStockAndPreferenceStock
|
usd | |
CY2023 | qubt |
Reclassification Of Series A Preferred Stock To Mezzanine Equity
ReclassificationOfSeriesAPreferredStockToMezzanineEquity
|
usd | |
CY2023 | qubt |
Valuation Of Derivative Associated With Convertible Financial Liability
ValuationOfDerivativeAssociatedWithConvertibleFinancialLiability
|
usd | |
CY2024 | us-gaap |
Dividends Preferred Stock Cash
DividendsPreferredStockCash
|
usd | |
CY2024Q4 | us-gaap |
Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
|
usd | |
CY2023Q4 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
usd | |
CY2024Q4 | us-gaap |
Notes And Loans Payable Current
NotesAndLoansPayableCurrent
|
usd | |
CY2024Q4 | us-gaap |
Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
|
usd | |
CY2024Q4 | us-gaap |
Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
|
usd | |
CY2024Q4 | us-gaap |
Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
|
usd | |
CY2023Q4 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
usd | |
CY2024Q4 | us-gaap |
Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
|
P2Y | |
CY2024Q4 | us-gaap |
Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
|
http://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent | |
CY2024 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001758009 | |
CY2024 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2024 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY |