Quantum Computing (NASDAQ: QUBT) stock posted big gains this week. The company’s share price ended the week up 9.4% from where it stood at the end of the previous week’s market close.
Quantum Computing published its first-quarter results on May 11, and the results helped supercharge a rally for the stock. The company reported sales that beat Wall Street’s expectations, and it also reported a smaller-than-expected loss.
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Quantum Computing’s Q1 results were a hit with the market
Quantum Computing recorded a loss of $0.02 per share on sales of $3.69 million in the first quarter. The quantum computing company’s per-share loss was $0.03 lighter than the average Wall Street analyst estimate, and sales topped the average forecast by $0.42 million.
After posting barely any revenue in Q1 last year, Quantum Computing posted meaningful sales this year, thanks in large part to contributions from the integration of acquisitions. The company closed out Q1 with a contract backlog of roughly $16 million and $1.4 billion in cash and equivalents.
What’s next for Quantum Computing?
Thanks to Quantum Computing’s acquisition of Luminar Semiconductor, the company is on track to see a dramatic sales ramp this year — and growth looks poised to accelerate in the coming quarters. Management says that it anticipates that Luminar will contribute between $20 million and $25 million in sales this year. The LSI acquisition appears to have significantly improved the company’s semiconductor and photonics capabilities, and Quantum Computing’s Q1 report and forward guidance suggest that things are heading in the right direction for the company.
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