Quantum Computing Inc QUBT shares are trading lower in Thursday’s after-hours session on the heels of the company’s fourth-quarter results. Here’s a rundown of the report.

• Q4 Revenue: $62,000, versus estimates of $200,000

• Q4 EPS: Loss of 47 cents, versus estimates for a loss of five cents

Fourth-quarter operating expenses totaled $8.9 million, up from $6.6 million year-over-year. Quantum Computing said it ended the quarter with $78.9 million in cash and cash equivalents.

“QCI made meaningful progress in the fourth quarter strengthening our financial position to support the continued advancement of our quantum solutions and foundry services,” said William McGann, CEO of Quantum Computing.

“With a significantly bolstered balance sheet, we are well-positioned to scale operations and accelerate commercialization efforts.”

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Looking ahead, the company is focused on executing its growth strategy, expanding industry partnerships and delivering on photonic and quantum technologies.

The company said it remains on track to launch its Quantum Photonic Chip Foundry in early 2025. Quantum Computing noted that it has already secured multiple purchase orders.

Quantum Computing executives are currently discussing the quarter on a call with investors and analysts that kicked off at 4:30 p.m. ET.

QUBT Price Action: Quantum Computing shares were down 11.23% after-hours, trading at $6.56 at the time of publication Thursday, according to Benzinga Pro.

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