Significant Revenue Increase
Revenue during the third quarter totaled approximately $384,000 compared to $101,000 in the same period last year, primarily due to increases in research and development services and custom hardware contracts.
Substantial Capital Raised
Raised $500 million in the third quarter and an additional $750 million subsequent to the quarter, significantly strengthening the balance sheet.
Strategic Commercial Engagements
Completed a transaction with a major US financial institute and recorded revenue from a NASA LIDAR initiative, showcasing growing adoption of quantum solutions.
Strong Financial Position
Ended the third quarter with cash and cash equivalents of $352 million and investments of $460 million, reflecting a substantial increase in financial resources.
Improved Gross Margin
Gross margin for the third quarter increased to 33% compared to 9% in 2024.
Net Income Achievement
Reported net income of $2.4 million for the third quarter compared to a net loss of $5.7 million in the same quarter last year.