The stock of small-cap stock %QuantumComputing (NASDAQ: $QUBT) is soaring after the company reported its first ever profit and announced that it has completed construction on a foundry.
The New Jersey-based quantum technology company, which has a market capitalization of only $1.67 billion U.S., has seen its share price rise more than 30% since its latest quarterly print.
Quantum Computing reported earnings per share (EPS) of $0.11 U.S., which was much better than a loss of -$0.07 U.S. expected on Wall Street.
Revenue of $39,000 U.S. was below the consensus estimate of $300,000 U.S. that had been forecast among analysts.
However, investors appear to be focusing on the fact that Quantum Computing has turned profitable and is bringing a new foundry online, which should drive future earnings higher.
Specifically, the company said that it has completed construction of its Quantum Photonic Chip Foundry in Tempe, Arizona and has already received five initial orders.
The company has also secured a $406,000 U.S. NASA subcontract and additional quantum machine orders from Delft University in the Netherlands.
The balance sheet of Quantum Computing also strengthened during the year’s first quarter with its cash position increasing to $166.4 million U.S.
All the positive news has given investors a bullish outlook on Quantum Computing, pushing its share price up sharply in the process.
It’s a big reversal for QUBT stock, which had experienced a sharp selloff in recent months amid questions about the viability of advanced quantum computing.
Quantum Computing is one of several small-cap start-up companies that are focused on the commercialization of quantum computing technologies, along with %IonQ (NASDAQ: $IONQ) and Rigetti Computing (RGTI).
That Quantum Computing has now turned a profit is being treated as a major milestone for the company and broader quantum computing sector.
Investors might want to jump on QUBT stock while it is still trading for a little more than $10 U.S. per share
