Quantum Computing, Inc. ( QUBT ) reported first-quarter earnings after the market closed on Thursday. Here’s what you need to know.

What To Know: Quantum posted earnings per share of 11 cents, beating the consensus estimate of a 7 cent-loss. In addition, the company reported sales of $39,000, missing the consensus estimate of $100,000, but representing a year-over-year increase of 44.44%.

The company ended the quarter with $166.4 million in cash and cash equivalents, representing an $87.5 million year-over-year growth. It announced total assets of $242.5 million.

“Quantum delivered solid operational and financial progress in the first quarter, strengthening our balance sheet and advancing key strategic initiatives,” said Dr. Yuping Huang, Interim CEO of Quantum.

“We completed construction during the quarter of our Quantum Photonic Chip Foundry in Tempe, Arizona, a major milestone that positions us to meet growing demand for thin film lithium niobate (TFLN) photonic chips, underscored by the announcement of a fifth purchase during the period.”

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QUBT Price Action: At the time of writing, Quantum stock is trading 31.6% higher at $12.16, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.