Quantum Computing Inc. QUBT shares are trading higher today. The company announced its first secured order for thin film lithium niobate (TFLN) photonic chip technology, marking a milestone for its foundry services. Here’s what you need to know.
What To Know: The order was placed by a prominent research and technology institute in Asia and will use Quantam’s (QCi) proprietary TFLN processing expertise, which is important for producing high-performance photonic integrated circuits (PICs) and devices essential for telecom and datacom markets.
The initial photonic chip deliveries for this order are set for December 2024, with completion expected by the first quarter of 2025.
“By integrating TFLN into our own quantum technology, we are able to enhance the precision and performance of our systems, and QCi is proud to play a critical role in the future of integrated photonics. We anticipate additional orders in the coming months as the photonics community continues to embrace TFLN,” stated Dr. Pouya Dianat, director of PICs and Foundry Services at QCi.
QCi also recently signed two memorandums of understanding (MOUs) with industry partners to develop process design kits (PDKs) and photonic chip design services, aligning with the planned opening of the QCi Foundry in Tempe Arizona, in the first quarter of 2025.
Analyst Reaction: Ascendiant Capital analyst Edward Woo reiterated a “Buy” rating for QCi, raising the price target slightly from $8.25 to $8.50.
QUBT Price Action: QCi shares were up 89.12% at $2.61 at the time of publication Wednesday, according to Benzinga Pro.
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