Quantum Computing Inc (NASDAQ: QUBT), a quantum optics and nanophononics technology company, said on Tuesday that it had sold its quantum LiDAR prototype to Johns Hopkins University.
Valued at $200,000, the prototype will be used for testing and evaluation within Johns Hopkins’ esteemed research and development program.
The company’s quantum LiDAR system delivers exceptional precision, with a resolution of 3mm and the ability to operate at depths of up to 30 meters beneath the water’s surface.
“Our state-of-the-art underwater scanning LiDAR system is engineered with cutting-edge single-photon detection technology, coupled with a green laser at a wavelength of 532nm. The selection of green light is strategic for its superior ability to penetrate water, ensuring our system captures the most detailed and accurate underwater images possible. The integration of single-photon detection enhances sensitivity to an exceptional degree, enabling us to discern and measure faint signals bounced back by single photons,” Jeevanandha Ramanathan, Research Scientist and leader of Quantum Remote Sensing platform at Quantum Computing Inc, said in a press release.
Stock Performance
The shares of Quantum Computing Inc (QUBT) closed 7.79% ($0.0547) higher at $0.7570 on Nasdaq on Tuesday, as they snapped a three-day streak of losses.
It has been the stock’s largest single-session gain since March 20th.
The company’s total market cap now stands at $69.158 million.
The shares of Quantum Computing Inc (QUBT) went down 39.53% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 17.09% so far this year.
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