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QUBT

Quantum Computing, Inc.

QUBT

Quantum Computing, Inc. • NASDAQ
$11.69 ▲ 2.01% (+0.23)
Market Cap $1.60 B
52w High $27.15
52w Low $4.37
Dividend Yield 0%
P/E -17.98
Volume 9.25M
Outstanding Shares 136.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $384K ▲ $10.53M ▲ $2.356M ▲ 613.542% ▲ $0.01 ▲ $3.314M ▲
Q2-2025 $61K ▲ $10.197M ▲ $-36.482M ▼ -59.807K% ▼ $-0.26 ▼ $-35.315M ▼
Q1-2025 $39K ▼ $7.324M ▼ $16.982M ▲ 43.544K% ▲ $0.13 ▲ $18.015M ▲
Q4-2024 $62K ▼ $7.692M ▲ $-51.237M ▼ -82.64K% ▼ $-0.55 ▼ $-47.947M ▼
Q3-2024 $101K $4.596M $-5.675M -5.619K% $-0.061 $-4.517M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $555.572M ▲ $898.17M ▲ $20.32M ▼ $877.85M ▲
Q2-2025 $348.758M ▲ $426.084M ▲ $30.102M ▲ $395.982M ▲
Q1-2025 $166.429M ▲ $242.533M ▲ $21.706M ▼ $220.827M ▲
Q4-2024 $78.945M ▲ $153.559M ▲ $46.272M ▲ $107.287M ▲
Q3-2024 $3.064M $76.81M $10.908M $65.902M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.382M ▲ $-8.744M ▼ $-463.412M ▼ $475.834M ▲ $3.678M ▼ $-11.521M ▼
Q2-2025 $-36.482M ▼ $-6.103M ▼ $-1.024M ▲ $189.456M ▲ $182.329M ▲ $-7.127M ▼
Q1-2025 $16.982M ▲ $-4.431M ▼ $-1.733M ▲ $93.648M ▲ $87.484M ▲ $-6.164M ▲
Q4-2024 $-51.237M ▼ $-3.774M ▲ $-2.866M ▼ $82.521M ▲ $75.881M ▲ $-6.64M ▼
Q3-2024 $-5.675M $-4.577M $-514K $5.629M $538K $-5.091M

Five-Year Company Overview

Income Statement

Income Statement Over the past several years, the company has effectively had no meaningful revenue while running ongoing operating losses. The loss levels are relatively small in absolute terms but persistent, which is typical of an early-stage deep-tech firm still building and testing products. Earnings per share have been negative throughout, showing that the business is still very much in the investment and development phase rather than in a mature commercial phase. The key financial question on the income side is whether and how quickly recent contract wins and product launches can translate into recurring, diversified revenue that covers its cost base.

Balance Sheet

Balance Sheet The balance sheet is small but has improved recently, with total assets and cash stepping up from very low levels. Cash now represents a large share of total assets, and there is essentially no meaningful financial debt, which reduces interest burden but also signals reliance on equity funding. Shareholders’ equity has grown over time, suggesting the company has repeatedly raised capital to fund operations. While this gives some buffer to continue developing its technology, it also points to a dependence on capital markets and the potential for further dilution if losses continue without a strong revenue ramp.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting ongoing spending on salaries, research, and overhead with little or no offsetting revenue. Investment spending has been modest in the historical figures, but the strategy around in-house chip fabrication and hardware suggests that capital needs could rise as facilities are built out and scaled. Free cash flow has been negative each year, so the company has had to rely on external financing to bridge the gap. This makes future access to funding and the timing of commercial contracts critical to sustaining operations without financial strain.

Competitive Edge

Competitive Edge The company is trying to carve out a niche in quantum and photonic computing by focusing on room‑temperature systems and integrated photonics rather than cryogenic approaches used by the largest players. Its planned domestic Thin Film Lithium Niobate foundry, full‑stack control from chips to systems, and early contracts with government agencies and large corporates provide some validation and potential differentiation. At the same time, it operates in a field dominated by much larger, better-funded competitors, and independent assessments still view its moat as emerging rather than secure. Overall, the competitive position is promising but unproven and will depend heavily on execution, reliability of its products, and ability to scale manufacturing and customer relationships.

Innovation and R&D

Innovation and R&D Innovation is clearly the center of the business. The firm is investing in integrated photonics, in‑house chip fabrication, and a portfolio of products such as the Dirac quantum machines, photonic reservoir computing devices, quantum random number generators, and quantum communication systems. The acquisition of QPhoton and the move to a full‑stack model increase control over the technology but also raise complexity and cost. Many of these efforts target practical, nearer‑term uses—optimization, cybersecurity, and edge AI—rather than only long‑horizon, fault‑tolerant quantum computers. This focus offers upside if adoption comes through, but it also means high R&D risk: timelines, performance, and market fit still need to be proven at scale.

Summary

Financially, the company remains a very early‑stage, loss‑making business with no substantial historical revenue, a small but improving cash position, and ongoing negative cash flow funded mainly through equity. Strategically, it is pursuing a differentiated path in quantum and photonic computing, backed by in‑house materials and chip capabilities and a set of specialized products that have begun to attract notable pilot contracts. The opportunity is tied to the successful commercialization of these technologies and the ramp‑up of its foundry services, while the main risks center on execution, technical uncertainty, reliance on external funding, and intense competition from much larger incumbents. Overall, the story is one of high technological ambition with meaningful financial and operational uncertainty, where future traction and contract conversion will matter far more than past reported revenue.

NEWS

November 25, 2025 · 8:30 AM UTC

Quantum Computing Inc. To Attend UBS Global Technology and AI Conference

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November 17, 2025 · 7:00 AM UTC

Quantum Computing Inc. to Unveil Photonics-Based Reservoir Computer, Neurawave, at SuperCompute25

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November 14, 2025 · 4:05 PM UTC

Quantum Computing Inc. Reports Third Quarter 2025 Financial Results

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November 11, 2025 · 7:00 AM UTC

POET Technologies and Quantum Computing Inc. to Co-Develop 3.2 Tbps Optical Engines for CPO and Next-Gen AI Connectivity

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October 31, 2025 · 8:30 AM UTC

Quantum Computing Inc. to Host Third Quarter 2025 Shareholder Call on Friday, November 14, 2025

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