Quantum Computing Inc. Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Quantum Computing (Nasdaq: QUBT) reported first quarter 2026 revenue of $3.7 million, up from $39 thousand in Q1 2025, mainly from the Luminar Semiconductor and NuCrypt acquisitions. QCi recorded a net loss of $4.1 million ($0.02 per share), with operating expenses of $19.8 million.
Cash, cash equivalents and investments totaled $1.4 billion, with total assets of $1.6 billion and contract backlog of about $16 million. QCi closed the $110 million Luminar and $5 million NuCrypt acquisitions, advanced its photonic chip foundry, and placed a Dirac-3 quantum optimization machine on the Quantum Corridor network.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenue grew to $3.7 million from $39 thousand in Q1 2025
- Ended March 31, 2026 with $1.4 billion in cash, equivalents and investments
- Closed Luminar Semiconductor acquisition in an all-cash deal valued at $110 million
- Completed NuCrypt acquisition in a transaction valued at $5 million
- Reported contract backlog of approximately $16 million as of March 31, 2026
- Fab 1 began small-batch manufacturing and is generating early revenue
Negative
- Operating expenses rose to $19.8 million, up 139% from $8.3 million year over year
- Q1 2026 net loss of $4.1 million versus prior-year net income of $17.0 million
- Cash, cash equivalents and investments declined from $1.5 billion at year-end 2025 to $1.4 billion
- Total liabilities increased by $2.7 million to $23.4 million at March 31, 2026
Key Figures
Market Reality Check
Peers on Argus
QUBT slipped about 0.31% while key peers were mixed: RGTI featured in momentum scanners trending down, but QBTS, CRSR, and SSYS in the broader peer list showed gains, and CRCT declined. This points to a stock-specific reaction rather than a uniform sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 02 | Q4 2025 earnings | Positive | -10.0% | Q4 2025 results with higher revenue, major capital raise, and Luminar deal. |
| Nov 14 | Q3 2025 earnings | Positive | +8.5% | Accelerating Q3 2025 revenue, improving margins, and strengthened liquidity. |
| Aug 14 | Q2 2025 earnings | Neutral | -0.4% | Q2 2025 results with modest revenue, large non-cash loss, and new contracts. |
| May 15 | Q1 2025 earnings | Positive | +39.3% | Q1 2025 revenue growth, warrant-driven net income, and new partnerships. |
| Mar 20 | Q4 2024 earnings | Neutral | +0.0% | Q4 2024 results with higher expenses, capital raised, and foundry launch plans. |
Earnings releases for QUBT have often produced sizable moves, with an average absolute move around 7.48%, and mostly positive price alignment to generally constructive fundamentals except for one notable selloff.
Over the last five earnings cycles from Q4 2024 through Q4 2025, QUBT has steadily highlighted growing revenues, expanded liquidity, and increasing commercialization of its quantum and photonics offerings. Past reports featured rising cash balances, multiple private placements, and progressing foundry operations. Price reactions ranged from flat to sharply positive, with one negative move on Q4 2025 results. Today’s Q1 2026 release, with materially higher revenue and significant cash, fits into this trajectory of scaling operations and balance sheet strength.
Historical Comparison
Across the last 5 earnings releases, QUBT’s average move was about 7.48%, showing that quarterly results have often been meaningful trading catalysts.
Earnings updates show a progression from modest 2024 revenues and rising expenses toward 2025–2026 results featuring growing sales, large liquidity from capital raises, and integration of acquisitions like Luminar into a broader photonics platform.
Regulatory & Risk Context
QUBT has an effective S-3ASR shelf registration dated 2025-10-09 with 0 recorded usage events so far, indicating registered capacity that has not yet been tapped in recent 424B supplements.
Market Pulse Summary
This announcement highlights QUBT’s transition toward meaningful commercial scale, with Q1 2026 revenue reaching $3.7 million and contract backlog of about $16 million. The company retains substantial liquidity of $1.4 billion in cash, cash equivalents and investments while absorbing higher operating expenses of $19.8 million. Recent acquisitions in photonics and quantum communications expand capabilities but add integration and cost risks. Investors may watch future revenue growth, expense trends, and backlog conversion for signs of operating leverage.
Key Terms
derivative liability financial
mark-to-market financial
warrants financial
thin film lithium niobate ("TFLN") technical
restricted stock units (RSUs) financial
quantum optimization machine technical
photonic chips technical
foundry services technical
AI-generated analysis. Not financial advice.
- Q1 revenue increases to
$3.7 million $39 thousand - Company completes two strategic acquisitions advancing its product roadmap to deliver practical quantum and photonics solutions
- Ends quarter with
$1.4 billion
Dr. Yuping Huang, Chief Executive Officer of QCi, commented, "QCi made significant operational progress in the first quarter of 2026, furthering our mission of delivering accessible, scalable, and affordable quantum machines and photonic solutions for practical use across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging. As demand for faster and more efficient data processing grows, it is becoming increasingly clear that photonics will be a critical component of future technological advancements given its low power consumption and ability to operate at room temperature. During the first quarter we strengthened our position in this space, and made significant progress in advancing our technology roadmap and continued to grow our commercial momentum.
"We completed two key acquisition opportunities in the quarter, closing the acquisitions of Luminar Semiconductor, Inc. ("LSI"), and NuCrypt, LLC ("NuCrypt"), improving our path to scalable manufacturing and bolstering our portfolio of quantum communications and photonics solutions. We are currently integrating LSI and NuCrypt into QCi. These acquisitions bring established capabilities in lasers, detectors and advanced packaging, broad R&D and manufacturing capabilities, and an experienced team of engineers and scientists, further expanding our talent base and execution capacity. As we move through 2026, we remain focused on expanding our strategic partnerships, scaling our technology and manufacturing capabilities, and continuing to advance our mission of putting quantum-enabled solutions into the hands of people."
First Quarter 2026 Financial Highlights
- First quarter 2026 revenues totaled approximately
$3.7 million $39 thousand - Operating expenses totaled
$19.8 million $8.3 million 139% , largely reflecting higher personnel costs across research and development, sales and marketing, and general and administrative functions and higher expenses primarily associated with acquisition-related transaction expenses. - The Company reported a net loss of
$4.1 million $0.02 $17.0 million $0.13 - Total assets at March 31, 2026 were approximately
$1.6 billion $1.4 billion $1.5 billion - Total liabilities at March 31, 2026 were
$23.4 million $2.7 million - As of March 31, 2026, the Company had stockholders' equity totaling
$1.6 billion - As of March 31, 2026, contract backlog was approximately
$16 million
First Quarter 2026 Operational Highlights
- Acquisition of Luminar Semiconductor, Inc.: During the first quarter, QCi completed the acquisition of Luminar Semiconductor, Inc. in an all-cash transaction valued at
$110 million - Acquisition of NuCrypt, LLC: During the first quarter, QCi completed the acquisition of NuCrypt, LLC, a quantum communications technology company, in a transaction valued at
$5 million - Placed Quantum Optimization Machine on Quantum Corridor Network: QCi announced during the first quarter the placement of a QCi Dirac-3 quantum optimization machine on Quantum Corridor's network, a multi-state quantum-safe commercial communication network in
North America . The partnership with Quantum Corridor will allow for enhanced, secure and on-demand Dirac-3 access for institutions and commercial customers on Quantum Corridor's network. - Quantum Photonic Chip Foundry Update: QCi's Fab 1 facility, currently purposed for research and development and prototyping, has been ramping up small-batch manufacturing and has begun to generate early revenue. The Company has been actively exploring options for a planned Fab 2 facility, with the goal of further expanding production capacity.
Earnings Conference Call
The Company will host its first quarter 2026 call today, Monday, May 11, 2026, at 4:30 p.m. ET. To access the live webcast of the conference call, visit the QCi Investor Relations page at https://quantumcomputinginc.com/investor-relations. Investors may also access the webcast via the following link: https://www.webcaster5.com/Webcast/Page/3051/53987.
To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 639951.
A replay of the teleconference will be available until May 25, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53987.
About Quantum Computing Inc.
Quantum Computing Inc. (Nasdaq: QUBT) is a quantum optics and integrated photonics company focused on delivering accessible, scalable, and cost-effective quantum machines and photonic solutions. The Company provides foundry services for thin-film lithium niobate ("TFLN") photonic chips and offers a vertically integrated portfolio spanning photonics components, subsystems, and full-stack systems.
Designed to operate at room-temperature with low-power requirements, QCi's technologies enable practical deployment across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging.
Headquartered in
Company Contact:
John Nesbett/Zach Nevas
IMS Investor Relations
investors@quantumcomputinginc.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our expectations of future results, operational expansion and business strategy are forward-looking statements. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "strategy," "future," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to, future demand for quantum and photonic products, the Company's ability to scale its technology and manufacturing, the Company's ability to integrate and benefit from recent acquisitions, and the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of our website at https://quantumcomputinginc.com/investor-relations, which could cause our actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
QUANTUM COMPUTING INC. | ||||||||
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income | ||||||||
(Unaudited, in thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2026 | 2025 | |||||||
Total revenue | $ | 3,691 | $ | 39 | ||||
Cost of revenue | 4,412 | 26 | ||||||
Gross (loss) profit | (721) | 13 | ||||||
Operating expenses | ||||||||
Research and development | 6,969 | 2,985 | ||||||
Sales and marketing | 1,597 | 672 | ||||||
General and administrative | 11,263 | 4,642 | ||||||
Total operating expenses | 19,829 | 8,299 | ||||||
Loss from operations | (20,550) | (8,286) | ||||||
Non-operating income (expense) | ||||||||
Interest and other income | 13,495 | 1,696 | ||||||
Interest expense | (171) | (58) | ||||||
Change in fair value of derivative liability | 3,176 | 23,630 | ||||||
(Loss) income before income tax provision | (4,050) | 16,982 | ||||||
Income tax provision | - | - | ||||||
Net (loss) income | (4,050) | 16,982 | ||||||
Other comprehensive (loss) income: | ||||||||
Unrealized losses on available-for-sale debt securities | (3,822) | - | ||||||
Total comprehensive (loss) income | $ | (7,872) | $ | 16,982 | ||||
(Loss) earnings per share: | ||||||||
Basic | $ | (0.02) | $ | 0.13 | ||||
Diluted | $ | (0.02) | $ | 0.11 | ||||
Weighted average shares used in computing net (loss) income per common share: | ||||||||
Basic | 223,986 | 135,217 | ||||||
Diluted | 223,986 | 153,006 | ||||||
QUANTUM COMPUTING INC. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited, in thousands, except par value data) | ||||||||
March 31, 2026 | December 31, 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 257,711 | $ | 737,880 | ||||
Accounts receivable, net | 4,281 | 519 | ||||||
Inventory | 4,112 | 352 | ||||||
Short-term investments | 728,401 | 379,421 | ||||||
Accrued interest receivable | 5,346 | 3,634 | ||||||
Prepaid expenses and other current assets | 5,225 | 11,914 | ||||||
Total current assets | 1,005,076 | 1,133,720 | ||||||
Property and equipment, net | 16,942 | 12,971 | ||||||
Operating lease right-of-use assets | 5,206 | 2,353 | ||||||
Intangible assets, net | 19,191 | 6,500 | ||||||
Goodwill | 146,511 | 55,573 | ||||||
Long-term investments | 422,818 | 403,121 | ||||||
Accrued interest receivable - long term | 4,517 | 4,551 | ||||||
Other non-current assets | 273 | 131 | ||||||
Total assets | $ | 1,620,534 | $ | 1,618,920 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,707 | $ | 778 | ||||
Accrued expenses | 8,342 | 9,135 | ||||||
Deferred revenue | 1,882 | 395 | ||||||
Other current liabilities | 2,144 | 766 | ||||||
Total current liabilities | 15,075 | 11,074 | ||||||
Derivative liability | 4,597 | 7,773 | ||||||
Operating lease liabilities | 3,678 | 1,808 | ||||||
Total liabilities | 23,350 | 20,655 | ||||||
Commitments and Contingencies (see Note 10) | ||||||||
Stockholders' equity: | ||||||||
Preferred stock, shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively; 3,080 shares of Series B Preferred Stock authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | - | - | ||||||
Common stock, shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 23 | 22 | ||||||
Additional paid-in capital | 1,823,284 | 1,816,494 | ||||||
Accumulated deficit | (223,206) | (219,156) | ||||||
Accumulated other comprehensive (loss) income | (2,917) | 905 | ||||||
Total stockholders' equity | 1,597,184 | 1,598,265 | ||||||
Total liabilities and stockholders' equity | $ | 1,620,534 | $ | 1,618,920 | ||||
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SOURCE Quantum Computing Inc.