Quantum Computing Inc. Reports Third Quarter 2026 Financial Results

Acquired businesses drove revenue growth, while operating expenses rose and quarterly results shifted from profit to loss.

Rhea-AI Summary

Quantum Computing (QUBT) reported third-quarter 2026 revenue of $9.5 million, driven primarily by businesses acquired during the first half. Revenue compared with $384 thousand a year earlier and exceeded the $9.2 million generated in the first half of 2026. Acquired businesses included Luminar Semiconductors, NuCrypt and NHanced Semiconductors.

Gross profit was $428 thousand, with a 4.5% gross margin. Operating expenses reached $29.013 million, versus $10.530 million a year earlier. A $15.145 million net loss, or $0.07 per share, compared with net income of $2.382 million, or $0.01 per share.

Quarter-end cash, investments and accrued interest totaled approximately $1.3 billion; contract backlog was approximately $39.1 million. QCi also signed a commercial agreement with INmune Bio, its first pharmaceutical and biotechnology customer, to explore quantum optimization applications using clinical and biomedical data.

8 points · 1 major

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0 major · 11 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointApproximately $1.3 billion in cash, investments and accrued interest remained at September 30, 2026.
• Moderate pointThird-quarter revenue of $9.5 million compared with $384 thousand a year earlier, exceeding first-half revenue of $9.2 million.
• Moderate pointInterest and other income of $13.047 million increased from $3.544 million in the prior-year quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately $39.1 million in contract backlog represented contracted work expected to be performed at September 30, 2026. 2.7% of market cap
• Minor pointThird-quarter gross profit of $428 thousand increased from $126 thousand a year earlier; gross margin was 4.5%.

3 minor points

• Minor pointINmune Bio commercial agreement established QCi's first pharmaceutical and biotechnology customer for quantum optimization applications.
• Minor pointNine-month revenue of $18.742 million increased from $484 thousand in the comparable 2025 period.
• Minor point. Forward-looking: it has not happened yet and may not happen.Manufacturing integration and efficiency improvements remain company priorities alongside expanding customer relationships and advancing quantum technologies.

Negative

• Moderate pointThird-quarter net loss of $15.145 million compared with $2.382 million net income a year earlier.
• Moderate pointThird-quarter operating expenses of $29.013 million rose from $10.530 million, including approximately $1.0 million in acquisition-related expenses.
• Moderate pointThird-quarter operating loss of $28.585 million widened from $10.404 million a year earlier.
• Minor pointThird-quarter loss per share of $0.07 compared with earnings of $0.01 per share a year earlier.
• Minor pointNine-month gross loss of $1.459 million compared with gross profit of $165 thousand a year earlier.

6 minor points

• Minor pointNine-month operating expenses of $70.689 million increased from $29.026 million in the comparable 2025 period.
• Minor pointNine-month operating loss of $72.148 million widened from $28.861 million a year earlier.
• Minor pointNine-month net loss of $30.948 million widened from $17.118 million; loss per share increased to $0.14 from $0.12.
• Minor pointTotal liabilities of $47.706 million increased from $20.655 million at December 31, 2025.
• Minor pointCommon shares outstanding of 226.932 million increased from 224.165 million at December 31, 2025.
• Minor pointStockholders' equity of $1,579.813 million declined from $1,598.265 million at December 31, 2025.

News Explained

At September 30, 2026, the roughly $1.3 billion total included $174.3 million in cash and cash equivalents and $1.1 billion in investments, including accrued interest.

The completed third-quarter report lists 226,932 thousand QCi common shares outstanding at September 30, 2026, versus 224,165 thousand at December 31, 2025; for a holder whose share count stayed unchanged, that represents a smaller fraction of outstanding shares.

For the quarter, gross profit was $428,000 (a 4.5% margin) against $29.0 million in operating expenses.

Key Figures

Revenue: $9.5 million vs. $384 thousand Gross margin: 4.5% Operating expenses: $29.0 million vs. $10.5 million +3 more

Revenue

$9.5 million vs. $384 thousand

Third quarter 2026 vs. third quarter 2025

Gross margin

4.5%

Third quarter 2026

Operating expenses

$29.0 million vs. $10.5 million

Third quarter 2026 vs. third quarter 2025

Interest and other income

$13.0 million vs. $3.5 million

Third quarter 2026 vs. third quarter 2025

Net loss

$15.1 million; $0.07 per basic share

Third quarter 2026

Cash, cash equivalents and investments

$1.3 billion

Quarter-end balance, including accrued interest

Previous Earnings Reports

2 past events · Latest: Aug 10

Same Type 2 events

1. Aug 10

   Quarterly earnings

   24h Move

   +0.2%

   Revenue rose to $5.6 million, while net loss narrowed year over year.

2. Nov 14

   Quarterly earnings

   24h Move

   +8.5%

   Q3 revenue was $384,000, gross margin was 33%, and net income was $2.4 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

quantum optimization, derivative liability, comprehensive income, weighted average shares

4 terms

quantum optimization technical

"apply QCi's Dirac quantum optimization technology alongside AI and conventional analytics"

Quantum optimization uses principles of quantum computing to search for the best solution among many possible combinations much faster than conventional methods, akin to checking many puzzle pieces at once instead of one by one. For investors it matters because breakthroughs could speed up tasks like portfolio selection, logistics and risk modeling, creating cost savings, competitive advantage or new markets that change company valuations and industry dynamics.

derivative liability financial

"Change in fair value of derivative liability"

A derivative liability is an obligation a company owes because of a derivatives contract—such as an option, future, swap, or forward—that has moved against it and now has negative value. Think of it like a settled bet that turned into a bill: if market moves go the other way, the company may have to pay cash or deliver assets. Investors care because these liabilities can create sudden losses, add leverage or counterparty risk, and change a company’s true financial exposure beyond its everyday operations.

comprehensive income financial

"Total comprehensive income (loss)"

Comprehensive income is the total change in a company’s value in a reporting period that comes from everyday operations plus other gains or losses not shown on the regular profit-and-loss statement. Think of net income as the visible money earned this year and comprehensive income as that money plus hidden adjustments—such as currency swings, unrealized gains or losses on investments, and pension revaluations—that also affect shareholders’ stake and help investors see the fuller financial picture.

weighted average shares financial

"Weighted average shares used in computing net income (loss) per common share"

Weighted average shares is the average number of a company’s shares outstanding over a reporting period, calculated by giving each share count the proportion of time it was in effect—so shares issued or bought back partway through the period count only for the time they existed. Investors use it to turn totals like profit into per-share measures (e.g., earnings per share), making performance comparable over time; think of it like averaging daily car use to report a fair miles-per-day figure.

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Third-quarter revenue of $9.5 million exceeds revenue generated during the entire first half of 2026

Acquired photonics and advanced packaging businesses contributed to commercial revenue growth while supporting QCi's quantum technology roadmap

Ends quarter with approximately $1.3 billion in cash, cash equivalents and investments

HOBOKEN, N.J., Nov. 9, 2026 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, today announced financial results for the third quarter ended September 30, 2026.

QCi generated $9.5 million in revenue during the third quarter, exceeding the $9.2 million reported for the entire first half of 2026. Revenue growth was primarily driven by the Luminar Semiconductors, Inc. ("LSI"), NuCrypt, LLC ("NuCrypt") and NHanced Semiconductors, Inc. ("NHanced") businesses acquired during the first half of 2026, including acquired photonic components, quantum communications products and advanced packaging services sold to the aerospace, government and industrial markets. The Company continues to focus on expanding commercial relationships, integrating its manufacturing capabilities and advancing its proprietary quantum technologies as it moves into the next phase of its development.

"For several years, we've been building the technology and capabilities to make quantum more practical and accessible," said Dr. Yuping Huang, Chief Executive Officer of QCi. "We're starting to see those investments come together, and our focus is increasingly shifting from what we can build to what we can put to work for customers. We're encouraged by our progress, but recognize there's considerable work ahead. Our priorities are clear: growing our commercial business, scaling manufacturing and advancing our quantum roadmap. I've always believed that being early creates opportunity. Execution is what makes that opportunity last."

Third Quarter 2026 Financial Highlights

• Revenue: Third-quarter revenue totaled $9.5 million, compared to $384 thousand in the third quarter of 2025. Revenue was primarily driven by sales of products and services for aerospace, government and industrial applications.

• Gross Margin: Gross profit totaled approximately $428 thousand in the third quarter, for a gross margin of 4.5%. The Company continues to focus on increasing manufacturing utilization and improving operating efficiency as it scales its commercial operations.

• Operating expenses: Total operating expenses were $29.0 million, compared with $10.5 million in the prior-year period. The increase is primarily due to higher personnel expenses and other costs associated with expanded research and development, sales and marketing activities, as well as approximately $1.0 million in acquisition-related expenses.

• Interest and other income: Interest and other income totaled $13.0 million, compared with $3.5 million in the third quarter of 2025, primarily reflecting interest earned on the Company's larger cash and investment balances.

• Net loss: The Company reported a net loss of $15.1 million, or $0.07 per basic share, for the third quarter of 2026.

• Balance sheet: QCi ended the quarter with approximately $1.3 billion in cash, cash equivalents and investments and accrued interest, including $174.3 million in cash and cash equivalents and $1.1 billion in short- and long-term investments, including accrued interest consistent with its reported position at the end of the third quarter.

• Contract backlog: Contract backlog totaled approximately $39.1 million as of September 30, 2026. Contract backlog represents the value of contracted work expected to be performed under applicable contracts and remains subject to the terms and conditions of those contracts.

Third Quarter 2026 Business Highlights

• Expanding commercial opportunities: QCi continued integrating the LSI, NuCrypt and NHanced businesses acquired during the first half of 2026. These businesses provide established quantum, photonics and advanced packaging products, services and customer relationships across existing commercial markets, while expanding QCi's capabilities in photonic design, semiconductor fabrication and advanced packaging.
  
  Together, these capabilities support two important objectives: serving customers in established markets today and advancing the development and manufacturing of QCi's proprietary quantum technologies. The Company is focused on expanding customer relationships, bringing its manufacturing operations together and improving efficiency as it scales the business.

• Advancing quantum adoption through academic collaboration: In September, QCi entered into a framework agreement with Hamad Bin Khalifa University in Qatar to support quantum education, research, and co-marketing initiatives to accelerate the adoption of quantum technologies.
  
  The collaboration includes cloud access to QCi's Dirac-3 quantum optimization system and is intended to support research and expand understanding of potential applications for quantum computing, sensing and communications.

• Delivering QCi's quantum technology to pharmaceutical markets: During the quarter, QCi entered into a commercial agreement with INmune Bio to apply QCi's Dirac quantum optimization technology alongside AI and conventional analytics to clinical and biomedical data. The collaboration will explore potential applications for INmune Bio's investigational Alzheimer's treatment.
  
  The engagement marks QCi's first commercial customer in the pharmaceutical and biotechnology market, and an opportunity to apply QCi's quantum technology to complex, real-world challenges.

Earnings Conference Call
QCi will host a conference call to discuss its third-quarter 2026 results on Monday, November 9, 2026, at 4:30 p.m. Eastern Time.

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/3051/54638.

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: 822805.

A replay of the teleconference will be available until November 23, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 54638.

About Quantum Computing Inc.

Quantum Computing Inc. (Nasdaq: QUBT) is an integrated quantum photonics company developing and manufacturing technologies that use light to compute complex information, capture hard-to-detect signals and communicate more securely. QCi brings together quantum optics, integrated photonics, semiconductor manufacturing and advanced packaging to create a more direct path from advanced science to practical products. 

QCi's portfolio includes quantum machines, photonic chips, components, modules and subsystems, as well as foundry and advanced manufacturing services. Its technologies are designed to operate at room temperature and low power, without the specialized cooling infrastructure required by many quantum approaches. These advantages enable deployment across computing and AI, secure communications, sensing and imaging, aerospace and defense, and other demanding applications.

Headquartered in Hoboken, New Jersey, QCi has operations across the United States. By combining deep physics, device engineering and scalable manufacturing, QCi is working to make quantum and advanced photonic technologies more accessible and useful in the real world.

To learn more about QCi and its approach to harnessing light for practical quantum computing, please visit www.quantumcomputinginc.com. 

Company Contacts

Investor Relations:
David Moskowitz, Head of Investor Relations
investors@quantumcomputinginc.com

Media & Communications:
Karen Jeffers, Director, Marketing and Communications
media@quantumcomputinginc.com

Agency Contact:
IMS Investor Relations
John Nesbett/Zach Nevas
qci@imsinvestorrelations.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, operating performance, revenue growth, gross margin, backlog, customer relationships, revenue recognition and funding under the post-quarter subcontract, the negotiation of any definitive contract, manufacturing utilization and efficiency, operational expansion, business strategy, integration of recent acquisitions, commercialization and adoption of quantum and photonic products, and the potential application of QCi's technology in academic, pharmaceutical, biotechnology, government, aerospace, industrial and other markets 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 capabilities, the Company's ability to integrate and benefit from recent acquisitions, not limited to future demand for quantum and photonic products, our ability to convert backlog, contracts and commercial opportunities into revenue, customer termination or non-funding of contracts or subcontracts, the inability to negotiate a definitive contract or realize the full ceiling amount of any subcontract, the Company's ability to scale its technology and manufacturing capabilities, the Company's ability to integrate and benefit from recent acquisitions, the Company's ability to achieve expected manufacturing utilization, operating efficiency and margin improvements, the Company's ability to commercialize and drive adoption of its products and technologies 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 Income (Loss) (Unaudited, in thousands, except per share data)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Revenue	$        9,500		$           384		$       18,742		$           484
Cost of revenue	9,072		258		20,201		319
Gross profit (loss)	428		126		(1,459)		165
Operating expenses
Research and development	8,336		4,509		23,733		13,469
Sales and marketing	5,263		787		8,792		2,139
General and administrative	15,414		5,234		38,164		13,418
Total operating expenses	29,013		10,530		70,689		29,026
Loss from operations	(28,585)		(10,404)		(72,148)		(28,861)
Non-operating income (expense)
Interest and other income	13,047		3,544		39,496		7,083
Interest expense	(65)		(4)		(248)		(120)
Change in fair value of derivative liability	458		9,246		1,952		4,780
Income (loss) before income tax provision	(15,145)		2,382		(30,948)		(17,118)
Income tax provision	-		-		-		-
Net income (loss) attributable to common stockholders	(15,145)		2,382		(30,948)		(17,118)
Other comprehensive loss	(4,807)		(26)		(9,574)		(26)
Total comprehensive income (loss)	$      (19,952)		$        2,356		$      (40,522)		$      (17,144)
Income (loss) per share:
Basic and Diluted	$         (0.07)		$          0.01		$         (0.14)		$         (0.12)
Weighted average shares used in computing net
income (loss) per common share:
Basic	225,443		160,399		224,722		145,752
Diluted	225,443		166,833		224,722		145,752

 

QUANTUM COMPUTING INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value data)
	September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$  174,280		$  737,880
Accounts receivable, net	8,316		519
Inventory	10,634		352
Short-term investments	727,334		379,421
Accrued interest receivable	6,752		3,634
Prepaid expenses and other current assets	7,046		11,914
Total current assets	934,362		1,133,720
Property and equipment, net	43,063		12,971
Operating lease right-of-use assets	26,919		2,353
Intangible assets, net	62,094		6,500
Goodwill	160,330		55,573
Long-term investments	396,200		403,121
Accrued interest receivable - long term	3,469		4,551
Other non-current assets	1,082		131
Total assets	$           1,627,519		$           1,618,920
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$    3,679		$      778
Accrued expenses	6,709		9,135
Deferred revenue	4,162		395
Other current liabilities	2,959		766
Total current liabilities	17,509		11,074
Derivative liability	528		7,773
Operating lease liabilities	24,716		1,808
Contingent liabilities	3,769		—
Other non-current liabilities	1,184		—
Total liabilities	47,706		20,655
Commitments and Contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred Stock authorized; no shares
issued and outstanding as of September 30, 2026 and December 31, 2025, respectively; 3,080
shares of Series B Preferred Stock authorized; no shares issued and outstanding as of
September 30, 2026 and December 31, 2025, respectively	-		-
Common stock, $0.0001 par value, 450,000 shares authorized; 226,932 and 224,165 shares
issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	23		22
Additional paid-in capital	1,838,563		1,816,494
Accumulated deficit	(250,104)		(219,156)
Accumulated other comprehensive income (loss)	(8,669)		905
Total stockholders' equity	1,579,813		1,598,265
Total liabilities and stockholders' equity	$           1,627,519		$           1,618,920

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SOURCE Quantum Computing Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Quantum Computing's third-quarter 2026 revenue and earnings?

Quantum Computing reported $9.5 million in revenue and a $15.145 million net loss, or $0.07 per share, for the third quarter of 2026. The comparable 2025 quarter generated $384 thousand in revenue and net income of $2.382 million, or $0.01 per share.

What does Quantum Computing's September 2026 contract backlog represent?

The approximately $39.1 million backlog represents contracted work expected to be performed under applicable contracts. That work remains subject to the terms and conditions of those contracts.

How will Quantum Computing work with INmune Bio?

QCi will apply its Dirac quantum optimization technology alongside AI and conventional analytics to clinical and biomedical data. The collaboration will explore potential applications for INmune Bio's investigational Alzheimer's treatment.