Quantum Computing Inc. (QUBT) narrows 2025 loss after raising over $1.5B

Rhea-AI Filing Summary

Quantum Computing Inc. reported fourth quarter and full-year 2025 results showing early revenue growth but continued operating losses alongside a dramatically strengthened balance sheet. Total revenue rose to $198 thousand for the fourth quarter and $682 thousand for 2025, up from $62 thousand and $373 thousand in 2024. Higher research, sales, and administrative spending lifted total operating expenses to $51.1 million for the year, leading to a loss from operations of $51.1 million.

Non-operating items, including interest income and a favorable change in derivative liability, reduced the 2025 net loss to $18.7 million, versus a $68.5 million loss in 2024. The company ended 2025 with $737,880 thousand in cash and cash equivalents and substantial short- and long-term investments, after raising over $1.5 billion to fund its photonics and quantum optics roadmap. Management highlighted completion of its “Fab 1” chip facility, expansion of foundry services, and the post-year-end acquisition of Luminar Semiconductor to deepen manufacturing capabilities.

Positive

• Stronger capital position: Total assets climbed to $1.62 billion, including large cash and investment balances after raising over $1.5 billion, giving the company substantial resources to fund its photonics and quantum optics growth plans.
• Net loss narrowed: Despite higher operating expenses, 2025 net loss improved to $18.7 million from $68.5 million in 2024, aided by interest income and a favorable change in derivative liability.

Negative

• Operating losses expanded: Loss from operations widened to $51.1 million in 2025 from $25.9 million in 2024 as research, sales, and administrative expenses more than doubled while revenue remained below $1 million.
• Significant dilution risk: Additional paid-in capital rose sharply from $307.8 million to $1.82 billion and weighted average basic shares increased from 93.9 million to 164.5 million, indicating substantial equity issuance to fund growth.

Insights

Equity & earnings analyst

QCi shows small revenue gains, heavier spend, and a much larger cash base.

Quantum Computing Inc. is still in investment mode. Revenue for 2025 was only $682 thousand, but operating expenses expanded to $51.1 million, driven by research, sales, and administrative costs that support its integrated photonics and quantum optics strategy.

Despite deeper operating losses, the bottom line improved: net loss narrowed to $18.7 million from $68.5 million as interest income and a positive change in derivative liability offset some expenses. This underscores how non-operating items currently shape reported earnings more than the core business.

The balance sheet changed most: total assets jumped to $1.62 billion, including large cash and investment balances after raising over $1.5 billion. Execution risk now centers on converting this capital, the new “Fab 1” facility, and the Luminar Semiconductor acquisition into meaningful revenue growth in future periods.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2026

QUANTUM COMPUTING INC.

(Exact name of registrant as specified in its charter)

Delaware		001-40615		82-4533053
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

5 Marine View Plaza, Suite 214 Hoboken, NJ		07030
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (703) 436-2161

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock (par value $0.0001 per share)		QUBT		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On March 2, 2026, Quantum Computing Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 (the “Section”) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release dated March 2, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	QUANTUM COMPUTING INC.
Date: March 2, 2026	By:	/s/ Christopher Roberts
		Christopher Roberts
		Chief Financial Officer

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Exhibit 99.1

Quantum Computing Inc. Reports Fourth Quarter and Year-End 2025 Financial Results

HOBOKEN, NJ – March 2, 2026 – Quantum Computing Inc. (“QCi” or the “Company”) (Nasdaq: QUBT), an innovative, quantum optics and integrated photonics technology company, today released financial results for the three and twelve-month periods ended December 31, 2025.

Dr. Yuping Huang, Chief Executive Officer of QCi, commented, “In 2025 we continued to advance our strategy to build a vertically integrated photonics and quantum optics platform capable of supporting scalable, commercial applications across AI, high-performance computing, cybersecurity, and remote sensing. We completed and opened “Fab 1”, our TFLN chip manufacturing facility in Tempe, Arizona, expanded our foundry services business, strengthened our leadership team and board, and raised over $1.5 billion to support our long-term growth strategy and technology roadmap. We are now seeing early customer engagement and revenue contribution from our foundry services and product portfolio as we continue progressing toward broad scale commercialization.”

“Subsequent to the close of the fourth quarter, we completed our acquisition of Luminar Semiconductor, Inc., which brings established capabilities in lasers, detectors, advanced packaging, and manufacturing. The acquisition adds an established customer base and accelerates our path to scalable manufacturing. As we move through 2026, we remain focused on advancing strategic partnerships, scaling our technology and manufacturing capabilities, and investing in talent across engineering, research and production to support continued growth and execution.”

Fourth Quarter 2025 Financial Highlights

● Fourth quarter 2025 revenues totaled approximately $198,000 compared to $62,000, a 219% increase. The year-over-year increase was driven primarily by hardware sales and services associated with our Fab 1 facility, which began contributing revenue during the year.

● Fourth quarter 2025 operating expenses totaled $22.1 million compared to the previous year’s fourth quarter operating expenses of $8.9 million, an increase of 148%. The increase in operating expenses is the result of substantial growth in personnel for research and development, engineering, manufacturing and sales and marketing to support our long-term growth initiatives, as well as M&A expenses.

● The Company reported a net loss of $1.6 million, or a loss of $0.01 per basic share for the fourth quarter of 2025, compared to a net loss of $51.2 million or a loss of $0.47 per basic share for the same period of the previous year. The improvement in net loss during the quarter was primarily due to a gain of $7.0 million from the mark-to-market of a derivative liability, which is non-cash in nature and subject to future volatility, plus interest income of $13.6 million.

● Total assets at December 31, 2025 were $1.6 billion, increasing from $153.6 million at December 31, 2024. Cash and cash equivalents at December 31, 2025 increased by $658.9 million to $737.9 million from year-end 2024 and investments as of December 31, 2025 totaled $783 million. During the fourth quarter, the Company raised gross proceeds of $750 million through a private placement of common stock.

● Total liabilities at December 31, 2025 were $20.7 million, a decrease of $25.6 million compared to year-end 2024.

● As of December 31, 2025, the Company had stockholders’ equity totaling $1.6 billion.

Fourth Quarter 2025 Operational Highlights, plus updates since December 31, 2025

● Acquisition of Luminar Semiconductor: During the quarter, QCi announced an agreement to acquire Luminar Semiconductor, Inc., which manufactures and sells a portfolio of photonic components and brings established capabilities in lasers, detectors, advanced packaging, and manufacturing, complementing QCi’s position in TFLN integrated photonics. The all-cash transaction, valued at $110 million, was completed subsequent to the quarter on February 2, 2026.

● Completed $750 million Oversubscribed Private Placement: During the fourth quarter, QCi announced that it entered into securities purchase agreements with institutional investors for the purchase and sale of 37,183,937 shares of common stock in an oversubscribed private placement, resulting in gross proceeds of $750 million, before deducting offering expenses.

● Quantum Photonic Chip Foundry Update: QCi’s Fab 1 facility, which is currently used as a research and development and prototyping space, has been ramping small-batch manufacturing and has begun to contribute revenue. The Company is actively planning for another manufacturing facility, known as Fab 2, which is expected to be larger facility designed to support higher-volume production.

● Dr. Yuping Huang confirmed as Chief Executive Officer: Dr. Yuping Huang was appointed CEO, effective January 1, 2026, after previously having been appointed Interim CEO in April 2025. Dr. Huang’s appointment comes as part of QCi’s ongoing focus on growth and scaling its quantum photonics systems for industrial and commercial use.

● Unveiled Photonics-Based Reservoir Computer, Neurawave: QCi debuted Neurawave, its newest reservoir computer, at SuperCompute25. Neurawave represented an important development for QCi as it delivers a photonic computing system designed to meet industry standards and seamlessly integrate with existing computing infrastructures.

● Strategic Collaboration with POET Technologies: During the quarter, QCi announced a strategic collaboration with POET Technologies, a leader in the design and implementation of highly-integrated optical engines and light sources for artificial intelligence networks, to develop 400G/Lane thin-film lithium niobate (TFLN) modulator-based 3.2Tbps engines designed to lead the next era of computing.

Earnings Conference Call

The Company will host its fourth quarter and year end conference call today, Monday, March 2, 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/3051/53656.

To participate in the call by phone, dial (877) 545-0523 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0016. Callers should use access code: 293172.

A replay of the teleconference will be available until March 16, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53656.

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About Quantum Computing Inc.

Quantum Computing Inc. (Nasdaq: QUBT) is an innovative, quantum optics and integrated photonics technology company that provides accessible and affordable quantum machines and TFLN foundry services to the world today. QCi’s products are designed to operate at room temperature and low power at an affordable cost. The Company’s portfolio of core technologies and products offer unique capabilities in the areas of high-performance computing, artificial intelligence, and cybersecurity, as well as remote sensing applications.

Through its acquisition of Luminar Semiconductor, Inc., QCi accelerated its technology roadmap while expanding technical depth, manufacturing capabilities, and its product portfolio to photonics and optics components, subsystems, and systems. 

Company Contact:

Rosalyn Christian/John Nesbett

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 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.

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QUANTUM COMPUTING INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited, in thousands, except per share data)

		Three Months Ended								Twelve Months Ended
		December 31								December 31,
		2025				2024				2025				2024
Total revenue		$	198			$	62			$	682			$	373
Cost of revenue			296				28				615				261
Gross profit			(98	)			34				67				112
Operating expenses
Research and development			7,004				4,758				20,473				11,318
Sales and marketing			1,292				575				3,431				1,818
General and administrative			13,822				3,615				27,240				12,913
Total operating expenses			22,118				8,948				51,144				26,049
Loss from operations			(22,216	)			(8,914	)			(51,077	)			(25,937	)
Non-operating income (expense)
Interest and other income			13,635				243				20,718				423
Interest expense			55				(2,034	)			(65	)			(2,496	)
Change in fair value of derivative liability			6,970				(40,532	)			11,750				(40,532	)
Income (loss) before income tax provision			(1,556	)			(51,237	)			(18,674	)			(68,542	)
Income tax provision			-				-				-				-
Net income (loss)			(1,556	)			(51,237	)			(18,674	)			(68,542	)
Other comprehensive loss
Unrealized losses on available-for-sale debt securities			931				-				905				-
Total comprehensive income (loss)		$	(625	)		$	(51,237	)		$	(17,769	)		$	(68,542	)
Income (Loss) per share:
Basic		$	(0.01	)		$	(0.47	)		$	(0.11	)		$	(0.73	)
Diluted		$	(0.01	)		$	(0.47	)		$	(0.11	)		$	(0.73	)
Weighted average shares used in computing net income (loss) per common share:
Basic			216,060				108,530				164,492				93,881
Diluted			216,060				108,530				164,492				93,881

4

QUANTUM COMPUTING INC.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value data)

		December 31, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$	737,880			$	78,945
Accounts receivable, net			519				27
Inventory			352				18
Short-term investments			379,421				-
Accrued interest receiveable			3,634				-
Prepaid expenses and other current assets			11,914				161
Total current assets			1,133,720				79,151
Property and equipment, net			12,971				8,212
Operating lease right-of-use assets			2,353				1,522
Intangible assets, net			6,500				8,972
Goodwill			55,573				55,573
Long-term investments			403,121				-
Accrued interest receivable – long term			4,551
Other non-current assets			131				129
Total assets		$	1,618,920			$	153,559
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	778			$	1,372
Accrued expenses			9,135				2,134
Deferred revenue			395				79
Other current liabilities			766				974
Total current liabilities			11,074				4,559
Derivative liability			7,773				40,532
Operating lease liabilities			1,808				1,181
Total liabilities			20,655				46,272
Commitments and Contingencies (see Note 10)
Stockholders’ equity:
Preferred stock			-				-
Common stock			22				13
Additional paid-in capital			1,816,494				307,756
Accumulated deficit			(219,156	)			(200,482	)
Accumulated other comprehensive loss			905				-
Total shareholders’ equity			1,598,265				107,287
Total liabilities and shareholders’ equity		$	1,618,920			$	153,559

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FAQ

How did Quantum Computing Inc. (QUBT) perform financially in 2025?

Quantum Computing Inc. reported 2025 revenue of $682 thousand, up from $373 thousand in 2024, with a loss from operations of $51.1 million. Net loss narrowed to $18.7 million from $68.5 million, helped by interest income and a favorable derivative liability change.

What were Quantum Computing Inc.’s fourth quarter 2025 results?

For Q4 2025, Quantum Computing Inc. generated $198 thousand in revenue versus $62 thousand a year earlier. It reported a loss from operations of $22.2 million, but non-operating income significantly reduced the quarter’s net loss to $1.6 million, or $0.01 per basic and diluted share.

How strong is Quantum Computing Inc.’s balance sheet at year-end 2025?

At December 31, 2025, Quantum Computing Inc. reported $737,880 thousand in cash and cash equivalents and large short- and long-term investments, bringing total assets to $1.62 billion. Total liabilities were $20.7 million, leaving stockholders’ equity of $1.60 billion to support future growth initiatives.

How much capital did Quantum Computing Inc. raise to support its strategy?

Management stated that Quantum Computing Inc. raised over $1.5 billion to fund its long-term growth strategy and technology roadmap. This capital helped expand its photonics and quantum optics platform, including the “Fab 1” chip facility and foundry services, while also strengthening its overall liquidity position.

What strategic milestones did Quantum Computing Inc. achieve in 2025?

In 2025, Quantum Computing Inc. completed and opened its “Fab 1” TFLN chip manufacturing facility, expanded foundry services, and strengthened its leadership and board. After year-end, it acquired Luminar Semiconductor, Inc., adding laser, detector, packaging, and manufacturing capabilities plus an established customer base.

When is Quantum Computing Inc.’s Q4 and year-end 2025 earnings call?

Quantum Computing Inc. scheduled its fourth quarter and year-end 2025 earnings conference call for 4:30 p.m. ET on March 2, 2026. Investors can access the live webcast via the company’s Investor Relations webpage or join by phone using the listed U.S. and international dial-in numbers.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 PRESS RELEASE DATED MARCH 2, 2026 73.6 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 3.0 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.9 KB