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

Rhea-AI Summary

Quantum Computing Inc. (Nasdaq: QUBT) reported Q4 2025 revenue of approximately $198,000, up 219% year-over-year, and a Q4 net loss of $1.6 million (loss of $0.01 per share). Q4 operating expenses were $22.1 million, up 148%.

The company raised gross proceeds of $750 million in a private placement, ended 2025 with $737.9 million cash and $783 million investments, and total assets of $1.6 billion. QCi completed an all-cash acquisition of Luminar Semiconductor for $110 million on Feb 2, 2026, opened Fab 1, confirmed Dr. Yuping Huang as CEO, unveiled Neurawave, and announced a POET collaboration.

Positive

• Raised $750 million in an oversubscribed private placement
• Total assets increased to $1.6 billion at 12/31/2025
• Cash and equivalents rose to $737.9 million at year‑end 2025
• Completed $110 million acquisition of Luminar Semiconductor (closed Feb 2, 2026)
• Q4 revenue up 219% year‑over‑year to ~$198,000

Negative

• Operating expenses increased 148% to $22.1 million in Q4 2025
• Company reported a net loss of $1.6 million for Q4 2025
• Q4 revenues remain small in absolute terms at approximately $198,000
• Q4 net loss improvement included a $7.0 million non‑cash derivative gain subject to volatility

News Market Reaction – QUBT

-10.01%

24 alerts

-10.01% News Effect

+13.7% Peak Tracked

-4.0% Trough Tracked

-$214M Valuation Impact

$1.93B Market Cap

0.4x Rel. Volume

On the day this news was published, QUBT declined 10.01%, reflecting a significant negative market reaction. Argus tracked a peak move of +13.7% during that session. Argus tracked a trough of -4.0% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $214M from the company's valuation, bringing the market cap to $1.93B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $198,000 Q4 2025 operating expenses: $22.1 million Q4 2025 net loss: $1.6 million ($0.01/share) +5 more

8 metrics

Q4 2025 revenue $198,000 Fourth quarter 2025, up from $62,000 (219% increase)

Q4 2025 operating expenses $22.1 million Fourth quarter 2025 vs $8.9 million in prior-year quarter

Q4 2025 net loss $1.6 million ($0.01/share) Compared to $51.2 million ($0.47/share) prior-year quarter

Derivative liability gain $7.0 million Non-cash mark-to-market gain in Q4 2025

Interest income $13.6 million Interest income contributing to Q4 2025 results

Cash & cash equivalents $737.9 million Balance at December 31, 2025, up $658.9 million from year-end 2024

Investments balance $783 million Investments as of December 31, 2025

Q4 private placement $750 million / 37,183,937 shares Oversubscribed all-equity financing in Q4 2025

Market Reality Check

Price: $6.93 Vol: Volume 12,002,397 is slig...

normal vol

$6.93 Last Close

Volume Volume 12,002,397 is slightly below 20-day average of 12,964,039 (relative volume 0.93x). normal

Technical Trading below 200-day MA of 14.41 and 67.45% below 52-week high of 25.84, while sitting 92.31% above 52-week low of 4.37.

Peers on Argus

QUBT was down 6.97% pre‑earnings while momentum‑screened peers IONQ, RGTI and UM...

3 Down

QUBT was down 6.97% pre‑earnings while momentum‑screened peers IONQ, RGTI and UMAC all showed modest declines. Broader peers RGTI (-3.84%), QBTS (-3.27%), CRCT (-1.6%), CRSR (-2.49%) and SSYS (-0.72%) were also negative, but the move in QUBT appears larger than typical peer moves.

Previous Earnings Reports

5 past events · Latest: Nov 14 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 14	Q3 2025 earnings	Positive	+8.5%	Reported Q3 profit on higher revenue, stronger cash and large financings.
Aug 14	Q2 2025 earnings	Neutral	-0.4%	Q2 loss driven by warrant valuation, but cash strengthened via private placement.
May 15	Q1 2025 earnings	Positive	+39.3%	Q1 revenue growth, net income boosted by derivative gain, and higher cash.
Mar 20	Q4 2024 earnings	Neutral	+0.0%	Small revenue base with higher opex but significantly increased cash from offerings.
Nov 06	Q3 2024 earnings	Positive	+25.0%	Strong revenue growth, lower operating expenses, and notable strategic progress.

Pattern Detected

Past earnings for QUBT often coincided with positive reactions, including moves of 39.29%, 25%, and 8.49%. Against that backdrop, today’s pre‑announcement decline of 6.97% looks atypically weak relative to its own earnings history.

Recent Company History

Over the last five earnings cycles, QUBT has paired very small but growing revenues with aggressive balance‑sheet strengthening. Q1–Q3 2025 showed rising revenues (from $39k to $384k), periodic net income driven by derivative revaluation gains, and multiple equity raises that lifted cash to over $352M. Earlier periods featured commissioning of the Tempe TFLN foundry and NASA contracts. Today’s Q4 and full‑year 2025 release continues the pattern of rapid capital raising and scaling expenses alongside early commercial traction.

Historical Comparison

+14.5% avg move · In the past year, QUBT’s 5 earnings releases averaged a 14.48% move, often to the upside. Today’s -6...

earnings

+14.5%

Average Historical Move earnings

In the past year, QUBT’s 5 earnings releases averaged a 14.48% move, often to the upside. Today’s -6.97% pre‑print decline contrasts with that typically positive earnings reaction profile.

Earnings releases show progression from sub‑$100k quarterly revenue toward higher levels while repeatedly bolstering liquidity via large equity financings and ramping the Tempe TFLN foundry.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-10-09

QUBT has an effective S-3ASR automatic shelf filed on 2025-10-09, listing selling stockholders and offering‑related expenses. Shelf usage count is 0, indicating no registered takedowns have been recorded in the provided data.

Market Pulse Summary

The stock dropped -10.0% in the session following this news. A negative reaction despite acceleratin...

Analysis

The stock dropped -10.0% in the session following this news. A negative reaction despite accelerating revenue growth and a much smaller Q4 2025 net loss of $1.6 million fits concerns about dilution and spending. Operating expenses climbed to $22.1 million while the company recently raised $750 million in a large private placement and maintains an effective S-3ASR shelf. Historically, earnings have produced average moves of 14.48%, often up, so a sharp decline could reflect skepticism about translating over $1.5 billion of liquidity into scalable commercial revenue.

Key Terms

private placement, mark-to-market, derivative liability, reservoir computer

4 terms

private placement financial

"raised gross proceeds of $750 million through a private placement of common stock."

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

mark-to-market financial

"due to a gain of $7.0 million from the mark-to-market of a derivative liability..."

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

derivative liability financial

"from the mark-to-market of a derivative liability, which is non-cash in nature..."

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.

reservoir computer technical

"QCi debuted Neurawave, its newest reservoir computer, at SuperCompute25."

A reservoir computer is a type of machine-learning tool that processes changing streams of data by passing them through a fixed, complex internal network and learning only a simple output layer. Think of it like pouring different inputs into a crowded pond and reading the ripples at the edge to predict what’s coming next. Investors care because it can quickly find patterns and short-term signals in noisy time-series data—such as prices, volumes, or economic indicators—making it useful for forecasting, anomaly detection, and automated trading strategies.

AI-generated analysis. Not financial advice.

HOBOKEN, N.J., March 2, 2026 /PRNewswire/ -- 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.

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.

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

 

QUANTUM COMPUTING INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except par value data)
		December 31,				December 31,
		2025				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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SOURCE Quantum Computing Inc.

FAQ

What were QCi's Q4 2025 revenues and how did they compare year-over-year (QUBT)?

QCi reported Q4 2025 revenue of approximately $198,000, a 219% increase year-over-year. According to the company, the rise was driven primarily by hardware sales and foundry services revenue from the newly opened Fab 1 facility.

How much cash and investments did Quantum Computing Inc. (QUBT) hold at year-end 2025?

At December 31, 2025, QCi held $737.9 million in cash and $783 million in investments. According to the company, cash grew by $658.9 million year-over-year, supported by a $750 million private placement.

What was the impact of the Luminar Semiconductor acquisition on QCi (QUBT)?

QCi completed an all-cash acquisition of Luminar Semiconductor for $110 million, closed Feb 2, 2026. According to the company, the deal adds lasers, detectors, advanced packaging, manufacturing and an established customer base to accelerate manufacturing scale.

Why did QCi's net loss improve in Q4 2025 despite higher operating expenses (QUBT)?

QCi's Q4 2025 net loss improved to $1.6 million partly due to a $7.0 million non‑cash mark‑to‑market derivative gain and $13.6 million interest income. According to the company, these items materially reduced reported loss despite higher operating costs.

What operational progress did Quantum Computing Inc. (QUBT) report for its Fab 1 foundry?

Fab 1 in Tempe, Arizona is operational as an R&D and small‑batch manufacturing site and has begun contributing revenue. According to the company, Fab 1 is ramping prototyping and small‑batch production while planning a larger Fab 2 for higher‑volume output.

What strategic product and partnership updates did QCi announce in Q4 2025 (QUBT)?

QCi unveiled the Neurawave photonic reservoir computer and announced a collaboration with POET Technologies to develop 3.2Tbps TFLN modulator engines. According to the company, these moves target scalable photonic computing and high‑speed AI interconnects.