📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Quantum Computing Inc., an integrated photonics company, provides quantum machines to commercial and government markets in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding QUBT

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	667.7K	$4.6M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly cited concrete customer orders and partnerships (Delft University, South Korean institution, global automotive manufacturer, top-five US bank, NASA, NIST) and used phrases like 'very pleased', 'encouraging signs', 'important proof point', and 'proud'. No hedging or uncertainty in describing commercial progress.

Q3 2025

Confident Specific

Management used precise figures ($1.5B raised, $384K revenue, 33% gross margin, $352M cash), reiterated a clear three-year roadmap, and directly answered all analyst questions without hedging.

Q4 2025

Confident Vague

Management used upbeat language ('transformational year', 'meaningful progress', 'steady execution') but repeatedly deferred on specific guidance, saying 'we are not in the habit of giving revenue guidance' and 'too early to give a hard number' on Fab Two costs.

Q1 2026 latest

Confident Specific

Management repeatedly used positive descriptors like 'meaningful progress', 'significant milestone', 'exciting new results', and provided specific figures ($3.7M revenue, $16M backlog, 5x foundry revenue growth). They answered technical questions in detail (e.g., gate-based hurdles, quality factor targets).

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Revenue surged from $39K to $3.7M year-over-year driven by acquisitions, backlog sits at $16M, and the balance sheet remains very strong with $1.4B in cash. Technology progress is tangible on Dirac-3 and the gate-based roadmap has a clearly defined final hurdle (quality factor >10M). However, the company remains unprofitable with high OpEx, no near-term path to profitability, and the gate-based prototype is still years away. Key catalysts to watch: Fab 2 announcement, sustained revenue growth from LSI/NuCrypt, and achieving the quality factor milestone for gate-based quantum computing.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED QCi completes Luminar and NuCrypt acquisitions; Q1 revenue surges to $3.7M

Revenue & Profitability

Q1 2026 revenue was $3.7 million, up from $39,000 in the prior-year quarter, driven primarily by LSI and, to a lesser extent, NuCrypt. Net loss was $4.1 million ($0.02 per share) vs. net income of $17.0 million ($0.13 per share) in Q1 2025, which included a $23.6 million non-cash gain. Operating expenses totaled $19.8 million (up from $8.3 million), with G&A of $11.3 million including ~$6 million in M&A transaction costs. Cash and investments were $1.4 billion, and contract backlog stood at $16 million.

Outlook

Management sees growing demand for practical, deployable quantum solutions across multiple markets. They note that the customer community is pleased with the Luminar combination, and business development activity is picking up. No macroeconomic headwinds were explicitly cited, but the focus remains on converting a growing pipeline of commercial and government engagements into recurrent revenue.

Growth Drivers

Key growth levers include the LSI acquisition, which provides established photonics customers and manufacturing capabilities; NuCrypt's quantum communications products and international sales; the Dirac-3 machine installation on Quantum Corridor's network (first data center deployment); expansion of Fab 2 for volume production; and cross-selling to LSI's existing defense and aerospace clients in the U.S. and Europe (via EM4). Management also highlighted the potential for photonics-for-quantum components as a new revenue stream.

Balance Sheet & CapEx

Not explicitly quantified. Fab 1 is a small-batch R&D facility that has begun generating early revenue. The company is actively planning Fab 2, a larger foundry for higher-volume production intended to enable scalable quantum manufacturing. No capital expenditure guidance or timeline for Fab 2 was provided in this call.

Margins

Gross margins were low in Q1 due to underutilization at Fab 1 and LSI (coming out of bankruptcy). Management expects margins to return to 20%-30% as volume increases, but did not provide a timeline. Operating expenses rose to $19.8 million, partly from ~$6 million in one-time M&A costs. No specific margin guidance was given.

Key Risks

Risks flagged include forward-looking statements subject to SEC filings, integration challenges from acquisitions, engineering hurdles for the gate-based quantum computer (specifically achieving resonator quality factor >10 million), and underutilization of manufacturing capacity affecting margins. Management noted that the Luminar bankruptcy risk has dissipated but the transition to higher volume production carries execution risks.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-10

Q2 2026 saw strong revenue growth, major acquisitions, and expanded manufacturing capacity, with a $42.5M backlog supporting operations into 2027. Net loss narrowed significantly year-over-year, and the company is investing in sales and integration to drive future growth.

Q1 2026 Q1 2026 2026-05-11

Revenue surged to $3.7M in Q1 2026, driven by LSI and NuCrypt acquisitions, but gross margins were pressured by underutilization and integration costs. The company maintains a strong $1.4B cash position and is focused on scaling manufacturing and executing its Fab 2 plan.

Q4 2025 Q4 2025 2026-03-02

2025 saw major strategic progress, including a key acquisition, new product launches, and a shift to commercial manufacturing. Revenue and financial position improved significantly, with strong capital raised and a clear roadmap for scaling in 2026.

Q3 2025 Q3 2025 2025-11-14

Q3 2025 saw strong revenue growth, a return to profitability, and a major boost in capital, positioning the company to scale quantum and photonic manufacturing. Commercial momentum spans government, financial, and international sectors, with Fab 2 development underway.

Q2 2025 Q2 2025 2025-08-14

Q2 2025 saw increased commercial traction, major government contracts, and the launch of a new photonic chip foundry. Despite a higher net loss due to non-cash items, the balance sheet was strengthened by a $200 million financing, positioning the company for future growth.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.