Quantum Computing Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 9 November 2026: press release. The quarter’s numbers.

Key takeaways

Revenue reached $9.5 million: Third-quarter revenue was $9.5 million, compared with $384 thousand a year earlier, and above the $9.2 million reported for the first half of 2026. Source
Acquired businesses drove revenue growth: Growth was attributed mainly to the LSI, NuCrypt and NHanced businesses acquired in the first half, selling photonic components, quantum communications products and advanced packaging services. Source
First pharma and biotech customer: QCi agreed with INmune Bio to apply its Dirac quantum optimization technology, with AI and conventional analytics, to clinical and biomedical data for an Alzheimer's treatment study. Source
Gross margin of 4.5%: Gross profit was $428 thousand on revenue of $9.5 million, a 4.5% gross margin, with cost of revenue of $9.1 million. Source
Operating expenses rose to $29.0 million: Operating expenses were $29.0 million, against $10.5 million a year earlier, including about $1.0 million of acquisition-related expenses. Source
Backlog of $39.1 million: Contract backlog was about $39.1 million at September 30, 2026, down from $42.5 million at June 30, 2026, and remains subject to contract terms. Source
Cash and investments near $1.3 billion: Cash, cash equivalents and investments, including accrued interest, were about $1.3 billion at quarter end. Source
Three priorities named: The CEO, Dr. Yuping Huang, listed growing the commercial business, scaling manufacturing and advancing the quantum roadmap as the company's priorities. Source

“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.”
Dr. Yuping Huang, Chief Executive Officer of QCi

What changed from last quarter

New: New commercial agreement with INmune Bio, described as the company's first customer in pharmaceutical and biotechnology markets. Source
New: Framework agreement with Hamad Bin Khalifa University in Qatar, entered in September, covering education, research and co-marketing, with cloud access to Dirac-3. Source

Results and growth drivers

Revenue reached $9.5 million: Third-quarter revenue was $9.5 million, compared with $384 thousand a year earlier, and above the $9.2 million reported for the first half of 2026. Source
Acquired businesses drove revenue growth: Growth was attributed mainly to the LSI, NuCrypt and NHanced businesses acquired in the first half, selling photonic components, quantum communications products and advanced packaging services. Source
Net loss of $15.1 million: The net loss was $15.1 million, or $0.07 per basic share, compared with net income of $2.4 million in the third quarter of 2025. Source
Second quarter revenue was $5.6 million: The prior release reported second-quarter revenue of $5.6 million, with $3.7 million in the first quarter of 2026.

Products and customers

First pharma and biotech customer: QCi agreed with INmune Bio to apply its Dirac quantum optimization technology, with AI and conventional analytics, to clinical and biomedical data for an Alzheimer's treatment study. Source
Qatar university collaboration: The September framework agreement with Hamad Bin Khalifa University supports education, research and co-marketing and includes cloud access to the Dirac-3 quantum optimization system. Source
Sales tied to aerospace and government: Revenue was mainly from products and services for aerospace, government and industrial applications, which the company says serve computing, secure communications, sensing and imaging markets. Source

“We're encouraged by our progress, but recognize there's considerable work ahead.”
Dr. Yuping Huang, Chief Executive Officer of QCi

Costs, margins and non-operating items

Gross margin of 4.5%: Gross profit was $428 thousand on revenue of $9.5 million, a 4.5% gross margin, with cost of revenue of $9.1 million. Source
Operating expenses rose to $29.0 million: Operating expenses were $29.0 million, against $10.5 million a year earlier, including about $1.0 million of acquisition-related expenses. Source
Interest income of $13.0 million: Interest and other income was $13.0 million, compared with $3.5 million a year earlier, reflecting interest on the larger cash and investment balances. Source
Derivative item was small: A $458 thousand change in fair value of the derivative liability was included in non-operating income, compared with $9.2 million in the third quarter of 2025. Source

Acquisitions and integration

Three acquired businesses being combined: Management said it continued integrating the LSI, NuCrypt and NHanced businesses, which add photonic design, semiconductor fabrication and advanced packaging capabilities. Source
Goodwill and intangibles increased: Goodwill was $160.3 million and intangible assets $62.1 million at September 30, 2026, against $55.6 million and $6.5 million at December 31, 2025. Source
NHanced earn-out tied to targets: The prior release said NHanced cost $73.1 million in cash and stock, with up to an additional $72.0 million payable if performance targets are met.

“Execution is what makes that opportunity last.”
Dr. Yuping Huang, Chief Executive Officer of QCi

Backlog, receivables and billings

Backlog of $39.1 million: Contract backlog was about $39.1 million at September 30, 2026, down from $42.5 million at June 30, 2026, and remains subject to contract terms. Source
Deferred revenue rose: Deferred revenue was $4.2 million at September 30, 2026, against $3.8 million at June 30, 2026 and $395 thousand at December 31, 2025. Source
Receivables and inventory grew: Accounts receivable were $8.3 million and inventory $10.6 million at September 30, 2026, against $519 thousand and $352 thousand at December 31, 2025. Source

Cash, investments and balance sheet

Cash and investments near $1.3 billion: Cash, cash equivalents and investments, including accrued interest, were about $1.3 billion at quarter end. Source
Cash moved into short-term investments: Cash and cash equivalents were $174.3 million, down from $737.9 million at December 31, 2025, while short-term investments were $727.3 million. Source
Liabilities include lease and contingent items: Total liabilities were $47.7 million, including operating lease liabilities of $24.7 million and contingent liabilities of $3.8 million. Stockholders' equity was $1.58 billion. Source
Other comprehensive loss in quarter: Other comprehensive loss was $4.8 million for the quarter and $9.6 million for the nine months, against $26 thousand a year earlier. Source

Priorities and management view

Three priorities named: The CEO, Dr. Yuping Huang, listed growing the commercial business, scaling manufacturing and advancing the quantum roadmap as the company's priorities. Source
Focus moving toward customer use: Huang said the focus is shifting from what the company can build to what it can put to work for customers. Source
Execution seen as determining results: Huang said execution determines whether the company's early position continues to pay off. Source

Coming up, as management said on 9 November 2026

Next focus on customers and manufacturing: Management said it will keep expanding customer relationships, combining manufacturing operations and improving efficiency as the business scales. Source

Risks management discussed

Operational: Management said considerable work remains ahead as the company moves from building technology to commercial use. Source
Demand: Backlog represents contracted work and remains subject to the terms and conditions of those contracts. Source

Earlier plans management reported on

Ahead: The prior release said the NHanced acquisition launched Fab 2 ahead of schedule.
Not stated: The prior release said the company would stay focused on executing its roadmap in the second half of 2026. The current release gives no status.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Quantum Computing Inc. Reports Third Quarter 2026 Financial Results

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., November 9, 2026 - 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

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

Forward-looking statements notice

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 September 30,				Nine Months Ended 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

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