Quantum Computing Inc. (QUBT) financials
NASDAQ · Technology · Computer Hardware · 75 employees · CEO Yuping Huang
- Price
- $6.60 -3.23%
- Market cap
- $1.49B
- Enterprise value
- $1.33B
- Last report
- Q2 '26 filed 2026-08-10
- Next report
- 2026-11-09 EPS est. -$0.04
Revenue (TTM)$9.82M+3,635.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-775.5%+11,699.4 pp vs a year agoOperating income -$76.2M
Net income (TTM)-$15M+80.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$51.5M-105.7% vs a year agoCapex $8.42M
Diluted EPS (TTM)-$0.06+91.7% vs a year agoSum of the last 4 quarters
Net cash$931M+168.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.49B EV $1.33B
- Revenue
- $9.82M Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- -152.5% Net income / revenue, TTM
- P/E
- -102.0×
- P/S
- 152.1× Price / sales, TTM
- EV / EBITDA
- -219.2× TTM
- Free cash flow
- -$51.5M Trailing 12 months
- Net income
- -$15M Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2026-11-09 Revenue est. $7.6M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-10): revenue beat by 7.8%, EPS missed by 44.8%Revenue $5.55M vs $5.15M expected (+7.8%); EPS -$0.05 vs -$0.03 (-44.8%).
- Revenue growth accelerating: 9,000.0% year on yearQ2 '26 revenue $5.55M, against an average of 2,449.2% over the four quarters before.
- Operating margin -775.5% (TTM), +11,699.4 pp on a year agoOperating income grew -132.2% while revenue grew 3,635.4%.
- Capex 85.7% of revenue (a year ago 2,333.5%)$8.42M invested in the last 4 quarters (+37.2% on a year earlier). Free cash flow -$51.5M.
- Diluted share count up 58.9% in a year225M diluted shares in Q2 '26, 141M a year earlier.
- Net cash $931MCash + short-term investments $954M, debt incl. leases $23.4M; a year ago net cash $347M.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.55M | $61K | +9,000.0% |
| Gross margin | -21.0% | 42.6% | -63.6 pp |
| Operating income | -$23M | -$10.2M | -126.3% |
| Operating margin | -414.6% | -16,673.8% | +16,259.2 pp |
| Net income | -$11.8M | -$36.5M | +67.8% |
| Diluted EPS | -$0.05 | -$0.26 | +80.8% |
| Operating cash flow | -$13.9M | -$6.1M | -127.3% |
| Capex | $2.67M | $1.02M | +160.4% |
| Free cash flow | -$16.5M | -$7.13M | -132.1% |
| R&D | $8.43M | $5.98M | +41.1% |
| Stock-based compensation | $1.76M | $1.78M | -1.1% |
Reported vs consensus
2026-08-10| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.55M | $5.15M | +7.8% |
| EPS (as estimated) | -$0.05 | -$0.03 | -44.8% |
From the report of 2026-08-10 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Reportable Segment | $5.55M | – | 100.0% | – | – |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q2 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Reportable Segment | $5.55M | – | -$23M | – | -414.6% | – | – |
| Segment Information Of Revenue | – | – | – | – | – | – | – |
| Chief Operating Decision Maker | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyMargins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$43.1M
- Capex
- -$8.42M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $0
- Stock-based compensation
- $8.54M
- Free cash flow
- -$51.5M
- Returned to shareholders / FCF
- 0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -102.0× | – | – |
| EV / EBITDA | -219.2× | – | – |
| EV / Sales | 135.2× | 1,545.3× 4 of 5 years | 171.9× – 3,957.0× |
| Price / FCF | -29.0× | – | – |
| Price / Book | 0.9× | 4.8× | 0.9× – 14.5× |
| FCF yield | -3.4% | -12.7% | -33.6% – -1.4% |
| Return on invested capital | -4.7% | -40.1% | -105.6% – -3.2% |
| Return on equity | -1.1% | -63.3% | -172.2% – -1.2% |
Analysts
Consensus target $16.00 (+142.4%)
range $10.00 – $22.00 · rating Buy
Strong buy0
Buy3
Hold1
Sell0
Strong sell0
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 271 figures Quantum Computing, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $110M2026-03-31 | – | – | – | – | – | |
| Accounts Payable, Current | $4.08M | $1.37M | +197.2% | $778K | $1.37M | -43.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $6.86M | $96K | +7,041.7% | $519K | $27K | +1,822.2% |
| Accounts Receivable, Credit Loss Expense (Reversal) | -$40K | – | – | $279K2024-12-31 | $279K | 0.0% |
| Accrued Liabilities, Current | $6.95M | $1.25M | +455.6% | $9.14M | $2.13M | +328.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $5.48M | $1.37M | +301.2% | $2.91M | $966K | +201.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3.86M | – | – | $905K | – | – |
| Additional Paid in Capital | $1.83B | $616M | +197.2% | $1.82B | $308M | +490.2% |
| Amortization of Debt Issuance Costs | – | – | – | $2.06M2024-12-31 | $925K | +122.6% |
| Amortization of Intangible Assets | $1.4M | $700K | +100.0% | $2.5M | $3.1M | -19.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6.31M | 14.5M | -56.6% | 8,309 | 18.5K | -55.1% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | -$3.9M | – | – | – | – | – |
| APIC, Share-based Payment Arrangement, ESPP, Increase for Cost Recognition | – | – | – | $19K | $136K | -86.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.76M | $1.78M | -1.0% | $4.32M2024-12-31 | $4.24M | +2.0% |
| APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | $02025-09-30 | $2K | -100.0% | $7.3M2023-12-31 | $13.5M | -46.0% |
| Assets | $1.64B | $426M | +284.7% | $1.62B | $154M | +954.3% |
| Assets Held-in-trust | $57.4M2025-09-30 | – | – | – | – | – |
| Assets, Current | $988M | $350M | +182.2% | $1.13B | $79.2M | +1,332.4% |
| Business Acquisition, Pro Forma Net Income (Loss) | -$15M | -$37.8M | +60.4% | $38.6M2022-12-31 | – | – |
| Business Acquisition, Pro Forma Revenue | $9.08M | $15.8M | -42.4% | – | – | – |
| Business Combination, Consideration Transferred | $97.5M2026-03-31 | – | – | $83.1M2023-12-31 | – | – |
| Cash | $2.7M2025-09-30 | – | – | $2.1M2023-12-31 | – | – |
| Cash and Cash Equivalents, at Carrying Value | $189M | $349M | -45.8% | $738M | $78.9M | +834.7% |
| Cash Equivalents, at Carrying Value | $189M | $348M | -45.7% | $721M | $78.9M | +813.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $189M | $349M | -45.8% | $738M | $78.9M | +834.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | -$68.6M | $182M | -137.6% | $659M | $76.9M | +757.0% |
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $14.092025-12-31 | – | – | $14.09 | – | – |
| Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 71M2026-03-31 | – | – | 6.3M | – | – |
| Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 7.03B2025-09-30 | – | – | 7.03M2024-12-31 | 7.03M | 0.0% |
| Class of Warrant or Right, Outstanding | 800K2025-09-30 | – | – | 327K2025-01-07 | – | – |
| Common Stock, Capital Shares Reserved for Future Issuance | – | – | – | 1.54M2024-12-10 | 75K | +1,953.3% |
| Common Stock, Convertible, Conversion Price, Increase | – | – | – | $5.002024-12-10 | – | – |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 450M | 250M | +80.0% | 250M | 250M | 0.0% |
| Common Stock, Shares, Issued | 226M | 158M | +43.3% | 224M | 129M | +73.8% |
| Common Stock, Shares, Outstanding | 226M | 158M | +43.3% | 224M | 129M | +73.8% |
| Common Stock, Value, Issued | $23K | $16K | +43.8% | $22K | $13K | +69.2% |
| Communications and Information Technology | $1.1M2026-03-31 | $452K | +143.4% | $3.07M | $1.06M | +188.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$12.7M | -$36.5M | +65.2% | -$17.8M | -$68.5M | +74.1% |
| Contract with Customer, Liability, Current | $3.77M | $181K | +1,985.1% | $395K | $79K | +400.0% |
| Conversion of Stock, Amount Converted | – | – | – | $4.1M2024-12-31 | $596 | +687,316.1% |
| Conversion of Stock, Amount Issued | – | – | – | $4.1M2024-12-31 | – | – |
| Conversion of Stock, Shares Issued | 02025-09-30 | – | – | 2.38M2024-12-31 | – | – |
| Convertible Debt | – | – | – | $9.3M2024-11-18 | – | – |
| Cost of Revenue | $6.72M | $35K | +19,091.4% | $615K | $261K | +135.6% |
| Debt Securities, Available-for-sale | $1.13B | – | – | $783M | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $134K | – | – | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $4M | – | – | – | – | – |
| Debt Securities, Available-for-sale, Amortized Cost | $1.14B | – | – | $783M | $78.9M | +891.2% |
| Debt Securities, Available-for-sale, Amortized Cost, Current | $1.15B2026-03-31 | – | – | $782M | – | – |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $112K | – | – | $7K | – | – |
| Debt Securities, Trading, Unrealized Gain | $71K2026-03-31 | – | – | $913K | – | – |
| Debt Securities, Trading, Unrealized Loss | $2.99M2026-03-31 | – | – | $8K | – | – |
| Deferred Tax Assets, Gross | $40.6M2025-12-31 | $33.1M | +22.4% | $40.6M | $33.1M | +22.4% |
| Deferred Tax Assets, in Process Research and Development | $1.09M2025-12-31 | $615K | +76.6% | $1.09M | $615K | +76.6% |
| Deferred Tax Assets, Net of Valuation Allowance | $37.9M2025-12-31 | – | – | $37.9M | – | – |
| Deferred Tax Assets, Operating Loss Carryforwards | $27.1M2025-12-31 | $18.8M | +43.8% | $27.1M | $18.8M | +43.8% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $119M2025-12-31 | $89.3M | +33.1% | $119M | $89.3M | +33.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $39.2M2025-12-31 | $7M | +460.0% | $39.2M | $7M | +460.0% |
| Deferred Tax Assets, Other | $19K2025-12-31 | $17K | +11.8% | $19K | $17K | +11.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02