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Key Takeaways QCi posted $5.6M in Q2 revenues but still recorded a gross loss of about $1.2M. QCi's operating expenses jumped 114% to $21.8M on payroll, marketing and acquisition costs. QCi spent about $180M on three buyouts, enhancing capabilities while rising integration and execution risks. Quantum Computing Inc. (QUBT - Free Report) or QCi faces a key risk as its strong revenue growth has not yet translated into positive profitability. Second-quarter 2026 revenues rose to $5.6 million from just $61,000 a year ago, but the company still reported a gross loss of about $1.2 million. 

This indicates that current production volumes are not yet high enough to absorb manufacturing-related fixed costs efficiently. The company is working toward scalable commercial manufacturing and higher production volumes, which could help improve gross margins over time. 

Second-quarter operating expenses also surged 114% year over year to $21.8 million, mainly due to higher personnel and payroll costs for research and development, increased sales and marketing spending, and about $7.3 million in acquisition-related transaction expenses. 

QCi used approximately $180 million in cash, including transaction expenses, to acquire Luminar Semiconductor, NuCrypt and NHanced Semiconductors during the first half of 2026. These deals not only expanded QCi’s technology and manufacturing capabilities but also introduced integration and execution risks. Increasing production volumes, converting backlog into revenues and controlling expenses will therefore be critical to the company’s path toward profitability.

Peer UpdateD-Wave Quantum (QBTS - Free Report) revenues remain uneven because large system contracts still shape reported results, even as recurring commercial usage is improving underneath. Second-quarter 2026 revenues remained essentially flat year over year, while first-half revenues declined to $5.93 million from $18.10 million in the prior-year period, primarily because the year-ago period benefited from a major system sale.

Expense intensity also remains high as D-Wave funds both near-term commercialization and a multi-year technology roadmap. Second-quarter 2026 operating expenses rose 93% year over year, while first-half operating cash outflow increased to $73.5 million from $34.6 million, reflecting a 112% jump. 

Rigetti’s (RGTI - Free Report) revenue profile remains tied to the timing of system deliveries and milestone-based development work rather than recurring commercial usage. Revenues reached $5.1 million in the second quarter of 2026, up from $1.8 million a year earlier, driven mainly by sales of 9-qubit Novera systems and related products. 

However, concentration remains high, with one customer accounting for 64% of second-quarter 2026 revenues and another for 16%. Rigetti continues to fund a large research and infrastructure program against a small revenue base. Operating expenses rose 48% year over year to $30.3 million, including a 53% increase in R&D to $20.7 million. 

QUBT’s Share Price PerformanceOver the past year, QCi’s shares have plunged 47.9% compared with the industry’s 11.7% decline. 

Image Source: Zacks Investment Research

QUBT’s Expensive ValuationQUBT currently trades at a forward 12-month price-to-sales (P/S) of 34.61X compared with the industry’s median of 4.09X.

Image Source: Zacks Investment Research

QUBT Stock Estimate TrendOver the past 30 days, QCi’s loss per share estimate for 2026 has moved south.

Image Source: Zacks Investment Research

QUBT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bank of New York Mellon Corp bought a new stake in Quantum Computing Inc. (NASDAQ:QUBT – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,975,697 shares of the company’s stock, valued at approximately $19,164,000. Bank of New York Mellon Corp owned about 0.88% of Quantum Computing at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FWL Investment Management LLC acquired a new stake in shares of Quantum Computing in the 2nd quarter valued at about $33,000. Triumph Capital Management purchased a new position in shares of Quantum Computing during the third quarter worth approximately $45,000. International Assets Investment Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $26,000. Tucker Asset Management LLC acquired a new position in shares of Quantum Computing in the 4th quarter valued at $29,000. Finally, Horizon Investments LLC purchased a new stake in Quantum Computing in the 3rd quarter valued at $55,000. 4.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth Several research analysts have issued reports on the stock. Wedbush initiated coverage on shares of Quantum Computing in a research report on Monday, August 3rd. They set a “neutral” rating and a $12.00 price objective on the stock. Lake Street Capital reiterated a “buy” rating on shares of Quantum Computing in a research note on Monday, July 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Quantum Computing in a report on Wednesday, June 24th. Ascendiant Capital Markets upped their price target on Quantum Computing from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, August 26th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 price target on shares of Quantum Computing in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Quantum Computing presently has a consensus rating of “Hold” and a consensus target price of $18.67.

View Our Latest Stock Report on QUBT Quantum Computing Price Performance Shares of NASDAQ:QUBT opened at $8.23 on Tuesday. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of -117.55 and a beta of 3.74. Quantum Computing Inc. has a 12 month low of $6.18 and a 12 month high of $25.84. The business’s 50 day simple moving average is $8.62 and its 200-day simple moving average is $8.86.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to analyst estimates of $5.15 million. On average, equities analysts anticipate that Quantum Computing Inc. will post -0.18 earnings per share for the current year.

Quantum Computing Company Profile (Free Report)

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

Recommended Stories Five stocks we like better than Quantum Computing Securing AI: 5 Most-Upgraded Stocks From the Q2 Reporting Season Insiders Are Betting Big on These 3 Healthcare Stocks 3 Stocks for Investors Who Still Believe Cash Is King Dollar General and Dollar Tree Are Recovering, But Not for the Same Reason Want to see what other hedge funds are holding QUBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quantum Computing Inc. (NASDAQ:QUBT – Free Report).

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, /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, today announced that Dr. Yuping Huang, Chief Executive Officer and Chris Roberts, Chief Financial Officer, will participate in the Lake Street Capital Markets 10th Annual Best Ideas Growth (Big10) Conference being held on September 10 at the Metropolitan Club in New York City. Dr. Huang and Mr. Roberts will be available for one-on-one meetings during the conference.

To schedule a one-on-one meeting with QCi, please contact your Lake Street representative.

About Quantum Computing Inc.

Quantum Computing Inc. (Nasdaq: QUBT) is a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, and delivering accessible, scalable, and cost-effective quantum machines, photonics products, and advanced packaging. The Company provides foundry services for photonic chips and semiconductor manufacturing and offers a vertically integrated portfolio spanning photonics and electronic components, subsystems, and full-stack systems.

Designed to operate at room-temperature with low-power requirements, QCi's technologies enable practical deployment across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging.

Headquartered in Hoboken, New Jersey, QCi also has operations in Arizona, California, Illinois, Indiana, Massachusetts, North Carolina and Virginia. By combining advanced materials, device engineering, and scalable manufacturing, QCi delivers integrated quantum, photonics, and semiconductor technologies, accelerating commercialization and real-world adoption.

QCi Investor Relations Contacts:

IMS Investor Relations
John Nesbett/Zach Nevas
[email protected]

David Moskowtiz, Head of Investor Relations
[email protected]

QCi Media & Communications Contact:

Karen Jeffers, Director, Marketing and Communications
[email protected]

SOURCE Quantum Computing Inc.

Key Takeaways Quantum Computing's NHanced deal accelerates Fab 2 and expands advanced packaging capabilities. NuCrypt adds quantum optics, RF-photonics and signal-processing patents to Quantum Computing's IP. The acquisitions could broaden Quantum Computing's secure communications and computing opportunities. Quantum Computing Inc. (QUBT - Free Report) or QCi completed the acquisition of NHanced Semiconductors, Inc., a U.S.-based advanced packaging foundry, for a combination of cash and QCi stock valued at $73.1 million, and up to an additional $72.0 million if certain performance targets are achieved. The acquisition of NHanced Semiconductors strengthens its long-term growth prospects by accelerating the launch of Fab 2 and expanding its advanced packaging, semiconductor manufacturing and photonic integration capabilities. 

QCi announced the completion of its acquisition of NuCrypt, LLC, a quantum communications technology company, in a $5 million transaction to be paid through a combination of cash and QCi common stock. NuCrypt’s patent portfolio spans quantum optics, RF-photonics and photonic signal processing, strengthening QCi’s intellectual property position and technology depth. Over the long term, these capabilities could expand the company’s opportunities in secure communications and advanced computing applications and support broader commercialization of its technology portfolio.

These developments are expected to act as a tailwind for QCi’s long-term growth prospects. 

Peer UpdateRigetti (RGTI - Free Report) signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D. Rigetti continues to target a path toward systems with approximately 1,000 qubits, 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over roughly a three-year time horizon. To support this roadmap, the company has continued investing in dilution refrigeration capacity and related infrastructure designed to accommodate higher-qubit-count systems.

IonQ (IONQ - Free Report) successfully closed the SkyWater and Nexus acquisitions, which extended IonQ’s full-stack quantum platform and merchant supplier leadership to the United States and allied ecosystem. IonQ also made significant strides toward demonstrating its 256-qubit quantum computer and publishing results on its quantum error-correction technology. These developments are expected to serve as a tailwind for IonQ’s long-term growth prospects.

QUBT’s Share Price PerformanceOver the past year, QCi’s shares have plunged 44.5% compared with the industry’s 13.9% decline. 

Image Source: Zacks Investment Research

QUBT’s Expensive ValuationQUBT currently trades at a forward 12-month price-to-sales (P/S) of 37.85X compared with the industry’s median of 4.09X.

Image Source: Zacks Investment Research

QUBT Stock Estimate TrendOver the past 30 days, QCi’s loss per share estimate for 2026 has moved south.

Image Source: Zacks Investment Research

QUBT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

BlackRock Inc. bought a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,733,975 shares of the company’s stock, valued at approximately $172,020,000. BlackRock Inc. owned 7.86% of Quantum Computing as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of QUBT. International Assets Investment Management LLC bought a new position in shares of Quantum Computing in the 4th quarter worth $26,000. Rhumbline Advisers bought a new stake in Quantum Computing during the first quarter valued at about $28,000. Tucker Asset Management LLC purchased a new position in Quantum Computing in the fourth quarter valued at about $29,000. State of Wyoming purchased a new position in Quantum Computing in the second quarter valued at about $29,000. Finally, FWL Investment Management LLC bought a new position in Quantum Computing in the second quarter worth about $33,000. Institutional investors own 4.26% of the company’s stock.

Quantum Computing Stock Performance Shares of QUBT stock opened at $8.65 on Friday. Quantum Computing Inc. has a fifty-two week low of $6.18 and a fifty-two week high of $25.84. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -123.55 and a beta of 3.74. The stock’s 50-day simple moving average is $8.72 and its 200-day simple moving average is $8.88.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The company had revenue of $5.55 million for the quarter, compared to analysts’ expectations of $5.15 million. As a group, equities analysts forecast that Quantum Computing Inc. will post -0.18 earnings per share for the current year. Wall Street Analysts Forecast Growth Several analysts have commented on the stock. Wall Street Zen lowered shares of Quantum Computing from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Cantor Fitzgerald reiterated a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a research note on Tuesday, August 11th. Ascendiant Capital Markets increased their target price on shares of Quantum Computing from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday. Rosenblatt Securities restated a “buy” rating and issued a $22.00 target price on shares of Quantum Computing in a research note on Monday, June 29th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.67.

View Our Latest Analysis on QUBT

(Free Report)

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

Further Reading Five stocks we like better than Quantum Computing Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape SEC Probe Puts Wall Street Leverage Risk Back in Focus A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole Five Below’s Turnaround Is Working—But Has the Stock Run Too Far? Want to see what other hedge funds are holding QUBT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Quantum Computing Inc. (NASDAQ:QUBT – Free Report).

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Key Takeaways QUBT's revenues surged, backlog hit $42.5 million, and Dirac-3 was delivered to a global firm.QNT's revenues jumped 279%, with $81 million in year-to-date bookings and a $28-$32 million outlook.QUBT and QNT offer differentiated growth paths as investors demand stronger commercial evidence. The quantum-computing trade has entered a more demanding phase in the second half of 2026. After a powerful rally earlier this year, investors are increasingly looking beyond qubit milestones and government support toward revenue visibility, cash requirements and commercialization. This shift comes as the macro backdrop becomes less favorable for high-risk growth stocks within the quantum computing space.

Against this backdrop, two pure-play quantum computing stocks outside the sector's leading names that are showing notable commercial momentum are Quantum Computing Inc. (QUBT - Free Report) or QCi and Quantinuum Inc. (QNT - Free Report) . Let’s delve deeper.

A Cooling Labor MarketThe Federal Reserve kept the federal funds target range at 3.5%-3.75% at its July 29 meeting, while inflation remains elevated. Going by the BLS’ July CPI report, released in August 2026, the July Consumer Price Index (CPI) rose 3.4% year over year, with core CPI up 2.5%, while the energy index increased 14.7% for the 12 months ending July. The labor market is also cooling. July nonfarm payrolls declined 23,000, with unemployment at 4.1%, according to the BLS’ August-released Employment Situation Summary report.

Higher Yields, Persistent Inflation and Fiscal Risks Add PressureThe macro backdrop is becoming less forgiving for long-duration, speculative technology stocks. The BEA's latest Personal Income and Outlays report showed the personal consumption expenditures (PCE) price index rising 3.7% year over year in June, while core PCE increased 3.3%. Although the headline PCE index fell 0.1% month over month, underlying inflation remains well above the Federal Reserve's 2% target, limiting the scope for rapid monetary easing.

Producer-price pressures add to the challenge. July Producer Price Index (PPI) rose 4.7% year over year, although the index was unchanged month over month. Prices excluding food, energy and trade services also rose 4.7% over the 12 months ended in July, suggesting that cost pressures remain elevated.

Image Source: The U.S. Bureau of Economic Analysis (BEA)

At the same time, real consumer spending increased 0.4% in June, according to the BEA, indicating that the U.S. economy still has an important source of resilience. That makes the backdrop less about an outright economic downturn and more about persistent inflation, elevated borrowing costs and a higher hurdle for speculative investments.

The bond market is adding another layer of pressure. Reuters reported on Aug. 21 that U.S. long-term yields remained elevated, with the 30-year Treasury yield around 5.25%, as investors weighed inflation, fiscal deficits and a U.S. debt load that has surpassed $40 trillion. Oil prices also climbed amid renewed Middle East tensions, increasing the risk that energy inflation could complicate the Fed's policy path.

For quantum stocks, the message is increasingly clear- technological promise alone is no longer enough. Investors want evidence that bookings, partnerships and technical milestones can translate into scalable commercial revenue.

Why IONQ and QBTS Are Under PressureThe pressure on prime-line pureplay quantum stocks like IonQ (IONQ - Free Report) and D-Wave Quantum (QBTS - Free Report) is therefore not necessarily a rejection of quantum technology. It reflects the widening gap between ambitious long-term opportunities and near-term financial execution. IonQ delivered an impressive 287% year-over-year increase in its second-quarter revenues and raised its 2026 revenue outlook to $280-$290 million. However, its valuation remains lumpy, while the company continues to invest heavily in expansion and integration following the SkyWater acquisition. IONQ currently has a Zacks Rank #4 (Sell).

D-Wave faces a different challenge. First-half bookings surged 1,120% year over year, but second-quarter revenue was only $3.1 million, essentially flat from a year earlier. The disparity shows the sector's key bottleneck- turning bookings, pilots and technical advances into recurring revenue at scale. QBTS also carries a Zacks Rank #4 right now.

Government Support is Strong - But Commercialization Still MattersWashington continues to support the strategic development of quantum computing. A June 22 White House executive order called for a national effort to develop a powerful quantum computer and accelerate quantum capabilities for commercial applications. The Department of Energy subsequently launched its Quantum Genesis initiative targeting scientifically relevant, fault-tolerant quantum computers.

These initiatives strengthen the industry's long-term opportunity, but government support does not eliminate execution risk. Quantum companies still face hardware-scaling, error-correction, manufacturing, data-preparation and customer-adoption bottlenecks.

QUBT: Diversification Creates a Different Growth ProfileQuantum Computing or QCi’s second-quarter 2026 revenues jumped to $5.6 million from $61,000 a year earlier, while contract backlog reached approximately $42.5 million. The company also completed its NHanced Semiconductors acquisition and delivered its Dirac-3 quantum optimization system to a global consulting firm. Importantly, QUBT is building exposure across quantum photonics, semiconductors and quantum optimization rather than relying on a single hardware pathway.

The stock currently carries a Zacks Rank #3 (Hold). Based on short-term price targets offered by six analysts, the average price target for QCi comes to $18.33, representing an increase of 125.2% from the last closing price of $8.14.

Image Source: Zacks Investment Research

QNT: Commercial Momentum Is AcceleratingQuantinuum offers another differentiated route into quantum computing, with an enterprise-focused full-stack model spanning hardware, software and applications. Its second quarter revenue increased 279% year over year, while the company raised its 2026 revenue outlook to $28-$32 million and reported year-to-date bookings of $81 million. Its Helios system also demonstrated near-five-nines logical fidelity, strengthening its technology proposition. Quantinuum's planned integration with Oracle Cloud Infrastructure provides another potential avenue for enterprise adoption. With more than $2 billion of cash, cash equivalents and short-term investments after its IPO, QNT has substantial resources to fund development. Its key risk remains valuation and the long path to profitability.

The stock also carries a Zacks Rank #3. Based on short-term price targets offered by 12 analysts, the average price target for Quantinuum comes to $97.17, representing an increase of 77% from the last closing price of $54.90. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Image Source: Zacks Investment Research

Key Takeaways QUBT sold, delivered and installed its Dirac-3 quantum optimization machine at a global consulting firm. QUBT's NeuraWave reached deployment readiness, combining photonic and digital computing for AI inference. QUBT's Planck Dynamics framework deal could exceed $10 million as specified customer milestones are met. Quantum Computing Inc. or “QCi” (QUBT - Free Report) expanded customer adoption across its quantum optimization and photonic computing platforms. The company successfully sold, delivered and installed its Dirac-3 quantum optimization machine at a leading global consulting firm. The Dirac-3 system will support enterprise customers on complex optimization applications, including portfolio optimization.

NeuraWave, its next-generation photonic reservoir computing platform, also reached deployment readiness. This platform combines photonic and digital computing to deliver fast, energy-efficient AI inference and advanced signal processing for edge computing applications across defense, telecommunications, robotics, healthcare industrial monitoring and other markets. 

QCi entered into a framework agreement with Planck Dynamics to support the deployment of almost multiple dozens of NeuraWave photonic reservoir computing systems as customer milestones are achieved. The agreement represents an important commercial validation of NeuraWave’s readiness to address emerging AI infrastructure requirements with a potential aggregate program value in excess of $10 million, subject to the achievement of specified customer milestones and other conditions.

QCi also received an order from a leading university for its quantum-secure communications system, supporting further research and signaling continued customer traction.

Peer UpdateRigetti (RGTI - Free Report) will deliver a 9-qubit Novera system to the Pittsburgh Supercomputing Center’s TangleLab testbed, expanding its quantum-HPC collaboration. The company is also fulfilling on-premises systems, including a 108-qubit program for C-DAC in India, amid continued demand from universities, national labs and research organizations.

D-Wave Quantum (QBTS - Free Report) announced several new and renewed commercial and research customer engagements, including AT&T, Nasdaq Verafin, Oki Electric, Shionogi, Unisys, and one of the world’s largest gambling and entertainment companies. The company also announced a forthcoming gate-model quantum computing simulator, which is expected to be the first specifically designed for error-aware programming.

QUBT’s Share Price PerformanceOver the past year, QCi’s shares have plunged 43.1% compared with the industry’s 12.6% decline. 

Image Source: Zacks Investment Research

QUBT’s Expensive ValuationQUBT currently trades at a forward 12-month price-to-sales (P/S) of 41.05X compared with the industry’s median of 4.10X.

Image Source: Zacks Investment Research

QUBT Stock Estimate TrendOver the past 30 days, QCi’s loss per share estimate for 2026 has moved south.

Image Source: Zacks Investment Research

QUBT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Early August brought the latest round of earnings reports for quantum computing companies, along with a chance for investors to see if any pure-play firms have begun to differentiate themselves from the competition. Results were uneven across the industry, with firms like IonQ Inc. NYSE: IONQ getting a share price boost after strong results while others, like D-Wave Quantum NASDAQ: QBTS, had a more difficult time.

The earnings season didn't end with major players in the quantum space, however, and two smaller names also reported results. Quantum Computing Inc. NASDAQ: QUBT and Infleqtion Inc. NYSE: INFQ both reported standout growth figures, but each company also struggles as a smaller firm with mounting expenses in a competitive space. The question for investors will be whether either or both of these companies has shown enough earnings potential to challenge larger firms like D-Wave and IonQ at this stage.

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Quantum Computing's Revenue and Expenses Tests Yield Mixed ResultsAt $2 billion in market value, Quantum Computing is at a critical middle stage in terms of its growth. The company stood out early in the year for its excellent cash position, which facilitated multiple acquisitions that are anticipated to help drive production growth. The test of this latest earnings period was whether the firm would be able to keep its operating expenses in check and grow its still-thin revenue.

Quantum Computing Today

QUBT

Quantum Computing

$8.94 -0.07 (-0.75%)

As of 10:21 AM Eastern

This is a fair market value price provided by Massive. Learn more.

$6.18▼

$25.84$18.33

Quantum Computing was partially successful in those goals. The bad news first: expenses are still mounting, and at a rate likely to make investors nervous. Operating expenses more than doubled year over year (YOY) to nearly $22 million, although about a third of those expenses were related to acquisitions. On the positive side, however, the company still ended the quarter with about $1.3 billion in cash and other investments, so its reserves are strong even after some major purchases.

On a brighter note, the company's revenue continues to grow, reaching $5.6 million in Q2 after hitting $3.7 million in Q1. The backlog isn't huge but should support activity through Q3 2027 regardless of future contracts. So far, Quantum Computing has not folded under the pressure, but investors will certainly be asking many of the same questions in future earnings periods as well.

Infleqtion Also Struggles With Widening LossesInfleqtion is only slightly bigger than Quantum Computing, but the company stands out for its unique neutral-atom technology and focus on quantum sensing, which should allow it to scale production more easily than some of its rivals.

Infleqtion Today

$13.20 +0.34 (+2.60%)

As of 10:21 AM Eastern

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$8.52▼

$27.50$20.60

This company's revenue growth trajectory was also confirmed by its Q2 2026 earnings results. The firm announced 116% YOY revenue improvement to $12.6 million.

Like Quantum Computing above, however, Infleqtion must deal with significant costs to run its business. GAAP operating losses of almost $31 million were more than triple a year earlier, another red flag for some investors.

Infleqtion's balance sheet had $582 million in cash and equivalents as of the end of Q2, which is better than some rivals but does not help it to stand out compared to cash-rich companies like Quantum Computing and D-Wave.

Comparison Against the Bigger PlayersIonQ has emerged as a favorite among the bigger players for its strong revenue, ambitious guidance, strategic acquisitions, and evidence of success at scaling. So long as smaller companies, including Quantum Computing and Infleqtion, continue to struggle with expenses and losses while reporting small revenue, they are unlikely to rival IonQ for the time being.

D-Wave, a mid-tier player, had ground to lose in the Q2 earnings season, and it may have done just that. Revenue came in well below analyst predictions and actually slid backward slightly YOY. Plus, revenue was lower on an absolute basis than either of the smaller companies above. An advantage that D-Wave has, however, is its stellar bookings growth, which could forecast substantial revenue success in the future. For the time being, though, as sales remain quite lumpy and volatile from quarter to quarter, a company like D-Wave may be likely to take some steps forward and others backward in its earnings reports.

For investors, the decision is whether a bet on the quantum computing industry as a whole remains the safest way to gain exposure, or whether it makes more sense to target individual firms. IonQ is doing what it can to distinguish itself from the rest of the field, but otherwise, even smaller names can point to noteworthy earnings successes that may justify further investor interest.

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Key Takeaways QCi targets growth through Dirac-3, NeuraWave and Planck Dynamics, backed by a $42.5M backlog.QCi's average analyst price target implies 104.8% upside from its $8.95 closing price.Quantinuum's Q2 revenues jumped 279%, with 2026 guidance of $28-$32M and $2B in liquidity. The quantum computing industry made further progress toward commercialization in the second quarter of 2026, with enterprise adoption, government support and capital availability strengthening across the space. McKinsey's April 2026 Quantum Technology Monitor points to accelerating commercialization, with more than 300 organizations worldwide engaging with quantum computing and early movers transitioning from pilots to applications embedded in end-to-end workflows.

The report also found that one-third of the large global companies it analyzed allocated more than $10 million to quantum computing initiatives in 2025, with spending focused largely on use-case development, integration with existing technology stacks and internal capabilities.

The quarter also saw significant developments in commercial infrastructure and funding. IonQ’s (IONQ - Free Report) 60% of second-quarter revenues came from commercial customers. IonQ also made progress on its 256-qubit system, quantum error correction, quantum networking and the integration of SkyWater Technology and Nexus Photonics into its full-stack strategy. D-Wave's (QBTS - Free Report) 62.4% of second-quarter revenues came from commercial customers, up from 45.1% a year earlier. More significantly, first-half bookings reached $35.5 million, up 1,120% year over year, including a $20 million system sale, while remaining performance obligations rose 668% to $40.7 million.

Against this backdrop, two stocks stand out in August for their more than 75% short-term price-target upside following their second-quarter releases. These are  Quantum Computing Inc. (QUBT - Free Report) or QCi and Quantinuum (QNT - Free Report) .

Image Source: Zacks Investment Research

Quantum Stocks Rally in Q2 & Then Face a Sharp July ResetThe markets reflected this improving commercial narrative during April-June. The Defiance Quantum ETF (QTUM - Free Report) rallied 51.3% over the April to June period, banking on the consolidated gains that came as investors increasingly focused on bookings, system sales, enterprise partnerships and technology milestones rather than quantum computing's longer-term potential alone. The June IPO of Quantinuum added another important development to the public-market landscape, with the company raising $1.68 billion and becoming one of the largest publicly traded pure-play quantum companies.

However, the strong second-quarter rally quickly gave way to a broad reset in July, as shown in the following chart. The decline followed substantial gains in the preceding quarter and reflected high valuation sensitivity of speculative technology stocks.

Share Price Performance in July
Image Source: Zacks Investment Research

August Positioning: Fundamentals Are Becoming More ImportantThe major pure plays have now reported second-quarter results, giving investors more evidence on revenue growth, customer adoption, liquidity and technology execution. D-Wave's second-quarter revenues missed expectations despite a sharp increase in bookings, while Rigetti reported strong revenue growth. IonQ also reported substantial revenue growth. The results showed a key shift in the sector. Investors are increasingly looking for evidence of commercial conversion rather than relying solely on technology milestones.

2 Stocks with 75%+ Target Price in AugustQCi: Quantum Computing enters the second half of 2026 with several potential growth drivers. In the near term, the Dirac-3 deployment, NeuraWave’s commercial readiness and its Planck Dynamics agreement could expand customer adoption, with the latter carrying potential program value above $10 million subject to milestones. The $42.5 million backlog and $1.3 billion cash position provide funding for continued execution. For the longer term, the NHanced acquisition and the launch of Fab 2 expand QCi’s advanced packaging and semiconductor manufacturing capabilities, supporting its strategy to scale photonic and quantum technologies. The key catalysts will be converting these deployments into recurring revenues while integrating its acquisitions and controlling rising operating costs.

Based on short-term price targets offered by six analysts, the average price target for QCi represents an increase of 104.8% from the last closing price of $8.95. QCi carries a Zacks Rank #3 (Hold).

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Quantinuum: The company entered the second half of 2026 with accelerating commercial activity. Second-quarter 2026 revenues jumped 279% year over year, while the company issued 2026 revenue guidance of $28-$32 million. In the near term, the Oracle partnership to deploy Helios through Oracle Cloud Infrastructure could broaden enterprise access, while its HPE collaboration targets integration of quantum computing with HPC environments. Quantinuum also demonstrated near-five-nines logical fidelity on Helios, advancing its error-correction efforts.

For the longer term, its planned Sol system in 2027 and Apollo roadmap are aimed at scaling quantum capabilities. With more than $2 billion in liquidity following its IPO, Quantinuum has substantial resources to fund this roadmap, although profitability remains a longer-term objective.

Based on short-term price targets offered by 12 analysts, the average price target for QNT represents an increase of 76.2% from the last closing price of $56.1. Quantinuum carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Posted by Defense World Staff on Aug 12th, 2026

Amundi purchased a new position in shares of Quantum Computing Inc. (NASDAQ:QUBT – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 73,429 shares of the company’s stock, valued at approximately $503,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares during the period. Marex Group plc grew its stake in shares of Quantum Computing by 255.6% in the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock valued at $84,872,000 after buying an additional 5,945,679 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Quantum Computing in the third quarter valued at about $123,014,000. Geode Capital Management LLC raised its holdings in shares of Quantum Computing by 45.5% during the 4th quarter. Geode Capital Management LLC now owns 4,565,192 shares of the company’s stock valued at $46,846,000 after buying an additional 1,428,120 shares during the period. Finally, State Street Corp raised its holdings in shares of Quantum Computing by 44.1% during the 4th quarter. State Street Corp now owns 4,344,023 shares of the company’s stock valued at $44,570,000 after buying an additional 1,329,433 shares during the period. Institutional investors and hedge funds own 4.26% of the company’s stock.

Wall Street Analysts Forecast Growth A number of equities analysts have weighed in on QUBT shares. Wedbush assumed coverage on Quantum Computing in a report on Monday, August 3rd. They issued a “neutral” rating and a $12.00 price target for the company. Wall Street Zen lowered shares of Quantum Computing from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Ascendiant Capital Markets boosted their target price on shares of Quantum Computing from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, June 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $10.00 price objective on shares of Quantum Computing in a research report on Tuesday. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Quantum Computing has a consensus rating of “Hold” and a consensus target price of $18.33.

Check Out Our Latest Stock Analysis on Quantum Computing

Key Headlines Impacting Quantum Computing Here are the key news stories impacting Quantum Computing this week:

Positive Sentiment: Second-quarter revenue surged to $5.55 million from $61,000 a year earlier and exceeded the roughly $5.15 million analyst estimate. Revenue also increased from $3.7 million in the first quarter, driven primarily by photonics product sales to government, education and commercial customers. Quantum Computing Inc. Reports Second Quarter 2026 Financial Results Positive Sentiment: Management is shifting from research toward commercial manufacturing, supported by the completed NHanced Semiconductors acquisition, the launch of Fab 2, photonics and semiconductor capabilities, and a reported $42.5 million contract backlog. The company also highlighted progress on its Dirac-3 system and NeuraWave platform. Quantum Computing Q2 Earnings Call Centers on Commercial Scaling Positive Sentiment: QCi ended the quarter with approximately $1.3 billion in cash, cash equivalents and investments, providing substantial funding for manufacturing expansion and product development. Neutral Sentiment: Cantor Fitzgerald reaffirmed its Neutral rating while maintaining a $10 price target, modestly above the stock’s recent trading level. Cantor Fitzgerald Rating Neutral Sentiment: The reported short-interest entry shows zero shares and a zero-day short-interest ratio, but the data appears unreliable because it also reports an undefined percentage change. It provides no meaningful trading signal. Negative Sentiment: QUBT remained loss-making, reporting a net loss of approximately $11.8 million and a loss of $0.05 per share. Operating expenses more than doubled year over year to $21.8 million, while gross-loss pressure continues to raise concerns about the path to profitability. QUBT Q2 Loss and Revenue Results Negative Sentiment: Reported insider activity over the past six months shows two sales totaling 78,262 shares and no purchases, a modest negative sentiment indicator. Quantum Computing Stock Performance NASDAQ:QUBT opened at $8.95 on Wednesday. The stock has a 50-day simple moving average of $9.12 and a 200 day simple moving average of $9.00. Quantum Computing Inc. has a one year low of $6.18 and a one year high of $25.84. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -127.84 and a beta of 3.74.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.02). The firm had revenue of $5.55 million during the quarter, compared to the consensus estimate of $5.15 million. On average, equities research analysts forecast that Quantum Computing Inc. will post -0.14 EPS for the current fiscal year.

About Quantum Computing (Free Report)

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

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Key Takeaways QUBT's Q2 loss matched estimates as revenues jumped 9,000% to $5.55 million and beat consensus by 18.1%. Photonics product sales drove QUBT's revenue surge, while contract backlog reached $42.50 million at June 30. QUBT's operating expenses rose 114.3% to $21.85 million, while net loss narrowed to $11.75 million. Quantum Computing Inc. (QUBT - Free Report) or “QCi” reported a second-quarter 2026 loss of 5 cents per share, matching the Zacks Consensus Estimate and narrowing 80.8% from a loss of 26 cents a year ago. 

Revenues surged 9,000.0% year over year from $61,000 to $5.55 million and beat the consensus mark by 18.1%, driven mainly by photonics product sales. Additionally, contract backlog reached $42.50 million as of June 30. 

Following the March 2 announcement, QUBT’s shares fell 0.1% in yesterday’s after-market trading session. This fall was due to investors’ concern about the company incurring a loss despite growth in revenues. 

QUBT's Revenue Mix Gains ScaleSecond-quarter sales came from a broad mix of government, educational and commercial customers. Management said all business units contributed, with revenues primarily stemming from photonics products used in QCi's quantum roadmap and existing industrial applications.

Government work remains the largest end market. On the earnings call, management said roughly 70-80% of current business comes from government contracting, mainly through subcontracts, with commercial demand ranking second and education a distant third.

Quantum Computing's Cost Base ExpandsThe company posted a gross loss of $1.17 million versus a gross profit of $26 thousand a year earlier. Research and development expenses totaled $8.43 million, sales and marketing costs amounted to $1.93 million, and general and administrative expenses reached $11.49 million.

Operating expenses rose 114.3% year over year to $21.85 million. The increase reflected higher personnel and payroll costs tied to research and development, sales and marketing, along with $7.30 million of acquisition-related transaction expenses.

QUBT Advances Commercial Quantum ProductsDuring June, QCi sold, delivered and installed its Dirac-3 quantum optimization machine at a leading global consulting firm. The system is intended to support enterprise customers on complex optimization applications, including portfolio optimization.

NeuraWave reached deployment readiness during the quarter. QUBT also entered into a framework agreement with Planck Dynamics that included an initial order for five systems and could support multiple dozens of units, with potential aggregate program value exceeding $10.00 million, if specified milestones are achieved. A leading university also ordered QCi's quantum secure communications system for research and development work.

Quantum Computing Adds Manufacturing CapacityQCi completed the NHanced Semiconductors acquisition for cash and stock valued at $73.10 million, plus up to $72.00 million tied to performance targets. The deal launched Fab 2 ahead of schedule and added advanced packaging, semiconductor manufacturing and photonic integration capabilities. NHanced was QCi's third acquisition during the first half of 2026.

Management said the NHanced facility can currently process roughly 60,000 wafers annually. Planned upgrades are still being evaluated, with potential spending estimated at $50-$100 million, likely closer to $75 million, and little of that amount expected to be spent this year.

Quantum Computing Retains Financial FlexibilityCash, cash equivalents and investments totaled about $1.30 billion as of June 30, down from about $1.40 billion as of March 31. The company used approximately $180 million in cash, including transaction expenses, for the Luminar Semiconductor, NuCrypt and NHanced acquisitions.

Interest and other income increased to $12.95 million from $1.84 million. The mark-to-market loss on the warrant derivative liability fell to $1.68 million from $28.10 million, helping narrow the quarterly net loss to $11.75 million from $36.48 million a year earlier.

Our View on QUBT Stock Quantum Computing ended the second quarter of 2026 with loss in line with estimates and revenues beating the same. The year-over-year revenue growth was supported by rising photonics sales and expanding commercial activity. The quarter featured the NHanced Semiconductors acquisition, a Dirac-3 deployment and further commercialization of the NeuraWave photonic computing platform. 

On a negative note, elevated operating costs and a gross loss continue to pressure profitability. 

QUBT’s Zacks Rank & Key Picks Quantum Computing currently carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks in the broader Zacks Computer and Technology sector are AppFolio (APPF - Free Report) , Amkor Technology (AMKR - Free Report) and Amphenol (APH - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of AppFolio have plunged 14.2% year to date. The Zacks Consensus Estimate for APPF’s 2026 earnings is pegged at $6.90 per share, up 2.2% over the past 30 days, indicating an increase of 30.4% year over year.

Shares of Amkor Technology have jumped 41.5% year to date. The Zacks Consensus Estimate for AMKR’s 2026 earnings is pegged at $2.62 per share, up 17.5% over the past seven days, indicating a rise of 74.7% year over year.

Amphenol shares have surged 26.8% year to date. The Zacks Consensus Estimate for APH’s 2026 earnings is pegged at $5.25 per share, up 7.8% over the past seven days, indicating an increase of 57.2% year over year.

2 Quantum Stocks That Could Challenge IonQ’s LeadershipQuantum Computing NASDAQ: QUBT reported second-quarter 2026 revenue of $5.6 million, up from $61,000 a year earlier and $3.7 million in the first quarter, as photonics product sales contributed across its government, educational and commercial customer base.

Chief Financial Officer Chris Roberts said the quarter’s revenue primarily came from photonics products used in the company’s quantum roadmap as well as existing industrial applications. He said government business, largely performed as a subcontractor to prime contractors in civil, aerospace and defense programs, currently represents about 70% to 80% of the company’s business. Commercial markets rank second, while educational customers represent a smaller portion, he said.

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Financial Results and Backlog 2 Quantum Stocks Are Drawing Capital as AI Infrastructure Hits a WallThe company reported a net loss of $11.8 million, or $0.05 per share, compared with a net loss of $36.5 million, or $0.26 per basic share, in the second quarter of 2025. Roberts attributed much of the year-over-year improvement to a lower non-cash mark-to-market loss associated with warrant derivative liabilities related to the company’s 2022 merger with QPhoton.

Operating expenses rose 114% to $21.8 million from $10.2 million a year earlier. The increase reflected higher personnel and payroll costs for research and development, sales and marketing, as well as approximately $7.3 million in acquisition-related transaction costs.

A Quantum Shift: Why Speculative Money Is Ditching AIInterest and other income totaled $13 million, up from $1.8 million in the prior-year period, driven by interest generated from a larger cash position. At June 30, the company held approximately $1.3 billion in cash, cash equivalents and investments, down from about $1.5 billion at the end of 2025. Roberts said the decrease included roughly $180 million of cash used for the acquisitions of Luminar Semiconductor, NuCrypt and NHanced Semiconductors, including transaction expenses.

Total assets were approximately $1.6 billion, while total liabilities were $47.2 million. Contract backlog stood at approximately $42.5 million at June 30.

Roberts said backlog had not changed substantially in the roughly 40 days after quarter-end, though contract activity can occur unevenly. He said the contracts in backlog generally extend over 12 to 18 months and would support operations into the third quarter of 2027 or longer if no additional business were received.

Acquisitions Expand Manufacturing Capabilities Chief Executive Officer and Chairman Yuping Huang said the company completed three acquisitions during the first half of 2026 to expand its commercialization efforts, technical capabilities, manufacturing capacity and engineering staff.

In the second quarter, Quantum Computing completed its acquisition of NHanced Semiconductors, an independent U.S.-based advanced packaging foundry. Huang said the deal enabled the company to launch its Fab 2 initiative ahead of schedule and added capabilities in hybrid bonding, chiplet architectures, silicon interposers, photonic device integration and advanced semiconductor packaging.

Roberts said NHanced can currently process roughly 60,000 wafers annually, representing a substantial capacity increase over the company’s Fab 1 facility in Tempe, Arizona. The company is evaluating upgrades at the NHanced facility that could require capital expenditures in a range of $50 million to $100 million, with Roberts identifying approximately $75 million as a current planning estimate. He said the company does not expect to spend close to that amount this year.

Regarding revenue contribution, Roberts said Quantum Computing continues to support models projecting $20 million to $25 million of 2026 revenue for the company prior to the NHanced acquisition. He said NHanced’s contribution could fall between $7 million and $16 million, depending on the timing of project delivery and customer acceptance. He noted that NHanced generated about $16 million in the first half of 2025, but its more recent figures have been affected by business mix changes and the postponement of funding on a large U.S. Navy contract.

Commercial Developments Huang said the company reached commercial readiness in April for NeuraWave, its photonic reservoir computing platform designed for artificial intelligence inference and signal processing at the edge. The platform combines photonic and digital computing and targets applications in defense, telecommunications, autonomous vehicles, robotics, healthcare and industrial monitoring.

During June, the company delivered and installed a Dirac-3 quantum optimization machine at a global consulting firm. Huang said the system will support the customer’s enterprise engagements involving complex optimization challenges, including portfolio optimization.

The company also reached a framework agreement with Planck Dynamics that included an initial order for five NeuraWave systems. Huang said the agreement could provide a path to deployment of multiple dozens of systems as customer milestones are met, with a potential aggregate program value exceeding $10 million.

Quantum Computing additionally received an order from a university for its quantum secure communications system, which the institution plans to evaluate as part of research and development related to quantum-secure networking.

Technology Roadmap and Sales Expansion Management said it remains focused on two growth areas: advancing room-temperature photonic quantum systems and expanding commercial offerings in photonic components, lasers, detectors, photonic integrated circuits, thin-film lithium niobate technologies, optical packaging, advanced packaging and semiconductor foundry services.

Huang said the company has made progress in expanding the number of variables supported by its Dirac-3 optimization system, though he did not provide specific technical details. He said the company expects to share further news in coming months.

Huang also said the company is developing technology for a gate-based quantum machine using single photons, while emphasizing that it does not yet have a gate-based product. He described photon-photon interaction, component integration and the need to combine lasers, single-photon detectors and control electronics into a self-contained chip-scale system as key engineering considerations.

Roberts said Quantum Computing recently hired Susan Hunt as chief revenue officer and plans to add sales personnel in commercial and government markets. Huang said the company believes its technology and manufacturing capabilities have reached an inflection point that supports broader commercial expansion.

About Quantum Computing (NASDAQ:QUBT)Quantum Computing Inc NASDAQ: QUBT is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company's flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Q2 revenue increases to $5.6 million from $61 thousand in Q2 '25 Company completes strategic acquisition of NHanced Semiconductors, Inc., launching Fab 2 to advance key roadmap initiatives and expand U.S.-based manufacturing capabilities Ends quarter with $1.3 billion in cash, cash equivalents and investments , /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, today released financial results for the three months ended June 30, 2026.

Dr. Yuping Huang, Chief Executive Officer of QCi, commented, "During the second quarter, we continued to execute on our strategy of making our quantum products smaller, more practical and more accessible. Our room-temperature photonic architecture continues to differentiate QCi by providing a pathway to practical quantum systems with significantly lower complexity, cost and power requirements than competing approaches. At the same time, we are expanding the capabilities of fast prototyping and volume production that not only support our future quantum roadmap but also address growing commercial markets today.

"With the acquisition of NHanced Semiconductors, Inc. ("NHanced") – our third acquisition this year – we launched Fab 2 ahead of schedule, significantly expanding our advanced packaging and semiconductor manufacturing capabilities and accelerating our transition toward scalable, cost-effective production of miniaturized nanophotonic quantum technologies. During the quarter, we also brought NeuraWave, our next-generation photonic reservoir computing platform, to commercial readiness, and subsequently entered into a framework agreement with Planck Dynamics. This agreement supports the deployment of our NeuraWave systems for next-generation AI applications, providing strong market validation of our photonic computing technology.

"In addition, we successfully delivered and installed our Dirac-3 quantum optimization machine at a leading global consulting firm for use with its enterprise customers on complex optimization applications, including portfolio optimization. This deployment represents another important commercial milestone for QCi and demonstrates growing market demand for practical quantum optimization solutions.

"We also received a purchase order from a world-leading university for our quantum secure communications system. This order represents continued commercial traction for our quantum communications portfolio and further recognition of our technology by a premier research institution.

"Supported by a strong balance sheet, we remain well positioned to continue integrating our recent acquisitions, expand our commercial and government customer base and invest in the technologies and manufacturing capabilities that support both our commercial businesses and our long-term quantum roadmap. As we look to the second half of 2026, we stay focused on executing our roadmap and delivering on our mission of putting quantum into the hands of everybody."

Second Quarter 2026 Financial Highlights

Second quarter 2026 revenues totaled $5.6 million compared to $61 thousand in the second quarter of 2025, and $3.7 million in the first quarter of this year. Second quarter revenue was generated across QCi's integrated portfolio of quantum and photonics technologies, products and services, serving a diverse range of government, educational, and commercial customers. Revenue was primarily driven by sales of photonics products that support QCi's quantum technology roadmap while also addressing a broad range of existing aerospace, government and industrial applications. Operating expenses totaled $21.8 million compared to $10.2 million in the second quarter of 2025, up 114%. The year-over-year increase was largely due to higher headcount and related payroll costs for research and development efforts, sales and marketing, and acquisition-related transaction expenses of $7.3 million. Interest and other income totaled $13 million compared to $1.8 million in the second quarter of 2025. The increase was due to interest income generated from the Company's larger cash and investment positions.  The Company reported a net loss of $11.8 million, or a loss of $0.05 per basic share for the second quarter of 2026, compared to a net loss of $36.5 million or a loss of $0.26 per basic share, for the prior year period. The main reasons for the decrease in net loss were the change in fair value of a derivative liability, and higher revenue and interest income. In the second quarter of 2025 the Company realized a $28 million non-cash loss on the mark-to-market valuation of the Company's warrant derivative liability, compared with a mark-to-market loss of only $1.7 million in the second quarter of 2026. As we have previously disclosed, the derivative liability is related to the merger with QPhoton in June 2022 and warrants issued with that transaction. Total assets as of June 30, 2026 were approximately $1.6 billion, relatively unchanged compared to December 31, 2025. Cash, cash equivalents and investments totaled approximately $1.3 billion as of June 30, 2026, compared to approximately $1.5 billion at year-end 2025. The cash balance reported at the end of the second quarter reflects our acquisitions of Luminar Semiconductor, Inc., NuCrypt, and NHanced Semiconductors, for which we used approximately $180 million in cash, including transaction expenses. Total liabilities as of June 30, 2026 were $47.2 million, an increase of $26.5 million compared to year-end 2025. As of June 30, 2026, the Company had stockholders' equity totaling $1.6 billion. As of June 30, 2026, contract backlog was approximately $42.5 million. Second Quarter 2026 Operational Highlights

Sold and Delivered Dirac-3 Quantum Optimization System: During June, QCi successfully sold, delivered and installed its Dirac-3 quantum optimization machine at a leading global consulting firm. The Dirac-3 system will support enterprise customers on complex optimization applications, including portfolio optimization. This represents an important commercial milestone for QCi's quantum optimization business. Achieved Deployment-Ready NeuraWave: During the second quarter, QCi announced that NeuraWave, its next-generation photonic reservoir computing platform, reached deployment readiness. NeuraWave combines photonic and digital computing to deliver fast, energy-efficient AI inference and advanced signal processing for edge computing applications across defense, telecommunications, robotics, healthcare industrial monitoring and other markets.  Executed Framework Agreement with Planck Dynamics for NeuraWave Deployment: During the second quarter, QCi entered into a framework agreement with Planck Dynamics supporting the deployment of up to multiple dozens of NeuraWave photonic reservoir computing systems as customer milestones are achieved. The agreement represents an important commercial validation of NeuraWave's readiness to address emerging AI infrastructure requirements and establishes a commercial framework with a potential aggregate program value in excess of $10 million, subject to the achievement of specified customer milestones and other conditions. Acquisition of NHanced Semiconductors, Inc.: During the second quarter, QCi completed the acquisition of NHanced Semiconductors, Inc., a U.S.-based advanced packaging foundry, for a combination of cash and QCi stock valued at $73.1 million, and up to an additional $72.0 million if certain performance targets are achieved. The NHanced acquisition launches Fab 2 ahead of schedule, significantly expanding QCi's advanced packaging, semiconductor manufacturing and photonic integration capabilities while broadening the customer base served by these capabilities. Received Purchase Order from A World-Leading University For Quantum Secure Communications System: During the second quarter, QCi received an order from a leading university for its quantum secure communications system. The order reflects continued commercial traction and growing recognition of QCi's quantum communications technology and will support the university's research and development efforts to evaluate quantum-secure communications solutions as part of its work to advance secure networks of the future. Expanded Industry Engagement: During the second quarter, QCi participated in eight industry conferences and events, including The Economist Commercialising Quantum Global 2026 conference, Quantum Tech World conference and the Optica Quantum Industry Summit, strengthening customer relationships, strategic partnerships and QCi's visibility across the photonics and quantum technology ecosystem. Earnings Conference Call

The Company will host its second quarter 2026 call today, Monday, August 10, 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/3051/54283.

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: 222858.

A replay of the teleconference will be available until August 24, 2026, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 54283.

About Quantum Computing Inc.

Quantum Computing Inc. (Nasdaq: QUBT) is a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, and delivering accessible, scalable, and cost-effective quantum machines, photonics products, and advanced packaging. The Company provides foundry services for photonic chips and semiconductor manufacturing and offers a vertically integrated portfolio spanning photonics and electronic components, subsystems, and full-stack systems.

Designed to operate at room-temperature with low-power requirements, QCi's technologies enable practical deployment across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging.

Headquartered in Hoboken, New Jersey, QCi also has operations in Arizona, California, Illinois, Indiana, Massachusetts, North Carolina and Virginia. By combining advanced materials, device engineering, and scalable manufacturing, QCi delivers integrated quantum, photonics, and semiconductor technologies, accelerating commercialization and real-world adoption.

Company Contact:
John Nesbett/Zach Nevas
IMS Investor Relations
[email protected]

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, 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, 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 (Loss) Income

(Unaudited, in thousands, except per share data)

Three Months Ended
June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenue

$        5,551

$            61

$        9,242

$           100

Cost of revenue

6,717

35

11,129

61

Gross (loss) profit

(1,166)

26

(1,887)

39

Operating expenses

Research and development

8,428

5,975

15,397

8,960

Sales and marketing

1,932

680

3,529

1,352

General and administrative

11,487

3,542

22,750

8,184

Total operating expenses

21,847

10,197

41,676

18,496

Loss from operations

(23,013)

(10,171)

(43,563)

(18,457)

Non-operating income (expense)

Interest and other income

12,954

1,843

26,449

3,539

Interest expense

(12)

(58)

(183)

(116)

Change in fair value of derivative liability

(1,682)

(28,096)

1,494

(4,466)

Loss before income tax provision

(11,753)

(36,482)

(15,803)

(19,500)

Income tax provision

-

-

-

-

Net loss attributable to common stockholders

(11,753)

(36,482)

(15,803)

(19,500)

Other comprehensive loss:

(945)

-

(4,767)

-

Total comprehensive loss

$      (12,698)

$      (36,482)

$      (20,570)

$      (19,500)

Loss per share:

Basic

$         (0.05)

$         (0.26)

$         (0.07)

$         (0.14)

Diluted

$         (0.05)

$         (0.26)

$         (0.07)

$         (0.14)

Weighted average shares used in computing net     

loss per common share:

Basic

224,727

141,401

224,355

138,326

Diluted

224,727

141,401

224,355

138,326

QUANTUM COMPUTING INC.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value data)

June 30, 2026

December 31,
2025

Assets

Current assets:

Cash and cash equivalents

$       189,150

$       737,880

Accounts receivable, net

6,856

519

Inventory

12,837

352

Short term investments

765,020

379,421

Accrued interest receivable

7,542

3,634

Prepaid expenses and other current assets

6,906

11,914

Total current assets

988,311

1,133,720

Property and equipment, net

42,898

12,971

Operating lease right-of-use assets

23,146

2,353

Intangible assets, net

29,107

6,500

Goodwill

181,455

55,573

Long-term investments

369,284

403,121

Accrued interest receivable - long term

3,920

4,551

Other non-current assets

1,082

131

Total assets

$    1,639,203

$    1,618,920

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$           4,078

$             778

Accrued expenses

6,951

9,135

Deferred revenue

3,774

395

Other current liabilities

3,797

766

Total current liabilities

18,600

11,074

Derivative liability

6,279

7,773

Operating lease liabilities

21,102

1,808

Other non-current liabilities

1,184

—

Total liabilities

47,165

20,655

Commitments and Contingencies (see Note 10)

Stockholders' equity:

Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; no shares issued and    

     outstanding as of June 30, 2026 and December 31, 2025, respectively; 3,080 shares of Series B Preferred 

     Stock authorized; no shares issued and outstanding as of March 31, 2026 and December 31, 2025,

     respectively 

-

-

Common stock, $0.0001 par value, 450,000 shares authorized; 226,319 and 224,165 shares issued and

     outstanding as of June 30, 2026 and December 31, 2025, respectively

23

22

Additional paid-in capital

1,830,836

1,816,494

Accumulated deficit

(234,959)

(219,156)

Accumulated other comprehensive (loss) income

(3,862)

905

Total shareholders' equity

1,592,038

1,598,265

Total liabilities and shareholders' equity

$    1,639,203

$    1,618,920

SOURCE Quantum Computing Inc.

If I had to pick one quantum computing stock that looks set up for disappointment after its upcoming earnings, Quantum Computing Inc. (QUBT +3.25%) would be near the top of the list.

The company has a genuinely interesting photonics story, but the way the numbers line up heading into Q2 earnings (coming on Monday, Aug. 10) makes it easy for reality to fall short of the hopes built up around it.

Image source: Getty Images.

QCI's first-quarter 2026 results read like a classic early‑stage deep-tech profile. Revenue jumped from $39,000 a year ago to $3.7 million, driven mostly by acquiring Luminar Semiconductor and NuCrypt, not by organic growth in its existing quantum products. Operating expenses soared to $19.8 million, up 139%, as the company added people and absorbed transaction costs. It still posted a net loss of $4.1 million despite ending the quarter with about $1.4 billion in cash, cash equivalents, and investments on the balance sheet.

That mix of tiny revenue, big losses, and huge cash is unusual. It creates an expectation that QCI will turn that war chest into visible traction fast.

Today's Change

(

3.25

%) $

0.29

Current Price

$

9.06

Quantum Computing Inc. is in the early stages Underneath those numbers is a broad but early business. QCI is positioning itself as a vertically integrated photonics and quantum optics company, with room‑temperature quantum optimization systems in its Dirac line, reservoir‑computing hardware for machine learning, thin‑film lithium niobate photonic chips, and sensing and cybersecurity devices. It runs Fab 1 in Arizona to manufacture TFLN photonic integrated circuits and has won contracts, including one from NIST, to design and fabricate those chips. As of March 31, the contract backlog was about $16 million, which does give some visibility into future demand.

The problem is that backlog and acquisitions do not automatically translate into clean, high‑margin quantum revenue. QCI itself has said that Fab 1 has only begun small‑batch manufacturing and that gross margins remain low due to underutilization and high overhead. Integration of Luminar and NuCrypt is still ongoing, with overlapping roles and engineering challenges around achieving the needed quality for photonics‑based quantum devices. Pre‑Q2 commentary pegs revenue estimates around $4.7 million, which would be a modest step up from Q1.

If the actual print shows only a slight increase, continued heavy losses, and no clear evidence that the photonic foundry or Dirac systems are scaling with paying customers, I think investors who bought the stock for a near‑term quantum growth story will be disappointed.

Posted by Defense World Staff on Aug 4th, 2026

Bank of New York Mellon Corp lifted its position in shares of Quantum Computing Inc. (NASDAQ:QUBT – Free Report) by 72.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,022,604 shares of the company’s stock after purchasing an additional 428,418 shares during the period. Bank of New York Mellon Corp owned 0.45% of Quantum Computing worth $7,005,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Alyeska Investment Group L.P. acquired a new position in Quantum Computing in the 3rd quarter valued at $123,014,000. Marex Group plc lifted its holdings in shares of Quantum Computing by 255.6% during the fourth quarter. Marex Group plc now owns 8,272,153 shares of the company’s stock worth $84,872,000 after buying an additional 5,945,679 shares in the last quarter. Vanguard Group Inc. raised its stake in Quantum Computing by 38.1% in the 4th quarter. Vanguard Group Inc. now owns 16,841,423 shares of the company’s stock worth $172,793,000 after purchasing an additional 4,643,818 shares in the last quarter. Defiance ETFs LLC bought a new stake in Quantum Computing in the 4th quarter valued at about $33,071,000. Finally, Mubadala Investment Co PJSC bought a new position in shares of Quantum Computing during the fourth quarter worth approximately $16,286,000. 4.26% of the stock is owned by institutional investors and hedge funds.

Quantum Computing Price Performance Shares of Quantum Computing stock opened at $8.74 on Tuesday. The company’s 50 day moving average price is $9.48 and its two-hundred day moving average price is $9.14. The firm has a market capitalization of $1.97 billion, a P/E ratio of -31.21 and a beta of 3.74. Quantum Computing Inc. has a fifty-two week low of $6.18 and a fifty-two week high of $25.84.

Quantum Computing (NASDAQ:QUBT – Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $3.69 million during the quarter, compared to the consensus estimate of $3.13 million. On average, analysts expect that Quantum Computing Inc. will post -0.14 earnings per share for the current year.

Analysts Set New Price Targets QUBT has been the topic of a number of analyst reports. Wedbush initiated coverage on Quantum Computing in a research report on Monday. They set a “neutral” rating and a $12.00 price target on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Quantum Computing in a research report on Monday, June 29th. Wall Street Zen lowered Quantum Computing from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Quantum Computing in a research note on Wednesday, June 24th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $10.00 price objective on shares of Quantum Computing in a research report on Wednesday, June 24th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.33.

Read Our Latest Stock Analysis on Quantum Computing

About Quantum Computing (Free Report)

Quantum Computing Inc (NASDAQ: QUBT) is a provider of quantum computing and quantum-inspired algorithm solutions, headquartered in the United States with research and development operations in Europe. Originally incorporated as Unigrid Software in 2019, the company rebranded in 2021 to reflect its strategic focus on commercializing emerging quantum technologies for enterprise and government customers.

The company’s flagship product, Qatalyst, is a quantum-inspired optimization platform that applies advanced heuristic solvers to address complex combinatorial problems in logistics, supply chain management, finance and other data-intensive fields.

Further Reading Five stocks we like better than Quantum Computing SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Why Rare Earth Processing Could Be the Real 2027 Opportunity The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks?

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Quantum Computing's photonic AI push, NHanced deal, lower valuation and stronger analyst upside sharpen its edge ahead of Q2 earnings.

QBTS heads into Q2 earnings with strong bookings, revenue visibility and liquidity, while investors watch if execution kept pace through the June quarter.

D-Wave Quantum (NYSE:QBTS) shares are up 7% to $19.29 in Monday morning trading after the company announced an expanded agreement with AT&T (NYSE:T | T Price Prediction) to deploy its annealing quantum systems across network operations.

The catalyst is company-specific, yet the reaction is sector-wide. D-Wave Quantum stock is leading the tape by name recognition, but the sympathy names are actually outrunning it. IonQ (NYSE:IONQ) shares are up 12% to $36.67, Rigetti Computing (NASDAQ:RGTI) stock is up 12% to $15.88, and Quantum Computing (NASDAQ:QUBT) shares are up 8% to $8.06.

The Defiance Quantum ETF (NYSEARCA:QTUM) is up 1% to $141.12, a milder move that reflects its broader compute exposure. Today’s rally comes inside a sharp drawdown for the pure-play names, giving traders a bounce within a longer-term drawdown.

Expanded AT&T Deal Fuels the Rally D-Wave and AT&T signed an expanded agreement covering network operations, with an early application cutting a network optimization workload from about one hour to under 15 seconds, a 240x speedup using D-Wave’s annealing technology. AT&T plans to extend the work to outage detection, technician routing, network build planning, and traffic management.

AT&T is also evaluating D-Wave’s forthcoming gate-model systems for quantum security and communications. This is a concrete enterprise deployment tied to hard metrics, which is the piece the sector has been missing.

Benchmark added fuel by initiating D-Wave Quantum stock at Buy with a $30 price target. CEO Alan Baratz has framed AT&T’s expansion as evidence that annealing is moving from proof-of-concept into production workloads.

Rigetti Gets Its Own HPE Catalyst Rigetti Computing shares are running with a second, name-specific catalyst. The company is expanding its collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center to build “TangleLab,” a hybrid quantum-classical supercomputing testbed funded by a $5 million National Science Foundation grant.

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Rigetti will deliver a 9-qubit Novera quantum system integrated with classical high-performance computing. Construction is expected to begin September 1 at PSC’s new data center, with full operations expected in 2027. That timeline underlines both the opportunity and the wait involved in this thesis.

Peers Rally on Enterprise Adoption Sentiment The read-through is straightforward. One credible enterprise deal is lifting the entire complex on adoption sentiment, and the sympathy names are outrunning the actual beneficiary. That’s classic thematic momentum trading.

The bounce comes inside deep drawdowns. D-Wave Quantum stock is down 27% year to date, IonQ stock is down 16% year to date, Rigetti Computing stock is down 29% year to date, and Quantum Computing stock is down 22% year to date. The Defiance Quantum ETF, which spreads exposure across broader compute names, remains up 29% year to date.

Bull Case, Bear Case, and What to Watch The bull case rests on real customer traction. AT&T’s 240x speedup is a hard number, Benchmark’s Buy rating gives sell-side cover, and Rigetti’s NSF-funded HPE testbed shows federal research dollars flowing into hybrid architectures. D-Wave’s own $588.4 million cash position and $33.4 million in bookings from Q1 FY2026 support a runway argument.

The bear case is the valuation and the wait. D-Wave stock carries a price-to-sales ratio of 482.56 against TTM revenue of $12.44 million. TangleLab doesn’t reach full operations until 2027, and prediction markets currently price only a 25.5% probability that the U.S. federal government takes an equity stake in IonQ by year-end 2026.

Investors sizing their exposure here can keep their positions modest given a beta of 2.1 on D-Wave stock and the QTUM ETF’s narrow thematic concentration. The next cues are whether today’s gains hold into the close and whether other carriers follow AT&T’s lead with their own commercial announcements.

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Contact [email protected] for any questions or corrections.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Quantum Computing Inc. (NASDAQ: QUBT) breached their fiduciary duties to shareholders. The investigation concerns potential self-dealing. Shareholders may be entitled to damages and corporate governance reforms.

If you are a long-term QUBT stockholder please contact Sophia Anne Silayan by email at [email protected] or call (833) 672-0814. The consultation and case are free with no obligation to you. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.

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Key Takeaways QUBT enters Q2 with a $16 million backlog and focus on contract execution and new opportunities. QUBT advanced Dirac to internal testing and expects Fab 1 to expand foundry sales through prototype chips. QUBT targets Fab 2 progress as the foundation for large-scale commercial quantum hardware manufacturing. Following the strategic acquisitions of Luminar Semiconductor and NuCrypt, Quantum Computing Inc. (QUBT - Free Report) or QCi entered the second quarter of 2026 with a focus on transitioning from a technology developer into a commercial quantum manufacturing company.

The company ended the first quarter with contract backlog of approximately $16 million and a strong cash position. In the second quarter, the company is expected to have focused on executing existing contracts while pursuing additional opportunities in both the commercial and government sectors. 

QCi also expects meaningful progress on its next-generation Dirac optimization machine during the second quarter. Per latest update, the system has entered the internal testing phase, with engineers achieving encouraging technical results on a regular basis. This represents one of the most significant near-term product milestones. 

The company's Fab 1 thin-film lithium niobate foundry in Arizona is expected to have continued ramping up its small-batch manufacturing capabilities throughout the second quarter. It expects the facility to have generated improved foundry revenues through prototype chip fabrication while refining manufacturing processes and improving production recipes. A key strategic objective for the second quarter was the advancements of Fab 2, the company's proposed large-scale manufacturing facility. Fab 2 is viewed as the foundation of QCi's long-term strategy to manufacture quantum hardware at commercial scale.

Peer UpdateRigetti (RGTI - Free Report) remains on track to deliver a 150-plus-qubit system with approximately 99.7% median two-qubit fidelity by the end of 2026, with its chiplet architecture serving as the foundation of its scaling strategy. Regitti’s technological roadmap is supported by its existing Fab 1 facility, which is believed to be sufficient to reach the quantum advantage milestone without near-term expansion. This reduces execution risk and underscores a capital-efficient, organically driven scaling strategy.

D-Wave Quantum Inc. (QBTS - Free Report) announced its forthcoming gate-model quantum computing simulator, which is expected to be the first of its kind designed for error-aware programming. QBTS continues to advance its annealing platform through Advantage2 and the Leap cloud service. 

QUBT’s Share Price PerformanceOver the past year, QCi’s shares have plunged 21.6% compared with the industry’s 4.6% decline. 

Image Source: Zacks Investment Research

QUBT’s Expensive ValuationQUBT currently trades at a forward 12-month price-to-sales (P/S) of 65.33X compared with the industry’s median of 4.72X.

Image Source: Zacks Investment Research

QUBT Stock Estimate TrendOver the past 30 days, QCi’s loss per share estimate for 2026 has remained unchanged at 14 cents. 

Image Source: Zacks Investment Research

QUBT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Despite its status as the largest pure-play quantum computing firm by market capitalization, IonQ Inc. NYSE: IONQ has proven not to be the most stable bet in recent weeks. Shares have fallen about 35% in the last month, and despite a strong Q1 2026 in many respects, the firm's losses per share are widening. Add to that a sky-high price-to-sales (P/S) ratio of 113.3, and it's clear that, in spite of its wins, IonQ could be ripe for disruption.

While investors may be tempted by other flashy names like D-Wave Quantum Inc. NYSE: QBTS and Rigetti Computing NASDAQ: RGTI—both of which have strengths but also challenges—there is another group of often-overlooked challengers that may warrant closer examination. At the top of this list are Quantinuum NASDAQ: QNT and Quantum Computing Inc. NASDAQ: QUBT.

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Quantinuum: Brand New and Highly SpeculativeTwo months after its IPO, shares of Quantinuum are up about 18%. The company attracted attention from insiders in the quantum computing space long before it went public, however—NVIDIA's NASDAQ: NVDA major investment last September infused hundreds of millions of dollars, helping to bring the firm's valuation up to $10 billion.

Quantinuum Today

$60.46 -6.17 (-9.26%)

As of 12:21 PM Eastern

52-Week Range$50.10▼

$86.79Price Target$98.75

As a very new quantum company in the public eye, Quantinuum faces a crowded field of competitors that are generally more established. But the firm's momentum, including a recently announced partnership with Rolls-Royce OTCMKTS: RYCEY, the University of Edinburgh, and others, may be accelerating.

Add to that the fact that Quantinuum has demonstrated success with its hardware in terms of fidelity and qubit ratio, and that, thanks in part to NVIDIA's support, the company has several years' worth of cash runway, and Quantinuum becomes a competitor to watch.

Of course, there is still a long way to go toward commercial adoption of the products Quantinuum is developing, which means there are plenty of potential hiccups along the way. Its revenue remains minuscule at under $31 million across all of 2025, despite a market capitalization approaching $18 billion. This places its price-to-sales ratio at an eye-popping 1,01. Even with all of its cash on hand, the company is quickly burning through capital to fund its ambitious R&D programs, putting it at even greater risk of catastrophe.

In a quantum landscape notable for its highly speculative plays, Quantinuum is one of the riskiest ventures at this early stage. Conversely, it may have tremendous potential for those investors willing to take the risk. Wall Street analysts certainly seem to think so, based on 12 Buy ratings and just two Holds, as well as a consensus price target of nearly $99, about 48% above where QNT currently trades.

Quantum Computing: Buying Spree Could Turbocharge Production, But Risks Are HighLarger rival D-Wave has made headlines for its major acquisitions, including a $550-million purchase of Quantum Circuits earlier in 2026, but Quantum Computing has been on a buying spree of its own. The firm completed acquisitions of Luminar Semiconductor and NuCrypt, both photonics or quantum optics companies, in the first quarter of the year. It more recently announced the completed purchase of NHanced Semiconductors, which it called a key step toward "scalable commercial production."

Quantum Computing Today

QUBT

Quantum Computing

$7.96 -0.36 (-4.27%)

As of 12:39 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$6.18▼

$25.84Price Target$18.33

The firm is able to do this thanks to its strong cash position and backlog, as it ended Q1 2026 with almost $1 billion in cash and investments and a growing backlog of $16 million. Quantum Computing seems to be on the precipice of shifting from a research-focused firm to one attempting to scale its production, and it is buying up smaller firms to fast-track this process.

This may be a positive sign for Quantum Computing, but the proof will be in whether the company can right its operating expenses and generate non-investment income. In Q1, operating expenses climbed by 123% year over year to almost $20 million, leading to a net loss of $4.1 million. All of the added headcount and other M&A-related expenses contributed to compressed margins and anticipated cash burn.

The bigger issue may be that Quantum Computing has yet to fully articulate its commercialization thesis based on its revenue performance. With under $4 million in revenue from core operations last quarter, the firm is still relying on its investments to generate the bulk of its top line. Thus, like QNT above, QUBT shares are highly speculative at this stage. Analysts tend to be a bit more cautious about this firm, assigning it four Buy ratings, two Holds, and one Sell rating. Shares have shed 19% of their value so far this year but have about 120% in analyst-predicted upside potential.

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Key Takeaways Quantum Computing is benefiting from U.S. policy focused on quantum commercialization and deployment. QUBT expanded with NHanced and a Planck Dynamics deal for NeuraWave systems due in 2026. QUBT has a strong balance sheet, $16M backlog and 2026 revenue estimate of $21.67 million. Quantum Computing Inc. (QUBT - Free Report) or “QCi”, an emerging pure-play quantum computing company with market capitalization of approximately $2.11 billion, is well positioned to benefit from the rapid expansion of the quantum computing market as commercial adoption accelerates across industries.

The Trump administration's executive orders issued on June 22 represent a significant shift in U.S. quantum policy. Rather than focusing primarily on basic scientific research, the new directives emphasize commercialization, technology deployment, and national security applications. This policy change reflects the growing recognition of quantum computing as a strategic technology that will play a critical role in strengthening economic competitiveness, enhancing cybersecurity, and supporting defense capabilities.

Among publicly traded pure-play quantum computing companies, Quantum Computing stands out as a compelling investment opportunity due to its direct exposure to the industry's long-term commercialization and deployment trends. As governments and enterprises increase investments in quantum technologies, QCi is well positioned to capitalize on the sector's expanding growth opportunities.

Over the past year, QUBT stock has surged 23.9%, outperforming the Zacks Computer and Technology sector’s 16.1% gain and the S&P 500 composite’s 10.5% return. During this period, shares of QCi's key peers, D-Wave Quantum (QBTS - Free Report) and IonQ (IONQ - Free Report) , have gained 44.8% and 58.6%, respectively.

Image Source: Zacks Investment Research

Tailwinds for QUBTQCi has pursued several strategic initiatives to strengthen its manufacturing capabilities and broaden its quantum technology portfolio. The company acquired NHanced Semiconductors, Inc. (NHanced), for a combination of cash and QCi stock valued at $73.1 million, subject to customary adjustments and up to an additional $72.0 million if certain performance targets are achieved. 

QCi recently received a purchase order and entered into a framework agreement with Planck Dynamics to deploy QCi’s NeuraWave photonic reservoir computer as a foundational platform for next-generation AI applications. Under the terms of the agreement, QCi received an initial purchase order for five NeuraWave systems, with delivery expected during 2026. 

One of QCi's primary R&D initiatives is the development of the next version of its Dirac quantum optimization platform. QCi is also advancing its gate-based quantum computing program, which aims to create a scalable, room-temperature quantum computer using photonic technology. Research efforts are focused on two key areas — improving gate fidelity through advanced engineering design and developing ultra-high-quality photonic integrated circuits based on thin-film lithium niobate (TFLN) technology. 

QCi maintains a strong balance sheet, with approximately $1.6 billion in total assets and stockholders' equity of roughly $1.6 billion. Total liabilities accounted for $23.4 million, much lower than the cash level.

The company generated $13.5 million in interest income during the first quarter, highlighting the earnings potential of its sizable cash reserves. QCi also reported a contract backlog of $16 million, providing visibility into future revenue opportunities and supporting the company's growth outlook.

QUBT Stock’s Estimate TrendAt present, the Zacks Consensus Estimate for QUBT’s 2026 revenues implies a massive 3076.9% improvement to $21.67 million. Earnings per share (EPS) estimates for 2026 have remained unchanged in the past 30 days. 

Image Source: Zacks Investment Research

How Valuation Metrics Look for QUBTBased on the forward 12-month Price/Sales (P/S), QUBT trades at 71.66X, below its median of 82.34X but above the sector average of 6.86X. 

Image Source: Zacks Investment Research

ConclusionQCi appears well positioned to benefit from the accelerating commercialization of quantum technologies. Supported by favorable U.S. policy initiatives, strategic acquisitions, ongoing innovation in photonic quantum computing and a strong balance sheet with substantial cash reserves, the company has established a solid foundation for long-term growth. 

The stock has significantly outperformed the sector over the past 12 months. From a valuation standpoint, QUBT is trading at a discount. Backed by positive revenue estimate, the stock appears to be an attractive investment opportunity. 

QUBT carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

As Quantum Computing Inc. (NASDAQ: QUBT) stock signals a macro reversal, Maxwell Michaelis, a Wall Street analyst at Lake Street, reiterated a bullish outlook on July 6.

Michaelis maintained a Buy rating for QUBT stock, according to a note analyzed by Finbold on July 7, 2026. He also set a 12-month price target of $16 for Quantum Computing stock.

The Wall Street analysts maintained a bullish outlook for Quantum Computing stock following its completed acquisition of NHanced Semiconductors. Notably, Quantum Computing acquired NHanced for a combined cash-and-share value of $73.1 million. The deal also includes an earnout of up to an additional $72.0 million.

Michaelis framed the deal as a solid follow-up to the Luminar Semiconductor (LSI) acquisition, which closed in February. Moreover, the acquisitions could further deepen the company’s photonics manufacturing and advanced-packaging capabilities.

QUBT stock forecast and performance Following the bullish rating review from Michaelis, 5 Wall Street analysts surveyed by TipRanks, over the past three months have set an average 12-month price target for QUBT stock at $16. Additionally, the analyst surveyed had a Moderate Buy on Quantum Computing stock.

QUBT stock forecast. Source: TipRanks The highest Quantum Computing stock price forecast at press time was $22, while the lowest prediction was around $10. With Quantum Computing stock price trading at about $8.7 on Tuesday, both Michaelis and the average target from Wall Street analysts show a potential 83.9% upside.

Year-to-date (YTD), Quantum Computing’s stock price has dropped by over 55%. As such, the company had a total market capitalization of nearly $2.1 billion.

QUBT stock 1-year chart. Source: Finbold However, QUBT stock price has been signaling a potential reversal over the past few months, which could align with analysts’ expectations. Moreover, the company has strong fundamentals and is part of the small-cap Quantum Computing stocks.

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Key Takeaways QUBT is expanding quantum photonics R&D and ended Q1 2026 with about $1.4B in cash and investments. D-Wave reported surging bookings, a larger sales pipeline and plans to deliver at least 2 systems in 2026. QUBT trades at a lower forward P/S than QBTS, while analysts see higher upside from current levels. Over the past year, shares of Quantum Computing Inc. (QUBT - Free Report) or QCi and D-Wave Quantum (QBTS - Free Report) have lost 3.4% and 8.9%, respectively, significantly outperforming the industry’s 16.3% decline. The primary challenges facing the quantum computing market are extreme physical fragility, massive error-correction overhead, prohibitive infrastructure costs and a severe global talent shortage.

However, as the quantum computing industry continues its transition from a research frontier to real-world validation, different underlying technologies are emerging as potential winners. Given these positives, QCi’s revenues increased to $3.7 million from $39,000 in the first quarter, while D-Wave’s bookings were up 1,994% from the year-ago period’s level. 

It is time for investors to assess whether this momentum can extend through 2026. Let’s find out.

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The Case for QUBTQCi is continuously investing in research and development (R&D) to strengthen its position in quantum photonics and scalable quantum computing. During the first quarter of 2026, the company expanded its engineering, scientific and technical workforces, contributing to a 133.5% year-over-year increase in research and development expenses.

One of QCi's primary R&D initiatives is the development of the next version of its Dirac quantum optimization platform. QCi is also advancing its gate-based quantum computing program, which aims to create a scalable, room-temperature quantum computer using photonic technology. QCi’s recent acquisitions of Luminar Semiconductor and NuCrypt have significantly expanded its research talent base and technical capabilities, supporting a vertically integrated approach to quantum technology development.

QCi exited the first quarter of 2026 with a strong balance sheet, providing the company with financial flexibility to carry out its growth strategy. Quantum Computing ended the quarter with cash, cash equivalents and investments of about $1.4 billion, demonstrating that the company maintained a substantial liquidity position. QCi’s financial strength is further reflected in its total assets of about $1.6 billion and stockholders' equity of approximately $1.6 billion. Total liabilities accounted for $23.4 million, much lower than the cash level.

The Case for QBTSD-Wave continues to advance its annealing platform through Advantage2 and the Leap cloud service. Commercial momentum carried into the first quarter of 2026. The company’s sales opportunity pipeline and average potential deal size more than doubled versus the fourth quarter of 2025. It further expects two to three system deals per year with delivery of at least two systems in 2026.

The company is extending its product set into gate-model computing following the Quantum Circuits acquisition in January 2026. It highlighted dual-rail qubits with built-in error detection and on-chip cryogenic control as key elements of its gate-model approach. Alongside this longer-dated gate-model roadmap, the company continues to add commercial annealing applications in production and expand research use cases, including work in quantum AI and blockchain benchmarking. 

At the end of the first quarter, cash and cash equivalents totaled $338.2 million and marketable investment securities amounted to $250.2 million. Operating cash outflow was $45 million, while investing cash outflow included $250.8 million of cash consideration for the Quantum Circuits acquisition. Even after that step-down, the balance sheet supports continued investment in R&D, sales coverage and system installations. Leap cloud utilization was below 50% entering 2026, which leaves capacity headroom and additional annealing systems can be installed within months at modest cost.

Valuation: QUBT vs. QBTSQuantum Computing currently trades at a forward one-year price-to-sales (P/S) of 82.07X, much lower than its median. D-Wave’s 134.08X P/S also sits below its median. 

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Short Term Price Target Favors QUBT Over QBTSQUBT: Based on short-term price targets offered by six analysts, the average price target of $18.33 represents an increase of 99.67% from the last closing price.

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QBTS: Based on short-term price targets offered by 13 analysts, the average price target of $38.31 represents an increase of 68.32% from the last closing price.

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End NoteBoth QCi and D-Wave Quantum are making meaningful investments to strengthen their positions in the rapidly evolving quantum computing industry but they are pursuing different strategies. QUBT is focused on building a vertically integrated photonics ecosystem supported by a sizable cash position to fund long-term research and product development. 

Meanwhile, QBTS benefits from stronger commercial traction. The company's growing sales pipeline, expected system deployments and expanding cloud business demonstrate increasing customer adoption. Also, a healthy balance sheet provides sufficient resources to continue investing in innovation and commercialization.

For investors, QCi, currently carrying a Zacks Rank #2 (Buy), appears to be the stronger choice, given that it has outperformed D-Wave in the year-to-date period. QUBT is more attractively valued than QBTS. Investors who already own D-Wave, which carries a Zacks Rank #3 (Hold), may consider holding the stock for long-term gains. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Initial commercial commitment establishes a pathway for deployment of up to 100 NeuraWave systems, representing potential value in excess of $10 million , /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, quantum optics and integrated photonics technology company, today announced that it has received a purchase order and entered into a framework agreement with Planck Dynamics (the "Customer"), a portfolio company of The Netherlands based defense technology investment firm NUNC Capital BV,  to deploy QCi's NeuraWave photonic reservoir computer as a foundational platform for next-generation AI applications.  

Under the terms of the agreement, the Customer has issued an initial purchase order for five NeuraWave systems, with delivery expected during 2026.  The agreement also establishes a commercial framework designed to support scaled deployment of NeuraWave systems as end-user milestones are achieved and representing a potential aggregate program value in excess of $10 million. Future purchase orders beyond the initial order are contingent upon the Customer's achievement of specified program milestones and other customary conditions and, accordingly, are not guaranteed.

"We believe photonic reservoir computing represents an important new computing architecture for AI workloads that must operate at the edge, where data are generated," said Yong Meng Sua, Chief Technology Officer at QCi. "With NeuraWave, we're giving organizations a highly differentiated path to deploy real-time intelligence for temporal AI and time-series applications, without dependence on centralized compute infrastructure."

"The significance of this agreement extends well beyond the sale of the hardware. Planck Dynamics  selected NeuraWave as a foundational technology platform and made an initial commercial commitment that provides a pathway for scaled deployment over time. We believe this validates both the performance of our technology and its ability to address emerging AI infrastructure requirements at commercial scale," said Pouya Dianat, Chief Revenue Officer at QCi.

The Customer's program is focused on advancing next-generation reservoir computing architectures utilizing an electro-optic approach to artificial intelligence processing. The initiative is intended to support a broad range of applications spanning commercial and government markets, with an emphasis on enabling AI-at-the-edge capabilities in environments where low latency, power efficiency, and real-time decision-making are critical.

"Planck Dynamics was created to bring real-time insights to tactical operators at the frontlines. We work at the tip of the spear, ensuring that the right decision can be made with zero latency. To accomplish this in an environment with sensor overload, next-generation AI algorithms are needed, along with a full leap in technology capability.  That is why Planck has partnered with QCi, developing our high-demand AI applications with advanced electro-optic computing built to work in low thermal footprint, low power, edge-native environments.  We are excited to establish a foundation for a long-term collaboration with QCi as we build solutions that uniquely support the extraordinary demands of NATO and allied forces worldwide," said Nathan Eskue, Managing Director, Planck Dynamics.

"Planck Dynamic's collaboration with QCi represents a tangible step forward in bringing advanced nonlinear photonics capabilities into the European defense domain. That QCi has selected Planck Dynamics as an early commercialization and development partner for NeuraWave underscores the strategic nature of this collaboration. As the lead investor and main shareholder, NUNC Capital has supported Planck Dynamics from an early stage, providing not only capital but also access to defense networks, validation pathways, and initial market traction. This partnership reflects the kind of company NUNC aims to build and scale, one that translates cutting-edge innovation into deployable capabilities for the men and women on the ground," said Bram Oostvogel, Founding Partner, NUNC Capital BV.

The agreement supports the Customer's efforts to develop and deploy electro-optic computing technologies designed to address emerging requirements for advanced data-intensive applications across multiple operating environments, with both companies working together to accelerate the adoption of photonic reservoir computing for advanced temporal AI and machine learning applications.

The agreement represents a significant commercial milestone for QCi's NeuraWave system and further validates the growing market interest in photonic computing technologies for artificial intelligence applications. NeuraWave leverages photonic reservoir computing to address temporal AI and time-series machine learning workloads, enabling the efficient processing of complex, data-intensive applications where speed, power efficiency, and AI at the edge analysis are critical. The architecture is particularly well-suited for distributed AI deployments at the network edge, where moving large volumes of data to centralized computing resources may be impractical or undesirable.

The collaboration aligns with QCi's vision of expanding access to advanced computing technologies by bringing photonic AI capabilities into real-world commercial applications. The companies will commence technical kickoff activities and execute a formal Statement of Work to establish development milestones, integration objectives, and deployment schedules. The collaboration is expected to accelerate the adoption of photonic computing technologies in emerging AI markets.

About Quantum Computing Inc.

Quantum Computing Inc. (Nasdaq: QUBT) is a quantum optics and integrated photonics company focused on delivering accessible, scalable, and cost-effective quantum machines and photonic solutions. The Company provides foundry services for thin-film lithium niobate ("TFLN") photonic chips and offers a vertically integrated portfolio spanning photonics components, subsystems, and full-stack systems.

Designed to operate at room-temperature with low-power requirements, QCi's technologies enable practical deployment across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging.

Headquartered in Hoboken, New Jersey, QCi has operations in Arizona, California, Illinois, Massachusetts and Virginia. By combining advanced materials, device engineering, and scalable manufacturing, QCi delivers integrated quantum and photonics technologies, accelerating commercialization and real-world adoption.

Company Contact:

John Nesbett/Zach Nevas
IMS Investor Relations
[email protected]

About Planck Dynamics

Planck Dynamics is a Netherlands-based defense technology company that puts split-second, trustworthy AI in the hands of the units operating at the tactical edge. Its platform, RAPTR (Rapid Action Platform for Theater Resolution), brings together edge data governance, a certified AI runtime, and quantum-inspired photonic compute in a single ruggedized platform for mounted land forces, special forces, border protection, and tactical intelligence units. RAPTR runs where other tactical AI cannot, keeps a unit's data at its fingertips, and amplifies the operator's judgement to create a sustained, asymmetric advantage. The company is built inside TU Delft's House of Quantum and is backed by NUNC Capital. For more information, visit www.planckdynamics.ai.

About NUNC Capital

NUNC Capital is a Netherlands-based investment firm founded in 2013 that builds and scales defense technology companies supporting NATO and allied forces. The firm focuses on critical domains including advanced materials, artificial intelligence, electronic warfare, new energy, quantum technologies, unmanned systems, and mission-critical software. NUNC combines capital with deep defense market expertise, an international network, and access to key stakeholders across government and industry. It works closely with early-stage companies to validate technologies, secure initial deployment opportunities, and accelerate operational and commercial traction. Through this approach, NUNC develops and scales companies that deliver practical, mission-relevant capabilities to those operating on the front lines. For more information, visit www.nunccapital.com.

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements and forecasts, generally identified by terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "enhance,"  "intends," "goal," "objective," "seek," "attempt," "aim to," or variations of these or similar words, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief, or current expectations of QCi and members of its management as well as the assumptions on which such statements are based. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the sale of additional NeuraWave units beyond the initial purchase order, the ability of NeuraWave to address AI infrastructure requirements at commercial scale, the Customer's achievement of specified milestones, and the ability of reservoir computing to address demanding applications, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, QCi undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

SOURCE Quantum Computing Inc.