QUBT Stock Today, November 17, 2025: Neurawave Launch and Q3 Earnings Put Quantum Computing Inc. Back in the Spotlight

Published: November 17, 2025 – NASDAQ: QUBT stock news, price action and outlook for today.

QUBT stock price today: bouncing on fresh product news

Quantum Computing Inc. (NASDAQ: QUBT) is back on traders’ radar today after a string of upbeat headlines around its new photonic computing product and recent Q3 2025 earnings.

As of early afternoon on November 17, QUBT is trading around $10.60 per share, roughly 6% higher on the day. ^[1]
The stock jumped as much as ~16–21% in premarket trading, according to Reuters and GuruFocus, before giving back part of those gains. ^[2]
Despite today’s pop, QUBT shares are still down roughly 35–40% year‑to‑date, even after a sharp rally earlier in 2025. ^[3]

Media coverage this morning ties the move to two main drivers:

A new photonics-based “Neurawave” computing platform announced ahead of the SuperCompute25 conference.
Q3 2025 earnings showing triple‑digit revenue growth and a surprise swing to GAAP profitability, though the core business remains loss‑making. ^[4]

Neurawave: QCi’s new photonic reservoir computer for edge AI

The biggest “today” headline is Quantum Computing Inc.’s announcement that it will debut Neurawave, a photonics-based reservoir computing system, at SuperCompute25 in St. Louis (November 18–20, 2025). ^[5]

According to the company’s press release and follow‑up coverage:

Form factor & integration
- Neurawave comes as a standard PCIe card, designed to plug into existing servers and workstations rather than a custom lab rig. ^[6]
- It operates at room temperature and combines optical computing elements with conventional digital electronics for easier deployment in real‑world data centers and edge devices. ^[7]
Use cases
- Neurawave is built around reservoir computing, a style of recurrent neural processing that’s well‑suited to signal processing, time‑series forecasting and pattern recognition. ^[8]
- QCi is explicitly pitching it at edge‑AI workloads and field or embedded applications where low power and fast responses are more important than massive cloud‑scale models. ^[9]
Strategy fit
- Management describes Neurawave as a “major milestone” in the company’s photonic roadmap, moving from lab systems to scalable, deployable hardware aligned with industry standards. ^[10]
- At SuperCompute25, QCi also plans on‑cloud demonstrations of its Dirac‑3 quantum computer, letting attendees run live workloads over the internet. ^[11]

Financial media have framed the announcement as the immediate catalyst for today’s move:

Investing.com reports QUBT stock surged about 16% after the Neurawave news hit, emphasizing that the product targets real‑world edge AI markets through the familiar PCIe format. ^[12]
A separate Investing.com note highlights that this launch comes after a volatile week (‑16.5%) but a ~242% gain over the past 12 months, underlining just how swingy the name has been. ^[13]
StreetInsider echoes the technical details and notes that, despite the excitement, its data still show an overall Sell rating consensus on QUBT. ^[14]

For investors, Neurawave matters less as near‑term revenue and more as evidence that QCi can package its photonics into something data‑center and OEM customers actually know how to integrate.

Q3 2025 earnings: revenue up 280%, balance sheet over $1.5B

Today’s trading is also a delayed reaction to Q3 2025 results, released after the close on November 14, 2025 and now being dissected by analysts and commentators. ^[15]

Headline numbers

From QCi’s official earnings release:

Revenue:
- Q3 2025 revenue came in at ~$384,000, up from $101,000 a year ago — about 280% year‑over‑year growth. ^[16]
- Gross margin was ~33%, versus 9% in Q3 2024, though management warns margins can be lumpy at this early scale. ^[17]
Profitability (GAAP vs. adjusted)
- On a GAAP basis, QCi reported net income of about $2.4 million, or $0.01 per basic share, versus a $5.7 million loss a year earlier. The swing was driven mainly by a $9.2 million mark‑to‑market gain on derivatives tied to warrants plus $3.5 million in interest income on the new cash pile. ^[18]
- However, earnings‑focused sites like CoinCentral and Blockonomi emphasize that on an underlying/adjusted basis the company still lost around $0.05 per share, which matched consensus expectations. ^[19]
Operating expenses:
- Q3 operating expenses climbed to $10.5 million, almost double the $5.4 million spent in the same quarter last year, reflecting heavy investment in R&D, engineering and manufacturing. ^[20]

Cash, capital raises and “war chest” narrative

The other big talking point is QCi’s massive liquidity relative to its current revenue scale:

As of September 30, 2025, the company reported:
- $352 million in cash and cash equivalents
- $460.6 million in investments
- Total assets of about $898 million and shareholders’ equity of $877.9 million. ^[21]
During Q3, QCi raised $500 million in a private placement; after quarter‑end it raised an additional $750 million, bringing available liquidity to more than $1.5 billion, according to the company and follow‑up summaries from StockTitan. ^[22]

These huge raises follow earlier financings:

A $500 million oversubscribed private placement announced and then closed in September 2025. ^[23]
A $750 million oversubscribed private placement announced in early October. ^[24]

That capital is earmarked for:

Scaling QCi’s thin‑film lithium niobate (TFLN) photonic chip foundry in Tempe, Arizona (Fab 1) and planning a higher‑volume Fab 2. ^[25]
Funding commercialization, acquisitions, and hiring to build out sales, engineering and manufacturing capacity. ^[26]

Commercial traction: NASA, cybersecurity and foundry progress

Operationally, Q3 also showcased a handful of concrete wins:

First U.S. commercial sale of quantum cybersecurity to a top‑five U.S. bank, validating QCi’s quantum security stack in a real finance environment. ^[27]
Ongoing collaboration with NASA’s Langley Research Center, where Dirac‑3 is being used to develop quantum techniques for cleaning up solar noise in space‑based LiDAR data. ^[28]
Small‑batch TFLN production underway at Fab 1 with early customer shipments, plus active discussions around a larger Fab 2. ^[29]

Analysts and newswires like Reuters summarize the story as “revenue is still tiny, but directionally improving, with a strong balance sheet and an ambitious roadmap.” ^[30]

How analysts and commentators are framing QUBT today

Beyond the raw numbers, several analysis pieces dated November 17, 2025 try to put QUBT’s risk–reward profile into context.

Revenue triples… but the stock is still down on the year

Both Blockonomi and CoinCentral focus on the disconnect between QCi’s growth and its share price: ^[31]

Q3 revenue of $0.38 million beat the ~$0.1 million consensus by a wide margin and grew 280% year‑over‑year.
Yet, by their calculations, shares have fallen about 39–40% in 2025, while the S&P 500 has risen around 14–15% over the same period.
Both note that QUBT has only sporadically beaten revenue expectations in recent quarters, and has not consistently outperformed EPS expectations, reinforcing a “show me” attitude from the market.

They also highlight the Zacks Rank #3 (“Hold”) rating and consensus forecasting:

Another Q4 loss of roughly $0.05 per share on about $0.2 million in revenue.
A full‑year 2025 loss of roughly $0.25 per share on about $0.4 million in revenue. ^[32]

The takeaway: strong percentage growth on a tiny base has not yet changed the narrative that QUBT remains an early‑stage, high‑risk story.

GuruFocus: huge capital, high valuation, extreme volatility

A detailed breakdown from GuruFocus leans into valuation and risk metrics: ^[33]

QCi’s market capitalization is pegged around $2.3–2.4 billion.
With revenues still in the hundreds of thousands per quarter, the price‑to‑sales ratio is extremely high (they cite a P/S in the thousands), while the P/B ratio around 4.2 is closer to its one‑year low.
Liquidity is strong: no debt, and very high current and quick ratios, thanks to the recent capital raises.
However, profitability metrics are deeply negative on an operating basis, and the stock carries a very high beta and volatility, signaling large price swings in both directions.

GuruFocus also notes that analysts’ average target price around the mid‑$20s suggests implied upside from today’s levels, but underscores that this sits atop a very speculative foundation.

Reuters and Investing.com: roadmap plus funding story

Reuters, via TradingView, summarizes the reaction as a pre‑market jump of more than 18% after Q3 revenue surged and management reiterated its roadmap toward scalable quantum and photonic manufacturing. ^[34]
Investing.com pairs the Neurawave news with mention of:
- The stock’s sharp volatility (down mid‑teens over the past week, still up sharply vs. 12 months ago). ^[35]
- The strategic aim of moving from R&D to deployable, energy‑efficient photonic systems for edge AI. ^[36]

Meanwhile, StreetInsider repeats the Neurawave details but emphasizes that its data still show an overall Sell rating on QUBT, despite today’s bounce. ^[37]

Where does today’s news leave QUBT stock?

Putting it together, November 17, 2025 looks like an inflection headline day for QUBT – but not necessarily an inflection fundamental day yet.

Positives reinforced by today’s news

Clearer product roadmap Neurawave gives investors something tangible: a standard PCIe product aimed at edge‑AI and signal‑processing workloads, built on the same photonic foundation that underpins QCi’s quantum ambitions. ^[38]
Improving commercial traction
- First commercial quantum cybersecurity sale to a top‑five U.S. bank.
- Ongoing NASA collaboration using Dirac‑3 for noisy LiDAR data.
- Fab 1 shipping early TFLN photonic chips. ^[39]
These deals are still small in dollar terms, but they matter for credibility.
Powerful balance sheet With over $1.5 billion in cash and investments and no debt, QCi has the runway to fund multi‑year R&D, chip‑fab expansion and potential M&A – rare for a company at its revenue level. ^[40]
Sector tailwinds Quantum computing and photonics are enjoying heavy government and institutional interest, with hundreds of millions of dollars flowing into national research centers and ecosystem partners such as POET Technologies, with whom QCi is co‑developing 3.2 Tbps optical engines for next‑gen AI connectivity. ^[41]

Key risks that remain front and center

Tiny revenue vs. massive valuation Even with 280% growth, $0.38 million in quarterly revenue is minuscule next to a multi‑billion‑dollar market cap and a 10‑figure cash pile. The implied expectations are extremely high. ^[42]
Heavy dilution history The company’s cash cushion is the result of large equity raises and private placements, which have significantly expanded the share count and contributed to the stock’s volatility and YTD losses despite recent spikes. ^[43]
Ongoing operating losses Operating expenses more than doubled year‑on‑year, and on an adjusted basis QCi still reports per‑share losses, with consensus expecting that to continue through at least Q4 and the full year. ^[44]
Extreme volatility Articles today describe QUBT as both one of the worst performers over recent months and a stock capable of single‑day surges as high as 40–50% around news events. ^[45] That makes it more suitable for investors who are comfortable with high risk and large price swings.

What to watch next for QUBT

For anyone following QUBT after today’s headlines, some practical catalysts to keep on the radar:

Real‑world Neurawave traction
- Design wins with OEMs or hyperscalers.
- Any disclosed revenue from Neurawave deployments or pilots.
Dirac‑3 adoption metrics
- Cloud usage stats, new partnerships or paying customers for QCi’s quantum optimization systems.
Foundry scale‑up
- Progress updates on Fab 1 throughput and any concrete timeline or capex plans for Fab 2.
Partnerships and joint development
- Milestones in the POET Technologies optical‑engine project or additional collaborations in AI networking and secure communications. ^[46]
Earnings and guidance
- Whether future quarters can push revenue meaningfully above a few hundred thousand dollars while controlling operating losses.

Bottom line

On November 17, 2025, QUBT is trading higher on a combination of hype and substance.

The substance: a credible‑looking photonic edge‑AI card (Neurawave), a clearly articulated roadmap, real but early commercial wins, and a balance sheet that can fund years of execution attempts. ^[47]
The hype/risk: a tiny revenue base, rich valuation, a history of heavy dilution and some of the most intense volatility in the quantum‑computing stock universe. ^[48]

For traders, QUBT remains a high‑beta momentum play where headlines like today’s can move the price dramatically in either direction. For longer‑term investors, the core question after today is simple:

Can Quantum Computing Inc. convert its deep cash reserves, photonic IP and marquee partnerships into material, recurring revenue faster than dilution and volatility wear down shareholder returns?

That answer will depend far more on execution over the next few years than on any single pop like we’re seeing today.

This article is for informational purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed financial advisor before making investment decisions.

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