Hoboken, August 11, 2026, 04:20 EDT
- Revenue for the second quarter totaled $5.551 million, increasing from $61,000 in the same period last year.
- Sales were outpaced by cost of revenue, resulting in a gross loss of $1.166 million.
- Cash and investments amounted to $1.323 billion, with backlog at $42.5 million.
- QUBT fell 1.0% after the close to $8.84, extending a 2.7% drop during regular trading.
Quantum Computing Inc. NASDAQ:QUBT reported second-quarter revenue rising to $5.551 million, largely due to contributions from newly acquired photonics operations. The company’s cost of revenue reached $6.717 million, resulting in a gross loss of $1.166 million.
The less conspicuous figure stood at $12.954 million in interest and other income, more than double the revenue from products and services. Currently, the balance sheet generates more than the company’s operating businesses bring in through sales.
This is the main test for investors. QCi possesses significant capital and an expanding industrial presence. It remains necessary, however, for the company to convert acquired sales into positive gross profit before operating expenses outweigh gains.
| Quarterly metric | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Revenue | $5.551m | $0.061m | +$5.490m |
| Gross profit (loss) | ($1.166m) | $0.026m | ($1.192m) |
| Research and development | $8.428m | $5.975m | +41% |
| Sales and marketing | $1.932m | $0.680m | +184% |
| General and administrative | $11.487m | $3.542m | +224% |
| Operating loss | ($23.013m) | ($10.171m) | +126% |
| Interest and other income | $12.954m | $1.843m | +603% |
| Net loss | ($11.753m) | ($36.482m) | -68% |
| Basic loss per share | ($0.05) | ($0.26) | Up by $0.21 |
The statements on file illustrate the impact of acquisitions on the income statement. Revenue increased by a factor of 91. Operating expenses also surged, surpassing a twofold rise to reach $21.847 million. The net loss shrank, aided by a reduced warrant revaluation loss and increased interest income.
Gross margin shifted to negative 21.0%, compared to a positive 42.6%. The comparison is affected by the inclusion of three new businesses by QCi this year. However, the figures indicate that scaling up did not lead to better unit economics.
| Balance-sheet metric | June 30, 2026 | Dec. 31, 2025 | Change |
|---|---|---|---|
| Cash and cash equivalents | $189.150m | $737.880m | ($548.730m) |
| Short-term investments | $765.020m | $379.421m | +$385.599m |
| Long-term investments | $369.284m | $403.121m | ($33.837m) |
| Cash and investments | $1.323bn | $1.520bn | ($196.968m) |
| Total assets | $1.639bn | $1.619bn | +$20.283m |
| Total liabilities | $47.165m | $20.655m | +$26.510m |
| Common shares outstanding | 226.319m | 224.165m | +1.0% |
During the first half, cash and investments declined by $196.968 million. QCi stated that nearly $180 million of this amount was used for the acquisitions of Luminar Semiconductor, NuCrypt, and NHanced, as well as related transaction expenses. Liabilities increased by over twofold, but continued to be minor in comparison to liquid assets.
| Commercial or capital marker | Verified amount | What investors should watch |
|---|---|---|
| Contract backlog as of June 30 | $42.5m | Timing of conversion and gross margin |
| NHanced upfront consideration | $73.1m in cash and QCi equity | Fab 2 integration |
| NHanced contingent payment | Up to $72.0m | Meeting performance conditions |
| NeuraWave framework | Potential to exceed $10m in value | Customer milestones and set conditions |
| Three 2026 acquisitions | Roughly $180m in cash applied, including expenses | Quality of revenue and possible synergies |
The backlog currently amounts to roughly 7.7 quarters of revenue from the second quarter. While that figure offers perspective, it should not be interpreted as a projection. The NeuraWave framework operates based on milestones, and QCi has not provided full-year revenue forecasts.
Chief Executive Yuping Huang stated, “During the second quarter, we continued to execute on our strategy of making our quantum products smaller, more practical and more accessible.” Huang also described NHanced as the company’s third acquisition so far this year. Full CEO statement
Peer results present a tough benchmark. IonQ Inc. NYSE:IONQ disclosed revenue of $80.1 million. Rigetti Computing Inc. NASDAQ:RGTI delivered $5.14 million, and D-Wave Quantum Inc. NYSE:QBTS reported $3.08 million. With these figures, QCi’s latest quarterly sales position it alongside the smaller hardware competitors, although its photonics portfolio sets it apart.
| Quantum company | Q2 2026 revenue | Primary business context |
|---|---|---|
| IonQ NYSE:IONQ | $80.1m | Revenue from quantum computing and platform |
| Quantum Computing NASDAQ:QUBT | $5.551m | Photonics, foundry operations, and quantum products |
| Rigetti NASDAQ:RGTI | $5.14m | Superconducting quantum systems and related services |
| D-Wave NYSE:QBTS | $3.08m | Annealing and gate-model quantum systems |
Each company’s most recent reporting cycle provides the peer figures, as detailed by Barron’s on IonQ, Barron’s on Rigetti, and Barron’s on D-Wave. Revenue is not directly equivalent due to differences in their offerings and contract schedules.
Wall Street is divided between concerns over execution risk and balance-sheet flexibility. Among six analysts, there are four Buy ratings and two Hold ratings. The group’s average price target stands at $18.33, with individual forecasts ranging from $10 to $30.
| Firm | Latest rating | Price target | Date |
|---|---|---|---|
| Wedbush | Hold | $12 | Aug. 3, 2026 |
| Lake Street | Buy | $16 | July 6, 2026 |
| Rosenblatt | Buy | $22 | June 29, 2026 |
| Cantor Fitzgerald | Hold | $10 | June 24, 2026 |
| Six-analyst consensus | Buy: 4; Hold: 2; Sell: 0 | $18.33 average | Last three months |
The recommendations and dates cited were up-to-date as of early Tuesday. The consensus price target indicated a potential 105% increase from Monday’s $8.93 close. The broad range of estimates points to above-average forecast uncertainty.
QUBT finished Monday 2.7% lower at $8.93, and edged down a further 1.0% to $8.84 in after-hours trading. As of the dateline, U.S. premarket had begun, but the main session remained closed.
Risks: QCi is absorbing three recent acquisitions, yet gross profit stays in the red. Conversion of backlog and framework order values could be gradual. Increased expenses, contingent payouts, dilution, or soft demand may diminish the cash lead.
The next key event is Tuesday’s full-session reaction. Aside from any share price changes, investors are looking for evidence that the $42.5 million backlog will generate positive gross profit, which is more important than another period of interest income.
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