QUBT · Quantum Computing, Inc.

Quantum Computing Inc. reported a transformative first quarter in 2026, with revenue surging to $3.7 million from a mere $39 thousand in the prior-year period. This dramatic increase was primarily driven by the acquisitions of Luminar Semiconductor, Inc. (LSI) in February 2026 and NuCrypt, LLC in March 2026. The company's gross profit turned negative at ($0.7 million) compared to a positive $13 thousand in Q1 2025, reflecting the cost of revenue outpacing revenue growth. Operating expenses more than doubled to $19.8 million, up 139% year-over-year, due to higher personnel costs across R&D, sales and marketing, and G&A, as well as acquisition-related transaction expenses. Consequently, the company reported a net loss of $4.1 million, or $0.02 per basic share, versus net income of $17.0 million, or $0.13 per basic share, in the prior year. The swing was largely attributable to a $3.2 million non-cash gain on the change in fair value of derivative liability in Q1 2026, compared to a $23.6 million gain in Q1 2025, combined with higher operating expenses. Management highlighted the strategic acquisitions as key to advancing the company's product roadmap in quantum and photonics solutions. The company ended the quarter with a strong balance sheet, including $1.4 billion in cash, cash equivalents and investments, and a contract backlog of $16 million. The earnings release did not provide forward guidance.