Second Quarter 2026
Filed Aug 10, 2026Quantum Computing Inc. Reports Second Quarter 2026 Financial Results
Revenue increased to $5.6 million from $61 thousand in the second quarter of 2025 and $3.7 million in the first quarter of this year, while the Company reported a net loss of $11.8 million and operating expenses of $21.8 million. The Company ended the quarter with approximately $1.3 billion in cash, cash equivalents and investments, but used approximately $180 million in cash for acquisitions including transaction expenses.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $5.6 million | – | – |
| Operating expensesother | $21.8 million | – | up 114% |
| Interest and other incomeother | $13 million | – | – |
| Net lossother | $11.8 million | – | – |
| Loss per basic shareother | $0.05 per basic share | – | – |
| Mark-to-market loss on warrant derivative liabilityother | $1.7 million | – | – |
| Total assetsother | approximately $1.6 billion | – | – |
| Cash, cash equivalents and investmentsother | approximately $1.3 billion | – | – |
| Total liabilitiesother | $47.2 million | – | – |
| Stockholders' equityother | $1.6 billion | – | – |
| Contract backlogother | approximately $42.5 million | – | – |
What drove it
- 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.
- The year-over-year increase in operating expenses 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 increased due to interest income generated from the Company’s larger cash and investment positions.
- The decrease in net loss was attributed to the change in fair value of a derivative liability, higher revenue and interest income.
- QCi completed the acquisition of NHanced Semiconductors, Inc. 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.
- QCi entered into a framework agreement with Planck Dynamics supporting deployment of up to multiple dozens of NeuraWave systems as customer milestones are achieved, with a potential aggregate program value in excess of $10 million, subject to specified customer milestones and other conditions.
Concerns
- The Company reported a net loss of $11.8 million.
- Operating expenses totaled $21.8 million and included acquisition-related transaction expenses of $7.3 million.
- The Company used approximately $180 million in cash, including transaction expenses, for acquisitions.
- The Planck Dynamics framework agreement is subject to the achievement of specified customer milestones and other conditions.
- No forward financial guidance was provided in the filing.
What to watch
- Commercial conversion of the approximately $42.5 million contract backlog.
- Deployment progress under the Planck Dynamics framework agreement as customer milestones are achieved.
- Integration of Luminar Semiconductor, Inc., NuCrypt, and NHanced Semiconductors.
- Execution of Fab 2 and expansion of advanced packaging, semiconductor manufacturing and photonic integration capabilities.
- Further sales of photonics products across aerospace, government and industrial applications.
Balance sheet and cash flow
- 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 Company used approximately $180 million in cash, including transaction expenses, for its acquisitions of Luminar Semiconductor, Inc., NuCrypt, and NHanced Semiconductors.
- 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.
Analysis
QCi reported revenue of $5.6 million for the second quarter of 2026, compared with $61 thousand in the second quarter of 2025 and $3.7 million in the first quarter of this year. Management said revenue was generated across its integrated quantum and photonics portfolio for government, educational and commercial customers. Photonics-product sales were the primary revenue driver, serving the quantum roadmap as well as aerospace, government and industrial applications.
Operating expenses totaled $21.8 million, compared with $10.2 million in the second quarter of 2025, and were up 114%. The stated drivers were higher headcount and related payroll costs across research and development, sales and marketing, plus acquisition-related transaction expenses of $7.3 million. Interest and other income was $13 million, compared with $1.8 million in the prior-year period, reflecting interest income on larger cash and investment positions. The Company reported a net loss of $11.8 million, or a loss of $0.05 per basic share, compared with a net loss of $36.5 million, or a loss of $0.26 per basic share. The filing identified the smaller mark-to-market loss on the warrant derivative liability, higher revenue and interest income as the main factors behind the lower loss.
The balance sheet remains central to the quarter. Cash, cash equivalents and investments were approximately $1.3 billion at June 30, 2026, compared with approximately $1.5 billion at year-end 2025. QCi said it used approximately $180 million in cash, including transaction expenses, for the Luminar Semiconductor, NuCrypt and NHanced Semiconductors acquisitions. Total assets were approximately $1.6 billion, total liabilities were $47.2 million, and stockholders’ equity was $1.6 billion. Contract backlog was approximately $42.5 million.
Operationally, QCi completed the NHanced acquisition for a combination of cash and QCi stock valued at $73.1 million, with up to an additional $72.0 million tied to certain performance targets. Management said the transaction launched Fab 2 ahead of schedule and expanded advanced packaging, semiconductor manufacturing and photonic integration capabilities. The Company also sold, delivered and installed a Dirac-3 system at a global consulting firm, described NeuraWave as deployment-ready, received a university order for a quantum secure communications system, and signed a Planck Dynamics framework agreement with potential aggregate program value in excess of $10 million subject to milestones and other conditions.
No forward financial guidance was provided. The principal reported items to monitor are conversion of the approximately $42.5 million backlog, execution against the conditional Planck Dynamics framework agreement, acquisition integration, and the level of operating expenses as the Company expands manufacturing and commercial capabilities.
Management, verbatim
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.
Dr. Yuping Huang, Chief Executive Officer of QCi
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.
Dr. Yuping Huang, Chief Executive Officer of QCi
Not in the filing
stated, not guessed- GAAP or non-GAAP designation for reported revenue, operating expenses, interest and other income, net loss, and loss per basic share
- Gross profit and gross margin
- Operating income or loss
- Diluted earnings or loss per share
- Non-GAAP revenue, gross margin, operating income or loss, net income or loss, and earnings or loss per share
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Segment revenue and segment profitability
- Forward revenue guidance
- Forward gross-margin guidance
- Forward operating-expense guidance
- Forward tax-rate guidance
- Share repurchases
- Dividend declaration or payment
- Prior-quarter operating expenses, interest and other income, net loss, loss per basic share, gross margin, operating income or loss, and cash flow figures
- Prior-year total assets, cash, liabilities, stockholders’ equity, and contract backlog figures
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.