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Optical ComputingPublic

Quantum Computing Inc

catalyst in 9dNo base rate yet — QUBT has 0 graded prints on the record, and the bar is 3.Website
Ticker
QUBT
Beat
optical computing
Size
Public Company
Revenue
$5.6M
as of Jun 2026
Cash
$189M
as of Jun 2026
Burn
$16.5M/qtr
as of Jun 2026
Runway
~2.9yr at this rate
as of Jun 2026
Researched · Stale
9 days ago

A $2.5B market cap on $682K of FY25 revenue — QUBT is a $1.5B treasury wrapped in a photonics R&D lab, sold as a quantum-computing story; the balance sheet is real, the revenue is not, and a securities-fraud class action over the exact gap between the two is unresolved.

Orbit · who it trades with and competes with
1 on the rings · 0 trade · 1 rival
1 mentions across our dossiers
Focus · Optical computing
Quantum Computing Inc
QUBT · public
No published house view
Competes with
Links · 1 company · 0 trade · 1 rival
“- Most dangerous competitor bulls underrate: not IonQ — it's classical computing + the rest of the well-funded quantum field (IBM, Google, IonQ, PsiQuantum, D-Wave) that will define "real" quantum/photonics commercialization and leave a su…”PsiQuantum · RIVAL · from Quantum Computing Inc’s dossier
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Price

Weekly closes

QUBT · weekly close
6.60 USD+0.6%
Friday 30 Oct 2026 · last 52 Fridays 6.36–12.86
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 67,348,440 sh · 8.6 days to cover, FINRA · settled 30 Sept 2026
  2. Next print: in 9 days, Scheduled · 9 Nov 2026, scheduled
6.60USD+0.6%QUBT · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 30 Sept 2026
67,348,440 shares
Days to unwind the shortFINRA · settled 30 Sept 2026
8.6
see the whole series
Financials

The reported figures

Revenue · quarterly
$5.6M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$5.6M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Quantum Computing Inc, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueFree cash flowCapexCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$50K USD-$6.0M USD$1.6M USD$7.4M USD75.1M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$75K USD-$4.9M USD-$53K USD$2.1M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$27K USD-$5.4M USD$1.6M USD$6.1M USD91.4M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$183K USD-$5.1M USD$1.1M USD$2.5M USD—Filed · primarysec.gov
Q3 ’2430 Sept 2024$101K USD-$5.1M USD$514K USD$3.1M USD91.3M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$62K USD-$6.6M USD$2.9M USD$78.9M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$39K USD-$6.2M USD$1.7M USD$166M USD137.2M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$61K USD-$7.1M USD$1.0M USD$349M USD159.9M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$384K USD-$11.5M USD$2.8M USD$352M USD224.1M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$198K USD-$12.2M USD$1.2M USD$738M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$3.7M USD-$11.2M USD$1.8M USD$258M USD224.5M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$5.6M USD-$16.5M USD$2.7M USD$189M USD226.3M sharesFiled · primarysec.gov

Quantum Computing Inc’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$5.6M+9,000% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $50K, as of Sep 2023Revenue Q4 ’23: $75K, as of Dec 2023Revenue Q1 ’24: $27K, as of Mar 2024Revenue Q2 ’24: $183K, as of Jun 2024Revenue Q3 ’24: $101K, as of Sep 2024Revenue Q4 ’24: $62K, as of Dec 2024Revenue Q1 ’25: $39K, as of Mar 2025Revenue Q2 ’25: $61K, as of Jun 2025Revenue Q3 ’25: $384K, as of Sep 2025Revenue Q4 ’25: $198K, as of Dec 2025Revenue Q1 ’26: $3.7M, as of Mar 2026Revenue Q2 ’26: $5.6M, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$16.5M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$6.0M, as of Sep 2023Free cash flow Q4 ’23: -$4.9M, as of Dec 2023Free cash flow Q1 ’24: -$5.4M, as of Mar 2024Free cash flow Q2 ’24: -$5.1M, as of Jun 2024Free cash flow Q3 ’24: -$5.1M, as of Sep 2024Free cash flow Q4 ’24: -$6.6M, as of Dec 2024Free cash flow Q1 ’25: -$6.2M, as of Mar 2025Free cash flow Q2 ’25: -$7.1M, as of Jun 2025Free cash flow Q3 ’25: -$11.5M, as of Sep 2025Free cash flow Q4 ’25: -$12.2M, as of Dec 2025Free cash flow Q1 ’26: -$11.2M, as of Mar 2026Free cash flow Q2 ’26: -$16.5M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$189M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $7.4M, as of Sep 2023Cash Q4 ’23: $2.1M, as of Dec 2023Cash Q1 ’24: $6.1M, as of Mar 2024Cash Q2 ’24: $2.5M, as of Jun 2024Cash Q3 ’24: $3.1M, as of Sep 2024Cash Q4 ’24: $78.9M, as of Dec 2024Cash Q1 ’25: $166M, as of Mar 2025Cash Q2 ’25: $349M, as of Jun 2025Cash Q3 ’25: $352M, as of Sep 2025Cash Q4 ’25: $738M, as of Dec 2025Cash Q1 ’26: $258M, as of Mar 2026Cash Q2 ’26: $189M, as of Jun 2026
Shares outstanding · annualFY21 – FY25
0.2M-99% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 29.2M, as of Dec 2021Shares outstanding FY22: 36.7M, as of Dec 2022Shares outstanding FY23: 0.1M, as of Dec 2023Shares outstanding FY24: 0.1M, as of Dec 2024Shares outstanding FY25: 0.2M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-22editorial noteSources added: 0 → 5The dossier's cited-link count grew from 0 to 5 (deep-dive-2026-06-18.md → deep-dive-2026-10-22.md).dossier
2026-10-22editorial noteRevenue figure revised: $682 → $5.551MRevenue moved from $682 (deep-dive-2026-06-18.md) to $5.551M (deep-dive-2026-10-22.md).dossier
2026-10-02filing8-K Item 7.01: Quantum Computing Inc posts updated investor presentationOn 2 Oct 2026 the company posted an updated investor presentation to its website, furnished as Exhibit 99.1.agent:company-events · SEC EDGAR 8-K
dossier age
9 days
researched 22 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 23 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-18), 568 words, 20 filing mentions
  2. The dossier: What held, 69 words, 3 filing mentions
Research

The Quantum Computing Inc dossier

The verdict

A $2.5B market cap on $682K of FY25 revenue — QUBT is a $1.5B treasury wrapped in a photonics R&D lab, sold as a quantum-computing story; the balance sheet is real, the revenue is not, and a securities-fraud class action over the exact gap between the two is unresolved.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-18)

  1. Q2-2026 revenue $5.551M against $61K in Q2-2025 and $3.7M in Q1-2026. Six-month revenue $9.242M against $100K. The acquired businesses (Luminar Semiconductor, NuCrypt, NHanced) contributed $5.1M in Q2 and $8.6M in six months. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-10, https://www.sec.gov/Archives/edgar/data/1758009/000162828026055218/qubt-20260630.htm; Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-10, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1758009/000121390026087267/ea030143301ex99-1.htm; periods ended 2026-06-30].
  2. Q2-2026 loss. Net loss $11.753M, or $(0.05) per basic share, against $36.482M a year earlier (which included a $28M non-cash warrant mark). Operating expenses $21.8M (against $10.2M), including $7.3M of acquisition-related transaction expenses. Interest and other income $13M. Six-month net loss $15.803M against $19.500M. [sec.gov: 8-K filed 2026-08-10, same URL; 10-Q filed 2026-08-10, same URL]
  3. Cash after three acquisitions. Cash, cash equivalents and investments were about $1.3B at 2026-06-30 against about $1.5B at year-end 2025. The company says the three acquisitions used about $180M in cash including transaction expenses. Total liabilities $47.2M; contract backlog about $42.5M. [sec.gov: 8-K filed 2026-08-10, same URL]
  4. NHanced Semiconductors acquired 2026-06-22. The stock purchase agreement set cash of $68.1M (of which $20.0M sits in escrow against 2027 and 2028 revenue thresholds) plus $5.0M of stock (447,000 shares per the 10-Q), with earnouts of up to $72.0M. The company calls it its "Fab 2" and its third acquisition of 2026. The 10-Q notes the company now leases two facilities from an employee as a result. [sec.gov: 8-K filed 2026-06-23, https://www.sec.gov/Archives/edgar/data/1758009/000121390026070872/ea0295466-8k_quantum.htm; 10-Q filed 2026-08-10, same URL]
  5. Pro forma, as if all three deals had closed on 2025-01-01. Q2-2025 combined revenue $15.755M (QCi $61K, LSI $5.146M, NuCrypt $149K, NHanced $10.399M). Q2-2026 combined revenue $9.076M. Six-month 2025 combined revenue $30.504M against $18.879M in 2026. [sec.gov: 10-Q filed 2026-08-10, same URL].
  6. Class action still pending. The motion to dismiss the second amended complaint was fully briefed (reply filed 2026-05-22) and the 10-Q reports no ruling. Four derivative suits remain stayed pending that motion. [sec.gov: 10-Q filed 2026-08-10, same URL]
  7. Controls. The 10-Q still reports material weaknesses in the control environment, risk assessment and IT general controls. [sec.gov: 10-Q filed 2026-08-10, same URL]
  8. Share count. 226,346,861 shares outstanding at 2026-08-07. [sec.gov: 10-Q filed 2026-08-10, same URL]
  9. Management and plan changes. Susan Hunt became Chief Revenue Officer on 2026-07-17; Dr. Pouya Dianat moved to a new Chief Product Officer role. Stockholders approved on 2026-06-24 an increase of the 2022 equity plan from 20,000,000 to 30,000,000 shares, with an annual evergreen of 2% of shares outstanding to 2032 and no non-employee director limit. [sec.gov: 8-K filed 2026-07-22, https://www.sec.gov/Archives/edgar/data/1758009/000121390026080443/ea0298923-8k_quantum.htm; 8-K filed 2026-06-30, https://www.sec.gov/Archives/edgar/data/1758009/000121390026073258/ea0296335-8k_quantum.htm]
  10. Commercial items in the release. A NeuraWave framework agreement with Planck Dynamics, a Dirac-3 installation at a global consulting firm, and a quantum secure communications purchase order from a university. [sec.gov: 8-K filed 2026-08-10, same URL]
  11. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "ex-LSI organic revenue disclosure + LSI integration economics" is partly answered by items 1 and 5 (LSI contributed $8.1M of revenue and a $5.7M operating loss from acquisition to 2026-06-30 per the 10-Q). The catalyst "FAB-2 Capital expenditureMoney spent on long-lived things — buildings, machines, servers — rather than on running costs. go/no-go" corresponds to the NHanced acquisition (item 4). The catalyst "class-action motion-to-dismiss ruling" has not occurred (item 6). The carried bear case cites "three-years-ineffective controls"; the 10-Q reports the weaknesses again. The seed's price and net-cash floor figures rest on market data and a share count this delta does not refresh; filings give $1.3B of cash and investments against 226.3M shares.

What held

  • The company remains a cash-rich, barely revenue-generating developer: organic revenue is about $0.6M for six months (item 1) against about $1.3B of cash and investments. [sec.gov: 8-K filed 2026-08-10, same URL]
  • Material weaknesses and the securities class action are unchanged in substance. [sec.gov: 10-Q filed 2026-08-10, same URL]
  • The company still reports no debt-like liabilities beyond $47.2M of total liabilities. [sec.gov: 8-K filed 2026-08-10, same URL]

How our view changed

2 dossiers

Every dossier we have written on Quantum Computing Inc, newest first.

  1. current

    A $2.5B market cap on $682K of FY25 revenue

  2. A $2.5B market cap on $682K of FY25 revenue

Company details

IndustryOptical Computing
SizePublic Company
WebsiteVisit Quantum Computing Inc

Others in optical computing

5 names

Where Quantum Computing Inc sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.