Quantum Computing Inc. Reports Third Quarter 2025 Financial Results

HOBOKEN, N.J., Nov. 14, 2025 /PRNewswire/ -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, today released financial results for the three and nine-month periods ended September 30, 2025.

Dr. Yuping Huang, Interim Chief Executive Officer of QCi, commented, "The third quarter marked another important step forward for QCi as we strengthened our balance sheet, deepened commercial and government relationships, and advanced our roadmap toward scalable quantum and photonic manufacturing. Revenues increased 280% year-over-year for the three months ended September 30, 2025, reflecting our sales progress and increasing demand for our products, including a recent sale to a top 5 U.S. bank.

"We ended the third quarter with $352 million in cash and $461 million in investments, and subsequent to the quarter raised an additional $750 million, giving us a substantial liquid position of over $1.5 billion today to execute our long term growth strategy. Our integrated photonic approach continues to differentiate QCi as we work to bring practical quantum technologies out of the lab and into the hands of people. We remain focused on technical execution, strategic hiring, and thoughtful scaling of our foundry and quantum systems to meet growing global demand."

Third Quarter 2025 Financial Highlights

Third Quarter 2025 Operational Highlights

Earnings Conference Call

The Company will host its third quarter conference call today, Friday, November 14, 2025, at 4:30 p.m. ET. To access the live webcast of the conference call, visit the QCi Investor Relations page at To access the live webcast of the conference call, visit the QCi Investor Relations page at https://quantumcomputinginc.com/investor-relations. Investors may also access the webcast via the following link: https://www.webcaster5.com/Webcast/Page/3051/53123.

To participate in the call by phone, dial (888) 506-0062 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0011. Callers should use access code: 125609.

A replay of the teleconference will be available until November 28, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 53123.

About Quantum Computing Inc.

Quantum Computing Inc. (Nasdaq: QUBT) is an innovative, integrated photonics and quantum optics technology company that provides accessible and affordable quantum machines and TFLN foundry services to the world today. QCi's products are designed to operate at room temperature and low power at an affordable cost. The Company's portfolio of core technologies and products offer unique capabilities in the areas of high-performance computing, artificial intelligence, and cybersecurity, as well as remote sensing applications.

Company Contact:

Rosalyn Christian/John Nesbett

IMS Investor Relations

investors@quantumcomputinginc.com

Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, generally identified by terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," "aim to," or variations of these or similar words, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of QCi and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including the timing of orders and revenue, and the outcome of ongoing collaborations and demonstration projects with certain U.S. government agencies, academic institutions and commercial customers, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, QCi undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

IMPORTANT NOTICE TO USERS (summary only, click here for full text of notice): All information is unaudited unless otherwise noted or accompanied by an audit opinion and is subject to the more comprehensive information contained in our SEC reports and filings. We do not endorse third-party information. All information speaks as of the last fiscal quarter or year for which we have filed a Form 10-K or 10-Q, or for historical information the date or period expressly indicated in or with such information. We undertake no duty to update the information. Forward-looking statements are subject to risks and uncertainties described in our Forms 10-Q and 10-K.

QUANTUM COMPUTING INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited, in thousands, except per share data)

QUANTUM COMPUTING INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(Unaudited, in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 30,

2025

2024

2025

2024

Total revenue

384

101

484

311

Cost of revenue

258

319

233

Gross profit

126

165

Operating expenses

Research and development

4,509

2,244

13,469

6,560

Sales and marketing

787

363

2,139

1,243

General and administrative

5,234

2,840

13,418

9,298

Total operating expenses

10,530

5,447

29,026

17,101

Loss from operations

(10,404)

(5,438)

(28,861)

(17,023)

Non-operating income (expense)

Interest and other income

3,544

7,083

180

Interest expense

(4)

(307)

(120)

(462)

Change in fair value of derivative liability

9,246

4,780

Income (loss) before income tax provision

2,382

(5,675)

(17,144)

(17,305)

Income tax provision

Net income (loss)

2,382

(5,675)

(17,118)

(17,305)

Other comprehensive loss

Unrealized losses on available-for-sale debt securities

(26)

Total comprehensive income (loss)

2,356

(5,675)

(17,144)

(17,305)

Income (Loss) per share:

Basic

0.01

(0.06)

(0.12)

(0.19)

Diluted

0.01

(0.06)

(0.12)

(0.19)

Weighted average shares used in computing net income

(loss) per common share:

Basic

160,399

93,048

145,752

80,063

Diluted

166,833

93,048

145,752

80,063

QUANTUM COMPUTING INC.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value data)

September 30,

2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

352,436

78,945

Accounts receivable, net

491

Inventory

956

Short-term investments

203,136

Accrued interest receiveable

4,889

Prepaid expenses and other current assets

885

161

Total current assets

562,793

79,151

Property and equipment, net

12,675

8,212

Operating lease right-of-use assets

2,520

1,522

Intangible assets, net

7,005

8,972

Goodwill

55,573

Long-term investments

257,473

Other non-current assets

131

129

Total assets

898,170

153,559

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

1,170

1,372

Accrued expenses

1,500

2,134

Deferred revenue

323

Other current liabilities

641

974

Total current liabilities

3,634

4,559

Derivative liability

14,743

40,532

Operating lease liabilities

1,943

1,181

Total liabilities

20,320

46,272

Commitments and Contingencies (see Note 9)

Stockholders' equity:

Preferred stock

Common stock

Additional paid-in capital

1,095,457

307,756

Accumulated deficit

(217,600)

(200,482)

Accumulated other comprehensive loss

(26)

Total shareholders' equity

877,850

107,287

Total liabilities and shareholders' equity

898,170

153,559

SOURCE Quantum Computing Inc.