Quantum Computing Inc. Reports Second Quarter 2025 Financial Results
Quantum Computing Inc. (Nasdaq: QUBT) reported Q2 2025 financial results, with revenues of $61,000 (43% gross margin) compared to $183,000 in Q2 2024. The company posted a net loss of $36.5 million, largely due to a $28 million non-cash loss on warrant valuation.
Key developments include the launch of an operational chip foundry in Arizona, first commercial shipments of quantum technologies to institutions in Europe, Asia, and the U.S., and raising $188 million through a private placement. Cash position strengthened to $348.8 million as of June 30, 2025.
The company secured notable wins including a contract with NASA, sales to a major automotive manufacturer and a top 5 U.S. bank, while strengthening its leadership team with key appointments.
Quantum Computing Inc. (Nasdaq: QUBT) ha comunicato i risultati finanziari del secondo trimestre 2025, con ricavi per $61.000 (margine lordo del 43%) rispetto a $183.000 nel Q2 2024. La societ脿 ha registrato una perdita netta di $36,5 milioni, principalmente dovuta a una svalutazione non monetaria di $28 milioni legata alla valutazione di warrant.
Tra gli sviluppi principali: l'avvio di una fonderia di chip operativa in Arizona, le prime spedizioni commerciali di tecnologie quantistiche verso istituzioni in Europa, Asia e Stati Uniti, e una raccolta di $188 milioni tramite collocamento privato. La cassa 猫 salita a $348,8 milioni al 30 giugno 2025.
La societ脿 ha ottenuto importanti commesse, tra cui un contratto con la NASA, forniture a un grande produttore automobilistico e a una delle prime 5 banche statunitensi, oltre a rafforzare il team di guida con nomine chiave.
Quantum Computing Inc. (Nasdaq: QUBT) inform贸 los resultados financieros del segundo trimestre de 2025, con ingresos de $61,000 (margen bruto del 43%) frente a $183,000 en el Q2 de 2024. La compa帽铆a registr贸 una p茅rdida neta de $36.5 millones, principalmente por una p茅rdida no monetaria de $28 millones por la valoraci贸n de warrants.
Entre los avances clave: la puesta en marcha de una fundici贸n de chips operativa en Arizona, los primeros env铆os comerciales de tecnolog铆as cu谩nticas a instituciones en Europa, Asia y EE. UU., y la obtenci贸n de $188 millones mediante una colocaci贸n privada. La posici贸n de efectivo aument贸 a $348.8 millones al 30 de junio de 2025.
La empresa logr贸 contratos destacados, incluido uno con la NASA, ventas a un importante fabricante automotriz y a un banco estadounidense entre los cinco primeros, y reforz贸 su equipo directivo con nombramientos clave.
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Quantum Computing Inc. (Nasdaq: QUBT) a publi茅 ses r茅sultats du deuxi猫me trimestre 2025 : des revenus de 61 000 $ (marge brute de 43 %) contre 183 000 $ au T2 2024. La soci茅t茅 affiche une perte nette de 36,5 M$, principalement en raison d'une perte non mon茅taire de 28 M$ li茅e 脿 la valorisation de warrants.
Parmi les faits marquants : le lancement d'une fonderie de puces op茅rationnelle en Arizona, les premi猫res livraisons commerciales de technologies quantiques 脿 des institutions en Europe, en Asie et aux 脡tats-Unis, et une lev茅e de 188 M$ via un placement priv茅. La tr茅sorerie s'est renforc茅e pour atteindre 348,8 M$ au 30 juin 2025.
La soci茅t茅 a remport茅 des contrats notables, dont un accord avec la NASA, des ventes 脿 un grand constructeur automobile et 脿 une des cinq premi猫res banques am茅ricaines, et a renforc茅 son 茅quipe dirigeante par des nominations cl茅s.
Quantum Computing Inc. (Nasdaq: QUBT) meldete die Finanzergebnisse f眉r das zweite Quartal 2025: Erl枚se in H枚he von $61.000 (Bruttomarge 43%) gegen眉ber $183.000 im Q2 2024. Das Unternehmen verzeichnete einen Nettverlust von $36,5 Millionen, haupts盲chlich bedingt durch einen nicht zahlungswirksamen Bewertungsverlust auf Warrants in H枚he von $28 Millionen.
Wesentliche Entwicklungen umfassen die Inbetriebnahme einer operativen Chip-Foundry in Arizona, die ersten kommerziellen Lieferungen quantentechnischer Produkte an Institutionen in Europa, Asien und den USA sowie eine Kapitalaufnahme von $188 Millionen durch eine Privatplatzierung. Die Liquidit盲t stieg auf $348,8 Millionen zum 30. Juni 2025.
Das Unternehmen erzielte bedeutende Auftr盲ge, darunter einen Vertrag mit der NASA, Verk盲ufe an einen gro脽en Automobilhersteller und eine der f眉nf gr枚脽ten US-Banken, und st盲rkte sein F眉hrungsteam durch Schl眉sselernennungen.
- Secured $188 million in net proceeds through private placement
- Cash position increased to $348.8 million from $79 million at year-end 2024
- Gross margin improved to 43% from 32% year-over-year
- Successfully launched operational chip foundry in Arizona
- Secured first commercial orders from major institutions including NASA, automotive manufacturer, and top 5 U.S. bank
- Inclusion in Russell 3000庐 and Russell 2000庐 Indexes
- Revenue declined 67% to $61,000 from $183,000 in Q2 2024
- Net loss increased significantly to $36.5 million from $5.2 million year-over-year
- Operating expenses nearly doubled to $10.2 million from $5.3 million in Q2 2024
- Loss per share increased to $0.26 from $0.06 year-over-year
Insights
QCi shows concerning 67% revenue decline despite raising $188M, with wider losses primarily from non-cash expenses.
Quantum Computing Inc. delivered a
The reported net loss of
The balance sheet has been significantly strengthened, with cash increasing to
Despite the substantial cash reserves, the key financial challenge remains revenue generation. The company secured initial orders for its quantum technologies from research institutions and commercial enterprises, including a major U.S. bank and global automotive manufacturer. However, these appear to be pilot or research-focused deployments rather than substantial commercial contracts. The newly operational Arizona chip foundry represents a crucial infrastructure investment, but meaningful revenue from manufacturing operations remains to be proven.
The disconnect between significant cash resources and minimal revenue generation raises questions about execution and market readiness. While the company has extensive runway to develop its technologies, investors should watch closely for evidence of commercial traction that can justify the current cash burn rate.
QCi's Arizona foundry launch marks crucial infrastructure milestone, but commercial quantum adoption remains in early validation stages.
QCi's operational achievements this quarter highlight the transition from research to early commercialization in quantum photonics. The completion and operational status of their Arizona thin-film lithium niobate (TFLN) foundry represents a significant technical milestone. This facility enables vertical integration for QCi's quantum photonic chips, providing manufacturing capability for both internal needs and potential external customers across datacom, telecom, and sensing markets.
The company's initial commercial shipments demonstrate progress in product readiness across three key quantum application domains: sensing, communication, and computing. The Quantum Photonic Vibrometer (QPV) shipment to Delft University validates their non-destructive testing capabilities, while the entangled photon source delivered to South Korea shows progress in quantum secure communications. Similarly, the EmuCore reservoir computing device sale to an automotive manufacturer represents early traction in quantum-enhanced AI applications.
Particularly notable is the
However, these developments must be viewed in proper context. The quantum technology sector remains in its infancy regarding commercial deployment. QCi's current sales appear to be primarily for research, evaluation, and small-scale pilot applications rather than production deployments. The company's technology spans multiple quantum domains (sensing, communications, computing) which provides diversification but may also create challenges in focus and resource allocation.
The leadership restructuring suggests recognition of the shift from technical development to commercialization challenges. With substantial capital now secured, execution on translating technical capabilities to meaningful revenue streams becomes the central challenge for the company's new leadership team.
Dr. Yuping Huang, Interim Chief Executive Officer of QCi, commented, "We delivered meaningful commercial progress in the second quarter with new customer wins across quantum sensing, cybersecurity, and AI. Our first shipments to leading research institutions and commercial enterprises in
"The launch of our operational chip foundry in
Second Quarter 2025 Financial Highlights
- Second quarter 2025 revenues totaled approximately
$61,000 43% gross margin) compared to$183,000 32% gross margin) recorded in the second quarter of 2024. 听Gross margin can vary at our current revenue levels. Accordingly, the year-over-year variation is not significant. - Second quarter 2025 operating expenses totaled
$10.2 million $5.3 million - The Company reported a net loss attributable to common stockholders of
$36.5 million $0.26 $5.2 million $0.06 $28 million - Total assets at June 30, 2025 were
$426.1 million $153.6 million $269.8 million $348.8 million $188 million - Total liabilities at June 30, 2025 were
$30.1 million $16.2 million - As of June 30, 2025, the Company had shareholders' equity totaling
$396.0 million
Second Quarter 2025 Operational Highlights
- Growing Commercial Adoption by Research Institutions: During the quarter, QCi secured an order for its Quantum Photonic Vibrometer (QPV), placed by the Department of Aerospace Structures and Materials at Delft University of Technology, a globally recognized engineering and research institution. The QPV will support advanced research in non-destructive testing and structural health monitoring, highlighting growing commercial engagement with leading academic centers and validation of QCi's quantum photonic sensing technologies. Additionally, QCi successfully shipped its first commercial entangled photon source to a leading research institution in
South Korea , marking a key milestone in the commercialization of its proprietary quantum communication technologies. Designed for compatibility with existing fiber optics infrastructure, the device enables secure quantum communication research and supports QCi's broader cybersecurity roadmap. This shipment demonstrates early global demand for QCi's quantum networking solutions and validates progress in transitioning lab-developed innovations to market-ready products. - Expanding Commercial Traction for Quantum AI and Cybersecurity Solutions:听During the quarter, QCi secured the sale of its EmuCore reservoir computing device to a major global automotive manufacturer. The system will be used for research and development to explore edge-based machine learning applications, including time-series prediction and image recognition. This marks a key step in validating QCi's reservoir computing platform in real-world environments and builds momentum for future adoption of the Company's PCIe-based photonic reservoir computing units. Subsequent to the quarter, on July 15, 2025, the Company announced a purchase order from a top 5 U.S. bank for its quantum security solutions. This was the Company's first
U.S. commercial sale of its quantum cybersecurity solutions. - Advancing Strategic Partnerships with NASA: During the quarter, QCi was awarded a subcontract valued at up to
$406,478 - Quantum Photonic Chip Foundry Update: QCi completed construction of its quantum photonic chip foundry in
Tempe, Arizona in March 2025, achieving a key milestone in its multi-phase growth strategy. In May 2025, the Company hosted a ribbon-cutting ceremony attended byTempe Mayor Corey Woods to mark the official grand opening. The state-of-the-art facility is now operational, fulfilling customer pre-orders and positioned to scale production of thin-film lithium niobate (TFLN) photonic chips for the datacom, telecom, advanced sensing, and quantum computing markets. - Key Leadership Appointments to Support Growth and Execution: During the second quarter, QCi made several strategic leadership changes to support its next phase of commercialization. Dr. Yuping Huang was appointed Interim Chief Executive Officer, and Chris Roberts was appointed Chief Financial Officer. Additionally, Dr. Milan Begliarbekov was promoted to Chief Operating Officer and Dr. Pouya Dianat to Chief Revenue Officer. These appointments enhance QCi's operational and commercial leadership as the Company scales manufacturing and expands market adoption of its quantum and photonic solutions.
- Inclusion in Russell 3000庐 and Russell 2000庐 Indexes:听QCi was selected for inclusion in the Russell 3000庐 and Russell 2000庐 Indexes as part of the 2025 annual reconstitution, effective June 30. This milestone enhances the Company's visibility among institutional investors and index funds. The inclusion underscores increasing recognition of QCi's role in advancing real-world applications for quantum and photonic technologies.
Earnings Conference Call
The Company will host its second quarter conference call today, Thursday, August 14, 2025, at 4:30 p.m. ET. To access the live webcast of the conference call, visit the QCi Investor Relations page at . Investors may also access the webcast via the following link:听听
To participate in the call by phone, dial (877) 545-0320 approximately five minutes prior to the scheduled start time. International callers please dial (973) 528-0002. Callers should use access code: 999992.
A replay of the teleconference will be available until August 28, 2025, and may be accessed by dialing (877) 481-4010. International callers may dial (919) 882-2331. Callers should use conference ID: 52835.
About Quantum Computing Inc.
听(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
[email protected]
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
IMPORTANT NOTICE TO USERS (summary only, click 听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 .
QUANTUM COMPUTING INC. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited, in thousands, except per share data) | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Total revenue | $ | 61 | $ | 183 | $ | 100 | $ | 210 | ||||||||
Cost of revenue | 35 | 125 | 61 | 141 | ||||||||||||
Gross profit | 26 | 58 | 39 | 69 | ||||||||||||
Operating expenses | ||||||||||||||||
Research and development | 5,975 | 2,094 | 8,960 | 4,315 | ||||||||||||
Sales and marketing | 680 | 429 | 1,352 | 880 | ||||||||||||
General and administrative | 3,542 | 2,802 | 8,184 | 6,459 | ||||||||||||
Total operating expenses | 10,197 | 5,325 | 18,496 | 11,654 | ||||||||||||
Loss from operations | (10,171) | (5,267) | (18,457) | (11,585) | ||||||||||||
Non-operating income (expense) | ||||||||||||||||
Interest and other income | 1,843 | 73 | 3,539 | 110 | ||||||||||||
Interest expense | (58) | - | (116) | (155) | ||||||||||||
Change in fair value of derivative liability | (28,096) | - | (4,466) | - | ||||||||||||
Loss before income tax provision | (36,482) | (5,194) | (19,500) | (11,630) | ||||||||||||
Income tax provision | - | - | - | - | ||||||||||||
Net loss attributable to common stockholders | $ | (36,482) | $ | (5,194) | $ | (19,500) | $ | (11,630) | ||||||||
Loss per share: | ||||||||||||||||
Basic | $ | (0.26) | $ | (0.06) | $ | (0.14) | $ | (0.13) | ||||||||
Diluted | $ | (0.26) | $ | (0.06) | $ | (0.14) | $ | (0.13) | ||||||||
Weighted average shares used in computing net (loss) | ||||||||||||||||
income per common share: | ||||||||||||||||
Basic | 141,401 | 93,550 | 138,326 | 87,185 | ||||||||||||
Diluted | 141,401 | 93,550 | 138,326 | 87,185 | ||||||||||||
听
QUANTUM COMPUTING INC. | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited, in thousands, except par value data) | ||||||||
June 30, | December 31, | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 348,758 | $ | 78,945 | ||||
Accounts receivable, net | 96 | 27 | ||||||
Inventory | 366 | 18 | ||||||
Prepaid expenses and other current assets | 1,005 | 161 | ||||||
听 听 听 听Total current assets | 350,225 | 79,151 | ||||||
Property and equipment, net | 10,569 | 8,212 | ||||||
Operating lease right-of-use assets | 2,076 | 1,522 | ||||||
Intangible assets, net | 7,510 | 8,972 | ||||||
Goodwill | 55,573 | 55,573 | ||||||
Other non-current assets | 131 | 129 | ||||||
听 听 听 听Total assets | $ | 426,084 | $ | 153,559 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,372 | $ | 1,372 | ||||
Accrued expenses | 1,251 | 2,134 | ||||||
Deferred revenue | 181 | 79 | ||||||
Other current liabilities | 1,168 | 974 | ||||||
听 听 听 听Total current liabilities | 3,972 | 4,559 | ||||||
Derivative liability | 24,594 | 40,532 | ||||||
Operating lease liabilities | 1,536 | 1,181 | ||||||
听 听 听 听Total liabilities | 30,102 | 46,272 | ||||||
Commitments and Contingencies (see Note 8) | ||||||||
Stockholders' equity: | ||||||||
听 听Preferred stock, | ||||||||
听 听 听 shares issued and outstanding as June 30, 2025 and December 31, 2024, | ||||||||
听 听 听 respectively; 3,080 shares of Series B Preferred Stock authorized; no shares issued | ||||||||
听 听 听 and outstanding as of June 30, 2025 and December 31, 2024, respectively | - | - | ||||||
听 听Common stock, | ||||||||
听 听 听 听shares issued and outstanding as of June 30, 2025 and December 31, 2024, | ||||||||
听 听 听 听respectively | 16 | 13 | ||||||
Additional paid-in capital | 615,948 | 307,756 | ||||||
Accumulated deficit | (219,982) | (200,482) | ||||||
听 听 听 听Total shareholders' equity | 395,982 | 107,287 | ||||||
Total liabilities and shareholders' equity | $ | 426,084 | $ | 153,559 | ||||
听
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