QUBT

MKT CAP:$1B

Quantum Computing, Inc.

Market Cap

$1B

Technology·Computer Hardware·🇺🇸 United States·NASDAQ

Technology·Computer Hardware·🇺🇸·NASDAQ

Stock Price

$9.05-$1.96 (-17.80%)

Apr 23, 2026

Company Details

Quantum Computing, Inc. focuses on providing software tools and applications for quantum computers in Virginia. The company offers Qatalyst, a quantum application accelerator that enables developers to create and execute quantum-ready appli...

CEO

Yuping Huang

IPO Date

Feb 1, 2007

Website

www.quantumcomputinginc.com

Key Metrics TTM

Revenue

$682.0K

+82.8% YoY

Net Income

-$19M

EPS (Diluted)

-$0.14

Free Cash Flow

-$37M

Revenue / Share

$0.00

Gross Margin

-133.1%

Operating Margin

-7489.3%

Net Margin

-2738.1%

FCF Margin

-5422.9%

P/S

1786.3x

P/E

—

Earnings Reports

FY 2025

Mar 2, 2026

$682.0K+82.8%EPS -$0.11

Q4 2025

Mar 2, 2026

$198.0K+219.4%EPS -$0.01

Q3 2025

Nov 14, 2025

$384.0K+280.2%EPS $0.01

Q2 2025

Aug 14, 2025

$61.0K-66.7%EPS -$0.26

Q1 2025

May 15, 2025

$39.0K+44.4%EPS $0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$0	-$2.5K	-$5M
Q1 22	$31.2K	-$4M	-$7M
Q2 22	$65.5K	-$2M	-$5M
Q3 22	$37.6K	-$4M	-$7M
Q4 22	$1.3K	-$15M	-$18M
Q1 23	$121.0K	-$756.0K	-$6M
Q2 23	$112.0K	-$775.0K	-$7M
Q3 23	$50.0K	-$826.0K	-$7M
Q1 24	$27.0K	-$833.0K	-$6M
Q2 24	$183.0K	-$789.0K	-$5M
Q3 24	$101.0K	-$842.0K	-$5M
Q4 24	$62.0K	-$1M	-$9M
Q1 25	$39.0K	-$962.0K	-$8M
Q2 25	$61.0K	$26.0K	-$10M
Q3 25	$384.0K	$126.0K	-$10M
Q4 25	$198.0K	-$98.0K	-$22M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	38996.9x	—
Q2 22	12595.2x	—
Q3 22	9066.5x	—
Q4 22	8981.1x	—
Q1 23	5404.7x	—
Q2 23	4480.2x	—
Q3 23	4285.5x	—
Q1 24	3929.9x	—
Q2 24	3274.9x	—
Q3 24	3374.7x	—
Q4 24	3266.1x	—
Q1 25	3164.3x	—
Q2 25	4632.2x	—
Q3 25	2231.3x	—
Q4 25	1786.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$2M	-$2M
Q1 22	-$4M	-$4M
Q2 22	-$5M	-$5M
Q3 22	-$4M	-$4M
Q4 22	-$6M	-$6M
Q1 23	-$4M	-$5M
Q2 23	-$5M	-$5M
Q3 23	-$4M	-$6M
Q1 24	-$4M	-$5M
Q2 24	-$4M	-$5M
Q3 24	-$5M	-$5M
Q4 24	-$4M	-$7M
Q1 25	-$4M	-$6M
Q2 25	-$6M	-$7M
Q3 25	-$9M	-$12M
Q4 25	-$11M	-$12M

Capital Expenditures

Quarter	CapEx
Q4 21	$11.1K
Q1 22	$3.4K
Q2 22	$6.7K
Q3 22	$156.1K
Q4 22	$285.9K
Q1 23	$379.0K
Q2 23	$202.0K
Q3 23	$2M
Q1 24	$2M
Q2 24	$1M
Q3 24	$514.0K
Q4 24	$3M
Q1 25	$2M
Q2 25	$1M
Q3 25	$3M
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	-23.0%
Q1 22	—	+98.6%
Q2 22	—	+12.6%
Q3 22	—	+43.8%
Q4 22	—	+293.9%
Q1 23	+287.3%	-7.8%
Q2 23	+71.0%	+45.1%
Q3 23	+32.8%	-3.1%
Q1 24	+2012.7%	-65.2%
Q2 24	+51.2%	-12.3%
Q3 24	-9.8%	-21.7%
Q4 24	+24.0%	+34.8%
Q1 25	+44.4%	+31.2%
Q2 25	-66.7%	+87.7%
Q3 25	+280.2%	+94.8%
Q4 25	+219.4%	+149.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$3M	—
Q1 22	$3M	9556.5%
Q2 22	$323.9K	494.6%
Q3 22	$1M	3101.6%
Q4 22	$10M	743609.7%
Q1 23	$846.0K	699.2%
Q2 23	$2M	1386.6%
Q3 23	$993.0K	1986.0%
Q1 24	$1M	4759.3%
Q2 24	$651.0K	355.7%
Q3 24	$765.0K	757.4%
Q4 24	$3M	5006.5%
Q1 25	$1M	3602.6%
Q2 25	$2M	2914.8%
Q3 25	$3M	799.7%
Q4 25	$2M	1241.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$790.6K	—	—	$4M
Q1 22	$1M	—	—	$2M
Q2 22	$850.4K	—	—	$2M
Q3 22	$1M	—	—	$2M
Q4 22	$1M	—	—	$2M
Q1 23	$2M	—	—	$3M
Q2 23	$2M	—	—	$4M
Q3 23	$2M	—	—	$3M
Q1 24	$2M	—	—	$3M
Q2 24	$2M	—	—	$2M
Q3 24	$2M	$3M	$363.0K	—
Q4 24	$5M	$4M	$575.0K	—
Q1 25	$3M	$5M	$672.0K	—
Q2 25	$6M	$4M	$680.0K	—
Q3 25	$5M	$5M	$787.0K	—
Q4 25	$7M	$14M	$1M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$12M	$0	$12M
Q2 22	$7M	$0	$7M
Q3 22	$10M	$0	$10M
Q4 22	$5M	$0	$5M
Q1 23	$7M	$0	$7M
Q2 23	$7M	$0	$7M
Q3 23	$7M	$0	$7M
Q4 23	$2M	$0	$2M
Q1 24	$6M	$0	$6M
Q2 24	$3M	$0	$3M
Q3 24	$3M	$0	$3M
Q4 24	$79M	$0	$79M
Q1 25	$166M	$0	$166M
Q2 25	$349M	$0	$349M
Q3 25	$352M	$203M	$556M
Q4 25	$738M	$379M	$1.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	29M	+0.0%	+69.7%
Q1 22	38M	+30.8%	+32.7%
Q2 22	45M	+17.9%	+54.7%
Q3 22	69M	+53.3%	+136.3%
Q4 22	56M	-18.8%	+91.9%
Q1 23	59M	+5.3%	+54.6%
Q2 23	63M	+6.3%	+39.4%
Q3 23	72M	+14.2%	+3.9%
Q1 24	82M	+15.2%	+47.4%
Q2 24	94M	+13.4%	+58.7%
Q3 24	93M	-0.5%	+48.5%
Q4 24	94M	+0.9%	+31.1%
Q1 25	153M	+63.0%	+85.5%
Q2 25	141M	-7.6%	+51.2%
Q3 25	167M	+18.0%	+79.3%
Q4 25	216M	+29.5%	+130.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$0	25
Q1 22	$1.2K	25
Q2 22	$2.6K	25
Q3 22	$1.5K	25
Q4 22	$34	38
Q1 23	$3.2K	38
Q2 23	$2.9K	38
Q3 23	$1.3K	38
Q1 24	$692	39
Q2 24	$4.7K	39
Q3 24	$2.6K	39
Q4 24	$1.5K	41
Q1 25	$951	41
Q2 25	$1.5K	41
Q3 25	$9.4K	41
Q4 25	$2.8K	72

Revenue / Employee