Persistent free cash flow deficits, including an $11.2 million outflow in 2026Q1, highlight a structural inability to fund operations internally despite significant capital deployment for acquisitions.
| Cash from Operations | -35.29M | -30.29M | -16.21M | -18.32M | -15.38M | -6.82M | -11.54M | -2.24M | -2.36M | 0 | 358.85K | -7.76K | -187.34K |
| Operating CF Margin % | - | -4441.94% | -4346.65% | -5115.92% | -11307.35% | - | - | - | - | - | 10.66% | -0.22% | -4.85% |
| Operating CF Growth % | -447.64% | -86.85% | 11.48% | -19.1% | -125.38% | 40.88% | -414.36% | 4.95% | - | -100% | 4724.38% | 95.86% | - |
| Net Income | -39.71M | -18.67M | -68.54M | -27.02M | -25.98M | -27.9M | -24.73M | -8.38M | -10.51M | -175K | 221.73K | 131.44K | -1M |
| Depreciation & Amortization | 6.29M | 4.94M | 3.8M | 3.31M | 1.86M | 9K | 6.61K | 2.64K | 4M | 0 | 3.46K | 3.55K | 6.09K |
| Stock-Based Compensation | 7.31M | 8.66M | 5.8M | 4.55M | 11.67M | 10.2M | 11.18M | 214.87K | 4.18M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.89M | -11.73M | 42.21M | 681K | -2.77M | 10.72M | 1.93M | 5.69M | -150.01K | 173.5K | 32.6K | 44.92K | 245.35K |
| Working Capital Changes | -19.07M | -13.49M | 518K | 164K | -169K | 147.15K | 84.8K | 228.84K | 118.92K | 1.5K | 101.06K | -187.68K | 562.33K |
| Change in Receivables | -10.42M | -8.68M | 38K | -52.23K | -13K | 0 | 0 | 0 | 0 | 0 | 121.93K | -56.83K | 195.12K |
| Change in Inventory | -911K | -334K | 55K | -70.48K | 0 | 0 | 0 | 0 | 0 | 0 | -11.22K | 239.6K | 254.66K |
| Change in Payables | -68K | -594K | -90K | 582.85K | 219K | 98.16K | 148.44K | 164.24K | 52.52K | 0 | 57.45K | -128.33K | 107.73K |
| Cash from Investing | -1.26B | -788.33M | -6.04M | -2.61M | -2.23M | -22.5K | -11.97K | -21.34K | -7.01K | 0 | -12.4K | 0 | 0 |
| Capital Expenditures | -6.78M | -6.69M | -6.04M | -2.11M | -870K | -19.39K | -11.97K | -21.34K | -7.01K | 0 | -12.4K | 0 | 0 |
| CapEx % of Revenue | 156.41% | 980.94% | 1618.23% | 589.94% | 639.71% | - | - | - | - | - | 0.37% | - | - |
| Acquisitions | -99.93M | 0 | 0 | 0 | -1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -460.64M | -7K | 0 | -500K | 0 | -3.11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.39B | 1.48B | 99.14M | 17.68M | 6.17M | 8.39M | 26.65M | 599.04K | 4.13M | 0 | -257.75K | 0 | -104.75K |
| Debt Issued (Net) | 0 | 0 | -3.32M | -6.19M | 6.96M | -218.37K | -1.39M | -1.56M | 3.07M | 0 | -257.75K | 0 | -104.75K |
| Equity Issued (Net) | 1.39B | 1.48B | 102.67M | 24.73M | 47.72K | 8.61M | 27.94M | 2.16M | 1.06M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -215K | -865K | -787K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2.4M | 0 | 0 | 0 | -47.72K | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 91.28M | 658.93M | 76.89M | -3.25M | -11.43M | 1.54M | 15.1M | -1.67M | 1.77M | 0 | 88.7K | -7.76K | 14.15K |
| Free Cash Flow | -42.06M | -36.98M | -22.25M | -20.43M | -16.25M | -6.82M | -11.55M | -2.27M | -2.37M | 0 | 346.45K | -7.76K | -187.34K |
| FCF Margin % | -970.58% | -5422.87% | -5964.88% | -5705.87% | -11947.06% | - | - | - | - | - | 10.29% | -0.22% | -4.85% |
| FCF Growth % | -83% | -66.23% | -8.92% | -25.72% | -138.09% | 40.93% | -410.04% | 4.33% | - | -100% | 4564.55% | 95.86% | - |
| FCF per Share | -0.26 | -0.22 | -0.24 | -0.31 | -0.29 | -0.23 | -0.41 | -0.31 | -0.50 | - | 0.99 | -0.02 | -0.53 |
| FCF Conversion (FCF/Net Income) | 1.06x | 1.62x | 0.24x | 0.68x | 0.59x | 0.24x | 0.47x | 0.27x | 0.22x | - | 1.62x | -0.06x | 0.19x |
| Interest Paid | -16K | 0 | 0 | 0 | 0 | 0 | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable Operating Cash Burn
As reported in quarterly financial statements, QUBT exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 2.33x multiple in 2026Q1, which suggests that reported earnings are not reflective of the company's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio indicates that accounting accruals and non-cash items are heavily distorting the bottom line. Investors should monitor this divergence closely, as it implies that the company's reported profitability is highly sensitive to non-operational accounting adjustments rather than core business performance.
Based on the provided cash flow data, QUBT has consistently generated negative free cash flow across all ten observed quarters, with the 2026Q1 deficit reaching $11.2 million, highlighting a structural inability to fund operations through internal cash generation despite the company's ongoing R&D initiatives.
The consistent FCF burn suggests that the company remains in a deep investment phase where capital requirements far exceed current revenue inflows. This trajectory warrants further investigation into how long the current cash reserves can support such a high burn rate before additional financing becomes necessary.
According to recent SEC filings, QUBT's capital expenditure as a percentage of revenue reached 49.4% in 2026Q1, reflecting a high-intensity investment cycle that appears necessary to support the development of its proprietary nanophotonic hardware rather than maintaining existing operational assets.
The elevated CapEx/Revenue ratio underscores the significant hardware-related costs inherent in the company's current business model. This level of capital intensity suggests that the firm is prioritizing long-term technical development over near-term cash preservation, which may continue to pressure liquidity in the coming quarters.
As indicated by the quarterly cash flow statements, working capital changes have been a significant drag on cash, notably in 2025Q2 when a $604,000 outflow occurred, suggesting that the company's cash conversion cycle is highly inefficient and prone to lumpy, project-based timing differences.
The erratic nature of working capital movements suggests that the company may be struggling with the timing of collections or inventory management related to its bespoke hardware projects. This volatility adds an extra layer of uncertainty to the company's short-term liquidity profile and cash management effectiveness.
Based on the reported figures, QUBT utilized $99.9 million for acquisitions in 2026Q1, a move that significantly impacted the cash position and indicates a strategy of inorganic growth to bolster its technical capabilities rather than relying solely on internal R&D development.
This substantial deployment of capital suggests that management is aggressively pursuing external technology to accelerate its quantum roadmap. Investors should monitor whether these acquisitions provide the expected technical synergies, as the current cash burn profile leaves little room for further large-scale capital deployment without external support.
Quick answers to the most common questions about buying QUBT stock.
Quantum Computing, Inc. (QUBT) generated $-30.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quantum Computing, Inc. (QUBT) reported negative free cash flow of $37.0M in 2025, indicating capital requirements exceeded cash from operations.
Quantum Computing, Inc. (QUBT) spent $6.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.