Revenue growth remains highly volatile, evidenced by a 93.6% increase in 2026Q1 following erratic prior periods, while gross margins have collapsed to a negative 19.5%.
| Sales/Revenue | 4.33M | 682K | 373K | 358K | 136K | 0 | 0 | 0 | 0 | 0 | 3.37M | 3.48M | 3.86M |
| Revenue Growth % | 1025.71% | 82.84% | 4.19% | 163.24% | - | - | - | - | - | -100% | -3.26% | -9.89% | - |
| Cost of Goods Sold | 5M | 615K | 261K | 196K | 61K | 0 | 6.61K | 2.64K | 117 | 0 | 2.23M | 2.56M | 2.61M |
| COGS % of Revenue | - | 90.18% | 69.97% | 54.75% | 44.85% | - | - | - | - | - | 66.28% | 73.56% | 67.59% |
| Gross Profit | -667K | 67K | 112K | 162K | 75K | 0 | -6.61K | -2.64K | -117 | 0 | 1.13M | 919.94K | 1.25M |
| Gross Margin % | -15.39% | 9.82% | 30.03% | 45.25% | 55.15% | - | - | - | - | - | 33.72% | 26.44% | 32.41% |
| Gross Profit Growth % | - | -40.18% | -30.86% | 116% | - | 100% | -150.49% | -2156.41% | - | -100% | 23.36% | -26.47% | - |
| Operating Expenses | 62.67M | 51.14M | 26.05M | 26.41M | 28.72M | 17.13M | 17.34M | 2.55M | 5.8M | 175K | 1.14M | 1.03M | 2.19M |
| OpEx % of Revenue | - | 7499.12% | 6983.65% | 7375.7% | 21117.65% | - | - | - | - | - | 33.82% | 29.53% | 56.6% |
| Selling, General & Admin | 38.22M | 30.67M | 14.73M | 17.51M | 23.5M | 14.54M | 15.8M | 1.65M | 5.55M | 175K | 1.14M | 1.03M | 2.19M |
| SG&A % of Revenue | - | 4497.21% | 3949.33% | 4892.18% | 17282.35% | - | - | - | - | - | 33.82% | 29.53% | 56.6% |
| Research & Development | 24.46M | 20.47M | 11.32M | 8.89M | 5.22M | 2.59M | 1.54M | 891.13K | 250.64K | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3001.91% | 3034.32% | 2483.52% | 3835.29% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -63.34M | -51.08M | -25.94M | -26.24M | -28.64M | -17.13M | -17.34M | -2.55M | -5.8M | -175K | -3.32K | -107.52K | -934.05K |
| Operating Margin % | -1461.49% | -7489.3% | -6953.62% | -7330.45% | -21062.5% | - | - | - | - | - | -0.1% | -3.09% | -24.19% |
| Operating Income Growth % | - | -96.93% | 1.17% | 8.39% | -67.22% | 1.23% | -580.74% | 56.07% | -3213.69% | -5177.44% | 96.92% | 88.49% | - |
| EBITDA | -57.16M | -46.13M | -21.84M | -22.71M | -26.78M | -17.12M | -17.34M | -2.55M | -5.8M | -175K | 146 | -103.97K | -927.96K |
| EBITDA Margin % | -1318.76% | -6764.52% | -5856.57% | -6344.69% | -19692.65% | - | - | - | - | - | 0% | -2.99% | -24.04% |
| EBITDA Growth % | -141.51% | -111.19% | 3.83% | 15.19% | -56.43% | 1.24% | -581.19% | 56.11% | -3213.62% | -119963.01% | 100.14% | 88.8% | - |
| D&A (Non-Cash Add-back) | 6.19M | 4.94M | 4.09M | 3.53M | 1.86M | 9K | 6.61K | 2.64K | 117 | 0 | 3.46K | 3.55K | 6.09K |
| EBIT | -39.53M | -18.61M | -66.05M | -25.42M | -25.21M | -16.9M | -18.73M | -2.54M | -6.42M | -175K | 254.43K | 176.37K | -933.19K |
| Net Interest Income | 18.59M | -65K | -2.07M | -1.31M | -725K | -271.33K | -6.01M | -5.83M | -4.08M | 0 | -32.7K | -44.91K | -67.22K |
| Interest Income | 18.88M | 0 | 423K | 295K | 47K | 7.38K | 27 | 8.81K | 0 | 0 | 0 | 16 | 709 |
| Interest Expense | 288K | 65K | 2.5M | 1.6M | 772K | 278.7K | 6.01M | 5.84M | 4.08M | 0 | 32.7K | 44.92K | 67.93K |
| Other Income/Expense | 23.64M | 32.4M | -42.6M | -779K | 2.67M | -10.77M | -7.39M | -5.83M | -4.71M | 0 | 225.05K | 238.96K | -67.07K |
| Pretax 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 |
| Pretax Margin % | -916.15% | -2738.12% | -18375.87% | -7548.04% | -19101.47% | - | - | - | - | - | 6.59% | 3.78% | -25.93% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -916.15% | -2738.12% | -18375.87% | -7548.04% | -19101.47% | - | - | - | - | - | 6.59% | 3.78% | -25.93% |
| Net Income Growth % | 12.01% | 72.76% | -153.65% | -4.02% | 6.88% | -12.79% | -195.12% | 20.23% | -5904.05% | -178.92% | 68.69% | 113.13% | - |
| Net Income (Continuing) | -39.71M | -18.67M | -68.54M | -27.02M | -25.98M | -27.9M | -24.73M | -8.38M | -10.51M | -175K | 221.73K | 131.44K | -1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.11 | -0.73 | -0.42 | -0.48 | -0.96 | -0.88 | -1.14 | -2.22 | -0.19 | 0.63 | 0.38 | -2.86 |
| EPS Growth % | 50.96% | 84.93% | -73.81% | 12.5% | 50% | -9.09% | 22.81% | 48.65% | -1068.42% | -130.16% | 65.79% | 113.29% | - |
| EPS (Basic) | - | -0.11 | -0.73 | -0.42 | -0.48 | -0.96 | -0.88 | -1.14 | -2.22 | -0.19 | 0.63 | 0.38 | -2.86 |
| Diluted Shares Outstanding | 162.45M | 164.49M | 93.88M | 66.61M | 55.96M | 29.16M | 27.97M | 7.36M | 4.72M | 943.74K | 350.5K | 350.5K | 350.5K |
| Basic Shares Outstanding | 162.45M | 164.49M | 93.88M | 66.61M | 55.96M | 29.16M | 27.97M | 7.36M | 4.72M | 943.74K | 350.5K | 350.5K | 350.5K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme Operating Cash Burn
As indicated by the quarterly income statements, QUBT's revenue trajectory remains highly erratic, with a 93.6% growth rate in 2026Q1 following significant fluctuations in prior periods, suggesting that current top-line expansion is driven by lumpy, non-recurring project-based contracts rather than a predictable, scalable commercial business model.
The lack of consistent sequential growth highlights the company's reliance on early-stage pilot programs and government research awards. Investors should monitor whether these revenue spikes can eventually transition into a recurring software or hardware-as-a-service model, as the current volatility suggests limited visibility into future demand.
According to the reported financial data, QUBT's gross margins have swung wildly from a peak of 54.8% in 2024Q4 to a negative 19.5% in 2026Q1, reflecting the high cost of bespoke engineering and the lack of standardized production efficiencies in its current nanophotonic hardware development phase.
This margin compression suggests that the company is struggling to manage the direct costs associated with its hardware-centric pivot. The inability to maintain positive gross margins indicates that each incremental dollar of revenue may be currently dilutive to the firm's overall financial health.
Based on the income statement analysis, QUBT exhibits a negative operating leverage profile, as evidenced by the 2026Q1 operating loss of $20.6 million, which significantly outpaces the modest revenue generation and underscores the heavy burden of fixed R&D and SG&A expenses on the company's bottom line.
The company's cost structure is dominated by research and development, which appears to be scaling without a corresponding improvement in operating efficiency. This suggests that the firm is currently in a capital-intensive phase where operational scale has yet to provide any meaningful relief to the bottom line.
As reported in the quarterly filings, QUBT's net income figures are characterized by extreme swings, including a $17.0 million profit in 2025Q1 followed by a $36.5 million loss in 2025Q2, suggesting that non-operating items or accounting adjustments are significantly distorting the underlying economic reality of the business.
The presence of stock-based compensation and potential non-recurring gains warrants further investigation to determine the true cash-generating capability of the firm. Investors should be cautious of relying on net income as a proxy for performance given these frequent and large-scale accounting anomalies.
Based on the provided income statement data, the most significant risk to the investment thesis is the persistent operating loss, which reached $22.2 million in 2025Q4, raising serious questions about the company's ability to sustain its current R&D-heavy trajectory without further dilutive capital raises.
Short-sellers would likely focus on the widening gap between R&D spending and revenue growth, which suggests that the company's technical milestones are not yet translating into commercial viability. The lack of a clear path to profitability implies that the firm remains highly vulnerable to shifts in capital market sentiment.
Quick answers to the most common questions about buying QUBT stock.
For fiscal year 2025, Quantum Computing, Inc. (QUBT) reported total revenue of $0.7M. This represents a 82.3% decline compared to $3.9M in 2010.
Quantum Computing, Inc. (QUBT) reported a net loss of $18.7M for the fiscal year ending 2025.
Quantum Computing, Inc. (QUBT) reported an operating income of $-51.1M, resulting in an operating profit margin of -7489.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Quantum Computing, Inc. (QUBT) generated $0.1M in gross profit for the year, representing a gross profit margin of 9.8%. This demonstrates the company's core pricing power and production efficiency.