Revenue surged to $5.6M in 2026Q2 (up 90% YoY) but gross margin collapsed to -21.0%, reflecting costly hardware sales and operating losses of $23.0M.
Quantum Computing, Inc. (QUBT) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 9.82M | 682K | 373K | 358K | 136K | 0 | 0 | 0 | 0 | 0 | 3.37M | 3.48M | 3.86M |
| Revenue Growth % | 3635.36% | 82.84% | 4.19% | 163.24% | - | - | - | - | - | -100% | -3.26% | -9.89% | - |
| Cost of Goods Sold | 11.68M | 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 | -1.86M | 67K | 112K | 162K | 75K | 0 | -6.61K | -2.64K | -117 | 0 | 1.13M | 919.94K | 1.25M |
| Gross Margin % | -18.92% | 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 | 74.32M | 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 | 47.41M | 30.67M | 14.73M | 17.51M | 23.5M | 7.76M | 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 | 26.91M | 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 | 6.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -76.18M | -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 % | -775.48% | -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 | -67.85M | -46.13M | -21.84M | -22.71M | -26.78M | -17.12M | -17.34M | -2.55M | -5.8M | -175K | 146 | -103.97K | -927.96K |
| EBITDA Margin % | -690.64% | -6764.52% | -5856.57% | -6344.69% | -19692.65% | - | - | - | - | - | 0% | -2.99% | -24.04% |
| EBITDA Growth % | -137.73% | -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) | 8.34M | 4.94M | 4.09M | 3.53M | 1.86M | 9K | 6.61K | 2.64K | 117 | 0 | 3.46K | 3.55K | 6.09K |
| EBIT | -14.85M | -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 | 16.8M | 20.65M | -2.07M | -1.31M | -725K | -271.33K | -6.01M | -5.83M | -4.08M | 0 | -32.7K | -44.91K | -67.22K |
| Interest Income | 17.04M | 20.72M | 423K | 295K | 47K | 7.38K | 27 | 8.81K | 0 | 0 | 0 | 16 | 709 |
| Interest Expense | 242K | 65K | 2.5M | 1.6M | 772K | 278.7K | 6.01M | 5.84M | 4.08M | 0 | 32.7K | 44.92K | 67.93K |
| Other Income/Expense | 61.21M | 32.4M | -42.6M | -779K | 2.67M | -10.77M | -7.39M | -5.83M | -4.71M | 0 | 225.05K | 238.96K | -67.07K |
| Pretax Income | -14.98M | -18.67M | -68.54M | -27.02M | -25.98M | -27.9M | -24.73M | -8.38M | -10.51M | -175K | 221.73K | 131.44K | -1M |
| Pretax Margin % | -152.45% | -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 | -14.98M | -18.67M | -68.54M | -27.02M | -25.98M | -27.9M | -24.73M | -8.38M | -10.51M | -175K | 221.73K | 131.44K | -1M |
| Net Margin % | -152.45% | -2738.12% | -18375.87% | -7548.04% | -19101.47% | - | - | - | - | - | 6.59% | 3.78% | -25.93% |
| Net Income Growth % | 80.4% | 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) | -14.98M | -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) | -0.07 | -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 % | 91.73% | 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 | 224.73M | 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 | 224.73M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Cash burn vs. revenue
Metrics are mathematically derived from official filings.
Revenue Surge from a Tiny Base
QUBT's TTM revenue grew 82.8% year-over-year, reaching $682K, but the absolute scale remains minuscule relative to peers like IonQ's $130M, per the latest financial statements.
The 90% YoY growth in 2026Q2 is driven by early pilot contracts and government engagements, yet the sequential jump from $198K in 2025Q4 to $5.6M in 2026Q2 suggests a lumpy, project-based revenue stream rather than recurring sales. This volatility implies that growth durability is unproven, and investors should monitor whether the company can convert these one-off wins into a repeatable pipeline.
Gross Margin Collapse Signals Costly Hardware
Gross margin deteriorated from 42.6% in 2025Q2 to -21.0% in 2026Q2, reflecting a shift toward low-margin hardware sales and rising COGS, as reported in quarterly filings.
The negative gross margin indicates that QUBT is selling products below their direct cost, likely due to low-yield nanophotonic fabrication or third-party QPU access fees. This structural margin weakness contrasts sharply with D-Wave's 82.6% gross margin, suggesting QUBT lacks pricing power or scale benefits. A permanent margin recovery would require a pivot to software or standardized hardware, which has not yet materialized.
Operating Losses Outpace Revenue Scaling
Operating margin worsened to -4,100% in 2026Q2, with operating losses of $23M against $5.6M revenue, indicating that SG&A and R&D costs are growing faster than sales, per the income statement.
Despite a 90% revenue jump, operating expenses rose to $21.8M in 2026Q2, up from $10.2M in 2025Q2, showing no operating leverage. The company is investing heavily in R&D ($8.4M) and SG&A ($13.4M) to build its hardware roadmap, but these costs are not yet generating proportional revenue. This suggests that QUBT is in a pre-commercial investment phase, and investors should expect continued losses until scale is achieved.
Net Income Distorted by Non-Operating Items
Net income swung from -$36.5M in 2025Q2 to -$11.8M in 2026Q2, but quarterly figures include large non-operating gains and losses, such as a $17M gain in 2025Q1, per reported data.
The EPS of -$0.05 in 2026Q2 masks the underlying operating burn of $23M, as net income was partially offset by non-operating items like interest income or warrant revaluations. Stock-based compensation of $1.8M adds to dilution, but the reported cash position of $737.88M, if accurate, could generate interest income that offsets some losses. However, the quality of earnings is low, as core operations are deeply unprofitable and the net income figures are not indicative of sustainable performance.
R&D and SG&A Burn Accelerates
Combined R&D and SG&A expenses reached $21.8M in 2026Q2, up from $10.2M in 2025Q2, with SG&A nearly doubling, as detailed in the quarterly income statement.
The 114% increase in SG&A to $13.4M suggests heavy investment in sales, marketing, and administrative infrastructure to support the hardware pivot, while R&D grew 40% to $8.4M. This cost structure is typical of a company scaling its go-to-market, but the lack of corresponding gross profit (negative $1.2M) means each dollar of revenue is funded by deep losses. Management's expense discipline appears secondary to growth, which may be appropriate for a pre-revenue quantum firm but raises cash burn concerns.
2026Q2 Marks Hardware Pivot Inflection
The 2026Q2 quarter saw revenue jump to $5.6M from $198K in 2025Q4, coinciding with the shift to nanophotonic hardware, but gross margin turned negative, per the financial statements.
This inflection represents a strategic transition from software licensing to hardware sales, which explains the revenue surge but also the margin collapse. The company's CEO's focus on 'smaller, more practical' products suggests a deliberate move toward commercialization, yet the negative gross margin indicates the hardware is not yet cost-effective. The lasting impact is a higher capital intensity and a longer path to profitability, as the company must now scale manufacturing and reduce unit costs.
Cash Position and Burn Rate Contradiction
The reported $737.88M cash balance against $23M quarterly operating losses implies a 32-quarter runway, but this figure is highly anomalous relative to peers and may be a data error, per the provided data.
If the cash is real, QUBT has ample liquidity to outlast competitors, but the lack of debt and minimal revenue suggests the cash may have come from a recent equity raise, which would dilute shareholders. Conversely, if the cash figure is inaccurate, the company faces near-term insolvency risk given the accelerating burn rate. Short-sellers would likely focus on this discrepancy, arguing that the market is overvaluing a company with negative gross margins and no clear path to profitability, regardless of its cash hoard.