TLDR
- Quantum Computing posted Q4 revenue of $198,000, missing analyst estimates by nearly 42%
- Net loss improved to $1.6 million from $51.2 million a year ago, helped by a $7 million non-cash derivative gain
- The company completed its $110 million acquisition of Luminar Semiconductor last month
- Its thin-film lithium niobate chip foundry has begun contributing revenue; a second facility is planned
- QUBT stock is down about 18% year-to-date, lagging peers Rigetti Computing and D-Wave
Quantum Computing Inc. (QUBT) reported fourth-quarter revenue of $198,000, down from $384,000 the prior quarter but up from $62,000 in the same period a year ago.
Quantum Computing Inc. earnings: $QUBT is sitting on a $1.5B cash hoard, yet core Q4 revenue plummeted to just $198K. To buy instant top-line growth, they just scavenged Luminar Semiconductor out of bankruptcy. As the CEO admitted: "General purpose quantum computing is still some…
— Earnings Unscripted (@EarnUnscripted) March 3, 2026
The result missed the Zacks consensus estimate by 41.77%. It’s the fourth consecutive quarter the company has failed to beat revenue expectations.
Operating expenses jumped to $22.1 million from $10.5 million last quarter. The company said the increase was driven by personnel growth and costs tied to mergers and acquisitions.
The net loss came in at $1.6 million for the quarter. That’s a dramatic improvement from the $51.2 million loss reported in Q4 2024, though that improvement was largely driven by a $7 million non-cash derivative gain and $13.6 million in interest income.
On a per-share basis, QUBT reported a loss of $0.04 — in line with consensus estimates, but representing a -14.29% earnings surprise versus expectations set at the start of the quarter.
Last month, the company finalized its acquisition of Luminar Semiconductor, a photonic integrated circuits maker, in an all-cash deal worth $110 million.
The company’s thin-film lithium niobate chip foundry, which opened last year, is now “contributing revenue,” according to a press release. No breakdown was given. The foundry currently serves as a research and prototyping space, and a second facility is planned to support higher-volume manufacturing.
Leadership and Business Direction
CEO Yuping Huang, who took over the role officially this year after serving as interim CEO since May 2025, said the appointment marks a shift toward industrial-scale production.
Former CEO William McGann retired in May 2025 after just over a year in the role.
The company itself has an unusual corporate history — it was founded in 2001 as Ticketcart, selling inkjet cartridges, before becoming a beverage distributor, going into receivership, and eventually reinventing itself as a quantum computing company in 2018.
Short Seller Scrutiny
QUBT has not escaped scrutiny. Short seller Iceberg Research has twice raised concerns, writing in November 2024 that the company “has gone from one hype to another, only to time and again fail to deliver on its promises.” Quantum Computing has not publicly responded to those reports.
Despite the mixed results, the stock rose about 2% in after-hours trading on Monday. Peers IonQ (IONQ) and D-Wave Quantum (QBTS), both of which reported earnings last week, slipped slightly.
Year-to-date, QUBT is down roughly 18%, while the S&P 500 is up around 0.5%. Over the past 12 months, the stock is up 58% — but that trails the triple-digit gains seen in Rigetti Computing (RGTI) and D-Wave.
Zacks currently rates QUBT a #3 Hold, with consensus estimates pointing to a loss of $0.04 per share on $450,000 in revenue for the next quarter, and a full-year loss of $0.18 per share on $3.19 million in revenue.
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