TLDR
- QCi posted Q1 2026 revenue of $3.69 million, up from just $39,000 in Q1 2025, beating the $3.13 million analyst estimate.
- The stock surged 16% in premarket trading following the results.
- QCi’s Arizona foundry has begun generating early revenue, with plans for a second facility to expand production.
- New CEO Yuping Huang highlighted acquisitions of Luminar Semiconductor and NuCrypt as key steps toward scalable manufacturing.
- Operating losses widened to $20 million from $8.3 million year over year, driven by higher expenses and a smaller accounting benefit from a prior merger.
Quantum Computing Inc. (QUBT) jumped 16% in premarket trading on Tuesday after reporting first-quarter revenue of $3.69 million — well above the $3.13 million analyst consensus and a massive leap from the $39,000 reported in Q1 2025.
The stock had been a laggard heading into results. Through Monday’s close, QUBT was down 0.8% year to date, trailing the Nasdaq 100’s 16% gain by a wide margin.
The revenue beat came as a welcome change for a company that has spent years dealing with skepticism over its minimal income and a lack of operational transparency.
$QUBT (Quantum Computing) #earnings are out: pic.twitter.com/kVUfykuOF6
— The Earnings Correspondent (@earnings_guy) May 11, 2026
Despite the top-line beat, the numbers weren’t all positive. Operating losses widened to $20 million from $8.3 million a year ago. Net loss came in at $4.1 million, compared to a profit of nearly $17 million in the same period last year, though that earlier figure was boosted by an accounting benefit tied to a previous merger.
Higher operating expenses were the main driver of the increased losses.
Arizona Foundry Begins Generating Revenue
QCi’s thin-film lithium niobate chip foundry in Arizona — a facility that has drawn scrutiny from short sellers — has started producing early revenue, the company said.
The contributions weren’t broken out separately in the report. QCi also said it is looking to open a second facility to expand production capacity.
Short seller Iceberg Research alleged in late 2024 that the Arizona site was a small lab incapable of mass production, sharing photos and floor plans to back the claim. QCi has not publicly responded to those allegations.
Leadership and Acquisitions
CEO Yuping Huang, who formally took the role in January 2026 after serving in an interim capacity, pointed to two recent acquisitions as key milestones.
QCi completed its purchase of Luminar Semiconductor in February 2026. Luminar Semiconductor’s parent company filed for Chapter 11 bankruptcy last December before agreeing to sell the unit.
The company also acquired quantum optics firm NuCrypt. Huang said both deals will improve the company’s path to scalable manufacturing and strengthen its portfolio in quantum communications and photonics.
Peer Rigetti Computing (RGTI), which also reported earnings after the bell, slipped 0.8% in premarket.
QCi’s market cap sits at approximately $2.3 billion. Its price-to-sales ratio stands at roughly 3,393, reflecting investor expectations for future growth well beyond current revenue levels.
Insiders sold $0.6 million worth of stock in the past three months, with no purchases reported during that period.
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