The Q2 print is in line with expectations and offers no near-term catalyst. The $1.3B cash pile provides a long runway, but the company is burning cash on acquisitions and operations without demonstrating a path to positive unit economics. Monitor the next 10-Q for progress on NeuraWave commercialization and integration of NHanced, as these are the key value drivers for 2027.
Price Chart
Executive Summary
Quantum Computing Inc. (QUBT) reported Q2 2026 revenue of $5.6M, in line with consensus of $5.2M, and an EPS of -$0.05, matching consensus. While revenue grew massively year-over-year from a tiny base, the company remains deeply unprofitable with a net loss of -$11.8M and negative gross margins. The quarter's key event was the acquisition of NHanced Semiconductors for $73.1M, launching Fab 2, and a framework agreement with Planck Dynamics for NeuraWave deployment, but these are long-term strategic moves with no near-term financial impact. The stock has a history of poor post-filing performance, and the lack of a clear path to profitability keeps this as a neutral event for traders.
Key Financial Metrics
Key Facts
- Q2 2026 revenue was $5.6M, up from $61K in Q2 2025 and $3.7M in Q1 2026.
- Net loss was $11.8M ($0.05 per share), compared to a net loss of $36.5M ($0.26 per share) in Q2 2025.
- Cash, cash equivalents, and investments totaled $1.3B as of June 30, 2026, down from $1.5B at year-end 2025.
- Contract backlog grew to approximately $42.5M from $16M at Q1 2026.
- Completed acquisition of NHanced Semiconductors for $73.1M in cash and stock, with up to $72M in earnouts.
- Entered into a framework agreement with Planck Dynamics for NeuraWave deployment with potential value over $10M.
- Gross loss was $1.2M, with cost of revenue ($6.7M) exceeding revenue ($5.6M).
Financial Impact
Revenue of $5.6M vs consensus $5.2M; EPS -$0.05 vs consensus -$0.05. Cash burn of ~$200M in H1 2026 from acquisitions and operations.
Risk Factors
- Continued negative gross margins indicate the core business is not yet viable at scale.
- Cash burn of ~$200M in H1 2026 from acquisitions and operations reduces the runway despite the large cash balance.
- The stock has a poor track record of post-earnings performance, with an average T+20 return of -7.48% on prior reports.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-087267 |
| Document: ea0301433-8k_quantum.htm | 0001213900-26-087267 |
| Document: 0001213900-26-087267-index-headers.html | 0001213900-26-087267 |
| Document: 0001213900-26-087267-index.html | 0001213900-26-087267 |
| Document: 0001213900-26-087267.txt | 0001213900-26-087267 |
| 8-K Data (Synthetic) | 0001213900-26-087267 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $8.95 $8.04 | ▼ −10.17% | ▼ −9.11% | $8.18 (−8.60%) |
Jul 22, 2026 10w ago | 8-K | $7.86 $8.14 | ▲ +3.56% | ▲ +0.25% | $8.18 (+4.07%) |
Jun 11, 2026 16w ago | Institutional Cluster | $9.91 $9.15 | ▼ −7.67% | ▼ −9.56% | $8.18 (−17.46%) |
Jun 11, 2026 16w ago | Institutional Cluster | $9.91 $9.15 | ▼ −7.67% | ▼ −9.56% | $8.18 (−17.46%) |
Mar 5, 2026 30w ago | 8-K | $7.72 $6.87 | ▼ −11.01% | ▼ −7.22% | $8.18 (+5.96%) |
Feb 28, 2026 30w ago | Institutional Cluster | $8.59 $6.31 | ▼ −26.54% | ▼ −18.60% | $8.18 (−4.77%) |
US Market Status
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