Quantum Computing Inc.

Listed Company

QUBTCIK 0001758009NasdaqLarge AcceleratedServices-Prepackaged SoftwareDelawareFY ends Dec 31

Period

FY 2025

Revenue

$682.0K

Net Income

$-18.67M

Total Assets

$1.62B

Equity

$1.60B

Shares Out

224.54M

Op. Cash Flow

$-30.29M

Business

Quantum Computing Inc. develops and delivers integrated photonics and non-linear quantum optics machines for quantum computing, reservoir computing, remote sensing, imaging and cybersecurity applications. Its main offerings include the Entropy Quantum Computer (EQC) with Qatalyst full‑stack software, Thin Film Lithium Niobate (TFLN) optical chips and foundry services, a Reservoir Computer edge device, LiDAR and a Quantum Photonic Vibrometer, and a quantum authentication system. Key business lines comprise EQC systems, TFLN chip manufacturing/foundry, sensing/imaging products, quantum networks/authentication, and Quantum Solutions professional services. The company serves commercial and government customers via cloud access, on‑premises installations, and chip foundry distribution channels.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	682,000	373,000	358,000	135,648	—
Cost of revenue	615,000	261,000	196,000	60,934	—
Gross profit	67,000	112,000	162,000	74,714	—
Research and development	20	11	9	5	3
Sales and marketing	3	2	2	—	—
General and administrative	27	13	16	—	—
Total operating expenses	51	26	26	37	17
Loss from operations	−51	−26	−26	−37	−17
Interest and other income, net	21	423,000	295,000	—	—
Interest expense	−65,000	−2	−2	—	—
Change in fair value of derivative liability	12	−41	528,000	—	—
Loss before income tax provision	−19	−69	−27	—	—
Income tax provision	—	—	—	—	—
Net Loss	−19	−69	−27	−39	−28
Less: Series A convertible preferred stock dividends	—	—	861,000	—	—
Net loss attributable to common stockholders	−19	−69	−28	—	—
Unrealized gain on available-for-sale debt securities (net of tax)	905,000	—	—	—	—
Total comprehensive income (loss)	−18	−69	−28	—	—
Basic (in Dollars per share)	−0.11	−0.73	−0.42	−0.69	−0.96
Diluted (in Dollars per share)	−0.11	−0.73	−0.42	−0.52	−0.96
Basic (in Shares)	164,492	93,881	66,611	56	29
Diluted (in Shares)	164,492	93,881	66,611	74	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	738	79	2	5	17
Accounts receivable, net	519,000	27,000	65,000	12,774	—
Inventory	352,000	18,000	73,000	—	—
Loans receivable, net	—	—	—	—	—
Short Term Investments	379	—	—	—	—
Accrued interest receivable	4	—	—	—	—
Prepaid expenses and other current assets	12	161,000	180,000	—	—
Total current assets	1,134	79	3	6	17
Property and equipment, net	13	8	3	975,169	41,348
Operating lease right-of-use assets	2	2	1	1	18,084
Intangible assets, net	7	9	12	22	—
Goodwill	56	56	56	59	—
Long-term investments	403	—	—	—	—
Accrued interest receivable - long term	5	—	—	—	—
Other non-current assets	131,000	129,000	129,000	83	21,193
Total assets	1,619	154	74	89	17
Accounts payable	778,000	1	1	871,887	464,870
Accrued expenses	9	2	639,000	4	478,505
Deferred revenue	395,000	79,000	—	—	—
Other current liabilities	766,000	974,000	786,000	131,849	3,385
Total current liabilities	11	5	5	5	1
Derivative liability	8	41	—	—	—
Operating lease liabilities	2	1	840,000	1	—
Total liabilities	21	46	6	14	1
Contingencies (see Note 10)	—	—	—	—	—
Preferred stock, $0.0001 par value, 1,550 shares Series A Preferred authorized; no shares issued and outstanding as of December 31, 2025 and 2024, respectively; 3,080 thousand shares of Series B Preferred Stock authorized; no shares issued and outstanding as of December 31, 2025 and 2024, respectively	—	—	—	150	154
Common stock, $0.0001 par value, 250,000 thousand shares authorized; 224,165 and 129,012 shares issued and outstanding as of December 31, 2025 and 2024, respectively	22,000	13,000	8,000	5,596	2,916
Additional paid-in capital	1,816	308	201	151	67
Accumulated deficit	−219	−200	−132	−120	−81
Accumulated other comprehensive income	905,000	—	—	—	—
Total stockholders equity	1,598	107	69	65	16
Total liabilities and mezzanine and stockholders equity	1,619	154	74	89	17

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and intangibles amortization	4	4	3	3	8,998
Amortization of issuance costs	—	2	925,000	—	—
Change in value of derivative	—	−666,000	—	—	—
Provision for credit losses	—	279,000	279,000	—	—
Amortization of operating lease right-of-use assets	540,000	294,000	222,000	—	—
Stock-based compensation expense	9	6	4	14	10
Stock-based compensation expense for services	18,000	23,000	284,000	—	—
Accounts receivable	−492,000	38,000	−52,000	−12,774	—
Inventory	−334,000	55,000	−70,000	—	—
Accrued interest receivable	−8	—	—	—	—
Prepaid expenses and other current assets	−12	16,000	−110,000	—	—
Other non-current assets	−2,000	—	−69,000	−1	—
Accounts payable	−594,000	−90,000	596,000	218,574	98,164
Deferred revenue	316,000	79,000	—	—	—
Accrued expenses and other current liabilities	8	362,000	−112,000	—	—
Operating lease liabilities	−412,000	−236,000	−241,000	1	—
Net cash used in operating activities	−30	−16	−18	−17	−7
Purchase of property and equipment	−7	−6	−2	−869,687	−19,391
Issuance of loan receivable	—	—	−500,000	—	—
Purchases of available-for-sale debt securities	−1,198	—	—	—	—
Proceeds from sales of available-for-sale debt securities	376	—	—	—	—
Proceeds from maturities of available-for-sale debt securities	40	—	—	—	—
Other recognized losses (gains)	−7,000	—	—	—	—
Net cash used in investing activities	−788	−6	−3	−2	−22,500
Proceeds raised from financial liabilities, net of issuance costs	—	7	—	—	—
Payments of financial liabilities, net of interest	—	−10	−6	—	—
Series A Preferred stock dividend payments	—	−215,000	−865,000	—	—
Repurchase of Series A preferred stock	—	−4	—	—	—
Proceeds from stock issuance related to ATM facility	—	—	—	—	—
Net proceeds from exercise of warrants	2	—	—	—	—
Net proceeds from issuance of common stock	1,475	107	25	—	9
Net cash provided by financing activities	1,478	99	18	8	8
Net increase (decrease) in cash	659	77	−3	−11	—
Cash paid for interest	—	268,000	813,000	—	—
Fair value of derivative liability reclassed to additional paid-in capital due to exercise of warrants	21	—	—	—	—
Issuance of stock expensed from 2024, awarded in 2025	2	—	—	83	−2
Leased assets obtained in exchange for new operating lease liabilities	1	765,000	—	—	−18,084
Reclassification of Series A preferred stock to mezzanine equity	—	8	—	—	—
Valuation of derivative associated with convertible financial liability	—	666,000	—	—	—
Conversion of Series A preferred to common stock	—	4	—	—	—

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