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QUBT Profitability Remains a Concern Despite Revenue Growth
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Key Takeaways
Quantum Computing's Q2 revenues surged to $5.6 million from $61 thousand a year earlier.
Operating expenses more than doubled to $21.8 million, driven by payroll and acquisition costs.
Quantum Computing's net loss narrowed to $11.8 million, while liquidity totaled $1.3 billion.
Quantum Computing (QUBT - Free Report) or QCi’s second-quarter 2026 revenues totaled $5.6 million, up sharply from $61 thousand in the year-ago quarter and $3.7 million in the first quarter of 2026. Revenues were generated across QCi’s integrated portfolio of quantum and photonics technologies, products and services, serving a diverse mix of government, educational and commercial customers.
Growth was primarily driven by sales of photonics products that support the company’s quantum technology roadmap while also addressing existing aerospace, government and industrial applications. QCi exited the quarter with $42.5 million in contract backlog and $1.3 billion in cash, cash equivalents and investments, providing substantial liquidity to support its growth initiatives.
Despite the significant improvement in revenues and a strong liquidity position, profitability remains a key concern as the higher sales base has yet to translate into positive gross or operating results. Operating expenses totaled $21.8 million compared with $10.2 million in the second quarter of 2025, up 114%. This increase was largely due to higher headcount and related payroll costs for research and development efforts, sales and marketing and acquisition-related transaction expenses of $7.3 million. QCi reported a net loss of $11.8 million in the second quarter of 2026, narrowing from a net loss of $36.5 million in the prior-year period.
Peer Update
Rigetti (RGTI - Free Report) reported total revenues of $5.1 million, up 185.3% year over year. The company ended the second quarter of 2026 with a strong cash position and no debt, providing flexibility to continue investing behind its technology roadmap and customer opportunities. However, Rigetti’s revenue profile remains tied to the timing of system deliveries and milestone-based development work rather than recurring commercial usage. Operating loss for the quarter was $28.1 million compared with $19.9 million in the prior-year quarter.
D-Wave Quantum’s (QBTS - Free Report) second-quarter revenues were essentially flat at $3.1 million. Yet, first-half bookings surged 1,120%, including a $20 million system sale. QBTS’ remaining performance obligations were up 668%, with about 57% expected to be recognized within 12 months. Bookings have not yet translated into reported revenues at the same pace. The adjusted EBITDA loss widened to $37.1 million. QBTS’ GAAP operating expenses rose 93% year over year.
QUBT’s Share Price Performance
Over the past year, QCi’s shares have plunged 47.4% compared with the industry’s 11.7% decline.
Image Source: Zacks Investment Research
QUBT’s Expensive Valuation
QUBT currently trades at a forward 12-month price-to-sales (P/S) of 38.78X compared with the industry’s median of 4.09X.
Image Source: Zacks Investment Research
QUBT Stock Estimate Trend
Over the past 30 days, QCi’s loss per share estimate for 2026 has moved south.
View the Zacks #1 Rank List
Image: Bigstock
QUBT Profitability Remains a Concern Despite Revenue Growth
Key Takeaways
Quantum Computing (QUBT - Free Report) or QCi’s second-quarter 2026 revenues totaled $5.6 million, up sharply from $61 thousand in the year-ago quarter and $3.7 million in the first quarter of 2026. Revenues were generated across QCi’s integrated portfolio of quantum and photonics technologies, products and services, serving a diverse mix of government, educational and commercial customers.
Growth was primarily driven by sales of photonics products that support the company’s quantum technology roadmap while also addressing existing aerospace, government and industrial applications. QCi exited the quarter with $42.5 million in contract backlog and $1.3 billion in cash, cash equivalents and investments, providing substantial liquidity to support its growth initiatives.
Despite the significant improvement in revenues and a strong liquidity position, profitability remains a key concern as the higher sales base has yet to translate into positive gross or operating results. Operating expenses totaled $21.8 million compared with $10.2 million in the second quarter of 2025, up 114%. This increase was largely due to higher headcount and related payroll costs for research and development efforts, sales and marketing and acquisition-related transaction expenses of $7.3 million. QCi reported a net loss of $11.8 million in the second quarter of 2026, narrowing from a net loss of $36.5 million in the prior-year period.
Peer Update
Rigetti (RGTI - Free Report) reported total revenues of $5.1 million, up 185.3% year over year. The company ended the second quarter of 2026 with a strong cash position and no debt, providing flexibility to continue investing behind its technology roadmap and customer opportunities. However, Rigetti’s revenue profile remains tied to the timing of system deliveries and milestone-based development work rather than recurring commercial usage. Operating loss for the quarter was $28.1 million compared with $19.9 million in the prior-year quarter.
D-Wave Quantum’s (QBTS - Free Report) second-quarter revenues were essentially flat at $3.1 million. Yet, first-half bookings surged 1,120%, including a $20 million system sale. QBTS’ remaining performance obligations were up 668%, with about 57% expected to be recognized within 12 months. Bookings have not yet translated into reported revenues at the same pace. The adjusted EBITDA loss widened to $37.1 million. QBTS’ GAAP operating expenses rose 93% year over year.
QUBT’s Share Price Performance
Over the past year, QCi’s shares have plunged 47.4% compared with the industry’s 11.7% decline.
Image Source: Zacks Investment Research
QUBT’s Expensive Valuation
QUBT currently trades at a forward 12-month price-to-sales (P/S) of 38.78X compared with the industry’s median of 4.09X.
Image Source: Zacks Investment Research
QUBT Stock Estimate Trend
Over the past 30 days, QCi’s loss per share estimate for 2026 has moved south.
Image Source: Zacks Investment Research
QUBT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.