Quantum Computing (QUBT) investor relations material

Executive summary

• Q1 2026 revenue surged to $3.7 million from $39,000 year-over-year, driven by the acquisitions of Luminar Semiconductor (LSI) and NuCrypt, which expanded quantum and photonics capabilities and contributed $3.5 million in revenue.

• Closed acquisitions of LSI for $108.5–$110 million and NuCrypt for $4.5–$5 million, enhancing vertical integration, R&D, manufacturing, and product offerings.

• Announced partnership with Quantum Corridor, deploying Dirac-3 quantum optimization machine in a commercial data center to expand commercial reach.

• Ended the quarter with $1.4 billion in cash, cash equivalents, and investments, and total assets of $1.6 billion.

• Focused on transitioning from a technology innovator to a volume production company, with Fab One ramping up and Fab Two in planning.

Financial highlights

• Q1 2026 revenue reached $3.7 million, up from $39,000 year-over-year, with core revenue at $204,000 excluding acquisitions.

• Operating expenses rose to $19.8 million from $8.3 million year-over-year, with $1.9 million attributable to acquisitions and $5.6 million to transaction expenses.

• Net loss of $4.1 million ($0.02/share) versus net income of $17 million ($0.13/share) in Q1 2025, mainly due to higher expenses and lower non-cash gains.

• Gross margin was negative $0.7 million, down from $13,000 in Q1 2025, due to under-absorption of fixed costs and low production volumes.

• Cash equivalents and investments stood at $1.4 billion at March 31, 2026; contract backlog was $16 million at quarter-end.

Outlook and guidance

• Intensely focused on investing in engineering, research, and production teams, converting pipeline into recurring revenue, and executing organic and inorganic growth.

• Fab Two facility development is a strategic priority to enable scalable quantum manufacturing.

• Expect continued growth in foundry-related revenue as advanced circuit processing improves, though Fab One will remain primarily an innovation hub.

• Gross margins expected to recover to 20–30% as production volumes increase and underutilization issues are resolved.

• Sufficient liquidity for at least the next 12 months, with ongoing investment in R&D and manufacturing capacity.