Quantum Computing (QUBT) investor relations material

Executive summary

• Achieved 280% year-over-year revenue growth in Q3 2025, driven by increased R&D services, custom hardware contracts, and the launch of cloud-based quantum computing services, including major sales to a top 5 U.S. bank and government partnerships such as NASA.

• Strengthened balance sheet with over $1.5 billion in liquidity after raising $1.25 billion in private placements and equity offerings during and after Q3 2025.

• Focused on making quantum technology practical, scalable, and accessible, with a unique integrated photonic approach enabling room-temperature operation and energy efficiency.

• Expanded engineering and operations teams to support growth, technical execution, and scaling manufacturing, with a three-year roadmap and plans for a second, larger photonic chip foundry (Fab 2).

• Active engagement in industry events, partnerships, and membership in the Quantum Economic Development Consortium, enhancing visibility and credibility in the quantum and photonic communities.

Financial highlights

• Q3 2025 revenue was $384,000, up from $101,000 in Q3 2024, with a gross margin of 33% versus 9% year-over-year, driven by higher-margin service mix and increased R&D and custom hardware contracts.

• Net income for Q3 2025 was $2.4 million ($0.01 per share), compared to a net loss of $5.7 million in Q3 2024, aided by a $9.2 million gain from derivative liability and $3.5 million in interest income.

• Operating expenses rose to $10.5 million in Q3 2025 from $5.4 million in Q3 2024, mainly from increased R&D, sales, and administrative costs.

• For the nine months ended September 30, 2025, net loss was $17.1 million ($0.12 per share), slightly improved from $17.3 million loss in the prior year period.

• Total assets reached $898 million at Q3 end, with cash and equivalents at $352 million and investments at $460 million.

Outlook and guidance

• Roadmap prioritizes scaling small-batch, high-value manufacturing and developing Fab 2 for volume production over the next three years.

• Anticipates continued growth in sales pipeline and customer adoption, supported by strong capital position and ongoing investment in R&D and go-to-market programs.

• SG&A expenses expected to grow as investments in personnel and resources continue, with ongoing operating losses anticipated until substantial product revenue is achieved.

• No further equity financings expected in the near term; share count at 224 million post-Q4 offering.

• Current liquidity is expected to cover operational needs for at least the next 12 months.