Quantum Computing (QUBT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue surged to $5.6 million from $61 thousand in Q2 2025, driven by photonics and quantum technology sales and strategic acquisitions, including NHanced Semiconductors, Luminar Semiconductor, NuCrypt, and LSI.

• Completed three major acquisitions in 2026, expanding technical, manufacturing, and engineering capacities, and launched Fab 2 manufacturing facility to increase production scale.

• Achieved commercial milestones with the sale and installation of Dirac-3 quantum optimization systems and NeuraWave photonic computing systems, including a $10M+ framework agreement and a quantum secure communications order.

• Ended Q2 2026 with $1.3 billion in cash, cash equivalents, and investments, supporting ongoing integration and expansion.

• Integration of acquisitions and scaling of manufacturing facilities are key strategic priorities.

Financial highlights

• Q2 2026 revenue reached $5.6 million, up from $61 thousand in Q2 2025 and $3.7 million in Q1 2026, with H1 2026 revenue at $9.2 million.

• Operating expenses rose to $21.8 million, up 114% year-over-year, mainly due to increased R&D, payroll, and $7.3 million in acquisition-related costs.

• Net loss narrowed to $11.8 million ($0.05/share) from $36.5 million ($0.26/share) in Q2 2025, aided by higher revenue and lower non-cash derivative liability losses.

• Interest and other income increased to $13 million from $1.8 million year-over-year, reflecting a larger cash position.

• Cash, cash equivalents, and investments totaled $1.3 billion as of June 30, 2026, down from $1.5 billion at year-end 2025, reflecting acquisition expenditures.

Outlook and guidance

• Focused on integrating recent acquisitions, scaling commercial manufacturing, and investing in R&D and go-to-market programs to meet growing demand.

• No formal revenue guidance provided, but NHanced is expected to contribute between $7 million and $16 million in annual revenue, with QCi's pre-acquisition business projected at $20 million–$25 million for 2026.

• Backlog of $42.5 million as of June 30, 2026, expected to support operations into Q3 2027.

• Management expects higher operating expenses and net losses in the near term, with gross margins anticipated to improve as production volumes recover.

• Existing cash and investments are believed sufficient for at least the next 12 months.