Quantum Computing (QUBT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue surged to $5.6 million from $61,000 in Q2 2025, reflecting rapid commercial traction in quantum and photonics technologies and driven by acquisitions of LSI, NuCrypt, and NHanced.

• Completed three major acquisitions in 2026—Luminar Semiconductor, NuCrypt, and NHanced Semiconductors—expanding commercialization, technical, and manufacturing capacities.

• Launched Fab 2 manufacturing facility, increasing production scale and operational flexibility for commercial and government customers.

• Delivered Dirac-3 quantum optimization machine and secured a framework agreement for NeuraWave systems, validating commercial readiness.

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

Financial highlights

• Q2 2026 revenue was $5.6 million, up from $61,000 in Q2 2025 and $3.7 million in Q1 2026, driven by photonics product sales.

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

• Net loss for Q2 2026 was $11.8 million ($0.05/share), a significant improvement from $36.5 million ($0.26/share) in Q2 2025, primarily due to 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.

• Gross loss for Q2 2026 was $1.2 million, primarily due to under-absorption of fixed costs.

Outlook and guidance

• Focused on integrating recent acquisitions, scaling commercial manufacturing, and investing in technology to meet growing demand.

• No formal revenue guidance provided, but expects NHanced to contribute between $7 million and $16 million for the year, with QCi's pre-acquisition revenue estimated at $20–$25 million.

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

• Management expects continued investment in R&D and go-to-market programs, with higher operating expenses and net losses anticipated in the near term.

• The company believes existing cash and investments are sufficient for at least the next 12 months.