Quantum Computing (QUBT) Q3 2025 earnings summary

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 a major sale to a top 5 U.S. bank.

• Ended Q3 2025 with a strengthened balance sheet and over $1.5 billion in liquidity after raising $1.25 billion in private placements and $756.5 million in equity offerings.

• Net income for Q3 2025 was $2.4 million ($0.01/share), a turnaround from a net loss of $5.7 million in Q3 2024, primarily due to non-operating gains including a $9.2 million derivative liability gain and $3.5 million interest income.

• Advanced commercial traction in quantum AI, cybersecurity, and government partnerships, notably with NASA.

• Expanded engineering and operations teams to support growth and execution.

Financial highlights

• Q3 2025 revenue was $384,000 (33% gross margin), up from $101,000 (9% gross margin) in Q3 2024, driven by increased R&D and hardware contracts.

• Operating expenses rose to $10.5 million from $5.4 million year-over-year, reflecting increased investment in R&D, sales, and manufacturing.

• For the nine months ended September 30, 2025, net loss was $17.1 million ($0.12/share), slightly improved from $17.3 million ($0.19/share) in the prior year.

• Ended Q3 with $352.4 million in cash, $460.6 million in investments, $20.3 million in liabilities, and $877.9 million in stockholders' equity.

• Working capital at Q3 2025: $559.2 million (Q4 2024: $74.6 million).

Outlook and guidance

• Roadmap prioritizes scaling small-batch production, refining processes, and preparing for industrial-scale output by decade's end, with Fab 2 development planned over the next three years.

• Management expects continued investment in R&D and go-to-market programs, anticipating ongoing operating losses until substantial product revenue is achieved.

• No additional financing expected; share count projected at 224 million for Q4 2025.

• M&A remains a strategic focus to accelerate commercialization and expand product lines.

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