Quantum Computing (QUBT) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with the launch of a vertically integrated photonics and quantum optics platform targeting AI, HPC, cybersecurity, and remote sensing, with early customer engagement and revenue from foundry services and products.

• Opened Fab One (thin-film lithium niobate photonic chip fabrication facility) and began planning for Fab Two, expanding foundry services and supporting internal innovation.

• Completed the acquisition of Lumina/Luminar Semiconductor, adding design, fabrication, lasers, detectors, packaging, and manufacturing capabilities, accelerating scalable manufacturing, and expanding the customer base.

• Advanced product portfolio with new launches, including the Neurawave photonic-based reservoir computing system, and announced a strategic collaboration with POET Technologies for next-gen optical engines.

• Transitioned from a development-stage company to a commercial manufacturing-driven platform, with strengthened leadership and Dr. Yuping Huang confirmed as CEO effective January 1, 2026.

Financial highlights

• Q4 2025 revenue was $198,000, up 219% year-over-year, driven by hardware sales and Fab One services.

• Q4 2025 operating expenses rose to $22.1 million from $8.9 million year-over-year, reflecting growth in R&D, engineering, manufacturing, personnel, and M&A costs.

• Q4 2025 net loss was $1.6 million ($0.01/share), a significant improvement from $51.2 million loss in Q4 2024, aided by a $7 million derivative liability gain and $13.6 million interest income.

• FY 2025 net loss was $18.7 million ($0.11/share), down from $68.5 million ($0.73/share) in FY 2024.

• Total assets at year-end 2025 were $1.6 billion, up from $153.6 million in 2024; cash and equivalents rose to $737.9 million; total liabilities decreased to $20.7 million from $46.3 million year-over-year.

Outlook and guidance

• Priorities for 2026 include scaling foundry services, integrating LSI/Luminar, advancing commercialization, and disciplined capital management.

• LSI/Luminar expected to contribute $20–25 million in annual revenue, with some growth anticipated in 2026.

• No substantial CapEx for Fab Two expected in 2026; major expenditures likely two to three years out.

• Focus remains on advancing strategic partnerships, scaling technology and manufacturing, and investing in talent to support growth and execution in 2026.