Key Points
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Revenue reached a record $9.5 million in Q3 2026, up from $384,000 a year earlier, driven mainly by photonics products. The company reported a $15.1 million net loss as operating expenses climbed to $29 million amid increased hiring, research and commercialization spending.
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Quantum Computing ended September with $174.3 million in cash and cash equivalents, $1.1 billion in investments and $916.9 million in working capital. Its $39.1 million backlog is expected mostly to convert to revenue over the next 12 months, though order timing remains unpredictable.
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The company expects to ship its first Dirac-3S optimization system in Q4 and plans to invest approximately $70 million to $80 million in NHanced Fab 2, with much of the spending expected by March 2027. Management is also targeting a demonstration of heterogeneously integrated circuits within 12 to 18 months.
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Will the Most Successful Quantum Firms Be Software Companies?
Quantum Computing (NASDAQ:QUBT) reported record third-quarter 2026 revenue of $9.5 million, driven primarily by its expanded photonics business, while its net loss widened as the company increased spending on personnel, research and commercialization.
Revenue rose from $384,000 a year earlier and exceeded the $9.2 million the company generated in the first half of 2026. Chief Financial Officer Christopher Roberts said sales were primarily from photonic products used in aerospace, government and industrial applications.
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The Quantum Race Is Heating Up—And 2 Small Players Stand Out
Chairman and CEO Yuping Huang said acquisitions completed earlier in the year added products, customer relationships and manufacturing capabilities that support both current sales and the company’s longer-term quantum technology plans. Over the next 12 to 24 months, he said, the company’s priorities are commercial growth, manufacturing scale and advances in its quantum portfolio.
Higher spending leads to quarterly loss
Quantum Computing reported a net loss of $15.1 million, or $0.07 per basic share, compared with net income of $2.4 million, or $0.01 per basic share, a year earlier. Roberts attributed the change largely to higher operating expenses and smaller mark-to-market gains on a warrant derivative, partly offset by higher revenue and interest income.
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