Quantum Computing Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Service was 54% and Product was 46% of revenue; Service fell from 99% in the fiscal year to Dec 2023.

In the fiscal year to Dec 2025, United States was 87% and Europe was 10% of revenue; United States fell from 96% in the fiscal year to Dec 2023.

Quarters: Quantum Computing Inc.'s SEC filings, named by the month they end. Fiscal years: Quantum Computing Inc.'s annual reports to the SEC.

How it makes money

The company loses $2738.1 for every $100 of revenue. Operating expenses exceed all of gross profit.

Beyond ±100% the scale is logarithmic, so that Dec 2022's −1,469,965% and the quarters near zero both read. Circled: Dec 2022 (net −1,469,965.1%, operating −1,426,295.3%), Dec 2024 (net −82,640.3%, operating −14,377.4%), Mar 2025 (net 43,543.6%, operating −21,246.2%), Jun 2025 (net −59,806.6%, operating −16,673.8%), Sep 2025 (net 620.3%, operating −2,709.4%), Dec 2025 (net −785.9%, operating −11,220.2%). Net margin is usually about 49 points below operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Quantum Computing Inc.'s annual reports to the SEC; quarters: SEC filings.

How long can the cash last?

Quantum Computing had $902M in cash and short-term investments at the end of Sep 2026. It burned $61M over the last four quarters (operating cash flow minus capital spending), so at that pace the cash lasts about 59 quarters. It raised $723M selling new shares over the same four quarters. Its diluted share count is up 142% from two years earlier.

From Quantum Computing Inc.'s SEC filings: cash and cash equivalents plus short-term investments (none where none is filed) at each quarter end; free cash flow is operating cash flow minus capital spending; shares are each quarter's diluted weighted average as filed, since the stock's listing and its latest split (a 10-K gives no fourth-quarter figure). Shown while the last four quarters' operating cash flow and net income are both negative.

Customers and suppliers

In its latest annual report Quantum Computing buys from Amazon, Pearl Meyer & Partners.

Their suppliers

e.l.f. Beauty ELFto Amazon

United Parcel Service UPSto Amazon

Applied Optoelectronics AAOIto Amazon

Show 3

Suppliers

Amazon AMZN

Pearl Meyer & Partners

 

QUBTQuantum Computing

Partners

MmillionwaysReceives bridge financing pending acquisition due diligence$500 thousand principal loaned on June 6, 2023

Northrop Grumman NOCJointly developed and owns a patent

Changes since the previous annual report (10-K filed Mar 20, 2025)

Pearl Meyer & PartnersNamed for the first time, as a supplier

Northrop Grumman NOCNamed for the first time, as a partner

Only the companies Quantum Computing names in its 10-K filed Mar 2, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 69.7x, below the peer median of 119x. Revenue is up 2374% from a year ago.

Below the peer median of 119x. The market pays less per $1 of revenue than for peers.

Its peers here are the other quantum computing companies on this site, a group kept by hand: Yahoo Finance's Computer Hardware list is another business.

Quantum Computing Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $18.67, 221% above the current price; 67% of 6 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 4 analysts (67%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $26.33 to $21.33 (−19%), while QUBT went from $10.03 to $5.82 (−42%). In the past three months targets were raised once and never cut. No firm upgraded or downgraded it over the year.

The day after each of these reports the stock moved −8.1% (Dec 2025, in line); +22.7% (Mar 2026, beat); −2.5% (Jun 2026, beat); −0.5% (Sep 2026, in line).

For the quarter ending Dec 2026, analysts expect an adjusted loss of $0.12 a share, against a loss of $0.04 a year earlier, and revenue of $9.0M, up 4,426% on a year earlier. For the fiscal year ending Dec 2027, they expect revenue of $50M, up 75% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $15M exceeds operating cash flow of −$46M, leaving free cash flow of −$61M. The gap has to be covered with cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 102.4, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 3 held QUBT at the end of their latest quarter, Q3 2026. Over that quarter 1 added shares, 1 bought new and 1 held the same. The largest of them is Swiss National Bank, 399,000 shares worth $3.4M at Sep 30, 2026, 0.9% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of QUBT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

No officer or director bought or sold QUBT on the open market in the 12 months to Nov 12, 2026.

From the Form 4s filed with the SEC about Quantum Computing Inc. (12 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 10 other transactions (grants, option exercises and shares sold to pay tax).