Short answer
Quantum Computing Inc. (QUBT) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $682,000 (+82.8% year over year) and net income of −$19M.
- Top risk flagged: Regulatory risk: IRS Sections 382 and 383 limit use of net operating loss carryforwards after ownership changes, including QPhoton Merger impact
FY2025 key financial metrics · XBRL
- Revenue
- $682,000
- +82.8% YoY
- Net income
- −$19M
- +72.8% YoY
- Operating margin
- -7489.3%
- −535.7 pp YoY
- Gross margin
- 9.8%
- −20.2 pp YoY
- EPS (diluted)
- −$0.11
- +84.9% YoY
- ROE
- -1.2%
- +62.7 pp YoY
- Operating cash flow
- −$30M
- −86.9% YoY
Source: XBRL data from the Quantum Computing Inc. (QUBT) FY2025 10-K on SEC EDGAR. USD.
Quantum Computing Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Integrated photonics and non-linear quantum optics-based quantum computing and related applications with room-temperature, low-power machines
- New products: Dirac-3 EQC quantum optimizer launched Q1 2024; AI photonic reservoir computer "Neurawave" launched Nov 2025; Quantum Photonic Vibrometer launched July 2023
- Strategic shift: 2026 acquisition of Luminar Semiconductor broadens photonic chip design, packaging, and aerospace/defense market reach
- Quantitative metrics: Constructed Arizona State University TFLN chip R&D and manufacturing facility (AZ Chips Facility) by March 2025; operates ~100+ patents including 23 from Luminar acquisition
- Noteworthy fact: EQC architecture uniquely leverages environmental feedback for quantum states, enabling operation in standard server rooms without cryogenics or special cooling
Management Discussion & Analysis
- Revenue $682K in 2025, up 83% YoY from $373K in 2024; Product revenue surged 1063% to $314K, services $368K up 6%
- Gross margin declined to 10% in 2025 from 30% in 2024; gross profit $67K vs $112K, due to higher direct labor on new product assembly
- General & administrative expenses grew 111% to $27.2M, largest expense segment; R&D up 81% to $20.5M; sales/marketing up 89% to $3.4M
- Net loss improved 73% to $18.7M in 2025 from $68.5M in 2024; operating loss widened 97% to $51.1M; non-operating income $32.4M vs expense $42.6M
- Cash rose to $738M with $782.5M investments; financing activities provided $1.48B driven by $1.48B equity raise; capex/investing used $788M mainly for equipment and securities
- Management notes lengthy commercialization timeline, macroeconomic uncertainty, US tariffs risk, and ongoing expenses for Luminar acquisition integration
Risk Factors
- Regulatory risk: IRS Sections 382 and 383 limit use of net operating loss carryforwards after ownership changes, including QPhoton Merger impact
- Geopolitical threat: U.S.-China tensions risk loss of access to key suppliers, impacting manufacturing of quantum computer components sourced from China
- Operational vulnerability: Dependence on single suppliers for some quantum computer materials risks supply disruption and production delays
- Competitive risk: Competitors include IBM, Google, Microsoft, Amazon, and IonQ with greater resources, impacting market share and pricing power
- Financial risk: Accumulated deficit $219.2M as of 2025 with ongoing net losses and negative cash flows threatens sustainability without additional capital
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