Quantum Computing Inc. (QCi) has released its financial results for the second quarter of 2025, highlighting new customer wins, the launch of its chip foundry, and a strengthened balance sheet. The table below summarizes key financial metrics for Q2 2025 with comparisons to the previous quarter, Q1 2025, and the year-ago quarter, Q2 2024.
| Amounts in $M | Q2’2025 | Q1’2025 | Q2’2024 | % vs Q1’2025 | % vs Q2’2024 |
| Revenue | $0.061 | $0.039 | $0.183 | +56.4% | -66.6% |
| Operating Expenses | $10.2 | $8.3 | $5.3 | +22.9% | +91.5% |
| Operating Loss | ($10.2) | ($8.3) | ($5.3) | +22.7% | +93.1% |
| Net Loss | ($36.5) | ($17.0) | ($5.2) | +114.8% | +602.4% |
| Cash and Cash Equivalents | $348.8 | $166.4 | $2.5 | +109.6% | +13781.2% |
Financial and Business Overview
QCi reported second-quarter revenues of $61 thousand, marking a 56.4% increase from Q1 2025 but a significant 66.6% decline from the $183 thousand recorded in Q2 2024. The gross margin for the quarter was 43%, a notable change from the 32% margin in Q2 2024, which QCi attributed to a shift in revenue from customized R&D to consulting services in the prior period.
Operating expenses for Q2 2025 surged to $10.2 million, a 91.5% increase from the $5.3 million in the year-ago quarter. This was primarily driven by higher employee-based expenses as the company scaled its operations. The net loss for the quarter was reported at ($36.5) million, a substantial increase from the ($5.2) million loss in Q2 2024. This was largely due to a $28 million non-cash charge related to the mark-to-market valuation of the company’s warrant derivative liability.
The company’s balance sheet was dramatically strengthened during the quarter. Cash and cash equivalents surged to $348.8 million, a 109.6% increase from Q1 2025, fueled by $188 million in net proceeds from a private placement of common stock. As of June 30, 2025, total assets stood at $426.1 million, while total liabilities decreased to $30.1 million, primarily due to the non-cash change in warrant liability valuation.
Operational and Technical Developments
- Commercial Adoption & Strategic Partnerships: QCi secured new customer wins in quantum sensing, AI, and cybersecurity. The company sold its Quantum Photonic Vibrometer (QPV) to Delft University of Technology and its EmuCore reservoir computing device to a major global automotive manufacturer. Following the quarter, a purchase order was received from a top-5 U.S. bank for quantum security solutions. QCi also continued its collaboration with NASA’s Langley Research Center, securing a subcontract to apply its Dirac-3 quantum computer to remove solar noise from space-based LIDAR data.
- Chip Foundry Launch: A major strategic milestone was achieved with the completion and official grand opening of QCi’s quantum photonic chip foundry in Tempe, Arizona. The state-of-the-art facility is now operational, fulfilling pre-orders and is positioned to scale production of thin-film lithium niobate (TFLN) photonic chips for datacom, telecom, and advanced sensing markets.
- Leadership and Governance: The company made several strategic leadership appointments, including Dr. Yuping Huang as Interim CEO and Chris Roberts as CFO, to support its next phase of commercialization and manufacturing scale-up. QCi was also selected for inclusion in the Russell 3000® and Russell 2000® Indexes, which is expected to enhance its visibility among institutional investors.
A press release from Quantum Computing Inc. announcing its Q2 2025 financial results can be found here, and a recording of their Shareholder Update call can be accessed here.
August 15, 2025
