Quantum Computing Inc. (QUBT), an integrated photonics and quantum optics technology company, delivered a Q3 2025 financial report that shows significant revenue growth and, more dramatically, a transformation of its balance sheet into a war chest for future growth. The table below summarizes key financial metrics for Q3 2025 with comparisons to the previous quarter, Q2 2025, and the year-ago quarter, Q3 2024.
Interim CEO Dr. Yuping Huang highlighted a 280% year-over-year revenue increase for the quarter ended September 30, 2025, a result of growing demand for their products, including a notable recent sale to a top 5 U.S. bank.
Financial Momentum: Revenue, Profit, and a Cash Hoard
QCi’s third-quarter revenue reached approximately $384,000, up from $101,000 in Q3 2024. While gross margin fluctuation is to be expected at these revenue levels (it improved from 9% to 33% year-over-year), the top-line growth is a strong indicator of market penetration. The company began recognizing revenue from cloud access to its Dirac-3 quantum optimization system, signaling a shift toward productized services.
Despite continued investment in R&D, engineering, and manufacturing, which drove operating expenses up to $10.5 million from $5.4 million, QCi reported a net income of $2.4 million (or $0.01 per basic share), a positive swing from last year’s net loss of $5.7 million. This profit, however, was primarily due to non-operational factors: a $9.2 million gain from the mark-to-market of a derivative liability and $3.5 million in interest income.
The Balance Sheet Transformation
The company raised $500 million in gross proceeds during the quarter and, crucially, an additional $750 million subsequent to the quarter’s close. Dr. Huang stated this gives QCi a substantial liquid position of over $1.5 billion to execute its long-term growth strategy. This massive injection of capital positions QCi not just as a technology player, but as a potential consolidator or major investor in its technology scaling.
Commercial Traction in Quantum Security
QCi achieved a major validation milestone by announcing a purchase order from a top 5 U.S. bank for its quantum security solutions. This represents the first U.S. commercial sale of their quantum cybersecurity products, validating the platform for real-world financial use cases—a key area of focus for near-term quantum applications.
NASA Partnership Advancement
The company is deepening its government relationship with NASA’s Langley Research Center. The project involves applying the Dirac-3 quantum optimization machine to a persistent scientific challenge: removing solar noise from space-based LiDAR data to enable reliable daytime atmospheric sensing. This highlights the applicability of QCi’s quantum systems to complex, real-world data processing problems.
Photonic Chip Foundry Update
QCi’s Tempe, Arizona thin-film lithium niobate (TFLN) photonic chip foundry (Fab 1) is focused on stabilizing production for small-batch customer orders. The company is actively refining manufacturing workflows and, perhaps more tellingly, is already planning for Fab 2, a second, larger facility designed for higher-volume production in the coming years. This clearly signals an intent to scale their integrated photonic approach significantly.
GQI’s Takeaway
QCi’s Q3 2025 results are a mixed bag typical of an early-stage hardware company, yet the capital raise makes the financial noise secondary. The 280% revenue jump is impressive, even off a small base, and the first major bank sale provides crucial commercial validation for their quantum security offering.
However, the defining story here is the $1.5 billion capital runway. This liquidity radically alters QCi’s position, providing the necessary resources to accelerate the scaling of their TFLN foundry business—the core differentiator they believe will bring practical quantum technologies “out of the lab.” The transition from Fab 1 stabilization to the planning of a higher-volume Fab 2 underscores the seriousness of their manufacturing ambitions.
Investors will be closely watching how QCi strategically deploys this massive cash reserve to execute its roadmap, attract top talent, and secure high-volume customer commitments for its integrated photonic systems and foundry services.
Additional details are available in the company’s Q3 financial results press release posted on the company’s website here.
November 22, 2025
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