Quantum Computing Inc. (QCi) has announced its financial results for the first quarter ended March 31, 2026. The company reported a significant increase in revenue, driven by the integration of two strategic acquisitions, and maintained a massive cash position to fund its transition toward industrial-scale manufacturing. The table below summarizes key financial metrics for Q1 2026 compared with the prior quarter (Q4 2025) and the year-ago quarter (Q1 2025).
| Amounts in $M | Q1’2026 | Q4’2025 | Q1’2025 | % vs Q4’2025 | % vs Q1’2025 |
| Revenue | $3.69 | $0.20 | $0.04 | +1,764.1% | +9,364.1% |
| Operating Expenses | $19.83 | $22.12 | $8.30 | -10.4% | +138.9% |
| Operating Loss | ($20.55) | ($22.22) | ($8.29) | -7.5% | +147.9% |
| Net Income (Loss) | ($4.05) | ($1.56) | $16.98 | +160.3% | -123.9% |
| Cash and Investments | $1,408.9 | $1,520.4 | $304.3 | -7.3% | +363.0% |
Financial and Strategic Growth
QCi reported record first-quarter revenue of $3.69 million, a massive jump from just $39,000 in Q1 2025. This growth is primarily attributed to the acquisition of Luminar Semiconductor, Inc. (LSI) in February 2026, which added established hardware sales and photonic components to QCi’s portfolio. Operating expenses rose 138.9% year-over-year to $19.8 million, reflecting higher personnel costs and M&A transaction expenses.
The company reported a Net Loss of ($4.05) million, compared to a net income in the prior-year period. This shift was largely due to a decrease in non-cash gains from the mark-to-market valuation of derivative liabilities. However, the company’s bottom line was bolstered by $13.5 million in interest income generated from its massive capital reserves.
QCi’s liquidity position remains sector-leading at $1.4 billion in cash and investments. While down slightly from year-end 2025 due to the $110 million all-cash acquisition of LSI, the balance provides a robust multi-year runway. Additionally, the company reported a healthy contract backlog of approximately $16 million.
Acquisitions and Operational Milestones
The first quarter saw QCi finalize two acquisitions intended to broaden its “Full-Stack” capabilities:
- Luminar Semiconductor (LSI): The $110 million acquisition provides QCi with critical capabilities in lasers, detectors, and advanced packaging. LSI’s established manufacturing processes are expected to accelerate QCi’s path to scalable photonics production.
- NuCrypt, LLC: Acquired for $5 million, NuCrypt adds specialized quantum communications technology to QCi’s portfolio, extending its reach into quantum networking and secure communications.
- Fab 1 Development: The company’s Arizona-based chip foundry is ramping up small-batch manufacturing of thin-film lithium niobate (TFLN) chips. CEO Dr. Yuping Huang noted that the company is already exploring options for a larger Fab 2 facility to support high-volume production.
- Quantum Corridor Integration: QCi placed a Dirac-3 quantum optimization machine on the Quantum Corridor network, providing commercial and institutional customers in North America with secure, on-demand quantum-safe access.
Additional information regarding this report can be found in the QCi Q1 2026 press release here.
May 12, 2026
