Quantum Computing Revenue Climbs to $5.6 Million
The company reported a contract backlog of $42.5 million as of June 30, 2026.
Quantum Computing (QUBT), the quantum hardware developer, reported second-quarter revenue of $5.6 million.
The result marked a significant acceleration in top-line growth, rising from $3.7 million in the first quarter of 2026 and $61 thousand in the second quarter of 2025. This trajectory coincided with a sharp increase in the company's contract backlog, which grew to approximately $42.5 million as of June 30, 2026, from $16 million at the end of March.
Net loss for the quarter narrowed to $11.8 million, compared to a $36.5 million loss in the second quarter of 2025. The improvement was primarily due to a smaller mark-to-market loss on derivative liabilities, which fell to $1.7 million from $28 million in the prior-year period.
Operating expenses rose 114% year-over-year to $21.8 million, up from $10.2 million in the second quarter of 2025. The increase was driven by higher headcount and $7.3 million in transaction expenses related to acquisitions.
Expansion efforts continued with the second-quarter completion of the acquisition of NHanced Semiconductors, Inc. for $73.1 million, with an additional $72 million tied to performance targets. The move allowed the company to launch 'Fab 2' ahead of schedule. Quantum Computing also entered into a framework agreement with Planck Dynamics for NeuraWave deployment with a potential program value exceeding $10 million.
Cash, cash equivalents, and investments ended the quarter at $1.3 billion, down from $1.4 billion in the first quarter and $1.5 billion at year-end 2025. $180 million was spent on the acquisitions of Luminar Semiconductor, NuCrypt, and NHanced Semiconductors.
Total liabilities increased to $47.2 million as of June 30, 2026, up $26.5 million from year-end 2025. Interest and other income rose to $13 million from $1.8 million in the second quarter of 2025, resulting from its cash and investment positions.