QUBT Q3 Results Highlight Photonics Progress

Q3 results showed rapid top-line growth and an enlarged liquidity cushion that may redirect trader flows toward photonic manufacturing execution.

November 17, 2025·2 min read
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Minimalist flat vector of a photonic chip merging with a fab module to signal QUBT Q3 Results and photonics progress.

KEY TAKEAWAYS

  • Q3 revenue was $384,000, about 280% year-over-year.
  • Capital raises left total liquidity above $1.5 billion to support photonic scale-up.
  • Fab 1 began small-batch TFLN production and the company recorded a first U.S. commercial cybersecurity sale.

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Quantum Computing Inc. (QUBT) reported third-quarter 2025 results on Nov. 14, 2025, showing rapid top-line growth and a strengthened liquidity position as the company highlighted commercial contracts and progress in photonic manufacturing.

Results and Liquidity

The company said in a press release that third-quarter revenue reached $384,000, a roughly 280% year-over-year increase, with a gross margin of 33%. Net income was $2.4 million, or $0.01 per basic share, driven mainly by a $9.2 million mark-to-market derivative gain and $3.5 million in interest income. Operating expenses totaled $10.5 million.

At Sept. 30, 2025, cash and cash equivalents stood at $352.4 million, with investments of $460.6 million. The company raised $500 million during the quarter through a private placement and an additional $750 million after quarter-end, bringing total liquidity to more than $1.5 billion. This enlarged cash position supports management’s near-term capital allocation focused on scaling photonic manufacturing.

Commercial and Photonics Progress

Quantum Computing recorded its first U.S. commercial sale of quantum cybersecurity to a top-five bank. Its revenue mix includes research-and-development services, custom hardware contracts, and initial cloud access to the Dirac-3 quantum-optimization system, marking early commercial activity beyond laboratory work.

The company is collaborating with NASA, using Dirac-3 for LiDAR noise removal, part of its broader technical partnerships. Fab 1 in Tempe is operational for small-batch thin-film lithium niobate (TFLN) production, advancing toward an industrial-scale Fab 2. Management plans to unveil the Neurawave photonics-based reservoir computing system at SuperCompute25 on Nov. 17, 2025, underscoring progress in photonic manufacturing and the rollout of Neurawave capabilities.

The filing did not include forward revenue or earnings guidance. Instead, management emphasized scaling photonic and quantum systems, technical execution, strategic hiring, and expanding foundry capacity to meet anticipated global demand. The company is pursuing targeted mergers and acquisitions to shift toward volume production rather than niche positioning. It is monitoring additional commercial purchase orders, recurring cloud subscriptions, and Fab 1 production-yield improvements as indicators of sustainable, recurring revenue.

Taken together, the results and follow-on financings provide Quantum Computing a larger runway to execute photonic scale-up and convert bespoke contract work into more regular commercial offerings.

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