Quantum Computing Inc. (QCi) reported third-quarter revenue of $9.5 million, against $384 thousand a year earlier, in its results release on 9 November. Interest and other income was $13.0 million, 1.37 times revenue, by our arithmetic.
The release says the interest and other income “primarily reflecting interest earned on the Company’s larger cash and investment balances”. QCi ended the quarter with about $1.3 billion in cash, cash equivalents and investments.
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The key insight: Quantum Computing Inc. says third-quarter revenue rose to $9.5 million from $384 thousand, mostly from businesses it acquired in the first half, while interest and other income on its roughly $1.3 billion of cash and investments was $13.0 million: 1.37 times revenue, by our arithmetic.
QCi says revenuegrowth was “primarily driven by the Luminar Semiconductors, Inc.” (LSI), NuCrypt and NHanced Semiconductors businesses acquired during the first half of 2026, selling photonic components, quantum communications products and advanced packaging services to aerospace, government and industrial markets.
The quarter’s $9.5 million exceeded the $9.2 million reported for the entire first half of 2026, the release says.
Figures are from Quantum Computing Inc.’s third-quarter 2026 results release. The 1.37x ratio is our arithmetic.
The Cost Side
Gross profit was about $428 thousand, a gross margin of 4.5%. Operating expenses rose to $29.0 million from $10.5 million, including about $1.0 million of acquisition-related expenses. The net loss was $15.1 million, or $0.07 a share.
Backlog and Customers
Contract backlog was about $39.1 million at 30 September. QCi says INmune Bio is its first commercial customer in the pharmaceutical and biotechnology market, using its Dirac quantum optimization technology alongside AI and conventional analytics on clinical and biomedical data. It also signed a framework agreement with Hamad Bin Khalifa University in Qatar.
The Balance Sheet
Cash and cash equivalents were $174.3 million, against $737.9 million at the end of 2025, while short-term investments rose to $727.3 million and long-term investments were $396.2 million. Goodwill rose to $160.3 million from $55.6 million after the acquisitions.
As we read the release, QCi is still financed more by its balance sheet than by its customers: gross profit was about $428 thousand, against $29.0 million of operating expenses.
As we read the backlog, the commercial base is still small: contract backlog of about $39.1 million compares with about $1.3 billion of cash, cash equivalents and investments.
Dr. Yuping Huang, Chief Executive Officer of QCi, in the results release
“We’re encouraged by our progress, but recognize there’s considerable work ahead. Our priorities are clear: growing our commercial business, scaling manufacturing and advancing our quantum roadmap.”
Three Implications
FOR CUSTOMERS QCi says it signed its first commercial customer in the pharmaceutical and biotechnology market, INmune Bio, to apply its Dirac quantum optimization technology alongside AI and conventional analytics to clinical and biomedical data.
FOR SHAREHOLDERS QCi reported a net loss of $15.1 million, or $0.07 a share, against net income of $2.4 million a year earlier, per its statements.
FOR THE BALANCE SHEET Cash and cash equivalents fell to $174.3 million from $737.9 million at the end of 2025, while short-term investments rose to $727.3 million from $379.4 million.
What the Risk Factors Say
QCi’s 10-Q adds one risk factor and says there were otherwise no material changes: “We do not believe we are an investment company under the Investment Company Act of 1940; however, if we were required to register as an investment company, our business could be materially and adversely affected.”
The factor says the company holds “a significant portion of our assets in cash, cash equivalents and short- and long-term investments pending their use in our operations”.
What Is Not Established
The release does not break out revenue by acquired business or by product, does not give a value for the INmune Bio agreement, and does not say when the $39.1 million backlog converts to revenue.
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QCi’s revenue grew to $9.5 million on acquisitions, but interest and other income on its roughly $1.3 billion of cash and investments was larger, $13.0 million or 1.37 times revenue by our arithmetic, against $29.0 million of operating expenses.
A note on sourcing. Results, cash, backlog and quotations are from Quantum Computing Inc.’s third-quarter 2026 results release (8-K Exhibit 99.1, 9 November 2026). The ratios are our arithmetic. Estimates on the embedded card are consensus figures cited by Wall St Engine.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
