Quantum Computing (QUBT) Stock: Shares Drop as Earnings Disappoint Again

TLDR

Table of Contents

Quantum Computing (QUBT) reported a 26-cent loss per share, much worse than the expected 6-cent loss for Q2 2025
Revenue fell 67% to just $61,000, missing analyst expectations of $100,000
The company raised $188 million in funding and ended Q2 with $348.8 million in cash
Operating expenses doubled to $10.2 million as the company ramps up commercialization efforts
QUBT stock fell 3% in after-hours trading, extending 2025 losses to about 9%

Quantum Computing delivered another disappointing quarterly report Thursday, missing both earnings and revenue expectations as the company continues burning through cash while building its business. The results highlight the ongoing challenges facing quantum computing companies trying to generate meaningful revenue.

The company posted a 26-cent loss per share for the second quarter, much wider than the 6-cent loss analysts expected. Revenue came in at just $61,000, falling short of the $100,000 estimate and down 67% from the same period last year.

Last year’s second quarter included $183,000 in revenue that was largely driven by contractual sales. This year’s weaker performance shows how lumpy revenue can be for quantum computing companies still in early commercialization stages.

Operating expenses tell the story of a company scaling up operations. Costs nearly doubled to $10.2 million from $5.3 million a year ago. The company has been steadily increasing spending each quarter as it builds out its capabilities.

The net loss ballooned to $36.5 million, or 26 cents per share, compared to $5.2 million last year. Management blamed a $28 million non-cash loss related to company warrants for much of the increase.

Building the Foundation

Interim CEO Yuping Huang painted a picture of progress despite the poor numbers. The company made its first shipments to research institutions and businesses across the U.S., Europe, and Asia during the quarter.

Quantum Computing differs from competitors by focusing on photonic chip processing components used in communication technology. The company’s Tempe, Arizona foundry opened in May and has started fulfilling pre-orders.

Huang called the foundry launch a “major strategic milestone” and said commercial activity was accelerating. The company reported customer wins in quantum sensing, cybersecurity, and artificial intelligence applications.

Cash Runway Extended

The company isn’t worried about running out of money anytime soon. Quantum Computing completed a $200 million private placement in late June, boosting its cash position to $348.8 million by quarter end.

Management plans to use the proceeds for working capital and commercialization efforts. With minimal revenue coming in, having a strong cash position gives the company time to execute its business plan.

The quantum computing sector has been volatile this year following comments from Nvidia about the timeline for commercially viable quantum technology. Quantum Computing shares have fallen about 9% in 2025 while the S&P 500 gained 10%.

Market Reaction

QUBT stock dropped 3.1% to $14.90 in after-hours trading following the earnings release. The decline extended the stock’s year-to-date losses and showed investor disappointment with the results.

Other quantum computing stocks also fell in sympathy. Rigetti Computing dropped 1.8%, D-Wave Quantum declined 1.7%, and IonQ fell 0.8% in extended trading.

Analysts are expecting revenue of $200,000 for the September quarter, which would represent improvement from the June period. The company will need to show consistent revenue growth to justify its current valuation and ambitious expansion plans.

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