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Quantum Computing Inc., an integrated photonics company, provides quantum machines to commercial and government markets in the United States. The company develops thin-film lithium niobate chips for optical devices, such as electro-optical modulators, periodically poled devices for frequency conversion, and micro-ring resonator cavities markets. It is also developing the entropy quantum computer (EQC), a quantum application of Core Photonics Technology, designed to solve complex optimization problems. In addition, the company offers Emucore, a reservoir computing machine that can be reprogrammed after manufacturing and optimized for recurrent neural network applications; Neurawave, a photonics based reservoir computer; LiDAR, which allows machines to see through dense fog and provide image fidelity at great distances in environments, such as snow, ice, and water; the quantum photonic vibrometer, an instrument for remote vibration detection, sensing, and inspection; and quantum networks and quantum authentication products. The company was formerly known as Innovative Beverage Group Holdings, Inc. Quantum Computing, Inc. was founded in 2001 and is based in Hoboken, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1M | $-14M | $-19M | $-37M | -1.2% | 82.8% | -72.8% |
| 2024 | $0M | $-62M | $-69M | $-22M | -63.9% | 4.2% | 153.7% |
| 2023 | $0M | $-22M | $-27M | $-20M | -39.3% | 163.2% | 4.0% |
| 2022 | $0M | $-23M | $-26M | $-16M | -39.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0.14 | 0.36 | 0.37 | 0.68 |
| Operating Revenue | - | 0.14 | 0.36 | 0.37 | 0.68 |
| Cost Of Revenue | - | 0.06 | 0.20 | 0.26 | 0.62 |
| Gross Profit | - | 0.08 | 0.16 | 0.11 | 0.07 |
| Operating Expense | - | 28.72 | 26.40 | 26.05 | 51.14 |
| Research And Development | - | 5.22 | 8.89 | 11.32 | 20.47 |
| Selling General And Administration | - | 23.50 | 17.51 | 14.73 | 30.67 |
| Total Expenses | - | 28.78 | 26.60 | 26.31 | 51.76 |
| Operating Income | - | -28.64 | -26.24 | -25.94 | -51.08 |
| Total Operating Income As Reported | - | -28.64 | -26.24 | -25.94 | -51.08 |
| EBITDA | - | -23.34 | -21.89 | -61.95 | -13.67 |
| Normalized EBITDA | - | -26.74 | -22.42 | -21.42 | -25.42 |
| EBIT | - | -25.21 | -25.42 | -66.05 | -18.61 |
| Interest Income | - | 0.05 | 0.30 | 0.42 | 20.72 |
| Interest Expense | - | 0.77 | 1.60 | 2.50 | 0.06 |
| Net Interest Income | - | -0.72 | -1.31 | -2.07 | 20.65 |
| Other Income Expense | - | 3.39 | 0.53 | -40.53 | 11.75 |
| Interest Income Non Operating | - | 0.05 | 0.30 | 0.42 | 20.72 |
| Interest Expense Non Operating | - | 0.77 | 1.60 | 2.50 | 0.06 |
| Net Non Operating Interest Income Expense | - | -0.72 | -1.31 | -2.07 | 20.65 |
| Pretax Income | - | -25.98 | -27.02 | -68.54 | -18.67 |
| Tax Provision | - | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -25.98 | -27.02 | -68.54 | -18.67 |
| Net Income From Continuing And Discontinued Operation | - | -25.98 | -27.02 | -68.54 | -18.67 |
| Net Income From Continuing Operation Net Minority Interest | - | -25.98 | -27.02 | -68.54 | -18.67 |
| Net Income | - | -25.98 | -27.02 | -68.54 | -18.67 |
| Net Income Common Stockholders | - | -26.87 | -27.88 | -68.54 | -18.67 |
| Net Income Including Noncontrolling Interests | - | -25.98 | -27.02 | -68.54 | -18.67 |
| Normalized Income | - | -29.37 | -27.55 | -28.01 | -30.42 |
| Diluted NI Availto Com Stockholders | - | -26.87 | -27.88 | -68.54 | -18.67 |
| Basic Average Shares | - | 55.96 | 66.61 | 93.88 | 164.49 |
| Diluted Average Shares | - | 55.96 | 66.61 | 93.88 | 164.49 |
| Reconciled Depreciation | - | 1.86 | 3.53 | 4.09 | 4.94 |
| Reconciled Cost Of Revenue | - | 0.06 | 0.20 | 0.26 | 0.62 |
| Total Unusual Items | - | 3.39 | 0.53 | -40.53 | 11.75 |
| Total Unusual Items Excluding Goodwill | - | 3.39 | 0.53 | -40.53 | 11.75 |
| Preferred Stock Dividends | - | 0.89 | 0.86 | - | - |
| Special Income Charges | 0 | - | - | - | - |
| Gain On Sale Of Security | - | 3.39 | 0.53 | -40.53 | 11.75 |
| General And Administrative Expense | - | 21.41 | 15.71 | 12.91 | 27.24 |
| Other Gand A | - | 21.41 | 15.71 | 12.91 | 27.24 |
| Salaries And Wages | 11.89 | 22.09 | 12.77 | - | - |
| Other Operating Expenses | -0.22 | - | - | - | - |
| Selling And Marketing Expense | - | 2.09 | 1.81 | 1.82 | 3.43 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Quantum Computing Inc.this co. | QUBT | $2.5B | -135.15 | 1.58 | -1.2% | -130.81 |
| Freshworks Inc. | FRSH | $2.7B | 14.43 | 2.57 | 17.8% | 53.81 |
| StoneCo Ltd. | STNE | $2.6B | 1.13 | 0.24 | 21.1% | 2.17 |
| Braze, Inc. | BRZE | $2.6B | -19.85 | 4.18 | -21.0% | -20.45 |
| Agilysys, Inc. | AGYS | $2.5B | 64.93 | 7.71 |
| - |
| - |
| - |
| - |
| - |
| 11.9% |
| 40.93 |
| PagSeguro Digital Ltd. | PAGS | $2.5B | 1.16 | 0.17 | 14.5% | 5.00 |
| PDF Solutions, Inc. | PDFS | $2.4B | -3688.94 | 8.71 | -0.2% | 129.30 |
| Bandwidth Inc. | BAND | $2.3B | -181.49 | 5.86 | -3.2% | 69.40 |
| AvePoint, Inc. | AVPT | $2.3B | 66.35 | 4.82 | 7.3% | 46.83 |
| Peer Median | - | 1.15 | 4.50 | 9.6% | 43.88 | |