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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% | - |
| 2024 | $0M | $-62M | $-69M | $-22M | -63.9% | 4.2% | - |
| 2023 | $0M | $-22M | $-27M | $-20M | -39.3% | 163.2% | - |
| 2022 | $0M | $-23M | $-26M | $-16M | -39.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0.14 | 0.36 | 0.37 | 0.68 |
| Cost Of Revenue | 0.06 | 0.20 | 0.26 | 0.61 |
| Gross Profit | 0.07 | 0.16 | 0.11 | 0.07 |
| Operating Expense | 28.72 | 26.41 | 26.05 | 51.14 |
| Operating Income | -28.64 | -26.24 | -25.94 | -51.08 |
| EBITDA | -23.34 | -21.89 | -61.95 | -13.67 |
| EBIT | -25.21 | -25.42 | -66.05 | -18.61 |
| Pretax Income | -25.98 | -27.02 | -68.54 | -18.67 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | -25.98 | -27.02 | -68.54 | -18.67 |
| Net Income Common Stockholders | -26.87 | -27.88 | -68.54 | -18.67 |
| Total Expenses | 28.78 | 26.60 | 26.31 | 51.76 |
| Interest Expense | 0.77 | 1.60 | 2.50 | 0.07 |
| Interest Income | 0.05 | 0.29 | 0.42 | 20.72 |
| Research And Development | 5.22 | 8.89 | 11.32 | 20.47 |
| Selling General And Administration | 23.50 | 17.51 | 14.73 | 30.67 |
| Normalized EBITDA | -26.73 | -22.42 | -21.42 | -25.42 |
| Normalized Income | -29.37 | -27.55 | -28.01 | -30.42 |
| Basic EPS | -0.69 | -0.42 | -0.73 | -0.11 |
| Diluted EPS | -0.69 | -0.42 | -0.73 | -0.11 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 3.39 | 0.53 | -40.53 | 11.75 |
| Total Unusual Items Excluding Goodwill | 3.39 | 0.53 | -40.53 | 11.75 |
| Net Income From Continuing Operation Net Minority Interest | -25.98 | -27.02 | -68.54 | -18.67 |
| Reconciled Depreciation | 1.86 | 3.53 | 4.09 | 4.94 |
| Reconciled Cost Of Revenue | 0.06 | 0.20 | 0.26 | 0.61 |
| Net Interest Income | -0.72 | -1.31 | -2.07 | 20.65 |
| Net Income From Continuing And Discontinued Operation | -25.98 | -27.02 | -68.54 | -18.67 |
| Total Operating Income As Reported | -28.64 | -26.24 | -25.94 | -51.08 |
| Diluted Average Shares | 55.96 | 66.61 | 93.88 | 164.49 |
| Basic Average Shares | 55.96 | 66.61 | 93.88 | 164.49 |
| Diluted NI Availto Com Stockholders | -26.87 | -27.88 | -68.54 | -18.67 |
| Preferred Stock Dividends | 0.89 | 0.86 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -25.98 | -27.02 | -68.54 | -18.67 |
| Net Income Continuous Operations | -25.98 | -27.02 | -68.54 | -18.67 |
| Other Income Expense | 3.39 | 0.53 | -40.53 | 11.75 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 3.39 | 0.53 | -40.53 | 11.75 |
| Net Non Operating Interest Income Expense | -0.72 | -1.31 | -2.07 | 20.65 |
| Interest Expense Non Operating | 0.77 | 1.60 | 2.50 | 0.07 |
| Interest Income Non Operating | 0.05 | 0.29 | 0.42 | 20.72 |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Selling And Marketing Expense | 2.09 | 1.81 | 1.82 | 3.43 |
| 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 | 22.09 | 12.77 | 0 | 0 |
| Operating Revenue | 0.14 | 0.36 | 0.37 | 0.68 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Quantum Computing Inc.this co. | QUBT | - | - | - | -1.2% | - |
| KULR Technology Group, Inc. | KULR | $111M | - | 0.91 | -50.9% | -2.45 |
| Expensify, Inc. | EXFY | $106M | - | 0.74 | -16.1% | -2.34 |
| SunPower Inc. | SPWR | $105M | - | -1.02 | 50.3% | -16.16 |
| CSP Inc. | CSPI | $103M | - | 2.29 |
| -0.2% |
| -30.63 |
| SoundThinking, Inc. | SSTI | $89M | - | 1.22 | -13.1% | 45.14 |
| Airship AI Holdings, Inc. | AISP | $76M | 2.91 | -10.63 | -410.1% | -9.02 |
| Neonode Inc. | NEON | $26M | 3.27 | 1.07 | 34.4% | -0.11 |
| zSpace, Inc. | ZSPC | $1M | - | -0.34 | 112.8% | -0.78 |
| Peer Median | - | 3.09 | 0.82 | -6.6% | -2.40 | |