Quantum Computing Inc. (QUBT) is facing a critical profitability challenge even as its revenue growth has accelerated sharply over the past year.
Second-quarter 2026 revenues surged to $5.6 million from just $61,000 in the year-ago period, yet the company still posted a gross loss of approximately $1.2 million.
The gap between revenue growth and profitability signals that current production volumes remain insufficient to absorb manufacturing-related fixed costs in an efficient manner.
QCi is actively pursuing scalable commercial manufacturing and higher production volumes, which management believes will help improve gross margins over time.
Second-quarter operating expenses surged 114% year over year to $21.8 million, driven by higher personnel and payroll costs, increased sales and marketing spending, and roughly $7.3 million in acquisition-related transaction expenses.
During the first half of 2026, QCi deployed approximately $180 million in cash, including transaction costs, to acquire Luminar Semiconductor, NuCrypt, and NHanced Semiconductors.
Those acquisitions expanded QCi’s technology and manufacturing capabilities while simultaneously introducing integration and execution risks that management must now navigate.
Converting backlog into revenues and controlling expenses will be critical factors on the company’s road toward sustainable profitability.
Among peers, D-Wave Quantum (QBTS) reported first-half 2026 revenues of $5.93 million, down sharply from $18.10 million in the prior-year period, primarily because the year-ago results benefited from a large system sale.
D-Wave’s second-quarter 2026 operating expenses rose 93% year over year, while first-half operating cash outflow jumped 112% to $73.5 million from $34.6 million.
Rigetti Computing (RGTI) posted second-quarter 2026 revenues of $5.1 million, up from $1.8 million a year earlier, boosted largely by sales of 9-qubit Novera systems and related products.
Rigetti’s revenue concentration remains a notable concern, with one customer accounting for 64% of second-quarter revenues and another representing 16%.
Rigetti’s operating expenses rose 48% year over year to $30.3 million, including a 53% increase in research and development spending to $20.7 million.
On the market, QUBT shares have declined 47.9% over the past year, a steeper drop compared to the broader industry’s 11.7% decline over the same period.
Despite the selloff, QUBT trades at a forward 12-month price-to-sales ratio of 34.61 times, significantly above the industry median of 4.09 times, reflecting a still-elevated valuation. QUBT currently carries a Zacks Rank of 3, or Hold.
