Quantum Computing Inc. (QUBT) SEC Filings & Earnings Calls

Cash burn risk

“Cash and equivalents declined from $737.9M to $189.2M in six months.”

Goodwill impairment risk

“Goodwill increased to $181.5M from $55.6M; stock price volatility could trigger impairment.”

Integration risk

“Three acquisitions closed in six months (LSI, NuCrypt, NHanced) with combined purchase price >$180M.”

High operating expenses growth (114% YoY) driven by R&D, sales, and acquisition costs.

“Operating expenses totaled $21.8 million compared to $10.2 million in the second quarter of 2025, up 114%.” · word for word

Net loss persists despite revenue growth; reliance on interest income and non-cash items for improvement.

“Net loss of $11.8 million... improvement driven by change in fair value of derivative liability and higher revenue/interest income.”

Cash burn from acquisitions ($180M) reduces cash reserves from $1.5B to $1.3B.

“Cash balance... reflects our acquisitions... for which we used approximately $180 million in cash.” · word for word

Potential shareholder dilution from increased authorized shares and equity plan.

“increase the total number of authorized shares of capital stock from 260,000,000 to 460,000,000... increases the number of shares of common stock authorized for issuance under the Plan from 20,000,000 shares to 30,000,000 shares”

Insider selling risk

“CEO sold 1,000,000 shares on Sep 4, 2025; 500,000 shares on May 19, 2025; 200,000 shares on Mar 25, 2025; 100,000 shares on Jun 27, 2023.”

Insider selling risk

“CEO sold 1,000,000 shares on Sep 4, 2025; 500,000 shares on May 19, 2025; 200,000 shares on Mar 25, 2025; 100,000 shares on Jun 27, 2023.”

Forward-looking statements and market projections may not materialize

“Presentation contains forward-looking statements and market size estimates”

Cash burn rate

“Cash equivalents dropped from $737.9M to $257.7M in three months, a $480.2M decrease.”

Goodwill impairment risk

“Goodwill increased to $146.5M from $55.6M; if stock price declines, impairment may be required.”

Operating loss expansion

“Operating loss more than doubled to $20.55M from $8.286M YoY.”

Acquisition integration risk

“LSI contributed $3.5M revenue but $2.5M operating loss; NuCrypt $18K revenue and $152K loss.”

Operating expenses growing faster than revenue; net loss despite revenue surge

“Operating expenses totaled $19.8 million compared to $8.3 million in the first quarter of 2025, up 139%” · word for word

Dependence on acquisitions for revenue growth; integration risk

“The year-over-year increase was driven primarily by the acquisition of LSI in February 2026, and, to a lesser extent, NuCrypt in March 2026.” · word for word

Revenue still negligible relative to cash burn

“Revenue $682,000 vs net loss $18.674M; company is pre-revenue stage with high cash consumption.”

Dilution from authorized share increase and equity plan

“Proposal to increase authorized common shares from 250M to 450M and amend equity plan to allow up to 2% annual evergreen increase.”

Dependence on continued capital raises

“Company raised $1.475B in 2025; without revenue scale, future operations depend on further financing.”

Key person risk and management turnover

“CEO and CFO transitions in 2025; multiple executives left during the year.”

Tariff and trade disruption risk

“Tariffs and other measures that are applied to the Company’s products or their components can have a material adverse impact on the Company’s business, results of operations and financial condition, including impacting the Company’s supply chain, components, pricing and gross margin.” · word for word

Revenue concentration and early stage

“The Company is a development stage company with limited operations and revenue.”

Minimal revenue with significant operating losses; early-stage commercialization.

“Revenue of only $198K in Q4 2025; net loss improved but still significant operating expenses.”

Dilution risk from $750M private placement.

“Raised $750 million through private placement of 37,183,937 shares.”

Integration risk from Luminar Semiconductor acquisition.

“Acquisition of Luminar Semiconductor for $110 million completed in February 2026.”

Integration risk: combining LSI's operations and culture with QCi may divert management attention and cause disruption.

“Forward-looking statements caution about integration problems, diversion of management's attention, and business disruption.”

Execution risk: QCi's ability to realize anticipated benefits and revenue from LSI is uncertain, especially given early-stage quantum market.

“Forward-looking statements note risks including that anticipated benefits may not be realized when expected or at all.”

Cash burn: $110M all-cash deal may strain QCi's liquidity given its pre-revenue or early-revenue stage.

“All-cash transaction valued at $110 million; QCi's cash position not disclosed in this filing.” · word for word

Transaction subject to bankruptcy court approval and auction process; may not close.

“This proposed transaction will be completed in connection with Luminar’s ongoing Chapter 11 process and is subject to approval by the U.S. Bankruptcy Court and the completion of a court-supervised auction and sale process.” · word for word

Integration risks and potential higher costs.

“The risk that integrating technologies and manufacturing processes may take longer or be more difficult than anticipated; the possibility that the transaction may be more expensive to complete than expected.” · word for word

CEO transition from interim to permanent may signal stability, but founder-led structure could concentrate power.

“Dr. Huang also serves as Chairman and President”

Integration risk and bankruptcy court approval required

“transaction will require the approval of the bankruptcy court pursuant to a Section 363 sale process” · word for word

Early-stage revenue base; gross margin variability at low revenue levels.

“Gross margin can vary at our current revenue levels.” · word for word

Significant equity dilution from large private placements ($1.25B total).

“Raised gross proceeds of $500 million through a private placement; subsequent to quarter raised $750 million.” · word for word

Securities class action lawsuit

“On February 25, 2025, a class action lawsuit was filed against the Company and certain of its current and past officers in the New Jersey District Court.” · word for word

Shareholder derivative lawsuits

“On March 31, 2025, a shareholder derivative action was filed against certain of the Company's current and past officers and directors.” · word for word

Dependence on third-party suppliers

“Components for our devices are primarily manufactured by third parties. Some of our products contain certain components for which there are very few qualified suppliers.” · word for word