Quantum Computing Inc. (NASDAQ: QUBT) reported second-quarter 2026 revenues of $5.6 million, a dramatic rise from just $61,000 in the same period a year ago.
Despite that explosive revenue growth, the company still posted a gross loss of approximately $1.2 million, signaling that production volumes remain insufficient to absorb fixed manufacturing costs.
QCi is actively working toward scalable commercial manufacturing and higher production volumes, which it expects will improve gross margins as output increases 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 three acquisitions expanded the company’s technology and manufacturing capabilities but also introduced meaningful integration and execution risks that management must now navigate carefully.
Converting its existing backlog into recognized revenues, scaling production, and controlling operating expenses will be central to QCi’s path toward achieving positive profitability.
Among peers, D-Wave Quantum (NASDAQ: QBTS) reported first-half 2026 revenues of $5.93 million, down sharply from $18.10 million in the prior-year period, largely because the earlier period included a major 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, reflecting the cost of funding both commercialization efforts and a multi-year technology roadmap.
Rigetti Computing (NASDAQ: RGTI) posted second-quarter 2026 revenues of $5.1 million, up from $1.8 million a year earlier, boosted primarily 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 contributing 16%, leaving the company exposed to client-level volatility.
Rigetti’s operating expenses climbed 48% year over year to $30.3 million in the second quarter, including a 53% increase in research and development spending to $20.7 million.
Back at QCi, shares have fallen 47.9% over the past year, significantly underperforming the broader industry’s 11.7% decline over the same period.
The stock’s valuation remains stretched, with QUBT trading at a forward 12-month price-to-sales ratio of 34.61 times, compared with the industry median of just 4.09 times.
Analyst loss-per-share estimates for QCi’s full-year 2026 have drifted lower over the past 30 days, and the stock currently carries a Zacks Rank of Hold.
