Tearsheet

Quantum Computing (QUBT)

Market Price (12/25/2025): $11.43 | Market Cap: $1.8 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Quantum Computing (QUBT)

Market Price (12/25/2025): $11.43
Market Cap: $1.8 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -38 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6918%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%	Expensive valuation multiples P/SPrice/Sales ratio is 3,355x
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -67%	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1714%
3	Megatrend and thematic drivers Megatrends include Quantum Technology. Themes include Quantum Computing Hardware, Quantum Software & Algorithms, and Quantum Cryptography.	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4222%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5760%
4		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%
5		High stock price volatility Vol 12M is 145%
6		Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28%
7		Key risks QUBT key risks include [1] extreme unprofitability and cash consumption driven by minimal revenue generation, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -67%
3	Megatrend and thematic drivers Megatrends include Quantum Technology. Themes include Quantum Computing Hardware, Quantum Software & Algorithms, and Quantum Cryptography.
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -38 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6918%
5	Expensive valuation multiples P/SPrice/Sales ratio is 3,355x
6	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 1714%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -4222%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -5760%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -7.9%
9	High stock price volatility Vol 12M is 145%
10	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 28%
11	Key risks QUBT key risks include [1] extreme unprofitability and cash consumption driven by minimal revenue generation, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$11.43	$16.55	$0.91	$1.51	$3.41
Market Cap CYE ($ Bil)	1.8	1.8	0.1	0.1	0.1
Total Debt ($ Bil)	0.0	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.6	0.1	0.0	0.0	0.0
Enterprise Value ($ Bil)	1.3	1.8	0.1	0.1	0.1
Valuation Ratios
P/S TTM	3,357.8	4,165.5	169.9	407.3	-
P/EBIT TTM	-27.7	-23.5	-2.4	-2.2	-5.9
P/E TTM	-26.8	-22.7	-2.3	-2.1	-3.6
P/FCF TTM	-58.3	-69.8	-3.0	-3.4	-14.5
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/25/25	2024	2023
Share Price CYE	$11.43	$16.55	$0.91
Market Cap CYE ($ Bil)	1.8	1.8	0.1
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.6	0.1	0.0
Enterprise Value ($ Bil)	1.3	1.8	0.1
Valuation Ratios
P/S TTM	3,357.8	4,165.5	169.9
P/EBIT TTM	-27.7	-23.5	-2.4
P/E TTM	-26.8	-22.7	-2.3
P/FCF TTM	-58.3	-69.8	-3.0
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	QUBT	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.0
Rev Chg Q	280.2%	7.3%
Rev Chg LTM	41.5%	6.1%
Rev Chg 3Y Avg	63.0%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-6,918.5%	18.8%
CFO/Rev LTM	-4,222.0%	20.4%
Net Inc Mgn	-12,519.2%	13.1%
VALUATION	VERY HIGH
P/S	3,357.8	3.2
P/CFO	-79.5	15.7
P/FCF	-58.3	20.6
P/E	-26.8	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.62	0.07

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Metric	Value	Date	Source
Government Contracts	Contract awarded by the National Institute of Standards and Technology (NIST) for the design and fabrication of thin-film lithium niobate (TFLN) photonic integrated circuits.	8052025	Link
Commercial Customer Agreements	Purchase order from a top 5 U.S. bank for quantum security solutions.	7152025	Link
Strategic Partnerships	Executed two memorandums of understanding (MOUs) with Spark Photonics Design, Inc. and Alcyon Photonics.	10302024	Link
NASA Subcontract Value	Subcontract with a ceiling value of $406,478 to support NASA's Langley Research Center.	4302025	Link
Number of Employees	50	11082025	Link
Patents	A patent for quantum authentication and zero-knowledge proof for network security was granted approval in the United States and over 40 other countries.	1182024	Link

Upcoming
3/19/2026	Earnings Release	Rev: - EPS: -

QUBT Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Here are key points explaining the approximate -27.6% movement in Quantum Computing (QUBT) stock from August 31, 2025, to December 25, 2025: 1. Broader market sentiment and concerns over an "AI bubble" contributed to a retreat in tech stocks, particularly impacting development-stage companies like QUBT that are not yet generating substantial material revenue.

2. Significant dilutive private placements, including a $500 million offering in September 2025 and a $750 million offering in October 2025, provided substantial liquidity but also diluted existing shareholder value, leading to stock drops.

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Stock Movement Drivers

Fundamental Drivers

The -46.7% change in QUBT stock from 9/24/2025 to 12/24/2025 was primarily driven by a -70.9% change in the company's P/S Multiple.

	9242025	12242025	Change
Stock Price ($)	21.41	11.42	-46.66%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.26	0.55	107.60%
P/S Multiple	11511.01	3354.87	-70.86%
Shares Outstanding (Mil)	141.40	160.40	-13.44%
Cumulative Contribution			-47.62%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
QUBT	-46.7%
Market (SPY)	4.4%	39.0%
Sector (XLK)	5.1%	36.1%

Fundamental Drivers

The -31.8% change in QUBT stock from 6/25/2025 to 12/24/2025 was primarily driven by a -42.9% change in the company's P/S Multiple.

	6252025	12242025	Change
Stock Price ($)	16.74	11.42	-31.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.39	0.55	41.82%
P/S Multiple	5879.31	3354.87	-42.94%
Shares Outstanding (Mil)	135.22	160.40	-18.62%
Cumulative Contribution			-34.15%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
QUBT	-31.8%
Market (SPY)	14.0%	35.8%
Sector (XLK)	17.5%	31.0%

Fundamental Drivers

The -33.2% change in QUBT stock from 12/24/2024 to 12/24/2025 was primarily driven by a -72.4% change in the company's Shares Outstanding (Mil).

	12242024	12242025	Change
Stock Price ($)	17.09	11.42	-33.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.39	0.55	41.45%
P/S Multiple	4120.87	3354.87	-18.59%
Shares Outstanding (Mil)	93.05	160.40	-72.38%
Cumulative Contribution			-68.20%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
QUBT	-33.2%
Market (SPY)	15.8%	33.3%
Sector (XLK)	22.2%	33.7%

Fundamental Drivers

The 632.1% change in QUBT stock from 12/25/2022 to 12/24/2025 was primarily driven by a 752.3% change in the company's P/S Multiple.

	12252022	12242025	Change
Stock Price ($)	1.56	11.42	632.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.13	0.55	306.34%
P/S Multiple	393.62	3354.87	752.31%
Shares Outstanding (Mil)	33.90	160.40	-373.09%
Cumulative Contribution			-9557.98%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
QUBT	1168.9%
Market (SPY)	48.9%	19.6%
Sector (XLK)	54.1%	20.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
QUBT Return	-46%	110%	-56%	-40%	1713%	-29%	291%
Peers Return	�	�	�	56%	544%	160%	�
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
QUBT Win Rate	8%	17%	33%	50%	58%	50%
Peers Win Rate	�	�	34%	48%	57%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
QUBT Max Drawdown	-46%	0%	-57%	-56%	-54%	-73%
Peers Max Drawdown	�	�	�	-34%	-26%	-52%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IONQ, RGTI, QBTS, LITE, COHR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	QUBT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-93.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1346.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	413 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-72.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	268.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	440 days	148 days

Compare to AMCI, BGIN, AAPL, DELL, STX

In The Past

Quantum Computing's stock fell -93.1% during the 2022 Inflation Shock from a high on 7/21/2021. A -93.1% loss requires a 1346.4% gain to breakeven.

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About Quantum Computing (QUBT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Quantum Computing, Inc. focuses on providing software tools and applications for quantum computers in Virginia. The company offers Qatalyst, a quantum application accelerator that enables developers to create and execute quantum-ready applications on conventional computers, while being ready to run on quantum computers as well as provides multiple quantum processing units including DWave, Rigetti, and IonQ. It focuses on serving commercial and government entities. The company, formerly known as Innovative Beverage Group Holdings, Inc. Quantum Computing, Inc. was founded in 2018 and is based in Leesburg, Virginia.

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Here are 1-3 brief analogies to describe Quantum Computing Inc. (QUBT):

Red Hat for quantum computing software.
NVIDIA's CUDA platform for quantum developers.
Palantir for quantum algorithms.

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Qatalyst Software Platform: A platform designed to enable users to develop and run quantum algorithms and applications across diverse quantum and classical computing resources without requiring deep quantum expertise.
QAmplify Software Platform: A platform that integrates quantum-inspired and classical computational techniques to enhance the performance and applicability of quantum solutions for complex problems.
Quantum Random Number Generation (QRNG): Provides true random numbers derived from quantum mechanical processes, vital for cryptography and high-fidelity simulations.
Professional Services: Offers consulting, support, and custom solution development to help organizations apply quantum and quantum-inspired technologies to their specific business challenges.

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Quantum Computing Inc. (symbol: QUBT) primarily sells its quantum computing software, solutions, and entropy quantum computers to other companies and government entities (B2B).

Based on publicly available information and company disclosures, a major named customer company is:

Airbus (Euronext Paris: AIR) - A leading global aerospace company that is the first customer for QCI's Dirac-1™ entropy quantum computer.

The company's SEC filings indicate a concentration of revenue from a very limited number of customers, with two customers accounting for 97% of revenue in 2023. While Airbus is a publicly identified major customer, the specific names of other significant customer companies or organizations are not publicly disclosed by Quantum Computing Inc. The company also frequently mentions engaging with and securing contracts from U.S. Government agencies and targets large enterprises in sectors such as financial services, life sciences, and logistics, but specific customer names in these categories are generally not publicized.

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D-Wave Systems Inc. (QBTS)
IonQ, Inc. (IONQ)
Quantinuum LLC
Amazon.com, Inc. (AMZN)

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Yuping Huang, Ph.D., Chief Executive Officer and Chairman
Dr. Huang is the Chairman of the Board and Chief Executive Officer for Quantum Computing Inc. He is also the founding director of the Center for Quantum Science and Engineering and Gallagher Associate Professor of Physics at Stevens Institute of Technology. He has over 20 years of pioneering research and development experience in quantum physics and technology. Dr. Huang founded QPhoton Inc., a company focused on commercializing quantum devices, which QCi acquired in June 2022. He has managed quantum research initiatives worth over $40 million from various government agencies and private sector partners.

Christopher Roberts, Chief Financial Officer and General Counsel
Mr. Roberts was appointed as the Chief Financial Officer and General Counsel of Quantum Computing Inc. effective June 20, 2025. He previously served as the Company's Chief Financial Officer from 2018 to June 2023 and as a consultant from July 2023 to June 2025. Mr. Roberts brings over 39 years of experience in public and private corporate finance and government contracting. His career includes serving as Chief Financial Officer for public and private companies such as Secure Point Technologies, Systems Made Simple Inc. (a subsidiary of Leidos), Integral Systems Inc. (a subsidiary of Kratos), and Pearson Analytic Solutions (a subsidiary of General Dynamics). He began his career at Raytheon Co. and practiced law at two large New York City law firms. Mr. Roberts holds a law degree from the University of Virginia School of Law, and a B.S. in Electrical Engineering and an M.B.A. from the Massachusetts Institute of Technology, with his M.B.A. concentrated in Finance and Management of Technology.

Milan Begliarbekov, Ph.D., Chief Operating Officer
Dr. Begliarbekov was promoted to Chief Operating Officer of Quantum Computing Inc. in May 2025. He joined QCi in September 2022 as the Director of Quantum Foundry, where he was responsible for the design and construction of the company's foundry in Arizona and overseeing the development and production of photonic materials and devices. He possesses over 17 years of experience in nanofabrication, materials science, and scientific leadership. Prior to joining QCi, Dr. Begliarbekov served as a Research Assistant Professor and Director of the Nanofabrication Facility at the City University of New York (CUNY).

Pouya Dianat, Ph.D., Chief Revenue Officer
Dr. Dianat was promoted to Chief Revenue Officer of Quantum Computing Inc. in May 2025. He has over 18 years of experience in the photonics industry, including more than a decade in the commercialization of photonic technology. Before his promotion, he was the Director of Photonic Integrated Circuits (PICs) and Foundry Services at QCi, where he led the commercial offerings of the company's thin-film lithium niobate technology. Dr. Dianat previously served as the Chief Technology Officer for Nanograss Solar LLC. He also served as the Market Expert and Director of PIC and Quantum Technologies at OPTICA, an optics and photonics association. He received his Ph.D. and Master of Science degrees in Electrical Engineering from Drexel University.

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Key Risks to Quantum Computing Inc. (QUBT)

Quantum Computing Inc. (QUBT) faces significant risks primarily due to its early stage of commercialization, the highly competitive nature of the quantum computing industry, and its reliance on external financing.

Minimal Revenue and High Unprofitability: QUBT is currently generating very minimal revenue while incurring substantial operating losses. For the third quarter of 2025, the company reported total revenue of $384,000, significantly overshadowed by total expenses exceeding $10 million, resulting in a net loss and an operating margin of approximately -12474.9%. This extreme unprofitability indicates that the core business is far from scalable or efficient. The company is consuming cash much quicker than it generates meager revenue, leading to concerns about its ability to achieve sustained profitability and execute its long-term business strategies, which involve significant investments in technology development and manufacturing.
Intense Competition and Technological Uncertainty: The quantum computing market is characterized by intense competition from well-funded pure-play quantum companies and tech giants like IBM, Google, and Microsoft, who are investing billions in the space. QUBT faces the ongoing challenge of keeping pace with rapid technological advancements and the risk that competitors could develop more advanced or cost-effective solutions, potentially devaluing QUBT's current technology. The quantum computing industry itself is still in its nascent stages, with widespread commercial application and adoption years away, creating uncertainty around the market demand and the specific technologies that will ultimately prevail.
Shareholder Dilution and Stock Volatility: QUBT has frequently relied on issuing new shares to raise capital, which has resulted in significant shareholder dilution. Despite a strong balance sheet bolstered by these capital raises, the ongoing need for funding due to unprofitability suggests that further dilution remains a risk. Furthermore, the stock exhibits high volatility and weak resistance to market downturns, having plummeted significantly during broader market declines. Its valuation is often disconnected from its fundamental financial reality, making it a high-risk, speculative investment susceptible to market sentiment shifts.

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The clear emerging threat for Quantum Computing Inc. (QUBT) is the potential for major technology companies (e.g., IBM, Google, Microsoft, Amazon) to establish dominant, fully integrated quantum computing software and cloud ecosystems. These companies possess vast resources, existing customer bases, and comprehensive cloud platforms, enabling them to develop and promote end-to-end quantum solutions (hardware access, SDKs, high-level software, and services). If one or more of these giants successfully creates a widely adopted, robust, and seamlessly integrated quantum software stack, it could marginalize or displace specialized quantum software providers like QUBT by becoming the preferred choice for enterprises seeking a one-stop, trusted quantum computing solution.

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Quantum Computing Inc. (QUBT) operates in the broader quantum computing market, offering quantum computing software, solutions, and photonic-based quantum machines and components.

The addressable markets for their main products and services can be identified within the global quantum computing market, with specific breakdowns for quantum computing software.

Global Quantum Computing Software Market: The global quantum computing software market was estimated at USD 779.2 million in 2023 and is projected to reach USD 2.51 billion by 2030. Another estimate places the global quantum computing software market at USD 1.1 billion in 2024, projected to grow to USD 31.8 billion by 2034. North America held a significant share of this market, with the U.S. market for quantum computing software valued at approximately USD 0.32 billion in 2024.
Global Overall Quantum Computing Market (including hardware, software, and services): The global quantum computing market was estimated at USD 2.70 billion in 2024 and is predicted to increase to USD 20.20 billion by 2030. Other estimations for the global quantum computing market size include USD 1.42 billion in 2024, projected to reach USD 4.24 billion by 2030, and USD 1,160.1 million in 2024, projected to grow to USD 12,620.7 million by 2032. The U.S. market size for quantum computing is estimated to be USD 386.1 million in 2025.

QUBT specifically focuses on quantum photonics applications such as sensing, imaging (including LiDAR), and Reservoir Computing for AI tasks, and provides entropy quantum computers for optimization problems. They also offer foundry services for fabricating photonic computing engines using thin-film lithium niobate. These specialized offerings contribute to the overall quantum computing market, with their software solutions falling under the quantum computing software market segment.

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Quantum Computing Inc. (QUBT) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives:

Commercialization and Scaling of the Thin Film Lithium Niobate (TFLN) Photonic Chip Foundry: The company's TFLN chip fabrication facility is expected to be fully operational by the end of March 2025, with initial deliveries of preorders anticipated in early Q2 2025. Management anticipates significant revenue growth from both the foundry services and the sale of photonic chips, particularly targeting high-demand sectors such as data communications and telecommunications.
Expansion of Quantum Machine Sales and Solutions: QUBT aims to increase revenue through the sales of its quantum machines, such as the DIRAC3 Quantum Optimization Machine. The company's strategy focuses on democratizing quantum computing by offering cost-effective and user-friendly systems. Additionally, advancements in portable quantum machines and quantum authentication systems are expected to solidify its market position.
Strategic Partnerships and Customer Base Growth: A core driver for QUBT is the expansion of its industry partnerships and customer base. The company is actively pursuing collaborations with enterprises and government entities to provide quantum solutions for complex problems, including areas like drug discovery, supply chain optimization, and cybersecurity. This approach is intended to secure larger, solution-based contracts and broaden market penetration.
Strategic Acquisitions and Capital Deployment: Quantum Computing Inc. has articulated plans to raise capital to support the full rollout of its commercialization initiatives and to explore potential strategic acquisitions. Recent funding successes, including significant private placements, are intended to strengthen the company's financial position and accelerate growth through strategic M&A activities and increased production capabilities.

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Share Issuance

Quantum Computing Inc. completed an oversubscribed private placement in October 2025, resulting in approximately $750 million in gross proceeds through the issuance of 37,183,937 shares of common stock to institutional investors.
In September 2025, the company closed an oversubscribed private placement, issuing 26,867,276 shares of common stock for gross proceeds of $500 million, with participation from existing shareholders and a new global alternative asset manager.
The company secured $200 million in gross proceeds from a private placement in June 2025, selling 14,035,089 shares of common stock to institutional investors.

Outbound Investments

Quantum Computing Inc. completed a merger with QPhoton, Inc. in June 2022, which was accounted for as a business combination.
The company plans to use net proceeds from recent offerings to pursue strategic acquisitions, alongside funding commercialization efforts and general corporate purposes.

Capital Expenditures

A central aspect of Quantum Computing Inc.'s growth strategy in 2025 involves the operational rollout of its U.S.-based Quantum Photonic Chip Foundry in Tempe, Arizona, for in-house production of thin-film lithium niobate (TFLN) photonic integrated circuits (PICs).
Proceeds from recent capital raises are intended to establish volume production capabilities, expand sales and engineering personnel, and enhance manufacturing capabilities.

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Higher CFO/Rev LTM (Value for QUBT: -4222.0%)

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Higher FCF/Rev LTM (Value for QUBT: -5760.4%)

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Higher Total Yield (Value for QUBT: -3.7%)

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Higher Rev Chg 3Y Avg | Lower P/S (Values for QUBT: 63.0% | 3,354.9x)

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SLF (88.9% | 1.0x)

Sun Life Financial

RIVN (103.0% | 4.4x)

Rivian Automotive

CRCL (514.0% | 7.9x)

Circle Internet

FTAI (66.9% | 7.6x)

FTAI Aviation

Higher Rev Chg LTM (Value for QUBT: 41.5%)

HOOD (74.6%)

Robinhood Markets

TFC (55.5%)

Truist Financial

ALNY (53.2%)

Alnylam Pharmaceuticals

COIN (48.6%)

Coinbase Global

CVNA (45.5%)

Carvana

Higher Rev Chg 3Y Avg (Value for QUBT: 63.0%)

CRCL (514.0%)

Circle Internet

RIVN (103.0%)

Rivian Automotive

APO (89.3%)

Apollo Asset Management

SLF (88.9%)

Sun Life Financial

FTAI (66.9%)

FTAI Aviation

Higher Op Mgn LTM (Value for QUBT: -6918.5%)

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

AMZN (11.4%)

Amazon.com

TSLA (5.1%)

Tesla

Higher CFO/Rev LTM (Value for QUBT: -4222.0%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

BRK-B (9.8%)

Berkshire Hathaway

Higher FCF/Rev LTM (Value for QUBT: -5760.4%)

META (23.7%)

Meta Platforms

GOOGL (19.1%)

Alphabet

TSLA (7.1%)

Tesla

BRK-B (4.8%)

Berkshire Hathaway

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for QUBT: -3.7%)

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

TSLA (0.3%)

Tesla

		Best Bets In Information Technology Sector
	QUBT	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	-26.8	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	-27.7	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	280.2%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	41.5%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	63.0%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	-5,846.5%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Quantum Computing Earnings Notes
2	Quantum Computing Stock Drop Looks Sharp, But How Deep Can It Go?	Return
3	Why Quantum Computing Stock Moved: QUBT Stock Has Gained 1093% Since 2023 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
4	QUBT Dip Buy Analysis
5	Quantum Computing (QUBT) Revenue Comparison	Financials
6	Quantum Computing (QUBT) Operating Income Comparison	Financials
7	Quantum Computing (QUBT) Net Income Comparison	Financials
8	Quantum Computing (QUBT) Operating Cash Flow Comparison	Financials
9	Quantum Computing (QUBT) Tax Expense Comparison	Financials
10	Quantum Computing (QUBT) EBITDA Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to QUBT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Quantum Computing

Peers to compare with:

Financials

	QUBT	IONQ	RGTI	QBTS	LITE	COHR	Median
Name	Quantum .	IonQ	Rigetti .	D-Wave Q.	Lumentum	Coherent
Mkt Price	11.42	49.82	24.51	27.52	395.92	191.37	38.67
Mkt Cap	1.8	14.7	8.0	9.4	27.8	29.9	12.0
Rev LTM	1	80	7	24	1,842	6,043	52
Op Inc LTM	-38	-483	-81	-86	-104	608	-83
FCF LTM	-31	-265	-68	-55	-88	74	-61
FCF 3Y Avg	-23	-155	-66	-58	-61	197	-59
CFO LTM	-23	-248	-52	-52	145	527	-37
CFO 3Y Avg	-19	-136	-53	-56	123	593	-36

Growth & Margins

	QUBT	IONQ	RGTI	QBTS	LITE	COHR	Median
Name	Quantum .	IonQ	Rigetti .	D-Wave Q.	Lumentum	Coherent
Rev Chg LTM	41.5%	113.1%	-37.0%	156.2%	33.6%	20.8%	37.5%
Rev Chg 3Y Avg	63.0%	107.6%	5.9%	61.6%	3.4%	16.5%	39.1%
Rev Chg Q	280.2%	221.5%	-18.1%	99.9%	58.4%	17.3%	79.2%
QoQ Delta Rev Chg LTM	107.6%	52.4%	-5.4%	8.4%	12.0%	4.0%	10.2%
Op Mgn LTM	-6,918.5%	-604.5%	-1,075.0%	-355.2%	-5.7%	10.1%	-479.8%
Op Mgn 3Y Avg	-7,852.8%	-602.1%	-717.9%	-722.2%	-14.5%	5.1%	-660.0%
QoQ Delta Op Mgn LTM	5,556.4%	96.1%	-98.9%	-2.1%	6.0%	0.8%	3.4%
CFO/Rev LTM	-4,222.0%	-310.8%	-696.4%	-213.7%	7.9%	8.7%	-262.2%
CFO/Rev 3Y Avg	-4,724.0%	-299.5%	-503.7%	-510.9%	7.5%	11.4%	-401.6%
FCF/Rev LTM	-5,760.4%	-331.7%	-901.7%	-228.1%	-4.8%	1.2%	-279.9%
FCF/Rev 3Y Avg	-5,846.5%	-351.5%	-628.8%	-523.8%	-3.8%	3.9%	-437.7%

Valuation

	QUBT	IONQ	RGTI	QBTS	LITE	COHR	Median
Name	Quantum .	IonQ	Rigetti .	D-Wave Q.	Lumentum	Coherent
Mkt Cap	1.8	14.7	8.0	9.4	27.8	29.9	12.0
P/S	3,354.9	183.8	1,063.0	390.1	15.1	4.9	286.9
P/EBIT	-27.7	-30.4	-22.7	-23.7	-426.2	56.7	-25.7
P/E	-26.8	-10.0	-22.7	-23.6	247.4	119.6	-16.4
P/CFO	-79.5	-59.1	-152.7	-182.5	192.5	56.8	-69.3
Total Yield	-3.7%	-10.0%	-4.4%	-4.2%	0.4%	0.8%	-4.0%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-19.6%	-3.5%	-27.0%	-25.3%	-1.0%	3.1%	-11.5%
D/E	0.0	0.0	0.0	0.0	0.1	0.1	0.0
Net D/E	-0.3	-0.1	-0.1	-0.1	0.1	0.1	-0.1

Returns

	QUBT	IONQ	RGTI	QBTS	LITE	COHR	Median
Name	Quantum .	IonQ	Rigetti .	D-Wave Q.	Lumentum	Coherent
1M Rtn	-0.6%	6.5%	-7.8%	19.1%	32.3%	26.1%	12.8%
3M Rtn	-46.7%	-32.5%	-22.5%	-0.7%	159.2%	79.7%	-11.6%
6M Rtn	-31.8%	30.7%	121.0%	94.1%	331.4%	123.5%	107.5%
12M Rtn	-33.2%	11.8%	115.9%	246.2%	369.4%	91.8%	103.9%
3Y Rtn	632.1%	1,409.7%	2,865.2%	1,518.8%	683.1%	478.3%	1,046.4%
1M Excs Rtn	-4.0%	3.2%	-11.1%	15.7%	28.9%	22.7%	9.4%
3M Excs Rtn	-49.5%	-33.2%	-28.6%	-0.5%	143.9%	74.6%	-14.5%
6M Excs Rtn	-44.9%	8.3%	107.7%	82.9%	305.2%	100.0%	91.4%
12M Excs Rtn	-52.1%	-4.7%	144.7%	310.4%	348.5%	79.1%	111.9%
3Y Excs Rtn	527.7%	1,164.9%	2,881.8%	1,174.1%	597.8%	387.5%	881.3%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/14/2025	3/20/2025	4/1/2024	3/30/2023	3/15/2022	3/18/2021	3/18/2021
Key Financials
Total Revenue	1	0	0	0	0	0	0
EBITDA	-62	-62	-22	-23	-17	-16	-3
Operating Income	-38	-26	-26	-29	-17	-17	-3
Net Income	-68	-69	-27	-26	-28	-25	-8
EPS	-0.66	-0.73	-0.42	-0.73	-0.96	-0.88	-1.14
Growth Rates
Total Revenue Growth	41.5%	4.2%	163.2%	∞%	-	-	-
EBITDA Growth	-214.1%	-181.5%	5.3%	-38.2%	-6.2%	-527.4%	-
Operating Income Growth	-60.0%	1.2%	8.4%	-69.4%	2.4%	-580.1%	-
Net Income Growth	-185.6%	-153.7%	-4.0%	6.9%	-12.8%	-195.1%	-
Margins
EBITDA Margin	-11307.7%	-16688.5%	-6176.8%	-17164.0%	-	-	-
Operating Income Margin	-6918.5%	-6953.6%	-7330.4%	-21062.5%	-	-	-
Net Income Margin	-12519.2%	-18375.9%	-7548.0%	-19101.5%	-	-	-
Cash & Debt
Total Cash	556	79	2	5	17	15	0
Total Debt	2	1	3	8	0	0	2
Net Debt / (Cash)	-554	-78	1	3	-17	-15	2
Cash Flows
Net Cash from Operations	-23	-16	-18	-15	-7	-12	-2
Free Cash from Operations	-31	-22	-20	-16	-7	-12	-2
Returns to Shareholders
Dividends	0	0	1	1	-0	-0	-0
Share Repurchases	1	4	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/14/2025	8/14/2025	5/15/2025	3/20/2025	11/6/2024	10/2/2024	10/2/2024	4/1/2024	11/13/2023	8/14/2023	5/12/2023	3/30/2023
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	0
Ebitda	4	-35	18	-48	-4	-4	-5	-6	-6	-6	-5	-7
Operating Income	-10	-10	-8	-9	-5	-5	-6	-7	-7	-7	-6	-10
Net Income	2	-36	17	-51	-6	-5	-6	-7	-7	-7	-6	-6
EPS	0.01	-0.26	0.13	-0.54	-0.06	-0.06	-0.08	-0.09	-0.10	-0.12	-0.11	-0.15
Key Financials TTM
Total Revenue TTM	1	0	0	0	0	0	0	0	0	0	0	0
Ebitda TTM	-62	-70	-39	-62	-20	-21	-23	-22	-23	-23	-22	-23
Operating Income TTM	-38	-33	-28	-26	-24	-25	-26	-26	-30	-30	-28	-29
Net Income TTM	-68	-76	-45	-69	-24	-25	-27	-27	-27	-27	-25	-26
Growth Rates Quarterly
Total Revenue Growth	280.2%	-66.7%	44.4%	-17.3%	102.0%	63.4%	-77.7%	4501.2%	32.8%	71.0%	287.3%	-
EBITDA Growth	183.6%	-737.0%	431.3%	-765.9%	21.0%	30.2%	-11.2%	18.3%	-5.7%	-33.7%	27.0%	-47.2%
Operating Income Growth	-91.3%	-93.1%	-31.1%	-35.5%	17.7%	24.3%	-3.7%	36.1%	3.3%	-44.7%	9.2%	-133.4%
Net Income Growth	142.0%	-602.4%	363.9%	-673.2%	17.0%	30.0%	-4.9%	-7.4%	9.6%	-45.3%	14.0%	60.5%
Margins Quarterly
EBITDA Margin	966.9%	-57893.4%	46192.3%	-77666.1%	-4395.0%	-2305.5%	-20137.0%	-7414.7%	-11240.0%	-5396.4%	-4040.5%	-417646.6%
Operating Income Margin	-2709.4%	-16673.8%	-21246.2%	-14377.4%	-5384.2%	-2878.1%	-23403.7%	-8772.0%	-13222.0%	-6212.5%	-5037.2%	-631516.1%
Net Income Margin	620.3%	-59806.6%	43543.6%	-82640.3%	-5618.8%	-2838.3%	-23837.0%	-8836.0%	-13682.0%	-6622.3%	-5071.9%	-378555.5%
Cash & Debt
Total Cash	556	349	166	79	3	3	6	2	7	7	7	5
Total Debt	2	2	1	1	8	1	1	3	6	8	10	8
Net Debt / (Cash)	-554	-347	-165	-78	5	-2	-5	1	-2	1	3	3
Cash Flows Quarterly
FCF from Operations	-9	-6	-4	-4	-5	-4	-4	-5	-4	-5	-4	-2
Cash Flows TTM
FCF from Operations TTM	-23	-19	-17	-16	-17	-17	-18	-18	-15	-15	-15	-15
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	1	1	1	0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-7.7%	-15.1%	-13.9%	-15.5%	-9.9%	-9.8%	-12.1%	-13.1%	-12.0%	-13.2%	-11.7%	-23.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-7.0%	-12.2%	-11.7%	-11.3%	-10.7%	-11.6%	-12.7%	-13.0%	-13.6%	-14.3%	-13.5%	-16.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Services	0	0
Products	0	0
Total	0	0

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment			17	15	0
Total			17	15	0

Price Behavior

Price Behavior

Market Price	$11.42
Market Cap ($ Bil)	1.6
First Trading Date	05/07/2019
Distance from 52W High	-53.6%
	50 Days	200 Days
DMA Price	$13.13	$13.79
DMA Trend	up	down
Distance from DMA	-13.1%	-17.2%
	3M	1YR
Volatility	114.7%	145.7%
Downside Capture	404.63	300.42
Upside Capture	31.91	219.92
Correlation (SPY)	38.8%	33.1%

QUBT Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	3.37	3.35	2.94	3.50	1.95	2.04
Up Beta	5.73	4.91	3.33	4.86	2.18	1.33
Down Beta	12.49	7.20	7.36	5.45	0.97	1.56
Up Capture	-48%	-35%	-8%	216%	638%	12838%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	17	29	59	114	326
Down Capture	267%	264%	167%	221%	148%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	25	34	67	130	401

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of QUBT With Other Asset Classes (Last 1Y)
	QUBT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-24.6%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	145.9%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.48	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		33.8%	33.4%	-1.9%	14.2%	18.3%	27.6%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of QUBT With Other Asset Classes (Last 5Y)
	QUBT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	55.4%	19.0%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	206.1%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.80	0.69	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		15.0%	15.6%	-0.4%	2.9%	10.6%	7.9%

Based On 10-Year Data

		Comparison of QUBT With Other Asset Classes (Last 10Y)
	QUBT	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.6%	22.3%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	210.1%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.71	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		13.1%	13.8%	1.9%	3.5%	10.4%	5.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	45,344,915
Short Interest: % Change Since 11302025	0.7%
Average Daily Volume	18,136,721
Days-to-Cover Short Interest	2.50
Basic Shares Quantity	160,399,000
Short % of Basic Shares	28.3%

Returns Analyses

	Title
0	Quantum Computing Stock Drop Looks Sharp, But How Deep Can It Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/14/2025	8.5%	-3.8%	-3.6%
6/11/2024	-5.2%	-10.3%	-4.9%
3/30/2023	7.4%	16.4%	-4.9%
SUMMARY STATS
# Positive	2	1	0
# Negative	1	2	3
Median Positive	7.9%	16.4%
Median Negative	-5.2%	-7.0%	-4.9%
Max Positive	8.5%	16.4%
Max Negative	-5.2%	-10.3%	-4.9%

	Forward Returns
11/14/2025	8.5%	-3.8%	-3.6%
6/11/2024	-5.2%	-10.3%	-4.9%
3/30/2023	7.4%	16.4%	-4.9%
SUMMARY STATS
# Positive	2	1	0
# Negative	1	2	3
Median Positive	7.9%	16.4%
Median Negative	-5.2%	-7.0%	-4.9%
Max Positive	8.5%	16.4%
Max Negative	-5.2%	-10.3%	-4.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11142025	10-Q 9/30/2025
6302025	8142025	10-Q 6/30/2025
3312025	5152025	10-Q 3/31/2025
12312024	3202025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	10022024	10-Q 6/30/2024
3312024	10022024	10-Q 3/31/2024
12312023	4012024	10-K 12/31/2023
9302023	11132023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5122023	10-Q 3/31/2023
12312022	3302023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
6302022	8152022	10-Q 6/30/2022
3312022	5232022	10-Q 3/31/2022
12312021	3152022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Boehmler Christopher	Chief Financial Officer	6162025	Sell	20.00	46,440	928,800		Form
1	Boehmler Christopher	Chief Financial Officer	6112025	Sell	15.00	92,271	1,384,065	3,416,085	Form
2	Huang Yuping	Chief Quantum Officer	5202025	Sell	11.70	500,000	5,850,500	248,493,037	Form
3	Shabani Javad		5202025	Sell	11.66	39,973	465,933		Form
4	Huang Yuping	Chief Quantum Officer	3252025	Sell	8.48	200,000	1,696,400	204,002,753	Form

Industry Resources

Technology Hardware, Storage & Peripherals Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Quantum Computing (QUBT)

Market Price (12/25/2025): $11.43 | Market Cap: $1.8 BilSector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Quantum Computing (QUBT)

Market Price (12/25/2025): $11.43Market Cap: $1.8 BilSector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

QUBT Stock

Why The Stock Moved

Qualitative Assessment

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Price Returns Compared

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In The Past

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About Quantum Computing (QUBT)

Key Risks to Quantum Computing Inc. (QUBT)

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Interactive Breakdown

Better Bets than Quantum Computing (QUBT)

INDUSTRY: Technology Hardware, Storage & Peripherals

Higher Rev Chg 3Y Avg | Lower P/S (Values for QUBT: 63.0% | 3,354.9x)

Higher Rev Chg LTM (Value for QUBT: 41.5%)

Higher Rev Chg 3Y Avg (Value for QUBT: 63.0%)

Higher Op Mgn LTM (Value for QUBT: -6918.5%)

Higher CFO/Rev LTM (Value for QUBT: -4222.0%)

Higher FCF/Rev LTM (Value for QUBT: -5760.4%)

Higher Total Yield (Value for QUBT: -3.7%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for QUBT: 63.0% | 3,354.9x)

Higher Rev Chg LTM (Value for QUBT: 41.5%)

Higher Rev Chg 3Y Avg (Value for QUBT: 63.0%)

Higher Op Mgn LTM (Value for QUBT: -6918.5%)

Higher CFO/Rev LTM (Value for QUBT: -4222.0%)

Higher FCF/Rev LTM (Value for QUBT: -5760.4%)

Higher Total Yield (Value for QUBT: -3.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for QUBT: 63.0% | 3,354.9x)

Higher Rev Chg LTM (Value for QUBT: 41.5%)

Higher Rev Chg 3Y Avg (Value for QUBT: 63.0%)

Higher Op Mgn LTM (Value for QUBT: -6918.5%)

Higher CFO/Rev LTM (Value for QUBT: -4222.0%)

Higher FCF/Rev LTM (Value for QUBT: -5760.4%)

Higher Total Yield (Value for QUBT: -3.7%)

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Market Price (12/25/2025): $11.43 | Market Cap: $1.8 Bil
Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals

Market Price (12/25/2025): $11.43
Market Cap: $1.8 Bil
Sector: Information Technology
Industry: Technology Hardware, Storage & Peripherals