Quantum Computing Inc. generated $5.6 million in Q2 2026 revenue compared with just $61,000 a year earlier, increasing quarterly revenue by more than 90 times as the company’s photonics, semiconductor-manufacturing, and quantum-computing businesses begin producing a larger commercial contribution.
Revenue also increased sequentially from $3.7 million in Q1, while contract backlog reached approximately $42.5 million as of June 30. The backlog was roughly 7.6 times Q2 revenue, providing a substantially larger base of contracted business than the amount recognized during the quarter.
QCi said revenue came from its integrated portfolio of quantum and photonics technologies, products, and services serving government, educational, and commercial customers. Photonics products serving aerospace, government and industrial applications were the primary revenue driver.
Commercial activity expanded across several areas during the quarter. QCi sold, delivered and installed a Dirac-3 quantum optimization machine at a leading global consulting firm, where it will be used with enterprise customers for applications including portfolio optimization.
The company also brought its NeuraWave photonic reservoir computing platform to deployment readiness. NeuraWave combines photonic and digital computing for AI inference and signal processing and is being targeted at applications spanning defense, telecommunications, robotics, healthcare and industrial monitoring.
A framework agreement with Planck Dynamics could result in deployment of multiple dozens of NeuraWave systems as customer milestones are achieved. QCi said the agreement has potential aggregate program value exceeding $10 million, subject to milestones and other conditions.
QCi is also expanding its manufacturing footprint through acquisitions. During Q2, it completed the acquisition of advanced-packaging foundry NHanced Semiconductors in a transaction valued at $73.1 million in cash and stock, plus up to another $72 million tied to performance targets. The deal launched Fab 2 ahead of schedule and expanded advanced packaging, semiconductor manufacturing and photonic-integration capabilities.
NHanced was the company’s third acquisition of 2026. QCi used approximately $180 million of cash, including transaction expenses, for its acquisitions of Luminar Semiconductor, NuCrypt and NHanced, yet still ended June with approximately $1.3 billion of cash, cash equivalents and investments.
That liquidity is unusually large relative to QCi’s current revenue base. Total assets were approximately $1.6 billion and total liabilities were only $47.2 million at quarter-end, leaving the company with substantial financial capacity to integrate acquisitions and continue investing in manufacturing and technology development.
Operating expenses increased 114% to $21.8 million from $10.2 million, including $7.3 million of acquisition-related transaction expense as well as higher R&D, sales and marketing staffing costs. Interest and other income increased to $13 million from $1.8 million because of the company’s much larger cash and investment balances.
Net loss narrowed to $11.8 million from $36.5 million, although much of the year-over-year improvement reflected warrant accounting. QCi recorded a $1.7 million mark-to-market loss on a derivative liability in Q2 2026 compared with a $28 million loss in the prior-year quarter.
The combination of more than 90-fold revenue growth, $42.5 million of backlog and $1.3 billion of liquidity leaves QCi with a commercial base that remains small relative to its balance sheet but is expanding rapidly as the company integrates photonics, semiconductor manufacturing and quantum systems under one platform.
KEY QUOTES:
“During the second quarter, we continued to execute on our strategy of making our quantum products smaller, more practical and more accessible. Our room-temperature photonic architecture continues to differentiate QCi by providing a pathway to practical quantum systems with significantly lower complexity, cost and power requirements than competing approaches. At the same time, we are expanding the capabilities of fast prototyping and volume production that not only support our future quantum roadmap but also address growing commercial markets today.”
“Supported by a strong balance sheet, we remain well positioned to continue integrating our recent acquisitions, expand our commercial and government customer base and invest in the technologies and manufacturing capabilities that support both our commercial businesses and our long-term quantum roadmap. As we look to the second half of 2026, we stay focused on executing our roadmap and delivering on our mission of putting quantum into the hands of everybody.”
Dr. Yuping Huang, Chief Executive Officer of Quantum Computing Inc.
