Quantum Computing Inc. reported third‑quarter 2025 results that included a 280% year‑over‑year increase in revenue to $384,000, driven by a first commercial sale of its quantum cybersecurity platform to a top‑five U.S. bank and higher volumes of research‑and‑development services and custom hardware contracts. The company’s earnings per share of $0.01 surpassed the consensus estimate of –$0.05, a beat of $0.06, while net income rose to $2.4 million from a $5.7 million loss in the same quarter of 2024. The jump in profitability was largely attributable to a $9.2 million mark‑to‑market gain on a derivative liability and $3.5 million in interest income, rather than core operating earnings.
Quantum Computing’s cash position strengthened to $352.4 million and its investments grew to $460.6 million as of September 30, 2025. The company subsequently raised an additional $750 million, bringing its total liquid assets to more than $1.5 billion. The capital infusion supports continued investment in the company’s Thin‑Film Lithium Niobate (TFLN) foundry and the scaling of its integrated photonic manufacturing platform.
Management emphasized the strategic significance of the quarter. Dr. Yuping Huang, interim CEO, said the company “strengthened its balance sheet, deepened commercial and government relationships, and advanced its roadmap toward scalable quantum and photonic manufacturing.” CFO Christopher Roberts highlighted that revenue growth was driven by increased R&D services and custom hardware contracts, underscoring the company’s expanding commercial traction.
Investors reacted positively to the results, citing the substantial revenue beat and the EPS meeting expectations as evidence of growing commercial momentum and a solid liquidity position. The market’s favorable response reflects confidence in the company’s ability to translate early commercial wins into sustained growth.
The earnings report underscores both progress and challenges. While the company’s liquidity and revenue growth signal a clear path toward scaling production and expanding market reach, the reliance on non‑operating gains for net income highlights the need for continued focus on building sustainable operating profitability as the business moves beyond early‑stage commercialization.
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