Quantum Computing Inc. (QCi) reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2025. The company generated total revenue of $682,000, marking an 83% increase from $373,000 in the previous year. This growth was primarily driven by a substantial rise in product sales, particularly from its vibrometer and quantum networking devices, which contributed $314,000 to the revenue stream compared to just $27,000 in 2024. However, the gross profit decreased to $67,000, resulting in a gross margin of 10%, down from 30% in the prior year, largely due to increased direct labor costs associated with new hardware product assembly.
Operating expenses surged to $51.1 million, a 96% increase from $26 million in 2024. This rise was attributed to heightened research and development costs, which grew by 81% to $20.5 million, as well as a significant increase in general and administrative expenses, which more than doubled to $27.2 million. The company reported a net loss of $18.7 million, a notable improvement from a loss of $68.5 million in the previous year, indicating a 73% reduction in losses.
Strategically, QCi completed the acquisition of Luminar Semiconductor, Inc. in February 2026 for $110 million, which is expected to enhance its capabilities in photonics and semiconductor technologies. This acquisition aligns with QCi's long-term strategy to expand its product offerings and market presence. The company also launched new products, including the Dirac-3 quantum optimization system, and began recognizing revenue from cloud-based access to this system during 2025.
Operationally, QCi's workforce increased to 72 full-time employees, with a focus on product development. The company is actively pursuing its technology roadmap and has expanded its research and development efforts to accelerate the development of key technologies. Despite the challenges of operating in a competitive and rapidly evolving market, QCi remains optimistic about its future, citing a strong cash position of $737.9 million and investments totaling $782.5 million as of December 31, 2025. The company anticipates continued growth in product revenues as it builds on its existing customer base and expands its market reach.
About Quantum Computing Inc.
Quantum Computing Inc. develops photonics-based quantum and AI hardware solutions, including quantum computers, sensors, and cybersecurity tools. Its core technology leverages integrated photonics and non-linear quantum optics to create room-temperature, low-power quantum systems for optimization, sensing, and secure communications. Serving both commercial and government markets, the company aims to advance scalable, cost-effective quantum applications across industries like cybersecurity, remote sensing, and AI.
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