QUBT stock is the Nasdaq ticker for Quantum Computing Inc, a Hoboken, New Jersey company that builds room-temperature photonic hardware. That is different from the cryogenic superconducting or ion-trap machines most quantum computing stocks are built around.
Its core technology manipulates single and entangled photons instead of supercooled qubits. Its most recent quarter shows why three acquisitions, not the core photonics business, are what actually moved revenue.
What QCi’s photonics platform actually does
Quantum Computing Inc calls its underlying IP the Core Photonics Technology. It is an integrated-photonics approach that conditions, manipulates and measures particles of light rather than trapped ions or superconducting circuits.
Per the company’s FY2025 10-K, this lets its machines run at room temperature and low power, unlike cryogenic rivals.
The commercial product built on that technology is the Entropy Quantum Computer, sold under the Dirac name. Dirac-3 shipped in 2024 and Dirac-4 is in development.
Where superconducting and ion-trap rivals try to eliminate environmental noise entirely, QCi’s own filing describes a different bet: controlled feedback through energy loss drives its photonic states toward stable, low-loss configurations instead.
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The Arizona foundry and the three acquisitions behind it
QCi’s longer-term plan is to move Dirac’s discrete optical parts onto integrated circuits built from thin film lithium niobate, a material it calls TFLN.
It finished building a TFLN chip research, prototyping and small-batch manufacturing site inside Arizona State University’s Research Park in Tempe in March 2025, and is planning a second, higher-volume facility it calls FAB 2.
Per the Q2 2026 10-Q, three deals built the manufacturing and communications bench around that plan:
- Luminar Semiconductor (closed February 2, 2026): runs its own III-V photonic semiconductor fab making laser diodes and photonic integrated circuits for aerospace and defense customers; contributed $8.1 million in revenue and a $5.7 million operating loss through June 30, 2026.
- NuCrypt (closed March 4, 2026): a quantum communications technology company, bought for $2.5 million cash plus 250,000 shares; contributed $0.4 million in revenue since closing.
- NHanced Semiconductors (closed June 22, 2026): adds nanophotonics fabrication and advanced packaging capacity, bought for $48.1 million cash, $20.0 million in escrow and $5.0 million in stock, with up to $72.0 million more contingent on 2027-2028 revenue and EBITDA targets.
Why revenue jumped but the core business barely moved
Revenue for the quarter ended June 30, 2026 was $5.6 million, against $61 thousand a year earlier, per the 10-Q.
Isolating the acquisition effect the filing discloses, Luminar, NuCrypt and NHanced together contributed $5.1 million of that increase. That leaves QCi’s pre-acquisition photonics and foundry business growing roughly $0.6 million over six months, not the headline jump.
Net loss narrowed to $11.8 million from $36.5 million a year ago. Most of that swing came from a non-cash change in the fair value of a derivative liability, a $28.1 million hit a year earlier versus $1.7 million this quarter, not operating improvement of that size.
Balance sheet, per the same filing: $189.2 million in cash plus $1.1 billion in short and long-term investments as of June 30, 2026, against a $235.0 million accumulated deficit. The company states it has adequate liquid assets for the next 12 months.
QUBT vs D-Wave vs Rigetti: three different qubit strategies
| Company (ticker) | Core technology | Exchange | Fiscal year end |
|---|---|---|---|
| Quantum Computing Inc (QUBT) | Room-temperature integrated photonics, optimization-focused EQC/Dirac line | Nasdaq | December 31 |
| D-Wave Quantum (QBTS) | Superconducting quantum annealing, now adding gate-model qubits via its Quantum Circuits Inc acquisition | Nasdaq | December 31 |
| Rigetti Computing (RGTI) | Superconducting gate-model qubits, Collaboration Agreement with Taiwan’s Quanta Computer | Nasdaq | December 31 |
All three file on the same fiscal calendar and trade on the same exchange. The real split between them is the physics, not the paperwork.
For a closer look at D-Wave’s own roadmap, see our D-Wave (QBTS) breakdown. For how the two names stack up against the rest of the sector, our quantum computing stocks overview lines up the pure-plays against the big-tech bets.
What to watch next
Track whether QCi’s organic photonics and foundry revenue keeps growing once the acquisition contributions annualize, and whether Dirac-4 or the FAB 2 facility reach commercial announcements. This is general information, not investment advice.
If you follow adjacent AI-infrastructure names, our Chinese AI stocks piece covers a different structural risk profile entirely.
Frequently asked questions
What does Quantum Computing Inc (QUBT) actually make?
It builds room-temperature photonic hardware, including the Dirac line of Entropy Quantum Computers for optimization problems, plus TFLN optical chips through its Arizona foundry and its Luminar Semiconductor, NuCrypt and NHanced subsidiaries.
Is QUBT the same kind of quantum computer as D-Wave or Rigetti?
No. QCi’s approach is photonic and runs at room temperature, while D-Wave uses superconducting quantum annealing and Rigetti uses superconducting gate-model qubits, both of which require cryogenic cooling equipment to operate.
Why did QUBT’s revenue jump in 2026?
Mostly acquisitions. Per its Q2 2026 10-Q, Luminar Semiconductor, NuCrypt and NHanced together contributed $5.1 million of the $5.5 million year-over-year revenue increase for the quarter, with the pre-acquisition business growing far more slowly.
