Quantum Computing
QUBT on Nasdaq. Quantum Computing sells quantum computing systems and photonic chips to businesses and researchers. Market value $1.8bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.89 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$7.86 a share, 27% above its 1-year low
Over the past year the price has ranged from $6.18 to $23.88.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $136,000 | $358,000 | $373,000 | $682,000 |
| Operating margin | |||||
| Operating margin | n/a | -21062.5% | -7330.4% | -6953.6% | -7489.3% |
| Debt to equity | |||||
| Debt to equity | n/a | 0.13 | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.08bn | 0.10bn | 0.22bn | 0.23bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 71.1% a year
- Buying back its own sharesNo, 325% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6 million last quarter, up 9000% on a year ago.
- A loss of $12 million, compared with a loss of $36 million a year ago.
- It loses 775 cents on each $1 of sales, compared with 12475 cents a year earlier.
- Over the past 12 months it spent $51 million more cash than it brought in, compared with $25 million a year earlier.
- 59% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $101,000 |
| December 2024 | $62,000 |
| March 2025 | $39,000 |
| June 2025 | $61,000 |
| September 2025 | $384,000 |
| December 2025 | $198,000 |
| March 2026 | $4m |
| June 2026 | $6m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$6m |
| December 2024 | -$51m |
| March 2025 | $17m |
| June 2025 | -$36m |
| September 2025 | $2m |
| December 2025 | -$2m |
| March 2026 | -$4m |
| June 2026 | -$12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 313 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $167,092 | <0.1% | New |
Largest holders overall
- BlackRock$172mAdded
- Vanguard Capital Management$86m
- Penserra Capital Management$68mAdded
- Defiance ETFs$66mAdded
- Vanguard Portfolio Management$64mCut
- Geode Capital Management$52mAdded
- State Street$48mAdded
- Morgan Stanley$32mAdded
- Marex Group$22mCut
- Mirae Asset Global Etfs Holdings$22mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Yuping HuangInsider or founder10.3%Since 3 April 2023
What they said
Except as described in this Item 4, Dr. Huang has no present plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Form Schedule 13D. Dr. Huang reserves the right, in light of his future evaluation of the Issuer's…
Read the filing - BlackRock, Inc.Passive investor6.7%+1.3 ptsSince 31 December 2025
- Kenneth GriffinPassive investorat least 4.9%(filed with 6 related holders)Since 25 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Yuping Huang Insider or founder | 10.3% | 3 April 2023 | What they saidExcept as described in this Item 4, Dr. Huang has no present plans or proposals that relate to or would result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Form Schedule 13D. Dr. Huang reserves the right, in light of his future evaluation of the Issuer's… Read the filing |
BlackRock, Inc. Passive investor | 6.7%+1.3 pts | 31 December 2025 | |
Kenneth Griffin Passive investor | at least 4.9% (filed with 6 related holders) | 25 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $648,248.
- Roberts Christopher BruceCFO and General CounselSold
- Date
- 11 March 2026
- Shares
- 9,360
- Price
- $7.85
- Value
- $73,476
- Roberts Christopher BruceCFO and General CounselSold
- Date
- 10 March 2026
- Shares
- 68,902
- Price
- $7.85
- Value
- $540,881
- Begliarbekov MilanChief Operating OfficerSold
- Date
- 7 January 2026
- Shares
- 2,860
- Price
- $11.85
- Value
- $33,891
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 March 2026 | Roberts Christopher Bruce CFO and General Counsel | Sold | 9,360 | $7.85 | $73,476 |
| 10 March 2026 | Roberts Christopher Bruce CFO and General Counsel | Sold | 68,902 | $7.85 | $540,881 |
| 7 January 2026 | Begliarbekov Milan Chief Operating Officer | Sold | 2,860 | $11.85 | $33,891 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Quantum Computing’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 2 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 8 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“The ineffectiveness of our disclosure controls and procedures was due to material weaknesses in our internal control over financial reporting described below.”
Show the full paragraph
As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of our disclosure controls and procedures. Based on such evaluation, our principal executive officer and principal financial officer concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective to provide reasonable assurance that (a) the information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (b) such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The ineffectiveness of our disclosure controls and procedures was due to material weaknesses in our internal control over financial reporting described below.
From the 10-Q filed 10 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.