# SeeQC, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/SeeQC, Inc.).

## Overview

SeeQC, Inc. is a U.S.-based quantum-computing technology company developing chip-based digital infrastructure that connects quantum and classical computing systems. Its activities include quantum hardware solutions, chip foundry and fabrication services, proof-of-concept programs, and research and development contracts, with operations in the United States, United Kingdom, and Italy.

## Products & services

• Chip-based quantum computing infrastructure
• Quantum-classical integration solutions
• Chip foundry and fabrication services
• Proof-of-concept quantum programs
• Research and development contracts

- **Quantum Computing Infrastructure** (35%) — Chip-based digital infrastructure designed to support scalable, fault-tolerant quantum systems.
- **Foundry and Fabrication Services** (30%) — Fabrication lab and foundry services for quantum chips and related hardware programs.
- **Proof-of-Concept Programs** (20%) — Customer-specific demonstrations and milestone-based projects evaluating quantum technologies.
- **Research and Development Contracts** (15%) — Contract research programs funded by commercial and government counterparties.

- Chip-based quantum computing infrastructure
- Quantum-classical integration solutions
- Chip foundry and fabrication services
- Proof-of-concept quantum programs
- Research and development contracts

## Customers

SeeQC sells to quantum hardware developers, system integrators, government agencies, and research-oriented organizations seeking to advance quantum systems toward scalable, fault-tolerant operation. Customers use its chip infrastructure, fabrication capabilities, and proof-of-concept programs to integrate quantum and classical computing environments. Government-sponsored research is commercially important, with U.S. government agencies representing substantially all disclosed contract revenue for the six months ended June 30, 2026.

- **U.S. Government Agencies** (primary) — Fund research and development programs supporting quantum computing and related infrastructure.
- **Quantum Hardware Developers** (primary) — Buy chip solutions and fabrication support to advance quantum hardware architectures.
- **Quantum System Integrators** (secondary) — Use integration and proof-of-concept services to connect quantum and classical systems.
- **Research Organizations** (secondary) — Engage SeeQC for experimental programs, fabrication, and technology validation.

- Quantum hardware developers needing chip-based infrastructure
- System integrators combining quantum and classical computing
- U.S. government agencies funding quantum research programs
- Research organizations testing quantum proof-of-concept systems
- Commercial partners engaging foundry and fabrication programs

## Geography

SeeQC is headquartered in Elmsford, New York, with subsidiaries in the United Kingdom and Italy. Disclosed revenue is concentrated in U.S. government agencies, which generated approximately $1.8 million of revenue in the six months ended June 30, 2026, while U.K. government agencies generated no revenue in that period. The company’s U.K. and European operations also support grant-funded research and development activities, including arrangements with U.K. and European Union agencies.

- **United States** (100%) — Approximate share based on disclosed U.S. government revenue of $1.8 million versus total revenue of $1.793 million for the six months ended June 30, 2026; disclosure identifies government-source revenue rather than a complete geographic revenue table.
- **United Kingdom** (0%) — U.K. government agency revenue was zero for the six months ended June 30, 2026; the company still maintains U.K. operations and receives U.K.-related research grants.

- Elmsford, New York is the corporate headquarters
- U.S. government agencies generated approximately $1.8 million in H1 2026
- U.K. government agencies generated no revenue in H1 2026
- U.K. and Italy subsidiaries support international operations
- European Union and U.K. grants support research activities

## Strategy

SeeQC’s strategic objective is to provide a digital infrastructure layer for quantum computing systems capable of scalable, fault-tolerant operation. The company is pursuing this position through chip-based solutions that integrate quantum and classical computing, supported by foundry services, proof-of-concept programs, and government-backed research. Continued product development and fabrication capacity are intended to convert research engagements into broader commercial adoption.

- **Advance chip-based quantum infrastructure** (long-term) — Integrated chip solutions are intended to address scaling and fault-tolerance challenges.
- **Convert development programs into customer adoption** (medium-term) — Proof-of-concept and milestone programs provide an entry point for commercial relationships.
- **Maintain research and fabrication capabilities** (medium-term) — Internal fabrication and research capacity support delivery of technically complex customer programs.
- **Obtain additional capital** (short-term) — Funding is required to support ongoing operations, product development, and capital expenditures.

- Develop infrastructure for scalable, fault-tolerant quantum systems
- Integrate quantum and classical computing environments
- Expand foundry and fabrication capabilities
- Use proof-of-concept programs to validate customer applications
- Leverage government and EU-funded research relationships
- Secure funding for product development and capital needs

## Risks

SeeQC remains dependent on external financing after substantial operating losses and an accumulated deficit, creating a reported going-concern risk that could constrain product development and operations. Its early-stage quantum-computing model also depends on technological execution, customer adoption, and the conversion of research and government programs into recurring commercial demand. Revenue concentration in U.S. government agencies, milestone timing, international grant arrangements, and obligations connected with the terminated Allegro merger add further exposure.

- **Going-concern and financing risk** [critical] — The company has incurred significant losses and requires additional capital to continue operations and fund development.
- **Quantum technology commercialization risk** [high] — Customers may delay adoption if quantum systems do not achieve expected performance, scalability, or fault tolerance.
- **Government customer concentration** [high] — Disclosed revenue for the first six months of 2026 was approximately $1.8 million from U.S. government agencies.
- **Milestone and project timing** [medium] — Revenue varies with achievement of milestones across proof-of-concept and foundry programs.
- **Manufacturing and execution risk** [high] — Fabrication services depend on specialized equipment, facilities, materials, labor, and subcontractors.
- **Allegro settlement obligations** [medium] — A future trigger event could require cash reimbursement and equity issuance under the settlement agreement.

- Going-concern risk may limit funding for operations and development
- Quantum technology may not achieve commercial-scale adoption
- Revenue is highly concentrated in U.S. government programs
- Milestone timing can cause significant quarterly revenue variability
- Fabrication and integration programs carry execution risk
- Merger settlement obligations may increase future cash and equity needs

## Accounting

Revenue from proof-of-concept, foundry, and research contracts is affected by the timing of contractual milestones, which can create period-to-period fluctuations even when the underlying project portfolio is unchanged. Government grants are accounted for separately from customer contracts under ASC 832 and recognized as reimbursable research costs are incurred. Other important judgments include fair-value estimates for stock-based compensation, performance-based vesting conditions, lease obligations, and valuation allowances against deferred tax assets.

- **Contract revenue recognition** — Can shift revenue between reporting periods and reduce quarterly comparability.
- **Government grant accounting** — Grant income and related R&D costs may vary with eligible spending and award limits.
- **Stock-based compensation valuation** — Changes in valuation assumptions affect operating expenses and equity.
- **Lease accounting** — Lease recognition affects liabilities, assets, interest expense, and future cash commitments.
- **Deferred tax valuation allowance** — A full valuation allowance limits recognition of deferred tax benefits.

- ASC 606 milestone timing affects quarterly contract revenue
- Proof-of-concept revenue may fluctuate without portfolio changes
- ASC 832 grants are recognized as eligible costs are incurred
- ASC 718 fair values affect stock-based compensation expense
- Performance vesting conditions affect equity award recognition
- Lease commitments affect operating and finance liabilities

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*Last updated: 2026-09-24T12:27:35.522612+00:00*