Quantum Computing Inc.
Quantum Computing Inc. is a U.S.-based development-stage technology company focused on photonics-based quantum and quantum-adjacent systems. Its business includes quantum computing hardware and software access tools, quantum networking and authentication, sensing and imaging products, and foundry services for thin-film lithium niobate optical chips.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueHardware and cloud-access offerings for quantum optimization and related computing use cases.
Customer proof-of-concept work, bespoke development, and research services.
Off-the-shelf and custom-built photonics devices and quantum networking hardware.
Manufacturing services for thin-film lithium niobate optical chips.
Quantum authentication, remote sensing, imaging, and vibrometry applications.
Products
Reported · share of revenue- Services54.0 %
- Products46.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
QCi sells to commercial and government customers that are testing quantum and photonics solutions through multi-month contracts. Buyers typically start with proof-of-concept work, R&D services, or custom hardware before adopting broader deployments. The company also serves customers interested in quantum cybersecurity, sensing, and optimization applications where room-temperature, low-power systems may be attractive.
Companies that buy exploratory R&D services and custom hardware to test quantum use cases before scaling.
Agencies and related buyers that evaluate quantum networking, cybersecurity, and sensing applications.
Customers accessing Dirac-3 and related optimization capabilities through cloud-based services.
Customers that need TFLN optical chip manufacturing and related photonics components.
Buyers of LiDAR, vibrometry, and remote sensing products for specialized technical applications.
Strategy
QCi is building a portfolio of photonics-based products that can be sold as hardware, cloud access, and services across quantum computing, sensing, and cybersecurity. Its strategy centers on proving practical use cases, expanding customer awareness, and converting exploratory engagements into repeat product and service revenue.
The company needs repeatable products to move beyond bespoke contracts and scale revenue.
Cloud delivery can lower adoption barriers and broaden the customer base for quantum applications.
Production capacity and supply-chain control are important for scaling hardware and chip offerings.
Quantum adoption is still early, so customer understanding is critical to converting interest into sales.
Geography
2025QCi is headquartered in the United States and its reported customer activity is centered on U.S. commercial and government buyers. The company also references global competition and international quantum research activity, but the disclosed revenue base in the excerpts is not broken out by country. Its manufacturing and development footprint includes photonics and chip-related operations in the U.S., including foundry-related capacity.
Share of the revenue the company reports by geography.
Risks
QCi faces the risks typical of an early-stage quantum company: uncertain commercial adoption, rapid technology change, and intense competition from larger incumbents and well-funded peers. Its hardware and software must remain compatible with evolving industry standards, while supply-chain dependence, cybersecurity exposure, and valuation judgments add operational and reporting risk.
- Uncertain commercial adoption of quantum productsImpact: HighLikelihood: High
Customers are still testing the technology and may delay or avoid broader deployment.
Exposure: Revenue growth and customer conversion
- Technology and standards mismatchImpact: HighLikelihood: Medium
If competing software or hardware standards dominate, QCi's platform could become less usable.
Exposure: Hardware and software ecosystem compatibility
- Intense competitionImpact: HighLikelihood: Medium
The market includes large technology companies, pure-play quantum firms, and state-backed research efforts.
Exposure - Supplier concentration and component availabilityImpact: MediumLikelihood: Medium
Some products rely on third-party components with limited qualified suppliers.
Exposure: Manufacturing schedules and delivery timing
- Cybersecurity and data integrityImpact: MediumLikelihood: Medium
A breach or data loss could create litigation, liability, and reputational harm.
Exposure: Customer trust and legal exposure
Accounting
Judgemental itemsHardware sales, R&D services, and cloud access may be recognized at different points or over time.
Impact: Affects quarterly revenue timing and comparability
Expense depends on subjective inputs such as volatility, expected life, and risk-free rates.
Impact: Can materially change operating expense
Fair-value remeasurement can create non-cash gains or losses.
Impact: Can add volatility to reported earnings
Acquired intangibles from the QPhoton merger require useful-life and impairment judgments.
Impact: Can affect amortization and impairment charges
Future tax benefits depend on expectations of taxable income.
Impact: Can materially affect tax expense and balance sheet values
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Last updated: 24/09/2026