Quantum Computing Inc. posts $9.5 million quarter as Dirac-3S nears first shipments

The photonics developer, which builds hardware using particles of light to process information, is transitioning from research to commercial sales. The sequential revenue jump represents substantial progress for a company that reported just $384,000 in the same quarter a year earlier.

Revenue sources

The third quarter alone outearned the entire first half of 2026, which brought in approximately $9.2 million. The growth stems from acquisitions of Luminar Semiconductors, NuCrypt, and NHanced, which brought paying customers primarily in aerospace, government, and industrial markets.

Despite the revenue surge, QUBT posted a net loss of $15.15 million for the quarter, largely due to rising operating expenses related to integrating acquisitions, hiring, and commercialization efforts.

Dirac-3S system

The company's flagship product is the Dirac-3S optimization system, which can scale to 9,980 variables and is designed for logistics, finance, and defense applications. QUBT expects first customer shipments in the fourth quarter of 2026.

The system uses 'room-temperature entropy quantum optimization,' eliminating the need for extreme cooling and making it easier to install outside specialized laboratories.

Financial outlook

QUBT holds approximately $1.3 billion in cash, cash equivalents, and investments, with $70 million to $80 million earmarked for expanding its NHanced Fab 2 manufacturing facility, targeted for completion by March 2027.

The company ended the quarter with a contract backlog of $39.1 million, most of which is expected to convert into revenue over the next 12 months. Investors should watch how quickly this backlog converts, whether the NHanced Fab 2 project stays on schedule, and how many Dirac-3S units actually ship.