HOBOKEN, N.J., November 14, 2025 -- Quantum Computing Inc. ("QCi" or the "Company"), an innovative, integrated photonics and quantum optics technology company, today released financial results for the three and nine-month periods ended September 30, 2025.

Dr. Yuping Huang, Interim Chief Executive Officer of QCi, commented, "The third quarter marked another important step forward for QCi as we strengthened our balance sheet, deepened commercial and government relationships, and advanced our roadmap toward scalable quantum and photonic manufacturing. Revenues increased 280% year-over-year for the three months ended September 30, 2025, reflecting our sales progress and increasing demand for our products, including a recent sale to a top 5 U.S. bank.

"We ended the third quarter with $352 million in cash and $461 million in investments, and subsequent to the quarter raised an additional $750 million, giving us a substantial liquid position of over $1.5 billion today to execute our long term growth strategy. Our integrated photonic approach continues to differentiate QCi as we work to bring practical quantum technologies out of the lab and into the hands of people. We remain focused on technical execution, strategic hiring, and thoughtful scaling of our foundry and quantum systems to meet growing global demand."

Third Quarter 2025 Financial Highlights

• Third quarter 2025 revenues totaled approximately $384,000 (33% gross margin) compared to $101,000 (9% gross margin) recorded in the third quarter of 2024. The increase in revenue is primarily due to increases in the number of, size of and level of effort performed on research and development services and custom hardware contracts. The Company also started to recognize revenue for cloud-based access to the Dirac-3 quantum optimization system during the three months ended September 30, 2025. Gross margin can vary at our current revenue levels. Accordingly, the year-over-year variation is not significant.
• Third quarter 2025 operating expenses totaled $10.5 million compared to the previous year's third quarter operating expenses of $5.4 million. The year-over-year increase reflects continued investment in research and development, engineering, and manufacturing as we position the Company for long-term growth.
• The Company reported a net income of $2.4 million, or $0.01 per basic share for the third quarter of 2025, compared to a net loss of $5.7 million or a loss of $0.06 per basic share for the same period of the previous year. The increase in net income this quarter was primarily due to a gain of $9.2 million from the mark-to-market of a derivative liability, plus interest income of $3.5 million.
• Total assets at September 30, 2025 were $898.2 million, increasing from $153.6 million at December 31, 2024. Cash and cash equivalents at September 30, 2025 increased by $273.5 million to $352.4 million from year-end 2024. Investments as of September 30, 2025 totaled $460.6 million. During the third quarter, the Company raised gross proceeds of $500 million through a private placement of common stock. Subsequent to the close of the quarter, the Company raised gross proceeds of $750 million through an additional private placement of common stock.
• Total liabilities at September 30, 2025 were $20.3 million, a decrease of $26.0 million compared to year-end 2024, driven primarily by a $25.8 million decrease in the derivative liability related to the QPhoton warrants.
• As of September 30, 2025, the Company had shareholders'equity totaling $877.9 million.

Third Quarter 2025 Operational Highlights

• Expanding Commercial Traction for Quantum AI and Cybersecurity Solutions: During the third quarter, QCi achieved further commercial progress across its quantum AI and cybersecurity offerings. The Company announced a purchase order from a top 5 U.S. bank for its quantum security solutions, the first U.S. commercial sale of its quantum cybersecurity solutions, marking a key milestone in validating its quantum security platform for real-world use cases.
• Advancing Strategic Partnerships with NASA: QCi continued to strengthen its collaboration with the National Aeronautics and Space Administration (NASA) during the quarter, progressing on its previously announced project with NASA's Langley Research Center. Under the program, QCi is applying its Dirac-3 quantum optimization machine to develop quantum-based techniques for removing solar noise from space-based LiDAR data, a long-standing challenge in achieving reliable atmospheric sensing during daytime operations. This initiative underscores QCi's growing role as a trusted government partner and the applicability of its quantum computing technology in scientific and environmental research.
• Quantum Photonic Chip Foundry Update: QCi's Tempe, Arizona thin-film lithium niobate (TFLN) photonic chip foundry, also known as Fab 1, focused on stabilizing production processes and ramping small-batch manufacturing to fulfill early customer orders. As the Company refines its manufacturing workflows, QCi continues to advance discussions with commercial and academic partners while planning for Fab 2, a second, larger facility designed to support higher-volume production in the coming years.
• Expanding Industry Engagement: During the quarter, QCi actively participated in multiple conferences and industry events to broaden awareness of its technology across both academic and commercial communities. These events included the European Conference on Optical Communication, Quantum.Tech Europe, Quantum World Congress, IEEE International Conference on Quantum Computing and Engineering, and the Dutch Photonics Event, among others. The Company also joined the Quantum Economic Development Consortium (QED-C), further aligning QCi with leading organizations driving the advancement and standardization of the quantum industry.
• Strategic Hiring to Support Growth and Execution: QCi continued to expand its engineering and operations teams. The Company remains focused on attracting top talent across engineering, research, and production as it executes its long-term roadmap toward scalable quantum and photonic manufacturing.