HOBOKEN, N.J., March 02, 2026 -- Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, quantum optics and integrated photonics technology company, today released financial results for the three and twelve-month periods ended December 31, 2025.

Dr. Yuping Huang, Chief Executive Officer of QCi, commented, "In 2025 we continued to advance our strategy to build a vertically integrated photonics and quantum optics platform capable of supporting scalable, commercial applications across AI, high-performance computing, cybersecurity, and remote sensing.  We completed and opened "Fab 1", our TFLN chip manufacturing facility in Tempe, Arizona, expanded our foundry services business, strengthened our leadership team and board, and raised over $1.5 billion to support our long-term growth strategy and technology roadmap. We are now seeing early customer engagement and revenue contribution from our foundry services and product portfolio as we continue progressing toward broad scale commercialization."

"Subsequent to the close of the fourth quarter, we completed our acquisition of Luminar Semiconductor, Inc., which brings established capabilities in lasers, detectors, advanced packaging, and manufacturing. The acquisition adds an established customer base and accelerates our path to scalable manufacturing. As we move through 2026, we remain focused on advancing strategic partnerships, scaling our technology and manufacturing capabilities, and investing in talent across engineering, research and production to support continued growth and execution."

Fourth Quarter 2025 Financial Highlights

• Fourth quarter 2025 revenues totaled approximately $198,000 compared to $62,000, a 219% increase.  The year-over-year increase was driven primarily by hardware sales and services associated with our Fab 1 facility, which began contributing revenue during the year.
• Fourth quarter 2025 operating expenses totaled $22.1 million compared to the previous year's fourth quarter operating expenses of $8.9 million, an increase of 148%. The increase in operating expenses is the result of substantial growth in personnel for research and development, engineering, manufacturing and sales and marketing to support our long-term growth initiatives, as well as M&A expenses.
• The Company reported a net loss of $1.6 million, or a loss of $0.01 per basic share for the fourth quarter of 2025, compared to a net loss of $51.2 million or a loss of $0.47 per basic share for the same period of the previous year. The improvement in net loss during the quarter was primarily due to a gain of $7.0 million from the mark-to-market of a derivative liability, which is non-cash in nature and subject to future volatility, plus interest income of $13.6 million.
• Total assets at December 31, 2025 were $1.6 billion, increasing from $153.6 million at December 31, 2024. Cash and cash equivalents at December 31, 2025 increased by $658.9 million to $737.9 million from year-end 2024 and investments as of December 31, 2025 totaled $783 million. During the fourth quarter, the Company raised gross proceeds of $750 million through a private placement of common stock.
• Total liabilities at December 31, 2025 were $20.7 million, a decrease of $25.6 million compared to year-end 2024.
• As of December 31, 2025, the Company had stockholders' equity totaling $1.6 billion.

Fourth Quarter 2025 Operational Highlights, plus updates since December 31, 2025

• Acquisition of Luminar Semiconductor: During the quarter, QCi announced an agreement to acquire Luminar Semiconductor, Inc., which manufactures and sells a portfolio of photonic components and brings established capabilities in lasers, detectors, advanced packaging, and manufacturing, complementing QCi's position in TFLN integrated photonics. The all-cash transaction, valued at $110 million, was completed subsequent to the quarter on February 2, 2026.
• Completed $750 million Oversubscribed Private Placement: During the fourth quarter, QCi announced that it entered into securities purchase agreements with institutional investors for the purchase and sale of 37,183,937 shares of common stock in an oversubscribed private placement, resulting in gross proceeds of $750 million, before deducting offering expenses.
• Quantum Photonic Chip Foundry Update: QCi's Fab 1 facility, which is currently used as a research and development and prototyping space, has been ramping small-batch manufacturing and has begun to contribute revenue. The Company is actively planning for another manufacturing facility, known as Fab 2, which is expected to be larger facility designed to support higher-volume production.
• Dr. Yuping Huang confirmed as Chief Executive Officer: Dr. Yuping Huang was appointed CEO, effective January 1, 2026, after previously having been appointed Interim CEO in April 2025. Dr. Huang's appointment comes as part of QCi's ongoing focus on growth and scaling its quantum photonics systems for industrial and commercial use.
• Unveiled Photonics-Based Reservoir Computer, Neurawave: QCi debuted Neurawave, its newest reservoir computer, at SuperCompute25. Neurawave represented an important development for QCi as it delivers a photonic computing system designed to meet industry standards and seamlessly integrate with existing computing infrastructures.
• Strategic Collaboration with POET Technologies: During the quarter, QCi announced a strategic collaboration with POET Technologies, a leader in the design and implementation of highly-integrated optical engines and light sources for artificial intelligence networks, to develop 400G/Lane thin-film lithium niobate (TFLN) modulator-based 3.2Tbps engines designed to lead the next era of computing.