HOBOKEN, NJ, May 11, 2026 -- Quantum Computing Inc. (“QCi” or the “Company”) , a quantum optics and integrated photonics company, today released financial results for the three months ended March 31, 2026.

Dr. Yuping Huang, Chief Executive Officer of QCi, commented, “QCi made significant operational progress in the first quarter of 2026, furthering our mission of delivering accessible, scalable, and affordable quantum machines and photonic solutions for practical use across high-growth markets, including high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging. As demand for faster and more efficient data processing grows, it is becoming increasingly clear that photonics will be a critical component of future technological advancements given its low power consumption and ability to operate at room temperature. During the first quarter we strengthened our position in this space, and made significant progress in advancing our technology roadmap and continued to grow our commercial momentum.

“We completed two key acquisition opportunities in the quarter, closing the acquisitions of Luminar Semiconductor, Inc. (“LSI”), and NuCrypt, LLC (“NuCrypt”), improving our path to scalable manufacturing and bolstering our portfolio of quantum communications and photonics solutions. We are currently integrating LSI and NuCrypt into QCi. These acquisitions bring established capabilities in lasers, detectors and advanced packaging, broad R&D and manufacturing capabilities, and an experienced team of engineers and scientists, further expanding our talent base and execution capacity. As we move through 2026, we remain focused on expanding our strategic partnerships, scaling our technology and manufacturing capabilities, and continuing to advance our mission of putting quantum-enabled solutions into the hands of people.”

First Quarter 2026 Financial Highlights

• First quarter 2026 revenues totaled approximately $3.7 million compared to $39 thousand in the first quarter of 2025. The year-over-year increase was driven primarily by the acquisition of LSI in February 2026, and, to a lesser extent, NuCrypt in March 2026.
• Operating expenses totaled $19.8 million compared to $8.3 million in the first quarter of 2025, up 139%, largely reflecting higher personnel costs across research and development, sales and marketing, and general and administrative functions and higher expenses primarily associated with acquisition-related transaction expenses.
• The Company reported a net loss of $4.1 million, or $0.02 per basic share for the first quarter of 2026, compared to net income of $17.0 million or $0.13 per basic share, for the prior-year period. The year-over-year change in net loss was primarily driven by the decrease in the non-cash gain on the mark-to-market of the Company’s derivative liability (which relates to warrants issued for the merger with QPhoton in June 2022) and higher operating expenses.
• Total assets at March 31, 2026 were approximately $1.6 billion, relatively unchanged compared to December 31, 2025. Cash, cash equivalents and investments totaled approximately $1.4 billion at March 31, 2026, compared to approximately $1.5 billion at year-end 2025.
• Total liabilities at March 31, 2026 were $23.4 million, an increase of $2.7 million compared to year-end 2025.
• As of March 31, 2026, the Company had stockholders’ equity totaling $1.6 billion.
• As of March 31, 2026, contract backlog was approximately $16 million.

First Quarter 2026 Operational Highlights

• Acquisition of Luminar Semiconductor, Inc.: During the first quarter, QCi completed the acquisition of Luminar Semiconductor, Inc. in an all-cash transaction valued at $110 million. LSI manufactures and sells a portfolio of photonic components and brings established capabilities in lasers, detectors, advanced packaging, and manufacturing, complementing QCi’s position in thin film lithium niobate (“TFLN”) integrated photonics.
• Acquisition of NuCrypt, LLC: During the first quarter, QCi completed the acquisition of NuCrypt, LLC, a quantum communications technology company, in a transaction valued at $5 million. By integrating NuCrypt’s suite of quantum communications systems and products, QCi expects to advance its technology roadmap while extending its portfolio of quantum communications and quantum photonics solutions.
• Placed Quantum Optimization Machine on Quantum Corridor Network: QCi announced during the first quarter the placement of a QCi Dirac-3 quantum optimization machine on Quantum Corridor’s network, a multi-state quantum-safe commercial communication network in North America. The partnership with Quantum Corridor will allow for enhanced, secure and on-demand Dirac-3 access for institutions and commercial customers on Quantum Corridor’s network.
• Quantum Photonic Chip Foundry Update: QCi’s Fab 1 facility, currently purposed for research and development and prototyping, has been ramping up small-batch manufacturing and has begun to generate early revenue. The Company has been actively exploring options for a planned Fab 2 facility, with the goal of further expanding production capacity.

Earnings Conference Call

The Company will host its first quarter 2026 call today, Monday, May 11, 2026, at 4:30 p.m. ET.