HOBOKEN, N.J., November 9, 2026 -- Quantum Computing Inc. (“QCi” or the “Company”), a vertically integrated quantum company pioneering photonics and semiconductor manufacturing, today announced financial results for the third quarter ended September 30, 2026.

QCi generated $9.5 million in revenue during the third quarter, exceeding the $9.2 million reported for the entire first half of 2026. Revenue growth was primarily driven by the Luminar Semiconductors, Inc. (“LSI”), NuCrypt, LLC (“NuCrypt”) and NHanced Semiconductors, Inc. (“NHanced”) businesses acquired during the first half of 2026, including acquired photonic components, quantum communications products and advanced packaging services sold to the aerospace, government and industrial markets. The Company continues to focus on expanding commercial relationships, integrating its manufacturing capabilities and advancing its proprietary quantum technologies as it moves into the next phase of its development.

"For several years, we've been building the technology and capabilities to make quantum more practical and accessible," said Dr. Yuping Huang, Chief Executive Officer of QCi. "We're starting to see those investments come together, and our focus is increasingly shifting from what we can build to what we can put to work for customers. We're encouraged by our progress, but recognize there's considerable work ahead. Our priorities are clear: growing our commercial business, scaling manufacturing and advancing our quantum roadmap. I've always believed that being early creates opportunity. Execution is what makes that opportunity last."

Third Quarter 2026 Financial Highlights

• Revenue: Third-quarter revenue totaled $9.5 million, compared to $384 thousand in the third quarter of 2025. Revenue was primarily driven by sales of products and services for aerospace, government and industrial applications.
• Gross Margin: Gross profit totaled approximately $428 thousand in the third quarter, for a gross margin of 4.5%. The Company continues to focus on increasing manufacturing utilization and improving operating efficiency as it scales its commercial operations.
• Operating expenses: Total operating expenses were $29.0 million, compared with $10.5 million in the prior-year period. The increase is primarily due to higher personnel expenses and other costs associated with expanded research and development, sales and marketing activities, as well as approximately $1.0 million in acquisition-related expenses.
• Interest and other income: Interest and other income totaled $13.0 million, compared with $3.5 million in the third quarter of 2025, primarily reflecting interest earned on the Company's larger cash and investment balances.
• Net loss: The Company reported a net loss of $15.1 million, or $0.07 per basic share, for the third quarter of 2026.
• Balance sheet: QCi ended the quarter with approximately $1.3 billion in cash, cash equivalents and investments and accrued interest, including $174.3 million in cash and cash equivalents and $1.1 billion in short- and long-term investments, including accrued interest consistent with its reported position at the end of the third quarter.
• Contract backlog: Contract backlog totaled approximately $39.1 million as of September 30, 2026. Contract backlog represents the value of contracted work expected to be performed under applicable contracts and remains subject to the terms and conditions of those contracts.

Third Quarter 2026 Business Highlights

• Expanding commercial opportunities: QCi continued integrating the LSI, NuCrypt and NHanced businesses acquired during the first half of 2026. These businesses provide established quantum, photonics and advanced packaging products, services and customer relationships across existing commercial markets, while expanding QCi's capabilities in photonic design, semiconductor fabrication and advanced packaging. Together, these capabilities support two important objectives: serving customers in established markets today and advancing the development and manufacturing of QCi's proprietary quantum technologies. The Company is focused on expanding customer relationships, bringing its manufacturing operations together and improving efficiency as it scales the business.

• Advancing quantum adoption through academic collaboration: In September, QCi entered into a framework agreement with Hamad Bin Khalifa University in Qatar to support quantum education, research, and co-marketing initiatives to accelerate the adoption of quantum technologies.

  The collaboration includes cloud access to QCi's Dirac-3 quantum optimization system and is intended to support research and expand understanding of potential applications for quantum computing, sensing and communications.

• Delivering QCi’s quantum technology to pharmaceutical markets: During the quarter, QCi entered into a commercial agreement with INmune Bio to apply QCi’s Dirac quantum optimization technology alongside AI and conventional analytics to clinical and biomedical data. The collaboration will explore potential applications for INmune Bio's investigational Alzheimer's treatment. The engagement marks QCi's first commercial customer in the pharmaceutical and biotechnology market, and an opportunity to apply QCi’s quantum technology to complex, real-world challenges.