Quantum Computing Inc. (QCi) reported Q3 2025 results that highlight expanding commercial traction, a significantly strengthened balance sheet, and continued progress toward scaling its thin-film lithium niobate (TFLN) photonic chip foundry. Revenue rose to $384,000 in the quarter, driven by growth in R&D services, custom hardware contracts, and initial cloud-based access to the Dirac-3 quantum optimization system. QCi also secured its first U.S. commercial sale of its quantum cybersecurity platform with a purchase order from a top five U.S. bank.
The company raised $1.25 billion across two private placements during and after the quarter, lifting cash and investments to more than $1.5 billion. QCi said it is accelerating execution across quantum AI, secure communications, and photonic manufacturing, including its Tempe-based TFLN Fab 1. The foundry is stabilizing processes, supporting early production runs, and preparing for a higher-volume Fab 2 facility.
QCi also expanded its government and research footprint this quarter, advancing a NASA Langley program focused on solar-noise removal in LiDAR-based atmospheric sensing using the Dirac-3 machine. The company deepened industry engagement through participation in ECOC, Quantum.Tech Europe, Quantum World Congress, and IEEE quantum engineering events, while joining the Quantum Economic Development Consortium (QED-C).
• Q3 revenue: $384,000 (33% margin), up from $101,000 a year ago
• Net income: $2.4 million, compared with a loss of $5.7 million in Q3 2024
• Cash & investments at Sept. 30: $813 million; rising to >$1.5B after post-quarter financing
• Operating expenses: $10.5 million vs. $5.4 million in Q3 2024
• Shareholders’ equity: $877.9 million
• Commercial progress: First U.S. commercial sale of quantum cybersecurity solution
• Government programs: Multiple NASA collaborations tied to LiDAR, atmospheric sensing, and spectral mapping
• Foundry: Fab 1 progressing with small-batch TFLN production; planning underway for Fab 2
• Product roadmap: Quantum cybersecurity modules, photonic AI accelerators, quantum sensing, and gate-based optimization
• Market positioning: Only U.S. pure-play nonlinear quantum optics and TFLN photonics provider processing 150mm wafers
“We strengthened our balance sheet, deepened commercial and government relationships, and advanced our roadmap toward scalable quantum and photonic manufacturing,” said Dr. Yuping Huang, Interim CEO of QCi. “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.”
🌐 Analysis
QCi’s Q3 results align with its strategy as a vertically integrated photonics and quantum hardware company, combining proprietary TFLN fabrication with room-temperature quantum optimization, sensing, and security products. The strong cash position provides multi-year runway to scale Fab 1 and advance Fab 2, addressing growing demand for integrated photonics across AI acceleration, secure communications, and quantum systems. Competitors such as PsiQuantum, Xanadu, and Photonic Inc. are also leaning heavily into integrated photonics, but QCi’s position as a U.S.-based TFLN foundry with 150mm wafer capability offers a differentiated manufacturing foothold for both quantum and classical photonic markets.
