Quantum Computing Inc.'s second-quarter filing shows a company with sharply higher revenue, negative gross profit and a balance sheet still dominated by cash and investments. The Aug. 10 Form 8-K furnished an earnings release reporting $5.551 million of revenue for the quarter ended June 30, up from $61,000 a year earlier and $3.7 million in the first quarter. Cost of revenue was $6.717 million, producing a $1.166 million GAAP gross loss. The revenue growth therefore did not yet translate into positive gross economics for the quarter.

Operating expenses reached $21.847 million, up from $10.197 million a year earlier. Research and development was $8.428 million, sales and marketing $1.932 million, and general and administrative expense $11.487 million. The company reported a $23.013 million loss from operations and an $11.753 million net loss. Interest and other income of $12.954 million reduced the gap between operating and net loss, while a $1.682 million derivative-liability fair-value loss also affected the result. The filing's GAAP table is more informative than revenue growth alone.

Second quarter 2026 revenues totaled $5.6 million compared to $61 thousand in the second quarter of 2025, and $3.7 million in the first quarter of this year.— Quantum Computing Inc. Exhibit 99.1, filed Aug. 10, 2026

What the record actually covers

The balance sheet provides the other half of the story. Quantum Computing reported about $1.3 billion of cash, cash equivalents and investments at June 30, compared with about $1.5 billion at year-end. The filed release says roughly $180 million of cash, including transaction expenses, was used for the acquisitions of Luminar Semiconductor, NuCrypt and NHanced Semiconductors. Cash and equivalents alone were $189.150 million; short-term investments were $765.020 million, with additional investments contributing to management's combined figure.

The company completed the NHanced acquisition for cash and stock valued at $73.1 million, plus up to $72.0 million tied to performance targets. Management describes that transaction as launching a second fabrication operation and expanding advanced packaging, semiconductor manufacturing and photonic integration. Those are management characterizations in a furnished exhibit, not independently measured synergies. The filed numbers do establish the consideration framework and help explain why cash and investment balances declined during a quarter that also produced substantial interest income.

Commercial disclosures remain early and conditional. The company reported a Dirac-3 quantum optimization system delivered to a consulting firm, a university purchase order for a quantum-secure communications system, and a framework agreement for NeuraWave photonic reservoir systems. The NeuraWave framework carries potential aggregate program value above $10 million only if specified customer milestones and other conditions are met. It should not be treated as booked revenue. Contract backlog was reported at about $42.5 million, a separate measure whose conversion timing is not established by the 8-K.

The portfolio context

The revenue mix is also important. The release says second-quarter revenue came across quantum and photonics products and services and was primarily driven by photonics products serving aerospace, government and industrial uses while supporting the quantum roadmap. That wording means the reported $5.6 million should not be described as pure quantum-computing-system revenue. It also highlights the logic of the manufacturing acquisitions: current photonics and foundry activity can produce sales while the longer-duration quantum platforms remain under development.

Year-over-year net-loss improvement needs qualification. The prior-year quarter included a $28 million non-cash mark-to-market loss on a warrant derivative liability, compared with a $1.7 million loss in the current quarter. Higher revenue and interest income also helped, but operating loss widened as expense rose. On the GAAP statements, six-month revenue was $9.242 million against cost of revenue of $11.129 million and total operating expenses of $41.676 million. That combination describes a business scaling its asset base and spending well ahead of gross profit.

The quarter's figures also need denominator discipline. A very large percentage increase from $61,000 begins with an unusually small comparison base, so the absolute revenue and gross-profit lines carry more information than the growth rate alone. The current quarter's cost of revenue exceeded revenue, meaning additional scale had not yet produced positive GAAP gross profit in the filed period. Interest income then narrowed the net loss because the company held a large investment balance; it was not operating revenue and should not be used to describe product economics. Acquisition spending further complicates comparisons because acquired operations, transaction expense and new headcount can change both revenue and operating costs. Backlog and conditional framework value are different again: backlog is not recognized revenue, and a milestone-dependent program ceiling is not backlog unless the company says it is. A later quarter will be needed to see conversion into sales, gross margin and cash flow. The filing nevertheless supplies a useful baseline. It identifies the current revenue scale, the cost required to generate it, the operating expense base, available liquidity and the price of recent manufacturing expansion. Reading those five pieces together gives a more durable account of the quarter than selecting either the year-over-year revenue headline or the $1.3 billion liquidity figure in isolation.

The filed quarter therefore has three simultaneous signals: revenue grew from a very small prior-year base; acquisitions expanded domestic photonics and packaging capabilities; and operating economics remained negative despite a large liquidity reserve. The 8-K does not prove that recent acquisitions will integrate successfully or that conditional deployments will become revenue. It does show the financial bridge the company is using: cash and investment income fund manufacturing expansion and operating losses while management tries to turn photonics products, foundry services and quantum systems into a larger commercial base.