Shares of companies developing quantum computing technologies ticked higher Thursday following the publication of first-quarter 2026 results from Quantum Computing. Investors reacted to a revenue increase and other company disclosures, and several peers registered gains on the session.
Market moves included an 8% rise in Rigetti Computing (NASDAQ:RGTI), a 3% increase for IonQ (NYSE:IONQ), a 3% advance for D-Wave Quantum (NYSE:QBTS) and a 4% uptick for Infleqtion. Quantum Computing's own stock rose about 25% after the company released its quarterly figures.
Quantum Computing reported first-quarter 2026 revenue of approximately $3.7 million, up from $39 thousand in the same quarter a year earlier. Management attributed the year-over-year revenue increase primarily to the acquisitions of LSI in February 2026 and NuCrypt in March 2026.
The company recorded a net loss of $4.1 million for the quarter, equal to a loss of $0.02 per basic share, compared with net income of $17.0 million, or $0.13 per basic share, in the first quarter of 2025. The company said the year-over-year swing was mainly the result of a reduction in a non-cash gain related to the mark-to-market of its derivative liability, coupled with higher operating expenses.
Operating expenses for the period totaled $19.8 million, up from $8.3 million in the first quarter of 2025 - an increase of 139%. The rise in expenditures reflected higher personnel-related costs across research and development, sales and marketing, and general and administrative functions, as well as expenses tied to acquisition-related transactions.
Quantum Computing also reported a contract backlog of approximately $16 million at the end of the quarter.
Context and market response
The company's revenue increase, driven by two acquisitions completed earlier in the year, coincided with wider operating losses and substantially higher operating costs. Investors appeared to focus on the stronger top-line performance and the backlog figure, contributing to the stock's sharp rise and to modest gains among listed peers.
Key points
- Quantum Computing reported about $3.7 million in first-quarter 2026 revenue, up from $39 thousand a year earlier.
- Operating expenses rose to $19.8 million from $8.3 million year over year, driven by personnel costs and acquisition-related transaction expenses.
- Peer stocks including RGTI, IONQ and QBTS showed session gains after the report; Quantum Computing's stock rose roughly 25%.
Risks and uncertainties
- The company posted a net loss of $4.1 million in the quarter versus net income of $17.0 million in the year-earlier period, reflecting changes in non-cash gains and higher operating expenses - a continuing profitability risk for investors.
- Operating expenses increased substantially, which could pressure margins if revenue growth from acquisitions does not persist.
- Reported improvements in revenue were driven primarily by recent acquisitions, leaving some dependence on integration success and the future performance of acquired assets.
This report is based solely on the company disclosures and market moves described above.