Quantum Computing Inc. Common
QUBT
$8.92
+9.58%
Quantum Computing Inc. (QUBT) is a technology company specializing in integrated photonics and non-linear quantum optics, developing machines for quantum computing, reservoir computing, and remote sensing, imaging, and cybersecurity applications. It operates in the emerging quantum computing industry, positioning itself as a niche player focused on room-temperature, low-power, and affordable quantum solutions. The current investor narrative is driven by the sector's explosive growth potential, recent government investments, and the transition from R&D to commercialization, but it is also marked by high volatility, skepticism from institutional exits, and concerns about cash runway and dilution risk.…
QUBT
Quantum Computing Inc. Common
$8.92
Related headlines
Investment Opinion: Should I buy QUBT Today?
Based on the analysis, QUBT is rated a 'Hold' with a cautious stance. The analyst consensus is 'Buy' with an average target of $18.33, implying 103% upside, but the extreme valuation and lack of profitability warrant caution. The thesis is that QUBT has significant growth potential but is currently overvalued relative to its fundamentals, making it a speculative hold rather than a strong buy.
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QUBT 12-Month Price Forecast
The AI assessment is neutral with medium confidence. QUBT's explosive revenue growth and analyst targets suggest upside, but the extreme valuation and lack of profitability create significant downside risk. The key factor is whether the company can scale revenue to justify its valuation. If revenue growth accelerates and margins improve, the stance would upgrade to bullish. Conversely, if cash burn continues and revenue growth decelerates, the stance would downgrade to bearish.
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Quantum Computing Inc. Common's 12-month outlook, with a consensus price target around $18.33 and implied upside of +105.5% versus the current price.
Average Target
$18.33
0 analysts
Implied Upside
+105.5%
vs. current price
Analyst Count
—
covering this stock
Price Range
$10 - $30
Analyst target range
The target price range spans from $10 to $30, with an average of $18.33. The high target of $30 assumes that QUBT will successfully commercialize its quantum technology and achieve significant revenue growth, possibly driven by government contracts and industry partnerships. The low target of $10 suggests that the stock may face challenges in scaling operations, competitive pressures, or dilution from future capital raises. Recent institutional ratings show a mix of Buy and Neutral actions, with no recent downgrades, but the exit of Anson Funds and the '2028 cash test' highlighted in the news indicate that some investors are skeptical about the company's long-term viability. The wide target spread (200% difference between high and low) signals high uncertainty and low conviction among analysts.
Bulls vs Bears: QUBT Investment Factors
QUBT presents a high-risk, high-reward opportunity. The bull case rests on explosive revenue growth, strong analyst targets, and government tailwinds, while the bear case is driven by extreme valuation, negative profitability, and institutional exits. Currently, the bearish evidence is stronger due to the unsustainable PS ratio and lack of profitability. The most critical tension is whether QUBT can scale revenue to justify its valuation before cash runs out, as the '2028 cash test' suggests. If revenue growth accelerates and profitability improves, the stock could re-rate; otherwise, it faces significant downside.
Bullish
- Explosive Revenue Growth: Q4 2025 revenue surged 219.35% YoY to $198,000 from $62,000, indicating early commercialization traction. Despite the small base, the growth rate signals potential demand for its quantum products.
- Strong Analyst Conviction: Analysts rate QUBT a 'Buy' with an average target of $18.33, implying 103% upside from the current $9.01. The high target of $30 suggests significant upside if the company executes on its commercialization strategy.
- Government Sector Tailwinds: The US government's $2 billion investment in quantum computing firms, as reported in May 2026, provides a favorable funding environment. QUBT could benefit from increased government contracts and industry partnerships.
- Healthy Balance Sheet: With a debt-to-equity ratio of 0.0011 and a current ratio of 102.38, QUBT has minimal debt and ample liquidity. This financial flexibility reduces near-term solvency risk and supports ongoing R&D investments.
Bearish
- Extreme Valuation Risk: The trailing PS ratio of 2474.62 is extraordinarily high, reflecting extreme optimism. Even the forward PS of 1.14 based on estimated revenue of $1.48 billion implies the market expects massive revenue growth, which is highly speculative.
- Negative Profitability: QUBT reported a net loss of $1.56 million in Q4 2025, with an EPS of -$0.011. The operating margin is deeply negative at -74.89%, and the gross margin is -49.49%, indicating the company is far from achieving profitability.
- Institutional Skepticism: Anson Funds completely exited its position, signaling deep skepticism about QUBT's near-term monetization prospects. This institutional exit, combined with the '2028 cash test' warning, highlights concerns about long-term viability.
- High Volatility and Drawdown: QUBT's beta of 3.79 indicates extreme volatility, and the stock has experienced a max drawdown of -74.37%. The 52-week low of $6.18 is 31% below the current price, showing significant downside risk.
QUBT Technical Analysis
QUBT is currently in a recovery phase after a significant downtrend. Over the past year, the stock has declined by 41.42%, and it is trading at $9.01, which is about 35% of its 52-week range (low of $6.18, high of $25.84). This positioning near the lower end of the range suggests the stock is still recovering from a sharp sell-off, with potential for value but also risk of continued weakness. The 52-week high of $25.84 was reached in early 2026, and the stock has since fallen dramatically, indicating a loss of momentum and investor confidence.
Beta
3.79
3.79x market volatility
Max Drawdown
-74.4%
Largest decline past year
52-Week Range
$6-$26
Price range past year
Annual Return
-39.3%
Cumulative gain past year
| Period | QUBT Return | S&P 500 |
|---|---|---|
| 1m | +12.8% | +2.5% |
| 3m | -27.5% | +2.7% |
| 6m | +12.9% | +11.1% |
| 1y | -39.3% | +20.5% |
| ytd | -19.0% | +12.3% |
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QUBT Fundamental Analysis
QUBT's revenue trajectory is highly volatile and minimal in absolute terms. In Q4 2025, revenue was $198,000, a 219.35% increase YoY from $62,000 in Q4 2024, but this is from a very small base. Over the past quarters, revenue has fluctuated significantly: Q1 2025 was $39,000, Q2 2025 was $61,000, Q3 2025 was $384,000, and Q4 2025 was $198,000. The growth is not consistent, and the company is still in early commercialization. The revenue growth rate of 219.35% YoY is misleading due to the tiny base, and the company's ability to scale revenue remains unproven.
Quarterly Revenue
$198000.0B
2025-12
Revenue YoY Growth
+219.3%
YoY Comparison
Gross Margin
-49.5%
Latest Quarter
Free Cash Flow
$-36984000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
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Valuation Analysis: Is QUBT Overvalued?
Given that QUBT has negative net income (EPS of -$0.011 in the most recent quarter), I selected the Price-to-Sales (PS) ratio as the primary valuation metric. The trailing PS ratio is 2474.62, which is extraordinarily high, reflecting the market's extreme optimism about future growth. The forward PS ratio is not directly provided, but based on estimated revenue of $1.48 billion for the next year, the forward PS would be approximately 1.14 (market cap of $1.69 billion / $1.48 billion). This implies that the market expects massive revenue growth, which is a high-risk assumption given the current revenue base.
PE
-93.3x
Latest Quarter
vs. Historical
N/A
5-Year PE Range 17x~59x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
-69.6x
Enterprise Value Multiple
Investment Risk Disclosure
Financial and operational risks are substantial. QUBT's revenue base is minuscule, with Q4 2025 revenue of just $198,000, and the company is burning cash with a free cash flow TTM of -$36.98 million. The negative gross margin of -49.49% indicates that the cost of revenue exceeds sales, a severe operational issue. While the current ratio of 102.38 suggests ample liquidity, the company's reliance on external funding to sustain operations until 2028 poses dilution risk, as highlighted by the '2028 cash test' news. The net loss of $1.56 million in Q4 2025, despite a positive EPS in Q1 and Q3 due to non-operating income, underscores the underlying operational losses.