Quantum computing has captured the imagination of investors in a way few technologies ever have. Instead of gravitating toward established tech giants, market participants are turning their attention to more speculative names, with Quantum Computing (QUBT) standing out as one of the most discussed companies in this emerging space. 

On Thursday, Aug. 14, Quantum Computing released its fiscal 2025 second-quarter report which highlighted several developments, including a strategic partnership with NASA, inclusion in the Russell 2000 index, and photonic qubit progress. Despite these headlines, QUBT stock fell nearly 4% on the day.

This is because, during the quarter, the company recorded $61,000 in sales alongside a net loss of $36.5 million, underscoring that Quantum Computing remains effectively pre-revenue with no clear path to sustained profitability. While the industry often experiences irregular sales patterns, the company’s limited traction with enterprise customers points to more conceptual ambition than practical adoption. For now, investors are largely betting on potential rather than tangible results.

About Quantum Computing Stock

Based in Hoboken, New Jersey, Quantum Computing is an integrated quantum optics and nanophotonic technology firm. Carrying a market capitalization of roughly $2.37 billion, its operations focus on developing machines for quantum computing, reservoir computing, and applications in remote sensing, imaging, and cybersecurity, leveraging advanced integrated photonics and non-linear quantum optics. 

Over the past year, QUBT stock has surged 2,223%, a meteoric rise that dwarfs the S&P 500 Index ($SPX), which has gained 14% over the same period. However, in 2025 alone, QUBT stock has fallen nearly 14%. So far in 2025, the broader index has climbed 9%, highlighting the volatility inherent in speculative tech plays.

Valuation metrics emphasize this divergence. QUBT trades at 6,813 times forward sales, far exceeding industry norms. Such figures reinforce that the stock is priced for future breakthroughs rather than present results. 

A Closer Look at Quantum Computing’s Q2 Earnings

On Aug. 14, Quantum Computing reported its Q2 2025 results, wherein revenue amounted to $61,000, a 67% decline from the prior year. The figure also came in below analysts' expectations of $100,000.

Total operating expenses surged 92% to $10.2 million, nearly double the $5.3 million recorded a year ago. The increase reflects the company’s ongoing investments in development and commercialization initiatives. Net losses widened 602% from the prior-year quarter to $36.5 million, while loss per share amounted to $0.26, a 333% year-over-year (YOY) increase. 

Despite these figures, management pointed to several encouraging developments. Interim CEO Yuping Huang highlighted “meaningful commercial progress,” noting new customer wins across quantum sensing, artificial intelligence (AI), and cybersecurity. 

The company delivered its first shipments to research institutions and corporate clients across the United States, Europe, and Asia, signaling the early stages of global adoption. In late June, Quantum Computing also raised $200 million through a private placement of common stock to bolster working capital and fund commercialization. 

By the end of the quarter, the company held $348.8 million in cash, providing a solid runway to continue its ambitious development agenda.

Looking forward to Q3 2025, analysts anticipate a loss per share of $0.06. For the full fiscal year 2025, loss per share is projected to narrow 78% to $0.16. However, forecasts for 2026 indicate a widening of 81% to a loss of $0.29 per share.

What Do Analysts Expect for Quantum Computing Stock?

Analyst sentiment for QUBT stock is measured, reflecting the company’s early-stage status. Analysts assign QUBT an overall rating of “Hold.” Overall, three analysts cover the shares, with one rating the stock a “Moderate Buy,” and two recommending a “Hold" rating.

QUBT stock’s average price target of $18.50 represents potential upside of 33%. Meanwhile, the Street-high target of $22 implies a 58% rise from current price levels.