QUBT Prepares for Aggressive Growth With Robust Capital Position

Quantum Computing Inc. or QCi QUBT ended the second quarter of 2025 with a solid balance sheet, holding $349 million in cash and cash equivalents — up $270 million from the 2024-end level. Total liabilities were $30 million, reflecting a decrease of approximately $16 million compared to year-end 2024. 

This improvement was primarily driven by a $200 million financing round completed in June, which generated $188 million in net proceeds. This enhanced liquidity positions QCi to accelerate hiring, scale operations at its Arizona-based thin-film lithium niobate chip foundry, and advance the commercialization of its quantum machines and photonic solutions.

Management also noted that the strengthened capital base provides flexibility to pursue strategic acquisitions or partnerships aimed at enhancing the company’s technology roadmap and revenue growth. 

On the institutional side, QCi reached a significant milestone with its inclusion in the Russell 3000 and Russell 2000 indexes as part of the 2025 annual reconstitution. This inclusion increases its visibility among a broader base of institutional investors and index funds, which is likely to enhance liquidity in QUBT’s shares and broaden its shareholder base.

Peer Update

D-Wave Quantum Inc. QBTS achieved a financial milestone by completing a successful $400 million At-the-Market (ATM) equity offering, which played a key role in boosting its liquidity. As a result, the company ended the second quarter of fiscal 2025 with a record consolidated cash balance of approximately $819.3 million. This marks a staggering increase of over 1,900% compared to the second quarter of fiscal 2024, when its consolidated cash balance was just $40.9 million. This dramatic improvement highlights the strength of D-Wave’s capital-raising efforts and positions the company with substantial financial flexibility to drive growth, expand operations, and invest in advancing its quantum computing technologies.

IonQ IONQ reported cash, cash equivalents, and investments of $656.8 million, reflecting a strong liquidity position at the end of the second quarter of 2025. This balance saw a significant boost following the completion of a $1.0 billion equity financing, which included both shares and warrants. Management stated that this is the largest common-stock single-institutional investment in the history of the quantum industry. It is a tremendous validation of the company’s technical momentum, recent acquisitions, and talent density. Post transaction, pro forma cash balance as of July 9, was $1.6 billion, making IonQ the most well-capitalized pure-play quantum provider in the market today.

QUBT’s Price Performance

In the past year, QCi’s shares have skyrocketed 2399.2%, outperforming the industry’s 39.5% growth. The S&P 500 composite has grown 18.7% in the same period.

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Expensive Valuation

QUBT currently trades at a forward 12-month Price-to-Sales (P/S) of 2268.90X compared with the industry average of 5.51X.

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QUBT Stock Estimate Trend

In the past 30 days, its loss per share estimate for 2025 has remained unchanged at 17 cents.

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QUBT stock currently has a Zacks Rank #4 (Sell).

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This article originally published on Zacks Investment Research (zacks.com).

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