Ticker Teardown Dossier
Quantum Computing ($QUBT), taken apart the way the desk does.
Quantum Computing (QUBT) Teardown Dossier · As of 2026-11-03, refreshed after Q2 2026 results
The QUBT dossier is the desk's Quantum Computing teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of Quantum Computing's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
1,894 words · about 8 min to read · 9 sections · data as of 3 November 2026 · last refreshed after Q2 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: q2 2026
- The bull case: the order book
- The cash: end of june
- The bear case: the margin
- The bear case: the shopping
- The bear case: the share count
- The price: estimates
- The tape: november 3 close
- The levels: plainly
- The verdict: mostly cash
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
Excerpt
1. The teardown
Written 2026-11-04, with prices as of 2026-11-03. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-03.
The setup
Quantum Computing Incorporated is worth about $1.46 billion. At the end of June, it held $1.32 billion of cash and investments. Are you buying a quantum company here, or mostly a pile of cash with a small business attached?
The business: q2 2026
The company builds photonic machines that compute with light, at room temperature, with no deep freeze. It also runs a chip foundry in Tempe, Arizona, for photonic circuits. Company figures for the second quarter: revenue of $5.6 million, from $61,000 a year earlier. Most of it came from photonics products, not from quantum machines.
The bull case: the order book
The bull case is the order book. At the end of June, contract backlog was about $42.5 million. That is more than 4x the $9.2 million of revenue in the whole first half. A consulting firm bought and installed a Dirac three machine. And a framework deal for its NeuraWave systems could pass $10 million, if customer milestones are met.
The cash: end of june
$1.32 billion, almost all of it in short and long term investments. In the second quarter, interest and other income was about $13 million. That is more than twice the revenue. Operations used $23.3 million in the first half. And the company sold no shares through its at the market program this year.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
| Source filing | 10-Q 2024-11-06 | 10-K 2025-03-20 | 10-Q 2025-05-15 | 10-Q 2025-08-14 | 10-Q 2025-11-14 | 10-K 2026-03-02 | 10-Q 2026-05-11 | 10-Q 2026-08-10 |
| Revenue | 0.1 | 0.1 | 0.0 | 0.1 | 0.4 | 0.2 | 3.7 | 5.6 |
| Gross margin | 8.9% | 54.8% | 33.3% | 42.6% | 32.8% | -49.5% | -19.5% | -21.0% |
| Operating income | -5.4 | -8.9 | -8.3 | -10.2 | -10.4 | -22.2 | -20.6 | -23.0 |
| Net income | -5.7 | -51.2 | 17.0 | -36.5 | 2.4 | -1.6 | -4.0 | -11.8 |
| Operating cash flow | -4.6 | -3.8 | -4.4 | -6.1 | -8.7 | -11.0 | -9.4 | -13.9 |
| Capex | -0.5 | -2.9 | -1.7 | -1.0 | -2.8 | -1.2 | -1.8 | -2.7 |
| Free cash flow | -5.1 | -6.6 | -6.2 | -7.1 | -11.5 | -12.2 | -11.2 | -16.5 |
| Cash and equivalents | 3.1 | 78.9 | 166.4 | 348.8 | 352.4 | 737.9 | 257.7 | 189.2 |
| Debt (book, excl. leases) | n/r | n/r | n/r | n/r | n/r | n/r | n/r | n/r |
| Diluted shares (M) | 93.0 | n/r | 153.0 | 141.4 | 166.8 | n/r | 224.0 | 224.7 |
The preview stops here. The full document is delivered by email after purchase.
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It reads our $QUBT data (thesis, key levels, peers, a year of prices) and any chart screenshot you paste, then explains the setup in plain English. Free with an email login, 5 questions a day. Education only: it never tells you to buy or sell, and it can be wrong, so check the numbers.
What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $QUBT and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.