Quantum Computing Inc (NASDAQ: QUBT) is a photonics and quantum computing company that develops optical quantum machines, photonic integrated circuits, and thin film lithium niobate chips for commercial and government customers. Revenue comes from product sales, cloud-based access to quantum computers, on-premises hardware installations, and foundry chip manufacturing services. The company operates a thin film lithium niobate chip research, prototyping, and small-batch manufacturing facility at Arizona State University's Research Park in Tempe, Arizona, substantially completed in March 2025. In February 2026, QUBT acquired Luminar Semiconductor, Inc. through a Section 363 bankruptcy court process, adding 23 issued patents and photonic semiconductor products including laser diodes, semiconductor optical amplifiers, avalanche photodiodes, and photonic integrated circuits. QUBT holds three registered U.S. trademarks (QPhoton, QGraph, Qatalyst), three granted U.S. patents, and an exclusive license to seven patents from Stevens Institute of Technology. The company reported material weaknesses in internal control over financial reporting as of December 31, 2025. QUBT targets end markets including AI, high-performance computing, cybersecurity, and remote sensing.

Revenue model

QUBT generates revenue through product sales of quantum computing hardware (including its rack-mountable EQC system), cloud-based access subscriptions to quantum computers, on-premises hardware installations, and foundry services producing thin film lithium niobate chips for external commercial markets.

Products and services

Products include the Entropy Quantum Computer (EQC), a rack-mountable on-premises quantum computer requiring no special cooling or shielding; cloud-based quantum computing access; thin film lithium niobate (TFLN) optical chips sold into commercial optical device markets via the AZ Chips Facility; and, following the February 2026 Luminar Semiconductor acquisition, chip-scale photonic devices including laser diodes, semiconductor optical amplifiers, avalanche photodiodes, passive waveguides, and photonic integrated circuits. Registered trademarks include QPhoton, QGraph, and Qatalyst.

Customers and end markets

Target end markets include AI, high-performance computing, cybersecurity, remote sensing, defense, finance, logistics, medicine, engineering, autonomous vehicles, and energy management. The company's sales cycle is described as lengthy in the FY2025 10-K, and the business may be affected by disruptions to the U.S. federal government budget, indicating government customers are a component of the customer base.

Value-chain role

QUBT is a vertically integrated developer and manufacturer, spanning core photonics technology research, chip fabrication (via the Tempe, Arizona AZ Chips Facility), quantum hardware assembly, and direct delivery of quantum computing services. The company also acts as a foundry, fabricating TFLN chips for third-party commercial optical device markets.

Geographic exposure

Primary operations are in the United States. The AZ Chips Facility is located in Tempe, Arizona. The Luminar Semiconductor acquisition added 9 foreign patent publications, suggesting some international IP footprint, but geographic revenue breakdown is not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-02

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