Core Viewpoint - Quantum Computing (QUBT) is a company focused on developing quantum machines and photonic hardware for various applications, including high-performance computing and AI, with a significant pivot from its original business model [1][2]. Company Overview - The company was initially named Ticketcard and operated in a different industry before transitioning to quantum computing, with its headquarters located in Hoboken, New Jersey [2]. Stock Performance - QUBT has shown extreme volatility and has underperformed the Nasdaq Composite over the long term, with a 15% loss over the last five days and a 7% decline over the past month [3]. - Over a six-month and one-year period, QUBT is down more than 35-46%, significantly lagging behind the Nasdaq Composite, which has seen modest gains [4]. - The shares are trading below both the 50-day and 200-day moving averages, indicating a weak technical trend and heightened volatility compared to the broader tech index [4]. Financial Results - For Q3 2025, Quantum Computing reported revenue of $384K, representing a 280% year-over-year increase from $101K, exceeding analyst expectations of $120K–$130K [5]. - The company achieved a net income of $2.4 million, or $0.01 per basic share, compared to a loss of $5.7 million, or -$0.06 per share, a year prior, indicating a significant positive EPS surprise [5]. - Gross margin improved to 33% from 9% in Q3 2024, driven by higher-margin R&D services and initial cloud access to the Dirac-3 optimization platform [6]. - Operating expenses rose to approximately $10.5 million from $5.4 million as the company continued to invest in R&D and manufacturing, resulting in a negative underlying operating profit despite the positive net income [6]. - The net income increase was largely influenced by non-operating items, including a $9.2 million mark-to-market gain on a derivative liability and $3.5 million in interest income [6].