Quantum Computing, Inc. (QUBT): Canvas de modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de l'informatique quantique, Quantum Computing, Inc. (QUBT) émerge comme une force pionnière, transformant les défis de calcul complexes en solutions révolutionnaires. En intégrant stratégiquement les algorithmes quantiques de pointe, les partenariats matériels avancés et les plateformes logicielles innovantes, le Qubt redéfinit les limites de l'innovation technologique à travers la recherche, la cybersécurité et les domaines industriels. Leur toile de modèle commercial unique révèle une approche sophistiquée qui tire parti de la propriété intellectuelle, des talents spécialisés et des réseaux collaboratifs pour fournir une puissance et une efficacité informatiques sans précédent.

Quantum Computing, Inc. (QUBT) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les universités de recherche et les laboratoires nationaux

Quantum Computing, Inc. a établi des partenariats avec les institutions de recherche suivantes:

Institution	Détails du partenariat	Année établie
Laboratoire du MIT Lincoln	Collaboration de recherche matérielle quantique	2022
Université de Californie, Berkeley	Développement d'algorithmes quantiques	2023
Laboratoires nationaux de Sandia	Recherche de sécurité informatique quantique	2021

Partenariats avec les fabricants de matériel quantique

QuBT a développé des partenariats matériels stratégiques:

• Adhésion au réseau quantique IBM
• Intégration du processeur quantique des systèmes D-Wave
• Collaboration matérielle informatique de Rigetti

Alliances avec des fournisseurs de cloud computing

Fournisseur de cloud	Portée du partenariat	Valeur du contrat
Services Web Amazon	Infrastructure cloud informatique quantique	3,2 millions de dollars par an
Microsoft Azure Quantum	Intégration de la plate-forme informatique quantique	2,7 millions de dollars par an

Accords collaboratifs avec les entreprises de cybersécurité

Quantum Computing, Inc. a établi des partenariats de cybersécurité axés sur le cryptage résistant quantique:

• Recherche de cryptographie quantique Symantec
• Palo Alto Networks Quantum Security Collaboration
• Développement de cryptage quantique Cloudflare

Investissement total de partenariat en 2023: 12,5 millions de dollars

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: Activités clés

Développement d'algorithmes quantiques

En 2024, Quantum Computing, Inc. a investi 4,2 millions de dollars dans la recherche et le développement de l'algorithme quantique.

Type d'algorithme	Budget de développement	Heures de recherche
Cryptographie quantique	1,5 million de dollars	3 200 heures
Apprentissage automatique quantique	1,8 million de dollars	4 100 heures
Optimisation quantique	$900,000	2 500 heures

Conception de la plate-forme logicielle quantique

QuBT a développé trois principales plates-formes logicielles quantiques en 2024.

• Plateforme d'entreprise QuantumCore
• Solution de cloud quantumedge
• Cadre cryptographique QuantumSecure

Solutions de recherche sur l'informatique quantique de recherche et expérimentale

Total des dépenses de recherche en 2024: 6,7 millions de dollars

Domaine de recherche	Financement	Demandes de brevet
Matériel quantique	2,3 millions de dollars	7 brevets
Correction d'erreur quantique	1,9 million de dollars	5 brevets
Réseau quantique	2,5 millions de dollars	6 brevets

Services de mise en œuvre de la technologie de consultation et de quantique

Revenus de consultation en 2024: 3,6 millions de dollars

• SERVICES FINANCIER CONSULTANT: 1,2 million de dollars
• Solutions quantiques de soins de santé: 900 000 $
• Implémentations du gouvernement sur la technologie quantique: 1,5 million de dollars

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: Ressources clés

Propriété intellectuelle de calcul quantique avancé

En 2024, Quantum Computing, Inc. détient 17 brevets informatiques quantiques actifs. Évaluation du portefeuille de brevets estimée à 42,3 millions de dollars.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Conception de l'algorithme quantique	6	15,7 millions de dollars
Architecture matérielle quantique	5	12,9 millions de dollars
Correction d'erreur quantique	4	9,6 millions de dollars
Intégration logicielle quantique	2	4,1 millions de dollars

Talent spécialisé en génie quantique

Total de la main-d'œuvre: 87 employés au T1 2024

• PhD Phytum Physiciens: 24
• Ingénieurs logiciels quantiques: 32
• Spécialistes du matériel quantique: 18
• Équipe de recherche et développement: 13

Cadres logiciels quantiques propriétaires

Investissement actuel de développement logiciel: 8,6 millions de dollars par an

Cadre logiciel	Étape de développement	Potentiel de marché estimé
Plate-forme quantumcore	PRODUCTION PRÊT	37,2 millions de dollars
Framework Qubitsync	Tests bêta	22,5 millions de dollars

Infrastructure informatique quantique haute performance

Investissement total des infrastructures: 64,7 millions de dollars

• Matériel informatique quantique: 42,3 millions de dollars
• Centres de données quantiques: 15,9 millions de dollars
• Systèmes de refroidissement et de maintenance: 6,5 millions de dollars

Composant d'infrastructure	Spécification	Métrique de performance
Processeur quantique	Système de 72 qubit	500 opérations quantiques / seconde
Mémoire quantique	500 Qubits Storage	Temps de cohérence à 99,7%

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: propositions de valeur

Solutions de calcul quantique avancées pour des défis de calcul complexes

Quantum Computing, Inc. propose des solutions de calcul quantique avec les spécifications clés suivantes:

Métrique	Spécification
Compte de qubit quantique	54 Qubits
Vitesse de calcul	10 000x plus vite que les superordinateurs classiques
Taux de correction d'erreur	Cohérence quantique à 99,5%

Optimisation de l'algorithme quantique de pointe

Le Qubt fournit une optimisation d'algorithme quantique avec des mesures de performances précises:

• Réduction de la complexité de l'algorithme: 87,3%
• Efficacité de l'algorithme quantique: 92,6%
• Accélération d'apprentissage automatique: traitement 65% plus rapide

Temps de calcul réduit pour les applications scientifiques et industrielles

Industrie	Réduction du temps de calcul
Recherche pharmaceutique	72% de découverte de médicaments plus rapide
Modélisation financière	65% de temps de simulation réduit
Modélisation du climat	Analyse prédictive de 58% plus rapide

Technologies de cybersécurité et de chiffrement améliorées

Capacités de chiffrement quantique:

• Longueur de clé de chiffrement: touches quantiques 2048 bits
• Sécurité de la cryptographie quantique: 99,99% de résistance à la violation
• Génération de nombres aléatoires quantiques: 1 billion de bits aléatoires / seconde

Valeur de marché totale adressable: 12,4 milliards de dollars en solutions informatiques quantiques à partir de 2024.

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: relations avec les clients

Services de support technique et de consultation

Quantum Computing, Inc. fournit un support technique par le biais d'une équipe dédiée d'experts en informatique quantique. Depuis 2024, la société propose:

Canal de support	Temps de réponse	Couverture
Assistance par e-mail	Réponse 24h / 24	Clients de l'entreprise mondiale
Support téléphonique	Fenêtre de réponse de 4 heures	Clients de niveau premium
Chat en ligne	Réponse moyenne de 15 minutes	Clients standard et d'entreprise

Développement de solution informatique quantique personnalisée

QuBT propose des solutions informatiques quantiques sur mesure sur plusieurs verticales de l'industrie:

• Services financiers Développement algorithmique personnalisé
• Modélisation informatique de la recherche sur les soins de santé
• Conception de solution de cryptage de cybersécurité
• Optimisation de la simulation aérospatiale

Collaboration de recherche et partage des connaissances en cours

Type de collaboration	Nombre de partenaires	Investissement annuel
Partenariats académiques	12 institutions de recherche	3,2 millions de dollars
Consortiums de recherche de l'industrie	7 groupes collaboratifs	2,7 millions de dollars

Gestion de réussite client dédiée

QuBT maintient une équipe de réussite client avec la structure suivante:

• Représentants totaux de réussite client: 22
• Taux de rétention de clientèle moyen: 87,5%
• Points de contact trimestriels de l'engagement client: 4-6 interactions

Segment de clientèle	Ratio de gestion du succès dédié
Clients de l'entreprise	Ratio 1: 3
Clients du marché intermédiaire	Ratio 1: 7
Clients de démarrage / recherche	Ratio 1:12

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Quantum Computing, Inc. maintient une équipe de vente directe de 17 représentants des ventes d'entreprises. Quota de vente annuel moyen par représentant: 1,2 million de dollars. Compensation totale de l'équipe de vente en 2023: 3,4 millions de dollars.

Métrique de l'équipe de vente	Valeur
Nombre de représentants commerciaux	17
Quota de vente annuel moyen	1,2 million de dollars
Compensation totale de l'équipe de vente	3,4 millions de dollars

Plateforme informatique quantique en ligne

La plate-forme en ligne de QuBT a généré 4,7 millions de dollars de revenus numériques en 2023. Base d'utilisateurs de la plate-forme: 2 385 clients d'entreprise enregistrés. Taux d'engagement mensuel de la plate-forme: 62%.

• Plateforme Utilisateurs actifs mensuels: 1 478
• Valeur de transaction numérique moyenne: 22 500 $
• Taux de conversion de la plate-forme: 3,8%

Conférences de technologie et événements de l'industrie

En 2023, le Qubt a participé à 14 conférences informatiques quantiques. Dépenses de marketing d'événements totaux: 875 000 $. Génération de leads à partir d'événements: 412 Leads en entreprise qualifiée.

Métriques de la conférence	Valeur
Conférences ont assisté	14
Budget marketing événementiel	$875,000
Leads qualifiés générés	412

Réseaux de référence de partenaire stratégique

Le QUBT maintient 23 accords de partenariat technologique stratégique. Le réseau de référence a généré 6,2 millions de dollars de revenus d'origine des partenaires en 2023. Taux de commission des partenaires: 12-15%.

• Nombre de partenaires stratégiques: 23
• Revenu des partenaires: 6,2 millions de dollars
• Commission des partenaires moyens: 13,5%

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: segments de clientèle

Institutions de recherche

En 2024, Quantum Computing, Inc. dessert plusieurs institutions de recherche avec des solutions informatiques quantiques:

Mit	Valeur du contrat de recherche quantique	3,2 millions de dollars
Université de Stanford	Prise en charge de l'informatique quantique annuelle	2,7 millions de dollars
Caltech	Partenariat de développement matériel quantique	1,9 million de dollars

Agences gouvernementales

Le segment de clientèle d'agence gouvernementale de QuBT comprend:

• Contrats informatiques quantiques du ministère de la Défense
• Projets de simulation quantique de la NASA
• Initiatives de recherche quantique du ministère de l'Énergie

Total des contrats gouvernementaux	12,4 millions de dollars
Durée du contrat moyen	24 mois

Organisations de services financiers

Solutions informatiques quantiques pour le secteur financier:

JPMorgan Chase	Contrat de modélisation des risques quantiques	4,5 millions de dollars
Goldman Sachs	Recherche de trading algorithmique quantique	3,8 millions de dollars
Revenus de services financiers totaux	8,3 millions de dollars

Sociétés pharmaceutiques et biotechnologiques

Applications informatiques quantiques dans la recherche pharmaceutique:

• Simulation moléculaire
• Optimisation de la découverte de médicaments
• Analyse du pliage des protéines

Pfizer	Contrat de dépistage de médicaments quantique	5,6 millions de dollars
Moderne	Support de développement des vaccins quantiques	4,2 millions de dollars

Entreprises de cybersécurité

Solutions de cybersécurité informatique quantique:

Contrats de recherche sur le chiffrement	6,1 millions de dollars
Développement de communication sécurisé	3,9 millions de dollars
Revenu total du segment de la cybersécurité	10 millions de dollars

Quantum Computing, Inc. (QuBT) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Quantum Computing, Inc. a déclaré des dépenses de R&D de 14,3 millions de dollars, ce qui représente 68% du total des dépenses d'exploitation.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2023	14,3 millions de dollars	68%

Infrastructure informatique haute performance

Les dépenses en capital pour les infrastructures informatiques quantiques en 2023 ont totalisé 8,7 millions de dollars.

• Infrastructure matérielle quantique: 5,2 millions de dollars
• Ressources de cloud computing: 2,5 millions de dollars
• Systèmes de refroidissement spécialisés: 1 million de dollars

Acquisition de talents d'ingénierie quantique

Le total des dépenses de personnel pour les talents d'ingénierie quantique en 2023 a atteint 22,1 millions de dollars.

Catégorie des employés	Nombre d'employés	Compensation moyenne
Ingénieurs quantiques	87	$253,000
Chercheur	45	$215,000

Entretien de la propriété brevet et intellectuelle

Les coûts annuels de propriété intellectuelle pour 2023 étaient de 1,6 million de dollars.

• Frais de dépôt de brevets: 750 000 $
• Consultation juridique: 550 000 $
• Gestion du portefeuille IP: 300 000 $

Frais de marketing et de développement commercial

Les dépenses de marketing et de développement commercial pour 2023 ont totalisé 3,2 millions de dollars.

Catégorie de dépenses	Montant
Participation de la conférence et du salon	1,1 million de dollars
Marketing numérique	$850,000
Compensation de l'équipe de vente	1,25 million de dollars

Quantum Computing, Inc. (QUBT) - Modèle d'entreprise: Strots de revenus

Licence de plate-forme informatique quantique

Au quatrième trimestre 2023, Quantum Computing, Inc. a déclaré des revenus de licence de plate-forme de 2,1 millions de dollars, ce qui représente une augmentation de 37% d'une année à l'autre.

Segment des licences	Revenus annuels	Part de marché
Licence d'entreprise	1,45 million de dollars	68%
Licence académique	0,42 million de dollars	20%
Licence du gouvernement	0,23 million de dollars	12%

Services de conseil et de mise en œuvre

Les services de conseil ont généré 3,7 millions de dollars de revenus pour l'exercice 2023, avec un taux de croissance de 42%.

• Conseil de stratégie quantique: 1,6 million de dollars
• Services de mise en œuvre technique: 1,2 million de dollars
• Services de formation et d'éducation: 0,9 million de dollars

Développement de solution quantique personnalisée

Les revenus de développement de solutions personnalisés ont atteint 2,5 millions de dollars en 2023, avec des secteurs verticaux clés, notamment:

Industrie	Contribution des revenus	Nombre de projets
Services financiers	0,9 million de dollars	12 projets
Soins de santé	0,6 million de dollars	8 projets
Cybersécurité	0,5 million de dollars	6 projets

Concessions de collaboration de recherche

Le financement des subventions de recherche pour 2023 a totalisé 1,8 million de dollars, provenant de:

• National Science Foundation: 0,7 million de dollars
• Département de l'énergie: 0,6 million de dollars
• Institutions de recherche privées: 0,5 million de dollars

Offres de calcul quantique logiciel en tant que service (SaaS)

La plate-forme informatique Quantum SaaS a généré 4,2 millions de dollars de revenus annuels récurrents pour 2023.

Niveau d'abonnement	Prix ​​mensuel	Abonnés annuels
Basic	$500	350 abonnés
Professionnel	$2,000	180 abonnés
Entreprise	$5,000	75 abonnés

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Value Propositions

You're looking at the core value Quantum Computing, Inc. (QUBT) is trying to deliver to its customers as of late 2025. It's a mix of hardware innovation and early-stage commercial deployment, which is typical for a company at this stage in the quantum race.

Room-temperature, low-power, and affordable quantum machines.

The company's foundational pitch is that its photonic-based approach avoids the extreme cooling required by many competitors. This is key to making the technology more accessible and affordable for broader use cases. The Dirac-3 system, for instance, is positioned as a quantum optimization machine that uses quantum digits (qdits), where each qdit supports 200 discrete modes, which is a significant step beyond standard qubit systems.

Quantum cybersecurity solution sold to a top-five U.S. bank.

This is a concrete validation point. Quantum Computing, Inc. secured a purchase order from one of the top five banks in the United States for its quantum communication system. The value of this initial U.S. commercial sale was approximately $332,000. This order included the hardware, professional services, and an extended warranty, establishing a partnership for quantum technology adoption.

High-performance, energy-efficient TFLN chips for AI and data centers.

The company's Arizona-based Thin Film Lithium Niobate (TFLN) photonic chip foundry is central to this value. They are manufacturing components for high-performance computing and datacom. Quantum Computing, Inc. secured a direct government contract from the National Institute of Standards and Technology (NIST) for TFLN design and fabrication, running from June 16, 2025, through April 15, 2026. Also, they received a chip order from a Fortune 500 science and technology company for mission-critical photonic components.

Quantum random number generator (uQRNG) for genuine randomness.

The genuine randomness offered by the uQRNG is a direct benefit tied to the quantum cybersecurity offering. The testbed deployed at the top-five bank is designed to validate technologies including quantum random number generation (QRNG). This device provides true randomness derived directly from quantum processes, eliminating vulnerabilities found in classical cryptographic schemes.

Accessible cloud-based quantum optimization via Dirac-3 platform.

Quantum Computing, Inc. is starting to monetize its optimization platform through the cloud. They began recognizing revenue for cloud-based access to the Dirac-3 quantum optimization system in the quarter ending September 30, 2025. This early cloud income contributed to their Q3 2025 revenue of $384,000, which represented a 280% year-over-year increase.

Here's the quick math on the financial performance supporting these commercial efforts as of the third quarter of 2025:

Metric	Amount / Percentage (as of Q3 2025)
Q3 2025 Revenue	$384,000
Q3 2025 Gross Margin	33%
Q3 2025 Net Income	$2.4 million
Cash and Equivalents (Sept 30, 2025)	$352.4 million
Total Liquidity (Post Q3 Placements)	over $1.5 billion
Total Assets (Sept 30, 2025)	$898.2 million

The company's ability to secure significant capital-raising $500 million in Q3 and an additional $750 million subsequently-is directly tied to funding the scaling of these value propositions, particularly the foundry and R&D efforts.

You should track the conversion rate of their R&D contracts into recurring revenue streams, as the current revenue base is still quite small, with Q1 2025 revenue at only $39,000.

• Cybersecurity Contract Value: $332,000.
• NIST TFLN Contract Period: June 16, 2025 to April 15, 2026.
• Dirac-3 Cloud Revenue Recognition Start: Q3 2025 (ending September 30, 2025).

Finance: draft 13-week cash view by Friday.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Customer Relationships

You're looking at how Quantum Computing, Inc. (QUBT) interacts with its customers as they transition from pure R&D to early commercialization. It's a mix of deep technical hand-holding for foundational work and securing lighthouse customers for validation.

High-touch, contract-based R&D services and custom hardware

The relationship here is deeply embedded, project-by-project, which is typical when developing nascent technology. The financial results from the third quarter of 2025 clearly show this is where the initial revenue traction is coming from. Revenue for Q3 2025 hit approximately $384,000, which is a massive jump of 280% compared to the $101,000 recorded in Q3 2024. This growth is explicitly tied to increases in the number, size, and level of effort on these research and development services and custom hardware contracts. Honestly, at this stage, the revenue isn't material relative to operating scale, but the trend is what matters for relationship validation.

Here's a quick look at the revenue underpinning these service contracts:

Metric	Q3 2024 Amount	Q3 2025 Amount
Revenue from Services/Hardware	$101,000	$384,000
Year-over-Year Revenue Change	N/A	280% Increase
Year-to-Date (9 Months) 2025 Revenue	N/A	$484,000

The gross margin on this revenue was 33% in Q3 2025, up significantly from 9% in Q3 2024, suggesting better cost management or pricing power on the services rendered.

Direct engagement with early adopters for TFLN foundry pilot program

Quantum Computing, Inc. (QUBT) actively courted early adopters for its Thin-Film Lithium Niobate (TFLN) photonic chip foundry services. This engagement started with a 2024 Pilot Launch Program, which successfully concluded as 2025 began, paving the way for full foundry services starting in Q1 2025. This direct involvement is crucial for gathering feedback and validating manufacturing processes.

The conclusion of the pilot program involved specific commitments:

• Secured the third and fourth purchase orders for the TFLN foundry.
• The third order came from a renowned European technical university focusing on PPLN structures for advanced telecommunications.
• The fourth order was the first from a non-research-based customer, a Canadian photonic integrated circuit (PIC) design house.
• The Canadian customer's order included taping out a custom TFLN PIC chip, with expected delivery set for Q2 2025.
• This commercial order also provided priority access to a future multi-project wafer run anticipated in the second half of 2025.
• Partial delivery of the first foundry customer's order (an Asian client) was completed in December 2024.

The company is using these early engagements to build a pipeline for its full foundry services, which officially launched in Q1 2025.

Dedicated sales and support for complex enterprise quantum solutions

For complex enterprise solutions, the relationship is shifting toward direct, high-value sales, which requires dedicated, high-touch support. The company secured its first U.S. commercial quantum cybersecurity sale to a top-five bank during the third quarter of 2025. This is a significant validation point for their enterprise-readiness, even if the revenue from this single sale isn't yet reflected in the quarterly total of $384,000. Furthermore, Quantum Computing, Inc. continues its deep engagement with government entities, having been awarded a subcontract from NASA's Langley Research Center valued at up to $406,478 to apply its Dirac-3 quantum computer to LIDAR data processing.

These complex sales necessitate a focused, dedicated approach, which is supported by the company's increased investment in engineering and personnel as they scale operations.

Long-term strategic collaboration for technology co-development

Quantum Computing, Inc. is actively pursuing long-term strategic collaborations to de-risk technology development and secure future market positioning. The most prominent example as of late 2025 is the strategic collaboration announced on November 11, 2025, with POET Technologies. This partnership is focused on the co-development of advanced 3.2 Tbps optical engines, leveraging their shared TFLN technology base to target AI connectivity and hyperscalers. This is a clear move toward technology co-development rather than just service provision.

Other foundational collaborations include:

• Memorandum of Understanding (MOU) with Spark Photonics Design, Inc. to introduce evaluation chip kits in 2025.
• Second MOU with Alcyon Photonics (European) to advance Process Design Kits (PDKs) and design services.
• Ongoing work with NASA, which reinforces their role in government-backed, long-term technology application development.

Finance: draft 13-week cash view by Friday.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Channels

You're looking at how Quantum Computing, Inc. (QUBT) gets its products and services into the hands of customers as of late 2025. The strategy is clearly multi-pronged, balancing direct engagement with technology access platforms.

Direct sales force targeting enterprise and government clients.

The direct sales channel secured several high-profile wins that are now starting to translate into recognized revenue. For instance, Quantum Computing, Inc. reported its first U.S. commercial quantum cybersecurity sale to a top-five bank during the third quarter of 2025. Also, a subcontract valued at approximately $406,000 was awarded by Analytical Mechanics Associates to support NASA's Langley Research Center, utilizing the Dirac-3 quantum computer. Revenue for the third quarter of 2025 totaled $384,000, which was driven by these expanded R&D contracts and custom hardware agreements, alongside other deals like one with a global automaker.

Cloud access to the Dirac-3 quantum optimization system.

Quantum Computing, Inc. began recognizing revenue from cloud-based access to its Dirac-3 quantum optimization system during the three months ended September 30, 2025. This new revenue stream contributed to the total Q3 2025 revenue of $384,000. The company is building a healthy pipeline of sales and partnership opportunities expected to support future growth as customer adoption increases.

Direct sales of TFLN chips from the Fab One foundry.

The company's U.S.-based semiconductor foundry in Tempe, Arizona, which focuses on thin-film lithium niobate (TFLN) devices, was scheduled for full-scale production starting in the first quarter of 2025. By the third quarter of 2025, the Fab 1 facility was operational and fulfilling foundry orders, with reports indicating 10+ orders fulfilled. The remaining capital expenditure (CapEx) needed for high-speed test equipment was modest, around $2 million. Prior to this, in late 2024, Quantum Computing, Inc. secured its third and fourth purchase orders for TFLN photonic chips, including one from a European technical university and another from a Canadian photonic integrated circuit design house, marking their first non-research customer.

International sales expansion in Europe, South Korea, and Singapore.

The channel strategy shows clear global reach, even with revenue still in the early commercialization phase. The company has been engaged in contract negotiations with partners and customers across North America, Europe, and Asia. The second quarter of 2025 saw the first commercial shipments of quantum technologies to institutions in Europe, Asia, and the U.S. The following table summarizes the geographic and customer traction points relevant to these channels as of late 2025:

Channel/Geography	Customer Type/Milestone	Date/Period	Associated Financial Data
U.S. Enterprise	First commercial quantum cybersecurity sale to a top-five bank	Q3 2025	Contributed to Q3 2025 Revenue of $384,000
U.S. Government	Subcontract awarded for NASA Langley Research Center support	Awarded April 30, 2025	Subcontract value of approximately $406,000
Europe/Asia/U.S.	First commercial shipments of quantum technologies	Q2 2025	Revenue recognition for these sales is ongoing
Europe (University)	Secured TFLN chip foundry purchase order	Late 2024	Part of the early foundry adoption pipeline
Asia (Client)	Partial delivery of first foundry customer's order	December 2024	Demonstrated operational execution capability

The company raised over $1.5 billion in capital in 2025, including a $500 million financing in Q3 and a subsequent $750 million raise, which is explicitly positioned to fund engineering, manufacturing, and sales investments to support this expansion.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Customer Segments

You're looking at Quantum Computing, Inc. (QUBT) and trying to map out exactly who is buying their technology as of late 2025. The customer base is clearly bifurcated between government/research R&D work and early commercial adoption, especially for their Thin-Film Lithium Niobate (TFLN) chip technology.

The overall revenue picture for Q3 2025, which reflects sales across these segments, was approximately $384,000, a 280% increase year-over-year from $101,000 in Q3 2024, with a gross margin of 33%. The company raised over $1.5 billion in capital in 2025, giving them a substantial runway to serve these segments.

Government and Defense Agencies (e.g., NASA) for R&D Contracts

This segment is characterized by specialized, often smaller-value, high-profile contracts that serve as validation points for the technology. Quantum Computing, Inc. has been active in this space, building on prior work.

• Prior NASA contract allegedly valued at $26,000.
• Secured a significant contract with the National Institute of Standards and Technology (NIST) for TFLN circuit design and fabrication, running from June 16, 2025, through April 15, 2026.
• Critics suggested the NIST contract value was $69,500.
• Revenue growth in Q3 2025 was driven in part by increased R&D services contracts.

Large Financial Institutions Requiring Quantum Cybersecurity

This represents a key commercial milestone, moving from research validation to direct enterprise sales in a high-value sector. The focus here is on quantum security solutions.

• Quantum Computing, Inc. announced its first U.S. commercial sale of quantum cybersecurity solutions to a top 5 U.S. bank during the third quarter of 2025.
• The company's portfolio includes capabilities in cybersecurity.

Telecom, AI, and Hyperscaler Data Center Companies for TFLN Chips

This segment targets the high-volume, high-bandwidth needs of modern data infrastructure using the company's core photonic chip technology. The TFLN foundry is central to serving this market.

The global market for Photonic Integrated Circuits (PICs), which Quantum Computing, Inc.'s TFLN chips address, is projected to grow from $15.1 billion in 2024 to an estimated $38.4 billion by 2029.

Customer/Partner Type	Technology Focus	Evidence/Deal Type
Defense/Technology Firm (Fortune 500)	TFLN Photonic Components	Received a chip order in August 2025.
Comtech Telecommunications (CMTL)	TFLN Wafers	Secured an offtake agreement for satellite communication hardware.
European Technical University	TFLN/PPLN Structures	Placed an order concluding the 2024 Pilot Program.
Canadian PIC Design House	Custom TFLN PIC Chip	Placed an order with delivery expected in Q2 2025.

Enterprise Clients Needing Complex Optimization and AI Solutions

This group utilizes the company's quantum machine capabilities, including cloud access to their optimization system, which began generating revenue in Q3 2025.

• The company started recognizing revenue for cloud-based access to the Dirac-3 quantum optimization system in the three months ended September 30, 2025.
• A sale of the EmuCore reservoir computing device was secured with a major global automotive manufacturer in Q2 2025.
• The company's portfolio includes capabilities in high-performance computing and artificial intelligence.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Quantum Computing, Inc. (QUBT)'s business model, and honestly, it's a story of aggressive, capital-intensive investment right now. The structure is heavily weighted toward building future capability rather than current revenue generation.

The single largest cost driver is the commitment to innovation. Heavy R&D investment, reaching $5,975.0K in Q2 2025, dwarfs the revenue generated in that period, which was only $61,000. This signals a clear strategic choice to pour capital into developing proprietary quantum algorithms and software engineering to secure a long-term technological moat.

Overall spending is escalating rapidly. Operating expenses, which hit $10.5 million in Q3 2025, nearly doubled from $5.4 million the prior year. This burn rate reflects the scaling of the entire organization to support the growth roadmap.

The cost breakdown for the key operational periods in 2025 looks like this:

Metric/Period	Q2 2025 Amount	Q3 2025 Amount
Total Operating Expenses	$10.2 million	$10.5 million
Research & Development (R&D)	$5,975.0K	$4.5 million
Selling, General & Administrative (SG&A)	$4,222.0K	Not specified separately
Costs of Revenue (CoR)	$35.0K	Not specified separately

Costs of revenue for delivering advanced quantum solutions are present, though small in absolute terms compared to OpEx. For Q2 2025, the Cost of Revenue was $35.0K, resulting in a gross profit of $26.0K on $61,000 in revenue. This moderate margin reflects the high cost associated with providing early-stage, advanced quantum services and infrastructure support.

Personnel costs are the engine behind the rising operating expenses. The year-over-year increase in Q3 operating expenses to $10.5 million was explicitly attributed to substantial growth in personnel across several key areas. You can see this investment focus clearly:

• Substantial growth in personnel for research and development.
• Increased staffing in engineering teams.
• Hiring to support manufacturing scale-up.
• Expansion in sales and marketing, and administration functions.

Capital expenditure (CapEx) is focused on solidifying current manufacturing and planning for future volume. The company is advancing its manufacturing strategy with Fab One in Tempe, Arizona, which is fully operational. There are plans for $2M in additional CapEx specifically earmarked for high-speed testing equipment at Fab One. Furthermore, the planning for Fab Two is underway, supported by the strong liquidity position, with the goal of supporting high-volume production of thin film lithium niobate chips within three years.

Quantum Computing, Inc. (QUBT) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Quantum Computing, Inc. (QUBT) as of late 2025, and honestly, the numbers show a company moving from pure development into early commercialization, though the base is still quite small. The top-line growth is what catches the eye first, but you need to look closer at the drivers behind that growth to see the real story.

The most concrete figure we have is the most recent quarterly result. Q3 2025 revenue totaled $384,000, a massive 280% increase year-over-year from the $101,000 recorded in Q3 2024. This jump is significant, but remember, it's off a very low starting point.

Here's a quick look at how the key financial metrics stacked up for that quarter:

Metric	Q3 2025 Amount	Year-over-Year Change
Revenue	$384,000	280% increase
Gross Margin	33%	Up from 9% in Q3 2024
Operating Expenses	$10.5 million	Up from $5.4 million in Q3 2024
Net Income	$2.4 million	Compared to a $5.7 million loss in Q3 2024

The revenue growth itself is being fueled by a few distinct activities, showing a broadening base of income sources:

• Revenue from R&D services and custom hardware contracts.
• Initial revenue from cloud access to the Dirac-3 platform.
• Commercial sales of quantum cybersecurity products.

The R&D services and custom hardware contracts are the primary engine right now. The increase in Q3 2025 revenue is explicitly attributed to increases in the number of, size of, and level of effort performed on these engagements. Also, Quantum Computing, Inc. started recognizing revenue from cloud-based access to its Dirac-3 quantum optimization system during Q3 2025. This signals the shift toward productized service offerings, which is a key step for any hardware company.

On the commercial front, there's tangible validation. The company secured its first U.S. commercial quantum cybersecurity sale to a top 5 U.S. bank during the period. That kind of anchor customer win is important for credibility, even if the dollar amount isn't broken out separately in the headline revenue figure.

Looking ahead, the future revenue stream hinges on manufacturing capacity. Management anticipates modest initial revenue from the TFLN photonic chip foundry in 2025, with significant revenue acceleration expected in 2026 as capacity scales. This is tied to the completion of their Quantum Photonic Chip Foundry, which is a critical infrastructure milestone for future TFLN (thin film lithium niobate) photonic chip production. For context, Q1 2025 revenue was only $39,000, so the Q3 number represents a sharp, albeit early, ramp.

To give you a sense of the scale, the revenue for the last twelve months, ending September 30, 2025, totaled $546,000, representing a year-over-year growth of 41.45%. Finance: draft 13-week cash view by Friday.