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Nature of the Organization and Business
9 Months Ended
Sep. 30, 2025
Nature of the Organization and Business [Abstract]  
Nature of the Organization and Business

Note 1. Nature of the Organization and Business

 

Corporate History

 

Quantum Computing Inc. (“QCi” or the “Company”) was formed in the State of Nevada on July 25, 2001, under its original name, Ticketcart, Inc., which was changed to Innovative Beverage Group Holdings, Inc. in 2009. The Company redomiciled to Delaware on February 22, 2018 and changed its name to Quantum Computing Inc. Effective July 20, 2018, the trading symbol for the Company’s common stock, par value $0.0001, on the OTC Market changed from “IBGH” to “QUBT”. On July 15, 2021, the Company uplisted to The Nasdaq Stock Market LLC. On June 16, 2022, the Company merged (the “QPhoton Merger”) with QPhoton, Inc. (“QPhoton”), a developer of quantum photonic systems and related technologies and applications. The QPhoton Merger enabled us to develop hardware applications integrated with the Company’s software platform, Qatalyst, that existed before the QPhoton Merger.

 

Nature of Business

 

QCi is an American company utilizing integrated photonics and non-linear quantum optics to develop and deliver machines for quantum computing, reservoir computing, and remote sensing, imaging and cybersecurity applications based on patented and proprietary photonics technology. QCi’s products are designed to operate at room temperature and at very low power levels compared to other quantum systems currently available in the market, such as superconducting, ion-trap, or annealing architectures. Our core photonics technology enables the execution of a go-to-market strategy which emphasizes scalability, accessibility and affordability. Our quantum machines, supported by professional services through our “Quantum Solutions” offering, enable subject matter experts (SMEs) and end users to deliver critical business solutions involving highly complex optimization problems.

 

The leading applications of our quantum offerings today are our Entropy Quantum Computing (“EQC”), reservoir computing, and quantum secured networks. Our longer-term product development plan is to migrate their current designs, as well as other product designs based on discrete components, to a set of TFLN optical integrated circuits built on TFLN wafers.

 

Liquidity

 

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets, and the satisfaction of liabilities in the normal course of business. We have not achieved a level of sales adequate to support the Company’s cost structure. The Company has historically incurred losses and negative cash flows from operations. During the nine months ended September 30, 2025, the Company issued 49.1 million shares of common stock for net proceeds of $756.5 million. As of September 30, 2025, the Company had cash and cash equivalents and short-term investments on hand of $555.6 million, an accumulated deficit of $217.6 million, and working capital of $559.2 million. As a result, the Company believes it has adequate cash and cash equivalents on hand to meet its obligations over the next 12 months.