Key Highlights

  • Quantum Computing (NASDAQ:QUBT) was trading down 6.7% at USD 5.43 on Friday, November 13, 2026, in market data, near a USD 5.39 low reported for November 5, and no company announcement explaining it was found.
  • Third-quarter Revenue was USD 9.5 million against USD 384 thousand a year earlier, above a published estimate of USD 7.72 million, with acquired businesses LSI, NuCrypt and NHanced contributing, per the November 9, 2026 report.
  • Gross profit was only USD 428 thousand, a 4.5% margin, the operating loss was USD 28.6 million, and the net loss was USD 15.1 million after USD 13.0 million of interest and other income.
  • Cash and investments were about USD 1.3 billion, while Backlog slipped to USD 39.1 million from USD 42.5 million, and the company gave no formal guidance.

A Slide Toward the November Low With No Announcement

Quantum Computing (NASDAQ:QUBT) was trading down 6.7% at USD 5.43 on Friday, November 13, 2026, in screener data that is the figure of record for the live session only. No company announcement explaining the move was found for November 11 to 13, and no sector or market-wide driver for those days, such as a quantum or chip selloff, was verified. Published coverage after the report put the shares at USD 6.33, down 30.9% from the USD 9.16 open after the August report, with a 52-week low of USD 5.39 on November 5, 2026. At USD 5.43 the price sits about 0.7% above that low, calculated. Daily moves of plus 8.37% on November 9 and minus 8.16% on November 10 came from a single listing and are unconfirmed.

Acquired Revenue Lifts Sales but Margins Stay Thin

Quantum Computing develops photonic quantum technology, and its acquired businesses sell photonic components, quantum communications products and advanced packaging services. Revenue rose through 2026 from USD 198 thousand in the fourth quarter of 2025 to USD 3.7 million, USD 5.6 million and USD 9.5 million, and the loss of USD 0.07 a share compared with a consensus loss of USD 0.08. Cost of revenue was USD 9.1 million, so nine-month Gross Profit was negative USD 1.5 million. Operating expenses were USD 29.0 million. Published analysis noted that the revenue beat leaned on acquired sales.

USD 1.3 Billion of Cash Against a Slipping Backlog

Cash and investments of about USD 1.3 billion are large against a third-quarter operating loss of USD 28.6 million, which at that pace is more than 40 quarters of spending, calculated and an upper bound because costs can rise with acquisitions. Interest and other income of USD 13.0 million cushioned the net loss. Backlog slipped to USD 39.1 million from USD 42.5 million, so acquired revenue still has to convert into growth, and with no formal guidance the market has little to anchor on. Risks include low gross margin, integration of three acquisitions, share-price swings that can occur without news, and dilution if Capital is raised again; no new offering was found for November 11 to 13.

Where Things Stand

No company-specific reason for the 6.7% drop was found. Quantum Computing (NASDAQ:QUBT) trades near its November 5 low after a quarter in which revenue reached USD 9.5 million on acquisitions, gross Margin was 4.5% and backlog slipped, even though cash is about USD 1.3 billion. The move may reflect sentiment toward volatile quantum names rather than news, but that was not verified. Next markers are integration of LSI, NuCrypt and NHanced, backlog conversion, any guidance and whether USD 5.39 holds.