Quantum Computing Inc. stock research
FY2025 Q4
Quantum Computing (QUBT) Gross Margin — Quarter Ended Dec 31, 2025
In the current quarter, revenue decreased compared to the prior quarter and increased compared to the same quarter last year. Gross profit turned negative as cost of revenue exceeded revenue, resulting in a negative gross margin, a significant change from positive margins in both comparison periods.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
In the current quarter, revenue decreased compared to the prior quarter and increased compared to the same quarter last year. Gross profit turned negative as cost of revenue exceeded revenue, resulting in a negative gross margin, a significant change from positive margins in both comparison periods.
- The most notable driver was the increase in cost of revenue relative to revenue. Cost of revenue rose while revenue fell from the prior quarter, and cost of revenue grew substantially more than revenue compared to the year-ago quarter.
- Compared to the immediately preceding quarter, gross margin weakened from positive to negative. Compared to the same quarter one year earlier, gross margin also weakened from positive to negative, despite higher revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-49.5%
Gross profit
-$98000
Revenue
$198000
Cost of revenue
$296000
Quarter-over-quarter change
-82.3 pts
Year-over-year change
-104.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2025 | $39000 | $13000 | $26000 | 33.3% |
| Jun 30, 2025 | $61000 | $26000 | $35000 | 42.6% |
| Sep 30, 2025 | $384000 | $126000 | $258000 | 32.8% |
| Dec 31, 2025 | $198000 | -$98000 | $296000 | -49.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-82.3 pts
Year-over-year change
Dec 31, 2024
-104.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most notable driver was the increase in cost of revenue relative to revenue. Cost of revenue rose while revenue fell from the prior quarter, and cost of revenue grew substantially more than revenue compared to the year-ago quarter.
Compared to the immediately preceding quarter, gross margin weakened from positive to negative. Compared to the same quarter one year earlier, gross margin also weakened from positive to negative, despite higher revenue.
Monitor the evolution of cost of revenue, particularly in relation to the integration and scaling costs associated with the LSI acquisition mentioned in the filing.