Quantum Computing Finally Delivered, And The Stock May Be Too Cheap

Quantum Computing Inc. is upgraded from Hold to Buy, as commercial traction and financial strength have improved markedly since June 2025. QUBT now reports $5.6M in Q2 2026 revenue, a $42.5M contract backlog, and $1.3B in cash, but gross margins remain negative and costs are rising. NeuraWave and recent acquisitions position QUBT as an integrated photonics and semiconductor platform, broadening its addressable market beyond quantum computing.