QUBTQuantum Computing Inc.
Services-Prepackaged Software
- Revenue
- $682K
- 83% YoY
- Operating margin
- -7489.3%
- 7.7% YoY
- EBITDA
- −$47M
- 111% YoY
- Market cap
- $1.5B
- Employees
- —
- Net debt / EBITDA
- —
- −$181M net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$508K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes13× of revenueOver 10% of revenue
- Payouts exceed cash flowNo-1% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo11% of assetsOver 40% of assets
- Shareholder dissentNo83% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 49th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$648K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $136K | $358K | $373K | $682K | 83% |
| Operating income | −$17M | −$29M | −$26M | −$26M | −$51M | 97% |
| Net income | −$28M | −$39M | −$28M | −$69M | −$19M | 73% |
| Operating cash flow | −$7M | −$15M | −$18M | −$16M | −$30M | 87% |
| Capex | $19K | $870K | $2M | $6M | $7M | 11% |
| Stock-based comp | $10M | $9M | $4M | $6M | $9M | 50% |
| Dividends | — | $787K | $865K | $215K | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 28, 2026 | Huang Yuping | SCHEDULE 13D/A | 10.3% | Passive |
| Oct 18, 2022 | Huang Yuping | SC 13D/A | 45.0% | Passive |
| Jun 27, 2022 | Huang Yuping | SC 13D | 13.4% | Passive |
| Apr 19, 2021 | Schreiber Justin | SC 13D/A | 4.3% | Passive |
| Apr 7, 2021 | Liscouski Robert | SC 13D/A | 3.5% | Passive |
| Apr 6, 2021 | Roberts Christopher Bruce | SC 13D/A | 2.5% | Passive |
| Aug 19, 2020 | Schreiber Justin | SC 13D | 8.3% | Passive |
| Aug 14, 2020 | Roberts Christopher Bruce | SC 13D | 6.0% | Passive |
| Aug 14, 2020 | Liscouski Robert | SC 13D/A | 8.4% | Passive |
| Jan 10, 2019 | Liscouski Robert | SC 13D | 12.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $648K · 3
- Net
- −$648K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $508K | −$205K | 73 | — |
| FY2024 | $444K | $5M | 117 | — |
| FY2023 | $472K | $543K | 6 | — |
| FY2022 | $5M | $4M | 11 | — |
| FY2021 | $2M | $1M | 24 | — |