QUBT

QUBT is, in its own words, "a development stage company with limited operations and revenue." FY2025 revenue was $682K — up 83% but off a near-zero base, and the company has cumulatively generated under $1.6M of revenue across its entire history while burning to a -$219M accumulated deficit. At $9.92 the market cap is $2.23B, a price-to-sales multiple of 3,266x. There is no fundamental framework under which that valuation is defensible; the price reflects quantum-computing narrative, not the business that exists in the filings.

The headline that net loss "improved" to -$18.7M (from -$68.5M) is an accounting mirage. The MD&A shows operating loss actually widened 97% to -$51.1M as R&D (+81%), S&M (+89%) and G&A (+111%) all ballooned; the bottom line was flattered only by $20.7M of "interest and other income, net" (up 4,798%) earned on the cash pile. Gross margin collapsed from 30% to 10% even as revenue grew, so incremental sales are barely profitable at the gross level. Operating cash flow was -$30.3M. This is not a business approaching commercialization on its operating metrics.