Key insights
- Quantum Computing Inc. (QUBT) may have accidentally revealed Q3 2020 earnings, showing revenue of $9.5 million, a 24.8% beat on expectations. Margins improved to 4.5%, though operating expenses remain high. The company's valuation appears attractive, with net cash and investments per share of $5.64, implying the operating business is valued at only $0.70 per share. Significant put wall at $6, negative gamma exposure, high short interest, and aggressive hiring suggest potential for strong price movement.
QUBT is scheduled to report earnings on Monday in after-hours. But I found something interesting on their website. It looks like they accidentally published their Q3 2020 results. I don't know if this is common practice. You can look on their website. I can put the link here as reddit blocks it. expected rev was 7.61 M. They reported 9.5 M. Which is a beat of 24.8% EPS came in line with -0.07 USD They increased their margin to 4.5% From -19.5% in Q1 to -21% in Q2. Allthough 4.5% is still very low. Operating expenses are still high. But OpEx/Rev improved from 3.9x to 3.1x Despite some of the negative points, I still think QUBT looks interesting from a valuation perspective. Based on the June 2026 balance sheet, net cash and investments after liabilities amounted to approximately $5.64 per share. At a share price of around $6.34, you're essentially paying just $0.70 per share for the operating business. Just to clarify, this calculation is based on the June balance sheet and not an updated Q3 balance sheet. Options and short interest activity: There is a significant Put Wall at $6, which could act as support. Net gamma currently stands at approximately -$733.1K, indicating negative gamma exposure. If the stock starts moving higher, dealer hedging activity could potentially amplify the move. Additionally, someone traded a December 18, 2026 $6 call sweep on Friday, with approximately $66.2K in premium. The current short interest is 70 million shares which is 31% of outstanding shares. That's quite a lot of short interest. Positive catalysts could lead to strong buying pressure. Another thing I noticed is the number of open positions on their website. QUBT currently lists 48 open positions, while LinkedIn shows approximately 176 employees. At the end of 2025, the company reported just 77 full-time employees. Of course, acquisitions during 2026 could explain part of this increase. Still, it looks like the company is expanding quite aggressively and preparing to scale its operations. What do you think? I think it's still highly speculative. Could be worth a buy though. I bought on Thursday for under $6 and I think it is a steal.