MeritValue

Quantum Computing Inc.

QUBTdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Quantum Computing Inc. earns about -61% on invested capital, and has bought back 99% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$136,0001$358,0002$373,0002$682,0002
Net income−$27.9M3−$26M4−$27M5−$68.5M5−$18.7M5
Operating cash flow−$6.82M6−$15.4M7−$18.3M8−$16.2M8−$30.3M8
Capital expenditure$19,3919$870,00010$2.11M11$6.04M11$6.69M11
Free cash flow (derived)−$6.84M6−$16.2M7−$20.4M8−$22.2M8−$37M8
Total debt—$8.39M12$1.93M13——
Cash & equivalents$16.7M14$5.31M15$2.06M16$78.9M17$737.9M17
Diluted shares29.2M36.7M66,61193,881164,492

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$97,163.69
your share of equity
Profit it earned you last year
−$1,135.25
Free cash flow it threw off
−$2,248.38
Debt you’d be carrying
—

10 shares is a claim on $97,163.69 of net worth that earned you −$1,135.25 and generated −$2,248.38 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-61% avg · 5y
FY21 —FY22 -29%FY23 -29%FY24 -184%FY25 -2%

It earned an average -61% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 77% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-077754 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-26-022417 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-051721 (NetIncomeLoss)
  4. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-077754 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-26-022417 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-051721 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-077754 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-26-022417 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-051721 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-077754 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-26-022417 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001213900-24-028799 (LongTermDebtNoncurrent)
  13. 10-K/A · period ending 2023-12-31 · accession 0001213900-24-077754 (LongTermDebtCurrent)
  14. 10-K/A · period ending 2021-12-31 · accession 0001213900-23-051721 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-077754 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-025561 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-022417 (CashAndCashEquivalentsAtCarryingValue)