Forbes flags QUBT’s 271% surge as speculative as fundamentals remain deeply out of sync

What happened

Forbes highlights that Quantum Computing Inc. shares have climbed roughly 271% over the past year, prompting a comparison with Apple and a warning that QUBT’s fundamentals imply extreme risk. This external commentary is consistent with DeepValue’s assessment that QUBT’s roughly $1.5 billion market cap is difficult to justify against 2024 revenue of just $373,000, Q2 2025 revenue of $61,000, and large recurring losses and cash burn. While the company’s sizable cash balance (~$349 million as of June 30, 2025) and differentiated room‑temperature photonics roadmap, including its TFLN chip facility, provide strategic optionality, they do not yet translate into material, recurring revenue. The article effectively underscores that QUBT’s recent share price performance is being driven far more by speculative enthusiasm than by demonstrated business traction, especially when contrasted with a mature, cash‑generative peer like Apple. Overall, the news reinforces the view that QUBT’s stock is high‑beta, sentiment‑driven exposure to an early‑stage quantum story rather than a fundamentals‑anchored investment at current levels.

Implication

For investors, the combination of a 271% share price surge and still‑immaterial revenue heightens the risk of a significant drawdown as sentiment normalizes or if execution disappoints. The article’s comparison with Apple underscores that QUBT’s risk/return profile is appropriate only for small, speculative position sizes, if at all, within a diversified portfolio. DeepValue’s SELL stance remains appropriate: fundamentals and cash burn do not yet support the current market cap, and past equity issuance demonstrates dilution is a live risk if the cash runway shortens. Momentum‑oriented traders may continue to find volatility attractive, but they should recognize that the trade is largely untethered from near‑term cash‑flow visibility and could reverse quickly if media tone or market liquidity shifts. Long‑term investors should wait for evidence of sustained, recurring revenue (e.g., meaningful PQC/security contracts or on‑prem EQC deployments) and clearer TFLN commercialization progress before reconsidering a more constructive view on the shares.

Thesis delta

The Forbes coverage does not introduce new fundamental information but, by documenting a 271% stock price increase and labeling QUBT’s fundamentals as extremely risky, it underscores that the valuation/fundamentals disconnect has widened since our last report. This strengthens, rather than softens, the existing SELL thesis by elevating near‑term downside and volatility risk as media scrutiny catches up with the speculative nature of the rally. Our core conditions for upgrading the stock—demonstrable, recurring revenue traction, visible TFLN execution, and a more balanced valuation—remain unchanged.