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Quantum Computing cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$16.5M in Q2 2026 · −$51.5M over twelve months

Operating cash flow−$13.9M
Capital spending−$2.7M
Free cash flow−$16.5M
Cash conversion cycle160 days

Analysis

In Q2 2026, Quantum Computing generated −$13.9M of operating cash flow and spent $2.7M on capital projects, leaving free cash flow of −$16.5M. That is $9.4M less than in Q2 2025 (−$7.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$43.1M; the largest uses were other investing ($1.3B), operating cash flow ($43.1M), capital spending ($8.4M); besides operations, cash came from shares issued ($1.2B), other financing ($950K); the cash balance fell by $160M.

Operating cash flow was −$13.9M against net income of −$11.8M. The largest differences: accrued liabilities −$4.4M, depreciation & amortization +$3.2M, stock-based pay +$1.8M.

Its cash conversion cycle was 160 days (receivables 91 + inventory 115 − payables 46).

Free cash flow

Quantum Computing: free cash flow by quarterQuantum Computing: free cash flow by quarter−$5.1MQ3 2024−$6.6MQ4 2024−$6.2MQ1 2025−$7.1MQ2 2025−$11.5MQ3 2025−$12.2MQ4 2025−$11.2MQ1 2026−$16.5MQ2 2026
Operating cash flow less capital spending.
Quantum Computing: operating cash flow against capital spendingQuantum Computing: operating cash flow against capital spendingOperating cash flowCapital spending−$4.6M$514KQ3 2024−$3.8M$2.9MQ4 2024−$4.4M$1.7MQ1 2025−$6.1M$1.0MQ2 2025−$8.7M$2.8MQ3 2025−$11.0M$1.2MQ4 2025−$9.4M$1.8MQ1 2026−$13.9M$2.7MQ2 2026
Latest (Q2 2026): Operating cash flow −$13.9M, Capital spending $2.7M.

Capital allocation, year by year

Quantum Computing: where the cash came from (up) and went (down), by fiscal yearQuantum Computing: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow −$6.8MFY2021: Shares issued $8.6MFY2021: Capital spending −$19K$8.6MFY2021FY2022: Operating cash flow −$15.4MFY2022: Shares issued $7.2MFY2022: Capital spending −$870KFY2022: Acquisitions −$1.4MFY2022: Dividends −$787K$7.2MFY2022FY2023: Operating cash flow −$18.3MFY2023: Net borrowing −$6.2MFY2023: Shares issued $24.7MFY2023: Asset sales $375KFY2023: Capital spending −$2.1MFY2023: Acquisitions −$81.9MFY2023: Dividends −$865K$25.1MFY2023FY2024: Operating cash flow −$16.2MFY2024: Shares issued $107MFY2024: Capital spending −$6.0MFY2024: Dividends −$215K$107MFY2024FY2025: Operating cash flow −$30.3MFY2025: Shares issued $1.5BFY2025: Capital spending −$6.7M$1.5BFY2025
Over these 5 years operating cash flow totalled −$87.0M; the largest uses were operating cash flow ($87.0M) and acquisitions ($83.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$954M
Debtnone
Net cash$954M
Cash runwaymore than 10 years

Quantum Computing is burning cash: its operations consume cash, a free cash flow of −$51.5M a year at the current rate against $954M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Quantum Computing: sources (+) and uses (−) of cash, Q2 2026Quantum Computing: sources (+) and uses (−) of cash, Q2 2026Acquisitions−$95.1MCash drawn (+) / kept (−)$68.6MOther investing$42.3MOperating cash flow−$13.9MCapital spending−$2.7MShares issued$793K
Quantum Computing: sources (+) and uses (−) of cash, TTM to Q2 2026Quantum Computing: sources (+) and uses (−) of cash, TTM to Q2 2026Other investing−$1.3BShares issued$1.2BCash drawn (+) / kept (−)$160MOperating cash flow−$43.1MCapital spending−$8.4MOther financing$950K

From profit to cash

Quantum Computing: net income to operating cash flow, Q2 2026Quantum Computing: net income to operating cash flow, Q2 2026Net income−$11.8MDepreciation & amortization$3.2MStock-based pay$1.8MReceivables$57KInventory−$1.0MPayables−$197KAccrued liabilities−$4.4MDeferred revenue$400KPrepaid and other assets−$1.5MOperating cash flow−$13.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 20269111546160
Q1 202659463669
Q4 2025235203303135
Q3 202570236453-147
Q2 2025876464412-3680
Q1 2025542585874-5562
Q4 2024674263770-3278
Q3 2024542541298-990

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$13.9M−$2.7M−$95.1M$793K$68.6M−$16.5M
Q1 2026−$9.4M−$1.8M−$2.4M$3.5M$480M−$11.2M
Q4 2025−$11.0M−$1.2M—$719M−$385M−$12.2M
Q3 2025−$8.7M−$2.8M—$475M−$3.7M−$11.5M
Q2 2025−$6.1M−$1.0M—$188M−$182M−$7.1M
Q1 2025−$4.4M−$1.7M—$93.6M−$87.5M−$6.2M
Q4 2024−$3.8M−$2.9M—$92.1M−$75.9M−$6.6M
Q3 2024−$4.6M−$514K——−$538K−$5.1M

Quantum Computing: income statement and cash flow

Quantum Computing, Q2 2026: revenue $5.6M (91× year over year), operating margin -414.6%. The chart follows the revenue to costs, profit and cash.

Quantum Computing: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.