QCi reported Q4 2025 revenue of about USD 198,000, up 219.0%, and a Q4 2025 net loss of USD 1.6 million (USD 0.01 loss per basic share). Q4 2025 operating expenses were USD 22.1 million, up 148.0%. For FY 2025, QCi posted revenue of USD 682,000 and a net loss of USD 18.7 million (USD 0.11 loss per basic share), with FY operating expenses of USD 51.1 million. QCi ended 2025 with total assets of USD 1.6 billion, cash and cash equivalents of USD 737.9 million, and investments of USD 783.0 million; total liabilities were USD 20.7 million and stockholders’ equity was USD 1.6 billion. The company said it raised gross proceeds of USD 750.0 million in Q4 via an oversubscribed private placement of 37,183,937 common shares. On the business side, QCi said its Fab 1 TFLN chip facility in Tempe began contributing revenue during the year as it ramped small-batch manufacturing, while the company is planning a larger Fab 2 for higher-volume production. After quarter-end, QCi completed its USD 110.0 million all-cash acquisition of Luminar Semiconductor (Feb. 2, 2026), adding lasers, detectors, advanced packaging and manufacturing capabilities and an established customer base. QCi also unveiled its photonics-based reservoir computer, Neurawave, and announced a collaboration with POET Technologies to develop 400G/Lane TFLN modulator-based 3.2Tbps optical engines. Management attributed the Q4 net loss improvement primarily to a USD 7.0 million non-cash gain from mark-to-market of a derivative liability and USD 13.6 million of interest income.
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