Quantum Computing (QUBT) delivered Q1 revenue slightly above consensus, supported in part by nearly two months of contributions from recently acquired Luminar Semiconductor, Wedbush Securities said in a note Tuesday.

Despite improved revenue, the company remains a "show-me" story with a still-developing revenue base compared with more established peers, the brokerage said.

Luminar is expected to contribute $20 million to $25 million in revenue in 2026 and expand Quantum Computing's addressable market, analysts said.

Luminar and NuCrypt, which was also acquired recently, are expanding Quantum Computing's semiconductor and quantum communications capabilities, and supporting an integrated technology platform, though operational scale remains limited, according to the note.

Wedbush maintained its neutral rating on the stock with a $12 price target.

Shares of Quantum Computing were up more than 18% in Tuesday trading.

Price: 12.09, Change: +1.91, Percent Change: +18.76