Quantum Computing Inc. (QUBT.US) surged 25% in pre-market trading on Tuesday following the announcement of a nearly 9000% year-over-year increase in its first-quarter revenue. Wedbush Securities noted that through multiple acquisitions, the company has become "larger and better," though its growth story remains in the "early innings." The firm reiterated a "Neutral" rating on the stock with a $12 price target.

Wedbush analyst Antoine Legault stated in a research report, "We anticipate the recently completed acquisition of Luminar Semiconductors will contribute $20 to $25 million in revenue by 2026. This acquisition is expected to strengthen Quantum Computing's semiconductor capabilities, expand its addressable market, and enhance its ability to deliver integrated photonic solutions at scale."

The analyst further added, "Overall, while encouraged by the company's Q1 2026 results and outlook, we maintain our Neutral rating and $12 price target. Compared to other public peers, the company remains in its early stages, with a low revenue base from quantum hardware. Its subsequent value creation still requires validation through future financial performance."

Headquartered in Hoboken, New Jersey, Quantum Computing reported first-quarter revenue of $3.69 million, surpassing market expectations of $3.28 million. The significant revenue growth was primarily attributed to the acquisitions of Luminar Semiconductors in February 2026 and NuCrypt in March 2026. The company reported a loss per share of $0.02 for the quarter, compared to a consensus estimate of a $0.05 loss.

Yuping Huang, CEO of Quantum Computing, commented, "These acquisitions bring established capabilities in lasers, detectors, and advanced packaging, extensive R&D and manufacturing expertise, and a seasoned team of engineers and scientists, further expanding our talent pool and execution capabilities."

As of the end of the first quarter, Quantum Computing held $1.4 billion in cash and equivalents and reported a contract backlog of $16 million.

At the time of reporting, Quantum Computing's stock was up 25.25% in pre-market trading to $12.75. Other quantum computing stocks also moved higher, with Rigetti Computing (RGTI.US) rising over 2% and IonQ (IONQ.US) gaining nearly 2%. Notably, Rigetti, often referred to as the "Nvidia of Quantum," reported its first-quarter revenue tripled year-over-year to $4.4 million, although its operating loss widened to $26 million.