Bull case
Quantum Computing is viewed favorably because it posted clear operational traction in fiscal Q2 2026, with revenue of $5.6 million versus essentially $0 a year earlier and EPS of $(0.05), while also delivering Dirac-3, advancing NeuraWave to deployment-ready status, and securing a purchase order for quantum secure communications. Its outlook is strengthened by a very strong balance sheet with $1.3 billion in cash and no debt, plus strategic assets such as the fully operational TFLN foundry opened in May 2025 and the $73 million NHanced acquisition, which is expected to add at least $35 million of revenue in 2027 and $50 million in 2028. The company’s room-temperature photonics approach, expanding commercial and defense use cases, and early position in a rapidly growing quantum market support the view that revenue can scale meaningfully from 2026 to 2027 and beyond.