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Here’s a list of the most shorted small-to-mid-cap tech stocks as of February 27:

• BigBear.ai Holdings (BBAI) – 30.35%
• C3.ai (AI) – 29.67%
• Quantum Computing (QUBT) – 26.68%
• indie Semiconductor (INDI) – 25.13%
• Cyngn (CYN) – 24.86%

Least shorted small-to-mid-cap tech stocks as of February 27:

• Next Technology (NXTT) – 0.52%
• CISO Global (CISO) – 0.52%
• Optical Cable (OCC) – 0.53%
• AMTD Digital (HKD) – 0.53%
• ICZOOM Group (IZM) – 0.53%

Here’s a list of small- and mid-cap ETFs: iShares Core S&P Small-Cap ETF (IJR), Vanguard Small-Cap ETF (VB), iShares Russell 2000 ETF (IWM), Vanguard Mid-Cap ETF (VO), iShares Core S&P Mid-Cap ETF (IJH), and the SPDR S&P MidCap 400 ETF Trust (MDY).

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Management View

• CEO Yuping Huang stated that 2025 marked a transformational year for Quantum Computing Inc., highlighting the completion and opening of a thin-film lithium niobate photonic chip fabrication facility, the expansion of foundry services, and the planning for a second fabrication facility (Fab 2). Huang emphasized the company’s “transition from a development stage company to a commercial manufacturing-driven platform business.”
• Huang confirmed the completion of the Luminar Semiconductor Inc. (LSI) acquisition in February 2026, noting it “enhances our design, fabrication and packaging capabilities and accelerates our path to scalable manufacturing. LSI also contributes a established customer base and a steady revenue to the combined organization.”
• The CEO reported the unveiling of the “photonic-based reservoir computing system Neurawave as Supercomputer 2025,” designed for integration with existing computing infrastructure to address emerging AI workloads.
• Strategic collaboration with POET Technologies was announced for the development of new high-speed modulator-based optical engines to support AI network infrastructure.
• CFO Christopher Roberts reported, “Revenue for the fourth quarter totaled approximately $198,000 compared to $62,000 in the prior year quarter. The year-over-year increase was driven primarily by hardware sales and services associated with our Fab 1 facility, which began contributing revenue during the fourth quarter.”
• Roberts added, “We ended the year with cash and cash equivalents of $738 million and investments of $783 million on our balance sheet, roughly $1.52 billion in total.”

Outlook

• CEO Huang stated the company’s 2026 priorities are “scaling our foundry services business and increasing customer engagements, advancing our product portfolio toward broader commercialization, successfully integrating LSI and capturing synergies across our platform and continue to execute with this plan while preserving capital.”
• Roberts indicated, “We are not in the habit of giving revenue guidance… analyst reports… projected that revenue would be in the $20 million to $25 million per year range. And I think that’s a reasonable estimate right now.”
• The company does not expect significant CapEx for Fab 2 in 2026, focusing instead on design and evaluation work.

Financial Results

• Roberts reported, “Operating expenses for the fourth quarter totaled $22.1 million compared to $8.9 million in the same quarter last year.”
• Net loss for the fourth quarter was $1.6 million, or $0.01 loss per share, compared to a net loss of $51.2 million in the fourth quarter of 2024. The reduction was primarily due to a gain of $7 million from the mark-to-market of a derivative liability and interest income of $13.6 million.
• For the year ended December 31, 2025, net loss was $18.7 million, or $0.11 per share, compared to a loss of $68.5 million, or $0.73 per share, in the prior year.
• Total assets as of December 31, 2025, stood at $1.6 billion, up from $154 million at year-end 2024.

Q&A

• John McPeake, Rosenblatt Securities: Asked about the LSI revenue trajectory. Roberts responded that analyst reports estimate LSI revenue at $20 million to $25 million per year and described ongoing integration work, emphasizing investments for growth rather than near-term profitability.
• McPeake: Inquired about Fab 2 location and CapEx timing. Roberts explained no significant CapEx is expected this year, with larger costs anticipated in two to three years during facility build-out.
• Maxwell Michaelis, Lake Street Capital Markets: Asked about LSI revenue growth and milestones for 2026. Roberts and Huang highlighted early positive momentum post-acquisition, integration as a top priority, and plans to expand the product portfolio and team.
• Antoine Legault, Wedbush Securities: Asked which market offers the most immediate opportunity. Huang identified thin-film lithium niobate as a key focus and noted ramping up quantum communications, referencing recent system sales to a top 5 U.S. bank.
• Legault: Inquired about future M&A. Huang emphasized a disciplined approach aiming to accelerate the technology roadmap and customer base.
• Edward Woo, Ascendiant: Asked about international revenue exposure. Roberts stated the customer base remains largely domestic, with future international growth possible.
• Troy Jensen, Cantor Fitzgerald: Asked about near-term applications beyond quantum computing. Huang discussed remote sensing, photonic vibrometer sales, and collaborations with NASA and LSI to expand optical sensing and quantum sensing capabilities.

Sentiment Analysis

• Analysts expressed cautious optimism, probing for revenue visibility, integration progress, and growth plans, with questions frequently returning to LSI’s impact and commercialization milestones.
• Management maintained a confident and measured tone in both prepared remarks and Q&A, emphasizing strategic execution and long-term positioning. Huang stated, “I’m actually very pleased with where we are now,” and Roberts provided detailed, though non-committal, responses regarding forward guidance.
• Compared to the previous quarter, management’s tone remained consistent in highlighting transformative milestones and capital strength, though the current call placed greater emphasis on integration execution and scaling.

Quarter-over-Quarter Comparison

• The current quarter featured the completed LSI acquisition and its expected revenue contribution, which was not present in the prior quarter.
• Revenue increased from $62,000 to $198,000 year-over-year, while operating expenses rose markedly as the company scaled its team and capabilities, compared to $10.5 million in operating expenses in Q3 2025.
• The company continued to emphasize its vertical integration and photonics-based quantum solutions, but the roadmap now more clearly focuses on industrial scale production and integration of new assets.
• Analysts in both quarters focused on revenue visibility, commercialization, and manufacturing scale, but this quarter saw more direct discussion of integration milestones and CapEx planning for new facilities.
• Management’s confidence in the transition from innovation to manufacturing was more pronounced in this quarter.

Risks and Concerns

• Integration of LSI presents operational and financial challenges, with Roberts noting the need to “realign and integrate the businesses.”
• Significant investment in personnel and expansion drives higher operating expenses, with SG&A expected to grow as the company invests in resources and execution capabilities.
• CapEx for Fab 2 is expected to be substantial, but major outlays are not anticipated in 2026.
• Roberts acknowledged that near-term profitability will not be prioritized as integration and growth initiatives are pursued.
• Analysts raised questions about international market exposure, potential for revenue growth, and timing of manufacturing scale-up.

Final Takeaway

Quantum Computing Inc. enters 2026 with a strengthened balance sheet, expanded product offerings, and a clear focus on scaling manufacturing capabilities following the LSI acquisition. Management highlights the integration of LSI, ramping of foundry services, and continued development of photonic and quantum-enabled products as core priorities, underpinned by a disciplined approach to investment and growth. The company emphasizes its transition to commercial-scale production and positions itself to capitalize on growing demand for room temperature, energy-efficient quantum solutions across multiple markets.

Read the full Earnings Call Transcript

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Amid a wider de-risking across growth stocks, particularly software, Quantum Computing (QUBT) shares dipped 2.1% in late morning trading, bringing its year-to-date loss to about 19%. Quantum peers IonQ (IONQ) slid 2.5% at 10:31 a.m. ET, D-Wave Quantum (QBTS) -3%, Rigetti Computing (RGTI) -6.5% and Arqit Quantum (ARQQ) -4.2%.

QUBT is the only Quant-rated Buy in the group, while IONQ and RGTI carry Strong Sell ratings, and QBTS and ARQQ are rated Hold.

With investors broadly pulling back from highly speculative tech—as growing prospects for higher-for-longer interest rates drive a rotation into value—quantum stocks are down double digits year-to-date.

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Shares of Quantum Computing jumped about 3%, while Rigetti Computing climbed around 1% premarket on Thursday.

Quantum Computing (QUBT)

Rosenblatt initiated QUBT with a Buy rating and a $22 price target.

“Quantum Computing Inc. (QCi) has legitimate quantum assets across photonics, compute, security and sensing as well as burgeoning thin film lithium niobate (TFLN) fabs that could supply both their and industry needs for integrated quantum photonics, nonlinear optics and optical waveguides,” said analysts led by John McPeake.

The analysts noted that the company is also in the process of acquiring fabs (LSI) from Luminar for less than five times revenue that should improve the P&L optics and further diversify their business into another key laser market. With a total of $1.6B in cash (no debt), the company’s interest income is currently more than their operating expenses, according to the analysts.

“We like the risk-reward here with an immediate opportunity to participate in quantum computing, a fab-driven chance to see their current products put on chips and acquire customers in the fast growth optical communication sector, a view into developing a photonic gate-based quantum computer, and finally the possibility to drive quantum security deep into everyday consumer edge devices,” said McPeake and his team.

Rigetti Computing (RGTI)

The firm started coverage of Rigetti with a Buy rating and a $40 price target.

“We like Rigetti’s modular approach to qubit scaling and their internal fab approach. Although error rates and timelines are a bit of an issue right now, we are giving them the benefit of the doubt relative to the postponed Cepheus 99.5% two qubit gate fidelity target in 1Q. Last week, the company announced that their modular 108 physical qubit Cepheus-1-108Q system would be a few months late as they were having issues with their two-qubit gate error rate of 99.0% vs. their target of 99.5%, but the company just (1/13/26) reiterated their ability to resolve the issue by the end of 1Q,” said McPeake and his team.

The analysts noted that superconducting peers IBM (IBM) and privately held IQM have reported 99.92% and 99.85% two-qubit gate error rates respectively, so Rigetti does need to get its error rates down to be more competitive.

In addition, the analysts said that, though still in development, superconducting peer D-Wave (QBTS) is heading towards potentially even lower error rates after the acquisition of Quantum Circuits.

The analysts said that Rigetti has its own quantum processing unit (QPU) fab, an installed base of 18 machines (6 at customers and 12 internally and exposed on the cloud), and a compelling way to network multiple QPUs together via tunable couplers.

“Finally, the company’s work with leading quantum error correction (QEC) partner Riverlane is promising over the medium to long term,” said McPeake and his team.

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