Semiconductor packaging + photonics (Quantum Computing Inc.) — NHanced 3D packaging fab plus an early-stage quantum research arm
AI exposure 5% — derived from reported segment revenue, not asserted.
Frontier & Emerging Bets → Quantum Computing · figures rebased to Q2 2026, reported 2026-08-10
Photonic/quantum systems + thin-film lithium niobate (TFLN) photonic chip foundry is 100% of revenue, so Quantum Computing is effectively the whole company rather than one leg of it.
Quantum Computing Inc. (Q2 2026 revenue $5.551M, from $61K a year earlier) — the NHanced Semiconductors acquisition ($73.1M plus up to $72.0M earnouts, closed Q2 2026) transformed the revenue base: Fab 2 adds ~60,000 wafers/yr of 3D semiconductor packaging capacity, and management disclosed that 70-80% of the business is now GOVERNMENT SUBCONTRACT work. Functionally a small defense/aerospace packaging contractor with a quantum research arm attached, rather than a quantum-computing pure play. Gross margin is still negative (-21.0% in Q2, worse than Q1's -19.5%) — revenue scaled 50% QoQ while…
Moat. Photonic-quantum IP plus an acquired TFLN photonic-chip foundry (Fab 1 in Tempe; Fab 2 via the NHanced acquisition closed June 2026). Assets bought rather than advantage demonstrated — Q1 2026 organic revenue was ~$204K and gross margin was negative.
Bottleneck / pricing power. No pricing power whatsoever — Q1 2026 sold $3.7M of product at a $721K gross loss, so every revenue dollar currently destroys value; the $16M contract backlog is less than one quarter of the ~$20M opex run-rate.
Role in the AI stack. The early-stage photonic-quantum layer — highly speculative.
All 174 companies · What moved this quarter · How the map is built