QUBT // Quantum Computing Inc.

DES <GO> NASDAQ CIK 0001758009 ↗

Technology • Computer Software: Prepackaged Software

$6.82 ▼ -0.09 (-1.30%)

MKT CAP: $1.54B • VOL: 3.96M

52W L $6 52W H $17

ALTMAN Z

26.00 SAFE

PIOTROSKI

4 / 9

QUBT // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 60/100 [C-] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C-

RQD CONFIDENCE

60 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Cautious Neutral

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 0.94

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

17 / 20

STRONG

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON QUBT)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 86/100 Z-SCORE: +2.74σ

QUBT Accounting Gap: Net Income (+72.8%) Outpaced OCF (-86.9%) With +0% Working-Capital Build

CASH CONVERSION GAP

+159.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

+0.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Quantum Computing Inc. (QUBT) exposes a +159.6% Cash Conversion Gap as YoY Net Income growth (+72.8%) diverged from Operating Cash Flow growth (-86.9%). Non-cash current assets and receivables expanded +0.0% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

QUBT // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -26.83%📐 HORIZONTAL RANGE

2026-10-30O $6.47H $6.64L $6.34C $6.60VOL 8.16M

RES: $10.08SUP: $5.53SMA50: $7.78SMA200: $8.74

QUBT // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

HIGH-CONVICTION LONG CONVICTION: 77/100

BEAR 0

100 BULL

Quantum Computing Inc. (QUBT) exhibits 9.8% gross margins and -4.6% return on invested capital within Technology (Computer Software: Prepackaged Software), balanced against a 24.0x enterprise multiple and 8.2% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 9.8% gross profitability converts into -60.0% operating margin and -4.6% ROIC, outpacing sector cost of capital.

ROIC: -4.6% // GM: 9.8%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +82.8% paired with -2.40% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +82.8% // FCF YLD: -2.40%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 26.00 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 26.00 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (27.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±8.2% implied move with a 0.94 put/call ratio around $7.00 max pain.

IMPL MOVE: ±8.2% // P/C: 0.94

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Computer Software: Prepackaged Software require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 0.01x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 27.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.38).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 27.0x

EV / EBITDA —

FCF YIELD -2.40%

GROSS MARGIN 9.8%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -4.6%

REV GROWTH YOY +82.8%

DILUTED EPS TTM $-0.08

DEBT / EQUITY 0.01x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 39.5

5Y EQUITY BETA 1.38

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // QUBTPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $6.24

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for QUBT & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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