This is a Scorecard review, revisiting a past LF0 research call against what actually happened.
Ticker: QUBT Rating: Sell Published: 2026-07-24
Entry price: $7.43 Latest price: $6.93 as of 2026-10-12 Stock return since entry: -6.7% Signal return: +6.7% Verdict: Correct so far
This call is still open — LF0 tracks every directional call for 182 days from publication, then freezes the verdict permanently. This one’s tracking window closes 2027-01-22.
Read the original LF0 analysis
What I Said
I rated QUBT a Sell because I thought its room-temperature photonics stack was still not translating into durable cash generation. I pointed to Q1 2026 revenue of $3.7M as evidence the business could step up, but I argued the TTM operating margin of -556.8% and free cash flow margin of -931.3% showed the economics were still far from self-funding. I also said I would need to see revenue stay above $3M per quarter without losses widening before I would turn more constructive.
Peer Comparison
| Company | Return Since Entry |
|---|---|
| QUBT (this call) | -6.7% |
| IONQ | +10.4% |
| QBTS | -15.2% |
| RGTI | -6.4% |
Why It’s Working (Or Not)
Following the Sell has worked over this tracking window: the stock is down 6.7%, which means a short position would have earned 6.7% to date. That outcome is consistent with my core concern that the company was still a development platform rather than a self-funding business. The peer set has been mixed, with IONQ higher while QBTS and RGTI are lower, so QUBT has not simply moved with the group in one direction. The specific burden-of-proof issue I highlighted still matters here: the market has not rewarded the idea that the Q1 revenue step-up alone was enough to justify a more constructive stance.
What Could Still Prove Me Wrong
I would be wrong if QUBT can keep quarterly revenue above $3M for the next two quarters and show that the growth is not just a one-off acquisition effect. I would also be wrong if gross margin turns positive while operating cash flow stops being deeply negative, because that would undercut my self-funding concern. If the company instead slips back below $2M in quarterly revenue or continues to burn cash at a pace that leaves the business dependent on its balance sheet, my Sell case would remain intact.
The July 2026 Cohort
Other directional calls published the same month:
| Ticker | Rating | Entry | Latest | Stock Return | Signal Return | Verdict |
|---|---|---|---|---|---|---|
| NLST | Sell | $2.44 | $6.08 | +149.2% | -149.2% | Incorrect so far |
| BMNR | Sell | $17.74 | $23.83 | +34.3% | -34.3% | Incorrect so far |
| FTNT | Sell | $156.25 | $192.94 | +23.5% | -23.5% | Incorrect so far |
| RDW | Sell | $8.99 | $9.22 | +2.6% | -2.6% | Incorrect so far |
| VSAT | Sell | $69.54 | $67.66 | -2.7% | +2.7% | Correct so far |
| TPL | Sell | $408.26 | $365.32 | -10.5% | +10.5% | Correct so far |
| AMBA | Sell | $72.90 | $64.81 | -11.1% | +11.1% | Correct so far |
| HUT | Sell | $98.33 | $85.24 | -13.3% | +13.3% | Correct so far |
| UAN | Buy | $110.58 | $125.49 | +13.5% | +13.5% | Correct so far |
| ONTO | Sell | $319.32 | $273.74 | -14.3% | +14.3% | Correct so far |
| TTWO | Sell | $247.62 | $208.82 | -15.7% | +15.7% | Correct so far |
| MARA | Sell | $11.67 | $9.44 | -19.1% | +19.1% | Correct so far |
| MYRG | Sell | $391.51 | $313.18 | -20.0% | +20.0% | Correct so far |
| AMKR | Sell | $60.60 | $48.11 | -20.6% | +20.6% | Correct so far |
| RCAT | Sell | $7.83 | $5.39 | -31.2% | +31.2% | Correct so far |
| SMR | Strong Sell | $8.81 | $6.70 | -24.0% | +35.9% | Correct so far |
| CIFR | Sell | $21.85 | $13.00 | -40.5% | +40.5% | Correct so far |
| MTZ | Sell | $380.63 | $206.85 | -45.7% | +45.7% | Correct so far |
| FLNC | Sell | $14.42 | $7.07 | -51.0% | +51.0% | Correct so far |
Live LF0 scorecard: The Scorecard | Research Performance dashboard
Past performance does not guarantee future results. Nothing here is investment advice or a recommendation to buy or sell securities. Returns use LF0’s daily-close scorecard methodology.
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