Entering 2026: CEO Letter Reflecting on 2025 Progress

Yuping Huang, Chief Executive Officer

Dear Fellow Shareholders,

As we enter 2026, I am honored to write to you in my new role as Chief Executive Officer of Quantum Computing Inc. Stepping into this role, I have spent the past several months deeply engaged with our teams, customers, and partners. What stands out is the strength of the foundation we have built and the clarity of the opportunity ahead. 2025 was a defining year for QCi marked by significant progress, disciplined investment, and important strategic decisions that position the Company for long-term leadership in quantum and integrated photonics.

2025 was fundamentally about building a foundation for scale. Over the course of the year, we strengthened our balance sheet, expanded our commercial footprint, advanced our manufacturing capabilities, and took decisive steps to accelerate our technology roadmap. Most importantly, we did so with a clear vision: to bring practical, scalable quantum and photonic technologies out of the lab and into the hands of people.

Progress in 2025

Last year, we made meaningful strides across multiple fronts. Commercially, we continued the work of converting technical capability into real-world adoption. We expanded engagements across government, enterprise, and research customers, including progress on our NASA LiDAR initiative, where our quantum optimization technology is being evaluated for its ability to remove solar noise from space-based LiDAR data. We also completed additional commercial system sales during the year, including transactions with leading financial and industrial organizations, demonstrating early production use cases for our technology.

As CEO, my focus has been on ensuring that every commercial engagement reinforces long-term customer trust by meeting performance expectations, supporting deployment, and building durable relationships that extend beyond a single program or sale.

Operationally, we advanced our first photonic chip fabrication facility, Fab 1, in Tempe, Arizona. Fab 1 is now operational and serves as a critical proving ground for our thin- film lithium niobate, or TFLN, processes. Scaling manufacturing is hard, precise work. Throughout the year, our team focused on process stabilization, yield improvement, and early customer programs, laying the groundwork for repeatable, high-quality manufacturing.

From a strategic standpoint, we significantly strengthened our capital position in 2025, with more than $1.5 billion on the balance sheet as of September 30, 2025. I view this capital not as an end, but as a responsibility. It gives us the ability to invest deliberately in engineering, manufacturing, talent, and strategic opportunities, while maintaining the discipline required of a long-term public company. We are now executing from a position of strength, with the resources necessary to support our long-term vision, one that is now clearly articulated in our published technology roadmap, available at www.quantumcomputinginc.com/company/roadmap.

That vision was further reinforced by one of the most important milestones of the year: our agreement to acquire Luminar Semiconductor Inc. (LSI).

Accelerating Our Roadmap with LSI

One of the most important milestones of the year was our agreement to acquire Luminar Semiconductor Inc.

The acquisition of LSI represents a significant strategic step for QCi. LSI brings a deep portfolio of photonic technologies, established products, valuable intellectual property, and an experienced team of engineers and scientists. These capabilities are directly aligned with our roadmap and will accelerate our ability to scale integrated photonic and quantum solutions.

Just as importantly, LSI brings an existing customer base and proven manufacturing know-how that complements our internal efforts. We look forward to welcoming the LSI team into QCi and integrating their technology. Our goal is not only to preserve what makes LSI successful, but to expand it by increasing investment in R&D, product development, and manufacturing.

Concurrent with our announcement to acquire LSI, LSI's parent Luminar Technologies, Inc. announced that it has initiated voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. LSI is not a debtor in Luminar’s chapter 11 cases and is operating in the ordinary course. Because LSI is a subsidiary of Luminar Technologies, Inc., the transaction will be completed through a court-supervised Section 363 sale process. QCi has agreed to serve as the stalking horse bidder and expects to close the transaction, subject to customary conditions and court approval, by the end of January 2026.

Looking Ahead to 2026

As we enter 2026, our priorities are clear. First, we will continue to deepen commercial traction by advancing active customer programs, expanding partnerships, and supporting broader adoption of our quantum computing, sensing, AI, cybersecurity, and photonic solutions.

Second, we will focus on scaling engineering and manufacturing execution. While the core technology is proven, the next chapter is about reliability, repeatability, and scale. Fab 1 will remain essential for qualification and small-batch production, as we advance planning for Fab 2, our next-generation fabrication facility designed to support higher- volume manufacturing.

Finally, we will remain disciplined stewards of capital. In addition to investments in organic growth, we will selectively evaluate strategic acquisitions and partnerships that accelerate our roadmap, expand our capabilities, or strengthen our market position.

A Long-Term Vision

Quantum technologies and integrated photonics are at an inflection point. As artificial intelligence, sensing, communications, and security demands grow, the limitations of traditional computing architectures are becoming increasingly clear. We believe that room-temperature, energy-efficient, scalable quantum and photonic technologies will play a critical role in the next generation of computing infrastructure.

At QCi, our goal is not simply to build quantum systems. It is to make them practical, manufacturable, and accessible. That is how quantum moves from promise to impact.

I want to thank our employees for their dedication, our customers and partners for their trust, and our shareholders for their continued support. I am excited about the road ahead and confident in QCi’s ability to execute on its vision.

We look forward to updating you on our progress in the year ahead.

Sincerely,

Dr. Yuping Huang

Chief Executive Officer

Quantum Computing Inc.