Two of the market’s most closely watched speculative growth names got hit hard on Tuesday. Archer Aviation (Nasdaq: ACHR) fell 10.77%, closing at $6.71 from $7.52, while Quantum Computing Inc. (Nasdaq: QUBT) dropped 10.01%, closing at $7.73 from $8.59. Both companies reported earnings after the close on Monday, and neither report gave investors a reason to stay long into a rough tape.
Archer’s Numbers: Historic Milestone, Heavy Losses
Archer reported Q4 2025 revenue of $300,000, a figure that is a milestone for the company: it represents the company’s first-ever revenue recognition. The company posted an EPS loss of -$0.26 for the quarter, with a net loss of $188.9 million and operating expenses of $234.70 million, partly inflated by a $36.10 million jump in non-cash stock-based compensation.
The headline certification news was genuinely significant. Archer became the first eVTOL manufacturer to achieve 100% FAA acceptance of all 797 Means of Compliance for its Midnight aircraft. That is a real structural milestone. But the forward guidance was a cold shower for anyone hoping burn rates would ease. The company guided Q1 2026 Adjusted EBITDA to a loss of $160 million to $180 million.
CEO Adam Goldstein struck a confident tone on the call. “My job is to drive execution: fly aircraft, deploy them in cities, complete certification, scale manufacturing, and deliver to the customers who are waiting.” That is a clear mandate. The market’s response suggests investors want to see it executed before pricing it in. Archer does enter 2026 with roughly $2.0 billion in total liquidity, which buys time, but the stock is now down 17% year to date.
Keep in mind for Archer (and for Quantum Computing), momentum stocks began the day deeply in the red. We’ll touch on this more later, but it was a tough environment today, regardless of results.
Quantum Computing: Revenue Miss Stings
Quantum Computing reported Q4 2025 revenue of $198,000, missing the consensus estimate of $398,330 by more than 50%. On the EPS line, the company actually beat, posting -$0.01 against an estimate of -$0.04.
The underlying business is still early stage. Operating income came in at -$22.2 million, and the net loss of $1.56 million was aided by a $6.97 million derivative gain and $13.63 million in investment income. Strip those out and the operating picture is materially worse. QUBT does hold a fortress balance sheet, with cash and investments exceeding $1.52 billion at year-end after raising over $1.5 billion in 2025, including a $750 million private placement that was oversubscribed.
CEO Yuping Huang pointed to strategic progress, including the opening of Fab 1 and the post-quarter acquisition of Luminar Semiconductor. “We are now seeing early customer engagement and revenue contribution from our foundry services and product portfolio as we continue progressing toward broad scale commercialization.” Early is the operative word. QUBT is now down 30% year-to-date.
Macro Made It Worse
Neither stock had a specific additional catalyst beyond earnings driving the selling. Tuesday brought a broad risk-off session that hit momentum and speculative growth names particularly hard. Both ACHR and QUBT fit squarely in that bucket, which compounded the post-earnings pressure and left little room for buyers to step in.
Watch whether either name stabilizes near current levels or continues to drift. For Archer, the next meaningful data point will be progress on FAA Type Inspection Authorization activities later in 2026. For Quantum Computing, investors will be focused on whether actual revenue can start closing the gap with the company’s rapidly expanding balance sheet. Wall Street expects $35 million in revenue in 2027 after $1.5M in the current year.
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