Quantum Computing Inc.

Previous wording

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. For additional context with which to understand our financial condition and results of operations, see the audited consolidated financial statements and accompanying notes contained therein as of December 31, 2025 and 2024 and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 2, 2026. Certain amounts may not foot due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and Part II, Item 1A. “Risk Factors” included in this Quarterly Report on Form 10-Q and under the heading “Risk Factors” in our Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements.

Current wording

The following discussion and analysis provides information that management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. You should read this discussion and analysis in conjunction with the unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. For additional context with which to understand our financial condition and results of operations, see the audited consolidated financial statements and accompanying notes contained therein as of December 31, 2025 and 2024 and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 2, 2026. Certain amounts may not foot due to rounding. Certain information in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q contains forward-looking statements that involve numerous risks and uncertainties, including, but not limited to, those described under the section entitled Part II, Item 1A. “Risk Factors” included in this Quarterly Report on Form 10-Q and under the heading “Risk Factors” in our Form 10-K. We assume no obligation to update any of these forward-looking statements. Actual results may differ materially from those contained in any forward-looking statements.

Previous wording

QCi is a growth stage company with expanding operations and revenue following the LSI, NuCrypt and NHanced acquisitions. The Company is developing and marketing quantum and ancillary non-quantum products for high-performance computing, artificial intelligence, networking and sensing applications based on proprietary quantum optics and photonics technology, as well as optical components including lasers and photo detectors. QCi’s products are designed to operate at room temperature and low power at an affordable cost in the areas of high-performance computing, sensing, and quantum cybersecurity. The Company’s development team includes engineers, technicians, mathematicians, physicists, and software developers. Our go-to-market strategy emphasizes scalability, accessibility, and affordability, and is supported by a professional services offering to help customers implement applications in optimization, sensing, imaging, and cybersecurity.

Current wording

QCi is a growth-stage quantum photonics company with expanded commercial operations following the LSI, NuCrypt and NHanced acquisitions. The Company develops and markets quantum and ancillary non-quantum products for high-performance computing, artificial intelligence, networking and sensing applications based on proprietary quantum optics and integrated photonics technology, as well as optical components including lasers and photodetectors. QCi’s products are designed to operate at room temperature and low power at an affordable cost for high-performance computing, sensing, and secure communications. The Company’s development team includes engineers, technicians, mathematicians, physicists, and software developers. Our go-to-market strategy emphasizes scalability, accessibility, and affordability, and is supported by a professional services offering to help customers implement applications in optimization, sensing, imaging, and cybersecurity. The recent acquisitions have expanded the Company’s product offerings, manufacturing capabilities and customer relationships across quantum and photonics markets.

Previous wording

QCi’s proprietary core technology is our integrated photonics approach, which allows us to condition, manipulate, and measure single and entangled photons (particles of light) and gives us the ability to exploit the non-linear capabilities of photons (our “Core Photonics Technology”). Our Entropy Quantum Computer (“EQC”) is a quantum application of our Core Photonics Technology, designed to solve complex optimization problems. EQC is based on a patent-pending methodology that uses controlled feedback through energy loss in a photonic loop architecture to drive photonic states to their least lossy configurations. The EQC’s involvement of the changing environment as an integral part of the system is in sharp contrast to competing quantum approaches, including superconducting, trapped-ion, and annealing architectures, which seek to establish stable quantum states by the complete elimination of environmental effects. As a result, the EQC can consume less power than these competing methods and operates at room temperature making it compatible with an ordinary server room environment. We anticipate that our EQC may enable us to develop and produce multiple generations of quantum machines with increasing computational power, scalability, and speed.

Current wording

QCi’s proprietary core technology is our integrated photonics approach, which allows us to condition, manipulate, and measure single and entangled photons (particles of light) and gives us the ability to exploit the non-linear capabilities of photons (our “core photonics technology”). Our Entropy Quantum Computer (“EQC”), known as our Dirac-3 family of quantum optimization systems, is a quantum application of our core photonics technology, designed to solve complex optimization problems. EQC is based on a patent-pending methodology that uses controlled feedback through energy loss in a photonic loop architecture to drive photonic states to their least lossy configurations. The EQC’s involvement of the changing environment as an integral part of the system is in sharp contrast to competing quantum approaches, including superconducting, trapped-ion, and annealing architectures, which seek to establish stable quantum states by the complete elimination of environmental effects. As a result, the EQC can consume less power than these competing methods and operates at room temperature making it compatible with an ordinary server room environment. We anticipate that our EQC may enable us to develop and produce multiple generations of quantum machines with increasing computational power, scalability, and speed.

Previous wording

Our longer-term product development plan is to migrate product designs based on discrete components, including EQC’s current designs, to a set of optical integrated circuits built on wafers using a crystalline material called thin film lithium niobate (“TFLN”). The Company believes that TFLN is an excellent material for optical integrated circuit design, given its advantageous optical properties (linear, non-linear ferroelectric, and electro-optic) and its compatibility with silicon-based semiconductor fabrication methods. In March 2025, the Company substantially completed the buildout of its "state-of-the-art" TFLN chip research and development, prototyping and small-batch manufacturing facility in a leased space within Arizona State University’s Research Park in Tempe, Arizona (the “AZ Chips Facility”). Additional details about our Tempe, AZ and Hoboken, NJ facilities are discussed in Liquidity and Capital Resources in this report and in our 2025 Annual Report on Form 10-K. In addition, through the NHanced acquisition, the Company has launched another higher volume manufacturing facility, which we sometimes refer to as “FAB 2.”

Current wording

Our longer-term product development plan is to migrate product designs based on discrete components, including EQC’s current designs, to a set of optical integrated circuits built on wafers using a crystalline material called thin film lithium niobate (“TFLN”). The Company believes that TFLN is an excellent material for optical integrated circuit design, given its advantageous optical properties (linear, non-linear ferroelectric, and electro-optic) and its compatibility with silicon-based semiconductor fabrication methods. In March 2025, the Company substantially completed the build out of its state-of-the-art TFLN chip research and development, prototyping and small-batch manufacturing facility in a leased space within Arizona State University’s Research Park in Tempe, Arizona (the “AZ Chips Facility”). Additional details about our Tempe, AZ and Hoboken, NJ facilities are discussed in Liquidity and Capital Resources in this report and in our 2025 Annual Report on Form 10-K. In addition, through the NHanced acquisition in June 2026, the Company has launched another high-volume manufacturing facility, which we sometimes refer to as “FAB 2.”

Previous wording

Our future performance depends on advancing our EQC and thin-film lithium niobate photonic integrated circuit (PIC) platforms to commercial readiness, completing required hardware and systems testing, and readying supporting infrastructure. We operate with lengthy development, qualification, and sales cycles; our ability to convert research collaborations and pilot projects into production deployments and multi-year engagements will influence bookings, revenue trajectory, and margin. U.S. federal budget conditions and the timing of government grants and procurement for advanced computing, sensing, and defense applications may also affect demand and award timing. See Part II, Item 1A, "Risk Factors", for related risks, including dependence on certain suppliers and third-party manufacturers, significant cash requirements to fund product development and manufacturing capacity, and risks associated with integrating LSI, NuCrypt and NHanced and scaling our Arizona Chips Facility.

Current wording

Our future performance depends on on both the continued development and commercialization of our quantum optics and integrated photonics technologies and the performance of our commercial products, services and manufacturing operations. This includes advancing our EQC and thin film lithium niobate photonic integrated circuit (PIC) platforms toward commercial readiness, completing required hardware and systems testing, and readying supporting infrastructure. We operate with lengthy development, qualification, and sales cycles; our ability to convert research collaborations and pilot projects into production deployments and multi-year engagements will influence bookings, revenue trajectory, and margin. U.S. federal budget conditions and the timing of government grants and procurement for advanced computing, sensing, and defense applications may also affect demand and award timing. See Part II, Item 1A, "Risk Factors", for related risks, including dependence on certain suppliers and third-party manufacturers, significant cash requirements to fund product development and manufacturing capacity, and risks associated with integrating LSI, NuCrypt and NHanced and scaling our Arizona Chips Facility.

Previous wording

Our ability to attract, develop, and retain engineers, scientists, and other key personnel is critical to executing our roadmap. The integration of LSI, NuCrypt and NHanced, the scaling of our Arizona Chips Facility and the expansion of “FAB 2”

Current wording

Our ability to attract, develop, and retain engineers, scientists, and other key personnel is critical to executing our roadmap. The integration of LSI, NuCrypt and NHanced, the scaling of our Arizona Chips Facility and the expansion of “FAB 2” will require additional investment, and execution outcomes will influence product cost, time-to-market, and margin profile. See “Liquidity and Capital Resources.”

Previous wording

Our results of operations for the three and six months ended June 30, 2026 and 2025 are as follows (in thousands, except percentages, with non-meaningful percentage changes labeled as “NM”):

Current wording

Our results of operations for the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands, except percentages, with non-meaningful percentage changes labeled as “NM”):

Previous wording

Revenue for the three months ended June 30, 2026 was $5.6 million compared to $61 thousand for the comparable prior year period, an increase of $5.5 million. Revenue for the six months ended June 30, 2026 was $9.2 million compared to $100 thousand for the comparable prior year period, an increase of $9.1 million. Acquisitions, including our LSI, NuCrypt and NHanced acquisitions, contributed $5.1 million and $8.6 million in total revenue during the three and six months ended June 30, 2026. Revenue for the six months ended June 30, 2026 without the acquisitions increased $0.6 million over the prior year.

Current wording

Revenue for the three months ended September 30, 2026, was $9.5 million compared to $384 thousand for the comparable prior year period, an increase of $9.1 million. Revenue for the nine months ended September 30, 2026 was $18.7 million compared to $484 thousand for the comparable prior year period, an increase of $18.3 million. Acquisitions, including our LSI, NuCrypt and NHanced acquisitions, contributed $8.8 million and $17.4 million in total revenue during the three and nine months ended September 30, 2026. Revenue for the nine months ended September 30, 2026 without the acquisitions increased $0.9 million over the comparable prior year period.

Previous wording

Cost of revenue was $6.7 million for the three months ended June 30, 2026, compared to $35 thousand for the comparable prior year period, an increase of $6.7 million. Cost of revenue was $11.1 million for the six months ended June 30, 2026, compared to $61 thousand for the comparable prior year period, an increase of $11.1 million. The increase was primarily due to the LSI, NuCrypt and NHanced acquisitions which added $6.5 million and $10.7 million in costs for the three and six months ended June 30, 2026. Cost of revenue without the acquisitions increased $0.4 million over the prior year.

Current wording

Cost of revenue was $9.1 million for the three months ended September 30, 2026, compared to $258 thousand for the comparable prior year period, an increase of $8.8 million. Cost of revenue was $20.2 million for the nine months ended September 30, 2026, compared to $319 thousand for the comparable prior year period, an increase of $19.9 million. The increase was primarily due to the LSI, NuCrypt and NHanced acquisitions which added $5.8 million and $16.5 million in costs for the three and nine months ended September 30, 2026. Cost of revenue for the nine months ended September 30, 2026, without the acquisitions increased $3.4 million over the comparable prior year period.

Previous wording

Operating expenses for the three and six months ended June 30, 2026 increased by $11.7 million and $23.2 million compared to the three months and six months ended June 30, 2025. Acquisitions, including our LSI, NuCrypt and NHanced acquisitions, added $2.4 million and $4.3 million in total operating expenses for the three and six months ended June 30, 2026, respectively. The increase is further discussed below.

Current wording

Operating expenses for the three and nine months ended September 30, 2026, increased by $18.5 million and $41.7 million compared to the three and nine months ended September 30, 2025. Acquisitions, including our LSI, NuCrypt and NHanced acquisitions, added $6.4 million and $10.7 million in total operating expenses for the three and nine months ended September 30, 2026, respectively. The increase is further discussed below.

Previous wording

Research and development expenses consist primarily of labor expenses for employees that primarily engage in research and development efforts and non-labor expenses for the development of hardware products and supporting software. We focus our research and development activities on the continued development of existing products and the development of new offerings for emerging market opportunities. Research and development costs were $8.4 million and $15.4 million for the three and six months ended June 30, 2026 as compared to $6.0 million and $9.0 million for the three and six months ended June 30, 2025. Research and development expenses increased $2.5 million and $6.4 million for the three and six months ended June 30, 2026, respectively, as compared to the comparable prior year period. Acquisitions, including our LSI, NuCrypt and NHanced acquisitions, contributed $1.1 million and $1.8 million of the increase for the three and six months ended June 30, 2026, respectively. The remaining increase is primarily due to higher headcount and related payroll costs, higher recurring lab equipment and consumables costs, and higher depreciation for long-lived laboratory equipment, partially offset by lower stock-based compensation expense. The Company has hired additional scientists, engineers and technicians in order to accelerate the development of key technologies and products.

Current wording

Research and development expenses consist primarily of labor expenses for employees that primarily engage in research and development efforts and non-labor expenses for the development of hardware products and supporting software. We focus our research and development activities on the continued development of existing products and the development of new offerings for emerging market opportunities. Research and development costs were $8.3 million and $23.7 million for the three and nine months ended September 30, 2026, as compared to $4.5 million and $13.5 million for the three and nine months ended September 30, 2025. Research and development expenses increased $3.8 million and $10.3 million for the three and nine months ended September 30, 2026, respectively, as compared to the comparable prior year period. Acquisitions, including our LSI, NuCrypt and NHanced acquisitions, contributed $0.9 million and $2.7 million of the increase for the three and nine months ended September 30, 2026, respectively. The remaining increase is primarily due to higher headcount and related payroll costs, higher recurring lab equipment and consumables costs, and higher depreciation for long-lived laboratory equipment, partially offset by lower stock-based compensation expense. The Company has hired additional scientists, engineers and technicians to accelerate the development of key technologies and products, testing, and commercial activities across the Company's portfolio.

Previous wording

Sales and marketing expenses consist primarily of employee compensation as well as customer lead generation activities, tradeshow participation, advertising and other marketing and selling costs. Sales and marketing expenses were $1.9 million and $3.5 million for the three and six months ended June 30, 2026 as compared to $0.7 million and $1.4 million for the three and six months ended June 30, 2025. Sales and marketing expenses increased 184% and 161% for the three and six months ended June 30, 2026, respectively as compared to the prior comparable period. Acquisitions added $0.5 million and $0.8 million of selling and marketing expenses for the three and six months ended June 30, 2026. The remaining increase is primarily due to increases in the sales staff, higher tradeshow and travel-related costs and increased marketing program costs.

Current wording

Sales and marketing expenses consist primarily of employee compensation as well as customer lead generation activities, tradeshow participation, advertising and other marketing and selling costs. Sales and marketing expenses were $5.3 million and $8.8 million for the three and nine months ended September 30, 2026, as compared to $0.8 million and $2.1 million for the three and nine months ended September 30, 2025. Sales and marketing expenses increased 569% and 311% for the three and nine months ended September 30, 2026, respectively, as compared to the prior year comparable period. Acquisitions added $1.1 million and $1.8 million of selling and marketing expenses for the three and nine months ended September 30, 2026. The remaining increase is primarily due to increases in the sales staff, higher tradeshow and travel-related costs, and increased marketing program costs. The staff increases support the Company's efforts to expand commercial sales efforts across its broader product and services portfolio for a variety of end markets.

Previous wording

General and administrative expenses consist primarily of compensation expenses for employees performing administrative functions and professional fees incurred for legal, auditing and other consulting services. General and administrative expenses were $11.5 million and $22.8 million for the three and six months ended June 30, 2026 as compared to $3.5 million and $8.2 million for the three and six months ended June 30, 2025. General and administrative expenses increased 224% and 178% for the three and six months ended June 30, 2026, compared to the comparable prior year period. Acquisitions added $0.9 million and $1.8 million for the three and six months ended June 30, 2026, respectively. The remaining increase is primarily due to acquisition-related transaction expenses ($7.3 million) and ongoing litigation ($0.1 million).

Current wording

General and administrative expenses consist primarily of compensation expenses for employees performing administrative functions and professional fees incurred for legal, auditing and other consulting services. General and administrative expenses were $15.4 million and $38.2 million for the three and nine months ended September 30, 2026, as compared to $5.2 million and $13.4 million for the three and nine months ended September 30, 2025. General and administrative expenses increased 194% and 184% for the three and nine months ended September 30, 2026, compared to the comparable prior year period. Acquisitions added $4.5 million and $6.3 million for the three and nine months ended September 30, 2026, respectively. The remaining increase is primarily due to acquisition-related transaction expenses of $1.0 million and $8.3 million for the three and nine months ended September 30, 2026.

Previous wording

Interest and other income was $13.0 million and $26.4 million for the three and six months ended June 30, 2026 and $1.8 million and $3.5 million for the three and six months ended June 30, 2025. Interest and other income increased $11.1 million and $22.9 million for the three and six months ended June 30, 2026, compared to the comparable prior year period. The increase in interest income was primarily due to the Company maintaining higher cash balances in mutual funds, deposit and money market accounts, U.S. Treasuries, U.S. agency securities, corporate debt securities, asset-backed securities and certificates of deposits in 2026 compared with the prior year periods.

Current wording

Interest and other income was $13.0 million and $39.5 million for the three and nine months ended September 30, 2026, and $3.5 million and $7.1 million for the three and nine months ended September 30, 2025. Interest and other income increased $9.5 million and $32.4 million for the three and nine months ended September 30, 2026, compared to the comparable prior year period. The increase in interest income was primarily due to the Company maintaining higher cash balances in mutual funds, deposit and money market accounts, U.S. Treasuries, U.S. agency securities, corporate debt securities, asset-backed securities and certificates of deposits in 2026 compared with the prior year periods.

Previous wording

Interest expense, net consists primarily of interest on financial liabilities, including payroll-related taxes.

Current wording

Interest expense, net consists primarily of interest on financial liabilities, including payroll tax related penalties.

Previous wording

The Company recognized a loss of $1.7 million during the three months ended June 30, 2026 and a gain of $1.5 million during the six months ended June 30, 2026 as a result of the change in fair value of the QPhoton Warrant liability. The change in value of the warrant liability is comprised of mark-to-market adjustments for the QPhoton Warrants. Future mark-to-market adjustments may result in losses if the Company’s stock price increases above the Company’s closing bid price of $9.70 per share on June 30, 2026.

Current wording

The Company recognized gains of $0.5 million and $2.0 million during the three and nine months ended September 30, 2026, respectively, as a result of the change in fair value of the QPhoton Warrant liability. The change in value of the warrant liability results from mark-to-market adjustments for the QPhoton Warrants. Future mark-to-market adjustments may result in losses if the Company’s stock price increases above the Company’s closing bid price of $8.45 per share on September 30, 2026.

Previous wording

We have incurred net losses and experienced negative cash flows from operations since inception. During the six months ended June 30, 2026, the Company raised $4.3 million through the issuance of stock. The Company has no lines of credit or short-term debt obligations outstanding. We expect to incur additional losses and higher operating expenses for the foreseeable future as we continue to invest in research and development and go-to-market programs. As of June 30, 2026, the Company had cash and cash equivalents of $189.2 million and investments of $1.1 billion.

Current wording

As of September 30, 2026, the Company had cash and cash equivalents of $174.3 million and investments, including accrued interest, of $1.1 billion. During the nine months ended September 30, 2026, the Company raised $4.7 million through the exercise of warrants and stock options. The Company has no lines of credit or short-term debt obligations outstanding.

Previous wording

We believe that our existing cash, cash equivalents and investments will be sufficient to meet our working capital and capital expenditure needs for at least the next twelve months, although we may choose to take advantage of opportunistic capital raising or financing transactions at any time.

Current wording

We believe that our existing cash, cash equivalents and investments will be sufficient to meet our anticipated working capital and capital expenditure needs for at least the next twelve months. We may also choose to pursue opportunistic capital raising or financing transactions to support our long-term strategic priorities.

Previous wording

Our primary uses of cash are to fund and invest in our operations as we continue to grow our business. We will require a significant amount of cash for continued investment in our TFLN chip contract manufacturing business run out of the AZ Chips Facility, or our Foundry Services offering, including but not limited to future-identified space for expansion of our AZ Chips Facility, as well as ongoing research and development for our non-linear quantum optical products and photonics chips. Until such time as we can generate significant revenue from sales or subscriptions of our hardware offerings, we expect to finance our operating and investing needs through our cash and cash equivalents and, equity and/or debt financings or other capital sources, including but not limited to U.S. government grant and loan programs. We may, however, be unable to raise sufficient funds or enter into such other arrangements, when needed, on favorable terms, or at all. In particular, uncertain and unfavorable conditions in the United States and global macroeconomic environment, including inflationary pressures, interest rates, bank failures, and financial and credit market fluctuations, could reduce our ability to access capital on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be, or could be, diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, or substantially reduce our product development and go-to-market efforts. There can be no assurances that the Company will be able to secure additional equity and/or debt investments or achieve an adequate sales level. We believe, however, that the Company’s existing cash and cash equivalents, together with any cash generated from operations and the proceeds from any additional equity or debt issuances will be sufficient to meet the Company’s liquidity needs for at least the next 12 months.

Current wording

Until such time as we can generate sufficient cash flow from operations to fund our operating and investment activities, we expect to rely on existing financial resources. and may pursue equity and/or debt financings or other capital sources, including but not limited to U.S. government grant and loan programs. We may, however, be unable to raise sufficient funds or enter such other arrangements, when needed, on favorable terms, or at all. Uncertain and unfavorable conditions in the United States and global macroeconomic environment, including inflationary pressures, interest rates, bank failures, and financial and credit market fluctuations, could reduce our ability to access capital.

Previous wording

At June 30, 2026, we had working capital of $969.7 million as compared to working capital of $1.1 billion at December 31, 2025, a decrease of $152.9 million. The decrease in working capital is primarily attributable to the use of cash to finance acquisitions.

Current wording

At September 30, 2026, we had working capital of $916.9 million as compared to working capital of $1.1 billion at December 31, 2025, a decrease of $205.8 million. The decrease in working capital is primarily attributable to the use of cash to finance acquisitions.

Previous wording

The following table summarizes our cash flow for the six months ended June 30, 2026 and 2025 (in thousands).

Current wording

The following table summarizes our cash flow for the nine months ended September 30, 2026 and 2025 (in thousands).

Previous wording

Net cash used in operating activities for the six months ended June 30, 2026 was $23.3 million compared to $10.5 million for the same period in 2025. Cash used in the six months ended June 30, 2026 consisted of net loss of $15.8 million and a change in operating assets and liabilities of $(14.9) million partially offset by non-cash charges of $7.4 million. The non-cash charges consist of depreciation and amortization of $5.1 million and stock-based compensation of $3.0 million offset by the change in fair value of derivatives of $1.5 million.

Current wording

Net cash used in operating activities for the nine months ended September 30, 2026, was $35.0 million compared to $19.3 million for the same period in 2025. Cash used in the nine months ended September 30, 2026, consisted of net loss of $30.9 million and an increase in net operating assets and liabilities of $18.1 million partially offset by non-cash charges of $14.0 million. The non-cash charges consist primarily of depreciation and amortization of $9.7 million, stock-based compensation of $5.1 million, and amortization of operating lease right-of-use assets of $1.5 million partially offset by the change in fair value of derivatives of $2.0 million.

Previous wording

Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was $529.7 million and $2.8 million, respectively, and was attributable to net purchases of available for sale securities of $356.5 million, cash paid for acquisitions of $168.7 million and capital expenditures of $4.5 million.

Current wording

Net cash used in investing activities for the nine months ended September 30, 2026 and 2025, was $533.2 million and $466.2 million, respectively, and was attributable to net purchases of available for sale securities of $350.6 million, cash paid for acquisitions of $168.8 million and capital expenditures of $13.9 million.

Previous wording

Net cash provided by financing activities was $4.3 million and $283.1 million, respectively, for the six months ended June 30, 2026 and 2025. Cash flows provided by financing activities during the six months ended June 30, 2026 were attributable to net proceeds for our stock issuances.

Current wording

Net cash provided by financing activities was $4.7 million and $758.9 million, respectively, for the nine months ended September 30, 2026 and 2025. Cash flows provided by financing activities during the nine months ended September 30, 2026, were attributable to net proceeds for our stock issuances.