Xanadu Quantum Technologies (XNDU) investor relations material

Executive summary

• Q3 revenue rose 32% YoY to $1.305M, while net loss widened to $32.196M amid higher R&D and public-company costs.

• Photonic hardware, manufacturing partnerships and software advances supported progress toward fault-tolerant quantum computing.

• Cash was $286.473M at September 30, 2026, following recapitalization and financing proceeds.

Financial highlights

• Q3 revenue was $1.305M, up 32% YoY; 9M revenue was $5.648M, up 106%, primarily from DARPA work and partnership engagements.

• Q3 R&D expense was $25.6M and G&A was $9.2M; operating loss was $34.6M versus $20.7M a year earlier.

• Q3 net loss was $32.196M versus $20.298M; Adjusted EBITDA loss was $26.3M versus $15.4M.

• 9M net loss was $94.851M versus $47.643M; 9M Adjusted EBITDA loss was $61.5M versus $39.5M.

• Q3 capex was $8.4M; 9M property and equipment purchases, including deposits, were $14.752M versus $5.5M.

Outlook and guidance

• Roadmap targets up to 200 logical qubits by 2029, 500 by 2030 and more than 1,000 by 2031; fault tolerance is targeted for 2028–29.

• R&D, G&A and sales and marketing spending are expected to rise; operating losses, cash outflows and Adjusted EBITDA losses are expected to increase as development continues.

• Q4 costs and capex are expected to increase with GlobalFoundries work, hiring and equipment purchases; no forward-looking OpEx guidance was provided.

• Existing cash is expected to fund operations, R&D and capex for at least 12 months from interim financial-statement issuance; the estimate depends on assumptions.