Quantinuum (QNT) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 233% YoY to $9.050 million; FY2026 revenue guidance increased to $31–$34 million, with FY2027 revenue growth expected to exceed 100%.

• Helios reached 99.9995% logical fidelity, while Sol and Apollo milestones advanced the roadmap toward universal, fully fault-tolerant computing in 2029.

• Commercial momentum included $98 million in Q3 bookings, a record cloud agreement, a hyperscaler agreement and 215 Nexus organizations.

Financial highlights

• Q3 revenue was $9.050 million versus $2.715 million a year earlier; nine-month revenue was $22.285 million versus $23.908 million.

• Q3 GAAP net loss was $117.851 million versus $52.036 million; operating loss was $132.8 million versus $52.9 million.

• Adjusted EBITDA loss was $80.495 million versus $45.280 million; adjusted net loss was $75.222 million.

• Q3 operating expenses totaled $141.9 million, including $97.5 million of R&D, $22.1 million of G&A and $14.9 million of sales and marketing.

• Nine-month stock compensation was $484.7 million, largely reflecting one-time cumulative IPO-related charges; nine-month warrant fair-value loss was $111.8 million.

Outlook and guidance

• FY2026 revenue guidance rose to $31–$34 million from $28–$32 million; full-year bookings are expected to exceed $120 million.

• FY2027 revenue growth is expected to exceed 100% over the updated FY2026 outlook, supported by bookings, backlog and customer demand.

• Sol remains on track for 2H 2027 commercial availability, with integration and assembly targeted for Q1 2027; it targets 100 logical qubits and a 10⁻⁵ logical error rate.

• Apollo remains on track for 2029; roadmap timelines and targets are subject to change and are not delivery commitments.