Xanadu Quantum Technologies (XNDU) Q1 2026 earnings summary

Executive summary

• Completed public listing on Nasdaq and Toronto Stock Exchange via business combination with Crane Harbor Acquisition Corp., raising $302 million in gross proceeds and becoming the first pure-play photonic quantum computing company on these exchanges.

• Entered negotiations for up to $285 million in government funding to advance Project OPTIMISM and domestic quantum manufacturing.

• Announced strategic partnerships with AMD, Lockheed Martin, TELUS, Fidelity, and Mitsubishi Chemical to support commercialization in key sectors.

• PennyLane software platform adoption exceeded 35,000 active users and 200,000 monthly downloads, positioning as a leading agnostic quantum software.

• Advanced hybrid quantum-classical algorithms, achieving 25x workflow acceleration in aerospace and engineering simulations.

Financial highlights

• Revenue rose to $2.8 million from $0.7 million year-over-year, mainly from DARPA QBI Stage B participation.

• Net loss widened to ($20.6) million from ($12.2) million in the prior year period.

• Adjusted EBITDA loss was ($13.9) million, up from ($10.6) million in the prior year quarter.

• Cash and cash equivalents stood at $272.5 million as of March 31, 2026.

• Recognized approximately $5 million in grant income from Canadian government programs.

Outlook and guidance

• Targeting a qubit factory by 2026-2027, fault-tolerant operations by 2028, and a quantum data center with up to 500 logical qubits by 2029-2030.

• Anticipates establishing a $300 million synthetic ATM facility to provide flexibility in raising capital for technology development.

• Expecting increased spending in subsequent quarters to accelerate R&D and engineering hiring.

• Guidance on OpEx and engineering metrics to be provided later in the summer.

• Plans to be disciplined in capital raising, aligning with market conditions and valuation.