Xanadu Quantum Technologies (XNDU) Q4 2025 earnings summary

Executive summary

• Completed public listing via business combination, raising $302M in gross proceeds to support technology roadmap and commercialization initiatives.

• Introduced Aurora, the first modular, networked photonic quantum computer with real-time error correction.

• Advanced to Stage B of DARPA's Quantum Benchmarking Initiative, unlocking up to $15M in U.S. government funds.

• Selected for Canada's Quantum Champions Program, providing up to CAD $23M in additional funding.

• Expanded PennyLane software adoption to 160,000 average monthly downloads, up 161% year-over-year.

Financial highlights

• Revenue for 2025 was $4.6M, up 188% from $1.6M in 2024, driven by increased customer count and a large services contract.

• Net loss for 2025 was $70.7M, compared to $46.0M in 2024, primarily due to higher R&D and business combination costs.

• Loss per share for 2025 was $14.29, compared to $9.35 in 2024.

• Cash and cash equivalents stood at $16.2M as of December 31, 2025, prior to the business combination proceeds.

Outlook and guidance

• On track to deliver up to 500 logical qubits by 2029-2030, with fault-tolerant operations targeted for 2028.

• Negotiating up to CAD $390M in additional government funding for Project OPTIMISM to expand domestic quantum manufacturing.

• Anticipates continued scaling of quantum hardware and software platforms, leveraging new capital and partnerships.