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Xanadu Announces Third Quarter 2026 Results

XNDU
  • Xanadu Quantum Technologies reported third quarter 2026 financial results ending September 30, 2026, with revenue of $1.3 million, a 32% year-over-year increase.
  • The company recorded a net loss of $32.2 million compared to $20.3 million in the same period last year, driven by increased R&D & G&A expenses.
  • Cash and cash equivalents stood at $286.5 million as of September 30, 2026.
  • R&D expenses rose 67% to $25.6 million due to higher engineering headcount compensation & material consumption costs.
  • General & administrative expenses increased 129% to $9.2 million, primarily from higher compensation costs & restricted stock unit grants.
  • Loss reduction efforts accelerated via increased tapeouts, wafer runs, & R&D investments, achieving measurable progress across key components.
  • A new 7-millidecibel optical switch was developed, setting a record state-of-the-art benchmark for the component.
  • Overall system loss was meaningfully reduced, supporting the year-end 2026 target of 10.2 & the long-term goal of a quantum data center.
  • The qubit roadmap targets up to 200 logical qubits by 2029, up to 500 by 2030, & more than 1,000 by 2031.
  • Strategic partnerships were expanded with ASML for waveguide loss reduction, Bluefors for compact cryogenics, & GlobalFoundries for scaling silicon nitride platforms & SNSPDs.
  • Backline software was launched with AMD to integrate CPUs, GPUs, & FPGAs for real-time processing & control in fault-tolerant quantum computing.
  • Ultra-low latency was demonstrated with 2.3 microseconds between FPGAs & CPUs, & 4.5 microseconds between FPGAs & GPUs.
  • Collaborations advanced with Mitsubishi Chemical for EUV photoresist modeling, RBC & Booz Allen for workforce development, & the University of Alberta for cancer treatment algorithms.
  • The Government of Canada provided a definitive $140 million non-dilutive loan under the Strategic Response Fund for the new Inception facility in Toronto.
  • DARPA provisionally approved up to $10 million in funding under the Quantum Benchmarking Initiative to accelerate critical R&D components.
  • Xanadu did not draw on its synthetic at-the-market equity facility during the quarter, with $232.8 million remaining available out of a $300 million total.
  • Capital expenditures totaled $8.4 million in the quarter, mainly driven by the purchase of R&D test equipment.
  • Adjusted EBITDA loss was $26.3 million, an increase from $15.4 million in the third quarter of 2025.
Company
Xanadu Quantum Technologies Limited
Keywords
Nasdaq:XNDU, Xanadu Quantum Technologies Limited