Xanadu Quantum Technologies Reports Q1 2026 Earnings

Toronto, ON, Canada -- Xanadu Quantum Technologies Ltd. (Nasdaq/TSX: XNDU), a leader in the photonic quantum computing sector, has announced its financial results for the first quarter ending March 31, 2026.

The company highlighted significant growth in revenue and continued investment in its quantum computing roadmap, following its recent public listing on the Nasdaq and Toronto Stock Exchange.

Financial Highlights:

• Revenue increased fourfold to $2.8 million, compared to $0.7 million in the first quarter of 2025.
• Net loss was $20.6 million, versus $12.2 million in the prior year period.
• Adjusted EBITDA loss was $13.9 million, compared to $10.6 million in the prior year period.
• Cash and cash equivalents were $272.5 million as of March 31, 2026.
• Loss per share was $0.28, compared to $0.22 per share in the first quarter of 2025.

Business Update:

• The company successfully completed its business combination with Crane Harbor Acquisition Corp., marking its debut as a publicly listed entity.
• Xanadu entered into negotiations for potential funding of approximately $285 million from the governments of Canada and Ontario to support domestic quantum manufacturing.
• The company continues to advance strategic collaborations with AMD, Lockheed Martin, Mitsubishi Chemical, and TELUS.
• Usage of the open-source PennyLane platform has grown to over 35,000 active users, with an average of 200,000 monthly downloads.
• New executive leadership appointments include Michael Trzupek as Chief Financial Officer and Natalie Wilmore as Chief Legal Officer.