Quantinuum raises 2026 revenue outlook to $31M–$34M
For the nine months ended September 30, 2026, operating activities used $229.9 million in cash and financing activities provided $1.47 billion.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Quantinuum Inc. (QNT) reported third-quarter 2026 revenue of $9.1 million, up 233% from $2.7 million a year earlier, and raised its full-year 2026 revenue outlook to $31 million to $34 million from $28 million to $32 million. GAAP gross margin was 33.3%, compared with (43.5%) a year earlier; adjusted gross margin was 74.6%, up 853 basis points.
The quarter also produced a GAAP net loss of $118 million, compared with $52 million, and an adjusted EBITDA loss of $80 million, compared with $45 million. For the nine months ended September 30, revenue was $22.285 million, versus $23.908 million in 2025. Cash and cash equivalents were $1.94 billion as of September 30, 2026. Quantinuum signed its largest cloud agreement, a multi-year extension with a leading global financial institution that includes committed access through Apollo and Nexus. Nexus adoption reached 215 organizations, nearly 20% above the prior quarter, and Helios reached 99.9995% logical fidelity in October. Apollo remains on track for 2029.
4 points · 1 major0 major · 3 points
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year revenue outlook increased to $31 million to $34 million.
- Moderate pointThird-quarter revenue rose 233% to $9.1 million year over year.
- Moderate pointGAAP gross margin reached 33.3%, versus (43.5%) a year earlier.
- Moderate pointAdjusted gross margin rose 853 basis points to 74.6% year over year.
Negative
- Moderate pointThird-quarter GAAP net loss increased to $118 million from $52 million.
- Moderate pointAdjusted EBITDA loss increased to $80 million from $45 million.
- Moderate pointNine-month revenue declined to $22.285 million from $23.908 million.
Filing Explained
Class A stock represents only a minority of the economics; fully distributed adjusted figures also include Holdings Common Units.
This Form 8-K furnishes third-quarter results and reports
Quantinuum says GAAP net loss attributable to Quantinuum Inc. reflects only the Class A share of economics; its fully distributed adjusted measure includes Class A shares and Holdings Common Units, while Class B stock carries voting rights only and is canceled when corresponding units are exchanged.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $9.1 million
GAAP gross margin: 33.3%
Adjusted gross margin: 74.6%
+5 more
8 metrics
Revenue
$9.1 million
Third quarter 2026; up 233% year over year from $2.7 million
GAAP gross margin
33.3%
Third quarter 2026; compared with (43.5%) in 2025
Adjusted gross margin
74.6%
Third quarter 2026; up 853 basis points year over year
GAAP net loss
$118 million
Third quarter 2026; compared with $52 million in 2025
Adjusted EBITDA loss
$80 million
Third quarter 2026; compared with $45 million in 2025
Cash and cash equivalents
$1.94 billion
As of September 30, 2026
Nine-month revenue
$22.285 million
Nine months ended September 30, 2026; compared with $23.908 million in 2025
Full-year 2026 revenue outlook
$31 million to $34 million
Raised from $28 million to $32 million previously
Key Terms
Adjusted EBITDA, Adjusted Gross Margin, as-converted basis, logical fidelity, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA starts with Adjusted Net Loss, fully distributed"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted Gross Margin financial
"Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by revenue, net"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
as-converted basis financial
"GAAP net loss on an as-converted basis"
As-converted basis means counting securities that can become common stock—like convertible bonds or preferred shares—as if they already were common shares when calculating totals such as shares outstanding, ownership percentages, or per-share metrics. Investors use it to see the potential dilution and the “what-if” size of the shareholder base; it’s like imagining all restaurant coupons have been redeemed so you know how crowded the table could become and how slices of the pie would shrink.
logical fidelity technical
"Reached 99.9995% logical fidelity in October"
Degree to which the internal rules, algorithms and decision-making structure of a model, system or simulation correctly and consistently represent the real-world processes or formal logic they are intended to replicate. Logical fidelity measures whether the relationships, conditions and flows inside the system are implemented without contradiction or omission; it does not guarantee that inputs, parameter values or external data are correct, nor that outputs match reality—those depend on data fidelity and empirical validation.
QCCD architecture technical
"built on the well-established QCCD architecture"
A QCCD architecture is a design for trapped‑ion quantum computers where individual charged atoms (ions) are moved between different zones for storage, logic operations and measurement, rather than keeping all qubits in one place. Think of it like a factory conveyor system that routes parts to specialized workstations, enabling more complex and scalable quantum circuits. It matters to investors because architecture choices affect a quantum device’s potential size, error rates and commercialization path.
Earnings Snapshot
Revenue: $9.1 million · Guidance included
Third quarter 2026
Revenue
$9.1 million
Up 233% year over year from $2.7 million
GAAP gross margin
33.3%
Compared with (43.5%) in 2025
GAAP net loss
$118 million
Compared with $52 million in 2025
Adjusted EBITDA loss
$80 million
Compared with $45 million in 2025
Guidance
Full-year 2026 revenue outlook raised to $31 million to $34 million from $28 million to $32 million previously.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did QNT report in the third quarter of 2026?
QNT reported $9.1 million in third-quarter 2026 revenue, an increase of 233% from $2.7 million a year earlier.
What is QNT's full-year 2026 revenue outlook?
QNT raised its full-year 2026 revenue outlook to $31 million to $34 million, from $28 million to $32 million previously.
What are QNT's Sol and Apollo timelines?
Sol remains on track for the second half of 2027, with integration and assembly targeted for Q1 2027 after full-scale control-system validation. Apollo remains on track for 2029, with design milestones including validation that its cryogenic system can be deployed at the required scale.
How did QNT's Nexus usage change?
Nexus adoption grew nearly 20% quarter over quarter to 215 organizations. Total job submissions increased tenfold in the 12 months through August 2026 compared with the preceding 12-month period.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 5, 2026
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and zip code) | ||||||||
( | ||||||||
(Registrant's telephone number, including area code) | ||||||||
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of
this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition
On November 5, 2026 , Quantinuum Inc. (the “Company”) issued a press release announcing results for the quarter ended September 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits:
Exhibit No. | Description | |||||||
99.1 | Press release of Quantinuum dated November 5, 2026, announcing results for the quarter ended September 30, 2026. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 5, 2026
QUANTINUUM INC. | |||||
By: | /s/ Nitesh Sharan | ||||
Name: | Nitesh Sharan | ||||
Title: | Chief Financial Officer | ||||
Quantinuum Reports Third Quarter 2026 Results and Raises Full-Year Revenue Outlook
•Third-Quarter Revenue Grew 233% Year-Over-Year; Raised FY2026 Revenue Outlook
•Extended Fault-Tolerance Industry Leadership with Back-to-Back World Records, Validating Most Credible Path to Universal, Fault-Tolerant Quantum Computing
•Announced Nexus Roadmap Through Apollo; Platform Adoption Grew Nearly 20% Quarter-Over-Quarter and Job Submissions Increased Tenfold Year-Over-Year for the 12 Months Ended August 2026
•Secured Largest Cloud Agreement in Company History, Including Multi-Year Committed Full-Stack Access Through Apollo
•Expanded Enterprise Reach Through Leading Hyperscaler Agreement and Oracle Beta Launch
BROOMFIELD, Colo., November 5, 2026 - Quantinuum Inc. (Nasdaq: QNT) (the “Company”), a leading full-stack quantum computing company, today announced financial results for the third quarter ended September 30, 2026.
“In the third-quarter, we extended our technology leadership in the critical area of fault-tolerance, added to our customer base, and expanded our routes to market,” said Rajeeb Hazra, President and Chief Executive Officer of Quantinuum. “This accelerated momentum is supporting our raised revenue outlook for 2026 and giving us more confidence than ever in the opportunity in front of us.”
Third Quarter 2026 Financial Highlights
•Revenue was $9.1 million, an increase of 233% year-over-year, compared with $2.7 million in the prior-year period.
•GAAP gross margin was 33.3%, compared with (43.5%) the prior-year period.
•Adjusted gross margin was 74.6%, up 853 basis points versus the prior-year period.
•Adjusted EBITDA loss was $80 million, compared with a loss of $45 million in the prior-year period.
•GAAP net loss was $118 million, compared with a net loss of $52 million in the prior-year period.
•GAAP net loss per share attributable to Class A common stockholders was $0.46.
•Adjusted net loss per share was $0.29.
•Cash & cash equivalents were $1.94 billion as of September 30, 2026.
Adjusted EBITDA, Adjusted Gross Margin and Adjusted net loss per share are non-GAAP financial measures defined under “Non-GAAP Financial Measures.” For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to the Appendix tables at the end of this press release.
Third Quarter and Recent Business Highlights
Commercial Highlights:
•Signed the largest cloud agreement in Company history, securing a multi-year extension with a leading global financial institution that includes committed access through Apollo and Nexus.
•Signed with another top 5 global pharmaceuticals company on applying quantum computing and AI to cancer-therapy materials that offer the potential to accelerate drug development and enable more effective treatments.
•Signed agreement with GE Vernova to advance application development in superconducting materials.
•Signed deal with Abu Dhabi Maritime Academy and Quincus for research and applications in maritime logistics.
•Expanded cloud distribution through a new agreement with a leading hyperscaler serving millions of developers and advanced Oracle partnership by launching a joint beta program for hybrid quantum-AI applications.
•Deepened U.S. government commitments by continuing to execute on DARPA QBI Stage B contract, actively discussing a Stage C scope of work, and participating in four winning proposals under Phase 1 of the Department of Energy’s Genesis Mission.
•Advanced international deployments, with Helios assembly underway in Singapore ahead of spring 2027 commissioning and a Reimei system upgrade at RIKEN in Japan scheduled for completion this month.
Product Technology & Supply Chain:
•Validated the Company’s leading path to universal, fully fault-tolerant quantum computing by 2029 with back-to-back accuracy world records on Helios using two codes within the same scalable, end-to-end logical architecture. Reached 99.9995% logical fidelity in October—within Apollo’s target range—with an error rate ten times lower than September’s record and 100 times lower than the best published result across other hardware modalities. Results also demonstrate Quantinuum’s significant overhead and scalability advantage.
•Sol remains on track for 2H 2027, with full-scale control-system validation complete and integration and assembly targeted for Q1 2027, ahead of validation and tuning toward 100 logical qubits at a target logical error rate of 10⁻⁵.
•Apollo remains on track for 2029, supported by design milestones, including validating that our cryogenic system can be deployed at the required scale.
•Strengthened the manufacturing foundation for future systems through partnerships with GlobalFoundries, Infineon, Honeywell Aerospace and Monarch Quantum, and finalized the CHIPS R&D award as the only trapped-ion company selected.
Software:
•Announced a multi-generational Nexus roadmap through Apollo, aligning application development and hybrid deployment with successive hardware generations to build what the Company believes will be the first developer platform designed for the fault-tolerant era.
•Expanded fault-tolerant capabilities through a September Nexus release that extends Guppy tools for logical-qubit programming and supported error-correction encoding, reducing the need to rewrite applications for specific codes. Planned December release will expand responsive hybrid quantum-classical workflows, supported error-correction codes, and execution analytics for application optimization.
•Accelerated Nexus adoption and usage, with adoption growing nearly 20% quarter-over-quarter to 215 organizations; total job submissions increased tenfold in the 12 months through August 2026 compared with the preceding 12-month period.
Ecosystem:
•Introduced QUOPS with Sandia National Laboratories and NVIDIA, benchmarking useful computational scale and speed. Quantinuum is building industry-wide alignment toward a common standard that supports customer comparisons and purchasing decisions.
•Expanded the quantum user ecosystem, growing Q-Net to more than 800 members, adding eight startup partners and partnering with Singapore’s National Quantum Office to organize a global quantum challenge that attracted more than 200 submissions.
Financial Outlook
•Raising full-year 2026 revenue outlook to $31 to $34 million, up from $28 to $32 million previously.
Third Quarter 2026 Conference Call
Quantinuum will host a conference call at 5 PM Eastern time on Thursday, November 5, 2026, to discuss its results for the third quarter ended September 30, 2026, and provide a business update. The call will be available live via webcast here.
An archive replay of the webcast will be made available on the Quantinuum Investor Relations website following the call and will remain available for one year.
Non-GAAP Financial Measures
To supplement Quantinuum’s condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures presented in this release: Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Loss, fully distributed, Adjusted EBITDA, and Adjusted Net Loss Per Share, fully distributed.
Adjusted Gross Profit starts with GAAP gross profit and adds back equity compensation and related employer taxes attributable to cost of revenue and depreciation and amortization attributable to cost of revenue.
Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by revenue, net.
Adjusted Net Loss, fully distributed starts with GAAP net loss on an as-converted basis, adjusts for equity compensation and related employer taxes, costs of the initial public offering and the transition to public company reporting, severance expense, the change in fair value of liability-classified warrants, and loss on disposal and write down of assets, and then applies an assumed statutory tax rate to the resulting adjusted pre-tax loss. No tax benefit is recognized in respect of losses subject to a full valuation allowance, and accordingly no tax benefit is reflected in the periods presented.
Adjusted EBITDA starts with Adjusted Net Loss, fully distributed, and further excludes income tax expense, interest income, net, depreciation, and amortization of acquired intangibles.
Adjusted Net Loss Per Share, fully distributed is calculated as Adjusted Net Loss, fully distributed, divided by adjusted shares, fully distributed, basic and diluted, comprising weighted-average Class A common shares outstanding and Common Units of Quantinuum Holdings.
Management believes these measures provide investors with additional information useful in evaluating the Company’s operating performance and trends across periods. Quantinuum’s results include large non-cash charges that management does not consider indicative of ongoing operating performance, principally stock-based compensation recognized on completion of the Reorganization and remeasurement of liability-classified warrants. Both are driven by accounting triggers and external inputs rather than operating activity. As an early commercial-stage business, Quantinuum’s period-to-period results also are affected by the timing of individual contracts. Measures that isolate underlying operating performance from non-cash and transition items help investors assess trends across periods.
Quantinuum’s Up-C structure means that GAAP net loss attributable to Quantinuum Inc. reflects only the Class A share of the economics. Presenting adjusted results on an as-converted, fully distributed basis describes the whole economic enterprise, which is how management assesses performance and how the business is managed. Management uses these measures for internal planning and forecasting, evaluating operating performance, and preparing budgets.
These non-GAAP financial measures are supplemental and are not prepared in accordance with GAAP. They are not intended to be considered in isolation or as a substitute for the most directly comparable financial information prepared in accordance with GAAP. Quantinuum’s non-GAAP measures may differ from similarly titled measures used by other companies and, therefore, may not be comparable. Investors should review the reconciliations and should not rely on any single financial measure to evaluate the Company’s business.
Each non-GAAP financial measure is reconciled to its most directly comparable GAAP financial measure in the tables at the end of this release.
About Quantinuum
Quantinuum is a leading quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments. The company has commercially deployed multiple generations of trapped-ion based quantum systems built on the well-established QCCD architecture, which it has implemented with novel designs and capabilities to achieve the industry’s highest accuracy levels based on average two-qubit gate fidelity. Quantinuum has active engagements with market leaders across pharmaceuticals, material science, financial services, and government and industrial markets, as well as academic and research institutions globally.
The company has a global workforce of approximately 800 employees, including top scientists and researchers. Over 70% of its technology team holds PhDs or Master’s degrees. Quantinuum’s headquarters is in Broomfield, Colorado, with additional facilities across the United States, United Kingdom, Germany, Japan, Qatar, and Singapore.
Availability of Information on Quantinuum’s Website
Investors and others should note that Quantinuum routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts, and the Quantinuum Investor Relations website. While not all of the information that the Company posts to the Quantinuum Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Quantinuum to review the information that it shares on ir.quantinuum.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Quantinuum’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs, expectations and outlook are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to: our ability to develop, commercialize and achieve market acceptance of our quantum computing hardware and software products; the pace of development of the quantum computing industry and the timing of commercial quantum advantage; our ability to attract and retain customers for our quantum computing systems and quantum computing as a service offerings; the risk of technological obsolescence or the emergence of competing quantum computing approaches, including superconducting, photonic, or other modalities; our dependence on key suppliers and manufacturers of specialized components, including those necessary for our trapped-ion quantum systems; our ability to scale production of our quantum computers and related systems; our ability to protect our intellectual property and proprietary technology; the significant research and development costs inherent in developing next-generation quantum computing capabilities; our ability to attract and retain highly skilled scientists, engineers and other personnel in a competitive labor market; changes in government funding, export controls, or regulations affecting quantum technologies; uncertainty regarding the timing and extent of commercial applications; cybersecurity risks and the protection of sensitive customer data; and macroeconomic conditions, geopolitical instability and their potential effects on our business and operations. For additional information on these and other risks that could affect the Company's forward-looking statements, see the Company's risk factors discussed in its filings with the U.S. Securities and Exchange Commission, including its most recent Quarterly Report on Form 10-Q, as such risk factors may be updated from time to time. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties. The Company disclaims any intent or obligation to update, revise or withdraw any forward-looking statement in this press release, except as required by applicable law or regulation.
Contacts
Investor & Media Contact
Shub Mukherjee - Investor Contact - investors@quantinuum.com
Shub Mukherjee - Investor Contact - investors@quantinuum.com
Aaron Sorenson - Media Contact - press@quantinuum.com
Appendix
Condensed Consolidated Statements of Operations (Unaudited)
(dollars in thousands, except share and per share data)
Amounts may not sum due to rounding. | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Revenue—net | 9,050 | 2,715 | 22,285 | 23,908 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of revenue | 3,194 | 1,058 | 14,618 | 3,728 | |||||||||||||
Amortization expense | 4,184 | 2,839 | 12,554 | 8,517 | |||||||||||||
Research and development expenses—net | 97,482 | 42,382 | 519,433 | 117,822 | |||||||||||||
Sales and marketing expenses | 14,856 | 3,977 | 57,920 | 10,779 | |||||||||||||
General and administrative expenses | 22,149 | 5,334 | 182,752 | 16,903 | |||||||||||||
Total costs and expenses | 141,865 | 55,590 | 787,277 | 157,749 | |||||||||||||
Loss from operations | (132,815) | (52,875) | (764,992) | (133,841) | |||||||||||||
Interest income—net | (14,324) | (3,072) | (23,807) | (5,415) | |||||||||||||
Loss on change in fair value of warrant liabilities | — | 2,100 | 111,815 | 9,900 | |||||||||||||
Other (income)/expense—net | (283) | 3 | (2,296) | 803 | |||||||||||||
Loss before taxes | (118,208) | (51,906) | (850,704) | (139,129) | |||||||||||||
Tax (benefit)/expense | (357) | 130 | 260 | 313 | |||||||||||||
Net loss | (117,851) | (52,036) | (850,964) | (139,442) | |||||||||||||
Less: Net loss attributable to Quantinuum (Cayman) prior to the Transactions | — | N/A | (246,680) | N/A | |||||||||||||
Less: Net loss attributable to the non-controlling interest | (100,899) | N/A | (521,914) | N/A | |||||||||||||
Net loss attributable to Quantinuum Inc. | (16,952) | N/A | (82,370) | N/A | |||||||||||||
Net loss per share attributable to Class A common stockholders—basic and diluted¹ | (0.46) | N/A | (2.27) | N/A | |||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders—basic and diluted¹ | 36,806,913 | N/A | 36,216,440 | N/A | |||||||||||||
(1) For the nine months ended September 30, 2026, net loss per share of Class A common stock and weighted-average shares of Class A common stock are presented for the period during the Transactions through September 30, 2026, which is the period effective with and following the Transactions as defined in Note 1 — Description of Organization found in the June 30, 2026 form 10-Q. | ||
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in thousands)
September 30, 2026 | December 31, 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 1,936,114 | 762,642 | ||||||
Accounts receivable | 3,254 | 5,068 | ||||||
Due from related parties | 336 | 604 | ||||||
Inventories | 8,057 | — | ||||||
Net investment in lease, current | 5,773 | 5,773 | ||||||
Other current assets | 39,894 | 27,754 | ||||||
Total current assets | 1,993,428 | 801,841 | ||||||
Property and equipment—net | 162,598 | 120,965 | ||||||
Right-of-use assets | 30,171 | 10,000 | ||||||
Goodwill | 771,506 | 784,822 | ||||||
Other intangible assets—net | 101,027 | 114,282 | ||||||
Net investment in lease, non-current | 5,773 | 10,102 | ||||||
Other assets—net | 20,373 | 3,613 | ||||||
Total assets | 3,084,876 | 1,845,625 | ||||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | 19,478 | 10,620 | ||||||
Due to related parties | — | 1,273 | ||||||
Accrued liabilities | 60,475 | 44,358 | ||||||
Total current liabilities | 79,953 | 56,251 | ||||||
Warrant liability | — | 38,400 | ||||||
License payable, non-current portion | 55,345 | 55,345 | ||||||
Operating lease liabilities, non-current | 29,137 | 7,143 | ||||||
Other liabilities | 605 | 893 | ||||||
Temporary equity | ||||||||
Series A convertible redeemable preferred stock, $0.0001 par value per share; 31,983,034 shares authorized as of December 31, 2025; 23,119,001 shares issued and outstanding as of December 31, 2025; liquidation preference of $423,540 as of December 31, 2025 | — | 288,129 | ||||||
Series A-1 convertible redeemable preferred stock, $0.0001 par value per share; 28,016,966 shares authorized, issued and outstanding as of December 31, 2025; liquidation preference of $479,930,628 as of December 31, 2025 | — | 400,978 | ||||||
Series B convertible redeemable preferred stock, $0.0001 par value per share; 31,753,266 shares authorized as of December 31, 2025; 31,336,698 shares issued and outstanding as of December 31, 2025; liquidation preference of $878,367,645 as of December 31, 2025 | — | 824,834 | ||||||
Shareholders’ equity / Quantinuum (Cayman) equity | ||||||||
Quantinuum (Cayman) equity | — | 173,652 | ||||||
Preferred stock, $0.0001 par value per share; 20,000,000 shares authorized, as of September 30, 2026; no shares issued and outstanding as of September 30, 2026 | — | — | ||||||
Class A common stock, $0.0001 par value per share; 2,000,000,000 shares authorized as of September 30, 2026; 43,386,129 shares issued and 43,313,266 shares outstanding as of September 30, 2026 | 4 | — | ||||||
Class B common stock, $0.0001 par value per share; 2,000,000,000 shares authorized as of September 30, 2026; 222,338,654 shares issued and outstanding as of September 30, 2026 | 22 | — | ||||||
September 30, 2026 | December 31, 2025 | |||||||
Class A common stock held in treasury, at cost; 72,863 shares and 0 shares as of September 30, 2026 and December 31, 2025, respectively | (3,803) | — | ||||||
Additional paid-in-capital | 541,704 | — | ||||||
Accumulated other comprehensive (loss) income | (1,466) | — | ||||||
Accumulated deficit | (82,370) | — | ||||||
Total equity attributable to Quantinuum Inc. / Quantinuum (Cayman) | 454,091 | 173,652 | ||||||
Non-controlling interest | 2,465,745 | — | ||||||
Total equity | 2,919,836 | 173,652 | ||||||
Total Liabilities and equity | 3,084,876 | 1,845,625 | ||||||
Condensed Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
Amounts may not sum due to rounding. | Nine Months Ended September 30, | |||||||
2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | (850,964) | (139,442) | ||||||
Adjustments to reconcile to net cash used for operating activities | ||||||||
Depreciation and amortization | 27,868 | 22,442 | ||||||
Noncash lease expense | 4,510 | 1,799 | ||||||
Sales under sales-type lease | — | (16,526) | ||||||
Stock compensation expense | 484,699 | — | ||||||
Loss on change in fair value of warrant liabilities | 111,815 | 9,900 | ||||||
(Gain)/Loss on disposal and write down of assets | (4) | 909 | ||||||
Interest expense | 5 | 6 | ||||||
Foreign exchange (gain)/loss—net | (118) | (8) | ||||||
Access to quantum computing hardware | 6,889 | 4,746 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | 1,804 | 1,769 | ||||||
Due from related parties | 224 | 424 | ||||||
Other current assets | (20,836) | (1,064) | ||||||
Net investment in leases | 4,330 | 4,330 | ||||||
Other assets—net | (16,100) | 926 | ||||||
Accounts payable | 4,864 | 5,718 | ||||||
Due to related parties | (1,126) | 76 | ||||||
Accrued liabilities | 12,481 | 7,052 | ||||||
Other liabilities | (253) | 84 | ||||||
Net cash used for operating activities | (229,912) | (96,859) | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (64,705) | (61,021) | ||||||
Net cash used for investing activities | (64,705) | (61,021) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from the issuance of preferred stock to Honeywell | — | 350,000 | ||||||
Proceeds from issuance of Series B Convertible Preferred Stock, net of issuance costs | — | 251,103 | ||||||
Proceeds from issuance of common stock | 1,628,774 | — | ||||||
Common stock issuance costs | (28,844) | — | ||||||
Other issuance Costs | (814) | |||||||
Withholding taxes paid on stock compensation | (130,780) | — | ||||||
Net cash provided by financing activities | 1,468,336 | 601,103 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (247) | 1,589 | ||||||
Net increase in cash and cash equivalents | 1,173,472 | 444,812 | ||||||
Cash and cash equivalents at beginning of period | 762,642 | 172,343 | ||||||
Cash and cash equivalents at end of period | 1,936,114 | 617,155 | ||||||
Non-cash investing and financing activities: | ||||||||
Unpaid purchases of property and equipment | 9,094 | 3,913 | ||||||
Unpaid other issuance costs | 1,774 | 7,263 | ||||||
Value of shares issued via cashless warrant exercise | 150,215 | — | ||||||
Reconciliation of GAAP Gross Profit to Adjusted Gross Profit (Unaudited)
(dollars in thousands, except percentages)
Amounts may not sum due to rounding. | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||
Revenue, net | 9,050 | 2,715 | 22,285 | 23,908 | ||||||||||||||||
Cost of revenue | 3,194 | 1,058 | 14,618 | 3,728 | ||||||||||||||||
Amortization of acquired intangibles, cost of revenue portion¹ | 2,839 | 2,839 | 8,518 | 8,517 | ||||||||||||||||
GAAP gross profit | 3,017 | (1,182) | (851) | 11,663 | ||||||||||||||||
GAAP gross margin | 33.3 | % | (43.5) | % | (3.8) | % | 48.8 | % | ||||||||||||
Equity compensation and related employer taxes² | 748 | — | 7,321 | — | ||||||||||||||||
Depreciation and amortization³ | 2,985 | 2,975 | 10,024 | 9,553 | ||||||||||||||||
Adjusted gross profit | 6,750 | 1,793 | 16,494 | 21,216 | ||||||||||||||||
Adjusted gross margin | 74.6 | % | 66.1 | % | 74.0 | % | 88.7 | % | ||||||||||||
(1) Our condensed consolidated statements of operations present amortization of acquired intangibles as a single separate line and do not present a gross profit subtotal. The amount shown in this table is the portion of that line attributable to cost of revenue, allocated according to the assets to which it relates. Cost of revenue is presented as reported. The remaining portion is presented within research and development.
(2) Represents stock-based compensation expense and the related employer payroll taxes on equity vesting, in each case attributable to cost of revenue. Employer payroll taxes were 2 and 244 for the three and nine months ended September 30, 2026, respectively, and 0 in the corresponding prior year periods. These amounts are a subset of the equity compensation and related employer taxes adjustment presented in the reconciliation of GAAP net loss.
(3) Represents depreciation of property and equipment and amortization of acquired intangible assets attributable to cost of revenue.
Reconciliation of GAAP Net Loss to Adjusted Net Loss, Adjusted EBITDA and Adjusted Earnings Per Share (Unaudited)
(dollars in thousands, except share and per share amounts)
Amounts may not sum due to rounding. | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||
Numerator | ||||||||||||||
Net loss attributable to Quantinuum Inc. | (16,952) | N/A | (82,370) | N/A | ||||||||||
Net loss attributable to Quantinuum (Cayman) prior to the Transactions | — | N/A | (246,680) | N/A | ||||||||||
Net loss attributable to the non-controlling interest | (100,899) | N/A | (521,914) | N/A | ||||||||||
GAAP net loss, as-converted¹ | (117,851) | (52,036) | (850,964) | (139,442) | ||||||||||
Equity compensation and related employer taxes² | 37,333 | — | 501,920 | — | ||||||||||
IPO and public company readiness, legal and other transaction costs³ | 4,937 | — | 24,738 | — | ||||||||||
Severance expense | 353 | — | 353 | — | ||||||||||
Warrant fair value adjustment⁴ | — | 2,100 | 111,815 | 9,900 | ||||||||||
Loss on disposal and write down of assets | 6 | 8 | (4) | 909 | ||||||||||
Adjusted net loss, fully distributed | (75,222) | (49,928) | (212,142) | (128,633) | ||||||||||
Income tax (benefit) expense | (357) | 130 | 260 | 313 | ||||||||||
Interest income, net | (14,324) | (3,072) | (23,807) | (5,415) | ||||||||||
Depreciation and other⁵ | 5,224 | 4,751 | 15,314 | 13,925 | ||||||||||
Amortization of acquired intangibles⁶ | 4,184 | 2,839 | 12,554 | 8,517 | ||||||||||
Adjusted EBITDA | (80,495) | (45,280) | (207,821) | (111,293) | ||||||||||
Denominator⁷ | ||||||||||||||
Weighted-average Class A common shares outstanding, basic and diluted | 36,806,913 | N/A | 36,216,440 | N/A | ||||||||||
Common Units of Quantinuum Holdings | 225,242,666 | N/A | 226,892,141 | N/A | ||||||||||
Adjusted shares, fully distributed, basic and diluted | 262,049,579 | N/A | 263,108,581 | N/A | ||||||||||
Per share⁸ | ||||||||||||||
GAAP net loss per Class A common share, basic and diluted | (0.46) | N/A | (2.27) | N/A | ||||||||||
Adjusted net loss per share, fully distributed, basic and diluted | (0.29) | n.m. | (0.81) | n.m. | ||||||||||
(1) The as-converted basis includes the economic interests represented by Class A common stock and Common Units of Quantinuum Holdings as if all Common Units were exchanged for Class A common stock. It is used because Class A common stock represents a minority of the economic interest in Quantinuum Holdings.
(2) Represents non-cash compensation expense associated with equity-based awards, including expense recognized in connection with the Reorganization, together with the related employer payroll taxes on equity vesting. Employer payroll taxes were $94 and $17,221 for the three and nine months ended September 30, 2026, respectively, and zero in the corresponding prior year periods. The stock-based compensation component agrees to the stock compensation expense line in the condensed consolidated statements of cash flows.
(3) Represents costs of the initial public offering, transaction costs, and the transition to public company reporting. These costs represent professional fees for advisory, legal, accounting, valuation and other professional or consulting services incurred related to the IPO. These costs are scoped by reference to their cause and have a defined end. They do not include the ongoing costs of operating as a public company.
(4) Represents the non-cash change in fair value of liability-classified warrants, which is driven by valuation inputs and accounting remeasurement rather than operating activity.
(5) Represents total depreciation and amortization per our condensed consolidated statements of cash flows, less amortization of acquired intangibles shown separately below. Includes amortization of capitalized software.
(6) Represents total amortization of acquired intangible assets for the period and agrees to the amortization expense line in the condensed consolidated statements of operations.
(7) The denominator comprises Class A common stock and all Common Units of Quantinuum Holdings. Class B common stock is non-economic, carries voting rights only, and is cancelled upon exchange of the corresponding Common Units.
(8) GAAP net loss per Class A common share covers only the period from June 5, 2026, following the Transactions, while adjusted net loss per share, fully distributed, covers the full nine month period presented. The two measures therefore are not calculated on the same period basis. No per share amounts are presented for periods prior to the Reorganization because the calculation would not produce values meaningful to users.