Quantinuum (QNT) surges 279% in Q2 revenue, guides 2026 sales and inks Oracle deal
Rhea-AI Filing Summary
Quantinuum Inc. reported strong top-line growth but deep losses for the quarter ended June 30, 2026. Revenue was $8 million, up 279% year-over-year from $2 million, driven by accelerating commercial activity. Despite this, profitability remains challenged: GAAP net loss was $597 million, compared with $57 million a year earlier, and Adjusted EBITDA loss was $68 million versus a $43 million loss in the prior-year quarter. GAAP gross margin improved to (64.4)%, a 27-point improvement, while Adjusted gross margin was 61.7%. The company completed a traditional IPO, raising $1.7 billion in gross proceeds, contributing to $2.1 billion in cash and short-term investments as of June 30, 2026, providing significant funding for its roadmap.
Management issued initial full-year 2026 guidance, expecting revenue of $28–$32 million, indicating continued growth from the current run-rate. Strategically, Quantinuum announced a multi-year partnership with Oracle to deploy its Helios trapped-ion quantum computer as a managed service on Oracle Cloud Infrastructure, supporting hybrid quantum-AI workloads and expanding enterprise and research access to its platform.
Positive
- Revenue grew 279% year-over-year to $8 million in Q2 2026, showing rapid early-stage commercial traction.
- The company raised $1.7 billion in gross IPO proceeds, ending the quarter with $2.1 billion in cash and short-term investments, providing substantial funding capacity.
- Initial 2026 revenue guidance of $28–$32 million implies continued strong growth from the current quarterly revenue level.
- A multi-year strategic partnership with Oracle will deploy Helios on Oracle Cloud Infrastructure, potentially broadening enterprise and research adoption.
Negative
- GAAP net loss was $597 million for Q2 2026, much larger than the $57 million loss in the prior-year quarter.
- Adjusted EBITDA loss widened to $68 million from a $43 million loss, indicating higher operating spend ahead of revenue scale.
- Operating expenses were very high, with R&D of $367 million and G&A of $152 million in the quarter, contributing to a $555 million operating loss.
Filing Explained
The completed IPO is reported at $1.7 billion gross, while cash flow separately reports 1,628,774 thousand proceeds and 23,534 thousand issuance costs.
This Form 8-K furnishes results for the quarter ended
At
The filing explains that GAAP net loss attributable to Quantinuum Inc. reflects only its Class A share of the economics, whereas adjusted fully distributed measures treat the Common Units as exchanged for Class A shares to describe the whole enterprise. The release states
The next specified partnership milestone is Oracle’s planned preview of its OCI quantum service “in the coming months”; the filing says development, release, timing and pricing may change and the description is not a contractual commitment.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $8 million
Q2 2026 GAAP Net Loss: $597 million
Q2 2026 Adjusted EBITDA Loss: $68 million
+5 more
8 metrics
Q2 2026 Revenue
$8 million
Quarter ended June 30, 2026; up 279% from $2 million in prior-year period
Q2 2026 GAAP Net Loss
$597 million
Quarter ended June 30, 2026; compared with $57 million loss in prior-year period
Q2 2026 Adjusted EBITDA Loss
$68 million
Adjusted EBITDA loss for quarter ended June 30, 2026; prior-year loss $43 million
IPO Gross Proceeds
$1.7 billion
Traditional initial public offering completed before June 30, 2026
Cash and Short-Term Investments
$2.1 billion
Cash and cash equivalents and short-term investments as of June 30, 2026
Q2 2026 GAAP Gross Margin
(64.4)%
Quarter ended June 30, 2026; 27 percentage point improvement year-over-year
Q2 2026 Adjusted Gross Margin
61.7%
Adjusted gross margin for quarter ended June 30, 2026
2026 Revenue Guidance
$28–$32 million
First formal full-year 2026 revenue outlook
Key Terms
Adjusted EBITDA, Up-C structure, trapped-ion based quantum systems, logical fidelity, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA loss was $68 million, compared with a loss of $43 million"
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.
Up-C structure financial
"Quantinuum’s Up-C structure means that GAAP net loss attributable"
An up‑C structure is a two‑layer company setup often used in public listings where the operating business is owned by a partnership and public investors buy shares of a separate corporation that holds partnership interests. Think of it like buying stock in a holding company while the original owners keep a special stake in the business that preserves tax benefits. It matters because it can create tax advantages for sellers but adds tax complexity for investors, different cash‑flow claims and potential future dilution.
trapped-ion based quantum systems technical
"multiple generations of trapped-ion based quantum systems built on the well-established"
logical fidelity technical
"Demonstrated industry-leading near five-nines logical fidelity on Helios"
quantum phase-estimation algorithm technical
"Invented a new parallel quantum phase-estimation algorithm for faster and more precise"
liability-classified warrants financial
"change in fair value of liability-classified warrants"
Liability-classified warrants are financial instruments that give the holder the right to buy a company’s stock but are treated on the balance sheet as a debt-like obligation rather than as equity. For investors this matters because the company must record them at fair value and remeasure them each reporting period, which can create swings in reported profits and liabilities and affect perceived financial stability—similar to how a store must regularly update the value of a loan it owes instead of listing it as ownership.
Earnings Snapshot
Revenue: $8 million · Guidance included
Quarter ended June 30, 2026
Revenue
$8 million
+279% year-over-year (from $2 million)
GAAP Net Loss
$597 million
greater loss than $57 million prior-year quarter
Adjusted EBITDA
($68 million)
loss widened from $43 million loss prior-year quarter
GAAP Gross Margin
(64.4)%
improved by 27 percentage points year-over-year
Adjusted Gross Margin
61.7%
slightly down 60 basis points year-over-year
Cash & Short-Term Investments
$2.1 billion
up from $762.6 million cash at December 31, 2025
Guidance
Quantinuum expects full-year 2026 revenue to be between $28 million and $32 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Quantinuum (QNT) perform financially in Q2 2026?
Quantinuum reported Q2 2026 revenue of $8 million, up 279% year-over-year, but a GAAP net loss of $597 million. Adjusted EBITDA loss was $68 million, reflecting heavy R&D and public-company transition costs alongside early-stage revenue.
What is Quantinuum (QNT)’s revenue guidance for full-year 2026?
Quantinuum issued its first formal guidance, expecting 2026 revenue of $28–$32 million. This outlook reflects anticipated continued growth from Q2 2026 revenue of $8 million as commercialization of its quantum computing platform progresses.
How much cash does Quantinuum (QNT) have after its IPO?
Quantinuum completed a traditional IPO raising $1.7 billion in gross proceeds and ended June 30, 2026 with $2.1 billion in cash and short-term investments, giving it significant resources to fund R&D, product roadmap, and commercialization efforts.
What is the nature of Quantinuum (QNT)’s partnership with Oracle?
Quantinuum and Oracle entered a multi-year strategic partnership to deploy Quantinuum’s Helios quantum computer as an Oracle Cloud Infrastructure service. OCI customers will access Helios for hybrid quantum-AI workloads across areas like drug discovery, materials science, and financial modeling.
How did Quantinuum’s margins evolve in Q2 2026?
Quantinuum’s GAAP gross margin was (64.4)%, improving by 27 percentage points year-over-year, while Adjusted gross margin was 61.7%. Despite better margins, high operating expenses yielded a $555 million loss from operations in the quarter.
What are the key R&D and ecosystem milestones Quantinuum (QNT) reported?
Quantinuum reported near five-nines logical fidelity on Helios, progress toward launching Sol in 2027 and Apollo in 2029, and 180 organizations using its Nexus platform. It also expanded programs like Guppy Playpond and a startup partnership with Qedma for error mitigation.
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): August 11, 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 12b-2 of the Exchange Act.
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 August 11, 2026, Quantinuum, Inc. (the “Company”) issued a press release announcing results for the quarter ended June 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 7.01 - Regulation FD Disclosure
On August 11, 2026, the Company issued a press release announcing a multi-year strategic partnership with Oracle to accelerate hybrid quantum compute adoption on Oracle Cloud Infrastructure. A copy of the press release is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of 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 or the Exchange Act.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits:
Exhibit No. | Description | |||||||
99.1 | Press release of Quantinuum dated August 11, 2026, announcing results for the quarter ended June 30, 2026. | |||||||
99.2 | Press release of Quantinuum dated August 11, 2026, announcing a strategic partnership. | |||||||
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: August 11, 2026
QUANTINUUM INC. | |||||
By: | /s/ Nitesh Sharan | ||||
Name: | Nitesh Sharan | ||||
Title: | Chief Financial Officer | ||||
Quantinuum Reports Second Quarter 2026 Results
Second-Quarter Revenue Grew 279% Year-Over-Year; Increased FY2026 Outlook
Demonstrated Near Five-Nines Logical Fidelity on Helios, Extending Leadership in Fault Tolerance
Announced Industry-First Partnership with Oracle to Deploy Helios as an Oracle Cloud Infrastructure (OCI) Service
Strengthened Supply Chain Through Strategic Collaboration with Major Global Electronics Manufacturer
BROOMFIELD, Colo., August 11, 2026 - Quantinuum Inc. (Nasdaq: QNT) (the “Company”), a leading quantum computing company, today announced financial results for the second quarter ended June 30, 2026.
"Our second quarter performance demonstrated strong execution against our strategy. We delivered critical R&D breakthroughs to advance our platform roadmap and enhance our competitive position, strengthened our supply chain and manufacturing capabilities, and increased our developer ecosystem engagement," said Rajeeb Hazra, President and CEO of Quantinuum. "As a result, we are seeing accelerating commercial momentum for the business, reflected in the second quarter results and the improved full-year outlook. With over $2 billion in cash, we have the capability to invest to accelerate our business plans, while maintaining a disciplined approach to capital allocation to ensure sustainable long-term growth and profitability."
Second Quarter 2026 Financial Highlights
•Completed industry’s first traditional initial public offering, raising $1.7 billion in gross proceeds
•Revenue was $8 million, +279% year-over-year, versus $2 million in the prior-year period
•GAAP gross margin was (64.4%), up 27 percentage points versus the prior-year period
•Adjusted gross margin was 62%, down 60 basis points versus the prior-year period
•GAAP net loss was $597 million, compared with a net loss of $57 million in the prior-year period
•Adjusted EBITDA loss was $68 million, compared with a loss of $43 million in the prior-year period
•GAAP net loss per share attributable to Class A common stockholders was $1.93
•Adjusted net loss per share was $0.28
•Cash & cash equivalents, and short-term investments were $2.1 billion as of June 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.
Second Quarter and Recent Business Highlights
Commercial Highlights
•Announced an industry-first strategic partnership with Oracle to deploy Helios on Oracle Cloud Infrastructure’s (OCI) AI data center to enable hybrid quantum-AI workloads as an OCI service. By operating on-premises within OCI’s infrastructure, Helios is anticipated to be able to integrate seamlessly with existing OCI compute, networking, storage, identity, and data services under the same governance and access controls customers already use.
•Announced strategic collaboration with HPE to establish a framework for combining quantum computing with HPC and AI environments and engage enterprise customers on hybrid quantum-classical solutions for high-value scientific and industrial use cases.
R&D Milestones
Product Technology and Supply Chain
•Demonstrated industry-leading near five-nines logical fidelity on Helios, with novel QEC code families, reinforcing Quantinuum’s leadership in fault tolerance.
•Progressing towards the launch of Sol in 2027, with Sol’s trap chip back from fabrication and advancing through product validation.
•Apollo remains on schedule for 2029, with significant progress made across key architectural subsystems through prototyping.
•Signed a new joint development agreement with a leading global electronics manufacturer to co-develop the infrastructure, systems engineering, and manufacturing capabilities required for future generations of quantum computers.
•Entered into a letter of intent with the U.S. Department of Commerce’s CHIPS R&D Office to strengthen onshore supply chains and accelerate U.S. leadership in trapped-ion quantum computing.
Ecosystem
•Accelerated Nexus adoption, with 180 organizations now using the cloud-based developer platform to build new quantum applications.
•Launched Guppy Playpond, a frictionless web-based environment set up for developers to learn writing and testing code in Guppy, to increase adoption of this next-generation quantum programming language.
•Expanded the Quantinuum Startup Partner Program with Qedma, integrating its error suppression and mitigation software into Quantinuum’s Nexus platform, giving enterprise and scientific users an additional optimization layer that can improve accuracy for large, complex workloads.
Application Research
•Invented a new parallel quantum phase-estimation algorithm for faster and more precise determination of molecular properties, with broad applications including pharmaceuticals, life-sciences, and energy.
•Demonstrated, with NVIDIA and a Fortune 100 pharma company, how AI-driven quantum simulation can potentially enhance molecular property characterization in pharmaceutical applications.
•Simulated complex magnetic materials with accuracy beyond the practical capabilities of the most advanced classical computers, with applicability to improving maglev and MRI systems.
Financial Outlook
•Establishing first formal guidance as a public company, with 2026 revenue expected to be in the range of $28 to $32 million.
Second Quarter 2026 Conference Call
Quantinuum will host a conference call at 5 PM Eastern time on Tuesday, August 11, 2026, to discuss its results for the second quarter ended June 30, 2026, and provide a business update. The call will be available live via webcast here.
An archived 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, adds back GAAP income tax expense, adjusts for equity compensation and related employer taxes, costs of the initial public offering and the transition to public company reporting, 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 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 do not reflect the cost of operating the business in the period, 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, 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 June 30, | Six Months Ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||
Revenue—net | 7,998 | 2,108 | 13,235 | 21,193 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of revenue | 10,312 | 1,205 | 11,424 | 2,670 | |||||||||||||
Amortization expense | 4,185 | 2,839 | 8,370 | 5,678 | |||||||||||||
Research and development expenses—net | 367,292 | 39,667 | 421,951 | 75,440 | |||||||||||||
Sales and marketing expenses | 29,328 | 3,413 | 43,064 | 6,802 | |||||||||||||
General and administrative expenses | 151,907 | 6,071 | 160,603 | 11,569 | |||||||||||||
Total costs and expenses | 563,024 | 53,195 | 645,412 | 102,159 | |||||||||||||
Loss from operations | (555,026) | (51,087) | (632,177) | (80,966) | |||||||||||||
Interest income—net | (4,719) | (999) | (9,483) | (2,343) | |||||||||||||
Loss on change in fair value of warrant liabilities | 47,615 | 6,400 | 111,815 | 7,800 | |||||||||||||
Other (income)/expense—net | (1,971) | 429 | (2,013) | 800 | |||||||||||||
Loss before taxes | (595,951) | (56,917) | (732,496) | (87,223) | |||||||||||||
Tax expense | 569 | — | 617 | 183 | |||||||||||||
Net loss | (596,520) | (56,917) | (733,113) | (87,406) | |||||||||||||
Less: Net loss attributable to Quantinuum (Cayman) prior to the Transactions | (110,087) | N/A | (246,680) | N/A | |||||||||||||
Less: Net loss attributable to the non-controlling interest | (421,015) | N/A | (421,015) | N/A | |||||||||||||
Net loss attributable to Quantinuum Inc. | (65,418) | N/A | (65,418) | N/A | |||||||||||||
Net loss per share attributable to Class A common stockholders—basic and diluted¹ | (1.93) | N/A | (1.93) | N/A | |||||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A common stockholders—basic and diluted¹ | 33,914,995 | N/A | 33,914,995 | N/A | |||||||||||||
(1) Represents net loss per share of Class A common stock and weighted-average shares of Class A common stock for the period from June 5, 2026 through June 30, 2026, which is the period effective with and following the Transactions as defined in Note 1 — Description of Organization. Refer to Note 14 — Net Earnings Per Share for additional details. | ||
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in thousands)
Amounts may not sum due to rounding. | June 30, 2026 | December 31, 2025 | ||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 2,106,686 | 762,642 | ||||||
Accounts receivable | 3,348 | 5,068 | ||||||
Due from related parties | 532 | 604 | ||||||
Net investment in lease, current | 5,773 | 5,773 | ||||||
Other current assets | 32,357 | 27,754 | ||||||
Total current assets | 2,148,696 | 801,841 | ||||||
Property and equipment—net | 150,611 | 120,965 | ||||||
Right-of-use assets | 30,911 | 10,000 | ||||||
Goodwill | 769,631 | 784,822 | ||||||
Other intangible assets—net | 105,105 | 114,282 | ||||||
Net investment in lease, non-current | 7,216 | 10,102 | ||||||
Prepayment to related parties, non-current | 14,136 | — | ||||||
Other assets—net | 3,665 | 3,613 | ||||||
Total assets | 3,229,971 | 1,845,625 | ||||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Accounts payable | 29,393 | 10,620 | ||||||
Due to related parties | 52 | 1,273 | ||||||
Accrued liabilities | 109,286 | 44,358 | ||||||
Total current liabilities | 138,731 | 56,251 | ||||||
Warrant liability | — | 38,400 | ||||||
License payable, non-current portion | 55,345 | 55,345 | ||||||
Operating lease liabilities, non-current | 29,860 | 7,143 | ||||||
Other liabilities | 681 | 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 $878,367,645 as of December 31, 2025 | — | 824,834 | ||||||
Shareholders' equity / Quantinuum (Cayman) equity | ||||||||
Quantinuum (Cayman) equity | — | 173,652 | ||||||
Amounts may not sum due to rounding. | June 30, 2026 | December 31, 2025 | ||||||
Preferred stock, $0.0001 par value per share; 20,000,000 shares authorized, as of June 30, 2026; no shares issued and outstanding as of June 30, 2026 | — | — | ||||||
Class A common stock, $0.0001 par value per share; 2,000,000,000 shares authorized as of June 30, 2026; 36,134,196 shares issued and outstanding as of June 30, 2026 | 3 | — | ||||||
Class B common stock, $0.0001 par value per share; 2,000,000,000 shares authorized as of June 30, 2026; 226,771,877 shares issued and outstanding as of June 30, 2026 | 23 | — | ||||||
Additional paid-in-capital | 480,105 | — | ||||||
Accumulated other comprehensive (loss) income | (1,631) | — | ||||||
Accumulated deficit | (65,418) | — | ||||||
Total equity attributable to Quantinuum Inc. / Quantinuum (Cayman) | 413,082 | 173,652 | ||||||
Non-controlling interest | 2,592,272 | — | ||||||
Total equity | 3,005,354 | 173,652 | ||||||
Total liabilities and equity | 3,229,971 | 1,845,625 | ||||||
Condensed Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
Amounts may not sum due to rounding. | Six Months Ended June 30, | |||||||
2026 | 2025 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | (733,113) | (87,406) | ||||||
Adjustments to reconcile to net cash used for operating activities | ||||||||
Depreciation and amortization | 18,460 | 14,851 | ||||||
Noncash lease expense | 230 | 1,395 | ||||||
Sales under sales-type lease | — | (16,526) | ||||||
Stock compensation expense | 447,454 | — | ||||||
Loss on change in fair value of warrant liabilities | 111,815 | 7,800 | ||||||
(Gain)/Loss on disposal and write down of assets | (10) | 901 | ||||||
Interest expense | 4 | 4 | ||||||
Foreign exchange (gain)/loss—net | 62 | (15) | ||||||
Access to quantum computing hardware | 4,648 | 2,991 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | 1,690 | 1,843 | ||||||
Due from related parties | 38 | 229 | ||||||
Other current assets | (11,082) | 565 | ||||||
Net investment in leases | 2,886 | 2,886 | ||||||
Prepayment to related parties, non-current | (14,136) | — | ||||||
Other assets—net | 472 | 1,516 | ||||||
Accounts payable | 15,463 | 4,387 | ||||||
Due to related parties | (710) | (534) | ||||||
Accrued liabilities | 26,943 | (746) | ||||||
Other liabilities | (199) | 79 | ||||||
Net cash used for operating activities | (129,085) | (65,780) | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (39,177) | (37,721) | ||||||
Net cash used for investing activities | (39,177) | (37,721) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock | 1,628,774 | — | ||||||
Common stock issuance costs | (23,534) | — | ||||||
Withholding taxes paid on stock compensation | (91,984) | — | ||||||
Net cash provided by financing activities | 1,513,256 | — | ||||||
Effect of exchange rate changes on cash and cash equivalents | (951) | 23 | ||||||
Net increase (decrease) in cash and cash equivalents | 1,344,044 | (103,478) | ||||||
Cash and cash equivalents at beginning of period | 762,642 | 172,343 | ||||||
Cash and cash equivalents at end of period | 2,106,686 | 68,865 | ||||||
Non-cash investing and financing activities: | ||||||||
Unpaid purchases of property and equipment | 9,227 | 8,348 | ||||||
Unpaid withholding taxes on stock compensation | 38,692 | — | ||||||
Unpaid issuance costs | 5,672 | — | ||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||
Revenue, net | 7,998 | 2,108 | 13,235 | 21,193 | ||||||||||||||||
Cost of revenue | 10,312 | 1,205 | 11,424 | 2,670 | ||||||||||||||||
Amortization of acquired intangibles, cost of revenue portion¹ | 2,839 | 2,839 | 5,679 | 5,679 | ||||||||||||||||
GAAP gross profit | (5,153) | (1,936) | (3,868) | 12,844 | ||||||||||||||||
GAAP gross margin | (64.4) | % | (91.8) | % | (29.2) | % | 60.6 | % | ||||||||||||
Add back: Equity compensation and related employer taxes² | 6,573 | — | 6,573 | — | ||||||||||||||||
Add back: Depreciation and amortization³ | 3,515 | 3,249 | 7,039 | 6,579 | ||||||||||||||||
Adjusted gross profit | 4,935 | 1,312 | 9,744 | 19,423 | ||||||||||||||||
Adjusted gross margin | 61.7 | % | 62.3 | % | 73.6 | % | 91.6 | % | ||||||||||||
(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 242 and 242 for the three and six months ended June 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.
(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 242 and 242 for the three and six months ended June 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 June 30, | Six Months Ended June 30, | ||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||
Numerator | ||||||||||||||
Net loss attributable to Quantinuum Inc. | (65,418) | N/A | (65,418) | N/A | ||||||||||
Less: Net loss attributable to Quantinuum (Cayman) prior to the Transactions | (110,087) | N/A | (246,680) | N/A | ||||||||||
Less: Net loss attributable to the non-controlling interest | (421,015) | N/A | (421,015) | N/A | ||||||||||
GAAP net loss, as-converted¹ | (596,520) | (56,917) | (733,113) | (87,406) | ||||||||||
Add back: income tax expense | 569 | — | 617 | 183 | ||||||||||
Equity compensation and related employer taxes² | 464,587 | — | 464,587 | — | ||||||||||
IPO readiness, legal and other transaction costs³ | 10,620 | — | 19,801 | — | ||||||||||
Warrant fair value adjustment⁴ | 47,615 | 6,400 | 111,815 | 7,800 | ||||||||||
Loss on disposal and write down of assets | 24 | 594 | (10) | 901 | ||||||||||
Adjusted pre-tax loss, fully distributed | (73,105) | (49,923) | (136,303) | (78,522) | ||||||||||
Tax at assumed statutory rate⁵ | 0 | 0 | 0 | 0 | ||||||||||
Adjusted net loss, fully distributed | (73,105) | (49,923) | (136,303) | (78,522) | ||||||||||
Interest income, net | (4,719) | (999) | (9,483) | (2,343) | ||||||||||
Depreciation and other⁶ | 5,329 | 4,630 | 10,090 | 9,173 | ||||||||||
Amortization of acquired intangibles⁷ | 4,185 | 2,839 | 8,370 | 5,678 | ||||||||||
Adjusted EBITDA | (68,310) | (43,453) | (127,326) | (66,014) | ||||||||||
Denominator⁸ | ||||||||||||||
Weighted-average Class A common shares outstanding, basic and diluted | 33,914,995 | N/A | 33,914,995 | N/A | ||||||||||
Add: Common Units of Quantinuum Holdings | 227,582,892 | N/A | 227,582,892 | N/A | ||||||||||
Adjusted shares, fully distributed, basic and diluted | 261,497,887 | N/A | 261,497,887 | N/A | ||||||||||
Per share⁸ | ||||||||||||||
GAAP net loss per Class A common share, basic and diluted | (1.93) | N/A | (1.93) | N/A | ||||||||||
Adjusted net loss per share, fully distributed, basic and diluted | (0.28) | n.m. | (0.52) | 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 $17,127 and $17,127 for the three and six months ended June 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
(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 $17,127 and $17,127 for the three and six months ended June 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 the tax effect of the adjusted pre-tax loss using the assumed statutory tax rate presented in the table.
(6) 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.
(7) Represents total amortization of acquired intangible assets for the period and agrees to the amortization expense line in the condensed consolidated statements of operations.
(8) 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.
(9) 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 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.
(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 the tax effect of the adjusted pre-tax loss using the assumed statutory tax rate presented in the table.
(6) 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.
(7) Represents total amortization of acquired intangible assets for the period and agrees to the amortization expense line in the condensed consolidated statements of operations.
(8) 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.
(9) 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 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.
Quantinuum and Oracle Partner to Accelerate Hybrid Quantum Compute Adoption on Oracle Cloud Infrastructure
•Quantinuum’s most advanced quantum computer, Helios, will be deployed in a US-based OCI AI data center to enable hybrid quantum-AI workloads as an OCI service.
•Quantinuum and Oracle aim to support enterprise, AI lab, academic, and research applications spanning drug discovery, materials science, financial modeling, and large-scale optimization, including AI workloads.
BROOMFIELD, Colo. and AUSTIN, Texas — August 11, 2026 — Quantinuum (NASDAQ: QNT), a leading quantum computing company, and Oracle today announced a multi-year strategic partnership to bring quantum computing to Oracle Cloud Infrastructure (OCI). Under the partnership, OCI customers will be able to directly access Quantinuum’s Helios, the most accurate commercial quantum computer in the world,1 through OCI’s quantum service, alongside OCI’s high-performance computing (HPC) and GPU infrastructure.
Together, Quantinuum and Oracle plan to explore how hybrid quantum-AI infrastructure could address some of the most computationally intensive challenges facing enterprises and broaden access for universities and research institutions advancing scientific discovery and education. The partnership reflects a shared vision that the future of enterprise computing will be built on the convergence of AI, classical supercomputing, and quantum computing. Many complex problems across materials discovery, drug development, logistics, energy, and financial modeling already push the limits of today’s computing architectures.
“We believe the next phase of enterprise computing will be shaped by bringing quantum, AI, and high-performance computing together,” said Dr. Rajeeb Hazra, President and CEO of Quantinuum. “Deploying Helios inside OCI gives Quantinuum and Oracle an opportunity to create a unique deeply integrated environment for hybrid workloads, explore enterprise use cases with customers, and accelerate commercial adoption.
Quantum computing offers a fundamentally different approach to computation with the potential to address problems that are impractical for traditional systems alone. In addition, quantum computing uses significantly less energy than supercomputers. A single Helios system has an estimated power draw of less than one percent of the draw reported for leading supercomputers,2 offering a lower power complementary resource for suitable hybrid workloads.
“AI has changed what organizations can imagine, and we believe quantum computing can expand what they’re able to solve,” said Mahesh Thiagarajan, Executive Vice President of
1 Based on two-qubit gate fidelity as of December 31, 2025.
2 According to Tchakoute, R.N., et al. (2026) Energy-Aware Computing in the Year 2026., leading supercomputers use 16 MW to 39 MW of energy, whereas a single Helios unit uses approximately 60 kW without an HVAC system.
Oracle Cloud Infrastructure. “By bringing Quantinuum’s Helios to Oracle Cloud Infrastructure, we want to give developers a practical and secure way to explore how quantum computing could complement their existing AI and HPC workloads on Oracle Cloud Infrastructure while improving compute efficiency and energy use.”
With Quantinuum’s Helios on OCI, customers can expect to gain managed, secure access to cloud-hosted quantum computing without having to procure, install, or operate dedicated hardware or specialized facilities. Helios, launched commercially in November 2025, is Quantinuum’s third-generation quantum computer. The 98-physical-qubit trapped-ion system has been used in demonstrations involving 48 logical qubits and achieves an average two-qubit gate fidelity of 99.921%, exceeding the widely cited “three 9s” threshold. Helios is designed for hybrid integration with classical HPC and AI environments.
By operating on-premises within OCI’s infrastructure, Helios is anticipated to be able to integrate seamlessly with existing OCI compute, networking, storage, identity, and data services under the same governance and access controls customers already use. Oracle plans to preview its OCI quantum service in the coming months, giving developers a streamlined way to move from simulation to execution on real quantum computing hardware. The planned OCI quantum service is expected to combine Quantinuum’s development stack with support for open-source hybrid-programming frameworks, helping developers build, test, and refine quantum-classical applications more efficiently.
New Possibilities for Hybrid Quantum-AI Computing
“Our roadmap includes exploring classical-quantum hybrid computing to accelerate scientific discovery,” said Johannes Blaschke, Head of Scientific Computing, GBI at Ellison Institute of Technology. “QPUs promise to unlock new insights as they are very different from the hardware that we are used to. So having both GPUs and QPUs available within OCI would provide an all-in-one platform, simplify the operation of novel hardware, and help us move at speed from concept to execution by allowing our researchers to focus on innovation. It could herald in an exciting new phase for our work.”
“As quantum computing moves closer to enterprise adoption, simplifying how organizations access and integrate quantum resources has become just as important as advancing the hardware itself,” said Heather West, PhD, Global Quantum Research Lead at IDC. “Deploying quantum systems within private cloud environments enables organizations to integrate quantum computing into existing AI and HPC workflows through familiar cloud infrastructure and development tools, reducing barriers to adoption and making hybrid quantum-classical computing a practical part of enterprise IT.”
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.3 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. For more information, please visit www.quantinuum.com.
About Oracle
Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.
Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.
Media Contacts
Aaron Sorenson
Quantinuum
aaron.sorenson@quantinuum.com
Carolin Bachmann
Oracle
carolin.bachmann@oracle.com
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-
3 As of December 31, 2025.
looking statements include all statements that are not historical facts. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. Such statements are based on certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. New factors emerge from time to time, and it is not possible for Quantinuum to predict all such factors. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Quantinuum does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Future Product Disclaimer
The above is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.