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Xanadu Quantum Technologies Ltd. (XNDU) filed a prospectus supplement to its Form F-1 to incorporate its latest Form 6-K, which includes second-quarter 2026 results and the first post–reverse-recapitalization quarterly report. The Class B Subordinate Voting Shares trade on Nasdaq and the TSX under the symbol XNDU.
For the quarter ended June 30, 2026, revenue was $1.5 million, up from $1.1 million a year earlier, while the net loss widened to $42.1 million from $15.1 million. Adjusted EBITDA loss increased to $21.3 million. Operating expenses more than doubled year over year, driven mainly by higher research and development and general and administrative costs as the company scales.
Xanadu’s balance sheet changed significantly following a March 2026 reverse recapitalization with a SPAC and a concurrent PIPE financing, plus a synthetic at-the-market equity facility. Cash and cash equivalents rose to $312.8 million from $16.2 million at year-end 2025. Management states this cash should fund operations, R&D, and capital expenditures for at least 12 months under its current plan.
Xanadu Quantum Technologies Ltd (XNDU) filed a prospectus supplement to its Form F-1, incorporating its Form 6-K for August 2026 and 2025 Form 20-F, and providing second-quarter 2026 results. Class B Subordinate Voting Shares trade on Nasdaq and TSX under “XNDU”.
For the quarter ended June 30, 2026, Xanadu generated $1.5 million in revenue, up from $1.1 million a year earlier, but reported a larger net loss of $42.1 million versus $15.1 million. Operating expenses rose sharply, mainly from higher research and development and general and administrative spending, and losses were further impacted by $10.6 million of loss on fair value of earn-out share liabilities and $1.9 million loss on derivative instruments.
Six-month 2026 revenue was $4.3 million compared with $1.8 million in 2025, with a net loss of $62.7 million. Adjusted EBITDA for the quarter was –$21.3 million. Liquidity strengthened significantly: cash and cash equivalents were $312.8 million as of June 30, 2026, up from $16.2 million at year-end 2025, driven by $301.6 million of gross proceeds from a reverse recapitalization and PIPE and $67.2 million raised under a synthetic at-the-market equity facility.
Xanadu Quantum Technologies Limited reported Q2 2026 results following its March 2026 reverse recapitalization with a SPAC and concurrent PIPE financing. Cash and cash equivalents rose to $312.8 million as of June 30, 2026, up from $16.2 million at December 31, 2025, helped by $263.6 million of net proceeds from the recapitalization and PIPE and $67.2 million raised under a new synthetic at-the-market equity facility. Management states that existing cash is expected to fund operations for at least 12 months.
For Q2 2026, revenue was $1.5 million, compared with $1.1 million in Q2 2025. Operating expenses totaled $31.5 million, led by research and development of $19.7 million and general and administrative expense of $11.1 million. Loss from operations was $30.0 million, and net loss was $42.1 million versus $15.1 million a year earlier, reflecting losses on earn-out share liabilities and derivative instruments. Adjusted EBITDA loss was $21.3 million. Capital expenditures were approximately $6.4 million in the quarter.
Total assets reached $384.0 million, with liabilities of $70.9 million and shareholders’ equity of $313.1 million. As of June 30, 2026 there were 304.2 million Class A and Class B common shares outstanding, after issuing 5.47 million Class B shares via the synthetic at-the-market facility. Government-backed SIF and FedDev loans totaled $32.5 million, with revenue-based and scheduled repayments beginning in 2027–2028.
Xanadu Quantum Technologies Limited received a Schedule 13G filing reporting that Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander hold 82,694 shared voting and dispositive Class B Subordinate Voting Shares (CUSIP 98390R102), representing 0.2% of the class. The filing notes the reporting persons "acquired beneficial ownership of more than 5%... on June 17, 2026" and "ceased to be beneficial owners of more than 5%... by the date of this filing." The filing is signed by Gil Raviv and Israel A. Englander and includes a Joint Filing Agreement dated June 24, 2026.
Xanadu registers resale of 30,100,000 Class B Subordinate Voting Shares consisting of 30,000,000 shares that may be issued to Yorkville under a standby equity purchase agreement and 100,000 shares issued to Cohen & Company Securities, LLC for advisory compensation.
The company has a committed equity financing (SEPA) with Yorkville providing a $300,000,000 commitment; sales to Yorkville are at Xanadu’s option at 97.5% of the Market Price (subject to a TSX minimum-price mechanism) and subject to a 4.99% ownership cap for Yorkville. As of May 14, 2026, there were 43,284,411 Class B Subordinate Voting Shares outstanding and, after the full registered issuance, 73,384,411 shares would be outstanding.
Xanadu Technologies Limited is registering the resale by selling securityholders of 30,100,000 Class B Subordinate Voting Shares. This total consists of up to 30,000,000 shares the company may elect to issue and sell to Yorkville under a standby equity purchase agreement entered on May 20, 2026, and 100,000 shares issued to Cohen & Company Securities, LLC.
The prospectus states 43,284,411 Class B Subordinate Voting Shares were outstanding as of May 14, 2026, rising to 73,384,411 if the 30,100,000 registered shares are issued and outstanding. The SEPA commitment amount is $300,000,000, Purchase Price equals 97.50% of VWAP (with TSX minimum pricing and a 4.99% ownership cap for Yorkville).
Xanadu Quantum Technologies entered a standby equity purchase agreement granting it the option to sell up to $300,000,000 of Class B Subordinate Voting Shares to YA II PN, Ltd. (Yorkville) under a program the company describes as a synthetic at-the-market facility. The Company controls timing and amount of any sales; Yorkville’s per-share Purchase Price equals 97.50% of the Market Price subject to a TSX Minimum Price. Sales are subject to an Ownership Limitation of 4.99% beneficial ownership by Yorkville and a maximum Commitment Period of 36 months. The Company paid a structuring fee of $25,000 and a Commitment Fee equal to 0.45% of the aggregate commitment amount; the Company may deduct up to 10% of gross Advance proceeds to pay the Commitment Fee until paid in full. Proceeds are expected to be used for working capital and general corporate purposes. The Company will file a resale registration statement to permit Yorkville resales; issuance could dilute existing shareholders and may affect the share price.
Xanadu Quantum Technologies has entered into a Standby Equity Purchase Agreement with YA II PN (Yorkville), giving it the right to sell up to $300,000,000 of Class B subordinate voting shares over three years. Xanadu can draw on this synthetic at-the-market program at its discretion, with shares priced at 97.50% of a defined market price, subject to TSX minimum pricing rules and a 4.99% ownership cap for Yorkville. Proceeds, if raised, are expected to fund working capital and general corporate purposes, but the company warns that issuing shares under the program could cause substantial dilution and pressure on its share price.
Xanadu Quantum Technologies Ltd disclosed an amendment to a Schedule 13G/A reporting that Polar Asset Management Partners Inc., as investment adviser to affiliated funds, beneficially owns 2,000,000 Class B Subordinate Voting Shares, representing 4.6% of that class. The filing identifies Polar's voting and dispositive power over those shares and is signed by Andrew Ma on 05/15/2026.