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Xanadu Quantum Technologies Limited filed a Prospectus Supplement to its Form F-1 to update the Prospectus with its Form 6-K and attached the Q1 2026 Quarterly Report. The report shows $272,465 cash and cash equivalents as of March 31, 2026, revenue of $2,832 and a net loss of $(20,604) for the three months ended March 31, 2026. The company completed a Reverse Recapitalization and concurrent PIPE financing that raised gross proceeds of $301,646, including $275,000 from a 27,500,000-share PIPE at $10.00 per share. The filing discloses earn-out mechanics for 1,100,000 sponsor earn-out shares, a fair-value liability for earn-out shares of $7,164 as of March 31, 2026, and long-term debt including a SIF loan with carrying value of $27,612.
Xanadu Quantum Technologies reported first-quarter 2026 results alongside details of its recent SPAC merger and PIPE financing. Revenue rose to $2.8 million from $0.7 million a year earlier, driven mainly by professional services, while net loss widened to $20.6 million from $12.2 million as research, development and administrative spending increased.
The March 26 reverse recapitalization with Crane Harbor Acquisition and a concurrent PIPE raised gross proceeds of $301.6 million, leaving cash and cash equivalents of $272.5 million at March 31. Management believes this liquidity will fund operations, R&D and capital needs for at least 12 months. The quarter also reflects new earn-out share liabilities and the reclassification and exercise of legacy warrants.
Xanadu Quantum Technologies reported first quarter 2026 results, with revenue of $2.8 million, up from $0.7 million in the first quarter of 2025. The company remains in an investment phase, expanding research, hardware, software, and talent to advance its photonic quantum computing roadmap.
Net loss widened to $20.6 million, reflecting higher research and development and general and administrative expenses as the business scales. Adjusted EBITDA loss was $13.9 million. Cash and cash equivalents were $272.5 million as of March 31, 2026, providing resources to continue development and commercialization efforts.
The quarter included completion of the business combination with Crane Harbor Acquisition Corp., making Xanadu a publicly listed pure-play photonic quantum computing company on Nasdaq and the Toronto Stock Exchange. The company also entered negotiations for up to roughly $285 million in potential funding from the governments of Canada and Ontario, and highlighted growing adoption of its PennyLane software platform.
Xanadu Quantum Technologies Ltd Schedule 13G filed by Radical Ventures II GP Inc. and affiliated funds reports beneficial ownership stakes in the company's Class B Subordinate Voting Shares.
Radical GP is reported with 11,898,488 shares (21.56%), Radical Ventures Fund II, L.P. with 9,968,423 shares (19.08%), and Radical Ventures Fund II (International), L.P. with 1,930,065 shares (4.27%), based on 43,284,437 SVS outstanding as of March 26, 2026. The filing states those holdings consist of Class A Multiple Voting Shares convertible into SVS on a share‑for‑share basis. The filing is signed by Jordan Jacobs as Chief Executive Officer.
Xanadu Quantum Technologies Ltd Schedule 13G/A amendment shows two joint filers report shared voting and dispositive power over 75,000 Class B Ordinary Shares. The filers state they beneficially own 0 shares, representing 0% of the class. The filing is signed on 05/05/2026.
Xanadu Quantum Technologies Ltd ownership disclosure: Lockheed Martin Investment Management Company and Lockheed Martin Corporation Master Retirement Trust report beneficial ownership of 2,308,892 Class B-equivalent shares, representing 5.1% of the Class B Subordinate Voting shares outstanding as of April 2, 2026. The position consists of Class A Multiple Voting shares held by MRT that are convertible on a one-for-one basis into Class B shares.
The filing is a joint Schedule 13G under Rule 13d-1(k)(1) and lists shared voting and dispositive power over the disclosed shares.
Xanadu Quantum Technologies Limited is registering the resale of up to 293,655,720 Class B Subordinate Voting Shares and registering up to 157,960 Class B Subordinate Voting Shares issuable upon exercise of warrants.
The resale registration covers shares held or issuable to legacy holders, holders converting Class A Multiple Voting Shares, PIPE investors, founder and CHAC private placement holders. The company will receive proceeds only from exercised SVS warrants and intends to use such proceeds for working capital and general corporate purposes. The Class B Subordinate Voting Shares trade on Nasdaq and the TSX under the symbol XNDU.
Xanadu Quantum Technologies Limited filed an F-1 to register resale by selling securityholders and the issuance of certain warrant-linked shares. The prospectus registers up to 293,655,720 Class B Subordinate Voting Shares for resale by named selling securityholders and up to 157,960 Class B Subordinate Voting Shares issuable upon exercise of SVS warrants. The company states it will receive proceeds only from any exercises of the SVS warrants; proceeds from resale by selling securityholders will not be received by the company.
Xanadu Quantum Technologies Limited files its annual Form 20-F as a newly public company following a SPAC business combination completed on March 26, 2026, with its Class B Subordinate Voting Shares listed on Nasdaq and the Toronto Stock Exchange under “XNDU.”
The company is still in the development stage, focused on photonic quantum computing and cloud-based quantum-computing-as-a-service. It generated about $4.6 million in 2025 revenue but recorded a $70.7 million net loss and an accumulated deficit of $183.3 million, with cash and cash equivalents falling to $16.2 million at year-end 2025.
Xanadu outlines an ambitious roadmap targeting up to 100,000 physical qubits and 500 logical qubits around 2029–2030, while warning that its technology is immature, commercialization is uncertain, it depends heavily on a few large customers and government funding, and it may need substantial additional capital to execute its growth plans.