Xanadu Quantum Technologies(DE:6B4)
€2.57+0.04 (+1.74%)
DE:6B4
Xanadu Quantum Technologies earnings date
€2.57
At close:+0.04 (+1.74%)
Xanadu Quantum Technologies (6B4) Q3 2026 Earnings Report
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DE:6B4 Q3 2026 EPS Results
- Actual EPS
- -EUR 0.10
- Consensus EPS
- -EUR 0.08
- Beat/Miss
- Missed by -EUR 0.02
- One Year Ago EPS
- EUR 0.06
DE:6B4 Q3 2026 Revenue Results
- Actual Revenue
- EUR 1.18M
- Expected Revenue
- EUR 2.52M
- Beat/Miss
- Missed by -EUR 1.34M
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/11/2026
- Time
- After Close
- Conference Call
- Wednesday, November 11, 2026
DE:6B4 Upcoming Earnings
Xanadu Quantum Technologies's next earnings date is estimated for April 15, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:6B4 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly focused on strong technical execution, expanding manufacturing capacity, major industry and government partnerships, growing software adoption and initial commercial software revenue. Financial results remained characterized by modest revenue, substantial operating losses, declining cash and expected increases in costs and capital expenditures. Overall, the number and significance of the reported technology, ecosystem and funding advances outweighed the financial and execution challenges.
Company Guidance
Xanadu targets up to 200 logical qubits in 2029 with an error rate as low as 10 to the minus 8, up to 500 the following year with error rates as low as 10 to the minus 16, and 1,000 or more logical qubits by 2031 and beyond; it expects to reach 10.2x by the beginning of 2027, will report its aggregate loss metric annually, and will look to provide an update in the first quarter. The company expects to begin using Inception early next year, expects R&D spend to increase over time, and expects costs and capital expenditures to grow in Q4, driven by additional spend with GlobalFoundries, continued hiring and equipment purchases, with continued headcount growth across hardware, software and G&A. Revenue is not expected to be a material driver of operating activities in the near term, software revenue remains at an early stage, and the company continues to not provide forward-looking guidance.
- Progress Toward Fault-Tolerant Quantum Road MapXanadu reiterated its target of up to 200 logical qubits in 2029 with an error rate as low as 10 to the minus 8, up to 500 logical qubits the following year with error rates as low as 10 to the minus 16, and 1,000 or more logical qubits by 2031 and beyond. The company said it remains on the path to a commercially viable quantum computer by 2029, 2030.
- World-Record Optical Switch LossThe company reported an optical switch loss of 7 milli-dB, down from roughly 20 milli-dB reported last year, which it believes is the lowest reported loss for an electro-optic switch of its class. The switch also operates at microseconds or lower reconfiguration times, compared with milliseconds for cited competing technologies.
- Additional Optical Component ImprovementsThe on-chip homodyne detector showed a 2x loss reduction since the same time last year and now sits at 77 milli-dB. The fiber delay line achieved more than a 3x loss reduction since the start of the year.
- Increased Wafer-Run ActivityYear-to-date, Xanadu doubled its silicon nitride wafer runs and increased its thin-film lithium niobate wafer runs by 15% sequentially. Management said additional wafer runs create more learning cycles, data and validation across devices.
- Strategic Manufacturing and Hardware PartnershipsXanadu signed hardware partnerships with GlobalFoundries, ASML and Bluefors. GlobalFoundries will support 300-millimeter manufacturing of ultra-low-loss silicon nitride chips and superconducting nanowire single-photon detectors; ASML will support advanced lithography intended to reduce waveguide loss; and Bluefors will help develop compact modular cryogenics.
- Advancement to Superconducting Nanowire DetectorsXanadu said it is moving from transition-edge sensors to superconducting nanowire single-photon detectors as a next-generation advancement. The company said the detectors are orders of magnitude faster, enabling a faster quantum computer and a smaller footprint.
- New Inception Photonics FacilityThe company took a major step with Inception, a new 158,000-square-foot advanced photonics research and manufacturing facility in Toronto, supported by Canadian federal funding under Project OPTIMISM. The facility will include clean rooms, heterogeneous integration, packaging, testing and measurement capabilities, and Xanadu expects to begin using it early next year.
- Improved Packaging Turnaround and Expanded CapacityXanadu's existing packaging facility reduced turnaround times from as long as 3 months to approximately 8 hours. Management said Inception is intended to increase packaging volume, substantially expand test-and-measure capacity and enable heterogeneous integration of silicon nitride, thin-film lithium niobate and semiconductor-based photodiodes.
- PennyLane Developer Ecosystem ScaleApproximately 30% of all quantum developers used PennyLane in the past year, according to the Unitary Fund. The PennyLane family, including Lightning and Catalyst, is receiving approximately 1.1 million package installs per month and has been cited in more than 2,500 academic papers.
- Record QHack ParticipationThe seventh global QHack quantum coding challenge attracted more than 3,500 participants, which Xanadu described as record participation.
- Backline Launch and Real-Time Error-Correction DemonstrationXanadu launched Backline in collaboration with AMD. The platform integrates CPUs, GPUs and FPGAs with quantum hardware, and the company demonstrated end-to-end processing round trips of under 3 microseconds using commercially available AMD hardware for real-time error correction.
- Early Commercial Software Revenue and Customer EngagementXanadu began generating revenue from commercial software offerings during the quarter with a small but growing base of enterprise customers. RBC selected Xanadu for hands-on quantum-computing training, Booz Allen is training an initial group of engineers using the platform, and Lockheed Martin is involved in workforce-development activities.
- Enterprise Application and Semiconductor PartnershipsJSR signed a statement of work for a feasibility study involving quantum simulation and resource-estimation capabilities. With Mitsubishi Chemical, Xanadu demonstrated quantum algorithms for modeling light-sensitive materials used in extreme ultraviolet lithography and is advancing the work toward a software pipeline for fault-tolerant quantum computing.
- Expansion of Software Product PortfolioThe company is bringing internally developed AI-assisted research tools and high-performance simulations to customers, with some products already in pilot and early commercial deployment.
- Algorithmic and Hardware-Software Co-Design ProgressXanadu said its algorithm team used agentic AI to make a QROM discovery in 2 weeks that would have taken more than 6 months of manual work. The company also described a digital twin that connects algorithm development, hardware-resource estimates and error-correction architectures.
- Increased R&D Organization and CapacityThe company ended the quarter with 361 employees, up from 306 at the end of Q2 and 277 at the end of Q1. R&D spending increased to approximately $25.6 million, primarily due to wafer spending, GlobalFoundries process development and expanded engineering talent.
- Additional Government and Nondilutive Funding SupportXanadu signed a definitive agreement with the Government of Canada for approximately $140 million of federal funding for Inception, to be received over time as qualifying R&D investments are made. It also received provisional approval for up to $10 million of additional project funding under DARPA's QBI, with the majority expected to support critical R&D road-map components.
- Broad Photonic IP Commercialization OpportunitiesManagement said photonic IP developed over the past 10 years has potential applicability in datacom, telecom, quantum communications and sensing. The company is exploring opportunities with existing partners and potential customers while maintaining its focus on the quantum-computing road map.
- Revenue Declined SequentiallyRevenue was $1.3 million in Q3 2026, compared with $1.5 million in Q2 2026, a decrease of approximately 13.3%. Revenue was up from $1.0 million in the prior-year quarter, an increase of 30%. Management said quarterly revenue fluctuates based on the timing of work on contracts and partnership-related revenue.
- Revenue Remains at an Early StageManagement said revenue is not expected to be a material driver of operating activities in the near term. Software revenue was described as being at an early stage, despite the start of commercial software revenue during the quarter.
- Higher R&D SpendingR&D expense rose to approximately $25.6 million, an increase of $5.9 million from Q2, or approximately 29.9%. The company expects R&D spending to increase over time as it adds engineering talent and advances chip development, packaging and subsystems toward fault tolerance.
- Net Loss Increased Year Over YearNet loss was $32.2 million, compared with $42.1 million in Q2 and $20.3 million in Q3 2025. The sequential improvement primarily reflected the absence of the $10.6 million fair-value loss on earn-out share liabilities and the $1.9 million loss on derivative instruments recorded in Q2.
- Adjusted EBITDA Loss WorsenedAdjusted EBITDA loss was $26.3 million, compared with $21.3 million in Q2 and $15.4 million in Q3 2025. The increase versus Q2 was driven mainly by higher R&D spending for chip fabrication, wafer consumption and headcount, partially offset by lower G&A.
- Higher Capital ExpendituresCapital expenditures increased to approximately $8.4 million from $6.1 million in Q2, or approximately 37.7%, reflecting investment in specialized equipment, chip development, packaging capabilities, fault-tolerant subsystems and initial Inception development costs.
- Cash Balance DeclinedXanadu ended the quarter with $286.5 million of cash, down $26.3 million from Q2. The company did not draw on its synthetic ATM facility during the quarter and had approximately $232.8 million remaining available for use.
- Expected Near-Term Cost and Capital Spending GrowthManagement expects costs and capital expenditures to grow in Q4, driven by additional GlobalFoundries spending, continued hiring and equipment purchases. Headcount is expected to continue growing across hardware, software and G&A.
- Loss Reduction Remains the Key Engineering ChallengeManagement stated that loss remains the most important engineering challenge. The aggregate loss metric does not necessarily show measurable improvement every quarter, so Xanadu plans to report the metric annually and provide its next update in the first quarter.
- DARPA Program Decision Remains PendingXanadu said it remains in close contact with DARPA and still has items to report. The timing of a potential next-stage decision could be around November or December, but management said it could be sooner or later and provided no new update.
DE:6B4 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Apr 15, 2027 | 2026 (Q4) | ―- | -0.25 | ― | ― |
| Nov 11, 2026 | 2026 (Q3) | -0.08-0.10 | 0.06 | -271.88% (-0.16) | |
| Aug 05, 2026 | 2026 (Q2) | -0.33-0.08 | 0.04 | -302.44% (-0.11) | |
| May 14, 2026 | 2026 (Q1) | -0.08-0.25 | 0 | -13900.00% (-0.25) | |
| Apr 09, 2026 | 2025 (Q4) | -0.08-0.25 | 0 | -13900.00% (-0.25) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
