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Quantinuum
(NASDAQ:QNT)
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Rating:49Neutral
Price Target:
$41.00
▼(-17.87% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by heavy operating losses and accelerating cash burn despite improving gross margin and revenue momentum. Technical signals are bearish with the stock trading well below key moving averages, even though it appears oversold. The earnings call adds support via revenue guidance, strong bookings/pipeline commentary, and a strong cash position, but near-term volatility and ongoing losses temper the outlook.
Positive Factors
Revenue and bookings momentum
Rapid year-over-year revenue growth, rising bookings, and substantial remaining obligations indicate increasing customer adoption and commercial traction. If execution continues, these commitments can provide a stronger foundation for recurring software, services, and system revenue over the next several quarters.
Negative Factors
Persistent operating losses
Large operating and net losses show that revenue has not yet reached the scale needed to support the company’s cost base. Continued losses could require sustained investment and delay the point at which Quantinuum can fund expansion and innovation through internally generated earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and bookings momentum
Rapid year-over-year revenue growth, rising bookings, and substantial remaining obligations indicate increasing customer adoption and commercial traction. If execution continues, these commitments can provide a stronger foundation for recurring software, services, and system revenue over the next several quarters.
Read all positive factors
Quantinuum (QNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.41B
Dividend YieldN/A
Average Volume (3M)1.84M
Price to Earnings (P/E)―
Beta (1Y)2.90
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees700
SectorGeneral
Sector StrengthN/A
IndustryComputer Hardware
Share Statistics
EPS (TTM)-2.41
Shares Outstanding36,893,856
10 Day Avg. Volume1,914,478
30 Day Avg. Volume1,840,410
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)1.19
Price to Sales (P/S)64.83
P/FCF Ratio-8.52
Enterprise Value/Market Cap0.33
Enterprise Value/Revenue261.89
Enterprise Value/Gross Profit3.16K
Enterprise Value/Ebitda-5.18
Forecast
1Y Price Target
$94.82Price Target Upside89.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)-1.43
Revenue Forecast (FY)$26.49M
Quantinuum Business Overview & Revenue Model
Company Description
Quantinuum Inc. manufactures and develops quantum computing hardware and software in United States and Internationally. The company develops a quantum computing platform that offers solutions, such as hardware platforms, developer tools, applicati...
How the Company Makes Money
Quantinuum makes money primarily by commercializing quantum computing hardware access and quantum software/solutions for organizations that want to experiment with, develop, or deploy early quantum applications. Key revenue streams include: (1) Qu...
Quantinuum Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call highlights substantial technological progress (Sol trap validation, near-99.999% logical fidelities on Helios), strong commercial momentum (Oracle Helios sale, broad pipeline, Nexus adoption), upgraded revenue guidance and a fortified cash position ($2.1B). These positives are offset in the near term by very large GAAP losses driven primarily by one-time IPO stock-compensation catch-up, sharply higher operating expenses as the company scales, and lumpy revenue recognition tied to system deliveries and milestone-based contracts. Given the achievements in product, partnerships and bookings and the company’s explanation that many losses are one-time IPO-related charges supporting long-term growth, the highlights materially outweigh the near-term accounting and expense-related lowlights.Positive Updates
Strong Revenue Growth and Upgraded Guidance
Q2 revenue of $8.0M, up 279% year-over-year. Management established 2026 guidance of $28M–$32M and expects >100% revenue growth in 2027 versus the 2026 outlook.
Negative Updates
Large GAAP Net Loss Driven by IPO-Related Charges
Total GAAP net loss for the quarter was $596.5M. Quantinuum Inc. GAAP loss attributable to the public entity was $65.4M (loss per share $1.93). Much of the GAAP impact resulted from one-time IPO-related stock-based compensation catch-up.
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Q2-2026 Updates
Positive
Negative
Strong Revenue Growth and Upgraded Guidance
Q2 revenue of $8.0M, up 279% year-over-year. Management established 2026 guidance of $28M–$32M and expects >100% revenue growth in 2027 versus the 2026 outlook.
Read all positive updates
Company Guidance
Quantinuum established 2026 revenue guidance of $28–$32 million, citing Q2 revenue of $8 million (up 279% YoY), Q2 bookings of $4.3 million and year-to-date bookings of ~$81 million with an expectation of at least $120 million in bookings for full‑year 2026; remaining performance obligations were roughly $74 million at quarter‑end and the pipeline is “in the billions,” with management seeing >100% revenue growth in 2027 versus the 2026 outlook. They flagged a Q2 non‑GAAP gross margin of 62% (excluding stock‑based comp and $2.8M of purchased intangibles) and a long‑term gross‑margin target north of 50%, while adjusted EBITDA was a loss of $68 million and non‑GAAP net loss was $73 million (non‑GAAP EPS -$0.28); GAAP net loss was $596.5 million (Quantinuum Inc. loss $65.4M, or $1.93/share). Balance sheet and cash metrics include $2.1 billion of cash and equivalents, $66.2 million cash used in operations in Q2, and $16.6 million of capex; management reiterated a long‑term market opportunity of $10B+ end‑user value, targeting revenue in the billions and positive free cash flow in 2030 and beyond.Quantinuum Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
74
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 13.23M | 30.93M | 22.98M |
| Gross Profit | 1.10M | 19.23M | 12.17M |
| EBITDA | -669.48M | -538.16M | -111.64M |
| Net Income | -192.24M | -71.53M | -144.07M |
Balance Sheet | |||
| Total Assets | 3.23B | 1.85B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 2.11B | 768.41M | 172.34M |
| Total Debt | 29.86M | 10.46M | 7.63M |
| Total Liabilities | 224.62M | 158.03M | 71.72M |
| Stockholders Equity | 413.08M | 1.69B | 998.63M |
Cash Flow | |||
| Free Cash Flow | -168.26M | -235.35M | -134.89M |
| Operating Cash Flow | -129.09M | -160.27M | -120.91M |
| Investing Cash Flow | -39.18M | -75.08M | -13.98M |
| Financing Cash Flow | 1.51B | 824.83M | 140.55M |
Quantinuum Peers Comparison
UnderperformOutperform
Sector (55)
QNT
Quantinuum
39.52
-20.86
-34.55%
ODYS
Odysightai
2.64
-0.94
-26.26%
MLGO
MicroAlgo
2.88
-7.61
-72.55%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.