Quarterly ResultMay 14, 2026, 04:15 PM
Xanadu Q1 Revenue $2.83M, Net Loss $(20.6)M; Completes Reverse Recapitalization
AI Summary
Xanadu Quantum Technologies reported its first-quarter 2026 results, with revenue increasing significantly to $2.83 million, though net loss widened to $20.6 million. The company successfully completed its previously announced reverse recapitalization and a concurrent PIPE investment on March 26, 2026, raising substantial capital. This strategic move led to its Class B Subordinate Voting Shares beginning trading on Nasdaq and TSX under "XNDU", and management believes existing cash will fund operations for at least 12 months.
Key Highlights
- Completed Reverse Recapitalization and PIPE transaction on March 26, 2026.
- Received gross proceeds of $301.6 million from Reverse Recapitalization and PIPE.
- Q1 2026 revenue increased to $2.83 million from $0.70 million in Q1 2025.
- Q1 2026 net loss widened to $(20.6) million from $(12.2) million in Q1 2025.
- Cash and cash equivalents surged to $272.5 million as of March 31, 2026.
- Net cash used in operating activities improved to $(7.0) million from $(16.3) million.
- Net loss per share was $(0.28) for Q1 2026, compared to $(0.22) for Q1 2025.
Price Impact
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