Third Quarter 2026
Filed Nov 5, 2026Quantinuum Reports Third Quarter 2026 Results and Raises Full-Year Revenue Outlook
Third-quarter revenue grew 233% year-over-year and gross margins improved substantially, while the Company raised its full-year revenue outlook. However, GAAP net loss widened to $118 million, adjusted EBITDA loss widened to $80 million, and research and development spending increased materially.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenue—netGAAP | $9.1M | – | 233% |
| Nine months ended September 30, 2026 revenue—netGAAP | $22.29M | – | – |
| Q3 2026 cost of revenueGAAP | $3.19M | – | – |
| Nine months ended September 30, 2026 cost of revenueGAAP | $14.62M | – | – |
| Q3 2026 amortization expenseGAAP | $4.18M | – | – |
| Nine months ended September 30, 2026 amortization expenseGAAP | $12.55M | – | – |
| Q3 2026 GAAP gross profitGAAP | $3.02M | – | – |
| Q3 2026 GAAP gross marginGAAP | 33.3% | – | – |
| Nine months ended September 30, 2026 GAAP gross profitGAAP | −$851K | – | – |
| Nine months ended September 30, 2026 GAAP gross marginGAAP | (3.8)% | – | – |
| Q3 2026 adjusted gross profitnon-GAAP | $6.75M | – | – |
| Q3 2026 adjusted gross marginnon-GAAP | 74.6% | – | up 853 basis points versus the prior-year period |
| Nine months ended September 30, 2026 adjusted gross profitnon-GAAP | $16.49M | – | – |
| Nine months ended September 30, 2026 adjusted gross marginnon-GAAP | 74.0% | – | – |
| Q3 2026 research and development expenses—netGAAP | $97.48M | – | – |
| Nine months ended September 30, 2026 research and development expenses—netGAAP | $519.4M | – | – |
| Q3 2026 sales and marketing expensesGAAP | $14.86M | – | – |
| Nine months ended September 30, 2026 sales and marketing expensesGAAP | $57.92M | – | – |
| Q3 2026 general and administrative expensesGAAP | $22.15M | – | – |
| Nine months ended September 30, 2026 general and administrative expensesGAAP | $182.8M | – | – |
| Q3 2026 total costs and expensesGAAP | $141.9M | – | – |
| Nine months ended September 30, 2026 total costs and expensesGAAP | $787.3M | – | – |
| Q3 2026 loss from operationsGAAP | −$132.8M | – | – |
| Nine months ended September 30, 2026 loss from operationsGAAP | −$765.0M | – | – |
| Q3 2026 interest income—netGAAP | −$14.32M | – | – |
| Nine months ended September 30, 2026 interest income—netGAAP | −$23.81M | – | – |
| Q3 2026 loss before taxesGAAP | −$118.2M | – | – |
| Nine months ended September 30, 2026 loss before taxesGAAP | −$850.7M | – | – |
| Q3 2026 net lossGAAP | $118M | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$851.0M | – | – |
| Q3 2026 adjusted net loss, fully distributednon-GAAP | −$75.22M | – | – |
| Nine months ended September 30, 2026 adjusted net loss, fully distributednon-GAAP | −$212.1M | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | −$80M | – | – |
| Nine months ended September 30, 2026 adjusted EBITDAnon-GAAP | −$207.8M | – | – |
| Q3 2026 GAAP net loss per share attributable to Class A common stockholders—basic and dilutedGAAP | $0.46 | – | – |
| Nine months ended September 30, 2026 GAAP net loss per Class A common share, basic and dilutedGAAP | $2.27 | – | – |
| Q3 2026 adjusted net loss per share, fully distributed, basic and dilutednon-GAAP | $0.29 | – | – |
| Nine months ended September 30, 2026 adjusted net loss per share, fully distributed, basic and dilutednon-GAAP | $0.81 | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $1.94B | – | – |
| Nine months ended September 30, 2026 net cash used for operating activitiesGAAP | −$229.9M | – | – |
| Nine months ended September 30, 2026 capital expendituresGAAP | −$64.70M | – | – |
| Nine months ended September 30, 2026 net cash provided by financing activitiesGAAP | $1.47B | – | – |
Full-year 2026 outlook
- Revenue$31 to $34 million
- NoteRevenue outlook was raised from $28 to $32 million previously.
What drove it
- Revenue was supported by the largest cloud agreement in Company history, a multi-year extension with a leading global financial institution that includes committed access through Apollo and Nexus.
- The Company signed agreements with a top 5 global pharmaceuticals company, GE Vernova, Abu Dhabi Maritime Academy and Quincus.
- Nexus adoption grew nearly 20% quarter-over-quarter to 215 organizations, while total job submissions increased tenfold in the 12 months through August 2026 compared with the preceding 12-month period.
- The Company expanded cloud distribution through a new leading-hyperscaler agreement and launched a joint beta program with Oracle for hybrid quantum-AI applications.
- Quantinuum cited 99.9995% logical fidelity in October and stated that Sol remains on track for 2H 2027 and Apollo remains on track for 2029.
Concerns
- GAAP net loss was $118 million, compared with a net loss of $52 million in the prior-year period.
- Adjusted EBITDA loss was $80 million, compared with a loss of $45 million in the prior-year period.
- Research and development expenses—net were 97,482 (dollars in thousands), compared with 42,382 (dollars in thousands) in the prior-year period.
- Nine-month revenue—net was 22,285 (dollars in thousands), compared with 23,908 (dollars in thousands) in the prior-year period.
- Nine-month GAAP gross margin was (3.8)%, compared with 48.8% in the prior-year period.
- Period-to-period results are affected by the timing of individual contracts, according to management.
What to watch
- Delivery against the raised full-year 2026 revenue outlook of $31 to $34 million.
- Execution of the multi-year cloud agreement and the new hyperscaler and Oracle routes to market.
- Nexus adoption and job-submission activity following the planned December release.
- Sol integration and assembly targeted for Q1 2027, ahead of validation and tuning toward 100 logical qubits at a target logical error rate of 10⁻⁵.
- Helios assembly in Singapore ahead of spring 2027 commissioning and the scheduled RIKEN Reimei system upgrade.
- The scale of operating losses, research and development expense, capital expenditures and operating cash use.
Balance sheet and cash flow
- Cash & cash equivalents were $1.94 billion as of September 30, 2026.
- Cash and cash equivalents were 1,936,114 (dollars in thousands) as of September 30, 2026, compared with 762,642 (dollars in thousands) as of December 31, 2025.
- Total assets were 3,084,876 (dollars in thousands) as of September 30, 2026, compared with 1,845,625 (dollars in thousands) as of December 31, 2025.
- Total liabilities and equity were 3,084,876 (dollars in thousands) as of September 30, 2026, compared with 1,845,625 (dollars in thousands) as of December 31, 2025.
- Nine-month net cash used for operating activities was (229,912) (dollars in thousands), compared with (96,859) (dollars in thousands).
- Nine-month capital expenditures were (64,705) (dollars in thousands), compared with (61,021) (dollars in thousands).
- Nine-month net cash provided by financing activities was 1,468,336 (dollars in thousands), compared with 601,103 (dollars in thousands).
Analysis
Quantinuum reported Q3 revenue of $9.1 million, up 233% year-over-year from $2.7 million. The Company raised its full-year 2026 revenue outlook to $31 to $34 million from $28 to $32 million previously. Commercial activity included the largest cloud agreement in Company history, a multi-year extension with a leading global financial institution, alongside agreements in pharmaceuticals, materials, maritime logistics and cloud distribution.
Gross-margin results improved sharply from the prior-year quarter. GAAP gross margin was 33.3%, compared with (43.5)%, while adjusted gross margin was 74.6%, up 853 basis points versus the prior-year period. The nine-month comparison remains weaker: revenue—net was 22,285 (dollars in thousands) versus 23,908 (dollars in thousands), and GAAP gross margin was (3.8)% versus 48.8%.
Losses and operating expenses expanded. GAAP net loss was $118 million versus $52 million, and adjusted EBITDA loss was $80 million versus $45 million. Q3 research and development expenses—net were 97,482 (dollars in thousands), sales and marketing expenses were 14,856 (dollars in thousands), and general and administrative expenses were 22,149 (dollars in thousands). Management stated that its results include large non-cash charges, principally stock-based compensation recognized on completion of the Reorganization and remeasurement of liability-classified warrants.
Liquidity increased following financing activity. Cash and cash equivalents were $1.94 billion as of September 30, 2026, and nine-month net cash provided by financing activities was 1,468,336 (dollars in thousands). This was partly offset by nine-month net cash used for operating activities of 229,912 (dollars in thousands) and capital expenditures of 64,705 (dollars in thousands).
Operationally, the Company highlighted growing platform adoption and progress on its hardware roadmap. Nexus adoption grew nearly 20% quarter-over-quarter to 215 organizations, and job submissions increased tenfold over the 12 months through August 2026. Quantinuum stated that Sol remains on track for 2H 2027 and Apollo remains on track for 2029. The key reported tension is between the higher full-year revenue outlook and improving quarterly gross margin on one hand, and widening losses, elevated research and development spending and substantial operating cash use on the other.
Management, verbatim
In the third-quarter, we extended our technology leadership in the critical area of fault-tolerance, added to our customer base, and expanded our routes to market. This accelerated momentum is supporting our raised revenue outlook for 2026 and giving us more confidence than ever in the opportunity in front of us.
Rajeeb Hazra, President and Chief Executive Officer of Quantinuum
Not in the filing
stated, not guessed- Segment revenue, segment profitability and segment comparisons were not reported.
- Debt balance was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow and quarterly capital expenditures were not reported.
- Share repurchases and dividends were not reported.
- Full-year 2026 gross margin, operating expense and tax-rate guidance were not reported.
- Prior-quarter financial comparisons were not reported for the reported income-statement metrics.
- Prior-year Q3 GAAP and adjusted earnings-per-share comparisons were not meaningful or were not presented.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.