Second Quarter 2026
Filed Aug 11, 2026Second-Quarter Revenue Grew 279% Year-Over-Year; Increased FY2026 Outlook
Revenue grew 279% year-over-year, the Company established 2026 revenue guidance of $28 to $32 million, and it reported $2.1 billion of cash & cash equivalents and short-term investments. These positives were accompanied by a GAAP net loss of $597 million, a GAAP gross margin of (64.4%), and an Adjusted EBITDA loss of $68 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $8 million | – | +279% |
| GAAP gross marginGAAP | (64.4%) | – | up 27 percentage points |
| Adjusted gross marginnon-GAAP | 62% | – | down 60 basis points |
| GAAP net lossGAAP | $597 million | – | – |
| Adjusted EBITDA lossnon-GAAP | $68 million | – | – |
| GAAP net loss per share attributable to Class A common stockholdersGAAP | $1.93 | – | – |
| Adjusted net loss per sharenon-GAAP | $0.28 | – | – |
| Cash & cash equivalents, and short-term investmentsother | $2.1 billion as of June 30, 2026 | – | – |
| Gross proceeds raised in initial public offeringother | $1.7 billion | – | – |
| Organizations using Nexusother | 180 organizations | – | – |
| Global workforceother | approximately 800 employees | – | – |
| Technology team holding PhDs or Master’s degreesother | Over 70% | – | – |
2026 outlook
- Revenue$28 to $32 million
What drove it
- Announced an industry-first strategic partnership with Oracle to deploy Helios on Oracle Cloud Infrastructure’s AI data center to enable hybrid quantum-AI workloads as an OCI service.
- Announced strategic collaboration with HPE to establish a framework for combining quantum computing with HPC and AI environments.
- Demonstrated industry-leading near five-nines logical fidelity on Helios, with novel QEC code families.
- Accelerated Nexus adoption, with 180 organizations now using the cloud-based developer platform to build new quantum applications.
- Progressing towards the launch of Sol in 2027, while Apollo remains on schedule for 2029.
Concerns
- GAAP gross margin was (64.4%), despite improving 27 percentage points versus the prior-year period.
- GAAP net loss was $597 million, compared with a net loss of $57 million in the prior-year period.
- Adjusted EBITDA loss was $68 million, compared with a loss of $43 million in the prior-year period.
- The Company stated that, as an early commercial-stage business, period-to-period results are affected by the timing of individual contracts.
- Management stated that results include large non-cash charges, principally stock-based compensation recognized on completion of the Reorganization and remeasurement of liability-classified warrants.
What to watch
- Execution against 2026 revenue expected to be in the range of $28 to $32 million.
- The launch progress for Sol in 2027 and the schedule for Apollo in 2029.
- Commercialization of Helios through Oracle Cloud Infrastructure as an OCI service.
- Whether Nexus adoption continues to expand beyond the 180 organizations reported.
- The trajectory of GAAP gross margin, adjusted gross margin, GAAP net loss, and Adjusted EBITDA loss.
Balance sheet and cash flow
- Completed industry’s first traditional initial public offering, raising $1.7 billion in gross proceeds
- Cash & cash equivalents, and short-term investments were $2.1 billion as of June 30, 2026
Analysis
Quantinuum reported $8 million of revenue in the second quarter of 2026, up 279% year-over-year from $2 million. The release characterizes the result as reflecting accelerating commercial momentum, while also stating that results for an early commercial-stage business can be affected by the timing of individual contracts. No prior-quarter revenue or revenue growth comparison was reported in the provided filing text.
The margin profile remains split between GAAP and adjusted reporting. GAAP gross margin was (64.4%), up 27 percentage points versus the prior-year period, while adjusted gross margin was 62%, down 60 basis points. GAAP net loss was $597 million versus a $57 million net loss in the prior-year period, and Adjusted EBITDA loss was $68 million versus a $43 million loss. Management attributes large non-cash charges principally to stock-based compensation recognized on completion of the Reorganization and remeasurement of liability-classified warrants.
Commercial and technology milestones centered on Helios, including a strategic partnership with Oracle to deploy Helios on Oracle Cloud Infrastructure’s AI data center as an OCI service and a collaboration with HPE around hybrid quantum-classical solutions. The Company also reported near five-nines logical fidelity on Helios, 180 organizations using Nexus, and progress toward Sol in 2027, while stating Apollo remains on schedule for 2029. These developments frame the Company’s effort to expand its developer ecosystem, enterprise engagement, manufacturing capabilities, and supply chain.
Capital resources increased through an initial public offering that raised $1.7 billion in gross proceeds. Cash & cash equivalents and short-term investments were $2.1 billion as of June 30, 2026. Quantinuum established its first formal public-company guidance for 2026 revenue of $28 to $32 million, with no gross-margin, operating-expense, tax-rate, profitability, cash-flow, or capital-return guidance provided in the filing text. The principal reported financial items to monitor are revenue execution within that range, the adjusted-margin trend, and the continued level of GAAP and adjusted losses.
Management, verbatim
Our second quarter performance demonstrated strong execution against our strategy. We delivered critical R&D breakthroughs to advance our platform roadmap and enhance our competitive position, strengthened our supply chain and manufacturing capabilities, and increased our developer ecosystem engagement.
Rajeeb Hazra, President and CEO of Quantinuum
As a result, we are seeing accelerating commercial momentum for the business, reflected in the second quarter results and the improved full-year outlook. With over $2 billion in cash, we have the capability to invest to accelerate our business plans, while maintaining a disciplined approach to capital allocation to ensure sustainable long-term growth and profitability.
Rajeeb Hazra, President and CEO of Quantinuum
Not in the filing
stated, not guessed- Prior-quarter revenue and revenue quarter-over-quarter change
- Reported segment revenue, segment year-over-year changes, and segment quarter-over-quarter changes
- GAAP gross profit
- Adjusted gross profit
- Prior-year GAAP gross margin
- Prior-year adjusted gross margin
- Operating income or loss
- Non-GAAP operating income or loss
- GAAP net loss per share prior-year comparison
- Adjusted net loss per share prior-year comparison
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividends
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Profitability or Adjusted EBITDA guidance
- Cash-flow guidance
- Previous-quarter outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.