Quantinuum reports results for the third quarter of 2026 and raises revenue guidance for the full year

• Third quarter revenue increased 233% compared to the same period last year; the sales forecast for the 2026 financial year has been raised
• Expanding industry leadership in fault tolerance with two consecutive world records that confirm the most credible path to universal, fault-tolerant quantum computing
• Announcement of the “Nexus” roadmap under “Apollo”; platform adoption increased nearly 20% quarter-on-quarter, and the number of orders submitted increased tenfold compared to the same period last year for the twelve months ending August 2026
• Signed the largest cloud contract in company history, including multi-year, guaranteed full-stack access via Apollo
• Expanding enterprise reach through an agreement with a leading hyperscaler and the launch of Oracle beta

/PRNewswire/ — – Quantinuum Inc. (Nasdaq: QNT) (the “Company”), a leading full-stack quantum computing company, today announced financial results for the third quarter ended September 30, 2026.

“In the third quarter, we expanded our technology leadership in the critical area of ​​fault tolerance, expanded our customer base and expanded our routes to market,” said Rajeeb Hazra, President and Chief Executive Officer of Quantinuum. “This accelerated momentum underpins our increased revenue outlook for 2026 and strengthens our confidence in the opportunities ahead more than ever.”

Financial highlights of the third quarter of 2026

• Revenue was $9.1 million, up 233% from the same period last year, which brought in $2.7 million.
• GAAP gross margin was 33.3%, compared to (43.5%) in the prior year period.
• Adjusted gross margin was 74.6%, an increase of 853 basis points compared to the same period last year.
• Adjusted EBITDA loss was $80 million, compared to a loss of $45 million in the year-ago period.
• GAAP net loss was $118 million, compared to a net loss of $52 million in the year-ago period.
• GAAP net loss per share attributable to holders of Class A common stock was $0.46.
• Adjusted net loss per share was $0.29.
• Cash and cash equivalents as of September 30, 2026 were $1.94 billion.

Adjusted EBITDA, adjusted gross margin and adjusted net loss per share are non-GAAP financial measures defined under “Non-GAAP Financial Measures.” For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the tables in the appendix at the end of this press release.

Third quarter and recent business highlights

Commercial highlights:

• Signed the largest cloud contract in company history, securing a multi-year contract extension with a leading global financial institution that includes guaranteed access through Apollo and Nexus.
• Signed an agreement with another of the world’s top five pharmaceutical companies to use quantum computing and AI in materials for cancer therapy, offering the potential to accelerate drug development and enable more effective treatments.
• Signed an agreement with GE Vernova to promote application development in the field of superconducting materials.
• Signing of an agreement with Abu Dhabi Maritime Academy and Quincus for research and applications in maritime logistics.
• Expanding cloud sales through a new agreement with a leading hyperscaler serving millions of developers, and expanding its partnership with Oracle by launching a joint beta program for hybrid quantum AI applications.
• Deepening commitment to the U.S. Government through continued implementation of the DARPA-QBI Phase B contract, active discussions on the scope of work for Phase C, and participation in four successful bids as part of Phase 1 of the Department of Energy’s Genesis Mission.
• International implementations have progressed: assembly of Helios in Singapore is already underway ahead of commissioning in spring 2027, and a system upgrade by Reimei at RIKEN in Japan is scheduled to be completed this month.

Product technology and supply chain:

• The company’s leading path toward universal, fully fault-tolerant quantum computing by 2029 has been validated by two consecutive world records in accuracy on Helios, using two codes within the same scalable, end-to-end end-to-end logic architecture. In October, a logical accuracy of 99.9995% was achieved – within Apollo’s target range – with an error rate 10 times lower than the September record and 100 times lower than the best published result in other hardware modalities. The results also demonstrate Quantinuum’s significant overhead and scalability advantage.
• Sol remains on schedule for the second half of 2027, with full-scale control system validation completed and integration and assembly targeted for the first quarter of 2027 – ahead of validation and tuning to 100 logical qubits at a target logical error rate of 10⁻⁵.
• Apollo remains on schedule for 2029, supported by design milestones including confirmation that our cryogenic system can be deployed at the required scale.
• The manufacturing foundation for future systems was strengthened through partnerships with GlobalFoundries, Infineon, Honeywell Aerospace and Monarch Quantum, and the CHIPS R&D grant was finally approved as the only company selected in the ion trap technology area.

Software:

• A cross-generation Nexus roadmap has been announced under Apollo, aligning application development and hybrid deployment across successive generations of hardware to create what the company believes will be the first developer platform designed for the era of fault tolerance.
• Expansion of fault-tolerant features with a September Nexus release that expands Guppy’s tools for programming logical qubits and support for error-correcting encodings, reducing the need to rewrite applications for specific codes. The release, scheduled for December, will expand responsive hybrid quantum-classical workflows, supported error-correcting codes, and execution analysis for application optimization.
• Nexus adoption and usage accelerated, with user numbers increasing nearly 20% quarter-over-quarter to 215 organizations; the total number of orders submitted increased tenfold in the 12 months to August 2026 compared to the previous 12-month period.

Ecosystem:

• Launched QUOPS with Sandia National Laboratories and NVIDIA to benchmark useful computing capabilities and speeds. Quantinuum drives industry-wide alignment to a common standard that supports customer comparisons and purchasing decisions.
• The ecosystem of quantum users expanded: Q-Net grew to over 800 members, eight start-up partners were added, and a global quantum competition was organized in collaboration with the National Quantum Office in Singapore, attracting more than 200 submissions.

Financial outlook

• Full-year 2026 revenue guidance is raised to $31 million to $34 million from $28 million to $32 million previously.

Third quarter 2026 conference call
Quantinuum will host a conference call on Thursday, November 5, 2026, at 5:00 p.m. Eastern Time to discuss results for the third quarter ended September 30, 2026. The conference call can be viewed live via webcast here.

A recording of the webcast will be made available on Quantinuum’s investor relations website following the conference call and will remain available there for one year.

Non-GAAP Financial Measures
To supplement Quantinuum’s condensed consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures presented in this press release: adjusted gross profit, adjusted gross margin, adjusted net loss (fully distributed), adjusted EBITDA and adjusted net loss per share (fully distributed).

The adjusted gross profitis based on GAAP gross profit, with stock-based compensation attributable to cost of sales and associated employer taxes as well as depreciation and amortization attributable to cost of sales added back.

Die adjusted gross marginis calculated as adjusted gross profit divided by net sales.

The adjusted net loss, fully distributedassumes GAAP net loss on a converted basis and excludes stock-based compensation and related employer taxes, initial public offering and transition to public reporting costs, severance expense, the change in fair value of warrants classified as liabilities, and losses on the sale and depreciation of assets, and then applies an assumed statutory tax rate to the resulting adjusted pretax loss. No tax benefit is recognized for losses for which a full allowance has been made; Accordingly, no tax benefit is shown in the periods presented.

The adjusted EBITDA assumes adjusted net loss, fully distributed, and also excludes income tax expense, net interest income, and depreciation and amortization on acquired intangible assets.

The adjusted net loss per share (fully distributed)is calculated as the adjusted net loss (fully distributed) divided by the adjusted number of shares (fully distributed), both basic and diluted, consisting of the weighted average of the outstanding shares of Class A common stock and the common shares of Quantinuum Holdings.

Management believes that these measures provide investors with additional information useful in assessing the Company’s operating performance and developments over various time periods. Quantinuum’s results include significant non-cash expenses that management believes are not indicative of ongoing operating performance; This primarily involves share-based compensation recognized upon completion of the restructuring and the revaluation of warrants classified as liabilities. Both are driven by accounting triggers and external factors rather than operations. Because Quantinuum is an early commercial stage company, its results from period to period are also influenced by the timing of individual contracts. Metrics that separate underlying operating performance from non-cash and transitional items help investors assess trends over different time periods.

Due to Quantinuum’s “Up-C” structure, the GAAP net loss attributable to Quantinuum Inc. reflects only the Class A shares’ share of economic results. The presentation of the adjusted results on a converted, fully distributed basis provides a comprehensive picture of the company’s overall economic performance; On this basis, management evaluates the company’s performance and manages the company. Company management uses these key figures for internal planning and forecasting, to evaluate operational performance and to create budgets.

These non-GAAP financial measures are supplementary and have not been prepared in accordance with GAAP. It is not intended to be considered in isolation or as a substitute for the most comparable financial information prepared in accordance with United States GAAP. Quantinuum’s non-GAAP measures may differ from similar measures used by other companies and therefore may not be comparable. Investors should review the reconciliations and not rely on any single financial measure when assessing the company’s operations.

Each non-GAAP financial measure is compared to the most directly comparable GAAP financial measure in the tables at the end of this press release.

Information about Quantinuum
Quantinuum is a leader in quantum computing, offering a full-stack platform designed to make quantum computing viable in real-world environments. The company has commercially deployed multiple generations of trapped ion-based quantum systems based on its proven QCCD architecture, which it has implemented with novel designs and features to achieve the industry’s highest accuracy levels as measured by average two-qubit gate fidelity. Quantinuum has active collaborations with market leaders in pharmaceutical, materials science and financial services, government and industrial markets, as well as with academic and research institutions worldwide.

The company employs more than 850 people worldwide, including leading scientists and researchers. More than 70% of the technology team have a doctorate or master’s degree. Quantinuum is headquartered in Broomfield, Colorado, with additional locations in the United States, United Kingdom, Germany, Japan, Qatar and Singapore.

Availability of information on Quantinuum’s website
Investors and other interested parties should note that Quantinuum regularly discloses material information to investors and the market through SEC filings, press releases, public conference calls, webcasts and Quantinuum’s investor relations website. While not all information published by the Company on Quantinuum’s investor relations website is material, some information may be considered material. Accordingly, the Company recommends that investors, the media and anyone else interested in Quantinuum review the information published on ir.quantinuum.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of Quantinuum’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. All statements contained in this press release that are not historical facts, including statements regarding our beliefs, expectations and prospects, are forward-looking statements. Forward-looking statements include information about possible or anticipated future business results, including our forecasts and descriptions of our business plans and strategies. These statements often contain terms such as “anticipate,” “expect,” “forecast,” “indicate,” “plan,” “believe,” “intend,” “estimate,” “goal,” “forecast,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continue,” “seek,” “predict,” or the negative of these terms and other similar terms Expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements include, but are not limited to: our ability to develop, commercialize and achieve market acceptance of our quantum computing hardware and software products; the pace of development of the quantum computing industry and the timing at which commercial quantum advantage will emerge; our ability to attract and retain customers for our quantum computing systems and our Quantum Computing as a Service offerings; the risk of technological obsolescence or the emergence of competing approaches to quantum computing, including superconducting, photonic or other techniques; our dependence on key suppliers and manufacturers of specialized components, including those required for our ion trap quantum systems; our ability to scale production of our quantum computers and related systems; our ability to protect our intellectual property and proprietary technology; the significant research and development costs associated with developing next-generation quantum computing capabilities; our ability to attract and retain highly qualified scientists, engineers and other personnel in a competitive labor market; changes in government funding, export controls or regulations affecting quantum technologies; uncertainties regarding the timing and scope of commercial applications; cybersecurity risks and the protection of sensitive customer data; and macroeconomic conditions, geopolitical instability and their potential impact on our business and operations. For further information about these and other risks that could affect the Company’s forward-looking statements, see the Company’s risk factors discussed in its filings with the Securities and Exchange Commission, including its most recent Quarterly Report on Form 10-Q, as these risk factors may be updated from time to time. You should evaluate all forward-looking statements contained in this press release in light of these risks and uncertainties. The Company disclaims any intention or obligation to update, revise or withdraw any forward-looking statements contained in this press release, except as required by applicable laws or regulations.

Contact

Contact person for investors and media
Shub Mukherjee – contact person for investors – [emailprotected]
Aaron Sorenson – Media Contact – [emailprotected]

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