Toronto, ON, May 14, 2026 -- Xanadu Quantum Technologies Ltd. (“Xanadu” or the “Company”), a leading photonic quantum computing company, today announced financial results for the first quarter ended March 31, 2026.

“I started Xanadu in 2016 with a whitepaper and a conviction that photonics was the right path to a scalable quantum computer. After a decade of research, peer-reviewed breakthroughs, and a public listing on Nasdaq and the TSX, I am more convinced of that than ever,” said Dr. Christian Weedbrook, Founder and Chief Executive Officer of Xanadu. “We believe harnessing photons gives us a distinct and viable path to building a quantum data center capable of solving some of the world's most complex challenges — and going public gives us the platform to help get there. We are not measuring success in quarters. We are measuring it in the breakthroughs that pave the road towards utility scale quantum computing."

“Our public listing marks an important milestone, and with it comes a new level of transparency into how we are building this company for the long term. We are in an investment phase — deliberately allocating capital toward the hardware, software, and talent required to realize the full potential of photonic quantum computing,” said Michael Trzupek, Chief Financial Officer of Xanadu. “The completion of our business combination with Crane Harbor Acquisition Corp. in conjunction with the anticipated support from the Canadian and Ontario governments, which are currently being negotiated, gives us runway to execute on our roadmap. Our decisions and investments are all made with one goal in mind: to build quantum computers that are useful and available to people everywhere.”

First Quarter Business Milestones and Announcements

• Public listing: Xanadu became the first publicly listed pure-play photonic quantum computing company, completing its business combination with Crane Harbor Acquisition Corp. and listing on Nasdaq and the Toronto Stock Exchange under the ticker “XNDU”.
• Government support negotiations: Entered discussions for up to roughly $285 million(1) ($390 million CAD) in funding from the governments of Canada and Ontario to advance Project OPTIMISM and domestic quantum manufacturing capabilities. The proposed support remains subject to the completion of due diligence and the execution of final agreements.
• Strategic collaborations and partnerships: Active relationships with AMD, Lockheed Martin, Mitsubishi Chemical, and TELUS, support the Company’s path to commercialization.
• PennyLane momentum: Xanadu reported strong adoption of its open-source PennyLane platform, reaching over 35,000 active users and averaging 200,000 monthly downloads as of our Analyst Day.
• Algorithm advancements: The Company advanced its hybrid quantum-classical algorithms through its new partnership with AMD, demonstrating 20-qubit, 35-million gate quantum computational fluid dynamics simulations that delivered 25x workflow acceleration versus traditional CPUs for aerospace and engineering applications.
• Executive appointments: The Company announced the appointments of Michael Trzupek as Chief Financial Officer and Natalie Wilmore as Chief Legal Officer.
• Inaugural Analyst Day: Xanadu hosted its first analyst day showcasing technical progress, roadmap updates, and a deeper view of commercialization strategy.

First Quarter Financial Highlights

• Cash and cash equivalents were $272.5 million as of March 31, 2026
• Revenue increased 4x to $2.8 million, compared to $0.7 million in the first quarter of 2025
• Net loss was ($20.6) million, versus ($12.2) million in the prior year period
• Adjusted EBITDA loss increased ($3.2) million to ($13.9) million, compared to ($10.6) million in the prior year period
• Loss per share of ($0.28) increased compared to ($0.22) per share in the first quarter of 2025

Anticipated Financing Agreement

The Company anticipates establishing a $300 million synthetic ATM facility (the “Program”), which would give the Company the flexibility to issue Class B subordinate voting shares over time in private placements at its discretion, subject to applicable stock exchange approval in connection with the launch of the Program. The net proceeds are expected to be used to fund the continued development of our quantum computing technology roadmap.

We intend to be disciplined and strategic in our use of the Program, raising capital only when market conditions and valuation are supportive.

This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction in which such offer or solicitation is unlawful.

Upcoming Investor Conferences

The Company expects to participate in the following investor conferences:

• CIBC Technology & Innovation Conference 14.0 — May 21, 2026, Toronto, ON
• TD Cowen's 54th Annual TMT Conference — May 28, 2026, New York, NY
• Stifel 2026 Boston Cross Sector 1x1 Conference — June 2-3, 2026, Boston, MA

A live webcast of each presentation will be available on the Investor Relations section of the Company's website at investors.xanadu.ai. Replays will be accessible for 90 days following each event.

First Quarter 2026 Conference Call

Xanadu will host a conference call on Thursday, May 14, 2026, at 4:30 PM EDT to discuss the results and business outlook. The call will be available live on the Company’s website. The call will also be accessible by telephone at 1-888-349-0106 (USA/Canada toll-free) or 1-412-902-0131 (International). Participants must ask to be joined into the Xanadu Quantum Technologies Ltd. call.

A telephone replay of the conference call will be available approximately 1 hour after it concludes at 1-855-669-9658 (USA/Canada toll-free) or 1-412-317-0088 (International) with access code 4363342 and will be available until 11:59 PM EDT, May 28th, 2026. Participants will be required to state their name and company upon entering the call. An archive of the webcast will also be available on the Company’s website.