November 5, 2026 -- Quantinuum Inc. a leading full-stack quantum computing company, today announced financial results for the third quarter ended September 30, 2026.“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,” said Rajeeb Hazra, President and Chief Executive Officer of Quantinuum. “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.”

Third Quarter 2026 Financial Highlights

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

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, refer to the Appendix tables at the end of this press release.

Third Quarter and Recent Business Highlights

Commercial Highlights:

• Signed the largest cloud agreement in Company history, securing a multi-year extension with a leading global financial institution that includes committed access through Apollo and Nexus.
• Signed with another top 5 global pharmaceuticals company on applying quantum computing and AI to cancer-therapy materials that offer the potential to accelerate drug development and enable more effective treatments.  
• Signed agreement with GE Vernova to advance application development in superconducting materials.
• Signed deal with Abu Dhabi Maritime Academy and Quincus for research and applications in maritime logistics.
• Expanded cloud distribution through a new agreement with a leading hyperscaler serving millions of developers and advanced Oracle partnership by launching a joint beta program for hybrid quantum-AI applications.
• Deepened U.S. government commitments by continuing to execute on DARPA QBI Stage B contract, actively discussing a Stage C scope of work, and participating in four winning proposals under Phase 1 of the Department of Energy’s Genesis Mission  
• Advanced international deployments, with Helios assembly underway in Singapore ahead of spring 2027 commissioning and a Reimei system upgrade at RIKEN in Japan scheduled for completion this month.

Product Technology & Supply Chain:

• Validated the Company’s leading path to universal, fully fault-tolerant quantum computing by 2029 with back-to-back accuracy world records on Helios using two codes within the same scalable, end-to-end logical architecture. Reached 99.9995% logical fidelity in October—within Apollo’s target range—with an error rate ten times lower than September’s record and 100 times lower than the best published result across other hardware modalities. Results also demonstrate Quantinuum’s significant overhead and scalability advantage.
• Sol remains on track for 2H 2027, with full-scale control-system validation complete and 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.
• Apollo remains on track for 2029, supported by design milestones, including validating that our cryogenic system can be deployed at the required scale.
• Strengthened the manufacturing foundation for future systems through partnerships with GlobalFoundries, Infineon, Honeywell Aerospace and Monarch Quantum, and finalized the CHIPS R&D award as the only trapped-ion company selected.

Software:

• Announced a multi-generational Nexus roadmap through Apollo, aligning application development and hybrid deployment with successive hardware generations to build what the Company believes will be the first developer platform designed for the fault-tolerant era.
• Expanded fault-tolerant capabilities through a September Nexus release that extends Guppy tools for logical-qubit programming and supported error-correction encoding, reducing the need to rewrite applications for specific codes. Planned December release will expand responsive hybrid quantum-classical workflows, supported error-correction codes, and execution analytics for application optimization.
• Accelerated Nexus adoption and usage, with adoption growing nearly 20% quarter-over-quarter to 215 organizations; total job submissions increased tenfold in the 12 months through August 2026 compared with the preceding 12-month period.

Ecosystem:  

• Introduced QUOPS with Sandia National Laboratories and NVIDIA, benchmarking useful computational scale and speed. Quantinuum is building industry-wide alignment toward a common standard that supports customer comparisons and purchasing decisions.
• Expanded the quantum user ecosystem, growing Q-Net to more than 800 members, adding eight startup partners and partnering with Singapore’s National Quantum Office to organize a global quantum challenge that attracted more than 200 submissions.

Financial Outlook

• Raising full-year 2026 revenue outlook to $31 to $34 million, up from $28 to $32 million previously.  

Third Quarter 2026 Conference Call

Quantinuum will host a conference call at 5 PM Eastern time on Thursday, November 5, 2026, to discuss its results for the third quarter ended September 30, 2026, and provide a business update. The call will be available live via webcast here.

An archive replay of the webcast will be made available on the Quantinuum Investor Relations website following the call and will remain available for one year.  

Non-GAAP Financial Measures

To supplement Quantinuum’s condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures presented in this release: Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Loss, fully distributed, Adjusted EBITDA, and Adjusted Net Loss Per Share, fully distributed.

Adjusted Gross Profit starts with GAAP gross profit and adds back equity compensation and related employer taxes attributable to cost of revenue and depreciation and amortization attributable to cost of revenue.

Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by revenue, net.

Adjusted Net Loss, fully distributed starts with GAAP net loss on an as-converted basis, adjusts for equity compensation and related employer taxes, costs of the initial public offering and the transition to public company reporting, severance expense, the change in fair value of liability-classified warrants, and loss on disposal and write down of assets, and then applies an assumed statutory tax rate to the resulting adjusted pre-tax loss. No tax benefit is recognized in respect of losses subject to a full valuation allowance, and accordingly no tax benefit is reflected in the periods presented.

Adjusted EBITDA starts with Adjusted Net Loss, fully distributed, and further excludes income tax expense, interest income, net, depreciation, and amortization of acquired intangibles.

Adjusted Net Loss Per Share, fully distributed is calculated as Adjusted Net Loss, fully distributed, divided by adjusted shares, fully distributed, basic and diluted, comprising weighted-average Class A common shares outstanding and Common Units of Quantinuum Holdings.

Management believes these measures provide investors with additional information useful in evaluating the Company’s operating performance and trends across periods. Quantinuum’s results include large non-cash charges that management does not consider indicative of ongoing operating performance, principally stock-based compensation recognized on completion of the Reorganization and remeasurement of liability-classified warrants. Both are driven by accounting triggers and external inputs rather than operating activity. As an early commercial-stage business, Quantinuum’s period-to-period results also are affected by the timing of individual contracts. Measures that isolate underlying operating performance from non-cash and transition items help investors assess trends across periods.

Quantinuum’s Up-C structure means that GAAP net loss attributable to Quantinuum Inc. reflects only the Class A share of the economics. Presenting adjusted results on an as-converted, fully distributed basis describes the whole economic enterprise, which is how management assesses performance and how the business is managed. Management uses these measures for internal planning and forecasting, evaluating operating performance, and preparing budgets.

These non-GAAP financial measures are supplemental and are not prepared in accordance with GAAP. They are not intended to be considered in isolation or as a substitute for the most directly comparable financial information prepared in accordance with GAAP. Quantinuum’s non-GAAP measures may differ from similarly titled measures used by other companies and, therefore, may not be comparable. Investors should review the reconciliations and should not rely on any single financial measure to evaluate the Company’s business.

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