XNDU·Quantum Computing — photonic / continuous-variable (full-stack hardware + open-source software)

Xanadu Quantum Technologies

ConvictionWeak

Pre-commercial deep-tech: nascent QCaaS/cloud-access and research revenue today, with the asset rooted in a fault-tolerant-photonics R&D roadmap funded by equity + non-dilutive government grants; monetization (utility-scale machines, data-center quantum) is years out.

Revenue

$4.6M FY2025+188% YoY); $2.8M Q1 FY26 (+~4x YoY); TTM ~$6.75M

Rev growth

+188% FY2025~4x YoY Q1 FY26 — off a tiny base (research/cloud-access, not product

Gross margin

high headline — FY2025 cost of revenue only $0.36M on $4.6M rev~92%); meaningless at this scale vs. $74M opex

Op margin

deeply negative — FY2025 total opex $73.9M vs. $4.6M revenue

Capex intensity

R&D-heavy: FY2025 R&D $55.2M~12x revenue); fab/manufacturing capex set to rise if Project OPTIMISM (~C$390M gov't) lands

Market cap

~$3.3BNASDAQ/TSX: XNDU, ~$11.18/sh × ~298.5M sh, 26-Jun-2026); de-SPAC pro-forma EV ~$3.1B / mkt cap ~$3.6B (Crane Harbor merger, closed ~27-Mar-2026

Price · 1-year trend

real · weekly

$11.18-3% 1yUSD

52-week range

$8 – $36

52w lowas of 2026-06-28 · Yahoo Finance52w high

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Xanadu Quantum Technologies

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence