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 ~$6.75MRev growth
+188% FY2025~4x YoY Q1 FY26 — off a tiny base (research/cloud-access, not productGross margin
high headline — FY2025 cost of revenue only $0.36M on $4.6M rev~92%); meaningless at this scale vs. $74M opexOp margin
deeply negative — FY2025 total opex $73.9M vs. $4.6M revenueCapex intensity
R&D-heavy: FY2025 R&D $55.2M~12x revenue); fab/manufacturing capex set to rise if Project OPTIMISM (~C$390M gov't) landsMarket 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-2026Price · 1-year trend
real · weekly$11.21+40% 1yUSD
52-week range
$7 – $36
52w lowas of 2026-07-08 · Yahoo Finance52w high
The read
Where our coverage leans
Coverage leans bullish
Sign in to read the bull & bear take — Pro unlocks the full dossier.
Members only
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
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