Quantinuum NASDAQ: QNT reported second-quarter 2026 revenue of $8 million, up 279% from the prior-year period, in its first earnings call as a public company following its June initial public offering.
Chief Executive Officer Raj Hazra said the company is pursuing leadership across quantum hardware, software ecosystems and commercial deployments. He said Quantinuum’s strategy centers on delivering quantum systems that can operate alongside classical computing, artificial intelligence and high-performance computing environments.
Chief Financial Officer Nitesh Sharan said the company’s commercial pipeline is converting into bookings and revenue, while its balance sheet supports continued investment in its product roadmap, developer platform and applications business.
Revenue, bookings and outlook
Second-quarter revenue was driven primarily by growth in Quantinuum’s cloud business and was approximately evenly split between customers inside and outside the United States, Sharan said.
Bookings in the quarter totaled $4.3 million. Including contracts closed after the quarter ended, including the Oracle agreement and other deals, year-to-date bookings stood at approximately $81 million. Quantinuum expects full-year 2026 bookings of at least $120 million.
The company established 2026 revenue guidance of $28 million to $32 million. Sharan said the forecast reflected higher conviction in near-term commercial traction than the company had previously expected. Based on current bookings, backlog and assumptions around contract timing and revenue recognition, Quantinuum expects revenue growth of more than 100% in 2027 relative to its 2026 outlook.
Quantinuum reported remaining performance obligations of roughly $74 million at the end of the second quarter, according to Sharan. He said the figure would increase meaningfully as of the third quarter following post-quarter-end bookings, though the company did not provide an explicit year-end RPO forecast.
The company said its pipeline totals billions of dollars and includes upgrades to prior system sales, opportunities for its Helios systems, and engagements related to its planned Sol and Apollo systems.
Costs and capital position
Quantinuum’s second-quarter results included substantial one-time expenses associated with its IPO, particularly stock-based compensation triggered by the company’s transition to public ownership.
- Cost of sales was $10.3 million, including about $6.3 million in stock-based compensation.
- Research and development expense was $367 million, including $294.9 million in stock-based compensation.
- Sales and marketing expense was $29.3 million, including approximately $17.2 million in stock-based compensation.
- General and administrative expense was $151.9 million, including $129 million in stock-based compensation.
- Total stock-based compensation was $447.5 million, most of which Sharan described as a one-time catch-up expense related to the IPO trigger.
Non-GAAP gross margin was 62%, excluding stock-based compensation and $2.8 million of purchased intangibles related to the 2021 acquisition of Cambridge Quantum Computing. Sharan said the company expects gross margin to remain above 50% over the long term and to expand as its mix shifts toward higher-value systems and a greater software contribution.
Adjusted EBITDA was a loss of $68 million, compared with a loss of $43.5 million a year earlier. Total GAAP net loss was $596.5 million, while the loss attributable to Quantinuum Inc. after the IPO was $65.4 million, or $1.93 per share. On a non-GAAP basis, total net loss was $73 million, or $0.28 per share.
Quantinuum ended the quarter with approximately $2.1 billion in cash and equivalents. Cash used in operating activities was $66.2 million, while capital expenditures were $16.6 million.
Hardware roadmap and manufacturing
Hazra said Quantinuum remains on track to release its Sol system in 2027. The system is designed to provide 192 physical qubits and 100 logical qubits, with a targeted logical error rate of 10 to the minus-five, or “five nines” logical fidelity.
During the quarter, the first product-candidate Sol traps manufactured by Honeywell Aerospace returned from fabrication and entered validation testing. Hazra said the company had not found “showstoppers” in the validation process.
Quantinuum also reported progress toward Apollo, its planned fully fault-tolerant quantum system scheduled for launch in 2029. Hazra said advances in error-correction code families enabled demonstrations of near-five-nines logical fidelities on Helios. The results increased the company’s confidence in achieving Apollo’s logical-fidelity targets, he said.
The company entered a letter of intent with the U.S. Department of Commerce’s CHIPS R&D office that could provide up to $100 million to support advanced U.S. manufacturing for trapped-ion quantum technology. Hazra said the proposed funding would be milestone-based and support supply-chain work with GlobalFoundries and Monarch Quantum. Quantinuum also has long-term partnerships with Infineon Technologies and Honeywell Aerospace.
In addition, Quantinuum signed a joint development agreement with an unnamed global electronics manufacturer to support scaled data-center systems manufacturing and pursue cost targets for its systems.
Cloud, enterprise and developer expansion
Quantinuum announced a strategic partnership with Oracle under which Oracle will purchase a Helios system for installation in an Oracle Cloud Infrastructure data center in the United States. Hazra said the system will be integrated with OCI networking, compute, storage, identity-management and data services.
The Oracle deployment will be the first Helios system outside Quantinuum’s own U.S. facility and beyond the previously disclosed system planned for Singapore, according to Hazra. Sharan said the multiyear Oracle agreement will contribute some cloud-related revenue in 2026, while much of the revenue impact is expected when the system is delivered in the future.
Quantinuum also announced a collaboration framework with Hewlett Packard Enterprise aimed at integrating quantum computing with high-performance computing infrastructure. Hazra said the company is seeing demand for tightly coupled AI-plus-quantum workflows, including applications in drug discovery, materials science and energy-related research.
The company said more than 180 organizations are now developing applications on its Nexus cloud-based platform, up from about 150 at the time of its IPO. Quantinuum expanded access to its Guppy programming language through a web-based environment called Guppy Playpond and added startup-program participants. It also said Qedma integrated its quantum error suppression and mitigation software into Quantinuum’s platform.
Hazra said the company is seeing increased activity from enterprises, scientific organizations and educational institutions, along with deeper usage of its software tools and hardware access. He said Quantinuum intends to continue investing in adoption as it builds relationships that could extend across multiple generations of its systems.
About Quantinuum (NASDAQ:QNT)
Quantinuum is a quantum computing company focused on developing hardware and software for commercial and scientific applications. The company provides access to its quantum systems, along with software tools and services designed to help customers explore use cases in areas such as optimization, materials science, chemistry, cybersecurity, and machine learning.
The company was formed through the combination of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Quantinuum operates internationally and serves a range of customers across enterprise, government, and research markets.
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