Quantinuum Inc. Class A Common Stock

Revenue for Q2 2026 was $8 million, up 279% from the prior year. Non-GAAP gross margin was 62%, excluding stock-based compensation and $2.8 million of purchased intangibles; cost of sales was $10.3 million. Adjusted EBITDA was a loss of $68 million versus a loss of $43.5 million a year ago. Total GAAP net loss was $596.5 million, and non-GAAP net loss was $73 million, or $0.28 per share. Cash and equivalents were approximately $2.1 billion, with $66.2 million used in operating activities and $16.6 million of capex. Bookings were $4.3 million in Q2, year-to-date bookings were approximately $81 million, and full-year 2026 bookings are expected to be at least $120 million. Full-year 2026 revenue guidance was set at $28 million to $32 million.

Raj Hazra framed the quarter as proof that Quantinuum is executing across three pillars: hardware leadership, software ecosystem leadership, and commercial leadership. He emphasized that Helios, Sol, and Apollo are being advanced through a derisking roadmap and said the company is seeing stronger adoption because Helios is now enabling real applications in optimization, materials science, chemistry, and AI-quantum workflows. His tone was confident and expansive, repeatedly stressing that the company is uniquely positioned to lead the next phase of quantum computing.

Nitesh Sharan tied the quarter’s performance to stronger commercial traction and said bookings are converting into revenue from a position of capital strength. He highlighted the IPO-driven noncash charges, including $447.5 million of stock-based compensation, with R&D at $367 million, sales and marketing at $29.3 million, and G&A at $151.9 million; he also noted non-GAAP gross margin of 62% and said long-term gross margin should be north of 50% and expand as software mix rises. On the balance sheet, he said Quantinuum ended with about $2.1 billion of cash and equivalents and that the company sees capital priority in investing in product, supply chain, and the full stack, while guiding 2026 revenue to $28 million to $32 million and signaling more than 100% growth in 2027 from that base.

Analysts focused on how the Oracle OCI Helios deal will be monetized, and management said Oracle is buying the system outright while there will be some initial cloud revenue this year, with most revenue recognition coming later when delivery occurs. Questions also centered on what is driving the higher revenue outlook; management pointed to Helios performance and accuracy enabling practical applications in drug design, materials, chemistry, optimization, and AI-quantum workflows, plus a broader pipeline that includes on-prem demand. Analysts asked about the government LOI and technical roadmap; management said the CHIPS R&D funding is milestone-based and aimed at supply chain development, while Sol, Apollo, and later Lumos are being derisked through staged engineering progress.