Xanadu (Nasdaq/TSX: XNDU) reported Q2 2026 revenue of $1.5 million (down sequentially from $2.8 million in Q1, up from $1.1 million a year earlier, driven by DARPA Stage B revenue), a net loss of $42.1 million (widened from $20.6 million in Q1), and an adjusted EBITDA loss of $21.3 million. The company raised $67.2 million during the quarter through a synthetic at-the-market equity facility, selling 5.5 million shares at an average of $12.28, and ended the quarter with $312.8 million in cash. Capital expenditures jumped to $6.4 million from $0.3 million in Q1, reflecting new foundry and lab investment tied to its Albany expansion.

Xanadu is drawing capital through a Yorkville-backed standby equity facility rather than a one-time large financing, giving it more flexibility over the timing and scale of share issuance while it accelerates investment in U.S. manufacturing capacity ahead of a clear revenue ramp.

$312.8 million buys real runway, but revenue actually fell quarter-over-quarter even as opex and capex both rose. The company says it will "provide more detailed spending guidance later in the summer," worth holding them to that specific promise rather than accepting vague roadmap language in its place.

Xanadu Quantum Technologies Limited. “Xanadu Announces Second Quarter 2026 Results.” GlobeNewswire, 5 Aug. 2026, https://markets.businessinsider.com/news/stocks/xanadu-announces-second-quarter-2026-results-1036415323.

“Xanadu Reports Q2 2026 Financial Results: $312.8M Cash Position, $67.2M Raised via ATM Facility, and Albany Expansion.” Quantum Computing Report, 6 Aug. 2026, https://quantumcomputingreport.com/xanadu-reports-q2-2026-financial-results-312-8m-cash-position-67-2m-raised-via-atm-facility-and-albany-expansion/.