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    QNT
    Earnings call· Jun 2026(Q2 FY26)

    Quantinuum Q2 FY26 earnings call QNT

    Aug 11, 2026 Source

    Executive summary

    Quantinuum Q2 FY26 — Strong Bookings and Strategic Partnerships Drive Upsized Revenue Outlook

    Quantinuum, in its first quarter as a public company, reported strong Q2 FY26 results driven by significant bookings and strategic partnerships. The company is accelerating its technology roadmap with milestones like the Sol system's progress and enhanced quantum error correction, while expanding its developer ecosystem and commercial reach through key collaborations with Oracle and HPE. Despite substantial IPO-related costs impacting profitability, Quantinuum raised its full-year revenue outlook, signaling confidence in its leadership in the nascent quantum computing market.

    Highlights

    5

    • Revenue for Q2 FY26 was $8 million, up 279% from the prior year.

    • Year-to-date bookings currently stand at approximately $81 million, with full-year 2026 expected to reach at least $120 million.

    • Strategic partnerships with Oracle and HPE significantly expand market reach and integration of quantum with cloud/HPC.

    • Achieved a major milestone with the first product candidate Sol traps returning from the fab with no showstoppers, keeping Sol on track for 2027.

    • Demonstrated near 99.999% logical fidelities on Helios with novel code families, derisking the roadmap for full fault tolerance.

    Concerns

    4

    • Adjusted EBITDA was a loss of $68 million in Q2 FY26, compared with a loss of $43.5 million in the prior year period.

    • Total GAAP net loss was $596.5 million, with $65.4 million or $1.93 loss per share attributable to Quantinuum Inc. in Q2 FY26.

    • Non-GAAP net loss was $73 million and non-GAAP EPS was a $0.28 loss per share in Q2 FY26.

    • Q2 FY26 included significant one-time expenses, primarily $447.5 million in stock-based compensation related to the IPO trigger.

    Guidance & targets

    4
    CategoryTargetConfidence
    Full-year 2026 Revenue
    $28 million to $32 million
    high materiality
    High
    Full-year 2027 Revenue Growth
    more than 100% growth
    high materiality
    Medium
    Sol System Launch
    2027
    high materiality
    High
    Apollo System Launch
    2029
    high materiality
    High

    Operational metrics

    25
    Revenue
    $8 millionup 279% from prior year
    Q2 FY26

    Revenue was driven primarily by significant growth in the cloud business, diversified across customer type and geography.

    Cost of sales
    $10.3 million
    Q2 FY26

    Includes roughly $6.3 million of stock-based compensation related to IPO trigger.

    Stock-based compensation
    $6.3 million
    Q2 FY26

    Part of the one-time IPO-related catch-up expense recognition.

    Non-GAAP gross margin
    62%
    Q2 FY26

    Excludes stock-based compensation and $2.8 million of purchased intangibles related to the 2021 acquisition of Cambridge Quantum Computing.

    Research and development expenses
    $367 millionup meaningfully from $39.7 million a year ago
    Q2 FY26

    Includes $294.9 million of stock-based compensation related to the IPO trigger. This is a deliberate investment strategy to maintain and extend leadership.

    Stock-based compensation
    $294.9 million
    Q2 FY26

    Part of the one-time IPO-related catch-up expense recognition.

    Sales and marketing expense
    $29.3 millionversus $3.4 million in the prior year period
    Q2 FY26

    Includes roughly $17.2 million of stock-based compensation. Investing in go-to-market motion and thought leadership.

    Stock-based compensation
    $17.2 million
    Q2 FY26

    Part of the one-time IPO-related catch-up expense recognition.

    G&A expense
    $151.9 millionversus $6.1 million in the prior year period
    Q2 FY26

    Includes $129 million of stock-based compensation. Increase primarily reflected investments required to operate as a public company.

    Stock-based compensation
    $129 million
    Q2 FY26

    Part of the one-time IPO-related catch-up expense recognition.

    Total stock-based compensation
    $447.5 million
    Q2 FY26

    A majority was one-time due to the catch-up of expense recognition associated with the IPO trigger on employee grants.

    Adjusted EBITDA
    loss of $68 millioncompared with a loss of $43.5 million in the prior year period
    Q2 FY26

    Excludes non-GAAP items related to stock-based compensation, depreciation and amortization, and other one-time and noncash items.

    GAAP net loss
    $596.5 million
    Q2 FY26

    Total GAAP net loss for the quarter.

    GAAP net loss attributable to Quantinuum Inc.
    $65.4 million
    Q2 FY26

    Reflects losses attributable to Quantinuum Inc. after accounting for noncontrolling interest.

    GAAP loss per share attributable to Quantinuum Inc.
    $1.93
    Q2 FY26

    Diluted loss per share for Quantinuum Inc.

    Non-GAAP net loss
    $73 million
    Q2 FY26

    Excludes stock-based compensation, IPO and one-time transaction costs, depreciation and amortization, and other nonrecurring noncash items.

    Non-GAAP EPS
    $0.28
    Q2 FY26

    Loss per share on an adjusted basis, calculated across the full shareholder base for the full quarter.

    Cash and equivalents balance
    $2.1 billion
    Q2 FY26

    Ended the quarter with a strong capital position following the IPO.

    Cash used in operating activities
    $66.2 million
    Q2 FY26

    Cash outflow from operations during the quarter.

    Capital expenditures
    $16.6 million
    Q2 FY26

    Investments in property, plant, and equipment during the quarter.

    Sol physical qubits
    192
    target 2027

    Target number of physical qubits for the Sol system.

    Sol logical qubits
    100
    target 2027

    Target number of logical qubits for the Sol system.

    Sol logical error rate
    10 to the power minus 5
    target 2027

    Target logical error rate for the Sol system.

    Logical fidelity on Helios
    near 99.999%vs 99.99% last year
    Q2 FY26

    Achieved on Helios using high-fidelity qubits and architectural features like mid-circuit measurement and all-to-all connectivity.

    Developer organizations on Nexus
    180+up from 150 two months ago
    Q2 FY26

    Organizations building applications on Quantinuum Nexus, the cloud-based application development and deployment platform.

    Industry KPIs

    4
    MetricValueDetails
    Rpo current rpo$74 millionUSD
    Customer logo metrics180+organizations
    Bookings tcv book to bill$4.3 millionUSD
    Genai ai book of businessGenQAI

    Orderbook & backlog

    4
    Bookings$4.3 millionQ2 FY26

    Bookings during the second quarter.

    Year-to-date bookings$81 millionQ2 FY26 (including post-quarter deals)

    Includes Oracle and other deals that closed after quarter end.

    Remaining performance obligations (RPO)$74 millionQ2 FY26

    As reported in the Q2 filing.

    Pipelinebillions of dollarscurrent

    continuing to grow and advance

    Encompasses upgrades from prior system sales, active opportunities with Helios, and engagements related to Sol and Apollo targeted to close over the next several years.

    Product announcements

    3
    ProductTypeDetails
    Solmilestone
    Apolloroadmap
    Guppy Playpondlaunch

    Deals & partnerships

    9
    OracleStrategic partnership to deploy Helios within Oracle Cloud Infrastructure (OCI), making quantum computing technology available through one of the world's leading enterprise cloud platforms. Oracle is purchasing a Helios system.multiyear deal

    This deployment marks the first Helios outside Quantinuum's factory data center in the U.S., tightly integrated as an OCI service for running classical, high-performance AI, and quantum workloads.

    HPEStrategic collaboration to establish a framework for integrating quantum computing with high-performance computing (HPC) infrastructure.

    Aims to allow users of hybrid systems to create and deploy hybrid workflows easily without disrupting familiar supercomputing tools.

    NVIDIA and a Fortune 100 pharma companyCollaboration to demonstrate AI-driven quantum simulation to enhance molecular property characterization.

    This is a commercially relevant example of 'GenQAI,' enhancing generative AI capabilities with quantum computing, with potential applications in new specialty material discovery and energy sources.

    GlobalFoundriesStrategic partnership for critical integrated photonics and cryogenic electronics capabilities.

    Accelerated by the CHIPS R&D LOI to further derisk key engineering pathways for components within Quantinuum's future commercial roadmap.

    Monarch QuantumStrategic partnership for high-reliability photonic components.

    Accelerated by the CHIPS R&D LOI to further derisk key engineering pathways for components within Quantinuum's future commercial roadmap.

    Infineon TechnologiesLong-term strategic partnership for critical quantum computing components.

    Part of the diversified and strengthened supply chain.

    Honeywell AerospaceLong-term strategic partnership for critical quantum computing components, including manufacturing of Sol traps.

    Manufactured the first product candidate Sol traps, which have returned from the fab and are undergoing validation.

    QedmaIntegrated Qedma's quantum error suppression and mitigation software into Quantinuum's platform.

    Provides enterprises and scientific users with an additional optimization layer to improve circuit accuracy and enable larger, more complex workloads.

    Leading global electronics manufacturerNew joint development agreement to incorporate best-in-class scale data center systems manufacturing.

    Aims to increase throughput and achieve world-class cost targets on Quantinuum's systems.

    Capital programs

    1
    CHIPS R&D Office LOIannouncedup to $100 million
    Funding: U.S. Department of Commerce's CHIPS R&D Office
    Start: Q2 FY26

    Benefit: support advanced manufacturing for the trapped-ion modality in the United States

    Accelerates strategic partnerships with GlobalFoundries for integrated photonics and cryogenic electronics, and Monarch Quantum for high-reliability photonic components. The proposed contract is milestone-based funding.

    Risks & headwinds

    2
    Volatility in quarterly resultsquarter-to-quarter

    Quarter-to-quarter volatility may not be meaningful representation of the true mile markers necessary for us to achieve our long-term objectives.

    Mitigation: The company acknowledges the non-linear path forward and potential volatility due to timing of large contracts, program milestones, and investments, but remains focused on the clear long-term destination.

    Significant one-time IPO-related expensesQ2 FY26

    Stock-based compensation was $447.5 million, a majority of which was one-time due to the catch-up of expense recognition associated with the IPO trigger on employee grants.

    Mitigation: After excluding these one-time costs, the company expects incremental investments to drive the product and technology roadmap and operate effectively as a public company.

    What to watch in Q3 FY26

    5

    Full-year 2026 Bookings

    full year 2026
    Current$81 million year-to-date
    Targetat least $120 million

    Why it matters

    Bookings are a key indicator of future revenue and underlying demand for Quantinuum's quantum computing solutions, reflecting commercial momentum.

    Including Oracle and other deals that closed after quarter end, our year-to-date bookings currently stand at approximately $81 million. Given the visibility we have in our advanced pipeline, we expect to achieve at least $120 million for full year 2026.

    Q&A highlights

    7

    Is the Oracle deal a third Helios deployment, and how will it be monetized (revenue sharing or outright purchase)?

    Confirmed it's a Helios platform deployed on-prem at an OCI data center in the U.S., making it the first outside their factory data center in the U.S. Oracle is purchasing the Helios in a multi-year deal, with initial revenue this year and more when the system is delivered.

    “The transaction that we mentioned in the press release is one where Oracle is purchasing a Helios. And this would be the first Helios on outside the -- our factory data center, if you will, in the United States.”

    asked by Harlan Sur · answered by Rajeeb Hazra

    2 min read5 chapters

    Detailed Narrative

    01

    Technology Leadership and Roadmap Progress

    Quantinuum is making significant strides in its hardware roadmap, with the Sol system on track for a 2027 release, designed to feature 192 physical and 100 logical qubits with a 10^-5 logical error rate. A key milestone was achieved in Q2 FY26 with the successful fabrication and initial validation of the first product candidate Sol traps by Honeywell Aerospace. Beyond Sol, substantial progress is being made on Apollo, the first fully fault-tolerant quantum system scheduled for 2029, with detailed design and analysis of critical subsystems increasing confidence in its functional capabilities and performance. The company also demonstrated near 99.999% logical fidelities on Helios using novel code families, derisking the path to Apollo's fault tolerance.

    02

    Strengthening Supply Chain and Manufacturing Ecosystem

    The company is bolstering its industrial advantage by strengthening its supply chain and scaling its manufacturing ecosystem. This includes a Letter of Intent with the U.S. Department of Commerce's CHIPS R&D Office, providing up to $100 million to support advanced manufacturing for trapped-ion modality in the U.S. This accelerates strategic partnerships with GlobalFoundries for integrated photonics and cryogenic electronics, and Monarch Quantum for high-reliability photonic components. Additionally, a new joint development agreement with a leading global electronics manufacturer aims to incorporate best-in-class data center systems manufacturing to increase throughput and achieve world-class cost targets.

    03

    Expanding Software and Developer Ecosystem

    Quantinuum is actively fostering its developer ecosystem, expanding access to its next-generation programming language, Guppy, through the web-based Guppy Playpond environment. Developer engagement on Quantinuum Nexus, the cloud-based application development and deployment platform, has rapidly accelerated to over 180 organizations. The startup partner program has also grown, with new members like Qedma integrating quantum error suppression and mitigation software, providing additional optimization layers for enterprises and scientific users.

    04

    Commercial Momentum and Strategic Partnerships

    The company is seeing strong commercial momentum, particularly through the convergence of quantum computing, AI, and high-performance computing. A strategic partnership with Oracle will deploy Helios within Oracle Cloud Infrastructure, making Quantinuum's technology available through a leading enterprise cloud platform. A collaboration with HPE establishes a framework for integrating quantum computing with HPC infrastructure. These agreements are crucial for accelerating quantum adoption by providing seamless integration for hybrid workflows in both public cloud and on-premise environments.

    05

    Advancing GenQAI and End-Market Applications

    Quantinuum is expanding direct engagement with global enterprises across diverse end markets. In collaboration with NVIDIA and a Fortune 100 pharma company, the company demonstrated AI-driven quantum simulation to enhance molecular property characterization, a concept termed 'GenQAI.' This approach, which leverages quantum phenomena to enhance generative AI, is gaining momentum and is repeatable in other computational problems such as new specialty material discovery and identifying new energy sources, showcasing growing maturity of quantum value propositions in industrial applications.

    AI-generated summary of the company’s earnings call. Not investment advice.