XNDU Q3 2025 Earnings Report — Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares Revenue & Financial Results | Market Cap Arena

Xanadu Quantum Technologies Limited Class B Subordinate Voting SharesXNDU

Q3 2025 Earnings

Reported September 30, 2025

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Metric	Q3 2025	Q2 2025	Q3 2024	QoQ Change	YoY Change
Revenue	$721.3K	$0	$352.2K	—	104.8%
Op. Income	-$15M	-$198.5K	-$8M	-7520.3%	-80.1%
Gross Margin	94.7%	—	91.3%	—	3.4pp
Net Margin	-2056.5%	—	-2165.1%	—	108.6pp
EPS (Diluted)	$0.00	$0.04	$0.00	-100.0%	NaN%

Income Statement

Item	Amount
REVENUE	$721.3K
Cost of Revenue	$38.0K
GROSS PROFIT	$683.3K
R&D Expenses	$11M
Selling & Marketing	$192.2K
General & Administrative	$3M
SG&A Expenses	$3M
Other Expenses	$2M
Operating Expenses	$16M
Cost & Expenses	$16M
OPERATING INCOME	-$15M
Interest Income	$0
Interest Expense	$0
Other Income/Expenses	$290.9K
INCOME BEFORE TAX	-$15M
Income Tax Expense	$0
Net Income from Continuing Ops	-$15M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	-$15M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	-$15M
D&A	$1M
EBIT	-$15M
EBITDA	-$14M
EPS	$0
EPS Diluted	$0

Balance Sheet

Item	Amount
Cash & Equivalents	$26M
Short-Term Investments	$0
Net Receivables	$1M
Inventory	$7M
Other Current Assets	$3M
TOTAL CURRENT ASSETS	$42M
PP&E (Net)	$19M
Goodwill	$0
Intangible Assets	$3M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$22M
TOTAL ASSETS	$64M
Account Payables	$2M
Short-Term Debt	$0
Deferred Revenue	$1M
Other Current Liabilities	$771.0K
TOTAL CURRENT LIABILITIES	$8M
Long-Term Debt	$19M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$24M
TOTAL LIABILITIES	$32M
Common Stock	$5M
Additional Paid-In Capital	$6M
Retained Earnings	-$134M
Treasury Stock	$0
Accum. Other Comp. Income	-$2M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$32M
Minority Interest	$0
TOTAL EQUITY	$32M
TOTAL LIABILITIES & EQUITY	$64M
Total Debt	$25M
Net Debt	-$1M