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Quantinuum Inc.

Quantum computers and software for research into molecules, materials and new computing applications.

QNT · Nasdaq Global Market

Overview

Summary

Quantinuum brought Honeywell’s quantum-computer business together with Cambridge Quantum’s software team in 2021. Its British roots remain visible in its UK operations, alongside a German presence. The listed company, Quantinuum Inc., is incorporated in Delaware and headquartered in Broomfield, Colorado. Its Class A shares trade on Nasdaq under QNT.

It builds quantum computers that store information in electrically charged atoms held by electromagnetic fields. Lasers control the atoms during calculations. Researchers use these machines to explore problems such as how molecules behave, where conventional calculations can become difficult. Customers buy access through the cloud, dedicated installations and research services. These are still early applications, rather than a replacement for ordinary computers.

Its H2 and Helios machines work with software that helps customers prepare and run experiments. InQuanto supports chemistry and materials calculations; Nexus manages access and jobs; TKET helps turn programs into instructions the hardware can run. Quantum Origin supplies quantum-derived randomness for cryptographic key generation, a separate security use of the technology.

Article

IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry

A quantum computer uses the behaviour of matter at very small scales to process information in a different way. Researchers are developing these machines to tackle certain problems that today’s computers struggle to solve.

Quantum computingCybersecurity6 min read

Company updates: Quantinuum Inc.

Latest results

Jan–Jun 2026

Revenue

$13.2 million37.6% lowerJan–Jun 202637.6% lower · vs Jan–Jun 2025

Operating profit

-$632.2 millionLowerJan–Jun 2026Operating margin: -4,776.6%Lower · vs Jan–Jun 2025

Cash held

$2,106.7 million2,959.2% higherAt Jun 30, 2026

Financial debt

$92.6 millionAt Jun 30, 2026

Latest financial publication

Aug 13, 2026 · Issuer publication

Q2 2026 quarterly report

Investment Thesis

Making quantum computing useful enough for repeat purchases

ETE analysis · Oct 25, 2026

The case

Selling more useful computing

Quantinuum’s opportunity is to turn better quantum computers into work that customers repeatedly pay to run. Combining machines with chemistry software and programming tools could help it retain customers as their experiments grow. The central uncertainty is whether useful applications develop quickly enough to support the cost of building the next generations.

Sources[1][2]

Evidence

A returning research customer

RIKEN’s H2 procurement follows its earlier Reimei installation and is concrete evidence of repeat adoption. Oracle’s October 2026 beta programme creates another route to users, although the Helios installation was still ahead. Neither an early-access programme nor a laboratory accuracy record establishes broad commercial demand.

Sources[3][4][5]

Spending & demand

An expanding but young market

BCG’s June 2026 study models a global quantum-computing market of $2.5 billion in 2030 under its baseline scenario, or $5 billion with stronger progress. These are industry forecasts. Quantinuum competes with IonQ, IBM and other approaches for customers whose applications may remain experimental for years.

Sources[6][7][8]

Financial challenge

The IPO funds a costly development programme

H1 revenue fell to $13.2 million from $21.2 million, after a large hardware lease sale in early 2025. Operating cash outflow rose to $129.1 million. June-end cash of $2.1 billion provides substantial development funding, but does not establish a profitable business. The $733.1 million consolidated loss included $447.5 million of stock compensation and $111.8 million of warrant remeasurement losses. The much smaller parent loss and reported EPS cover different ownership and time periods.

Sources[9][10]

Valuation perspective

The share price depends on future scale

Stock Analysis reported an approximately $9.6 billion market value on 23 October 2026, against 2025 revenue of $30.9 million. That price depends mainly on future business, so small changes in commercial expectations can matter greatly. Valuation must include the operating-company units paired with Class B shares, not just the listed Class A shares. September’s equity-linked research funding added 2.37 million Class A shares; provider share counts need reconciliation before calculating an exact multiple.

Sources[11][1][9][12]

What would weaken the case

Better error correction does not produce useful applications, or larger machines arrive later and cost more than planned.
Customers keep quantum work within research budgets while competing hardware or conventional computing improves.
Cash spending and share-based awards dilute the eventual benefit to shareholders; the September research award also issued shares and carries project conditions.

Sources

Financials

The business in numbers

The latest available figures for each statement. Reporting dates may differ.

H1 2026 revenue fell to $13.235m from $21.193m, after a $16.526m hardware lease sale in Q1 2025. The $733.113m consolidated loss includes $447.454m of stock compensation and $111.815m of warrant remeasurement losses. Operations used $129.085m of cash. June-end cash of $2,106.686m followed the IPO.

Latest

Income statement

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	21.19	13.24
Gross profit	12.84	-3.87
Gross margin	60.6%	-29.2%
Operating profit (EBIT)	-80.97	-632.18
Operating margin	-382.0%	-4,776.6%
Net income	-87.41	-733.11
Earnings per share (USD)	—	-1.93

Cash flow

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-65.78	-129.09
Capital expenditure	37.72	39.18
Free cash flow	-103.50	-168.26

Balance sheet

At period endUSD million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	762.64	2,106.69
Total debt	70.41	92.61
Net debt / (net cash)	-692.23	-2,014.08
Total assets	1,845.63	3,229.97
Total liabilities	158.03	224.62
Total equity	173.65	3,005.35

Sources and definitions

H1 2025 · Q2 2026 10-Q, comparative income p.2 and cash flows p.4; gross profit from 11 August results appendix, including $5.679m cost-of-sales amortisation. June 2025 full balance sheet not presented in this filing.

H1 2026 · 10-Q pp.1, 2, 4 and notes 6, 9, 11, 14. Gross profit: 11 August results appendix including $5.679m cost-of-sales amortisation. EPS covers only 5–30 June 2026; net income covers the consolidated half-year. Debt = $32.653m leases + $59.952m financed licence payable. Equity includes $2,592.272m non-controlling interest.

FY 2025 · Prospectus F-6, F-7, F-9; notes 5, 7 and 10. Debt = $10.456m leases + $59.952m financed licence payable. Capex = $65.077m equipment + $10m licence payment. Temporary equity $1,513.941m is separate. Historical EPS −$0.64 is omitted for legal-entity comparability.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

US GAAP; USD millions, except EPS. Net income is consolidated, including non-controlling interests. The June 2026 IPO created an Up-C structure: reported EPS of −$1.93 covers only 5–30 June and is not comparable with predecessor EPS, which is omitted here. Equity excludes redeemable preferred stock classified as temporary equity before the IPO; liabilities are reported separately, not calculated as assets minus equity. Debt here comprises operating leases and the financed technology-licence payable, excluding trade creditors and warrants. Cash is cash and cash equivalents. 2025 capital expenditure includes $65.077m of equipment spending and $10m paid for licensed technology. Interim gross profit follows the company’s reconciliation, including cost-of-sales amortisation. Adjusted EBITDA is not shown as EBITDA.

Annual

Income statement

For the periodUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	22.98	30.93
Operating profit (EBIT)	-152.75	-199.30
Operating margin	-664.8%	-644.3%
Net income	-144.07	-192.56

Cash flow

For the periodUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	-120.91	-160.27
Capital expenditure	13.98	75.08
Free cash flow	-134.89	-235.35

Balance sheet

At period endUSD million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	172.34	762.64
Total debt	7.63	70.41
Net debt / (net cash)	-164.71	-692.23
Total assets	1,070.36	1,845.63
Total liabilities	71.72	158.03
Total equity	309.53	173.65

Sources and definitions

FY 2024 · Prospectus, historical Quantinuum (Cayman) statements F-6, F-7, F-9; lease note 10. Temporary equity $689.107m is outside liabilities and permanent equity. Historical EPS −$0.48 is not a Quantinuum Inc. Class A comparable.

Half-year

Income statement

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	21.19	13.24
Gross profit	12.84	-3.87
Gross margin	60.6%	-29.2%
Operating profit (EBIT)	-80.97	-632.18
Operating margin	-382.0%	-4,776.6%
Net income	-87.41	-733.11
Earnings per share (USD)	—	-1.93

Cash flow

For the periodUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	-65.78	-129.09
Capital expenditure	37.72	39.18
Free cash flow	-103.50	-168.26

Balance sheet

At period endUSD million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	68.87	2,106.69
Total debt	—	92.61
Net debt / (net cash)	—	-2,014.08
Total assets	—	3,229.97
Total liabilities	—	224.62
Total equity	—	3,005.35

Sources and definitions

Quarterly

Income statement

For the periodUSD million	Q2 2025Jun 30, 2025	Q2 2026Jun 30, 2026
Revenue	2.11	8.00
Gross profit	-1.94	-5.15
Gross margin	-91.8%	-64.4%
Operating profit (EBIT)	-51.09	-555.03
Operating margin	-2,423.5%	-6,939.6%
Net income	-56.92	-596.52
Earnings per share (USD)	—	-1.93

Sources and definitions

Q2 2025 · 10-Q p.2; gross profit from results appendix, including $2.839m cost-of-sales amortisation. Standalone quarter cash flow not presented; use half-year cash flow.

Q2 2026 · 10-Q p.2; gross profit from results appendix, including $2.839m cost-of-sales amortisation. EPS covers 5–30 June only. Standalone quarter cash flow not presented; use half-year cash flow.

Updated Oct 25, 2026

Overview

Summary

Customer benefits

What sets it apart

Growth plans

IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry

Latest results

Latest financial publication

Q2 2026 quarterly report

Investment Thesis

Selling more useful computing

A returning research customer

An expanding but young market

The IPO funds a costly development programme

The share price depends on future scale

What would weaken the case

Sources

Financials

The business in numbers

Latest

Income statement

Cash flow

Balance sheet

Annual

Income statement

Cash flow

Balance sheet

Half-year

Income statement

Cash flow

Balance sheet

Quarterly

Income statement

Performance

How the business is doing

Sales compared with the same period last year

Research & updates

IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry

Research notes & company updates

Quantinuum to Report Third Quarter Financial Results on November 5, 2026

Quantinuum Breaks Error-Correction World Record by 10x, Validating its Leading Path to Fault-Tolerant Quantum Computing by 2029

Quantinuum and The University of Western Australia Partner to Advance Australia's Quantum Capability

Quantinuum to Participate in the Piper Sandler 5th Annual Growth Frontiers Conference

Quantinuum Finalizes $100 Million CHIPS R&D Award with U.S. Department of Commerce to Advance Trapped-Ion Quantum Computer Manufacturing in the US

Company publications

Quantinuum · H1 2025 reported financial information

Quantinuum · H1 2026 reported financial information

Quantinuum · Q2 2025 reported financial information

Quantinuum · Q2 2026 reported financial information

Quantinuum · FY 2024 reported financial information

Quantinuum · FY 2025 reported financial information

Interviews

Interviews are coming soon

Sources

Sources & data dates

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