Xanadu Quantum Technologies posted Q2 2026 revenue of $1.5 million, up from $1.1 million a year earlier, driven largely by a DARPA contract. The Toronto-based photonic quantum computing company ended the quarter with $312.8 million in cash after raising $67.2 million through an equity facility. Key technical milestones include achieving an edge-coupling loss of 0.085 dB per facet (over 98% optical signal retention), a ~75% increase in thin-film lithium niobate foundry runs, and a ~50% rise in silicon nitride device production. On the software side, Xanadu advanced its QROM technique to cut required Toffoli gate operations by roughly half and trained a quantum ML model with over one million parameters. The company also expanded U.S. operations in Albany, NY, with a fivefold workforce increase since 2023, and broadened partnerships with Oak Ridge National Laboratory, Rolls-Royce, and Lockheed Martin.
