Xanadu Quantum Technologies Limited

What they do

The company develops quantum computers and software, incorporated in Ontario and headquartered at 777 Bay Street, Toronto. Its Class B Subordinate Voting Shares are listed on the Nasdaq Global Market and the Toronto Stock Exchange. The filing is an annual report on Form 20-F for the fiscal year ended December 31, 2025, filed April 9, 2026.

Revenue drivers

• Quantum computing products and services — The excerpts provided do not break out specific product lines or segment revenue; no segment-level detail is available from the source material.

Recent performance

Revenue rose to $2.8 million in the quarter ended March 31, 2026, from $699,000 for the quarter ended March 31, 2025. As of March 31, 2026, total assets were $319.0 million, total liabilities were $57.1 million, and shareholders' equity was $262.0 million. Cash and equivalents stood at $272.5 million and long-term debt at $30.0 million on the same date.

Strategy

The filing excerpt is largely the cover page, explanatory note and table of contents, so explicit strategy language from management is not included above. The explanatory note describes the March 26, 2026 closing of the business combination with Crane Harbor Acquisition Corp. and Old Xanadu, resulting in a court-approved plan of arrangement under the OBCA. Following the transaction, Crane Harbor and Old Xanadu became wholly-owned subsidiaries of the Company, and the Class B Subordinate Voting Shares were listed on Nasdaq and the TSX.

Risks

• Recent de-SPAC combination — The company became public through a business combination completed March 26, 2026, so the filing covers a period that predates its current corporate and listing structure.
• Limited revenue base — Quarterly revenue of $2.8 million for the quarter ended March 31, 2026 is small relative to $319.0 million in total assets and $272.5 million in cash.
• Debt obligations — Long-term debt of $30.0 million was outstanding as of March 31, 2026.
• Dual-class share structure — As of April 2, 2026, the company had 255,226,928 Class A Multiple Voting Shares outstanding versus 43,284,436 Class B Subordinate Voting Shares, concentrating voting power.

Outlook

The excerpts provided do not contain management's forward-looking outlook or guidance. No outlook statements from management are quoted in the source material, so none are reported here.