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Quantinuum reports a narrower-than-expected Q3 loss as revenues surge 233% year over year to $9.1 million.
Cloud demand, a major financial institution deal and $104 million in YTD bookings support QNT's growth.
Quantinuum raises 2026 revenue guidance to $31-$34 million and expects over 100% growth in 2027.
Quantinuum Inc. (QNT - Free Report) reported an adjusted loss of 29 cents per share for the third quarter of 2026. This compares to the Zacks Consensus Estimate of a loss of 38 cents.
Revenues surged 233% year over year to $9.1 million, driven by strength in cloud platform services and research-related activities. The consensus mark for the metric was pegged at $8.15 million.
Following the announcement yesterday, QNT shares gained 2.7% in the after-market session.
QNT's Cloud Business Drives Revenue Growth
Quantinuum benefited from growing demand for its quantum computing platform, with government customers contributing the majority of quarterly revenues. Enterprise customers also represented a significant share, while customer concentration improved.
Commercial momentum extended across financial services, chemicals and pharmaceuticals. The company secured its largest cloud agreement to date, involving a multi-year commitment from a leading global financial institution for access to its quantum systems through the Apollo generation.
QNT also expanded its distribution network through a new agreement with a leading hyperscaler. Its partnership with Oracle progressed with the launch of a beta program supporting hybrid quantum computing and artificial intelligence applications.
The company's year-to-date bookings reached approximately $104 million, reflecting growing commercial commitments across its customer base. Management expects full-year bookings to exceed $120 million.
Quantinuum also expanded engagements with Johnson & Johnson to explore quantum computing applications in cancer therapy materials and GE Vernova to advance research into superconducting materials. A collaboration with Abu Dhabi Maritime Academy and Quincus targets maritime logistics applications.
Management highlighted broader customer engagement across governments, national laboratories, universities and enterprises. These relationships support future revenue opportunities as customers develop applications for successive generations of quantum computing systems.
QNT's Rising Expenses Pressure Profitability
The adjusted cost of revenues, which excludes stock-based compensation and depreciation and amortization, totaled $2.3 million in the third quarter of 2026. Adjusted gross margin expanded 853 basis points (bps) to 74.6%, benefiting from revenue growth and a favorable cloud business mix.
Research and development expenses surged 130% year over year to $97.5 million. Sales and marketing expenses increased 273.5% year over year to $14.9 million, while general and administrative expenses jumped 315.2% to $22.1 million.
Adjusted EBITDA loss widened 77.8% year over year to $80.5 million. Total stock-based compensation amounted to $37.2 million during the quarter.
QNT's Financial Details
Quantinuum ended the third quarter of 2026 with cash and cash equivalents of $1.94 billion compared with $762.6 million as of Dec. 31, 2025. The company had no debt, providing financial flexibility to support quantum computing development, manufacturing expansion and commercialization efforts.
Net cash used in operating activities totaled $229.9 million during the first nine months of 2026 compared with $96.9 million in the year-ago period.
Quantinuum Raises Its 2026 Revenue Outlook
Quantinuum raised its full-year 2026 revenue guidance to $31-$34 million from its previous projection of $28-$32 million, reflecting stronger commercial execution and increasing demand across customer categories. The Zacks Consensus Estimate for 2026 revenues is currently pegged at $30.1 million.
Management also reiterated expectations for revenue growth exceeding 100% in 2027, supported by bookings, backlog and anticipated contract revenue recognition.
Our Take
Quantinuum delivered encouraging third-quarter 2026 results, with a narrower-than-expected loss and revenues surpassing estimates. Strong demand for cloud-based quantum computing services and research-related activities drove robust revenue growth. The company's expanding commercial relationships, including its largest-ever cloud agreement and growing partnerships with hyperscalers, strengthened its growth prospects.
The company's solid bookings momentum and expanding customer base across government and enterprise markets provide greater visibility into future revenues. Supported by these developments, management raised its full-year 2026 revenue guidance and maintained expectations for more than 100% revenue growth in 2027, which is encouraging.
However, rising research and development spending, higher operating expenses and widening adjusted EBITDA losses remain concerns.
QNT’s Zacks Rank and Key Picks
Quantinuum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader Computer and Technology sector are MKS Inc. (MKSI - Free Report) , Camtek Ltd. (CAMT - Free Report) and Arista Networks, Inc. (ANET - Free Report) .
MKS, carrying a Zacks Rank #2 (Buy), reported a third-quarter 2026 EPS of $4.18, which beat the Zacks Consensus Estimate by 14.84%. Revenues of $1.41 billion surpassed the Zacks Consensus Estimate by 4.12%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MKSI has an estimated long-term earnings growth rate of 36.3% compared with the industry’s 24% growth. The company surpassed earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.12%.
Camtek, carrying a Zacks Rank #2 at present, posted third-quarter 2026 earnings of 99 cents per share, which beat the Zacks Consensus Estimate by 1.02%. Revenues of $161.3 million topped the Zacks Consensus Estimate by 0.6%.
CAMT has an earnings yield of 3.6% compared with the industry’s 3.1% growth. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 0.67%.
Arista Networks, currently carrying a Zacks Rank #2, reported third-quarter 2026 earnings of $1.2 per share, which topped the Zacks Consensus Estimate by 11.11%. Revenues of $3.66 million outperformed the consensus mark by 10.41%.
ANET has an estimated long-term earnings growth rate of 22.7% compared with the industry’s 21.2% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 10.6%.
View the Zacks #1 Rank List
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QNT Q3 Earnings Beat Estimates, Revenues Surge Y/Y, Stock Rises
Key Takeaways
Quantinuum Inc. (QNT - Free Report) reported an adjusted loss of 29 cents per share for the third quarter of 2026. This compares to the Zacks Consensus Estimate of a loss of 38 cents.
Revenues surged 233% year over year to $9.1 million, driven by strength in cloud platform services and research-related activities. The consensus mark for the metric was pegged at $8.15 million.
Following the announcement yesterday, QNT shares gained 2.7% in the after-market session.
QNT's Cloud Business Drives Revenue Growth
Quantinuum benefited from growing demand for its quantum computing platform, with government customers contributing the majority of quarterly revenues. Enterprise customers also represented a significant share, while customer concentration improved.
Commercial momentum extended across financial services, chemicals and pharmaceuticals. The company secured its largest cloud agreement to date, involving a multi-year commitment from a leading global financial institution for access to its quantum systems through the Apollo generation.
Quantinuum Inc. Price, Consensus and EPS Surprise
Quantinuum Inc. price-consensus-eps-surprise-chart | Quantinuum Inc. Quote
QNT also expanded its distribution network through a new agreement with a leading hyperscaler. Its partnership with Oracle progressed with the launch of a beta program supporting hybrid quantum computing and artificial intelligence applications.
Quantinuum's Bookings Strengthen Revenue Visibility
The company's year-to-date bookings reached approximately $104 million, reflecting growing commercial commitments across its customer base. Management expects full-year bookings to exceed $120 million.
Quantinuum also expanded engagements with Johnson & Johnson to explore quantum computing applications in cancer therapy materials and GE Vernova to advance research into superconducting materials. A collaboration with Abu Dhabi Maritime Academy and Quincus targets maritime logistics applications.
Management highlighted broader customer engagement across governments, national laboratories, universities and enterprises. These relationships support future revenue opportunities as customers develop applications for successive generations of quantum computing systems.
QNT's Rising Expenses Pressure Profitability
The adjusted cost of revenues, which excludes stock-based compensation and depreciation and amortization, totaled $2.3 million in the third quarter of 2026. Adjusted gross margin expanded 853 basis points (bps) to 74.6%, benefiting from revenue growth and a favorable cloud business mix.
Research and development expenses surged 130% year over year to $97.5 million. Sales and marketing expenses increased 273.5% year over year to $14.9 million, while general and administrative expenses jumped 315.2% to $22.1 million.
Adjusted EBITDA loss widened 77.8% year over year to $80.5 million. Total stock-based compensation amounted to $37.2 million during the quarter.
QNT's Financial Details
Quantinuum ended the third quarter of 2026 with cash and cash equivalents of $1.94 billion compared with $762.6 million as of Dec. 31, 2025. The company had no debt, providing financial flexibility to support quantum computing development, manufacturing expansion and commercialization efforts.
Net cash used in operating activities totaled $229.9 million during the first nine months of 2026 compared with $96.9 million in the year-ago period.
Quantinuum Raises Its 2026 Revenue Outlook
Quantinuum raised its full-year 2026 revenue guidance to $31-$34 million from its previous projection of $28-$32 million, reflecting stronger commercial execution and increasing demand across customer categories. The Zacks Consensus Estimate for 2026 revenues is currently pegged at $30.1 million.
Management also reiterated expectations for revenue growth exceeding 100% in 2027, supported by bookings, backlog and anticipated contract revenue recognition.
Our Take
Quantinuum delivered encouraging third-quarter 2026 results, with a narrower-than-expected loss and revenues surpassing estimates. Strong demand for cloud-based quantum computing services and research-related activities drove robust revenue growth. The company's expanding commercial relationships, including its largest-ever cloud agreement and growing partnerships with hyperscalers, strengthened its growth prospects.
The company's solid bookings momentum and expanding customer base across government and enterprise markets provide greater visibility into future revenues. Supported by these developments, management raised its full-year 2026 revenue guidance and maintained expectations for more than 100% revenue growth in 2027, which is encouraging.
However, rising research and development spending, higher operating expenses and widening adjusted EBITDA losses remain concerns.
QNT’s Zacks Rank and Key Picks
Quantinuum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader Computer and Technology sector are MKS Inc. (MKSI - Free Report) , Camtek Ltd. (CAMT - Free Report) and Arista Networks, Inc. (ANET - Free Report) .
MKS, carrying a Zacks Rank #2 (Buy), reported a third-quarter 2026 EPS of $4.18, which beat the Zacks Consensus Estimate by 14.84%. Revenues of $1.41 billion surpassed the Zacks Consensus Estimate by 4.12%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MKSI has an estimated long-term earnings growth rate of 36.3% compared with the industry’s 24% growth. The company surpassed earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.12%.
Camtek, carrying a Zacks Rank #2 at present, posted third-quarter 2026 earnings of 99 cents per share, which beat the Zacks Consensus Estimate by 1.02%. Revenues of $161.3 million topped the Zacks Consensus Estimate by 0.6%.
CAMT has an earnings yield of 3.6% compared with the industry’s 3.1% growth. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 0.67%.
Arista Networks, currently carrying a Zacks Rank #2, reported third-quarter 2026 earnings of $1.2 per share, which topped the Zacks Consensus Estimate by 11.11%. Revenues of $3.66 million outperformed the consensus mark by 10.41%.
ANET has an estimated long-term earnings growth rate of 22.7% compared with the industry’s 21.2% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 10.6%.