Quantinuum NASDAQ: QNT raised its full-year 2026 revenue outlook after reporting a 233% increase in third-quarter sales and securing $98 million in bookings, including an agreement with Oracle.
The quantum computing company now expects 2026 revenue of $31 million to $34 million, up from its previous forecast of $28 million to $32 million. It also reiterated expectations for revenue growth of more than 100% in 2027, now from a higher 2026 base.
Third-quarter revenue was $9.1 million, driven primarily by the cloud platform and research and services, Chief Financial Officer Nitesh Sharan said on the earnings call. Government customers represented the majority of revenue, with enterprises also contributing significantly.
Bookings Rise as Losses Widen
Quantinuum’s $98 million in quarterly bookings brought its year-to-date total to approximately $104 million. The company expects more than $120 million in bookings for the full year. Sharan said the quarterly deals spanned government and enterprise customers, including financial services, chemicals and pharmaceuticals.
Adjusted EBITDA was a loss of $80.5 million, compared with a loss of $45.3 million a year earlier. Total GAAP net loss was $117.9 million. Of that amount, $17 million, or 46 cents per share, was attributable to Quantinuum Inc.; the company separately accounts for the interests of legacy shareholders who have not exchanged their shares into the post-IPO public entity.
Research and development expenses rose to $97.5 million from $42.4 million a year earlier. Quantinuum ended the quarter with more than $1.9 billion in cash and equivalents and no debt, Sharan said.
Sharan attributed the improved revenue outlook to broad-based momentum across cloud services, governments and enterprises. He said existing backlog provides substantial visibility into 2027, although he did not quantify how much of the forecast is covered and noted that revenue timing remains a factor.
Quantum Systems Advance Toward 2027 and 2029 Targets
Chief Executive Officer Raj Hazra said Quantinuum remains on track to make its Sol system commercially available in the second half of 2027 and deliver its Apollo system, designed for universal, fully fault-tolerant quantum computing, in 2029.
During the third quarter, the company validated Sol’s control system for moving qubits in a two-dimensional trap at full product scale, Hazra said. Sol is in system integration and assembly, which Quantinuum expects to complete in the first quarter of 2027 before validation and verification.
Hazra said an October error-correction result on the company’s Helios system achieved logical fidelity of 99.9995%, equivalent to five errors per million operations. He described it as a world record and said the results point to lower error rates with less correction overhead than competing approaches.
Hazra also said the company had made progress on Apollo’s cryogenic cooling and laser optics subsystems. He said the recent error-correction results increased confidence in meeting Apollo’s targets, while noting that Quantinuum has not published logical specifications for its subsequent Lumos system.
Cloud Partnerships and Customer Engagement Expand
Quantinuum signed what Hazra called its largest-ever cloud agreement: a multiyear commitment from an unnamed global financial institution for access to systems through Apollo using the company’s Nexus platform. He said the customer is expanding its spending with Quantinuum.
The company also announced an agreement with an unnamed hyperscaler and is working with Oracle on hybrid quantum and classical computing. A beta program for select Oracle customers has launched, while deployment of Helios in Oracle Cloud Infrastructure’s AI data center remains on track for full deployment later in 2027, Hazra said.
Hazra said 215 organizations are building on Nexus, up from 180 cited on the previous earnings call. Total job submissions increased tenfold in the 12 months through August 2026 compared with the preceding year.
Other collaborations discussed on the call included work with Johnson & Johnson on materials for cancer therapies and research with GE Vernova into superconducting materials. Hazra said some customers are moving beyond proof-of-concept work toward building applications they hope to use as future systems become available.
Government Funding and DARPA Discussions
Sharan said Quantinuum received a $100 million Department of Commerce CHIPS award to support development of the U.S. quantum ecosystem. Under the agreement, the government received roughly 2 million shares and provides cash based on milestones, with the majority upfront. The deal is treated as an equity contract and does not affect the income statement, he said.
Hazra said Quantinuum continues to execute its Stage B contract under DARPA’s Quantum Benchmarking Initiative and is discussing a potential Stage C scope of work with the agency. The company is also assembling a second Helios system in Singapore, with commissioning expected in spring 2027.
About Quantinuum (NASDAQ:QNT)
Quantinuum is a quantum computing company formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops full-stack quantum computing technologies designed to support research and commercial applications across industries, including chemistry, materials science, cybersecurity, finance and artificial intelligence.
Its offerings include trapped-ion quantum computers, quantum software and development tools. Quantinuum's software portfolio includes the TKET quantum compiler, InQuanto quantum chemistry platform, Quantum Origin quantum-enhanced cybersecurity solutions and the Nexus platform for developing and managing quantum applications.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Quantinuum, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Quantinuum wasn't on the list.
While Quantinuum currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Oil still powers the global economy, but AI is reshaping the energy opportunity. Discover seven stocks spanning traditional energy, infrastructure, and next-generation power.
Get This Free Report
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
