Xanadu (NASDAQ/TSX: XNDU) reported Q3 2026 results showing a 32% year-over-year revenue increase to $1.31 million, driven by contract deliveries under the U.S. Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking Initiative (QBI). Research and development spending rose to $25.56 million, while the company posted a GAAP net loss of $32.20 million. Cash and cash equivalents grew to $286.47 million, bolstered by a definitive $140 million non-dilutive loan from the Government of Canada’s Strategic Response Fund to fund its 158,000-square-foot “Inception” manufacturing facility in Toronto, and provisional approval for a $10 million DARPA QBI extension. Xanadu also has $232.8 million available under its synthetic at-the-market equity facility, giving a combined capital base of $669 million. Partnerships include silicon nitride wafer fabrication at GlobalFoundries, lithography with ASML, cryostats from Bluefors, and control co-design via the open-source Backline platform with AMD. 1