Canada's Xanadu Q3 net loss widens as R&D and G&A expenses increase
XNDU•Xanadu's Q3 revenue rose 32% year over year to $1.30 million, while its net loss widened to $32.2 million as research and development and general and administrative expenses increased. The company secured $140 million in Canadian government funding and a $10 million DARPA extension for research and development.
1. Quarterly results
Xanadu reported Q3 revenue of $1.30 million, up 32% year over year, driven primarily by DARPA QBI revenue and partnership engagements. Its net loss widened to $32.2 million as research and development and general and administrative expenses increased; research and development expense rose 67% year over year, driven by higher engineering headcount and material costs.
2. Funding and targets
The company secured $140 million in Canadian government funding and a $10 million DARPA extension for research and development. Xanadu targets a system loss of 10.2 by the end of 2026 and aims for up to 200 logical qubits by 2029, 500 by 2030 and 1,000 by 2031.
