Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (XNDU) Balance Sheet

NASDAQ: XNDUAssets, liabilities, debt and equity over 3 years.

XNDU balance sheet, 2025

December 31, 2025 · Canadian dollars

C$310.8M assets = C$14.2M liabilities + C$296.7M equity

Both columns are drawn to the same scale: what XNDU owns equals what it owes plus shareholders’ equity. Hover a block for its value.

XNDU financial health

Current ratio0.27

Tight · current assets cover current liabilities 0.27×

Debt / equity0.10

Low leverage · C$0.10 of debt for each $1 of equity

Equity / assets95.4%

Equity-funded · of assets funded by shareholders

Cash / debt1.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles1.6%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

XNDU balance sheet trends, 2023–2025

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares balance sheet trends
Metric	Then	Latest	Change
Total assets	C$151.0M2023	C$310.8M2025	+43.5%/yr
Total liabilities	C$19.1M2023	C$14.2M2025	−13.9%/yr
Shareholders’ equity	C$131.9M2023	C$296.7M2025	+50.0%/yr
Cash & short-term investments	C$117.5M2023	C$367,3452025	−94.4%/yr
Total debt	C$17.0M2023	C$30.0M2025	+32.9%/yr
Net cash (debt)	C$100.5M2023	−C$29.6M2025	−C$130.1M
Working capital	C$120.5M2023	−C$1.5M2025	−C$122.1M
Current ratio	39.932023	0.272025	−39.66
Debt / equity	0.132023	0.102025	−0.03
Shares outstanding	298.0M2023	30.0M2025	−68.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

XNDU assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

XNDU liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

XNDU debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

XNDU balance sheet in Canadian dollars

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares annual balance sheet
	2025	2024	2023
Assets
Cash & short-term investments	C$367,345	C$77.6M	C$117.5M
Cash & equivalents	C$367,345	C$77.6M	C$117.5M
Receivables	C$100,000	C$1.3M	C$1.5M
Inventory	C$8.3M	C$3.2M	C$11,000
Other current assets	C$0	C$8.3M	C$4.7M
Total current assets	C$554,850	C$90.4M	C$123.6M
Property, plant & equipment (net)	C$25.3M	C$22.9M	C$24.4M
Goodwill & intangible assets	C$5.1M	C$3.5M	C$3.0M
Long-term investments	C$0	C$0	C$0
Other non-current assets	C$279.9M	C$0	C$0
Total assets	C$310.8M	C$116.8M	C$151.0M
Liabilities
Accounts payable	C$2.8M	C$1.7M	C$420,000
Short-term debt	—	C$996,000	C$1.0M
Deferred revenue	—	C$309,000	C$39,000
Total current liabilities	C$2.1M	C$5.4M	C$3.1M
Long-term debt	C$30.0M	C$16.0M	C$6.8M
Lease obligations	C$8.3M	C$8.9M	C$10.2M
Other long-term liabilities	C$0	C$7.9M	C$9.2M
Total liabilities	C$14.2M	C$29.3M	C$19.1M
Shareholders' equity
Common stock & paid-in capital	C$310.2M	C$7.4M	C$7.3M
Retained earnings (deficit)	−C$13.5M	−C$135.6M	−C$89.7M
Accumulated other comprehensive income	—	−C$3.2M	−C$1.8M
Total shareholders' equity	C$296.7M	C$87.5M	C$131.9M
Key figures
Total debt	C$30.0M	C$24.9M	C$17.0M
Net cash (debt)	−C$29.6M	C$52.7M	C$100.5M
Working capital	−C$1.5M	C$85.0M	C$120.5M
Tangible book value	C$291.6M	C$84.0M	C$128.9M
Shares outstanding	30.0M	298.0M	298.0M
Current ratio	0.27	16.78	39.93
Quick ratio	0.22	14.65	38.41
Debt / equity	0.10	0.28	0.13
Equity / assets	95.4%	74.9%	87.4%

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Dec '24
Assets
Cash & short-term investments	C$272.5M	C$367,345	C$36.1M	C$1.5M	C$77.6M
Cash & equivalents	C$272.5M	C$367,345	C$36.1M	C$1.5M	C$77.6M
Receivables	C$3.7M	C$100,000	C$1.6M	C$0	C$1.3M
Inventory	C$6.1M	C$8.3M	C$9.1M	C$0	C$3.2M
Other current assets	C$8.2M	C$0	C$10.4M	C$239,277	C$8.3M
Total current assets	C$290.4M	C$554,850	C$57.2M	C$1.7M	C$90.4M
Property, plant & equipment (net)	C$23.8M	C$25.3M	C$25.4M	C$0	C$22.9M
Goodwill & intangible assets	C$4.8M	C$5.1M	C$4.8M	C$0	C$3.5M
Long-term investments	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$0	C$279.9M	C$0	C$303.1M	C$0
Total assets	C$319.0M	C$310.8M	C$87.3M	C$304.8M	C$116.8M
Liabilities
Accounts payable	C$2.9M	C$2.8M	C$2.8M	—	C$1.7M
Short-term debt	C$1.1M	—	C$1.1M	—	C$996,000
Deferred revenue	C$5.8M	—	C$1.5M	—	C$309,000
Total current liabilities	C$20.2M	C$2.1M	C$10.7M	C$243,037	C$5.4M
Long-term debt	C$30.0M	C$30.0M	C$25.9M	C$0	C$16.0M
Lease obligations	C$7.9M	C$8.3M	C$8.4M	—	C$8.9M
Other long-term liabilities	C$6.8M	C$0	C$7.3M	C$12.0M	C$7.9M
Total liabilities	C$57.1M	C$14.2M	C$43.9M	C$12.3M	C$29.3M
Shareholders' equity
Common stock & paid-in capital	C$478.2M	C$310.2M	C$7.5M	C$302.9M	C$7.4M
Retained earnings (deficit)	−C$228.3M	−C$13.5M	−C$183.3M	−C$10.4M	−C$135.6M
Accumulated other comprehensive income	−C$208,000	—	−C$2.5M	—	−C$3.2M
Total shareholders' equity	C$262.0M	C$296.7M	C$43.4M	C$292.5M	C$87.5M
Key figures
Total debt	C$37.9M	C$30.0M	C$34.3M	—	C$24.9M
Net cash (debt)	C$234.6M	−C$29.6M	C$1.8M	—	C$52.7M
Working capital	C$270.2M	−C$1.5M	C$46.5M	C$1.5M	C$85.0M
Tangible book value	C$257.1M	C$291.6M	C$38.6M	C$292.5M	C$84.0M
Shares outstanding	30.0M	30.0M	30.0M	30.0M	298.0M
Current ratio	14.35	0.27	5.34	7.10	16.78
Quick ratio	13.65	0.22	3.52	6.12	14.65
Debt / equity	0.14	0.10	0.79	—	0.28
Equity / assets	82.1%	95.4%	49.7%	96.0%	74.9%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed December 31, 2025); data from EODHD.

XNDU financial position

At the end of fiscal 2025 (December 31, 2025), Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares had total assets of C$310.8 million (up 166.2% from a year earlier), total liabilities of C$14.2 million and shareholders' equity of C$296.7 million. It held C$0.4 million in cash and short-term investments against C$30.0 million of debt, net debt of C$29.6 million. Its current ratio was 0.27. In the latest quarter (ended March 31, 2026) total assets were C$319.0 million and equity C$262.0 million.

Related: XNDU income statement, XNDU cash flow statement, XNDU key metrics. See the XNDU stock overview for the latest quote and news.

XNDU balance sheet FAQ

What are Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's total assets?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares reported total assets of C$310.8 million at the end of fiscal 2025 (December 31, 2025), compared with C$116.8 million a year earlier.

How much debt does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares have?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares had C$30.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.10.

How much cash does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares have?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares held C$0.4 million in cash and short-term investments at the end of fiscal 2025; with C$30.0 million of debt that is net debt of C$29.6 million.

What is Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's book value?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's shareholders' equity (book value) was C$296.7 million at the end of fiscal 2025.

What is Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's current ratio?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares had current assets of C$0.6 million and current liabilities of C$2.1 million, a current ratio of 0.27 (current liabilities exceed current assets).

How much goodwill does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares have?

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares carried C$5.1 million of goodwill and intangible assets, 1.6% of total assets, at the end of fiscal 2025.