Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares (XNDU) Income Statement
XNDU 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsXNDU revenue and net income
Where XNDU's revenue goes
2025Each bar shows an amount and its share of revenue. XNDU kept −1,530.6% of revenue as net income.
XNDU profit margins
XNDU growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +190.6% | — | — | — |
| Gross profit | +279.0% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
XNDU income statement in Canadian dollars
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | C$4.6M | C$1.6M | C$2.5M |
| Cost of revenue | C$361,000 | C$466,000 | C$605,000 |
| Gross profit | C$4.3M | C$1.1M | C$1.9M |
| Research & development | C$55.2M | C$39.2M | C$35.7M |
| Sales, general & admin | C$16.6M | C$7.9M | C$6.6M |
| Total operating expenses | C$73.6M | C$51.7M | C$43.6M |
| Operating income | −C$69.3M | −C$50.6M | −C$41.7M |
| Income before taxes | −C$70.7M | −C$46.0M | −C$35.6M |
| Net income | −C$70.7M | −C$46.0M | −C$35.6M |
| EBITDA | −C$64.0M | −C$40.3M | −C$31.1M |
| Gross margin | 92.2% | 70.7% | 75.6% |
| Operating margin | −1,501.5% | −3,184.1% | −1,682.0% |
| Net margin | −1,530.6% | −2,892.9% | −1,435.7% |
| Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | |
|---|---|---|---|---|---|---|
| Revenue | C$2.8M | C$1.9M | C$987,000 | C$699,000 | C$711,000 | C$482,000 |
| Cost of revenue | C$113,000 | C$199,000 | C$52,000 | C$49,000 | C$407,000 | C$42,000 |
| Gross profit | C$2.7M | C$1.7M | C$935,000 | C$650,000 | C$304,000 | C$440,000 |
| Research & development | C$17.3M | C$16.9M | C$15.3M | C$10.0M | C$8.8M | C$8.8M |
| Sales, general & admin | C$9.8M | C$7.3M | C$4.3M | C$2.1M | C$1.9M | C$1.9M |
| Total operating expenses | C$26.0M | C$22.0M | C$21.6M | C$13.5M | C$12.0M | C$11.9M |
| Operating income | −C$23.3M | −C$20.3M | −C$20.7M | −C$12.8M | −C$11.7M | −C$11.5M |
| Income before taxes | −C$20.6M | −C$23.0M | −C$20.3M | −C$12.2M | −C$10.8M | −C$10.4M |
| Net income | −C$20.6M | −C$23.0M | −C$20.3M | −C$12.2M | −C$10.8M | −C$10.4M |
| EBITDA | −C$18.8M | −C$21.1M | −C$19.6M | — | −C$9.4M | −C$9.2M |
| Gross margin | 96.0% | 89.4% | 94.7% | 93.0% | 42.8% | 91.3% |
| Operating margin | −821.6% | −1,084.7% | −2,096.9% | −1,826.2% | −1,650.6% | −2,384.0% |
| Net margin | −727.5% | −1,227.9% | −2,056.5% | −1,746.1% | −1,526.0% | −2,165.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in XNDU's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
XNDU financial results
In fiscal year 2025 (ended December 31, 2025), Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares reported revenue of C$4.6 million, up 190.6% from the year before. It had a net loss of C$70.7 million, a net profit margin of −1,530.6%. Figures are in Canadian dollars, the currency of its financial statements.
See the XNDU stock overview for the latest quote and news, or the XNDU chart for price history and technical indicators.
XNDU income statement FAQ
What is Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's annual revenue?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares reported total revenue of C$4.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 190.6% from C$1.6 million the previous year.
Is Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares profitable?
No. Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares reported a net loss of C$70.7 million in fiscal 2025, a net profit margin of −1,530.6%; its operating margin was −1,501.5%.
What is Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's gross margin?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's gross margin was 92.2% in fiscal 2025: for every $100 of revenue, Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares kept $92 after the direct cost of its products and services.
How much does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares spend on research and development?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares spent C$55.2 million on research and development in fiscal 2025, 1,196.4% of revenue.
When will Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares report its next earnings?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's fiscal year end?
Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.