2026 Q3 results roundup: nine leading quantum computing firms’ schedules, performance, key takeaways

【Article Title】 2026 Q3 results roundup: nine leading quantum computing firms’ schedules, performance, key takeaways 【Article Body】 AI TRANSLATION This article is an AI-generated translation of the original Japanese article. For the authoritative version, please refer to the original. Read the original Japanese article → (https://quantumindex.jp/quantum-computing-q3-2026-earnings-calendar/) The Q3 2026 (July–September) earnings season for nine leading quantum-computing companies is concentrated between November 5 and November 11. In this special feature we list each company’s earnings announcement schedule and will update this article with revenue, profitability, financial position and material business developments as results are released. We aim to compile the latest information so readers can monitor cross‑company business trends in quantum computing. Last updated: 11 November 2026 Earnings calendar for major quantum-computing companies Announcement date (local)CompanyTickerMain technologyThu, Nov 5QuantinuumQNTIon trapThu, Nov 5IQMIQMXSuperconductingThu, Nov 5IonQIONQIon trapFri, Nov 6PasqalPSQLNeutral atomsMon, Nov 9Quantum Computing Inc.QUBTPhotonicsTue, Nov 10D-WaveQBTSQuantum annealingQuantum annealingQuantum Annealing / Quantum AnnealingA computational method that uses quantum fluctuations to search for good solutions to combinatorial optimization problems and the like. Problems are solved by mapping them into a form where one searches for low-energy states.QI NoteQuantum annealing, unlike general-purpose gate-model quantum computers, is a scheme specialized for solving optimization problems. It was theoretically proposed in the 1990s by Hidetoshi Nishimori and others, and today D-Wave develops representative commercial systems. When evaluating performance, one should check not only the number of qubits but also how the problem is embedded and the comparison conditions with classical methods. & gateTue, Nov 10RigettiRGTISuperconductingWed, Nov 11XanaduXNDUPhotonic quantumMon, Nov 16InfleqtionINFQNeutral atoms Note: Dates are based on each company’s official announcements as of the last update. Dates are local to the company and may correspond to the following day in Japan. Schedules are subject to change. Company-by-company earnings summaries and highlights Below we will post each company’s key financials and material business highlights as they are announced. Where we publish more detailed analysis pieces, we will add links. Quantinuum (QNT) Announcement date: 5 November 2026 Quantinuum reported Q3 2026 revenue of $9.1 million, up 233% year‑over‑year. It raised its full‑year revenue outlook to $31.0–34.0 million. However, cumulative revenue for January–September fell about 6.8% year‑over‑year to $22.29 million. Key metrics (Q3 2026) MetricResultRevenue$9.1 million (y/y +233%)Cumulative revenue (Jan–Sep)$22.29 million (y/y −6.8%)GAAP gross margin33.3%GAAP net loss$118.0 millionAdjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss$80.0 millionCash and cash equivalents$1.94 billion (end of Sep) Main topics • Signed the company’s largest multi‑year cloud agreement with a global financial institution, including access through its planned Apollo system. • Nexus adoption expanded to 215 organizations. Annual job submissions increased tenfold year‑over‑year. • Reported logical fidelity of 99.9995% on Helios. Timetables for Sol and Apollo remain: Sol in late 2027, Apollo in 2029. • Raised 2026 full‑year revenue guidance from $28.0–32.0 million to $31.0–34.0 million. ✍️ Quantum Index Analysis Q3 revenue grew rapidly (up 233%), but year‑to‑date revenue through September is still down versus last year, indicating growth has not yet stabilized. With $1.94 billion in cash and a roughly $230 million operating cash outflow in the first nine months, Quantinuum has substantial financial capacity to continue R&D. Nexus adoption and multi‑year contracts are positive signs, but the key question is whether these will translate into sustained revenue growth. Detailed article: Quantinuum: Q3 revenue up 233% but year‑to‑date revenue down; $1.94B cash supports development (https://en.quantumindex.jp/quantinuum-q3-2026-results-revenue-outlook/) IQM (IQMX) Announcement date: 5 November 2026 IQM reported Q3 2026 revenue of €8.857 million, up 51% year‑over‑year. New orders amounted to €42.20 million, and backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. at the end of September expanded 52% year‑to‑date to €102.50 million. Key metrics (Q3 2026) MetricResultRevenue€8.857 million (y/y +51%)New orders€42.20 millionOrder backlog€102.50 million (y/t +52%)Operating loss€171.236 millionCash and cash equivalents€260.418 million (end of Sep) Main topics • Received its first order for the next‑generation system IQM Halocene—designed for quantum error correctionquantum error correction量子誤り訂正 / Quantum Error Correction / QECA technique that distributes information across multiple physical qubits and detects and corrects errors without directly disturbing the quantum state.QI NoteSimply implementing it does not automatically provide practical fault tolerance. What matters is whether the logical error rate is improved relative to the physical error rate.—worth €33.0 million for CSC’s LUMI AI Factory. • Sold small quantum computers “IQM Spark” to customers in Brazil and Japan. • Maintained its 2026 full‑year revenue guidance of €42.0–47.0 million. ✍️ Quantum Index Analysis Revenue growth and a backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. exceeding €100 million are positive. With about €260 million of cash on hand, IQM appears financially able to develop and manufacture large contracts. However, operating and investment cash outflows for Jan–Sep totalled roughly €105.5 million, indicating substantial cash burncash burnCash Burn / Cash Burn Rate / Burn Rate / Cash Burn / Cash Burn Rate / Burn RateA concept that indicates the speed at which a company’s on-hand cash is being depleted due to business operations. It is typically expressed as the amount of cash decrease per month or per quarter.QI NoteIt is not necessarily the same as the amount of net loss, and the appearance can change due to capital expenditures, financing, and other factors. In news coverage, together with on-hand cash, attention should be paid to how many months the business can continue operating.. Going forward, converting backlog into revenue and improving cash consumption will be critical. Detailed article: IQM: Q3 revenue up 51%; backlog tops €100M, cash position healthy (https://en.quantumindex.jp/iqm-q3-2026-results-order-backlog/) IonQ (IONQ) Announcement date: 5 November 2026 IonQ reported Q3 2026 revenue of $173.8 million, up 336% year‑over‑year, marking its sixth consecutive quarter of record revenue. Revenue from acquired SkyWater contributed significantly, while IonQ Platform revenue also rose 127%. The company raised its full‑year revenue guidance to $505.0–$515.0 million. Key metrics (Q3 2026) MetricResultRevenue$173.8 million (y/y +336%)IonQ Platform revenue$90.3 million (y/y +127%)SkyWater revenue$83.5 millionRemaining performance obligations (RPO)$1.20 billionAdjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit.−$133.6 millionCash, cash equivalents & investments$3.7 billion (after October capital raise) Main topics • Of roughly $290 million in new Platform contracts, about $180 million relates to quantum‑computing services. • Plans to install a Superion 256 on‑premises at an NVIDIA research facility. Advanced to Stage C of DARPA’s Quantum Benchmarking Initiative. • Raised its 2026 revenue outlook; expects quantum‑computing revenue to grow about 110% year‑over‑year. ✍️ Quantum Index Analysis This was a strong quarter showing commercial contract growth and substantial cash resources. However, nearly 48% of reported revenue came from the acquired SkyWater business, so the 336% increase should not be interpreted solely as organic quantum‑computing growth. About 60% of new Platform contracts are quantum‑related, indicating real demand expansion. RPO includes SkyWater and some contracts not yet funded. Adjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. remains a large loss, but the post‑raise cash balance of $3.7 billion is ample. The near‑term focus will be on organic growth excluding acquisition effects and improving profitability. Detailed article: IonQ: Q3 revenue up 336% to a record; acquisitions boost growth (https://en.quantumindex.jp/ionq-q3-2026-record-revenue-guidance/) Pasqal (PSQL) Announcement date: 6 November 2026 Pasqal reported Q3 2026 revenue of €3.3 million, down about 42% year‑over‑year. The decline mainly reflects the absence of a QPUQPUQuantum Processor / Quantum Processor / Quantum Processing Unit / QPUThe central part of the hardware that houses qubits and performs quantum computational operations such as quantum gates and measurements.QI NoteThe performance of a QPU cannot be judged by the number of qubits alone. Gate fidelity, connectivity, speed, error rates, and other factors must be considered together. sale that occurred in the prior year; however, QPU‑related services revenue rose 53%. Following its NASDAQ listing and accompanying financing, cash at the end of September was €312.8 million. Key metrics (Q3 2026) MetricResultRevenue€3.3 million (y/y −42%)QPU‑related services revenue€3.1 million (y/y +53%)QPU sales revenue€0Government grants€1.0 millionConfirmed orders/awards€69.8 million (end of Sep)Cash and cash equivalents€312.8 million (end of Sep)Estimated runwayAbout 5.2 years (based on H1 cash flow) Note: Figures are unaudited. Confirmed orders/awards include grants, tax credits and multi‑year customer contracts. Runway is a simple estimate based on Pasqal’s H1 2026 operating and investing cash flow. Main topics • Demonstrated trapping of four rubidium atoms using photonic integrated circuitsphotonic integrated circuitsPhotonic Integrated Circuit / PIC / Photonic Integrated Circuit / PICA circuit that integrates optical components such as waveguides that guide light, modulators, and splitters on a semiconductor chip.QI NoteUsed not only for quantum applications but also in communications and sensing. In quantum-related publications, check how fully integrated the device is — in particular, whether the light source and detectors are included. driven by lasers, achieving hold times comparable to conventional optics and suggesting the potential to reduce optical footprint by up to 1/50. • Introduced AI‑assisted workflows on Pasqal Cloud compatible with Claude Code, Cursor and Codex. • Partnered with LG CNS and is leading the €50 million, 28‑organization European neutral‑atom project “Q‑PLANET.” ✍️ Quantum Index Analysis The revenue decline largely reflects the absence of a prior‑year QPUQPUQuantum Processor / Quantum Processor / Quantum Processing Unit / QPUThe central part of the hardware that houses qubits and performs quantum computational operations such as quantum gates and measurements.QI NoteThe performance of a QPU cannot be judged by the number of qubits alone. Gate fidelity, connectivity, speed, error rates, and other factors must be considered together. sale; the 53% increase in services revenue is encouraging. Note that services include maintenance and consulting, which should be distinguished from increased core quantum‑computing usage. Financially, Pasqal holds about €312 million—an ample runway of roughly five years. However, its stock fell substantially after listing, raising dilutiondilutionDilution / Dilution / Shareholder Dilution / Equity DilutionAn increase in the number of shares—such as through the issuance of new shares—that causes existing shareholders' ownership percentage and the value per share to be relatively reduced.QI NoteCan occur through issuance of new shares for fundraising or through stock options, among other mechanisms. You should check not only the amount raised but also the number of shares after issuance and the resulting change in existing shareholders' ownership. risk for future capital raises. Commercial revenue remains small, and stronger growth will be needed to secure favorable future financings. Technically, integrated optics for miniaturization could help scale neutral‑atom systems, but current demonstrations are limited to four atoms. Detailed article: Pasqal: H1 revenue €4.9M; where commercialization stands compared with public quantum peers (https://en.quantumindex.jp/pasqal-q3-2026-business-update/) Quantum Computing Inc. (QUBT) Announcement date: 9 November 2026 QCI reported Q3 2026 revenue of $9.5 million—about 25 times the prior‑year quarter—driven by three acquired photonics/semiconductor businesses. Gross margin was low (4.5%), but the company moved from a gross loss in H1 to a gross profit in Q3. As of the end of September, cash and investments totaled about $1.3 billion. Key metrics (Q3 2026) MetricResultRevenue$9.5 million (≈25x y/y)Cumulative revenue (Jan–Sep)$18.742 millionGross margin4.5%Operating loss$28.585 millionInterest & other income$13.047 millionNet loss$15.145 millionCash, cash equivalents & investments≈$1.3 billion (end of Sep)Contract backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized.$39.10 million Main topics • Acquired Luminar Semiconductors, NuCrypt and NHanced Semiconductors in H1 2026, expanding photonics components, quantum communications and advanced packaging capabilities. • The combined post‑acquisition revenue of the three purchases was about $17.4 million, representing roughly 93% of consolidated revenue of $18.74 million (note: this includes pre‑consolidation figures and is not an exact composition). • Partnered with Hamad Bin Khalifa University in Qatar to offer cloud access to the Dirac‑3 quantum optimization system. • Signed a commercial contract with INmune Bio to apply Dirac technology to clinical and biomedical data for Alzheimer’s treatment candidates. ✍️ Quantum Index Analysis Revenue surged roughly 25x, but most of that increase came from acquired businesses rather than growth in quantum‑computing activities. Q3 returned to gross profit, but gross margin remains low (4.5%) and operating loss persists. The company’s net loss was partially offset by about $13.0 million in interest and other income, meaning investment income materially cushions operating losses. With roughly $1.3 billion in financial assets, QCI has substantial capacity to continue integration and development. The next priorities are improving margins on the acquired businesses and growing sales of proprietary Dirac technologies. Detailed article: QCi: Q3 revenue ≈25x to $9.5M; acquisitions drive growth but gross margin remains low (https://en.quantumindex.jp/quantum-computing-inc-q3-2026-results/) D‑Wave (QBTS) Announcement date: 10 November 2026 D‑Wave reported Q3 2026 revenue of $4.5 million, up 21% year‑over‑year. Cumulative orders for Jan–Sep rose 611% to $37.4 million, and RPO expanded about 13‑fold year‑over‑year to $38.3 million. The acquisition of Quantum Circuits and a move into gate‑based quantum development have driven higher R&D spending and cash consumption. Key metrics (Q3 2026) MetricResultRevenue$4.5 million (y/y +21%)Cumulative revenue (Jan–Sep)$10.45 million (y/y −52%)Cumulative orders (Jan–Sep)$37.4 million (y/y +611%)Remaining performance obligations (RPO)$38.3 million (y/y +1,221%)GAAP gross margin52.9%GAAP net loss$48.2 millionAdjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss$37.7 millionOperating cash flowOperating cash flowOperating Cash Flow / Cash Flow from Operating Activities / Operating Cash Flow / Cash Flow from Operating ActivitiesAn indicator that shows the net difference between the cash actually received and the cash actually paid by a company as a result of its core operating activities.QI NoteOperating cash flow can be negative even when operating profit is positive. When assessing a company's financial capacity, you should check not only profits but also whether the company is consistently generating cash. (Jan–Sep)−$109.02 million (about double prior year)Cash & marketable securities$503.4 million (end of Sep)Estimated runwayAbout 3.1 years (based on operating CF + capex) Note: Runway is a simple estimate using Jan–Sep 2026 operating cash flow and capital expenditure averages. It does not account for potential future investments, acquisitions, or financings. Main topics • Acquired Quantum Circuits for about $550 million to operate on both annealing and gate‑based development tracks. • Signed a conditional funding agreement with the U.S. Department of Commerce for up to $100 million to support development of a 100,000‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. annealer and a gate system targeting 100 logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability.. • NTT DOCOMO deployed a second production application: an optimization for 333 base stations that reduced daily peak location‑register signals by up to 65.3%. • Delivered an Advantage2 system with over 4,400 qubits to an Italian customer and began beta access to a gate‑based quantum simulatorquantum simulatorQuantum Simulator / Quantum Simulator / Quantum Computing SimulatorSoftware or computing environments that simulate the computations of a quantum computer or the behavior of quantum systems on classical computers.QI NoteUnlike physical quantum processors, the presence or absence of noise and the number of qubits that can be reproduced vary depending on the method. For demonstrated results, verify the environment used.. ✍️ Quantum Index Analysis An expanded order backlogorder backlog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. is positive, but roughly half of cumulative orders were driven by a single large FAU contract (~$20 million), so it’s important to distinguish one‑off deals from sustained demand. NTT DOCOMO’s production deployment is a noteworthy indicator of practical use. Financially, the Quantum Circuits acquisition and gate‑based R&D push drove Jan–Sep operating cash outflows to roughly double the prior year. With about $503 million on hand, estimated runway is around three years, but further investment could require additional funding and potential equity dilutionequity dilutionDilution / Dilution / Shareholder Dilution / Equity DilutionAn increase in the number of shares—such as through the issuance of new shares—that causes existing shareholders' ownership percentage and the value per share to be relatively reduced.QI NoteCan occur through issuance of new shares for fundraising or through stock options, among other mechanisms. You should check not only the amount raised but also the number of shares after issuance and the resulting change in existing shareholders' ownership.. The key challenge is converting backlog into revenue while achieving revenue growth commensurate with increased development spending on two fronts. Detailed article: D‑Wave: backlog up 13x, but operating cash outflows also doubled as gate‑based development expands (https://en.quantumindex.jp/dwave-q3-2026-results/) Rigetti (RGTI) Announcement date: 10 November 2026 Rigetti reported Q3 2026 revenue of $1.411 million, down about 27.5% year‑over‑year, and an operating loss of approximately $33.19 million. The company announced fidelity improvements on its 108‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. system, while R&D and capex burdens increased. Cash and investments stood at $497.1 million at the end of September. Key metrics (Q3 2026) MetricResultRevenue$1.411 million (y/y −27.5%)Cumulative revenue (Jan–Sep)$10.949 million (y/y +110%)Operating loss$33.186 millionGAAP net loss$3.137 millionOperating cash flowOperating cash flowOperating Cash Flow / Cash Flow from Operating Activities / Operating Cash Flow / Cash Flow from Operating ActivitiesAn indicator that shows the net difference between the cash actually received and the cash actually paid by a company as a result of its core operating activities.QI NoteOperating cash flow can be negative even when operating profit is positive. When assessing a company's financial capacity, you should check not only profits but also whether the company is consistently generating cash. (Jan–Sep)−$49.061 millionCapital expenditures (Jan–Sep)$42.598 millionCash, cash equivalents & investments$497.1 million (end of Sep)Estimated runwayAbout 4.1 years (based on operating CF + capex) Note: Runway is a simple estimate based on Jan–Sep 2026 cash consumption and does not reflect potential future increases in capex. Main topics • Reported median two‑qubit gate fidelitygate fidelityGate Fidelity / Gate Fidelity / Quantum Gate FidelityA measure of accuracy that indicates how closely a quantum gate operation was performed compared to the ideal operation.QI NoteHigher is generally better, but values depend on the measurement method and differ between single-qubit and two-qubit gates. When comparing, also check the evaluation conditions. of 99.5% across all 108 qubits on the superconducting Cepheus‑1‑108Q system. • Targets a system with more than 300 qubits, ~99.7% fidelity, and gate speeds under 60 ns by mid‑2028. • Secured up to $100 million in R&D support from the U.S. Department of Commerce to develop readout, cooling and manufacturing equipment. • Under a partnership with Quanta Computer, plans to invest at least $250 million in the quantum field over five years starting in 2025. • Guides to roughly $20 million revenue for full year 2026, conditional on customer acceptance of a C‑DAC system in Q4. ✍️ Quantum Index Analysis Technical progress is evident, but the business picture shows declining quarter revenue and widening operating losses. The relatively small GAAP net loss (~$3.1 million) reflects a one‑time non‑operating gain from warrant liabilities (~$25.29 million). While Rigetti emphasizes fidelity gains for its 108‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. system, one should distinguish between technical milestones and commercial revenue growth. With about $497 million of cash on hand, Rigetti is not in immediate funding distress. However, combined operating cash outflows and capex of roughly $91.659 million in Jan–Sep imply a runway of about 4.1 years on a simple basis. If manufacturing expansion accelerates cash burncash burnCash Burn / Cash Burn Rate / Burn Rate / Cash Burn / Cash Burn Rate / Burn RateA concept that indicates the speed at which a company’s on-hand cash is being depleted due to business operations. It is typically expressed as the amount of cash decrease per month or per quarter.QI NoteIt is not necessarily the same as the amount of net loss, and the appearance can change due to capital expenditures, financing, and other factors. In news coverage, together with on-hand cash, attention should be paid to how many months the business can continue operating., the company may need additional financing, with attendant dilutiondilutionDilution / Dilution / Shareholder Dilution / Equity DilutionAn increase in the number of shares—such as through the issuance of new shares—that causes existing shareholders' ownership percentage and the value per share to be relatively reduced.QI NoteCan occur through issuance of new shares for fundraising or through stock options, among other mechanisms. You should check not only the amount raised but also the number of shares after issuance and the resulting change in existing shareholders' ownership. risk. The main challenge is converting technical advances into recurring orders and revenue growth that justify continued investment. Detailed article: Rigetti: Q3 revenue $1.41M; operating loss $33.19M as capex expands (https://en.quantumindex.jp/rigetti-q3-2026-results-cepheus-108q-fidelity/) Xanadu (XNDU) Scheduled announcement: 11 November Awaiting results. Revenue, profitability, financial position and major business topics will be added after the announcement. Infleqtion (INFQ) Scheduled announcement: 16 November Awaiting results. Revenue, profitability, financial position and major business topics will be added after the announcement. Note: This article will be updated continuously as companies release earnings. We may change the items we publish in response to new information or company disclosures. 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The Q3 2026 (July–September) earnings season for nine leading quantum-computing companies is concentrated between November 5 and November 11.

In this special feature we list each company’s earnings announcement schedule and will update this article with revenue, profitability, financial position and material business developments as results are released. We aim to compile the latest information so readers can monitor cross‑company business trends in quantum computing.

Last updated: 11 November 2026

Earnings calendar for major quantum-computing companies

Announcement date (local)	Company	Ticker	Main technology
Thu, Nov 5	Quantinuum	QNT	Ion trap
Thu, Nov 5	IQM	IQMX	Superconducting
Thu, Nov 5	IonQ	IONQ	Ion trap
Fri, Nov 6	Pasqal	PSQL	Neutral atoms
Mon, Nov 9	Quantum Computing Inc.	QUBT	Photonics
Tue, Nov 10	D-Wave	QBTS	Quantum annealingQuantum annealingQuantum Annealing / Quantum AnnealingA computational method that uses quantum fluctuations to search for good solutions to combinatorial optimization problems and the like. Problems are solved by mapping them into a form where one searches for low-energy states.QI NoteQuantum annealing, unlike general-purpose gate-model quantum computers, is a scheme specialized for solving optimization problems. It was theoretically proposed in the 1990s by Hidetoshi Nishimori and others, and today D-Wave develops representative commercial systems. When evaluating performance, one should check not only the number of qubits but also how the problem is embedded and the comparison conditions with classical methods. & gate
Tue, Nov 10	Rigetti	RGTI	Superconducting
Wed, Nov 11	Xanadu	XNDU	Photonic quantum
Mon, Nov 16	Infleqtion	INFQ	Neutral atoms

Note: Dates are based on each company’s official announcements as of the last update. Dates are local to the company and may correspond to the following day in Japan. Schedules are subject to change.

Company-by-company earnings summaries and highlights

Below we will post each company’s key financials and material business highlights as they are announced. Where we publish more detailed analysis pieces, we will add links.

Quantinuum (QNT)

Announcement date: 5 November 2026

Quantinuum reported Q3 2026 revenue of $9.1 million, up 233% year‑over‑year. It raised its full‑year revenue outlook to $31.0–34.0 million. However, cumulative revenue for January–September fell about 6.8% year‑over‑year to $22.29 million.

Key metrics (Q3 2026)

Metric	Result
Revenue	$9.1 million (y/y +233%)
Cumulative revenue (Jan–Sep)	$22.29 million (y/y −6.8%)
GAAP gross margin	33.3%
GAAP net loss	$118.0 million
Adjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss	$80.0 million
Cash and cash equivalents	$1.94 billion (end of Sep)

Main topics

• Signed the company’s largest multi‑year cloud agreement with a global financial institution, including access through its planned Apollo system.
• Nexus adoption expanded to 215 organizations. Annual job submissions increased tenfold year‑over‑year.
• Reported logical fidelity of 99.9995% on Helios. Timetables for Sol and Apollo remain: Sol in late 2027, Apollo in 2029.
• Raised 2026 full‑year revenue guidance from $28.0–32.0 million to $31.0–34.0 million.

Detailed article: Quantinuum: Q3 revenue up 233% but year‑to‑date revenue down; $1.94B cash supports development

IQM (IQMX)

Announcement date: 5 November 2026

IQM reported Q3 2026 revenue of €8.857 million, up 51% year‑over‑year. New orders amounted to €42.20 million, and backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. at the end of September expanded 52% year‑to‑date to €102.50 million.

Key metrics (Q3 2026)

Metric	Result
Revenue	€8.857 million (y/y +51%)
New orders	€42.20 million
Order backlog	€102.50 million (y/t +52%)
Operating loss	€171.236 million
Cash and cash equivalents	€260.418 million (end of Sep)

Main topics

• Received its first order for the next‑generation system IQM Halocene—designed for quantum error correctionquantum error correction量子誤り訂正 / Quantum Error Correction / QECA technique that distributes information across multiple physical qubits and detects and corrects errors without directly disturbing the quantum state.QI NoteSimply implementing it does not automatically provide practical fault tolerance. What matters is whether the logical error rate is improved relative to the physical error rate.—worth €33.0 million for CSC’s LUMI AI Factory.
• Sold small quantum computers “IQM Spark” to customers in Brazil and Japan.
• Maintained its 2026 full‑year revenue guidance of €42.0–47.0 million.

Detailed article: IQM: Q3 revenue up 51%; backlog tops €100M, cash position healthy

IonQ (IONQ)

Announcement date: 5 November 2026

IonQ reported Q3 2026 revenue of $173.8 million, up 336% year‑over‑year, marking its sixth consecutive quarter of record revenue. Revenue from acquired SkyWater contributed significantly, while IonQ Platform revenue also rose 127%. The company raised its full‑year revenue guidance to $505.0–$515.0 million.

Key metrics (Q3 2026)

Metric	Result
Revenue	$173.8 million (y/y +336%)
IonQ Platform revenue	$90.3 million (y/y +127%)
SkyWater revenue	$83.5 million
Remaining performance obligations (RPO)	$1.20 billion
Adjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit.	−$133.6 million
Cash, cash equivalents & investments	$3.7 billion (after October capital raise)

Main topics

• Of roughly $290 million in new Platform contracts, about $180 million relates to quantum‑computing services.
• Plans to install a Superion 256 on‑premises at an NVIDIA research facility. Advanced to Stage C of DARPA’s Quantum Benchmarking Initiative.
• Raised its 2026 revenue outlook; expects quantum‑computing revenue to grow about 110% year‑over‑year.

Detailed article: IonQ: Q3 revenue up 336% to a record; acquisitions boost growth

Pasqal (PSQL)

Announcement date: 6 November 2026

Pasqal reported Q3 2026 revenue of €3.3 million, down about 42% year‑over‑year. The decline mainly reflects the absence of a QPUQPUQuantum Processor / Quantum Processor / Quantum Processing Unit / QPUThe central part of the hardware that houses qubits and performs quantum computational operations such as quantum gates and measurements.QI NoteThe performance of a QPU cannot be judged by the number of qubits alone. Gate fidelity, connectivity, speed, error rates, and other factors must be considered together. sale that occurred in the prior year; however, QPU‑related services revenue rose 53%. Following its NASDAQ listing and accompanying financing, cash at the end of September was €312.8 million.

Key metrics (Q3 2026)

Metric	Result
Revenue	€3.3 million (y/y −42%)
QPU‑related services revenue	€3.1 million (y/y +53%)
QPU sales revenue	€0
Government grants	€1.0 million
Confirmed orders/awards	€69.8 million (end of Sep)
Cash and cash equivalents	€312.8 million (end of Sep)
Estimated runway	About 5.2 years (based on H1 cash flow)

Note: Figures are unaudited. Confirmed orders/awards include grants, tax credits and multi‑year customer contracts. Runway is a simple estimate based on Pasqal’s H1 2026 operating and investing cash flow.

Main topics

• Demonstrated trapping of four rubidium atoms using photonic integrated circuitsphotonic integrated circuitsPhotonic Integrated Circuit / PIC / Photonic Integrated Circuit / PICA circuit that integrates optical components such as waveguides that guide light, modulators, and splitters on a semiconductor chip.QI NoteUsed not only for quantum applications but also in communications and sensing. In quantum-related publications, check how fully integrated the device is — in particular, whether the light source and detectors are included. driven by lasers, achieving hold times comparable to conventional optics and suggesting the potential to reduce optical footprint by up to 1/50.
• Introduced AI‑assisted workflows on Pasqal Cloud compatible with Claude Code, Cursor and Codex.
• Partnered with LG CNS and is leading the €50 million, 28‑organization European neutral‑atom project “Q‑PLANET.”

Detailed article: Pasqal: H1 revenue €4.9M; where commercialization stands compared with public quantum peers

Quantum Computing Inc. (QUBT)

Announcement date: 9 November 2026

QCI reported Q3 2026 revenue of $9.5 million—about 25 times the prior‑year quarter—driven by three acquired photonics/semiconductor businesses. Gross margin was low (4.5%), but the company moved from a gross loss in H1 to a gross profit in Q3. As of the end of September, cash and investments totaled about $1.3 billion.

Key metrics (Q3 2026)

Metric	Result
Revenue	$9.5 million (≈25x y/y)
Cumulative revenue (Jan–Sep)	$18.742 million
Gross margin	4.5%
Operating loss	$28.585 million
Interest & other income	$13.047 million
Net loss	$15.145 million
Cash, cash equivalents & investments	≈$1.3 billion (end of Sep)
Contract backlogbacklog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized.	$39.10 million

Main topics

• Acquired Luminar Semiconductors, NuCrypt and NHanced Semiconductors in H1 2026, expanding photonics components, quantum communications and advanced packaging capabilities.
• The combined post‑acquisition revenue of the three purchases was about $17.4 million, representing roughly 93% of consolidated revenue of $18.74 million (note: this includes pre‑consolidation figures and is not an exact composition).
• Partnered with Hamad Bin Khalifa University in Qatar to offer cloud access to the Dirac‑3 quantum optimization system.
• Signed a commercial contract with INmune Bio to apply Dirac technology to clinical and biomedical data for Alzheimer’s treatment candidates.

Detailed article: QCi: Q3 revenue ≈25x to $9.5M; acquisitions drive growth but gross margin remains low

D‑Wave (QBTS)

Announcement date: 10 November 2026

D‑Wave reported Q3 2026 revenue of $4.5 million, up 21% year‑over‑year. Cumulative orders for Jan–Sep rose 611% to $37.4 million, and RPO expanded about 13‑fold year‑over‑year to $38.3 million. The acquisition of Quantum Circuits and a move into gate‑based quantum development have driven higher R&D spending and cash consumption.

Key metrics (Q3 2026)

Metric	Result
Revenue	$4.5 million (y/y +21%)
Cumulative revenue (Jan–Sep)	$10.45 million (y/y −52%)
Cumulative orders (Jan–Sep)	$37.4 million (y/y +611%)
Remaining performance obligations (RPO)	$38.3 million (y/y +1,221%)
GAAP gross margin	52.9%
GAAP net loss	$48.2 million
Adjusted EBITDAAdjusted EBITDA調整後EBITDA / Adjusted EBITDAA profitability measure that starts with EBITDA (earnings before interest, taxes, depreciation, and amortization) and further excludes or adjusts items specified by the company, such as one-time expenses and stock-based compensation.QI NoteThere is no standardized rule for what adjustments are made, so direct comparisons between companies can be difficult. Check which items were excluded and how large the difference is from GAAP profit. loss	$37.7 million
Operating cash flowOperating cash flowOperating Cash Flow / Cash Flow from Operating Activities / Operating Cash Flow / Cash Flow from Operating ActivitiesAn indicator that shows the net difference between the cash actually received and the cash actually paid by a company as a result of its core operating activities.QI NoteOperating cash flow can be negative even when operating profit is positive. When assessing a company's financial capacity, you should check not only profits but also whether the company is consistently generating cash. (Jan–Sep)	−$109.02 million (about double prior year)
Cash & marketable securities	$503.4 million (end of Sep)
Estimated runway	About 3.1 years (based on operating CF + capex)

Note: Runway is a simple estimate using Jan–Sep 2026 operating cash flow and capital expenditure averages. It does not account for potential future investments, acquisitions, or financings.

Main topics

• Acquired Quantum Circuits for about $550 million to operate on both annealing and gate‑based development tracks.
• Signed a conditional funding agreement with the U.S. Department of Commerce for up to $100 million to support development of a 100,000‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. annealer and a gate system targeting 100 logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability..
• NTT DOCOMO deployed a second production application: an optimization for 333 base stations that reduced daily peak location‑register signals by up to 65.3%.
• Delivered an Advantage2 system with over 4,400 qubits to an Italian customer and began beta access to a gate‑based quantum simulatorquantum simulatorQuantum Simulator / Quantum Simulator / Quantum Computing SimulatorSoftware or computing environments that simulate the computations of a quantum computer or the behavior of quantum systems on classical computers.QI NoteUnlike physical quantum processors, the presence or absence of noise and the number of qubits that can be reproduced vary depending on the method. For demonstrated results, verify the environment used..

Detailed article: D‑Wave: backlog up 13x, but operating cash outflows also doubled as gate‑based development expands

Rigetti (RGTI)

Announcement date: 10 November 2026

Rigetti reported Q3 2026 revenue of $1.411 million, down about 27.5% year‑over‑year, and an operating loss of approximately $33.19 million. The company announced fidelity improvements on its 108‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. system, while R&D and capex burdens increased. Cash and investments stood at $497.1 million at the end of September.

Key metrics (Q3 2026)

Metric	Result
Revenue	$1.411 million (y/y −27.5%)
Cumulative revenue (Jan–Sep)	$10.949 million (y/y +110%)
Operating loss	$33.186 million
GAAP net loss	$3.137 million
Operating cash flowOperating cash flowOperating Cash Flow / Cash Flow from Operating Activities / Operating Cash Flow / Cash Flow from Operating ActivitiesAn indicator that shows the net difference between the cash actually received and the cash actually paid by a company as a result of its core operating activities.QI NoteOperating cash flow can be negative even when operating profit is positive. When assessing a company's financial capacity, you should check not only profits but also whether the company is consistently generating cash. (Jan–Sep)	−$49.061 million
Capital expenditures (Jan–Sep)	$42.598 million
Cash, cash equivalents & investments	$497.1 million (end of Sep)
Estimated runway	About 4.1 years (based on operating CF + capex)

Note: Runway is a simple estimate based on Jan–Sep 2026 cash consumption and does not reflect potential future increases in capex.

Main topics

• Reported median two‑qubit gate fidelitygate fidelityGate Fidelity / Gate Fidelity / Quantum Gate FidelityA measure of accuracy that indicates how closely a quantum gate operation was performed compared to the ideal operation.QI NoteHigher is generally better, but values depend on the measurement method and differ between single-qubit and two-qubit gates. When comparing, also check the evaluation conditions. of 99.5% across all 108 qubits on the superconducting Cepheus‑1‑108Q system.
• Targets a system with more than 300 qubits, ~99.7% fidelity, and gate speeds under 60 ns by mid‑2028.
• Secured up to $100 million in R&D support from the U.S. Department of Commerce to develop readout, cooling and manufacturing equipment.
• Under a partnership with Quanta Computer, plans to invest at least $250 million in the quantum field over five years starting in 2025.
• Guides to roughly $20 million revenue for full year 2026, conditional on customer acceptance of a C‑DAC system in Q4.

Detailed article: Rigetti: Q3 revenue $1.41M; operating loss $33.19M as capex expands

Xanadu (XNDU)

Scheduled announcement: 11 November

Awaiting results. Revenue, profitability, financial position and major business topics will be added after the announcement.

Infleqtion (INFQ)

Scheduled announcement: 16 November

Awaiting results. Revenue, profitability, financial position and major business topics will be added after the announcement.

Note: This article will be updated continuously as companies release earnings. We may change the items we publish in response to new information or company disclosures.