Revenue and 2026 Guidance
Revenue of $32.5M in 2025 (all organic and from Quantum). Company guided to ~ $40M for 2026, implying an implied year-over-year increase of ~23.1% versus 2025.
Improvement in Operating Losses
GAAP loss from operations narrowed to $35.3M in 2025 from $53.0M in 2024 (improvement of $17.7M, ~33.4%). Non-GAAP operating loss improved to $28.1M in 2025 from $35.7M in 2024 (improvement of $7.6M, ~21.3%).
Reduced Cash Burn and Improved Operating Cash Flow
Cash burn was approximately $36M in 2025. Net cash used in operating activities improved to $24.1M in 2025 from $32.5M in 2024 (improvement of $8.4M, ~25.8%).
Strong Balance Sheet Post-IPO Financing
Completed NYSE listing and raised $515M of net proceeds in February 2026; exited 2025 with $63M cash and cash equivalents and no debt. Pro forma cash balance in excess of $550M after the financing.
Clear Technical Roadmap and Rapid Logical Qubit Progress
Delivered 2 logical qubits in 2024 and 12 logical qubits in 2025; on track for 30 logical qubits in 2026 and 100 logical qubits in 2028. Company reported record commercial neutral-atom gate fidelity and published advances (e.g., dual species gates and QLDPC software).
Commercial Deployments, Customers and Partnerships
Several field deployments and sales: first system at U.K. National Quantum Computing Center; 500-qubit system delivered to Institute for Molecular Science in Japan; technology operating on ISS since 2018. Strategic partnerships and customers include NVIDIA, Safran (quantum-enabled precision timing), NASA (QGG Pathfinder), ARPA‑E, SAIC, and defense programs (U.S. Army SAPIENT, Royal Navy Excalibur trial).
Sensing Market Traction and Near-Term Monetization
Sensing products are already monetizing with strong performance claims (10x–1,000x improvements in precision vs classical systems). Historically ~ two-thirds of revenue has come from sensing versus one-third from computing, and many near-term contracts are sensing/national security focused.