Xanadu Quantum Technologies Balance Sheet Health

Financial Health criteria checks 5/6

Xanadu Quantum Technologies has a total shareholder equity of $313.1M and total debt of $32.4M, which brings its debt-to-equity ratio to 10.4%. Its total assets and total liabilities are $384.0M and $70.9M respectively.

Key information

10.35%

Debt to equity ratio

US$32.41m

Debt

Interest coverage ratio	n/a
Cash	US$312.78m
Equity	US$313.08m
Total liabilities	US$70.93m
Total assets	US$384.01m

Recent financial health updates

No updates

Recent updates

Seeking Alpha • Aug 25

Xanadu: Great Science, Too Much Success Priced In

Summary Xanadu demonstrates credible quantum technology, but current ~$3B valuation overprices the probability of timely technical success. Photon loss remains the core technical hurdle; management estimates a 5–10x gap remains to fault tolerance, with a new loss roadmap expected soon. XNDU holds $312.8M in cash and ample funding options, providing sufficient runway to reach key milestones without immediate dilution risk. At $10.95, XNDU trades above my base-case scenario; I rate it Sell until concrete technical progress justifies the current valuation. Read the full article on Seeking Alpha

Financial Position Analysis

Short Term Liabilities: XNDU's short term assets ($331.2M) exceed its short term liabilities ($13.0M).

Long Term Liabilities: XNDU's short term assets ($331.2M) exceed its long term liabilities ($58.0M).

Debt to Equity History and Analysis

Debt Level: XNDU has more cash than its total debt.

Reducing Debt: Insufficient data to determine if XNDU's debt to equity ratio has reduced over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss-making in the past, we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: XNDU has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: XNDU has sufficient cash runway for 1.9 years if free cash flow continues to reduce at historical rates of 26.5% each year.

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/09/09 17:07
End of Day Share Price	2026/09/09 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Xanadu Quantum Technologies Limited is covered by 3 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
William Kingsley Crane	Canaccord Genuity
Todd Coupland	CIBC Capital Markets
Nehal Chokshi	Northland Capital Markets