Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

XNDU

Software - Infrastructure · Technology

Price

$9.99

-0.19 (-1.87%)

Market Cap

$226.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Share count falling — buybacks

−89.9% over 2y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 298.0M (2023) → 30.0M (2025)

Xanadu Quantum Technologies Inc. develops and provides photonic quantum computing hardware and software platforms, including cloud-based access to quantum computers and tools for quantum programming and simulation. The company provides access to photonic quantum computers through x-series devices available via the cloud, supporting programmable quantum gates and photon-number resolving detectors. It offers Pennylane, a Python library for quantum programming and differentiable quantum programming

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

EPS data limited

R&D Spend

$55M/ year

↑ Rising (+41% vs prior year)

>1,000% of revenue

79.8x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

81.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~9 years

$272M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$272M cash & investments at current burn rate

Heavy R&D investment

Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares is putting 1196% of revenue into R&D and that number is rising. That's 79.8x the sector average. With 9+ years of cash runway, they have time to let it pay off.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

92.2%

Premium pricing power — 92.2% gross margin

Operating Margin

-1501.5%

Losing money on operations — -1501.5%

ROCE

-23.4%

Weak — -23.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+190.6%

Fast-growing sales (190.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-59.1%

Burning cash (-59.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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