Detailed financial statements for Quantinuum Inc. Class A Common Stock (QNT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Quantinuum Inc. manufactures and develops quantum computing hardware and software in United States and Internationally. The company develops a quantum computing platform that offers solutions, such as hardware platforms, developer tools, application libraries, and solution-targeted intellectual property.
Analysis Summary
Trailing-twelve-month margins: gross margin 8.3%, operating margin -52.3%, net margin -14.5%.
At $32.57 (closing price, November 3, 2026), QNT has negative trailing earnings (P/E not meaningful) and an ROE of -46.94%. Market capitalisation stands at $8.6B.
Balance sheet quality for QNT: debt-to-equity ratio of 0.07, current ratio of 15.49 over the last 12 months, net cash position of $758.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2024 | 2025 |
|---|
| Revenue | $23.0M | $30.9M |
| Cost of Revenue | $10.8M | $11.7M |
| Gross Profit | $12.2M | $19.2M |
| Research & Development | $122.2M | $405.2M |
| Selling, General & Admin | $31.3M | $132.7M |
| Operating Expenses | $164.9M | $549.3M |
| Operating Income | -$152.8M | -$530.1M |
| EBITDA | -$111.6M | -$538.2M |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$143.8M | -$568.0M |
| Income Tax | $233,000 | $75,000 |
| Net Income | -$144.1M | -$71.5M |
| EPS | -$4.16 | -$2.15 |
| EPS (Diluted) | -$4.16 | -$2.15 |
| Shares Outstanding (Diluted) | 34.7 M | 33.2 M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $19.1M | $2.1M | $5.2M | $8.0M |
| Gross Profit | $17.6M | $903,000 | $3.4M | -$2.3M |
| Operating Income | -$29.9M | -$51.1M | -$137.7M | -$555.0M |
| EBITDA | -$23.1M | -$43.4M | -$124.0M | -$545.5M |
| Net Income | -$30.5M | -$56.9M | -$16.7M | -$175.5M |
| EPS | -$0.88 | -$1.64 | -$0.48 | -$1.93 |
| EPS (Diluted) | -$0.88 | -$1.64 | -$0.48 | -$1.93 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|
| Cash & Equivalents | $172.3M | $762.6M |
| Short-term Investments | 0 | $5.8M |
| Receivables | $13.0M | $13.3M |
| Inventory | 0 | 0 |
| Total Current Assets | $198.9M | $801.8M |
| Property, Plant & Equipment | $80.0M | $131.0M |
| Goodwill | $730.1M | $784.8M |
| Intangible Assets | $52.8M | $115.5M |
| Total Assets | $1.07B | $1.85B |
| Accounts Payable | $8.1M | $10.6M |
| Short-term Debt | 0 | 0 |
| Total Current Liabilities | $30.9M | $56.3M |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $71.7M | $158.0M |
| Retained Earnings | -$552.2M | -$744.8M |
| Total Equity | $998.6M | $1.69B |
| Total Debt | $7.6M | $10.5M |
| Net Debt | -$164.7M | -$758.0M |
| Working Capital | $168.1M | $745.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | 0 | $2.26B | $2.11B |
| Total Assets | 0 | $3.36B | $3.23B |
| Total Liabilities | -$998.6M | $140.9M | $224.6M |
| Total Equity | $998.6M | $406.0M | $413.1M |
| Total Debt | 0 | $24.8M | $29.9M |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|
| Net Income | -$144.1M | -$192.6M |
| Depreciation & Amortization | $32.2M | $29.8M |
| Stock-based Compensation | $363,000 | 0 |
| Change in Working Capital | -$18.5M | $5.5M |
| Operating Cash Flow | -$120.9M | -$160.3M |
| Capital Expenditure | -$14.0M | -$75.1M |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$134.9M | -$235.3M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$32.7M | -$33.0M | -$62.9M | -$66.2M |
| Capital Expenditure | -$15.4M | -$22.3M | -$22.7M | -$16.5M |
| Free Cash Flow | -$48.2M | -$55.3M | -$85.6M | -$82.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +34.6% |
| Net Income Growth (YoY) | | +50.4% |
| EPS Growth (YoY) | | +48.3% |
| Shares Change (YoY) | | -4.2% |
| FCF Growth (YoY) | | -74.5% |
| Gross Margin | 53.0% | 62.2% |
| Operating Margin | -664.8% | -1,713.7% |
| EBITDA Margin | -485.8% | -1,739.9% |
| Net Margin | -627.0% | -231.3% |
| FCF Margin | -587.0% | -760.9% |
| Effective Tax Rate | -0.2% | -0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|
| FCF Per Share | -$3.89 | -$7.09 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 34.7 M | 33.2 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -46.94% |
| Return on Invested Capital | -22.41% |
| Return on Assets | -5.95% |
| Gross Margin | 8.29% |
| Operating Margin | -5,233.85% |
| Net Margin | -1,452.53% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 15.49 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 53.32 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|
| P/E | -14.51 | -28.08 |
| P/B | 2.10 | 1.19 |
| P/S | 91.08 | 64.83 |
| Gross Margin | 53.0% | 62.2% |
| Operating Margin | -664.8% | -1,713.7% |
| Net Margin | -627.0% | -231.3% |