XNDU.TO
Xanadu Quantum Technologies Limited
TorontoCADEQUITY
Technology
DELAYED
Last price
15.02
▲ 1.05 (7.52%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
13.91
Prev close
13.97
Day high
15.14
Day low
13.89
Volume
228.97K
Market cap
$4.57B
P/E (TTM)
—
52W range
9.75 – 57.00
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
62.73M
Total on file
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
-5.95%
-4.6%
1M
-3.53%
-7.3%
3M
-28.24%
-31.3%
6M
—
-11.1%
YTD
-6.30%
-18.6%
1Y
—
-20.0%
3Y
—
-74.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$4.57B
Enterprise value$4.32B
Revenue (TTM)$7.21M
Gross profit$6.71M
EBITDA$-87.72M
Net income$-105.98M
EPS (TTM)$-0.37
Free cash flow$-47.41M
Total cash$312.78M
Total debt$59.15M
Book value / share$1.23
Shares outstanding52.67M
Float13.20M
Short % of float1.57%
Dividend yield—
Beta (5Y)—
Short interest
Shares short
465.98K
Prior 639.59K
Change vs prior
-27.1%
Shorts covering
% of float
1.57%
Normal
% of shares out
0.15%
Against total outstanding
Days to cover
2.9
Liquid
Float
13.20M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E—
Forward P/E-20.00
PEG ratio—
Price / sales—
Price / book12.19
EV / revenue599.36
EV / EBITDA-49.23
Gross margin93.18%
Operating margin-1984.84%
Profit margin0.00%
Return on equity-56.37%
Return on assets-24.37%
Debt / equity18.89
Current ratio25.54
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Total revenue | $3.37M | $1.11M | $1.87M | +204.5% |
| Operating revenue | $3.37M | $1.11M | $1.87M | +204.5% |
| Cost of revenue | $263.57K | $324.70K | $456.05K | -18.8% |
| Gross profit | $3.11M | $782.47K | $1.41M | +297.1% |
| Research & development | $40.33M | $27.33M | $26.92M | +47.6% |
| Selling, general & admin | $12.12M | $5.51M | $5.01M | +119.9% |
| Total operating expense | $53.72M | $36.04M | $32.84M | +49.1% |
| Operating income | -$50.61M | -$35.25M | -$31.43M | -43.6% |
| Net interest income | $882.71K | $3.25M | $4.91M | -72.9% |
| Pre-tax income | -$51.60M | -$32.03M | -$26.83M | -61.1% |
| Net income | -$51.60M | -$32.03M | -$26.83M | -61.1% |
| Net income to common | -$51.60M | -$32.03M | -$26.83M | -61.1% |
| Basic EPS | -0.17 | -0.11 | -0.09 | -61.1% |
| Diluted EPS | -0.17 | -0.11 | -0.09 | -61.1% |
| EBIT | -$50.61M | -$35.25M | -$31.43M | -43.6% |
| EBITDA | -$45.70M | -$31.29M | -$28.03M | -46.0% |
| Basic shares | 297.99M | 297.99M | 297.99M | 0.0% |
| Diluted shares | 297.99M | 297.99M | 297.99M | 0.0% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Cash & equivalents | $11.80M | $54.08M | $88.54M | -78.2% |
| Cash & short-term investments | $11.80M | $54.08M | $88.54M | -78.2% |
| Accounts receivable | $73.01K | $422.94K | $6.03K | -82.7% |
| Inventory | $6.09M | $2.23M | $8.29K | +173.4% |
| Total current assets | $29.36M | $62.97M | $93.19M | -53.4% |
| Property, plant & equipment | $18.44M | $15.93M | $18.38M | +15.8% |
| Goodwill & intangibles | $3.74M | $2.46M | $2.24M | +52.1% |
| Total assets | $51.55M | $81.36M | $113.81M | -36.6% |
| Total current liabilities | $6.55M | $3.75M | $2.33M | +74.7% |
| Long-term debt | $21.90M | $11.15M | $5.13M | +96.4% |
| Total debt | $27.93M | $17.34M | $12.81M | +61.1% |
| Total liabilities | $33.70M | $20.39M | $14.39M | +65.3% |
| Retained earnings | -$150.63M | -$94.51M | -$67.59M | -59.4% |
| Shareholder equity | $17.85M | $60.96M | $99.43M | -70.7% |
| Working capital | $22.81M | $59.21M | $90.86M | -61.5% |
| Net tangible assets | $14.10M | $58.50M | $97.18M | -75.9% |
| Shares issued | 297.99M | 297.99M | 297.99M | 0.0% |
| Line item | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|
| Net income | -$51.60M | -$32.03M | -$26.83M | -61.1% |
| Depreciation & amortisation | $4.92M | $3.96M | $3.41M | +24.2% |
| Stock-based compensation | $2.93M | $2.02M | $1.66M | +45.5% |
| Change in working capital | -$7.74M | -$3.78M | -$1.70M | -105.1% |
| Operating cash flow | -$49.68M | -$29.08M | -$22.27M | -70.8% |
| Capital expenditure | -$6.47M | -$4.65M | -$7.85M | -39.1% |
| Investing cash flow | -$6.47M | -$4.65M | -$7.51M | -39.1% |
| Financing cash flow | $8.93M | $6.48M | $3.25M | +37.9% |
| Free cash flow | -$56.15M | -$33.73M | -$30.13M | -66.5% |
| End cash position | $11.80M | $54.08M | $88.54M | -78.2% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $1.51M | $2.83M | $1.40M | $709.18K | $1.06M | — | -46.6% |
| Operating revenue | $1.51M | $2.83M | $1.40M | $709.18K | $1.06M | — | -46.6% |
| Cost of revenue | $128.00K | $113.00K | $147.17K | $37.36K | $60.00K | — | +13.3% |
| Gross profit | $1.38M | $2.72M | $1.25M | $671.82K | $997.00K | — | -49.1% |
| Research & development | $19.72M | $17.35M | $12.80M | $10.99M | $13.01M | — | +13.7% |
| Selling, general & admin | $11.60M | $11.16M | $5.68M | $3.06M | $2.56M | — | +3.9% |
| Total operating expense | $31.37M | $25.99M | $16.67M | $15.54M | $16.52M | — | +20.7% |
| Operating income | -$29.99M | -$23.27M | -$15.42M | -$14.87M | -$15.52M | — | -28.9% |
| Net interest income | $2.32M | -$190.00K | $371 | $239.99K | $342.00K | — | +1,320.5% |
| Pre-tax income | -$42.05M | -$20.60M | -$17.36M | -$14.58M | -$15.14M | — | -104.1% |
| Net income | -$42.05M | -$20.60M | -$17.36M | -$14.58M | -$15.14M | — | -104.1% |
| Net income to common | -$42.05M | -$20.60M | -$17.36M | -$14.58M | -$15.14M | — | -104.1% |
| Basic EPS | -0.14 | -0.28 | — | -0.05 | -0.05 | -0.04 | +50.0% |
| Diluted EPS | -0.14 | -0.28 | — | -0.05 | -0.05 | -0.04 | +50.0% |
| EBIT | -$29.99M | -$23.27M | -$15.42M | -$14.87M | -$15.52M | — | -28.9% |
| EBITDA | -$28.01M | -$21.49M | -$14.02M | -$13.64M | -$14.03M | — | -30.3% |
| Basic shares | 299.96M | 72.46M | — | 297.99M | 297.99M | 297.99M | +314.0% |
| Diluted shares | 299.96M | 72.46M | — | 297.99M | 297.99M | 297.99M | +314.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $312.78M | $272.46M | $11.80M | $25.94M | $54.08M | +14.8% |
| Cash & short-term investments | $312.78M | $272.46M | $11.80M | $25.94M | $54.08M | +14.8% |
| Accounts receivable | $198.00K | $102.00K | $73.01K | $540.33K | $422.94K | +94.1% |
| Inventory | $5.72M | $6.11M | $6.09M | $6.52M | $2.23M | -6.4% |
| Total current assets | $331.22M | $290.42M | $29.36M | $41.10M | $62.97M | +14.0% |
| Property, plant & equipment | $42.61M | $23.79M | $18.44M | $18.22M | $15.93M | +79.1% |
| Goodwill & intangibles | $4.95M | $4.83M | $3.74M | $3.44M | $2.46M | +2.3% |
| Total assets | $384.01M | $319.04M | $51.55M | $62.76M | $81.36M | +20.4% |
| Total current liabilities | $12.97M | $20.23M | $6.55M | $7.70M | $3.75M | -35.9% |
| Current debt | $132.00K | — | — | — | — | — |
| Long-term debt | $32.41M | $30.03M | $21.90M | $18.59M | $11.15M | +7.9% |
| Total debt | $59.15M | $37.89M | $27.93M | $24.63M | $17.34M | +56.1% |
| Total liabilities | $70.93M | $57.06M | $33.70M | $31.57M | $20.39M | +24.3% |
| Retained earnings | -$270.37M | -$228.31M | -$150.63M | -$131.69M | -$94.51M | -18.4% |
| Shareholder equity | $313.07M | $261.98M | $17.85M | $31.19M | $60.96M | +19.5% |
| Working capital | $318.25M | $270.18M | $22.81M | $33.41M | $59.21M | +17.8% |
| Net tangible assets | $308.13M | $257.14M | $14.10M | $27.75M | $58.50M | +19.8% |
| Shares issued | 304.22M | 298.51M | 297.99M | 297.99M | 297.99M | +1.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$42.05M | -$20.60M | -$17.36M | -$6.89M | -$15.14M | — | -104.1% |
| Depreciation & amortisation | $1.98M | $1.78M | $1.39M | $538.62K | $1.49M | — | +11.5% |
| Stock-based compensation | $4.68M | $1.41M | $950.49K | $222.40K | $949.00K | — | +232.2% |
| Change in working capital | -$2.59M | $12.04M | -$4.63M | $2.10M | $1.37M | — | -121.5% |
| Operating cash flow | -$23.59M | -$7.04M | -$18.70M | -$3.60M | -$11.08M | — | -235.4% |
| Capital expenditure | -$6.63M | -$528.00K | -$1.02M | — | -$4.04M | -$1.85M | -1,156.1% |
| Investing cash flow | -$6.63M | -$528.00K | -$1.02M | $437.87K | -$4.04M | — | -1,156.1% |
| Financing cash flow | $69.88M | $264.36M | $2.61M | $648.54K | $3.43M | — | -73.6% |
| Free cash flow | -$30.23M | -$7.56M | -$19.72M | -$3.16M | -$15.13M | — | -299.7% |
| End cash position | $312.78M | $272.46M | $11.80M | $25.94M | $50.59M | — | +14.8% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.10 | -0.13 | -32.4% |
| Mar 2026 | -0.08 | -0.21 | -161.1% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.13 | 1 | $2.68M | — |
| Next quarter | -0.14 | 1 | $2.96M | — |
| Current year | -0.56 | 2 | $8.51M | — |
| Next year | -0.55 | 2 | $9.21M | +8.2% |
Analyst targets & ownership
Mean target—
High target—
Low target—
Implied upside—
Analyst count—
ConsensusSTRONG BUY
Strong buy / Buy0 / 3
Hold0
Sell / Strong sell0 / 0
Held by insiders20.61%
Held by institutions68.52%
Institutions holding92
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 6, 26 | Canaccord Genuity | MAINTAINED | Buy | Buy |
| Jul 29, 26 | CIBC | INITIATED | — | Outperformer |
| Apr 23, 26 | Canaccord Genuity | INITIATED | — | Buy |
| Apr 20, 26 | Northland Capital Markets | INITIATED | — | Outperform |
Moving averages & technicals
SMA 10
14.84
+1.22% from price
SMA 20
14.90
+0.79% from price
SMA 50
15.88
-5.45% from price
SMA 100
19.92
-24.59% from price
SMA 200
—
—
EMA 12
14.86
+1.07% from price
EMA 26
15.21
-1.23% from price
EMA 50
16.43
-8.56% from price
RSI (14)
48.7
Neutral
MACD (12,26,9)
-0.35
Hist 0.04
ATR (14)
0.92
6.12% of price
Realised vol 30D
80.2%
Annualised
Bollinger upper
16.33
20, 2σ
Bollinger lower
13.48
20, 2σ
50 / 200 cross
—
—
Trend bias
—
—
Risk profile
Beta vs SPY
4.51
More volatile than market
Correlation to SPY
0.28
Largely independent
Realised vol 30D
80.2%
Annualised
Market vol 1Y
13.6%
SPY, annualised
Max drawdown 1Y
-72.0%
Peak to trough
Max drawdown 5Y
-72.0%
Peak to trough
ATR 14
0.92
6.12% of price
Beta (reported)
—
5Y monthly, from filing
Headlines
Her Advisor Said Wait Until 70. At 66, She Chose Time to Enjoy Social Security Over an 8%-a-Year Raise.
24/7 Wall St. · 14m ago
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TheStreet · 17m ago
The 30-Year Treasury Now Out-Yields Dividend Stocks by 2.2 Points. History Says What Followed the Last Time.
Motley Fool · 19m ago
World No. 3 Pegula beats defending champ Swiatek to reach Cincy final
AFP · 19m ago
Top analyst sees trouble looming for SpaceX stock
TheStreet · 20m ago
IndyCars zip among iconic Washington landmarks ahead of Freedom 250
AFP · 28m ago
He Sold Nothing in the 2022 Crash. He Swapped Into a Similar Fund for a Week, Booked $90,000 of Losses, and Hasn’t Paid Capital-Gains Tax Since.
24/7 Wall St. · 33m ago
Judge rules Keene ICE detainee unlawfully held without bond hearing
New Hampshire Union Leader, Manchester · 34m ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.