Quantinuum's First 10-Q Details $2.1B Cash, $447M Stock Comp, and $112M Warrant Mark-to-Market Loss
QNT sits 46% above its 52-week low of $47.06.
Summary
Quantinuum's first 10-Q details $2.1B in cash, $447M in stock comp expense, and a $112M non-cash warrant mark-to-market loss, along with new risk disclosures including a cybersecurity incident and a potentially dilutive CHIPS Act award.
Key Events · Earnings and Guidance · QNT
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Q2 Net Loss of $596.5M
Net loss attributable to Quantinuum Inc. was $65.4M, but total consolidated net loss was $596.5M for Q2 2026, driven by $447.5M in stock-based compensation expense and $47.6M in warrant liability fair value loss.
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Cash Position of $2.1B
Cash and cash equivalents stood at $2.11B as of June 30, 2026, up from $762.6M at year-end 2025, primarily from $1.63B in net IPO proceeds.
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Stock Comp Expense of $447.5M
Total stock-based compensation expense for the six months ended June 30, 2026 was $447.5M, including a $431.7M one-time cumulative adjustment related to the IPO.
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Warrant Liability Mark-to-Market Loss
The company recognized a $111.8M non-cash loss on change in fair value of warrant liabilities for the six months, driven by mark-to-market adjustments before the warrants were net exercised at the IPO.
Analysis · QNT · Technology
Quantinuum's first 10-Q as a public company fills in the full financial picture behind the Q2 earnings release. The company holds $2.1 billion in cash from its June IPO, providing a substantial runway, but the quarter was dominated by $447.5 million in stock-based compensation expense—mostly a one-time IPO-related cumulative adjustment—and a $111.8 million non-cash loss from warrant liability remeasurement. The filing also discloses a cybersecurity incident, a pending $100 million CHIPS Act award that would issue equity at a discount, and a Tax Receivable Agreement that could require billions in future payments. These details materially expand on the 8-K and give investors a clearer view of the company's capital structure and risk profile.
How filings like this one have moved
In the 30 days to Oct 31, 2026, 40% of the 987 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.59%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, QNT was trading at $68.50 on NASDAQ in the Technology sector, with a market capitalization of approximately $17.8B. The 52-week trading range was $47.06 to $86.79. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.