Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares

Xanadu Quantum Technologies Limited is a Canadian photonic quantum computing company focused on building fault-tolerant quantum computers using light, with systems designed to compute at room temperature. Founded in 2016, Xanadu designs photonic devices and the platforms around them, including quantum computers available on the cloud, quantum simulators, and related products. The company develops both hardware and software, including PennyLane, its open-source quantum computing platform used for quantum machine learning and algorithm development. Xanadu is currently in a pre-commercial stage and does not yet offer quantum computers available for commercial sale. The company derives revenue from professional services (research projects, proof of concept development, quantum education) and compute services (co-development and execution of quantum algorithms, quantum-computing-as-a-service). Xanadu completed a reverse recapitalization with Crane Harbor Acquisition Corp. in March 2026 and trades on both NASDAQ and TSX under the symbol XNDU. The company operates as a single reportable segment and maintains strategic collaborations with organizations including DARPA, Oak Ridge National Laboratory, Rolls-Royce, Lockheed Martin, Fidelity Center for Applied Technology, and Los Alamos National Laboratory. Xanadu works with two core material platforms — thin-film lithium niobate and silicon nitride — and operates chip packaging facilities with collaborations with Corning and DISCO. The company is expanding U.S. operations anchored in Albany, New York, with a distributed presence across seventeen states, and holds government-funded loans from the Canadian Strategic Innovation Fund and the Federal Economic Development Agency for Southern Ontario. The company has disclosed material weaknesses in its internal controls over financial reporting and is implementing remediation measures. Updated Aug 5, 2026