The company’s growth strategy centers on integrating its quantum and photonics portfolios, evidenced by the successful installation of its Dirac-3 quantum optimization machine at a global consulting firm. This commercial milestone is complemented by the launch of Fab 2, which followed the acquisition of NHanced Semiconductors, Inc. to bolster domestic manufacturing capabilities. Furthermore, the company has reached deployment readiness for its NeuraWave photonic reservoir computing platform, securing a framework agreement with Planck Dynamics for potential AI-focused applications.
Financial results show a net loss of $11.8 million, a marked improvement from the $36.5 million loss posted in the second quarter of 2025. This narrowing deficit was supported by reduced mark-to-market losses on derivative liabilities and rising interest income from a robust cash position of $1.3 billion. Operating expenses climbed to $21.8 million, reflecting increased headcount and costs associated with recent acquisitions. With a contract backlog of approximately $42.5 million, the company is pivoting toward broader commercial adoption of its room-temperature quantum systems.

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