Xanadu Quantum Technologies reported a significant increase in its revenue, which quadrupled to $2.8 million in the first quarter of 2026 from $0.7 million in the same period of the previous year, reflecting strong growth in its quantum computing business. Additionally, the company achieved a year-over-year revenue growth of 188% in 2025, reaching $4.6 million, up from $1.6 million in 2024. Xanadu also expanded its user base for its open-source PennyLane quantum computing platform to over 35,000 active users, with an average of 200,000 monthly downloads, indicating rising adoption among developers and researchers. Furthermore, Xanadu completed a merger with SPAC Crane Harbor Acquisition Corp., raising approximately $302 million in gross proceeds to support its technology development and commercialization efforts.