0001213900-26-060259 | F-1 | XBRL Viewer | Xanadu Quantum Technologies LTD

[1]	Rest of world includes countries where revenue from a single country is not greater than 10% of the Company’s total consolidated revenue for the three months ended March 31, 2026 and 2025, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Net Loss Per Share - Schedule of Net Loss Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Numerator:

Net loss attributable to common shareholders, basic

$ (20,604)

$ (12)

$ (12,205)

Net loss attributable to common shareholders, diluted

$ (20,604)

$ (12)

$ (12,205)

Denominator:

Weighted average common shares outstanding, basic

72,458,652

^[1]

55,649,457

^[1]

Weighted average common shares outstanding, diluted

72,458,652

^[1]

55,649,457

^[1]

Net loss per share attributable to common shareholders, basic

$ (0.28)

^[1]

$ (12,035)

$ (0.22)

^[1]

Net loss per share attributable to common shareholders, diluted

$ (0.28)

^[1]

$ (12,035)

$ (0.22)

^[1]

[1]	Net loss per share and weighted average shares outstanding have been retroactively recast after giving effect to the Reverse Recapitalization.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Fair Value Measurement - Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities – Level 3		$ 1,874
Earn-out share liabilities - Level 3	7,164
Estimate of Fair Value Measurement [Member] \| SIF Loan [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	23,493	23,609
Estimate of Fair Value Measurement [Member] \| FedDev Loan [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	2,421	2,462
Reported Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrant liabilities – Level 3		1,874
Earn-out share liabilities - Level 3	7,164
Reported Value Measurement [Member] \| SIF Loan [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	27,612	27,536
Reported Value Measurement [Member] \| FedDev Loan [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 2,421	$ 2,462

Accounting Policies, by Policy (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

The accompanying unaudited condensed consolidated financial statements (the “Interim Financial Statements”) have been prepared on a going concern basis in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial reporting and pursuant to the accounting and disclosure rules and regulations of the United States Securities Commission (“SEC”), and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position as of March 31, 2026 and the results of operations and cash flows for the periods presented. Certain information or footnote disclosures, normally included in annual financial statements prepared in accordance with GAAP, have been condensed or omitted pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the full year or any other period. Unless otherwise noted, these Interim Financial Statements are presented in thousands of United States (U.S.) dollars, which is also the Company’s functional currency.

The Interim Financial Statements should be read in conjunction with the Company’s audited financial statements included in our Annual Report on Form 20-F for the year ended December 31, 2025 filed with the SEC and Canadian Securities Administrators (“CSA”) on April 9, 2026.

As discussed in Note 3, ‘Reverse Recapitalization,’ the Agreement was accounted for as a reverse recapitalization. Accordingly, the information presented for the year ended December 31, 2025, and the three months ended March 31, 2025, represents the results and financial position of Old Xanadu.

(a)

Basis of presentation:

The accompanying financial statements of the Company are presented in U.S. dollars (“USD”) and prepared on a going concern basis in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (“SEC”).

Emerging Growth Company

(b)

Emerging Growth Company:

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected to not opt out of such extended transition period.

Period of operations

(c)

Period of operations:

The Company was incorporated on October 2, 2025. Accordingly, the financial statements presented herein, specifically the statement of operations and comprehensive loss, statement of changes in shareholders’ equity, and statement of cash flows, reflect the results of operations and cash flows for the initial period from October 2, 2025 (Inception) through December 31, 2025.

The balance sheet reflects the financial position of the Company as of December 31, 2025. Because this is the Company’s initial period of operations, there are no comparative prior-period financial statements presented.

Cash and cash equivalents

Cash and cash equivalents:

Xanadu considers all short term highly liquid investments purchased with original maturities at their acquisition date of three months or less to be cash equivalents. Xanadu maintains its cash and investments with major financial institutions, which, at times, may exceed federally insured limits. Xanadu did not hold any cash equivalents as of March 31, 2026 and December 31, 2025.

(d)

Cash:

Cash is comprised of cash on hand.

Income taxes

(e)

Income taxes:

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the estimated future tax consequences of events that have been included in the financial statements or in the Company’s tax returns. Under this method, deferred tax assets and liabilities are recognized for temporary differences between the carrying amounts in the financial statements and the tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which they are expected to be realized or settled. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the amount that is more likely than not to be realized. Factors considered when assessing the likelihood of future realization of deferred tax assets include the Company’s recent net loss experience and expectations of future earnings, capital gains and investments in the applicable jurisdiction, carryforward periods available for tax reporting purposes, among others.

The Company evaluates tax positions taken or expected to be taken in the course of preparing tax returns and applies a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained upon examination by the applicable tax authority. The second step, for those tax positions that meet the recognition criteria, is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement.

Net loss per share

Net loss per share:

Basic net loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of Xanadu Class A Multiple Voting Shares and Xanadu Class B Subordinate Voting Shares outstanding during each period. Xanadu’s potentially dilutive securities include outstanding stock options and other equity compensation securities, Earn-out Shares and warrants. Diluted net loss per share gives effect to all potentially dilutive securities, assuming that such shares were outstanding and dilutive during each period, except when the inclusion of the potentially dilutive securities would have an anti-dilutive effect. Xanadu applies the two-class method when computing net loss per share, as Xanadu has issued shares that meet the definition of participating securities. The two-class method allocates earnings between common shareholders and holders of participating securities.

(f)

Net loss per share:

Basic net loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding during each period.

Foreign currency translation and transactions

Foreign currency translation and transactions:

Xanadu’s reporting currency is the U.S. dollar and its functional currency is the U.S. dollar. The functional currency of Xanadu’s subsidiary, Old Xanadu, is the Canadian dollar. The results and financial position of the foreign subsidiaries whose functional currency is not the U.S. dollar are translated at exchange rates in effect as of the consolidated balance sheet dates for assets and liabilities and at average exchange rates for revenues and expenses for the respective periods. Translation adjustments are included as a cumulative translation adjustment in accumulated other comprehensive income (loss).

Monetary assets and liabilities that are denominated in a currency other than Xanadu’s functional currency are translated into the functional currency using the exchange rates as of the consolidated balance sheet dates, and revenues and expenses are translated at the exchange rates prevailing when the transactions occurred. Gains and losses resulting from translation are recognized in other income, net in the consolidated statements of operations and comprehensive loss in the period in which they arise. Non-monetary assets and liabilities are translated at historical exchange rates.

(g)

Foreign currency translation and transactions:

The Company’s functional and reporting currency is the U.S. dollar. Monetary assets and liabilities that are denominated in a currency other than the Company’s functional currency are translated into the functional currency using the exchange rates in effect as of the balance sheet dates, and revenues and expenses are translated at the exchange rates prevailing when the transactions occurred. Gains and losses resulting from translation are recognized in other income (expense), net in the statements of operations and comprehensive loss in the period in which they arise. Non-monetary assets and liabilities are translated at historical exchange rates.

Fair value measurement

Fair value measurement:

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. In determining fair value, the use of various valuation methodologies, including market, income and cost approaches is permissible. The inputs to these methodologies consider market comparable information, taking into account the principal or most advantageous market in which Xanadu would transact. The fair value hierarchy prioritizes which inputs should be used in measuring fair value and requires the use of observable market data when available. There are three levels of inputs that may be used to measure fair value based on the reliability of inputs, and a financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement:

●

Level 1: Quoted market prices in active markets that the reporting entity has the ability to access at the date of the fair value measurement.

●

Level 2: Inputs other than quoted market prices described in Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurement of the assets or liabilities.

(h)

Fair value measurement:

There are three levels of inputs that may be used to measure fair value based on the reliability of inputs, and a financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement:

●

Level 1: Quoted market prices in active markets that the reporting entity has the ability to access at the date of the fair value measurement.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurement of the assets or liabilities.

Basis of Consolidation

Basis of Consolidation

The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. Any subsidiaries that are formed or acquired during the year are consolidated from their respective dates of formation or acquisition.

All intercompany transactions and balances have been eliminated.

Use of Estimates

Use of Estimates

Xanadu’s accounting estimates and assumptions may change over time in response to risks and uncertainties. As of the date of issuance of these Interim Financial Statements, Xanadu is not aware of any specific event or circumstance that would require Xanadu to update estimates, judgments or revise the carrying value of any assets or liabilities.

Liquidity and Going Concern

Liquidity and Going Concern

The Interim Financial Statements have been prepared on a basis that assumes the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company has incurred recurring net losses and negative cash flows from operations since inception.

As of March 31, 2026 and December 31, 2025, the Company had an accumulated deficit of $228,314 and $206,303, respectively. For the three months ended March 31, 2026 and 2025, the Company incurred net losses of $20,604 and $12,205, respectively, and the Company had net cash outflows from operating activities of $7,035 and $16,293, respectively.

As of March 31, 2026 and December 31, 2025, the Company had cash and cash equivalents of $272,465 and $16,164 and net working capital of $270,182 and $31,237, respectively.

On March 26, 2026, Xanadu successfully consummated its reverse recapitalization with SPAC and Old Xanadu and a concurrent PIPE investment. The Company received gross proceeds from the Reverse Recapitalization of $301,646, which includes $275,000 of PIPE financing and $26,646 of cash from the SPAC.

Based on Xanadu’s current operating plan, management believes that the existing cash and cash equivalents will be sufficient to fund operations, research and development activities, and capital expenditure requirements for at least 12 months from the date these condensed consolidated financial statements are issued.

Emerging Growth Company Status

Emerging Growth Company Status

Accounts receivable, net

Accounts receivable, net:

Trade receivables are non-interest bearing and represent amounts billed and currently due from customers at the gross invoiced amount as well as unbilled amounts related to unconditional rights for consideration to be received for services performed but not yet invoiced. A receivable is recorded when Xanadu has an unconditional right to receive payment. Xanadu’s accounts receivable includes trade and other types of receivables.

On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance for credit losses. This assessment is based on management’s evaluation of the aging of accounts, historical collection experience and current economic expectations. As of March 31, 2026 and December 31, 2025, Xanadu had not recorded any allowance for doubtful accounts.

Materials and supplies, net

Materials and supplies, net:

Materials and supplies are carried at average cost and recorded in materials and supplies in the consolidated balance sheets. Materials and supplies used in research and development efforts are expensed when consumed if an alternative use exists, otherwise are expensed when incurred.

Materials and supplies are evaluated for excess quantities and obsolescence. This evaluation includes an analysis of Xanadu’s current and future strategic plans, risk of technological obsolescence, and general market conditions.

Property and equipment, net

Property and equipment, net:

Property and equipment are stated at acquisition cost, less accumulated depreciation and impairment. Depreciation on property and equipment is computed on a straight-line basis over the estimated useful lives of the assets at the time of acquisition. Leasehold improvements are amortized over the lesser of the term of the lease or the useful life of the asset.

The estimated useful lives of Xanadu’s property and equipment are as follows:

Computer systems and servers		3 years
Lab equipment		7 years
Test and computer equipment		7 years
Furniture and fixtures		3 years
Leasehold improvements		Shorter of lease term or estimated useful life

Repairs and maintenance costs are expensed as incurred. Upon disposition of property and equipment, the cost and related accumulated depreciation are derecognized and any resulting gain or loss is reflected in other income (expense), net within the consolidated statements of operations and comprehensive loss.

Intangible assets, net

Intangible assets, net:

Xanadu’s intangible assets include patents and external software licenses, which are carried at cost less accumulated amortization and impairment. Intangible assets with finite useful lives are amortized over their estimated useful lives on a straight-line basis. Xanadu capitalizes costs associated with internal use software incurred during the application development stage. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related expenses for employees who are directly associated with and allocate time to the internal-use software project. Capitalization of such costs begins when the preliminary project stage is complete and ceases when the project is substantially complete and ready for its intended purpose. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred.

Patents		3 years
Internally developed software		5 years
Third-party perpetual software licenses		3 years

Impairment of long-lived assets

Impairment of long-lived assets:

Long-lived assets, including property and equipment and finite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable. The determination of whether any impairment exists includes a comparison of estimated undiscounted future cash flows anticipated to be generated over the remaining life of the asset or asset group to its net carrying value. If the estimated undiscounted future cash flows associated with the asset or asset group are less than the carrying value, an impairment loss is recognized to the extent the carrying amount of the asset or asset group exceeds its fair value. Xanadu did not recognize any impairment losses on long-lived assets for the three months ended March 31, 2026 and 2025.

Revenue recognition

Revenue recognition:

Xanadu derives revenue primarily from: (i) professional services related to research projects, proof of concept development, and quantum education and (ii) compute and other services which includes provision of compute services, such as co-development and execution of quantum algorithms on Xanadu’s quantum computing systems, and provision, on a non-exclusive basis via access to its photonic-based hardware, of quantum-computing-as-a-service (“QCaaS”).

Revenue is recognized based on the following five step model in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers:

●

Identify the contract,

●

Identify the performance obligations,

●

Determine the transaction price,

●

Allocate the transaction price to the performance obligations, and

●

Recognize revenue when (or as) the entity satisfies a performance obligation.

Xanadu enters into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Payment terms on invoiced amounts are typically net 30 days or less. Contract durations generally range from six months to several years. A contract’s transaction price is allocated to each distinct performance obligation based on their estimated standalone selling price. Xanadu determines standalone selling price based on the observable price of a product or service when it sells the products or services separately in similar circumstances and to similar customers. Certain products and services have limited or no history of being sold on a standalone basis. In these instances, Xanadu determines standalone selling price by considering its overall pricing objectives and market conditions, including cost plus a reasonable margin. Significant pricing practices considered include Xanadu’s discounting practices, the value of the contracts, historical standalone sales, customer demographics, geographic locations, and the number and types of users within the contracts.

Revenue is recognized net of taxes, which are remitted to governmental authorities.

Professional services arrangements often include a series of activities with progress billing milestones. Xanadu’s professional services constitute an activity that provides benefits that the customer receives and consumes as the services are performed. The transaction price is generally fixed and stated in the contract with the customer. Professional services revenue is recognized based on hours and, or costs incurred as appropriate. Revenue for partially completed professional service performance obligations deemed probable of being met is recognized using an input measure based on actual labor hours incurred to date relative to total estimated labor hours required to complete the project. For fixed price contracts, revenue is recognized based on the input measure noted above as control is expected to transfer over the period that the project is completed.

Xanadu has determined that its QCaaS, including non-exclusive access to photonic hardware, is a stand-ready performance obligation to provide ongoing access to its cloud-based quantum technology platform service. The transaction price generally consists of a fixed fee for a stated volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay additional fees for usage exceeding contractual volume as defined by the contractual agreements. The performance obligation related to the fixed fee is satisfied over time and revenue is recognized on a straight-line basis over the access period. Any additional fees relating to extra usage are recognized in the period they occur.

Xanadu’s compute services represent a performance obligation that is satisfied over-time. Revenue is recognized on a straight-line basis over the contract term.

The timing of revenue recognition, billings and cash collection may result in accounts receivable, contract assets, and deferred revenue on Xanadu’s consolidated balance sheets. A receivable is recorded in the period in which Xanadu provides services when it has an unconditional right to payment. Contract assets represent rights to consideration for services completed and revenue recognized for contracts that have not yet been invoiced to customers, which have been included within accounts receivable on the consolidated balance sheets.

Xanadu records deferred revenue when amounts are invoiced under contract terms or payments are received in advance of revenue recognition from products or services described above. Deferred revenue is recognized as and when the related performance obligations are satisfied.

Xanadu defers commission payments to employees or third parties that are direct and incremental to the acquisition of customer contracts in the period the contract is executed and are recognized into sales and marketing expense over a period consistent with the transfer of goods or services to the customer if that period is greater than one year. No such costs were incurred in the years presented.

Cost of revenue

Cost of revenue:

Cost of revenue consists of direct expenses related to building specialized quantum hardware and delivering Xanadu’s services. Cost of revenue includes direct manufacturing costs, personnel-related expenses, including stock-based compensation, and overhead costs, including operating lease expenses, allocated to customer-facing functions. Depreciation and amortization of quantum systems and related software are excluded from cost of revenue.

Research and development

Research and development:

Research and development expenses are charged to the consolidated statement of operations and comprehensive loss as incurred. Research and development expenses are comprised of costs in performing research and development activities and include personnel-related costs, process development costs, chip fabrication costs, consulting fees, lab materials, software costs, cloud computing costs, and other related costs.

Where tangible assets or software to be used in research and development activities is constructed by Xanadu or acquired, the costs are expensed as incurred unless those assets have an alternative future use. When assets with alternative future use are consumed in research and development activities they are recorded as research and development expenses.

Stock-based compensation

Stock-based compensation:

Xanadu accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Equity-settled stock based payments to employees and others providing similar services are recognized as stock-based compensation expense based on the fair value of the equity instruments at the grant date. Stock-based compensation expense is recognized over the requisite service period on a straight-line basis, with a corresponding increase in additional paid-in capital within shareholders’ equity. Xanadu recognizes forfeitures as they occur.

Investment tax credits and government assistance

Investment tax credits and government assistance:

Refundable investment tax credits (“ITCs”) pursuant to the Scientific Research and Experimental Development (“SR&ED”) program and other government assistance including grants and wage subsidies related to current expenditures are recorded as other operating income, net within the consolidated statements of operations and comprehensive loss. Non-refundable investment tax credits are recorded as a reduction in income tax expense. Xanadu accounts for investment tax credits and government grants and subsidies by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosures of Government Assistance. The investment tax credits, and government grants and subsidies are recognized in income in the period when the related expenditure is recognized as an expense provided there is reasonable assurance that Xanadu has complied with, and will continue to comply with, all conditions necessary to obtain the government assistance or credit. Government grants and assistance related to capitalized expenditures are recognized as a reduction to the carrying amount of the related asset.

Concentration of credit risk

Concentration of credit risk:

Financial instruments that potentially subject Xanadu to concentration of credit risk principally consist of cash and cash equivalents and accounts receivable. Xanadu’s policy is to place its cash and cash equivalents with major financial institutions to limit the amount of credit exposure. For Xanadu’s accounts receivable and grants receivable, credit risk is dependent upon the financial stability of individual customers or government entity. Xanadu performs ongoing evaluations of its customers’ and grantor’s financial condition and does not have a history of material credit losses. Refer to Note 12 for additional information about Xanadu’s significant customers. Other receivables represent an insignificant part of Xanadu’s financial position.

Earn-out Shares

Earn-out Shares:

In accordance with ASC 815 - “Derivatives and Hedging”, unvested Earn-out Shares (as discussed in Note 3 below) are classified as a liability because they are not considered to be indexed to the Company’s common shares. The Company will re-measure the earn-out shares to fair value at each reporting period with the changes recognized as a gain (loss) on the fair value of earn-out liabilities on the consolidated statement of operations and comprehensive loss. Upon issuance and release of the shares after each triggering event (as described in Note 3) is met, the related Earn-out Shares will be remeasured to fair value at that time with the changes recognized as a gain (loss) on the fair value of earn-out liabilities on the consolidated statement of operations and comprehensive loss, and the Earn-out Shares will be reclassed to shareholders’ equity on the consolidated balance sheet.

Warrants

Warrants:

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815 - “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-measured at each reporting date, with changes in the fair value reported in the consolidated statement of operations and comprehensive loss. For financial instruments that meet the requirements for equity classification, the instruments are recorded at their fair value at the date of issuance or reclassification and are not subsequently remeasured. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) [Line Items]
Accrued salaries and other payroll liabilities	$ 305
Accrued professional services	2,383
Other accrued expenses and current liabilities	590
Total	$ 3,278	$ 2,191
Previously Reported [Member]
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) [Line Items]
Accrued salaries and other payroll liabilities		36
Accrued professional services		1,962
Other accrued expenses and current liabilities		193
Total		$ 2,191

Reverse Recapitalization

3 Months Ended

Mar. 31, 2026

Reverse Recapitalization [Abstract]

Reverse Recapitalization

Note 3 - Reverse Recapitalization

As discussed in Note 1, Xanadu entered into the Agreement on November 3, 2025 with SPAC and Old Xanadu. The Reverse Recapitalization closed on March 26, 2026 (the “Closing Date”). At the closing of the transactions contemplated by the Agreement (the “Closing”), Xanadu had three authorized classes of shares, multiple voting shares (“Xanadu Class A Multiple Voting Shares”), subordinate voting shares (“Xanadu Class B Subordinate Voting Shares”) and preferred shares (“Xanadu Preferred Shares”) issuable in series, of which only Xanadu Class A Multiple Voting Shares and Xanadu Class B Subordinate Voting Shares were issued and outstanding.

Immediately prior to the effective time of the Reverse Recapitalization, the following occurred:

●

Preferred Share Exchange: Each then issued and outstanding preferred share in the capital of Old Xanadu was converted into and exchanged for one voting common share in the capital of Old Xanadu (each, an “Old Xanadu Voting Common Share”).

●

Recapitalization and Share Exchange: Each outstanding Old Xanadu Voting Common Share (including those issued upon the preferred share exchange) was transferred to the Company in exchange for a multiple voting share in the capital of Xanadu (each, a “Xanadu Class A Multiple Voting Share”) based on an exchange ratio of 11.28 (the “Exchange Ratio”). Each outstanding non-voting common share in the capital of Old Xanadu (each, an “Old Xanadu Non-Voting Common Share”) was transferred to the Company in exchange for a subordinate voting share in the capital of Xanadu (each, a “Xanadu Class B Subordinate Voting Share”) based on the same Exchange Ratio.

●

Equity Award Exchange: Each Old Xanadu voting option outstanding (whether vested or unvested) was exchanged for an option to purchase Xanadu Class A Multiple Voting Shares (each, a “Xanadu Class A Multiple Voting Share Option”). Each Old Xanadu non-voting option outstanding (whether vested or unvested) was exchanged for an option to purchase Xanadu Class B Subordinate Voting Shares (each, a “Xanadu Class B Subordinate Voting Share Option”). The number of Xanadu shares subject to each new option was determined by multiplying the number of Old Xanadu common shares subject to the original option by the Exchange Ratio (rounded down to the nearest whole share). The per-share exercise price for the new options was determined by dividing the prior exercise price by the Exchange Ratio. The strike price was converted from Canadian dollars to U.S. dollars to align with the trading of the Xanadu Class B Subordinate Voting Shares on the Nasdaq market.

●

Warrant Exercise and Exchange: The Old Xanadu SFTrust Warrants and RBC Warrants (as defined below) outstanding immediately prior to the closing of the Reverse Recapitalization were exchanged for warrants to purchase Xanadu Class A Multiple Voting Shares (“MVS Warrants”) and Xanadu Class B Subordinate Voting Shares (“SVS Warrants”) based on the Exchange Ratio and a U.S. dollar denominated strike price. The Old Xanadu SFTrust Warrants were exchanged for warrants exercisable for 383,645 Xanadu Class A Multiple Voting Shares at a price of $0.02 per share and 136,329 Xanadu Class A Multiple Voting Shares at a price of $0.15 per share. Subsequently, on March 30, 2026, holders exercised the SFTrust Warrants on a net basis, resulting in 517,527 of these warrants being exchanged for Xanadu Class A Multiple Voting Shares on a cashless basis. The Old Xanadu RBC Warrants (as defined below) were exchanged for 157,960 warrants to purchase Xanadu Class B Subordinate Voting Shares at a price of $1.15 per share warrants to purchase Xanadu Class B Subordinate Voting Shares (“SVS Warrants”).

●

PIPE Financing: Xanadu issued and sold 27.5 million Xanadu Class B Subordinate Voting Shares to investors in the PIPE (“PIPE Investors”) at a price of $10.00 per share for aggregate gross proceeds of $275,000.

●

Sponsor Earn-out Shares: Crane Harbor Sponsor, LLC (the “SPAC Sponsor”) subjected 1,100,000 Xanadu Class B Subordinate Voting Shares to an earn-out arrangement (“Earn-out Shares”), which were classified as a liability recognized at fair value.

Below are the shares outstanding immediately following the Reverse Recapitalization and PIPE investment:

	Shares		% of Voting
Old Xanadu Shareholders		257,684,899		86.5	%
PIPE Investors		27,500,000		9.2	%
SPAC Public Shareholders		3,211,605		1.0	%
SPAC Private Placement Shareholders		2,264,000		0.8	%
SPAC Sponsor Shares ⁽¹⁾		7,333,333		2.5	%
Total Common Shares by Shareholder		297,993,837		100.0	%

Xanadu Class A Multiple Voting Shares		254,709,401		85.5	%
Xanadu Class B Subordinate Voting Shares ⁽¹⁾		43,284,436		14.5	%
Total Common Shares by Class		297,993,837		100.0	%

⁽¹⁾

Includes 1,100,000 Earn-out Shares subject to forfeiture. Refer to the section below for additional information.

Shares on a fully-diluted basis immediately following the Reverse Recapitalization and PIPE investment were:

	Shares		% of Voting
Old Xanadu Shareholders		257,684,899		74.5	%
Old Xanadu Options		47,360,480		13.7	%
Old Xanadu Warrants		677,934		0.2	%
PIPE Investors		27,500,000		7.9	%
SPAC Public Shareholders		3,211,605		0.9	%
SPAC Private Placement Shareholders		2,264,000		0.7	%
SPAC Sponsor Shares ⁽¹⁾		7,333,333		2.1	%
Total Fully Diluted Shares		346,032,251		100.0	%

⁽¹⁾

Includes 1,100,000 Earn-out Shares subject to forfeiture. Refer to the section below for additional information.

Gross proceeds from the Reverse Recapitalization were $301,646, which includes $275,000 of PIPE financing and $26,646 from SPAC. The Company incurred $52,157 in total costs related to the Reverse Recapitalization and PIPE financing, of which $37,915 were costs directly related to the issuance of shares, of which $1,264 was allocated to the issuance of the earn out shares, and thus expensed to the consolidated statement of operations and comprehensive loss, and the remaining $36,651 was recorded against share capital. These direct transaction costs consist primarily of legal, accounting, advisory, and other professional fees and were deducted from proceeds of the Reverse Recapitalization and PIPE financing, the net of which is recorded in common shares on the consolidated balance sheet. Total indirect and incremental transaction costs resulting from the Reverse Recapitalization were $15,506 of which $5,465 was expensed to the consolidated statement of operations and comprehensive income for three months ended March 31, 2026.

The Reverse Recapitalization was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, SPAC was treated as the ‘acquired’ company and Old Xanadu was treated as the accounting acquirer for financial reporting purposes. Accordingly, the consolidated financial statements represent the continuation of the financial statements of Old Xanadu, with the Reverse Recapitalization being treated as the equivalent of Xanadu issuing shares for the net assets of SPAC, accompanied by a recapitalization. The net assets of SPAC are stated at historical cost, with no goodwill or other intangible assets recorded. Historical retained earnings (accumulated deficit) was carried forward following completion of the Reverse Recapitalization and the shareholder’s equity of Xanadu is presented based on historical equity of Old Xanadu, recast to reflect that Reverse Recapitalization.

Earn-Out Shares

Prior to the Reverse Recapitalization, the SPAC Sponsor was the holder of 7,333,333 Class B shares in SPAC (the “SPAC Class B Shares”). Pursuant to the terms of the Plan of Arrangement, the SPAC Class B Shares were exchanged for Xanadu Class B Subordinate Voting Shares. The SPAC Sponsor subjected 1,100,000 Xanadu Class B Subordinate Voting Shares it received in the transactions contemplated by the Reverse Recapitalization, to an earn-out based on the price of the Xanadu Class B Subordinate Voting Shares as follows:

Following the Closing, at any time during the period following the Closing and expiring on the fourth anniversary of the Closing Date (the “Vesting Term”),

(i)  550,000 of the Earn-Out Shares shall be forfeited by the SPAC Sponsor for no consideration if the share price of Xanadu Class B Subordinate Voting Shares is not at least $12.50 per Xanadu Class B Subordinate Voting Shares for 20 trading days within any 30 consecutive trading day period during the Vesting Term, and

(ii) 550,000 additional Earn-Out Shares shall be forfeited by the SPAC Sponsor for no consideration if the share price of Xanadu Class B Subordinate Voting Shares is not at least $15.00 per Xanadu Class B Subordinate Voting Shares for 20 trading days within any 30 consecutive trading day period during the Vesting Term provided.

Vesting is not subject to any employment conditions of the holder of the Earn-Out Shares. However, in the event of (A) a merger, amalgamation, arrangement, consolidation or other business combination involving Xanadu, (B) a sale of all or substantially all of the assets of Xanadu, or (C) any other transaction or series of related transactions as a result of which the holders of Xanadu Class B Subordinate Voting Shares immediately prior to such transaction cease to own at least a majority of the outstanding Xanadu Class B Subordinate Voting Shares or its successor entity, in any case, during the Vesting Term, then, immediately prior to the consummation of such transaction, any and all Earn-Out Shares shall become fully vested and shall no longer be subject to forfeiture under the Reverse Recapitalization Agreement and sponsor letter agreement entered into on November 3, 2025 between the SPAC Sponsor, SPAC, Old Xanadu and Xanadu.

The Earn-out Shares are classified as liabilities in our consolidated balance sheet as of March 31, 2026 and are re-measured at fair value each period-end through to settlement.

As of the closing of the Reverse Recapitalization, the Earn-out Shares had a fair value of $9,997. As of March 31, 2026, the Earn-out Shares had a fair value of $7,164, with the changes in the fair value between the Closing Date and March 31, 2026 of $2,833 recognized as a gain on fair value of earn-out liabilities within the consolidated statements of operations and comprehensive loss. Additionally, the Company incurred $1,264 in costs related to the issuance of the Earn-out Shares, which was recorded to general and administrative operating expenses on the consolidated statement of operations and comprehensive loss. See Note 11 for additional information.

As of March 31, 2026, none of the triggering events have occurred; however, on May 11, 2026, certain triggering events were achieved, resulting in the vesting of 550,000 shares. Refer to Note 18 for additional information.

Warrant Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Warrant Liabilities [Abstract]

Schedule of Warrant Liabilities

As of December 31, 2025, the Company’s warrant liabilities were comprised of the SFTrust Warrants (as defined below) and RBC Warrants (as defined below). The carrying value of the warrant liabilities as of March 31, 2026 and December 31, 2025 are as follows:

	March 31, 2026		December 31, 2025
MVS Warrants (previously SFTrust Warrants)	$	—	$	915
SVS Warrants (previously RBC Warrants)		—		959
Total warrant liabilities	$	—	$	1,874

Shareholders' Equity - Schedule of Stock by Class (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Class A Multiple Voting shares [Member]
Class of Stock [Line Items]
Issued and Outstanding, Common Shares	255,226,928
Amount, Total Common Shares	$ 221,495
Class B Subordinate Voting Shares [Member]
Class of Stock [Line Items]
Issued and Outstanding, Common Shares	43,284,436
Amount, Total Common Shares	$ 256,679
Total Common Shares [Member]
Class of Stock [Line Items]
Issued and Outstanding, Common Shares	298,511,364
Amount, Total Common Shares	$ 478,174
Old Xanadu Convertible Preferred Shares [Member]
Class of Stock [Line Items]
Issued and Outstanding,Old Xanadu Convertible Preferred Shares		199,930,069
Amount, Old Xanadu Convertible Preferred Shares		$ 213,002
Old Xanadu Voting and Non-Voting Common Shares [Member]
Class of Stock [Line Items]
Issued and Outstanding, Common Shares		55,964,876
Amount, Total Common Shares		$ 7,585
Total Old Xanadu Preferred and Common Shares [Member]
Class of Stock [Line Items]
Issued and Outstanding, Voting and Non-Voting Common Shares		255,894,945
Amount, Voting and Non-Voting Common Shares		$ 220,587

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Mar. 31, 2026
Segment Reporting [Abstract]
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s CODM is its Chief Executive Officer. The CODM has determined that the Company operates in a single operating and reportable segment and manages segment performance and resource allocation based upon consolidated net loss.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer
Number of Reportable Segments	1
Number of Operating Segments	1

Revenue Recognition: - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Disaggregation of Revenue [Line Items]
Total revenue	$ 2,832	$ 699
Professional services [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total revenue	2,832	532
Compute and other services [Member]
Schedule of Disaggregation of Revenue [Line Items]
Total revenue		$ 167

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

+ Details

Related Party Transactions (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Related Party [Member]
Related Party Transactions [Line Items]
Due to related party	$ 1,818

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(1)(i))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-03(15)(3))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 970
-SubTopic 810
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477383/970-810-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies [Abstract]
Lease obligations	$ 8,612	$ 7,860

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Long-Term Debt [Abstract]

Schedule of Long-Term Debt

As of March 31, 2026 and December 31, 2025, the Company’s long-term debt is comprised of the SIF Loan (as defined below) and the FedDev Loan (as defined below) as follows:

	March 31, 2026		December 31, 2025
SIF Loan	$	27,612	$	27,536
FedDev Loan		2,421		2,462
Total long-term debt	$	30,033	$	29,998

Schedule of Changes in the Carrying Value of the SIF Loan

The following table summarizes the changes in the carrying value of the SIF Loan for the three months ended March 31, 2026:

Balance as of December 31, 2025	$	27,536
Changes due to foreign exchange rates, net of contributions received		(206	)
Interest expense, net of changes in foreign exchange rates		282
Balance as of March 31, 2026	$	27,612

The following table summarizes the changes in the carrying value of the FedDev Loan for the three months ended March 31, 2026:

Balance as of December 31, 2025	$	2,462
Changes due to foreign exchange rates		(41	)
Balance as of March 31, 2026	$	2,421

Accounts Receivable, Net (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Accounts Receivable, Net [Abstract]
Accounts receivable, allowance for credit loss

Warrant Liabilities

3 Months Ended

Mar. 31, 2026

Warrant Liabilities [Abstract]

Warrant Liabilities

Note 10 - Warrant Liabilities:

	March 31, 2026		December 31, 2025
MVS Warrants (previously SFTrust Warrants)	$	—	$	915
SVS Warrants (previously RBC Warrants)		—		959
Total warrant liabilities	$	—	$	1,874

The fair value of the Company’s warrant liabilities is estimated using a Black-Scholes option pricing model. Inherent in a Black-Scholes option pricing model are assumptions related to the fair value of the underlying common shares, expected stock-price volatility, expected term, risk-free interest rate and dividend yield.

MVS Warrants (previously SFTrust Warrants)

Background

In 2018, 34,000 warrants were issued to Silicon Valley Bank (“2018 SFTrust Warrants”). The 2018 SFTrust Warrants were issued with an exercise price of C$0.29 per share and a ten year term from their original issuance. The fair value of the 2018 SFTrust Warrants on their respective grant dates were recognized within additional paid-in capital with an offset to debt issuance costs.

In connection with the 2021 amendment, Silicon Valley Bank was issued warrants to purchase 24,164 voting common shares of Old Xanadu representing 0.1% of the fully diluted shares, post Series B financing in 2021 (“Series B Financing”), per the terms of the Silicon Valley Bank loan agreement, on the same terms and conditions as established for other common shareholders (“2021 SFTrust Warrants”, and together with the 2018 SFTrust Warrants, “SFTrust Warrants”). Half of the 2021 SFTrust Warrants vested immediately upon entering into the amendment with the other half vesting upon the draw of the Silicon Valley Bank term loan (the “SVB Term Loan”) exceeding $5,000. Upon issuance, all 12,082 vested SFTrust Warrants had an exercise price of $1.69 per share and a 12-year term from their original issuance. 12,082 of the SFTrust Warrants have expired because Old Xanadu did not draw more than $5,000 of the SVB Term Loan prior to its full repayment and extinguishment on April 30, 2023.

Warrant Exchange and Reclassification to Equity

As of December 31, 2025 and immediately prior to the Reverse Recapitalization on March 26, 2026, there were 46,082 SFTrust Warrants issued and outstanding classified as liabilities on the consolidated balance sheets. Immediately prior to the Reverse Recapitalization, these SFTrust Warrants were exchanged for 519,974 warrants to purchase Xanadu Class A Multiple Voting Shares based on the Exchange Ratio established in the Reverse Recapitalization and a U.S. dollar denominated strike price (“MVS Warrants”). Upon exchange, Xanadu issued MVS warrants exercisable for 383,645 Xanadu Class A Multiple Voting Shares at a price of $0.02 per share and warrants exercisable for 136,329 Class A Multiple Voting Shares at a price of $0.15 per share.

Upon the Closing and the subsequent dual-listing of the Company’s shares on the Nasdaq and the TSX, the Company re-evaluated the MVS Warrants under ASC 815-40, Contracts in Entity’s Own Equity. Management determined that the MVS Warrants meet the requirements for equity classification as they are now considered indexed to the Company’s own shares.

Warrant Exercise

On March 30, 2026, following the reclassification to equity, the holder of the outstanding MVS Warrants elected to settle the instruments through a cashless net exercise feature. Pursuant to the terms of the warrant agreement, the holder surrendered 2,447 MVS warrants to cover the aggregate exercise price, resulting in the issuance of 517,527 Xanadu Class A Multiple Voting Shares. In connection with this exercise, $1,397 was reclassified from additional paid in capital to share capital.

As of March 31, 2026, all MVS Warrants were exercised. As of December 31, 2025, the MVS Warrants had a fair value of $915, which was included as a current liability on the consolidated balance sheets.

SVS Warrants (previously RBC Warrants)

Background

On May 23, 2023, the Company signed a credit agreement with the Royal Bank of Canada (“RBC”) for a maximum principal amount of $25,000 (the “RBC Term Loan”). In connection with the RBC Term Loan, RBC was issued warrants to purchase 13,999 non-voting common shares of the Company on the same terms and conditions as established for other common shareholders (the “RBC Warrants”). The RBC Warrants were issued with an exercise price of $12.94 per share and a 12-year term from their original issuance.

Warrant Exchange

As of December 31, 2025 and immediately prior to the Reverse Recapitalization on March 26, 2026, there were 13,999 RBC Warrants issued and outstanding. Upon the Closing, these RBC Warrants were exchanged for 157,960 SVS Warrants to purchase Class B Subordinate Voting Shares based on the Exchange Ratio established in the Reverse Recapitalization and a U.S. dollar denominated strike price of $1.15 per share. Under ASC 815-40, as part of the Reverse Recapitalization the Company determined that the SVS Warrants qualify for equity classification. Accordingly, the warrant liability balance was remeasured and subsequently reclassified to additional paid in capital in the first quarter of 2026, with no further remeasurement required.

Accordingly, the MVS and SVS Warrants were remeasured to a final fair value as of the reclassification date, resulting in a net loss of $895 recorded within other operating income, net for the three months ended March 31, 2026. Following this final remeasurement, the warrant liability balance of $2,769 was reclassified to additional-paid-in capital, and the warrants are no longer subject to remeasurement.

Revenue Recognition: (Tables)

3 Months Ended

Mar. 31, 2026

Revenue Recognition [Member]

Schedule of Disaggregation of Revenue

	Three months ended March 31,
	2026		2025
Professional services	$	2,832	$	532
Compute and other services		—		167
Total revenue	$	2,832	$	699

Schedule of Revenue from External Customers by Geographic Areas

The following summarizes the Company’s revenue by geography for the three months ended March 31, 2026 and 2025, based on customer location:

	Three months ended March 31,
	2026		2025
Canada	$	72	$	378
United States		2,513		224
Rest of world ⁽¹⁾		247		97
Total revenue	$	2,832	$	699

⁽¹⁾

Rest of world includes countries where revenue from a single country is not greater than 10% of the Company’s total consolidated revenue for the three months ended March 31, 2026 and 2025, respectively.

Schedule of Concentration of Risk, by Risk Factor

The following summarizes the percentage of revenue from significant customers which accounted for 10% or more of total revenue for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026			2025
Customer 1		72	%		—
Customer 2		—			35	%
Customer 3		—			19	%
Customer 4		—			11	%
Customer 5		—			10	%

Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Receivable, Net [Abstract]

Schedule of Accounts Receivable Include Trade and Other Receivables

The Company’s accounts receivable include trade and other receivables as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Trade receivable	$	102	$	100
Other receivables		53		86
Grant receivable		—		5,011
Contract assets		1,860		1,499
Sales tax receivable		1,658		963
Deferred transaction costs		—		1,818
Total	$	3,673	$	9,477

Net Loss Per Share - Schedule of Basic Net Loss Per Share Attributable to Common Shareholders (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Numerator:

Net loss attributable to common shareholders, basic

$ (20,604)

$ (12)

$ (12,205)

Net loss attributable to common shareholders, diluted

$ (20,604)

$ (12)

$ (12,205)

Denominator:

Weighted average common shares outstanding

72,458,652

^[1]

55,649,457

^[1]

Net loss per share attributable to common shareholders, basic

$ (0.28)

^[1]

$ (12,035)

$ (0.22)

^[1]

Net loss per share attributable to common shareholders, diluted

$ (0.28)

^[1]

$ (12,035)

$ (0.22)

^[1]

[1]	Net loss per share and weighted average shares outstanding have been retroactively recast after giving effect to the Reverse Recapitalization.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

+ References + Details

Warrant Liabilities (Details)		3 Months Ended	12 Months Ended
Warrant Liabilities (Details)	Mar. 30, 2026 USD ($) shares	Mar. 31, 2026 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 26, 2026 $ / shares shares	Dec. 31, 2025 USD ($) shares	May 23, 2023 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares shares
Warrant Liabilities [Line Items]
Class of warrant or right, outstanding	517,527	677,934		519,974
Warrant liabilities (in Dollars) \| $					$ 1,874,000
Warrant Liability [Member]
Warrant Liabilities [Line Items]
Fair value adjustment of warrants (in Dollars) \| $		895,000
RBC Term Loan [Member]
Warrant Liabilities [Line Items]
Debt instrument, face amount (in Dollars) \| $						$ 25,000,000
SFTrust Warrants [Member]
Warrant Liabilities [Line Items]
Class of warrant or right, outstanding					46,082		34,000
Exercise price \| (per share)			$ 1.69				$ 0.29
Warrants and rights outstanding, term			12 years				10 years
Class of warrant or right, number of securities called by warrants or rights	517,527		24,164
Class of warrants or rights, voting equity interest acquired, percentage			0.10%
Class of warrant or right, redemption, term loan draw trigger (in Dollars) \| $			$ 5,000,000
Class of warrants and rights, vested in period			12,082
Class of warrants and rights, expired in period			12,082
Class of warrant or right, number of warrants surrendered to cover exercise price	2,447
Adjustments to additional paid in capital, warrant issued (in Dollars) \| $	$ 1,397
MVS Warrants [Member]
Warrant Liabilities [Line Items]
Warrant liabilities (in Dollars) \| $		$ 915,000
RBC Warrants [Member]
Warrant Liabilities [Line Items]
Class of warrant or right, outstanding				13,999
Exercise price \| $ / shares						$ 12.94
Warrants and rights outstanding, term						12 years
Class of warrant or right, number of securities called by warrants or rights						13,999
SVS Warrants [Member]
Warrant Liabilities [Line Items]
Class of warrant or right, outstanding		157,960		157,960
Warrant liabilities (in Dollars) \| $
Xanadu Class B Subordinate Voting Shares ("Earn-out Shares") [Member]
Warrant Liabilities [Line Items]
Exercise price \| $ / shares				$ 1.15
Additional Paid-in Capital [Member]
Warrant Liabilities [Line Items]
Adjustments to additional paid in capital, warrant issued (in Dollars) \| $		$ 2,769,000
Warrant Exchange, Component One [Member]
Warrant Liabilities [Line Items]
Class of warrant or right, number of securities called by warrants or rights				136,329
Xanadu Class A Multiple Voting Shares [Member]
Warrant Liabilities [Line Items]
Exercise price \| $ / shares				$ 0.02
Xanadu Class A Multiple Voting Shares [Member] \| Warrant Exchange, Component One [Member]
Warrant Liabilities [Line Items]
Exercise price \| $ / shares		$ 0.02		$ 0.15
Class of warrant or right, number of securities called by warrants or rights		383,645		383,645

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 272,465

$ 16,164

Accounts receivable, net

3,673

9,477

Materials and supplies

6,106

8,344

Prepaid expenses and other current assets

8,173

6,229

Total current assets

290,417

40,214

Property and equipment, net

17,181

18,313

Operating right-of-use assets, net

6,607

6,949

Intangible assets, net

4,835

5,128

Total assets

319,040

70,604

Current liabilities:

Accounts payable

2,903

2,802

Accrued expenses and other current liabilities

3,278

2,191

Deferred revenue

597

544

Deferred grant income

5,229

492

Short-term operating lease liabilities

1,064

1,074

Earn-out share liabilities

7,164

Warrant liabilities

1,874

Total current liabilities

20,235

8,977

Long-term operating lease liabilities

6,795

7,185

Long-term debt

30,033

29,998

Total liabilities

57,063

46,160

Commitments and contingencies (note 15)

Shareholders’ equity:

Old Xanadu convertible preferred shares, no par value, 204,286,254 shares authorized, 199,930,069 issued and outstanding at December 31, 2025 (1)

^[1]

213,002

Common shares, value

Additional paid-in capital

12,325

10,151

Accumulated deficit

(228,314)

(206,303)

Accumulated other comprehensive income (loss)

(208)

Total shareholders’ equity

261,977

24,444

Total liabilities and shareholders’ equity

319,040

70,604

Related Party

Current liabilities:

Due to related party

1,818

Previously Reported

Current assets:

Prepaid expenses and other current assets

1,806

Total current assets

1,806

Property and equipment, net

18,313

Total assets

1,806

Current liabilities:

Accrued expenses and other current liabilities

2,191

Deferred revenue

544

Warrant liabilities

1,874

Total current liabilities

1,818

Total liabilities

1,818

Shareholders’ equity:

Common shares, value

Accumulated deficit

(12)

Total shareholders’ equity

(12)

Total liabilities and shareholders’ equity

1,806

Previously Reported | Related Party

Current liabilities:

Due to related party

1,818

Old Xanadu Common Shares

Shareholders’ equity:

Common shares, value

^[1]

7,585

Common Class A

Shareholders’ equity:

Common shares, value

$ 478,174

[1]	Old Xanadu convertible preferred shares and common shares have been retroactively recast after giving effect to the Reverse Recapitalization. Refer to Note 3 for additional information.

Shareholders' Equity

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Shareholders’ Equity [Abstract]

Shareholders' equity

Note 13 - Shareholders’ Equity:

Common shares

Authorized Capital

As of March 31, 2026, the Company had two classes of common shares - Xanadu Class A Multiple Voting Shares and Xanadu Class B Subordinate Voting Shares. Our authorized share capital consists of an unlimited number of Class A Multiple Voting Shares and an unlimited number of Xanadu Class B Subordinate Voting Shares, each without a par value.

Voting Rights

Holders of Xanadu Class A Multiple Voting Shares are entitled to ten votes per share and holders of Xanadu Class B Subordinate Voting Shares are entitled to one vote per share on all matters upon which shareholders are entitled to vote.

Conversion Rights

Each Xanadu Class A Multiple Voting Share is convertible at any time, at the option of the holder, into one Xanadu Class B Subordinate Voting Share. Additionally, Xanadu Class A Multiple Voting Shares will automatically convert into Xanadu Class B Subordinate Voting Shares upon any transfer (as defined in the articles of incorporation), subject to certain limited exceptions for permitted holders as outlined in the Company’s articles of incorporation (as amended).

Dividend and Liquidation Rights

The Xanadu Class A Multiple Voting Shares and Xanadu Class B Subordinate Voting Shares rank pari passu with respect to the payment of dividends and the distribution of assets in the event of the liquidation, dissolution, or winding up of the Company. No dividend may be declared or paid on the Xanadu Class A Multiple Voting Shares unless a dividend of the same amount and type is simultaneously declared or paid on the Xanadu Class B Subordinate Voting Shares.

The following table summarizes the number and amount of each class of common shares issued and outstanding as of March 31, 2026 and December 31, 2025:

	March 31, 2026
	Issued and Outstanding		Amount
Class A Multiple Voting shares		255,226,928	$	221,495
Class B Subordinate Voting shares		43,284,436		256,679
Total Common Shares		298,511,364	$	478,174

	December 31, 2025 As Adjusted ⁽¹⁾
	Issued and Outstanding		Amount
Old Xanadu Convertible Preferred Shares		199,930,069	$	213,002
Old Xanadu Voting and Non-Voting Common Shares		55,964,876		7,585
Total Old Xanadu Preferred and Common Shares		255,894,945	$	220,587

⁽¹⁾

Shares have been recast to reflect the Exchange Ratio.

The following table summarizes the changes in issued and outstanding common shares and share capital by class for the three months ended March 31, 2026:

	Old Xanadu Convertible Preferred Shares						Old Xanadu Common Shares						Class A Multiple Voting Shares				Class B Subordinate Voting Shares and Share Capital					Total Common Shares
	Number			Amount			Number			Amount			Number		Amount		Number		Amount			Number		Amount
Balance as of December 31, 2025 as adjusted ⁽¹⁾		199,930,069		$	213,002			55,964,876		$	7,585			—	$	—		—	$	—			255,894,945	$	220,587
Issuance upon exercise of stock options		—			—			—			—			—		—		1,789,955		1,181			1,789,955		1,181
Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock		(199,930,069	)		(213,002	)		(55,964,876	)		(7,585	)		254,709,401		220,098		1,185,544		489			—		—
Reverse Recapitalization and PIPE transaction, net of transaction costs		—			—			—			—			—		—		40,308,937		265,006			40,308,937		265,006
Earn-out share liability at Closing of Reverse Recapitalization		—			—			—			—			—		—		—		(9,997	)		—		(9,997	)
Warrant Exercise		—			—			—			—			517,527		1,397		—		—			517,527		1,397
Balance as of March 31, 2026		—			—			—			—			255,226,928	$	221,495		43,284,436	$	256,679			298,511,364	$	478,174

⁽¹⁾

Refer to note in the table above for information related to the prior period recast.

Preferred Shares

We have an unlimited amount of authorized Xanadu Preferred Shares, with no par value. As of March 31, 2026 and December 31, 2025 there were no Xanadu Preferred Shares issued and outstanding.

Warrants to Purchase Common Shares

In connection with the Closing on March 26, 2026, the SFTrust Warrants were exchanged for warrants to purchase Xanadu Class A Multiple Voting Shares and the RBC Warrants were exchanged for warrants to purchase Xanadu Class B Subordinate Voting Shares.

The SFTrust Warrants were exchanged for 519,974 warrants to purchase Xanadu Class A Multiple Voting Shares and the RBC Warrants were exchanged for 157,960 warrants to purchase Xanadu Class B Subordinate Voting Shares, resulting in a total of 677,934 warrants exchanged in the transaction.

5. Shareholders’ equity:

(a)

Common shares:

The following table summarizes the number and amount of common shares authorized and issued and outstanding as of December 31, 2025:

December 31, 2025

Authorized

Issued and
Outstanding

Amount

Common shares

Unlimited

Total

Unlimited

The common shares have one vote per share. Dividends may be declared and paid on common shares, subject in all cases to authorization by the Board of Directors.

The following table summarizes the changes in issued and outstanding common shares for the period ended December 31, 2025:

	Common Shares
	Number		Amount
Balance as of October 2, 2025		1	$	-
Balance as of December 31, 2025		1	$	-

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S25
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479982/505-20-S25-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Fees Summary	May 19, 2026 USD ($)
Fees Summary [Line Items]
Total Offering	$ 362,705,000.00
Previously Paid Amount	0.00
Total Fee Amount	50,089.57
Total Offset Amount	0.00
Net Fee	$ 50,089.57

Fair Value Measurement - Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, fair value	$ 1,874
Ending balance, fair value	7,164
Establishment of earn out share liabilities	9,997
Change in estimated fair value, net of changes in foreign exchange rates (1)	(1,938)
Reclassification of warrant liability to equity	(2,769)
Warrant Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, fair value	1,874
Ending balance, fair value
Establishment of earn out share liabilities
Change in estimated fair value, net of changes in foreign exchange rates (1)	895
Reclassification of warrant liability to equity	(2,769)
Earn out Share Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance, fair value
Ending balance, fair value	7,164
Establishment of earn out share liabilities	9,997
Change in estimated fair value, net of changes in foreign exchange rates (1)	(2,833)
Reclassification of warrant liability to equity

Stock-based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

Note 14 - Stock-based Compensation:

Old Xanadu Long Term Incentive Plan

Upon the Closing of the Reverse Recapitalization, each outstanding option to purchase Old Xanadu Voting Common Shares, under the Company’s 2017 Equity Incentive Plan (the “2017 Plan”) and the 2018 Equity Incentive Plan (the “2018 Plan”), was exchanged for a Xanadu Class A Multiple Voting Share Option, and each option to purchase Old Xanadu Non-Voting Common Shares was exchanged for a Xanadu Class B Subordinate Voting Share Option.

The number of Xanadu shares subject to each assumed option was determined by multiplying the number of Old Xanadu common shares subject to the original option by the Exchange Ratio (rounded down to the nearest whole share). The per-share exercise price was determined by dividing the prior exercise price by the Exchange Ratio and rounded pursuant to the Plan of Arrangement. All other terms and conditions, including vesting schedules and expiration terms, remain unchanged. As of the Closing, the strike price was converted from Canadian dollars to U.S. dollars to align with the trading of the Xanadu Class B Subordinate Voting Shares on the Nasdaq market.

The Board of Directors of Old Xanadu authorized the grant of restricted shares and stock options for up to 1,393,773 non-voting common shares under the Company’s 2017 Plan and 5,749,323 non-voting common shares under the 2018 Plan. After giving effect to the Exchange Ratio, these authorizations represent 15,726,911 and 64,873,614 adjusted shares, respectively.

The options granted to date under the 2017 Plan and 2018 Plan have a service condition with the following vesting terms: (a) 25% of the options granted vest on a date that is one year after the date the service period begins and (b) the remaining unvested options vest in equal monthly installments for an additional 36 months.

Options generally expire 10 years from the original grant date or 90 days from an employee’s termination date. However, the Company has granted expiration extensions to certain terminated employees to June 30, 2026 and in one instance, to November 27, 2026.

With the Closing of the Reverse Recapitalization in the first quarter of 2026, no new equity awards will be granted under the 2017 Plan and the 2018 Plan. In connection with the Reverse Recapitalization, new grants will be issued under the Omnibus Long Term Incentive Plan described below.

As of March 31, 2026, all options have been granted under the 2017 Plan and 17,635,998 options remain outstanding under the 2018 Plan.

Omnibus Long Term Incentive Plan

The Company’s Board of Directors adopted the Xanadu Omnibus Long Term Incentive Plan (the “Omnibus Plan”) in connection with the Closing of the Reverse Recapitalization. The Omnibus Plan reserves an amount of Xanadu shares for grant equal to 15% of the Xanadu shares issued and outstanding from time to time. The Company’s equity awards corresponding to Old Xanadu equity awards do not reduce the number of shares available for issuance under the Omnibus Plan. The Omnibus Plan permits the grant of several award types, including:

●

Stock Options (Incentive Stock Options and Non-Qualified Stock Options).

●

Share Appreciation Rights (SARs),

●

Restricted Share Units (RSUs) and Performance Share Units (PSUs) and;

●

Deferred Share Units (DSUs).

No awards have been granted as of March 31, 2026 under the Omnibus Plan.

The following is a summary of the Company’s stock options activity (as adjusted for the Exchange Ratio) during the three months ended March 31, 2026 ⁽¹⁾:

	Number of Options		Weighted average exercise price (USD)		Weighted average remaining contractual term (years)		Aggregate intrinsic value (USD)
Balance as of December 31, 2025 ⁽¹⁾		49,486,556	$	1.19		6.65	$	290,074
Granted ⁽¹⁾		—		—
Exercised ⁽¹⁾		1,920,273		0.65
Expired and forfeited ⁽¹⁾		328,667		1.52
Balance as of March 31, 2026 ⁽²⁾		47,237,616	$	1.21		6.45	$	304,683
Exercisable as of March 31, 2026		31,038,814	$	0.09		7.57	$	234,840
Unvested as of March 31, 2026		16,198,802	$	3.02		4.64	$	75,162

⁽¹⁾

Recast to reflect the Exchange Ratio established in the Reverse Recapitalization.

⁽²⁾

Shares have been recast to reflect the Exchange Ratio established in the Reverse Recapitalization.

As of March 31, 2026 there were 3,261,109 options to purchase Xanadu Class A Multiple Voting Shares and 43,976,507 options to purchase Xanadu Class B Subordinate Voting shares issued and outstanding. There were no options granted during the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026 and 2025, the total intrinsic value of stock options exercised was C$16,869 and C$151, respectively.

The following table summarizes the stock-based compensation expense classified in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026		2025
Cost of revenue	$	22	$	10
Research and development		1,013		643
General and administrative		351		140
Sales and marketing		22		18
Total stock-based compensation expense	$	1,408	$	811

Stock-based compensation capitalized to intangible assets for the three months ended March 31, 2026 and 2025 was $31 and $53, respectively.

As of March 31, 2026, total unrecognized stock-based compensation cost related to unvested stock options was $14,203. This amount will be recognized over a weighted-average period of approximately 1.55 years.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued expenses and other current liabilities

Note 6 - Accrued expenses and other current liabilities:

Accrued expenses and other current liabilities are comprised of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Accrued salaries and other payroll liabilities	$	305	$	36
Accrued professional services		2,383		1,962
Other accrued expenses and current liabilities		590		193
Total	$	3,278	$	2,191

The majority of other accrued expenses and current liabilities relate to research and development (“R&D”) consumables received by the Company but not yet billed by the suppliers.

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2026
Document Information Line Items
Entity Central Index Key	0002097163
Document Type	F-1
Entity Registrant Name	XANADU QUANTUM TECHNOLOGIES LIMITED
Entity Incorporation, State or Country Code	A6
Entity Primary SIC Number	3571
Entity Address, Address Line One	777 Bay Street
Entity Address, Address Line Two	Suite 2400
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5G 2C8
Entity Address, Country	CA
City Area Code	(416)
Local Phone Number	304-9629
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false
Business Contact
Document Information Line Items
Entity Address, Address Line One	777 Bay Street
Entity Address, Address Line Two	Suite 2400
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5G 2C8
Entity Address, Country	CA
City Area Code	(416)
Local Phone Number	304-9629
Contact Personnel Name	Christian Weedbrook

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Nov. 03, 2025	May 31, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Events [Line Items]
Number of shares converted	1
Derivative Instrument, Contingent Consideration, Liability, Shares			1,100,000
Derivative Instrument, Contingent Consideration, Liability, Earnout Period, Threshold Trading Days		20 years
Derivative Instrument, Contingent Consideration, Liability, Earnout Period, Threshold Consecutive Trading Days		30 years
Derivative Instrument, Contingent Consideration, Liability, Vested, Shares		1,100,000
Class A Multiple Voting Share [Member]
Subsequent Events [Line Items]
Number of votes	ten
Class B Subordinate Voting Share [Member]
Subsequent Events [Line Items]
Number of votes	one
Commitments amount (in Dollars)				$ 28,950
Class B Subordinate Voting Share [Member] \| Business Combination [Member]
Subsequent Events [Line Items]
Number of shares issued	27,500,000
Share issued price per share (in Dollars per share)	$ 10
Aggregate gross proceeds (in Dollars)	$ 275,000
SPAC Class A Common Shares [Member]
Subsequent Events [Line Items]
Number of shares redeem	19,428,395
Redemption payments (in Dollars)	$ 201,154
Price per share (in Dollars per share)	$ 10.35
Trust account (in Dollars)	$ 227,800
Remained outstanding shares	3,211,605

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total	$ 31,377
Less: Accumulated depreciation	(14,196)
Property and equipment, net	17,181	$ 18,313
Previously Reported [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total		31,598
Less: Accumulated depreciation		(13,285)
Property and equipment, net		18,313
Computer systems and servers [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total	1,124
Computer systems and servers [Member] \| Previously Reported [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total		1,083
Test and computer equipment [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total	16,831
Test and computer equipment [Member] \| Previously Reported [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total		16,988
Lab equipment [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total	9,565
Lab equipment [Member] \| Previously Reported [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total		9,604
Furniture and fixtures [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total	281
Furniture and fixtures [Member] \| Previously Reported [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total		286
Leasehold improvements [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total	$ 3,576
Leasehold improvements [Member] \| Previously Reported [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total		$ 3,637

Reverse Recapitalization (Tables)

3 Months Ended

Mar. 31, 2026

Reverse Recapitalization [Abstract]

Schedule of Reverse Recapitalization

Below are the shares outstanding immediately following the Reverse Recapitalization and PIPE investment:

	Shares		% of Voting
Old Xanadu Shareholders		257,684,899		86.5	%
PIPE Investors		27,500,000		9.2	%
SPAC Public Shareholders		3,211,605		1.0	%
SPAC Private Placement Shareholders		2,264,000		0.8	%
SPAC Sponsor Shares ⁽¹⁾		7,333,333		2.5	%
Total Common Shares by Shareholder		297,993,837		100.0	%

Xanadu Class A Multiple Voting Shares		254,709,401		85.5	%
Xanadu Class B Subordinate Voting Shares ⁽¹⁾		43,284,436		14.5	%
Total Common Shares by Class		297,993,837		100.0	%

⁽¹⁾

Includes 1,100,000 Earn-out Shares subject to forfeiture. Refer to the section below for additional information.

Shares on a fully-diluted basis immediately following the Reverse Recapitalization and PIPE investment were:

	Shares		% of Voting
Old Xanadu Shareholders		257,684,899		74.5	%
Old Xanadu Options		47,360,480		13.7	%
Old Xanadu Warrants		677,934		0.2	%
PIPE Investors		27,500,000		7.9	%
SPAC Public Shareholders		3,211,605		0.9	%
SPAC Private Placement Shareholders		2,264,000		0.7	%
SPAC Sponsor Shares ⁽¹⁾		7,333,333		2.1	%
Total Fully Diluted Shares		346,032,251		100.0	%

⁽¹⁾

Includes 1,100,000 Earn-out Shares subject to forfeiture. Refer to the section below for additional information.

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Common Stock [Member]

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) [Line Items]

Balance as of December 31, 2025 as adjusted, Number (in Shares)

Balance as of December 31, 2025 as adjusted, Amount

^[1]

$ 220,587

Issuance upon exercise of stock options, Amount

1,181

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Amount

Reverse Recapitalization and PIPE transaction, net of transaction costs, Amount

265,006

Earn-out share liability at Closing of Reverse Recapitalization, Amount

(9,997)

Warrant Exercise, Amount

1,397

Balance as of March 31, 2026, Number (in Shares)

Balance as of March 31, 2026, Amount

$ 478,174

Common Stock [Member]

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) [Line Items]

Balance as of December 31, 2025 as adjusted, Number (in Shares)

^[1]

255,894,945

Issuance upon exercise of stock options, Number (in Shares)

1,789,955

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Number (in Shares)

Reverse Recapitalization and PIPE transaction, net of transaction costs, Number (in Shares)

40,308,937

Warrant Exercise, Number (in Shares)

517,527

Balance as of March 31, 2026, Number (in Shares)

298,511,364

Old Xanadu Convertible Preferred Shares [Member] | Preferred Stock [Member]

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) [Line Items]

Balance as of December 31, 2025 as adjusted, Number (in Shares)

^[1]

199,930,069

Balance as of December 31, 2025 as adjusted, Amount

^[1]

$ 213,002

Issuance upon exercise of stock options, Number (in Shares)

Issuance upon exercise of stock options, Amount

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Number (in Shares)

(199,930,069)

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Amount

$ (213,002)

Reverse Recapitalization and PIPE transaction, net of transaction costs, Number (in Shares)

Reverse Recapitalization and PIPE transaction, net of transaction costs, Amount

Earn-out share liability at Closing of Reverse Recapitalization, Amount

Warrant Exercise, Number (in Shares)

Warrant Exercise, Amount

Balance as of March 31, 2026, Number (in Shares)

Balance as of March 31, 2026, Amount

Old Xanadu Common Shares [Member] | Common Stock [Member]

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) [Line Items]

Balance as of December 31, 2025 as adjusted, Number (in Shares)

^[1]

55,964,876

Balance as of December 31, 2025 as adjusted, Amount

^[1]

$ 7,585

Issuance upon exercise of stock options, Number (in Shares)

137,683

Issuance upon exercise of stock options, Amount

$ 76

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Number (in Shares)

(55,964,876)

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Amount

$ (7,585)

Reverse Recapitalization and PIPE transaction, net of transaction costs, Number (in Shares)

Reverse Recapitalization and PIPE transaction, net of transaction costs, Amount

Earn-out share liability at Closing of Reverse Recapitalization, Amount

Warrant Exercise, Number (in Shares)

Warrant Exercise, Amount

Balance as of March 31, 2026, Number (in Shares)

Balance as of March 31, 2026, Amount

Class A Multiple Voting shares [Member] | Common Stock [Member]

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) [Line Items]

Balance as of December 31, 2025 as adjusted, Number (in Shares)

^[1]

Balance as of December 31, 2025 as adjusted, Amount

^[1]

Issuance upon exercise of stock options, Number (in Shares)

Issuance upon exercise of stock options, Amount

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Number (in Shares)

254,709,401

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Amount

$ 220,098

Reverse Recapitalization and PIPE transaction, net of transaction costs, Number (in Shares)

Reverse Recapitalization and PIPE transaction, net of transaction costs, Amount

Earn-out share liability at Closing of Reverse Recapitalization, Amount

Warrant Exercise, Number (in Shares)

517,527

Warrant Exercise, Amount

$ 1,397

Balance as of March 31, 2026, Number (in Shares)

255,226,928

Balance as of March 31, 2026, Amount

$ 221,495

Class B Subordinate Voting Shares and Share Capital [Member] | Common Stock [Member]

Shareholders' Equity - Schedule of Changes in Issued and Outstanding Common Shares and Share Capital (Details) [Line Items]

Balance as of December 31, 2025 as adjusted, Number (in Shares)

^[1]

Balance as of December 31, 2025 as adjusted, Amount

^[1]

Issuance upon exercise of stock options, Number (in Shares)

1,789,955

Issuance upon exercise of stock options, Amount

$ 1,181

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Number (in Shares)

1,185,544

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock, Amount

$ 489

Reverse Recapitalization and PIPE transaction, net of transaction costs, Number (in Shares)

40,308,937

Reverse Recapitalization and PIPE transaction, net of transaction costs, Amount

$ 265,006

Earn-out share liability at Closing of Reverse Recapitalization, Amount

$ (9,997)

Warrant Exercise, Number (in Shares)

Warrant Exercise, Amount

Balance as of March 31, 2026, Number (in Shares)

43,284,436

Balance as of March 31, 2026, Amount

$ 256,679

[1]	Refer to note in the table above for information related to the prior period recast.

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Prepaid Expenses and Other Current Assets [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets are comprised of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Prepaid materials and supplies	$	4,772	$	3,675
Prepaid professional services		92		154
Other prepaid expenses and current assets		3,309		2,400
Total	$	8,173	$	6,229

Prepaid expenses and other current assets are comprised of the following as of December 31, 2025:

	2025
Deferred transaction costs	$	1,806
Total	$	1,806

Revenue Recognition: - Schedule of Concentration of Risk, by Risk Factor (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Customer 1 [Member]
Schedule of Concentration of Risk, by Risk Factor [Line Items]
Concentration risk, percentage	72.00%
Customer 2 [Member]
Schedule of Concentration of Risk, by Risk Factor [Line Items]
Concentration risk, percentage		35.00%
Customer 3 [Member]
Schedule of Concentration of Risk, by Risk Factor [Line Items]
Concentration risk, percentage		19.00%
Customer 4 [Member]
Schedule of Concentration of Risk, by Risk Factor [Line Items]
Concentration risk, percentage		11.00%
Customer 5 [Member]
Schedule of Concentration of Risk, by Risk Factor [Line Items]
Concentration risk, percentage		10.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property and Equipment, Net [Abstract]
Depreciation	$ 1,152	$ 946

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Long-Term Debt [Line Items]
Total long-term debt	$ 30,033	$ 29,998
SIF Loan [Member]
Schedule of Long-Term Debt [Line Items]
Total long-term debt	27,612	27,536
FedDev Loan [Member]
Schedule of Long-Term Debt [Line Items]
Total long-term debt	$ 2,421	$ 2,462

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Schedule of Prepaid Expenses and Other Current Assets [Abstract]
Deferred transaction costs	$ 1,806
Total	$ 1,806

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 17 - Segment Information:

Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance.

The Company’s CODM is its Chief Executive Officer. The CODM has determined that the Company operates in a single operating and reportable segment and manages segment performance and resource allocation based upon consolidated net loss. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Significant expenses reviewed by the CODM include those that are presented in the consolidated statement of operations and comprehensive loss. The CODM evaluates actual results compared to forecasted results for consolidated net loss, including significant expenses, when making decisions about allocating resources.

Substantially all of the Company’s long-lived assets are located in Canada. Refer to Note 12 for additional information about the Company’s revenue by geography.

The following table sets forth the Company’s segment information of revenue, significant expenses and net loss:

	Three months ended March 31,
	2026			2025
Revenue	$	2,832		$	699
Less:
Operating expenses excluding salaries and share-based compensation:
Cost of revenue (exclusive of depreciation and amortization below)		48			5
Research and development		8,372			3,016
General and administrative		7,989			980
Sales and marketing		1,208			24
Salaries and share-based compensation expense		11,004			8,173
Depreciation and amortization		1,617			1,277
Interest (income) expense, net		190			(553	)
Other segment items⁽¹⁾		(6,992	)		(18	)
Net loss	$	(20,604	)	$	(12,205	)

⁽¹⁾

Other segment items include other operating income, net, gain on fair value of earn-out liabilities and other (income) expense, net which are reflected in the consolidated statements of operations and comprehensive loss.

- Definition

The entire disclosure for segment reporting.

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+ Details

Fair Value Measurement - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Fair Value, Inputs, Level 3 [Member]	Mar. 31, 2026	Mar. 26, 2026
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	7.66	10
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	80	80
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	3.83	4
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout liability, measurement input	3.99	4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Intangible Assets, Net [Line Items]
Cost	$ 10,076	$ 9,992
Accumulated Amortization	(5,241)	(4,864)
Net Book Value	4,835	5,128
Patents [Member]
Schedule of Intangible Assets, Net [Line Items]
Cost	2,323	2,226
Accumulated Amortization	(1,473)	(1,383)
Net Book Value	850	843
Internally developed software [Member]
Schedule of Intangible Assets, Net [Line Items]
Cost	7,565	7,586
Accumulated Amortization	(3,632)	(3,352)
Net Book Value	3,933	4,234
External software licenses [Member]
Schedule of Intangible Assets, Net [Line Items]
Cost	188	180
Accumulated Amortization	(136)	(129)
Net Book Value	$ 52	$ 51

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Shareholders' Equity (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Shareholders’ Equity [Abstract]

Schedule of Common Shares Authorized and Issued and Outstanding

The following table summarizes the number and amount of common shares authorized and issued and outstanding as of December 31, 2025:

December 31, 2025

Authorized

Issued and
Outstanding

Amount

Common shares

Unlimited

Total

Unlimited

Schedule of Issued and Outstanding Common Shares

The following table summarizes the changes in issued and outstanding common shares and share capital by class for the three months ended March 31, 2026:

	Old Xanadu Convertible Preferred Shares						Old Xanadu Common Shares						Class A Multiple Voting Shares				Class B Subordinate Voting Shares and Share Capital					Total Common Shares
	Number			Amount			Number			Amount			Number		Amount		Number		Amount			Number		Amount
Balance as of December 31, 2025 as adjusted ⁽¹⁾		199,930,069		$	213,002			55,964,876		$	7,585			—	$	—		—	$	—			255,894,945	$	220,587
Issuance upon exercise of stock options		—			—			—			—			—		—		1,789,955		1,181			1,789,955		1,181
Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock		(199,930,069	)		(213,002	)		(55,964,876	)		(7,585	)		254,709,401		220,098		1,185,544		489			—		—
Reverse Recapitalization and PIPE transaction, net of transaction costs		—			—			—			—			—		—		40,308,937		265,006			40,308,937		265,006
Earn-out share liability at Closing of Reverse Recapitalization		—			—			—			—			—		—		—		(9,997	)		—		(9,997	)
Warrant Exercise		—			—			—			—			517,527		1,397		—		—			517,527		1,397
Balance as of March 31, 2026		—			—			—			—			255,226,928	$	221,495		43,284,436	$	256,679			298,511,364	$	478,174

⁽¹⁾

Refer to note in the table above for information related to the prior period recast.

The following table summarizes the changes in issued and outstanding common shares for the period ended December 31, 2025:

	Common Shares
	Number		Amount
Balance as of October 2, 2025		1	$	-
Balance as of December 31, 2025		1	$	-

Schedule of Stock by Class

The following table summarizes the number and amount of each class of common shares issued and outstanding as of March 31, 2026 and December 31, 2025:

	March 31, 2026
	Issued and Outstanding		Amount
Class A Multiple Voting shares		255,226,928	$	221,495
Class B Subordinate Voting shares		43,284,436		256,679
Total Common Shares		298,511,364	$	478,174

	December 31, 2025 As Adjusted ⁽¹⁾
	Issued and Outstanding		Amount
Old Xanadu Convertible Preferred Shares		199,930,069	$	213,002
Old Xanadu Voting and Non-Voting Common Shares		55,964,876		7,585
Total Old Xanadu Preferred and Common Shares		255,894,945	$	220,587

⁽¹⁾

Shares have been recast to reflect the Exchange Ratio.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Commitments and Contingencies

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and contingencies

Note 15 - Commitments and Contingencies:

Lease obligations

The Company enters into operating leases for its office space tenancies. As of March 31, 2026 and December 31, 2025, the future minimum lease payments under non-cancellable operating leases over the remaining lease term and the present value of the lease obligations are approximately $8,612 and $7,860, respectively.

Litigation

From time to time, the Company may become a party to various legal proceedings in the ordinary course of business. Management believes that there are currently no claims or actions pending against the Company, the ultimate disposition of which could have a material adverse effect on the Company’s results of operations, financial condition, or cash flows, including third party infringement claims, labor and employment claims and threatened claims, tax and other matters.

In the normal course of business, the Company may agree to indemnify third parties with whom it enters into contractual relationships, including customers, lessors, and parties to other transactions with the Company, with respect to certain matters. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for certain losses suffered or incurred by the indemnified party. It is not possible to reasonably estimate the overall maximum amount of these indemnification obligations. Historically, the Company has not been required to make payments under these obligations and, therefore, no liabilities have been recorded for these obligations in the Company’s consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, the Company was not subject to any material litigation or material pending litigation claims.

8. Commitments and contingencies:

(a) Litigation:

As of December 31, 2025, the Company was not subject to any material litigation or material pending litigation claims.

Accounts Receivable, Net - Schedule of Accounts Receivable Include Trade and Other Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Accounts Receivable Include Trade and Other Receivables [Abstract]
Trade receivable	$ 102	$ 100
Other receivables	53	86
Grant receivable		5,011
Contract assets	1,860	1,499
Sales tax receivable	1,658	963
Deferred transaction costs		1,818
Total	$ 3,673	$ 9,477

Subsequent Events

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent events

Note 18 - Subsequent Events:

The Company has evaluated all events occurring through May 14, 2026, the date on which the Interim Financial Statements were issued, and during which time, nothing has occurred outside the normal course of business operations that would require disclosure except the following:

As described in Note 3 - Reverse Recapitalization, in connection with the Closing of the Reverse Recapitalization, SPAC Sponsor entered into an agreement pursuant to which 1,100,000 Earn-out Shares were made subject to post-closing vesting and forfeiture conditions tied to the achievement of certain stock price thresholds (the “Earn-Out Triggers”) during the four-year period from the closing date as described in Note 3.

In May 2026, the Earn-Out Triggers were satisfied, as the closing share price of the Company’s Class B Subordinate Voting Shares equaled or exceeded the required minimum share prices for 20 trading days within a 30 consecutive trading day period during the Vesting Term. Accordingly, all 1,100,000 lock up securities have vested and are no longer subject to forfeiture.

Upon the achievement of each Earn-Out Trigger, the Company will reflect the settlement of the earn-out share liability by re-measuring the earn-out share liability at fair value at the point of time the Earn Out Trigger is met and then reclassifying the fair value of the liability to share capital.

10. Subsequent events:

The Company has evaluated all events occurring through April 9, 2026, the date on which the Annual Financial Statements were issued, and during which time, nothing has occurred outside the normal course of business operations that would require disclosure except the following:

On November 3, 2025, Old Xanadu entered into the Business Combination Agreement with SPAC and Xanadu.

On the Closing Date, Xanadu, Old Xanadu and SPAC consummated the Business Combination. Upon closing, Xanadu became the parent entity of both Old Xanadu and SPAC. Pre-closing, Xanadu’s authorized share capital was amended to consist of three classes of shares: multiple voting shares (the “Class A Multiple Voting Shares”), the Class B Subordinate Voting Shares, and preferred shares issuable in series. At closing of the Business Combination and PIPE Financing, only Class A Multiple Voting Shares and Class B Subordinate Voting Shares were issued and outstanding; no preferred shares have been issued. Each Class A Multiple Voting Share entitles the holder to ten votes per share and each Class B Subordinate Voting Share entitles the holder to one vote per share. Xanadu has authorized an unlimited amount of Class A Multiple Voting Shares, Class B Subordinate Voting Shares, and preferred shares, with no par value.

On the Closing Date: (i) each outstanding Old Xanadu preferred share was converted into and exchanged for one Old Xanadu voting common share; and (ii) one minute thereafter, (A) each outstanding Old Xanadu voting common share (including those issued upon conversion of Old Xanadu preferred shares) was transferred to Xanadu in exchange for Class A Multiple Voting Shares, and (B) each outstanding Old Xanadu non-voting common share was transferred to Xanadu in exchange for Class B Subordinate Voting Shares, in each case, in a number equal to the Exchange Ratio (as defined in the plan of arrangement with respect to the Business Combination (the “Plan of Arrangement”)), with no fractional Xanadu shares issued.

One minute after the foregoing, (i) each option to acquire an Old Xanadu voting common share outstanding immediately prior to the Arrangement Effective Time (as defined in the Plan of Arrangement) (whether vested or unvested and notwithstanding the terms of any Old Xanadu equity incentive plan) was exchanged for options to acquire Class A Multiple Voting Shares and, (ii) each option to acquire an Old Xanadu non-voting common share outstanding immediately prior to the Arrangement Effective Time (whether vested or unvested and notwithstanding the terms of any Old Xanadu equity incentive plan) was exchanged for options to acquire Xanadu Class B Subordinate Voting Shares.

One minute after the foregoing, (i) the SFTrust Warrants (as defined in the Plan of Arrangement) outstanding immediately prior to the Arrangement Effective Time were exchanged for warrants to purchase Class A Multiple Voting Shares and, (ii) the RBC Warrants (as defined in the Plan of Arrangement) outstanding immediately prior to the Arrangement Effective Time were exchanged for warrants to purchase Class B Subordinate Voting Shares.

Holders of 19,428,395 SPAC Class A common shares exercised their right to redeem such shares for a pro rata portion of SPAC’s trust account, resulting in aggregate redemption payments of approximately $201,154 ($10.35 per share) out of approximately $227,800 in the SPAC trust account at the time. After redemptions, 3,211,605 SPAC Class A shares remained outstanding and were exchanged for Class B Subordinate Voting Shares.

Concurrently with the closing of the Business Combination, Xanadu issued 27,500,000 Class B Subordinate Voting Shares to PIPE Investors at $10.00 per share for aggregate gross proceeds of $275,000 pursuant to subscription agreements entered into in connection with the Business Combination Agreement. As of December 31, 2025, contingent on the issuance of the Class B Subordinate Voting Shares, Xanadu has commitments of up to $28,950 associated with, and contingent on, the closing of the equity raise.

On March 27, 2026, in connection with the closing of the Business Combination, Xanadu was listed on Nasdaq and the TSX under the symbol “XNDU”.

For accounting purposes, the Business Combination was accounted for as a reverse recapitalization whereby Old Xanadu was treated as the accounting acquirer and SPAC was treated as the acquired company. Xanadu is the legal parent and is not considered to be the accounting acquirer or acquiree in the Business Combination in accordance with U.S. GAAP.

Consolidated Balance Sheets (Parentheticals) - $ / shares

3 Months Ended

Dec. 31, 2025

Mar. 31, 2026

Common shares, shares issued (in Shares)

Common shares, shares outstanding (in Shares)

297,993,837

Common shares, unlimited shares authorized

Unlimited

Old Xanadu convertible preferred shares, par value (in Dollars per share)

^[1]

Old Xanadu convertible preferred shares, shares authorized (in Shares)

^[1]

204,286,254

Old Xanadu convertible preferred shares, shares issued (in Shares)

^[1]

199,930,069

Old Xanadu convertible preferred shares, shares outstanding (in Shares)

^[1]

199,930,069

Previously Reported

Common shares, par value (in Dollars per share)

Common shares, shares issued (in Shares)

Common shares, shares outstanding (in Shares)

Common shares, unlimited shares authorized

Unlimited

Old Xanadu Common Shares

Common shares, par value (in Dollars per share)

^[1]

Common shares, shares issued (in Shares)

^[1]

55,964,876

Common shares, shares outstanding (in Shares)

^[1]

55,964,876

Common shares, shares authorized (in Shares)

^[1]

336,123,821

Common Class A

Common shares, par value (in Dollars per share)

Common shares, shares issued (in Shares)

255,226,928

Common shares, shares outstanding (in Shares)

255,226,928

Common shares, unlimited shares authorized

Unlimited

Common Class B

Common shares, par value (in Dollars per share)

Common shares, shares issued (in Shares)

43,284,436

Common shares, shares outstanding (in Shares)

43,284,436

Common shares, unlimited shares authorized

Unlimited

[1]	Old Xanadu convertible preferred shares and common shares have been retroactively recast after giving effect to the Reverse Recapitalization. Refer to Note 3 for additional information.

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

^[1]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total

47,395,576

243,463,650

Warrants as exercisable to common shares [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total

157,960

677,934

Stock options issued and outstanding [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total

47,237,616

42,855,647

Preferred shares as convertible to common shares [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total

199,930,069

[1]	Shares have been recast to reflect the Exchange Ratio established in the Reverse Recapitalization. Refer to Note 3 for additional information.

Long-Term Debt (Details) $ in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
Long-Term Debt (Details) $ in Thousands, $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2026 CAD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CAD ($)
Long-Term Debt [Line Items]
Proceeds from long-term debt (in Dollars)	$ 228		$ 2,185		$ 35,682
Long-term debt, weighted average interest rate, at point in time		4.68%		4.69%	4.69%
SIF Loan [Member]
Long-Term Debt [Line Items]
Debt instrument, face amount (in Dollars)		$ 40,000
Proceeds from long-term debt (in Dollars)		$ 36,000
Long-term debt, principal and interest repayments, percentage of principal amount		150.00%
Long-term debt, repayment, number of annual installments		20
Interest expense, debt (in Dollars)	$ 312			$ 198
FedDev Loan [Member]
Long-Term Debt [Line Items]
Debt instrument, face amount (in Dollars)		$ 3,750
Proceeds from long-term debt (in Dollars)					$ 3,375
Long-term debt, repayment, number of monthly installments		60

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Cash flows from operating activities:
Net loss	$ (20,604)	$ (12)	$ (12,205)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,617		1,277
Amortization of operating right of use assets	163		218
Stock-based compensation	1,408		811
Amortization of debt issuance costs			9
Interest accretion on long-term debt	282		200
Change in fair value of financial instruments	(1,938)		(13)
Change in operating assets and liabilities:
Accounts receivable	5,767		(93)
Material and supplies	2,144		(3,042)
Prepaid expenses and other current assets	(1,797)	(1,806)	(532)
Accounts payable	464		(860)
Accrued expenses and other current liabilities	836		(1,862)
Deferred revenue	63		54
Deferred grant income	4,849
Operating lease liabilities	(289)		(255)
Due to related party		1,818
Net cash used in operating activities	(7,035)		(16,293)
Cash flows from financing activities:
Proceeds from reverse recapitalization and Private Investment in Public Equity (“PIPE”) transaction, net of transaction costs	263,599
Proceeds from exercise of stock options	534		54
Proceeds from long-term debt	228		2,185
Net cash provided by financing activities	264,361		2,239
Cash flows from investing activities:
Purchase of property and equipment	(313)		(1,263)
Purchase of intangible assets	(215)		(583)
Net cash used in investing activities	(528)		(1,846)
Effects of foreign exchange rates on cash and cash equivalents	(497)		(51)
Increase (decrease) in cash and cash equivalents	256,301		(15,951)
Cash and cash equivalents, beginning of period	16,164		77,619	$ 77,619
Cash and cash equivalents, end of period	272,465	16,164	61,668	16,164
Supplemental disclosure of non-cash investing and financing activities:
Capitalized stock-based compensation	31		53
Purchases of property and equipment included in accounts payable	36		1,042
Conversion of Old Xanadu convertible preferred shares to Class A Multiple Voting Shares	213,003
Reclassification of warrant liabilities to additional paid-in capital	2,769
Reclassification of additional paid-in capital to share capital upon cashless exercise of warrants	1,397
Recognition of earn-out share liability at closing of Reverse Recapitalization	9,997
Previously Reported
Cash flows from investing activities:
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Long-Term Debt [Abstract]

Long-term debt

Note 9 - Long-term debt:

As of March 31, 2026 and December 31, 2025, the Company’s long-term debt is comprised of the SIF Loan (as defined below) and the FedDev Loan (as defined below) as follows:

	March 31, 2026		December 31, 2025
SIF Loan	$	27,612	$	27,536
FedDev Loan		2,421		2,462
Total long-term debt	$	30,033	$	29,998

SIF Loan

Under the Strategic Innovation Fund Agreement, by and between Old Xanadu and His Majesty the King in Right of Canada as represented by the Minister of Industry, as amended (the “SIF Loan”), SIF is committed to provide the Company contributions up to C$40,000 contingent on the Company incurring defined eligible expenditures. Contributions from SIF shall be used for the development of photonic-based, fault-tolerant quantum computers, including projects involving the adaptation of research findings for commercial applications, development of current products through the implementation of new or incremental technology, and development of process improvements which reduce the environmental footprint of current production. As of March 31, 2026 and December 31, 2025, the Company has received C$36,000 and C$35,682 in total funding from SIF, respectively.

Principal and interest amounts to be repaid under the SIF Loan are determined using a revenue-based formula and are capped at 150% of the principal amount. Repayments are due in up to 20 annual installments, commencing on April 30, 2028. If the total of the 20 revenue-based annual installments is less than the principal amount, any remaining repayment obligation will be forgiven.

The SIF Loan includes certain covenants requiring the Company to support high-skilled jobs in Canada, collaborate with Canadian institutions and small and medium-sized Canadian-based enterprises, and invest in R&D within Canada. Repayments of the SIF Loan can also be triggered upon default on loan covenants in the agreement, termination of the agreement, or upon a change of control that has not been approved by the Government of Canada. Old Xanadu determined the Reverse Recapitalization did not constitute a change in control as defined in the SIF Loan and no approvals were required by the Government of Canada. As of March 31, 2026, the Company was in compliance with all events that would trigger default or termination of the agreement.

The Company accounts for the SIF Loan as a liability on the Company’s consolidated balance sheets in accordance with ASC 470-10-25, Sales of Future Revenues. The SIF Loan is initially measured at face value and subsequently amortized using the effective interest method, which includes accrued interest expense over the estimated term of the SIF Loan. The amortization schedule is based on projected cash flows derived from the Company’s long-term revenue forecast. Subsequent changes in forecasted cash flows will be accounted for under the retrospective method, which entails a new effective interest rate being computed each period based on the original proceeds received, actual cash flows to date, and the revised estimate of remaining cash flows. The new discount rate is then used to adjust the carrying value of the debt to the present value of the revised cash flows, discounted at the new effective interest rate. The offset is recognized in interest income (expense), net. As the SIF Loan originated through a government program, a market rate of interest is not imputed in accordance with the scope limitations of ASC 835.

As of March 31, 2026 and December 31, 2025, the Company determined a weighted average effective interest rate of 4.68% and 4.69%, respectively, based on the most recent revenue projections at each reporting date. During the three months ended March 31, 2026 and 2025, the Company recognized $312 and $198 of interest expense, respectively, related to the SIF Loan, inclusive of foreign exchange, within interest income (expense), net in the consolidated statements of operations and comprehensive loss.

The following table summarizes the changes in the carrying value of the SIF Loan for the three months ended March 31, 2026:

Balance as of December 31, 2025	$	27,536
Changes due to foreign exchange rates, net of contributions received		(206	)
Interest expense, net of changes in foreign exchange rates		282
Balance as of March 31, 2026	$	27,612

As of March 31, 2026, the Company has classified the SIF Loan as non-current as repayments will not commence within the 12 months following the balance sheet date.

FedDev Loan

Under the regional quantum initiative contribution agreement between Old Xanadu and His Majesty the King in Right of Canada as represented by the Minister of Federal Economic Development Agency for Southern Ontario (the “FedDev Loan”), an aggregate principal amount of C$3,750 is made available to the Company based on the Company’s incurrence of eligible expenditures. Proceeds from the FedDev Loan shall be used to advance and commercialize the Company’s quantum products. The Company had received C$3,375 in gross proceeds from the FedDev Loan at March 31, 2026 and December 31, 2025.

The FedDev Loan is repayable in 60 monthly installments commencing on April 1, 2027. As the FedDev Loan originated through a government program with regulated interest, a market rate of interest is not imputed in accordance with the scope exclusions of ASC 835.

The FedDev Loan includes certain event of defaults, including if the Company fails to meet the objectives or milestones outlined in the agreement. Repayment of the FedDev Loan can also be triggered upon default of the agreement. As of March 31, 2026, the Company is not aware of any events that would trigger default of the agreement.

The following table summarizes the changes in the carrying value of the FedDev Loan for the three months ended March 31, 2026:

Balance as of December 31, 2025	$	2,462
Changes due to foreign exchange rates		(41	)
Balance as of March 31, 2026	$	2,421

No contributions were received on the FedDev Loan for the three months ended March 31, 2026. As of March 31, 2026, the Company has classified the FedDev Loan as non-current as repayments will not commence within the 12 months following the balance sheet date.

Shareholders' Equity - Schedule of Issued and Outstanding Common Shares (Details) - Common Stock [Member] - USD ($)	Dec. 31, 2025	Oct. 02, 2025
Class of Stock [Line Items]
Common shares, Number	1	1
Common shares, Amount

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-13

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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+ Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

- Definition

Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.

+ References

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

9. Related Party Transactions:

The Company’s sole shareholder (prior to closing of the Business Combination), Director and Chief Executive Officer also serves as Director and Chief Executive Officer of Old Xanadu, a related party. Old Xanadu has provided, and continues to provide, working capital advances for the Company to meet its financial obligations. These advances are non-interest bearing and are due on demand. As of December 31, 2025, the Company owed Old Xanadu $1,818, which is included in Due to related party in the accompanying balance sheet. There were no formal repayment terms in place as of the reporting date.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property, Plant and Equipment (Details)	Mar. 31, 2026
Computer systems and servers [Member]
Schedule of Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Lab equipment [Memeber]
Schedule of Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Test and computer equipment [Member]
Schedule of Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Furniture and fixtures [Member]
Schedule of Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Leasehold improvements [Member]
Schedule of Property, Plant and Equipment [Line Items]
Leasehold improvements	Leasehold improvements [Member]

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Prepaid Expenses and Other Current Assets

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Prepaid Expenses and Other Current Assets [Abstract]

Prepaid expenses and other current assets

Note 5 - Prepaid expenses and other current assets:

Prepaid expenses and other current assets are comprised of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Prepaid materials and supplies	$	4,772	$	3,675
Prepaid professional services		92		154
Other prepaid expenses and current assets		3,309		2,400
Total	$	8,173	$	6,229

3. Prepaid expenses and other current assets:

Prepaid expenses and other current assets are comprised of the following as of December 31, 2025:

	2025
Deferred transaction costs	$	1,806
Total	$	1,806

Deferred transaction costs are costs incurred directly related to the reverse capitalization of the Business Combination and concurrent PIPE Financing and have been deferred to be applied against the proceeds upon closing. The costs were incurred by Old Xanadu, a related party, on behalf of the Company (see Note 9), and are expected to be deductible for tax purposes.

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies

Basis of presentation

Basis of Consolidation

All intercompany transactions and balances have been eliminated.

Use of Estimates

Liquidity and Going Concern

As of March 31, 2026 and December 31, 2025, the Company had cash and cash equivalents of $272,465 and $16,164 and net working capital of $270,182 and $31,237, respectively.

Emerging Growth Company Status

Summary of Significant Accounting Policies

(a) Cash and cash equivalents:

(b) Accounts receivable, net:

(c) Materials and supplies, net:

(d) Property and equipment, net:

The estimated useful lives of Xanadu’s property and equipment are as follows:

Computer systems and servers		3 years
Lab equipment		7 years
Test and computer equipment		7 years
Furniture and fixtures		3 years
Leasehold improvements		Shorter of lease term or estimated useful life

(e) Intangible assets, net:

Patents		3 years
Internally developed software		5 years
Third-party perpetual software licenses		3 years

(f) Impairment of long-lived assets:

(g) Foreign currency translation and transactions:

(h) Revenue recognition:

Revenue is recognized based on the following five step model in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers:

●

Identify the contract,

●

Identify the performance obligations,

●

Determine the transaction price,

●

Allocate the transaction price to the performance obligations, and

●

Recognize revenue when (or as) the entity satisfies a performance obligation.

Revenue is recognized net of taxes, which are remitted to governmental authorities.

Xanadu’s compute services represent a performance obligation that is satisfied over-time. Revenue is recognized on a straight-line basis over the contract term.

(i) Cost of revenue:

(j) Research and development:

(k) Stock-based compensation:

(l) Investment tax credits and government assistance:

(m) Net loss per share:

(n) Fair value measurement:

●

Level 1: Quoted market prices in active markets that the reporting entity has the ability to access at the date of the fair value measurement.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurement of the assets or liabilities.

(o) Concentration of credit risk:

(p) Earn-out Shares:

(q) Warrants:

2. Basis of presentation and summary of significant accounting policies:

(a)

Basis of presentation:

(b)

Emerging Growth Company:

(c)

Period of operations:

(d)

Cash:

Cash is comprised of cash on hand.

(e)

Income taxes:

(f)

Net loss per share:

Basic net loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding during each period.

(g)

Foreign currency translation and transactions:

(h)

Fair value measurement:

●

Level 1: Quoted market prices in active markets that the reporting entity has the ability to access at the date of the fair value measurement.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value measurement of the assets or liabilities.

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Assets, Net [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following as of March 31, 2026 and December 31, 2025:

	As of March 31, 2026
	Cost		Accumulated Amortization			Net Book Value
Patents	$	2,323	$	(1,473	)	$	850
Internally developed software		7,565		(3,632	)		3,933
External software licenses		188		(136	)		52
Total	$	10,076	$	(5,241	)	$	4,835

	As of December 31, 2025
	Cost		Accumulated Amortization			Net Book Value
Patents	$	2,226	$	(1,383	)	$	843
Internally developed software		7,586		(3,352	)		4,234
External software licenses		180		(129	)		51
Total	$	9,992	$	(4,864	)	$	5,128

Description of Business

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Description of Business [Abstract]

Description of business

Note 1 - Description of business:

Xanadu Quantum Technologies Limited (the “Company” or “Xanadu”) was incorporated under the Business Corporations Act (Ontario) on October 2, 2025. The Company was formed to facilitate the merger (the “Reverse Recapitalization”) between Xanadu Quantum Technologies Inc. (“Old Xanadu”) and Crane Harbor Acquisition Corp. (“SPAC”), a special purpose acquisition company. Old Xanadu was incorporated under the Canada Business Corporations Act on December 7, 2016, and subsequently continued under the Business Corporations Act (Ontario) on October 29, 2025. The Company is headquartered in Toronto, Ontario.

On March 26, 2026, Xanadu completed its previously announced merger pursuant to the merger agreement (the “Agreement”), dated November 3, 2025, with Old Xanadu and SPAC, a Cayman Islands exempted corporation. SPAC, was incorporated on January 2, 2025, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar reverse recapitalization with one or more businesses. Upon closing, Xanadu became the parent company of both Old Xanadu and SPAC. SPAC was continued under the Business Corporations Act (Ontario) on March 20, 2026 and was renamed Xanadu Quantum Technologies Former SPAC Inc. on March 27, 2026. The Reverse Recapitalization was accounted for as a reverse recapitalization in accordance with U.S. GAAP.

Following the Reverse Capitalization, the Xanadu Class B Subordinate Voting Shares began trading on the Nasdaq and the TSX under the symbol “XNDU”.

The Company specializes in designing photonic devices and the platforms around them, including the experimentation and development of quantum computers available on the cloud with supporting software, along with quantum simulators and other related products and offerings. The Company’s mission is to build quantum computers that are useful and available to people everywhere.

1. Description of business:

Xanadu Quantum Technologies Limited (“Xanadu”, or the “Company”) was incorporated under the Business Corporations Act (Ontario) on October 2, 2025. The corporate office address is located at 777 Bay Street, Suite 2400, Toronto, Ontario.

The Company was formed to facilitate the business combination (the “Business Combination”) between Xanadu Quantum Technologies Inc. (“Old Xanadu”) and Crane Harbor Acquisition Corp. (“SPAC”), a publicly traded special purpose acquisition company pursuant to the Business Combination Agreement (the “Business Combination Agreement”) dated November 3, 2025 between Xanadu, Old Xanadu and SPAC. The Company had not commenced operations until the closing of the Business Combination described in Note 10 below. The Company issued one common share for $1.00 upon incorporation.

Business Combination with Xanadu and SPAC

On November 3, 2025, the Company entered into the Business Combination Agreement with Old Xanadu and SPAC. Upon the closing of the Business Combination, the Company became the holding company of Old Xanadu and SPAC and as of March 27, 2026 its subordinate voting shares (the “Class B Subordinate Voting Shares”) are listed on the Nasdaq Stock Market (“Nasdaq”) and the Toronto Stock Exchange (the “TSX”).

On November 3, 2025, the Company and certain investors (the “PIPE Investors”) entered into subscription agreements (which have subsequently been completed) whereby the PIPE Investors agreed to subscribe for and purchase 27,500,000 Class B Subordinate Voting Shares of the Company for a purchase price of $10.00 per share for aggregate gross proceeds of $275,000 (the “PIPE Financing”).

Liquidity and Capital Management

The accompanying financial statements have been prepared on a basis that assumes the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company was reliant on Old Xanadu to fund its working capital needs through the closing of the Business Combination described in Note 10 below. Old Xanadu and the Company incurred additional operating losses subsequent to the period end and through completion of the Business Combination. Upon the closing of the Business Combination and the concurrent PIPE Financing, the Company received gross proceeds of $302,000, which the Company believes are sufficient to fund operations for the foreseeable future from the date of issuance of these financial statements.

Closing of the Business Combination and the PIPE Financing occurred on March 26, 2026 (the “Closing Date”) (Note 10).

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property and Equipment, Net [Abstract]

Property and Equipment, Net

Note 7 - Property and Equipment, Net:

Property and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
Computer systems and servers	$	1,124		$	1,083
Test and computer equipment		16,831			16,988
Lab equipment		9,565			9,604
Furniture and fixtures		281			286
Leasehold improvements		3,576			3,637
Total	$	31,377		$	31,598
Less: Accumulated depreciation		(14,196	)		(13,285	)
Property and equipment, net	$	17,181		$	18,313

During the three months ended March 31, 2026 and 2025, the Company recognized depreciation expense of $1,152 and $946 related to property and equipment, respectively.

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

Income Taxes (Details)	Dec. 31, 2025 USD ($)
Income Taxes [Abstract]
Accrued interest or penalties

Stock-based Compensation - Schedule of Summary of Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Stock-based Compensation - Schedule of Summary of Stock Option Activity (Details) [Line Items]
Number of Options, balance beginning	47,237,616	49,486,556
Weighted average exercise price, balance beginning	$ 1.19
Weighted average remaining contractual term, balance beginning	6 years 7 months 24 days
Aggregate intrinsic value, balance beginning	$ 290,074
Number of Options, Exercisable		31,038,814
Weighted average exercise price, Exercisable	$ 0.09
Weighted average remaining contractual term, Exercisable	7 years 6 months 25 days
Aggregate intrinsic value, Exercisable	$ 234,840
Number of Options, Unvested		16,198,802
Weighted average exercise price, Unvested	$ 3.02
Weighted average remaining contractual term, Unvested	4 years 7 months 20 days
Aggregate intrinsic value, Unvested	$ 75,162
Number of Options, Granted
Weighted average exercise price, Granted
Number of Options, Exercised		1,920,273
Weighted average exercise price Exercised	0.65
Number of Options, Expired and forfeited		328,667
Weighted average exercise price, Expired and forfeited	1.52
Number of Options, balance beginning		47,237,616
Weighted average exercise price, balance beginning	$ 1.21	$ 1.19
Weighted average remaining contractual term, balance beginning	6 years 5 months 12 days
Aggregate intrinsic value, balance beginning	$ 304,683	$ 290,074

Offerings - Offering: 1	May 19, 2026 USD ($) shares
Offering:
Fee Previously Paid	false
Other Rule	true
Security Type	Equity
Security Class Title	Subordinate Voting Shares, without par value
Amount Registered \| shares	30,100,000
Proposed Maximum Offering Price per Unit	12.05
Maximum Aggregate Offering Price	$ 362,705,000.00
Fee Rate	0.01381%
Amount of Registration Fee	$ 50,089.57
Offering Note	Represents up to 30,100,000 Class B Subordinate Voting Shares registered for resale by the selling securityholders named in this registration statement, consisting of up to: (i) 30,000,000 subordinate voting shares, without par value (“Class B Subordinate Voting Shares”) by YA II PN, LTD., a Cayman Islands exempt limited partnership (“Yorkville”) that are available to be issued and sold by the registrant to Yorkville, from time to time at the registrant’s election pursuant to a standby equity purchase agreement, dated as of May 20, 2026, between the registrant and Yorkville, subject to satisfaction of the conditions set forth therein, and (ii) 100,000 Class B Subordinate Voting Shares issued to Cohen & Company Securities, LLC in a private placement. Pursuant to Rule 416(a), there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from share splits, share dividends or similar transactions. Pursuant to Rule 457(c) promulgated under the Securities Act, and solely for the purpose of calculating the registration fee, the proposed aggregate maximum offering price per share is $12.05 (the average of the high and low prices of our Class B Subordinate Voting Shares as reported on Nasdaq on May 19, 2026).

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
	Mar. 26, 2026	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2025
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Period of inception			October 2, 2025 (Inception) through December 31, 2025
Accumulated deficit		$ (228,314)	$ (206,303)		$ (206,303)
Net loss		(20,604)	(12)	$ (12,205)
Net cash used in operating activities		(7,035)		$ (16,293)
Cash and cash equivalents		272,465	16,164		16,164
Working capital, net		270,182			31,237
Proceeds from reverse recapitalization	$ 301,646	301,646
Proceeds from issuance of private placement	275,000	275,000
Cash acquired through reverse recapitalization	$ 26,646	26,646
Cash and Cash Equivalents [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Cash and cash equivalents		$ 272,465	16,164		16,164
Liquidity and Going Concern [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Accumulated deficit			$ (206,303)		$ (206,303)

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Intangible Asets, Net (Details)	Mar. 31, 2026
Patents [Member]
Schedule of Intangible Asets, Net [Line Items]
Useful life	3 years
Internally developed software [Member]
Schedule of Intangible Asets, Net [Line Items]
Useful life	5 years
Third-party perpetual software licenses [Member]
Schedule of Intangible Asets, Net [Line Items]
Useful life	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Reverse Recapitalization - Schedule of Reverse Recapitalization (Details) - shares

Mar. 31, 2026

Dec. 31, 2025

Schedule of Reverse Recapitalization [Line Items]

297,993,837

% of Voting

100.00%

Shares, diluted

346,032,251

% of Voting, diluted

100.00%

Old Xanadu Shareholders [Member]

Schedule of Reverse Recapitalization [Line Items]

257,684,899

% of Voting

86.50%

Shares, diluted

257,684,899

% of Voting, diluted

74.50%

PIPE Investors [Member]

Schedule of Reverse Recapitalization [Line Items]

27,500,000

% of Voting

9.20%

Shares, diluted

27,500,000

% of Voting, diluted

7.90%

SPAC Public Shareholders [Member]

Schedule of Reverse Recapitalization [Line Items]

3,211,605

% of Voting

1.00%

Shares, diluted

3,211,605

% of Voting, diluted

0.90%

SPAC Private Placement Shareholders [Member]

Schedule of Reverse Recapitalization [Line Items]

2,264,000

% of Voting

0.80%

Shares, diluted

2,264,000

% of Voting, diluted

0.70%

SPAC Sponsor Shares [Member]

Schedule of Reverse Recapitalization [Line Items]

^[1]

7,333,333

% of Voting

^[1]

2.50%

Shares, diluted

^[1]

7,333,333

% of Voting, diluted

^[1]

2.10%

Old Xanadu Options [Member]

Schedule of Reverse Recapitalization [Line Items]

Shares, diluted

47,360,480

% of Voting, diluted

13.70%

Old Xanadu Warrants [Member]

Schedule of Reverse Recapitalization [Line Items]

Shares, diluted

677,934

% of Voting, diluted

0.20%

Xanadu Class A Multiple Voting Shares [Member]

Schedule of Reverse Recapitalization [Line Items]

254,709,401

% of Voting

85.50%

Xanadu Class B Subordinate Voting Shares [Member]

Schedule of Reverse Recapitalization [Line Items]

^[1]

43,284,436

% of Voting

^[1]

14.50%

[1]	Includes 1,100,000 Earn-out Shares subject to forfeiture. Refer to the section below for additional information.

Net Loss Per Share

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Net Loss Per Share [Abstract]

Net loss per share

Note 16 - Net Loss Per Share:

The following table presents the computation of basic and diluted net loss per share attributable to common shareholders for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026			2025 ⁽¹⁾
Numerator:
Net loss attributable to common shareholders, basic and diluted	$	(20,604	)	$	(12,205	)
Denominator:
Weighted average common shares outstanding		72,458,652			55,649,457
Net loss per share attributable to common shareholders, basic and diluted	$	(0.28	)	$	(0.22	)

⁽¹⁾

Net loss per share has been recast to reflect the exchange of the Company’s convertible preferred shares and common shares and the equivalent number of shares reflecting the Exchange Ratio established in the Reverse Recapitalization. Refer to Note 3 for additional information.

The Company has two classes of common shares, Xanadu Class A Multiple Voting Shares and Xanadu Class B Subordinate Voting Shares. These shares rank pari passu with respect to participation rights to dividends, liquidation preferences, and therefore, the calculation of net loss per share as described above is identical to the calculation under the two-class method.

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.

Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	Three months ended March 31,
	2026		2025 ⁽¹⁾
Warrants as exercisable to common shares		157,960		677,934
Stock options issued and outstanding		47,237,616		42,855,647
Preferred shares as convertible to common shares		—		199,930,069
Total		47,395,576		243,463,650

⁽¹⁾

Shares have been recast to reflect the Exchange Ratio established in the Reverse Recapitalization. Refer to Note 3 for additional information.

7. Net loss per share:

The following table sets forth the computation of basic net loss per share attributable to common shareholders for the period ended December 31:

	2025
Numerator:
Net loss attributable to common shareholders, basic and diluted	$	(12	)
Denominator:
Weighted average common shares outstanding		1
Net loss per share attributable to common shareholders, basic and diluted	$	(12,035	)

The Company has one common share.

Revenue Recognition:

3 Months Ended

Mar. 31, 2026

Revenue Recognition [Member]

Revenue Recognition:

Note 12 - Revenue Recognition:

Disaggregation of revenue

The Company’s revenue disaggregated by revenue source is as follows for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026		2025
Professional services	$	2,832	$	532
Compute and other services		—		167
Total revenue	$	2,832	$	699

The following summarizes the Company’s revenue by geography for the three months ended March 31, 2026 and 2025, based on customer location:

	Three months ended March 31,
	2026		2025
Canada	$	72	$	378
United States		2,513		224
Rest of world ⁽¹⁾		247		97
Total revenue	$	2,832	$	699

⁽¹⁾

Contract balances

The Company had contract assets totaling $1,860 and $1,499 as of March 31, 2026 and December 31, 2025, respectively, which are included within accounts receivable in the consolidated balance sheets.

The Company had deferred revenue (or contract liabilities) totaling $597 and $544 as of March 31, 2026 and December 31, 2025, respectively, all of which was current.

During the three months ended March 31, 2026 and 2025, we recognized $326 and $155, respectively of revenue, which was included in deferred revenue at the beginning of the respective periods.

Transaction price allocated to remaining performance obligations

As of March 31, 2026, approximately $3,139 of revenue is expected to be recognized from remaining performance obligations on existing contracts, of which 99% is expected to be recognized in the next 12 months.

Significant customers

The following summarizes the percentage of revenue from significant customers which accounted for 10% or more of total revenue for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026			2025
Customer 1		72	%		—
Customer 2		—			35	%
Customer 3		—			19	%
Customer 4		—			11	%
Customer 5		—			10	%

As of March 31, 2026, none of the outstanding customers had a receivables balance that exceeded 10% of the total trade and other receivables balance.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Warrant Liabilities - Schedule of Warrant Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule of Warrant Liabilities [Line Items]
Total warrant liabilities		$ 1,874
Previously Reported [Member]
Schedule of Warrant Liabilities [Line Items]
Total warrant liabilities		1,874
MVS Warrants (previously SFTrust Warrants) [Member]
Schedule of Warrant Liabilities [Line Items]
Total warrant liabilities
MVS Warrants (previously SFTrust Warrants) [Member] \| Previously Reported [Member]
Schedule of Warrant Liabilities [Line Items]
Total warrant liabilities		915
SVS Warrants (previously RBC Warrants) [Member]
Schedule of Warrant Liabilities [Line Items]
Total warrant liabilities
SVS Warrants (previously RBC Warrants) [Member] \| Previously Reported [Member]
Schedule of Warrant Liabilities [Line Items]
Total warrant liabilities		$ 959

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,408	$ 811
Cost of revenue [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	22	10
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,013	643
General and administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	351	140
Sales and marketing [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 22	$ 18

Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Intangible Assets, Net [Abstract]

Intangible Assets, Net

Note 8 - Intangible Assets, Net:

Intangible assets, net consisted of the following as of March 31, 2026 and December 31, 2025:

	As of March 31, 2026
	Cost		Accumulated Amortization			Net Book Value
Patents	$	2,323	$	(1,473	)	$	850
Internally developed software		7,565		(3,632	)		3,933
External software licenses		188		(136	)		52
Total	$	10,076	$	(5,241	)	$	4,835

	As of December 31, 2025
	Cost		Accumulated Amortization			Net Book Value
Patents	$	2,226	$	(1,383	)	$	843
Internally developed software		7,586		(3,352	)		4,234
External software licenses		180		(129	)		51
Total	$	9,992	$	(4,864	)	$	5,128

During the three months ended March 31, 2026 and 2025, the Company recognized amortization expense of $465 and $331 related to intangible assets, respectively.

Shareholders' Equity - Schedule of Common Shares Authorized and Issued and Outstanding (Details) - USD ($)	Dec. 31, 2025	Mar. 31, 2026	Oct. 02, 2025
Schedule of Common Shares Authorized and Issued and Outstanding [Line Items]
Common shares authorized	Unlimited
Common shares issued	1
Common shares Outstanding	1	297,993,837
Common shares amount (in Dollars)
Common Shares [Member]
Schedule of Common Shares Authorized and Issued and Outstanding [Line Items]
Common shares authorized	Unlimited
Common shares issued	1
Common shares Outstanding	1		1
Common shares amount (in Dollars)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

Reverse Recapitalization (Details)
$ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

May 11, 2026

Mar. 31, 2026

USD ($)

$ / shares

Mar. 26, 2026

USD ($)

$ / shares

May 31, 2026

Mar. 31, 2026

USD ($)

$ / shares

Mar. 31, 2025

USD ($)

Mar. 30, 2026

Dec. 31, 2025

USD ($)

Reverse Recapitalization [Line Items]

Reverse recapitalization, number of share

Preferred stock, convertible, conversion ratio

Recapitalization exchange ratio

11.28

Class of warrant or right, outstanding (in Shares) | shares

677,934

519,974

677,934

517,527

Sale of stock, number of shares issued in transaction (in Shares) | shares

27,500,000

Sale of stock, price per share (in Dollars per share) | $ / shares

$ 10

Sale of stock, consideration received on transaction

$ 275,000

Earnout shares (in Shares) | shares

1,100,000

Proceeds from reverse recapitalization

$ 301,646

Proceeds from issuance of private placement

275,000

Cash acquired through reverse recapitalization

$ 26,646

26,646

Reverse recapitalization, acquisition-related cost, expense

52,157

Reverse recapitalization, acquisition-related cost, equity interest, shares issued, expense

37,915

Reverse recapitalization, acquisition-related cost, liability, earnout period, expense

$ 1,264

1,264

Reverse recapitalization, acquisition-related cost, equity interest, share capital, expense

36,651

Reverse recapitalization, acquisition-related cost, indirect cost

15,506

Reverse recapitalization, acquisition-related cost, indirect cost, expense incurred

$ 5,465

Common shares, shares outstanding (in Shares) | shares

297,993,837

Reverse recapitalization, contingent consideration, earnout period, threshold trading days

20 years

Reverse recapitalization, contingent consideration, earnout period, threshold consecutive trading days

30 years

Earn-out share liabilities

$ 7,164

Gain on fair value of earn out share liabilities

$ 2,833

Derivative instrument, contingent consideration, liability, vested, shares (in Shares) | shares

1,100,000

Subsequent Event [Member]

Reverse Recapitalization [Line Items]

Derivative instrument, contingent consideration, liability, vested, shares (in Shares) | shares

550,000,000

SPAC Sponsor Shares [Member]

Reverse Recapitalization [Line Items]

Common shares, shares outstanding (in Shares) | shares

^[1]

7,333,333

Warrant Exchange, Component One [Member]

Reverse Recapitalization [Line Items]

Class of warrant or right, number of securities called by warrants or rights (in Shares) | shares

136,329

Reverse Recapitalization, Earnout Liability Terms, One [Member]

Reverse Recapitalization [Line Items]

Earnout shares (in Shares) | shares

550,000

Reverse recapitalization, contingent consideration, earnout period, stock price trigger (in Dollars per share) | $ / shares

$ 12.5

Reverse recapitalization, contingent consideration, earnout period, threshold trading days

20 days

Reverse recapitalization, contingent consideration, earnout period, threshold consecutive trading days

30 days

Earn-out share liabilities

$ 7,164

Reverse Recapitalization, Earnout Liability Terms, Two [Member]

Reverse Recapitalization [Line Items]

Earnout shares (in Shares) | shares

550,000

Reverse recapitalization, contingent consideration, earnout period, stock price trigger (in Dollars per share) | $ / shares

$ 15

Reverse recapitalization, contingent consideration, earnout period, threshold trading days

20 days

Reverse recapitalization, contingent consideration, earnout period, threshold consecutive trading days

30 days

Reverse Recapitalization, the Earn-out Shares [Member]

Reverse Recapitalization [Line Items]

Earn-out share liabilities

$ 9,997

Xanadu Class A Multiple Voting Shares [Member]

Reverse Recapitalization [Line Items]

Exercise price (in Dollars per share) | $ / shares

$ 0.02

Xanadu Class A Multiple Voting Shares [Member] | Warrant Exchange, Component One [Member]

Reverse Recapitalization [Line Items]

Class of warrant or right, number of securities called by warrants or rights (in Shares) | shares

383,645

Exercise price (in Dollars per share) | $ / shares

$ 0.02

$ 0.15

$ 0.02

Xanadu Class A Multiple Voting Shares [Member] | Warrant Exchange, Component Two [Member]

Reverse Recapitalization [Line Items]

Class of warrant or right, number of securities called by warrants or rights (in Shares) | shares

136,329

Exercise price (in Dollars per share) | $ / shares

$ 0.15

Xanadu Class B Subordinate Voting Shares ("Earn-out Shares") [Member]

Reverse Recapitalization [Line Items]

Class of warrant or right, number of securities called by warrants or rights (in Shares) | shares

157,960

Exercise price (in Dollars per share) | $ / shares

$ 1.15

[1]	Includes 1,100,000 Earn-out Shares subject to forfeiture. Refer to the section below for additional information.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income taxes

4. Income taxes:

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a valuation allowance against its deferred tax assets, primarily representing the current year loss, as of December 31, 2025 because the Company’s management believes that it is more likely than not that these assets will not be fully realized.

The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. As of December 31, 2025 no accrued interest or penalties have been recorded.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule Of Prepaid Expenses And Other Current Assets Abstract
Prepaid materials and supplies	$ 4,772	$ 3,675
Prepaid professional services	92	154
Other prepaid expenses and current assets	3,309	2,400
Total	$ 8,173	$ 6,229

Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
Stock-based Compensation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Mar. 26, 2026	Mar. 25, 2026
Stock-based Compensation (Details) [Line Items]
Intrinsic value of stock options exercised (in Dollars)	$ 16,869	$ 151
Capitalized stock-based compensation (in Dollars)	31	53
Nonvested award, option, cost not yet recognized, amount (in Dollars)	$ 14,203
Nonvested award, cost not yet recognized, period for recognition	1 year 6 months 18 days
Share-Based Payment Arrangement, Option [Member]
Stock-based Compensation (Details) [Line Items]
Award vesting rights, percentage	25.00%
Expiration period	10 years
Expiration period from employee termination	90 years
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Stock-based Compensation (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	1 year
Share-Based Payment Arrangement, Option [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Stock-based Compensation (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	36 months
2017 Equity Incentive Plan [Member]
Stock-based Compensation (Details) [Line Items]
Number of shares authorized			15,726,911	1,393,773
2018 Equity Incentive Plan [Member]
Stock-based Compensation (Details) [Line Items]
Number of shares authorized			64,873,614	5,749,323
2018 Equity Incentive Plan [Member] \| Share-Based Payment Arrangement, Option [Member]
Stock-based Compensation (Details) [Line Items]
Options granted	17,635,998
Xanadu Omnibus Long Term Incentive Plan [Member]
Stock-based Compensation (Details) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum	15.00%
Omnibus Long Term Incentive Plan [Member]
Stock-based Compensation (Details) [Line Items]
Capitalized stock-based compensation (in Dollars)	$ 31	$ 53
Xanadu Class A Multiple Voting Shares [Member]
Stock-based Compensation (Details) [Line Items]
Options to purchase	3,261,109
Xanadu Class B Subordinate Voting Shares [Member]
Stock-based Compensation (Details) [Line Items]
Options to purchase	43,976,507

Description of Business (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 03, 2025	Dec. 31, 2025
Description of Business [Line Items]
Common share issued		1
Business Combination [Member]
Description of Business [Line Items]
Gross proceeds received		$ 302,000
Business Combination Agreement [Member]
Description of Business [Line Items]
Common share issued		1
Common share issued value		$ 1
Class B Subordinate Voting Shares [Member] \| Business Combination [Member]
Description of Business [Line Items]
Number of shares purchased	27,500,000
Purchase price per share	$ 10
Aggregate gross proceeds	$ 275,000

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Summary of Stock Option Activity

The following is a summary of the Company’s stock options activity (as adjusted for the Exchange Ratio) during the three months ended March 31, 2026 ⁽¹⁾:

	Number of Options		Weighted average exercise price (USD)		Weighted average remaining contractual term (years)		Aggregate intrinsic value (USD)
Balance as of December 31, 2025 ⁽¹⁾		49,486,556	$	1.19		6.65	$	290,074
Granted ⁽¹⁾		—		—
Exercised ⁽¹⁾		1,920,273		0.65
Expired and forfeited ⁽¹⁾		328,667		1.52
Balance as of March 31, 2026 ⁽²⁾		47,237,616	$	1.21		6.45	$	304,683
Exercisable as of March 31, 2026		31,038,814	$	0.09		7.57	$	234,840
Unvested as of March 31, 2026		16,198,802	$	3.02		4.64	$	75,162

⁽¹⁾

Recast to reflect the Exchange Ratio established in the Reverse Recapitalization.

⁽²⁾

Shares have been recast to reflect the Exchange Ratio established in the Reverse Recapitalization.

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense classified in the consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026		2025
Cost of revenue	$	22	$	10
Research and development		1,013		643
General and administrative		351		140
Sales and marketing		22		18
Total stock-based compensation expense	$	1,408	$	811

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurement [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The following is a listing of the Company’s assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of March 31, 2026 and December 31, 2025:

	March 31, 2026				December 31, 2025
	Fair value		Carrying amount		Fair value		Carrying amount
Warrant liabilities – Level 3	$	—	$	—	$	1,874	$	1,874
Earn-out share liabilities - Level 3		7,164		7,164		—		—
SIF Loan – Level 3		23,493		27,612		23,609		27,536
FedDev Loan – Level 2		2,421		2,421		2,462		2,462

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following summarizes the change in fair value of the Company’s warrant and earn-out share liabilities for the three months ended March 31, 2026:

	Warrant Liability			Earn out Share Liability			Total
Fair value as of December 31, 2025	$	1,874		$	—		$	1,874
Establishment of earn out share liabilities		—			9,997			9,997
Change in estimated fair value, net of changes in foreign exchange rates ⁽¹⁾		895			(2,833	)		(1,938	)
Reclassification of warrant liability to equity		(2,769	)		—			(2,769	)
Fair value as of March 31, 2026	$	—		$	7,164		$	7,164

⁽¹⁾

Changes in fair value of warrant liabilities have been recognized within other operating income, net and changes in earn-out liabilities have been recognized in gain on fair value of earn-out share liabilities in the consolidated statements of operations and comprehensive loss.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table summarizes the significant inputs:

	As of:
	March 26, 2026			March 31, 2026
Share Price	$	10.00		$	7.66
Expected Volatility		80	%		80	%
Risk-free interest rate		4.00	%		3.83	%
Remaining term (in years)		4.00			3.99

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Income Statement [Abstract]

Revenue

$ 2,832

$ 699

Operating expenses:

Cost of revenue (exclusive of depreciation and amortization below)

113

Research and development

17,348

10,009

General and administrative

9,759

1,912

Sales and marketing

1,401

228

Depreciation and amortization

1,617

1,277

Other operating income, net

(4,139)

(11)

Total operating expenses

26,099

13,464

Loss from operations

(23,267)

(12)

(12,765)

Other income (expense), net:

Interest income (expense), net

(190)

553

Gain on fair value of earn out share liabilities

2,833

Other income, net

Total other income, net

2,663

560

Net loss

(20,604)

(12)

(12,205)

Net comprehensive loss

$ (20,821)

$ (12)

$ (12,142)

Net loss per share, basic (in Dollars per share)

$ (0.28)

^[1]

$ (12,035)

$ (0.22)

^[1]

Net loss per share, diluted (in Dollars per share)

$ (0.28)

^[1]

$ (12,035)

$ (0.22)

^[1]

Weighted average shares outstanding, basic (in Shares)

72,458,652

^[1]

55,649,457

^[1]

Weighted average shares outstanding, diluted (in Shares)

72,458,652

^[1]

55,649,457

^[1]

Comprehensive loss:

Net loss

$ (20,604)

$ (12)

$ (12,205)

Cumulative translation adjustment

$ (217)

$ 63

[1]	Net loss per share and weighted average shares outstanding have been retroactively recast after giving effect to the Reverse Recapitalization.

Submission	May 19, 2026
Submission [Line Items]
Central Index Key	0002097163
Registrant Name	Xanadu Quantum Technologies Limited
Form Type	F-1
Submission Type	F-1
Fee Exhibit Type	EX-FILING FEES
Offering Table N/A
Offset Table N/A	N/A
Combined Prospectus Table N/A	N/A

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Accrued salaries and other payroll liabilities	$	305	$	36
Accrued professional services		2,383		1,962
Other accrued expenses and current liabilities		590		193
Total	$	3,278	$	2,191

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table sets forth the Company’s segment information of revenue, significant expenses and net loss:

	Three months ended March 31,
	2026			2025
Revenue	$	2,832		$	699
Less:
Operating expenses excluding salaries and share-based compensation:
Cost of revenue (exclusive of depreciation and amortization below)		48			5
Research and development		8,372			3,016
General and administrative		7,989			980
Sales and marketing		1,208			24
Salaries and share-based compensation expense		11,004			8,173
Depreciation and amortization		1,617			1,277
Interest (income) expense, net		190			(553	)
Other segment items⁽¹⁾		(6,992	)		(18	)
Net loss	$	(20,604	)	$	(12,205	)

⁽¹⁾

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Shareholders' Equity (Details)	3 Months Ended
Shareholders' Equity (Details)	Mar. 31, 2026 shares	Dec. 31, 2025	Mar. 30, 2026 shares	Mar. 26, 2026 shares
Shareholders’ Equity [Line Items]
Number of classes of common shares	2
Class of warrant or right, outstanding (in Shares)	677,934		517,527	519,974
SVS Warrants [Member]
Shareholders’ Equity [Line Items]
Class of warrant or right, outstanding (in Shares)	157,960			157,960
Common Shares [Member]
Shareholders’ Equity [Line Items]
Vote per share		one
Common Class A [Member]
Shareholders’ Equity [Line Items]
Common stock, number of votes	10
Common Class B [Member]
Shareholders’ Equity [Line Items]
Common stock, number of votes	1
Voting share ratio	1
SFTrust Warrants [Member]
Shareholders’ Equity [Line Items]
Class of warrant or right, outstanding (in Shares)	519,974

Revenue Recognition: (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition: (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue Recognition [Line Items]
Contract assets	$ 1,860		$ 1,499
Deferred revenue	597		544
Revenue recognized	326	$ 155
Revenue, remaining performance obligation, amount	$ 3,139
Revenue, remaining performance obligation, percentage	99.00%
Previously Reported [Member]
Revenue Recognition [Line Items]
Deferred revenue			$ 544

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accounts Receivable, Net

3 Months Ended

Mar. 31, 2026

Accounts Receivable, Net [Abstract]

Accounts Receivable, net

Note 4 - Accounts Receivable, net:

The Company’s accounts receivable include trade and other receivables as of March 31, 2026 and December 31, 2025:

	March 31, 2026		December 31, 2025
Trade receivable	$	102	$	100
Other receivables		53		86
Grant receivable		—		5,011
Contract assets		1,860		1,499
Sales tax receivable		1,658		963
Deferred transaction costs		—		1,818
Total	$	3,673	$	9,477

The Company had no allowance for doubtful accounts as of March 31, 2026 and December 31, 2025.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Schedule of Property, Plant and Equipment

The estimated useful lives of Xanadu’s property and equipment are as follows:

Computer systems and servers		3 years
Lab equipment		7 years
Test and computer equipment		7 years
Furniture and fixtures		3 years
Leasehold improvements		Shorter of lease term or estimated useful life

Schedule of Intangible Asets, Net

Costs incurred during the preliminary project and post-implementation stages are expensed as incurred.

Patents		3 years
Internally developed software		5 years
Third-party perpetual software licenses		3 years

Net Loss Per Share (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Net Loss Per Share [Abstract]

Schedule of Basic Net Loss Per Share Attributable to Common Shareholders

The following table presents the computation of basic and diluted net loss per share attributable to common shareholders for the three months ended March 31, 2026 and 2025:

	Three months ended March 31,
	2026			2025 ⁽¹⁾
Numerator:
Net loss attributable to common shareholders, basic and diluted	$	(20,604	)	$	(12,205	)
Denominator:
Weighted average common shares outstanding		72,458,652			55,649,457
Net loss per share attributable to common shareholders, basic and diluted	$	(0.28	)	$	(0.22	)

⁽¹⁾

The following table sets forth the computation of basic net loss per share attributable to common shareholders for the period ended December 31:

	2025
Numerator:
Net loss attributable to common shareholders, basic and diluted	$	(12	)
Denominator:
Weighted average common shares outstanding		1
Net loss per share attributable to common shareholders, basic and diluted	$	(12,035	)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

Potentially dilutive securities (upon conversion) that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

	Three months ended March 31,
	2026		2025 ⁽¹⁾
Warrants as exercisable to common shares		157,960		677,934
Stock options issued and outstanding		47,237,616		42,855,647
Preferred shares as convertible to common shares		—		199,930,069
Total		47,395,576		243,463,650

⁽¹⁾

Shares have been recast to reflect the Exchange Ratio established in the Reverse Recapitalization. Refer to Note 3 for additional information.

Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended
Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Intangible Assets, Net [Abstract]
Amortization expense	$ 465	$ 331

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($)
$ in Thousands

Old Xanadu Convertible Preferred Shares

Previously Reported

Preferred Shares

Old Xanadu Convertible Preferred Shares

Retroactive Application of Recapitalization

Preferred Shares

Old Xanadu Convertible Preferred Shares

Retroactive Application of Recapitalization

Preferred Shares

Old Xanadu Convertible Preferred Shares

Preferred Shares

Old Xanadu Common Shares

Previously Reported

Common Shares

Old Xanadu Common Shares

Retroactive Application of Recapitalization

Common Shares

Old Xanadu Common Shares

Retroactive Application of Recapitalization

Common Shares

Old Xanadu Common Shares

Common Shares

(Class A & B)

Previously Reported

Common Shares

(Class A & B)

Retroactive Application of Recapitalization

Common Shares

(Class A & B)

Retroactive Application of Recapitalization

Common Shares

(Class A & B)

Common Shares

Previously Reported

Common Shares

Previously Reported

Total share Capital

Previously Reported

Deficit

Previously Reported

Additional paid-in Capital

Previously Reported

Accumulated other comprehensive income (loss)

Previously Reported

Retroactive Application of Recapitalization

Total share Capital

Retroactive Application of Recapitalization

Deficit

Retroactive Application of Recapitalization

Additional paid-in Capital

Retroactive Application of Recapitalization

Accumulated other comprehensive income (loss)

Retroactive Application of Recapitalization

Total share Capital

Retroactive Application of Recapitalization

Deficit

Retroactive Application of Recapitalization

Additional paid-in Capital

Retroactive Application of Recapitalization

Accumulated other comprehensive income (loss)

Retroactive Application of Recapitalization

Common Shares

Total share Capital

Deficit

Additional paid-in Capital

Accumulated other comprehensive income (loss)

Total

Balance at Dec. 31, 2024

$ 213,002

^[1]

$ 7,399

^[1]

$ 220,401

$ (135,636)

$ 5,937

$ (3,207)

$ 87,495

$ 220,401

^[1]

$ (135,636)

^[1]

$ 5,937

^[1]

$ (3,207)

^[1]

$ 87,495

^[1]

Balance (in Shares) at Dec. 31, 2024

17,718,491

182,211,578

199,930,069

^[1]

4,924,563

50,642,709

55,567,272

^[1]

Loss for the period

(12,205)

Stock-based compensation

864

Exercise of stock options

$ 76

(22)

Exercise of stock options (in Shares)

137,683

Cumulative translation adjustment, net of tax

Balance at Mar. 31, 2025

$ 213,002

$ 7,475

220,477

(147,841)

6,779

(3,144)

76,271

Balance (in Shares) at Mar. 31, 2025

199,930,069

55,704,955

Balance at Dec. 31, 2024

$ 213,002

^[1]

$ 7,399

^[1]

220,401

(135,636)

$ 5,937

$ (3,207)

87,495

220,401

^[1]

(135,636)

^[1]

5,937

^[1]

(3,207)

^[1]

87,495

^[1]

Balance (in Shares) at Dec. 31, 2024

17,718,491

182,211,578

199,930,069

^[1]

4,924,563

50,642,709

55,567,272

^[1]

Balance at Dec. 31, 2025

$ 213,002

^[2]

$ 213,002

$ 7,585

^[2]

$ 7,585

^[2]

(12)

220,587

^[2]

(206,303)

^[2]

10,151

^[2]

24,444

^[2]

220,587

(206,303)

10,151

24,444

Balance (in Shares) at Dec. 31, 2025

182,211,578

199,930,069

^[2]

17,718,491

51,005,076

55,964,876

^[2]

4,959,800

^[2]

Balance at Oct. 01, 2025

Balance (in Shares) at Oct. 01, 2025

Loss for the period

(12)

Balance at Dec. 31, 2025

$ 213,002

^[2]

$ 213,002

$ 7,585

^[2]

$ 7,585

^[2]

$ (12)

220,587

^[2]

(206,303)

^[2]

10,151

^[2]

24,444

^[2]

$ 220,587

$ (206,303)

10,151

$ 9

24,444

Balance (in Shares) at Dec. 31, 2025

182,211,578

199,930,069

^[2]

17,718,491

51,005,076

55,964,876

^[2]

4,959,800

^[2]

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock (2)

$ (213,002)

^[3]

$ (213,002)

$ (7,585)

^[3]

$ (7,585)

$ 220,587

^[3]

Issuance of common stock upon exchange of Old Xanadu’s preferred and common stock (2) (in Shares)

(199,930,069)

^[3]

(199,930,069)

(55,964,876)

^[3]

(55,964,876)

255,894,945

^[3]

Loss for the period

(20,604)

Stock-based compensation

1,439

Exercise of stock options

$ 1,181

1,181

(647)

534

1,181

Exercise of stock options (in Shares)

1,789,955

Reverse Recapitalization and PIPE transaction, net of transaction costs (3)

^[4]

$ 265,006

265,006

(1,407)

263,599

Reverse Recapitalization and PIPE transaction, net of transaction costs (3) (in Shares)

^[4]

40,308,937

Earn-out share liability at Closing of Reverse Recapitalization

$ (9,997)

(9,997)

Conversion of Warrant Liabilities to Equity

2,769

$ 2,769

Exercise of Warrants

$ 1,397

1,397

(1,397)

$ 1,397

Exercise of Warrants (in Shares)

517,527

Cumulative translation adjustment, net of tax

(217)

(207)

Balance at Mar. 31, 2026

$ 478,174

$ (228,314)

$ 12,325

$ (208)

$ 261,977

Balance (in Shares) at Mar. 31, 2026

298,511,364

[1]	The number of shares has been retroactively recast after giving effect to the Reverse Recapitalization.
[2]	The number of shares have been retroactively recast after giving effect to the Reverse Recapitalization.
[3]	Refer to Note 3 for additional information on the preferred and common stock exchange.
[4]	Common shares includes 1,100,000 earn-out shares (the “Earn-out Shares”) issued and outstanding, but subject to forfeiture. These earn-out shares were classified within liabilities on the consolidated balance sheets as of March 31, 2026. Refer to Note 3 for additional information.

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property and Equipment, Net [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following as of March 31, 2026 and December 31, 2025:

	March 31, 2026			December 31, 2025
Computer systems and servers	$	1,124		$	1,083
Test and computer equipment		16,831			16,988
Lab equipment		9,565			9,604
Furniture and fixtures		281			286
Leasehold improvements		3,576			3,637
Total	$	31,377		$	31,598
Less: Accumulated depreciation		(14,196	)		(13,285	)
Property and equipment, net	$	17,181		$	18,313

Long-Term Debt - Schedule of Changes in the Carrying Value of the SIF Loan (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
SIF Loan [Member]
Schedule of Changes in the Carrying Value of the SIF Loan [Line Items]
Beginning balance	$ 27,536
Changes due to foreign exchange rates, net of contributions received	(206)
Interest expense, net of changes in foreign exchange rates	282
Ending balance	27,612
FedDev Loan [Member]
Schedule of Changes in the Carrying Value of the SIF Loan [Line Items]
Beginning balance	2,462
Changes due to foreign exchange rates, net of contributions received	(41)
Ending balance	$ 2,421

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Schedule Of Segment Reporting Information By Segment Abstract
Revenue	$ 2,832		$ 699
Operating expenses excluding salaries and share-based compensation:
Cost of revenue (exclusive of depreciation and amortization below)	48		5
Research and development	8,372		3,016
General and administrative	7,989		980
Sales and marketing	1,208		24
Salaries and share-based compensation expense	11,004		8,173
Depreciation and amortization	1,617		1,277
Interest (income) expense, net	190		(553)
Other segment items	(6,992)		(18)
Net loss	$ (20,604)	$ (12)	$ (12,205)

Fair Value Measurement

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Fair Value Measurement [Abstract]

Fair value measurement

Note 11 - Fair Value Measurement:

	March 31, 2026				December 31, 2025
	Fair value		Carrying amount		Fair value		Carrying amount
Warrant liabilities – Level 3	$	—	$	—	$	1,874	$	1,874
Earn-out share liabilities - Level 3		7,164		7,164		—		—
SIF Loan – Level 3		23,493		27,612		23,609		27,536
FedDev Loan – Level 2		2,421		2,421		2,462		2,462

The following summarizes the change in fair value of the Company’s warrant and earn-out share liabilities for the three months ended March 31, 2026:

	Warrant Liability			Earn out Share Liability			Total
Fair value as of December 31, 2025	$	1,874		$	—		$	1,874
Establishment of earn out share liabilities		—			9,997			9,997
Change in estimated fair value, net of changes in foreign exchange rates ⁽¹⁾		895			(2,833	)		(1,938	)
Reclassification of warrant liability to equity		(2,769	)		—			(2,769	)
Fair value as of March 31, 2026	$	—		$	7,164		$	7,164

⁽¹⁾

The fair values of the Company’s long-term debt, including the SIF Loan and FedDev Loan, are estimated based on discounting future cash flows at currently available interest rates with comparable terms. The fair value measurement of the SIF Loan is considered a Level 3 valuation as it is based on a significant unobservable input related to the projected timing and amount of future revenues which determine expected future repayments.

Valuation of the Earn out Share Liability

The Company valued the earn out share liability using a Monte Carlo simulation which includes Level 3 unobservable inputs on the initial valuation date (March 26, 2026) and March 31, 2026. The following table summarizes the significant inputs:

	As of:
	March 26, 2026			March 31, 2026
Share Price	$	10.00		$	7.66
Expected Volatility		80	%		80	%
Risk-free interest rate		4.00	%		3.83	%
Remaining term (in years)		4.00			3.99

6. Fair value measurement:

The carrying amounts of the Company’s prepaid expenses and other current assets and due to related party approximate their fair values due to the short-term maturity of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details