What Quantinuum Inc. told the SEC could break it.

Severe revenue concentration: one (unnamed) customer was 60% of FY2025 net revenue ($18.7M); the U.S. Government was another 16%.

“For the years ended December 31, 2025 and 2024 one customer accounted for .7 million which represented 60% and .6 million which represented 63% of Revenue—net, respectively . Additionally, for the years ended December 31, 2025 and 2024 revenues from the U.S. Government accounted for approximately .0 million which represented 16% and .1 million which represented 9% of Revenue—net, respectively.”

Three of four commercial quantum computing systems sit at the single Colorado campus (one at RIKEN, Japan), concentrating physical operational risk.

“We currently operate four commercial quantum computing systems, three of which are located at our Colorado campus and one on the RIKEN campus in Japan, with a fifth system currently expected to be deployed in Singapore in late 2026.”

Quantum computing designated a critical/emerging technology; subject to growing US (EAR/OFAC) and allied export controls specifically targeting quantum hardware, software and related technology.

“Quantum computing technology has been identified as a critical and emerging technology by the U.S. government and other governments and is subject to increasing export control scrutiny. The United States, United Kingdom, Germany, Japan and other countries have implemented or proposed export controls specifically targeting quantum computing hardware, software, and related technology.”

Relies on a single supplier (materials ordered through the Department of Energy) for the atomic samples its quantum hardware needs; alternative suppliers not yet secured.

“While we are currently looking to engage additional suppliers, there is no guarantee we will be able to establish or maintain relationships with such additional suppliers on terms satisfactory to us. Reliance on any single supplier increases the risks associated with being unable to obtain the necessary atomic samples because the supplier may have limited supplies, have laboratory constraints, can be subject to unanticipated shutdowns and/or may be affected by natural disasters and other catastrophic events.”