What Xanadu Quantum Technologies Ltd told the SEC could break it.

Highly concentrated revenue: three customers were 78% of FY2025 revenue, individually 44%, 20% and 14%.

“For the year ended December 31, 2025, 78% of our revenues were attributable to three customers, each contributing 44%, 20% and 14%, respectively.”

Operations and substantially all long-lived assets are at a single Toronto facility with no redundant photonic systems at an alternate site; a disaster could interrupt services indefinitely.

“We do not have redundant photonic systems for service at an alternate site. A disaster could severely harm our business because our research activities and services could be interrupted for an indeterminate length of time. Our operations depend upon our ability to maintain and protect our computer systems at our facility in Toronto, Ontario, Canada.”

US tariffs/trade-protection measures and Canadian retaliatory tariffs could disrupt its ability to obtain products from suppliers and otherwise harm the business.

“Government actions and regulations, such as tariffs and trade protection measures, may adversely impact our business, including our ability to obtain products from our suppliers. The United States administration has imposed and proposed to impose additional tariffs, duties and other trade protection measures on certain products imported into the United States, and certain countries, including Canada, have imposed or proposed to impose tariffs in response to the actions of the United States.”