Xanadu Quantum Technologies Limited Class B · TSX:XNDU
Xanadu Quantum Technologies Limited Class B — SPAC Merger (November 2025)
26 slides from Xanadu Quantum Technologies Limited Class B's SPAC merger presentation, Nov 3, 2025
Slide 1: Investor Materials November 2025
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 1 Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential Investor Materials November 2025
Slide 2: Cautionary Notes Disclaimers
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 2 Cautionary Notes Disclaimers This presentation and any accompanying oral commentary are provided for informational purposes only and have been prepared to assist interested parties in making their own evaluation with respect
Slide 3: Cautionary Notes: Additional Information About the Proposed Transaction
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 3 Cautionary Notes Additional Information About the Proposed Transaction and Where to Find It The proposed transaction will be submitted to shareholders of Crane Harbor for their consideration. The Combined Company intends to
Slide 4: A Quantum Company of Several Firsts With More Coming
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential (1) Assuming closing of the proposed transaction (2) Based on first publication in a peer - reviewed journal of an experimental demonstration of a scalable, modular, networked quantum computer 4 The First Pure Play Quantum Com
Slide 5: Crane Harbor - We Saw the Light
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential Sources: Public Filings, Capital IQ, Factset Notes: Market data as of 10/29/2025. Past performance is not indicative of future performance. (1) Includes impact of stock splits, reverse stock splits, dividends and share buyback
Slide 6: Business Combination Summary
(1) Total sponsor ownership includes 7.33M Sponsor promote shares and an aggregate of 704K shares from 640K private placement units; 1.1M promote shares are placed into an earnout, with 50% (550K shares) Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential vesting at $12.50 and
Slide 7: The Xanadu Team in the Spotlight
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 7 The Xanadu Team in the Spotlight Technical Commercial Christian Weedbrook Founder h Chiefi Exeзuīive Ofifiiзer • Founded Xanadu in 2016 • Previously, Postdoctoral Research at University of Toronto and MIT • Ph.D. in Photonic
Slide 8: Significant Strides in Quantum Technology Advancements
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 8 Over the Past 2 Years We Have Witnessed Significant Strides in Quantum Technology Advancements s Investment Activity Leading Financial Investors & Blue Chip Strategics are Actively Deploying Capital in the Sector 8
Slide 9: Investors Are Looking to Quantum as the Next Breakthrough
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential Sources: Factset, Capital IQ, Company Filings, Wall Street Research (1) Market data as of 10/29/2025 (2) Historical valuations represent highest known post - money valuation in funding rounds between 2021 and 2024 (3) xAI post
Slide 10: Lighting the Path to Scalable Quantum Computing
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential (1) Represents funding raised to date and excludes PIPE raise (2) Based on first publication in a peer - reviewed journal of an experimental demonstration of a scalable, modular, networked quantum computer (3) Unitary Foundati
Slide 11: Offering Solutions Across Hardware & Software
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential (1) Estimated value created by quantum computing at full scale fault - tolerant after 2040. Source: What Happens When ‘If’ Turns to ‘When’ in Quantum Computing?, BCG 11 Offering Solutions Across Hardware s Software, Underpinne
Slide 12: Xanadu's Photonics Approach is the Missing Modality in Public Markets
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential (1) Assuming closing of the proposed transaction (2) Information derived from peer - reviewed journals and articles 12 Other Photonics Superconductors Trapped Ion Neutral Atom Annealing Clock Speed ~100MHz ~100MHz ~1MHz ~10kHz
Slide 13: Boiling it Down to the Basics of Quantum
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 13 Boiling it Down to the Basics of Quantum Room Temperature Computation x Faster Iterations Than Other Modalities x Reduces Energy & Resource Consumption x Reduces Costs Modular s Networkable x Meets Key Requirements x Enable
Slide 14: Borealis: Quantum Supremacy on the Cloud
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential Source: Quantum computational advantage with a programmable photonic processor (Nature) 14 1.8 B GWh 7 M Years World top 5 7.6 M supercomputer (Fugaku, Japan) Cores 0.2 kWh 2 Minutes Xanadu’s 216 quantum computer Qubits (Borea
Slide 15: Aurora: Achievable Path to Unlimited Logical Qubits
15 1 2 3 4 World’s first full implementation of all subsystems needed for universal quantum computation (1) First modular, scalable, and networked quantum computer (1) 35 integrated photonic chips, 3 different substrates, 12 logical qubits with over 86 billion modes Demonstrated for first time real
Slide 16: PennyLane: Front-End Applications Layer
Copyright © 2025 Xanadu Quantum Technologies Inc . | Strictly Confidential ( 1 ) Determined based on the percentage of Unitary Foundation Survey ( 2024 ) respondents who used PennyLane in the 12 - month period prior to completing the survey ( 2 ) Based on data provided by Google Analytics . Google d
Slide 17: Public-Market Exposure to Photonics While PennyLane Provides Diversification
17 Xanadu will Offer Public - Market Exposure to the Photonics Quantum Modality, While Pennylane Provides Cross - Modality Diversification (1) Hardware Software Commercial Hardware Integrations Trapped Ion Neutral Atom Superconductors 1 3 Supports the broader quantum ecosystem across multiple modali
Slide 18: Photonic Quantum Computers will be Everywhere
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential (1) Hyperion: QC Market Headed to $1.2B in 2025; Lots of Momentum but also Uncertainty, Hyperion (2) How quantum computing could change the world, McKinsey (3) What Happens When ‘If’ Turns to ‘When’ in Quantum Computing?, BCG
Slide 19: Quantum Use Cases: Batteries and EUV Lithography
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential Relevant papers: (1) “Fast simulations of X - ray absorption spectroscopy for battery materials on a quantum computer”, 2025 (2) “Simulating key properties of lithium - ion batteries with a fault - tolerant quantum computer”,
Slide 20: Building Durable & Diversified Commercial Traction
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 20 Building Durable s Diversified Commercial Traction Quantum Computer System Sales ▪ Designed for customers with sensitive data requirements ▪ Targeting governments, defense, and national labs ▪ Revenue from system sales with
Slide 21: Transaction Overview: Sources & Uses
21 SOURCES $3,000 Xanadu Rollover Equity $224 Cash in Trust (3)(4) $275 PIPE (6) $ $3,499 Total Sources • Xanadu valuation of $3.0B • Transaction implies ~$3.1B pro - forma enterprise value Valuation • Assumes Xanadu raises $275M PIPE at $10.00 per share • Assumes 0% redemption from ~$224M Crane Har
Slide 22: Glossary
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 22 Glossary The point at which a quantum computer performs a task that a classical (non - quantum) computer could not complete within a reasonable timeframe, regardless of whether the task has any practical/commercial use Quan
Slide 23: Risk Factors
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 23 Risk Factors The below list of risk factors has been prepared solely for purposes of the proposed private placement transaction (the “Private Placement”) as part of the proposed business combination by and among Crane Harbo
Slide 24: Risk Factors
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 24 Risk Factors Customer Concentration . A portion of our historical revenue has come from our contracts with the public sector, and our failure to receive and maintain government contracts or changes in the contracting or fis
Slide 25: Rights of Action for Damages or Rescission for Canadian Investors
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential 25 Rights of Action for Damages or Rescission for Canadian Investors Rights for Purchasers in Ontario Securities legislation in Ontario provides an Ontario purchaser (other than (a) a “Canadian financial institution” or a “Sch
Slide 26: Thank You
Copyright © 2025 Xanadu Quantum Technologies Inc. | Strictly Confidential Thank You
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