Cash Runway as the Core Metric of Quantum Survival
Why liquidity, burn rate and dilution matter more than current revenue in assessing quantum companies
Opening paragraph: Quantum companies operate in a sector where scientific ambition has moved faster than commercial maturity. Many firms must finance years of research, hardware development, specialist personnel, laboratories, patents, testing, acquisitions and market-building before they can rely on stable recurring revenues. In this context, current revenue is often an incomplete measure of industrial strength. The more decisive question is how long a company can continue to execute its roadmap without returning to capital markets. Cash runway therefore becomes a measure of strategic time: the time available to solve technical problems, reach milestones, win contracts, absorb delays and survive adverse financing conditions.