Pasqal posts €4.9M H1 2026 revenue; where it stands vs. public quantum firms

【Article Title】 Pasqal posts €4.9M H1 2026 revenue; where it stands vs. public quantum firms 【Article Body】 AI TRANSLATION This article is an AI-generated translation of the original Japanese article. For the authoritative version, please refer to the original. Read the original Japanese article → (https://quantumindex.jp/pasqal-first-half-2026-financial-results/) Pasqal Holding SA, developer of neutral‑atom quantum computers, announced H1 2026 revenue of €4.9 million, a 14% increase year‑on‑year. While QPUQPUQuantum Processor / Quantum Processor / Quantum Processing Unit / QPUThe central part of the hardware that houses qubits and performs quantum computational operations such as quantum gates and measurements.QI NoteThe performance of a QPU cannot be judged by the number of qubits alone. Gate fidelity, connectivity, speed, error rates, and other factors must be considered together.‑related service revenue and on‑site deployments grew, operating loss expanded to €59.2 million, which includes stock‑based compensation and one‑off listing‑related expenses. ✍️ Quantum Index Analysis The following explains the technical and commercial significance behind the announcement and highlights evaluation points that aren’t obvious from the headline numbers alone. Read our analysis ↓ Summary of the announcement Pasqal reported H1 2026 revenue of €4.9 million, a 14% increase year‑on‑year. QPU‑related service revenue accounted for €3.9 million, up 34%. As of June 30, the value of awarded and contracted projects stood at €70.4 million, but this figure includes grants and tax credits as well as customer contracts. Operating loss widened from €19.8 million in the prior‑year period to €59.2 million. In H1 2026 Pasqal recorded €27.3 million of stock‑based compensation and €10.2 million of one‑off transaction costs related to the business combination and listing process. Cash and cash equivalents were €110.8 million at the end of June, and rose to approximately €312.9 million as of August 27 following the business combination with Bleichroeder Acquisition Corp. II and related financings. On the technology front, the company reported construction of a defect‑free 1,024‑atom register and said a redesigned cryogenic platform extended atom lifetimes by roughly 40×. In machine‑learning applications for differential equations using logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability., Pasqal reported results that outperform implementations using physical qubitsphysical qubitsPhysical Qubit / Physical QubitIndividual qubits that are physically created and manipulated on a quantum processor. They are also used to form logical qubits.QI NoteA large number of physical qubits does not by itself indicate practical computational capability. Error rates, connectivity, and the number of physical qubits required per logical qubit are also important.. It also demonstrated trapping four rubidium atoms using laser light generated by a photonic integrated circuitphotonic integrated circuitPhotonic Integrated Circuit / PIC / Photonic Integrated Circuit / PICA circuit that integrates optical components such as waveguides that guide light, modulators, and splitters on a semiconductor chip.QI NoteUsed not only for quantum applications but also in communications and sensing. In quantum-related publications, check how fully integrated the device is — in particular, whether the light source and detectors are included., reducing the optical system footprint by up to 50×. On the commercial side, Pasqal deployed a 200‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. machine accessible from the cloud in Saudi Arabia and installed a 140‑qubit system in Italy intended for integration with the Leonardo supercomputer. Integrations with NVIDIA CUDA‑Q and collaboration with Crédit Agricole CIB in the financial sector were also advanced. Key points • H1 2026 revenue was €4.9 million, up 14% year‑on‑year; QPU‑related service revenue rose 34% to €3.9 million. • Awarded and contracted projects totaled €70.4 million as of end‑June, including grants, tax credits, and multi‑year customer contracts. • Operating loss widened to €59.2 million, which includes €27.3 million in stock‑based compensation and €10.2 million in one‑off listing‑related costs. • Cash and cash equivalents after the business combination and related financings were approximately €312.9 million as of August 27. • Pasqal reported a defect‑free 1,024‑atom register and deployed a 200‑qubit machine in Saudi Arabia and a 140‑qubit machine in Italy. Technical and business implications The rise in QPU‑related services and the geographic spread of deployments indicate Pasqal is moving beyond R&D toward offering and operating neutral‑atom quantum computers commercially. The 1,024‑atom register, application runs using logical qubits, and the photonic‑integrated‑circuit approach to miniaturizing optics correspond to progress in scaling, error‑resilience, and manufacturability, respectively. However, the announced €70.4 million of awarded and contracted projects includes grants and tax credits, and the company still reports a substantial operating loss. The announcement does not include independent verification of the technical claims nor concrete customer outcomes from the deployments. What to watch next Key near‑term questions are how much of the €70.4 million will convert into revenue and the breakdown between customer contracts, grants, and tax credits. For the deployments in Saudi Arabia and Italy, it will be important to see actual usage patterns and operational outcomes that demonstrate commercial value. On the technical side, verification is needed of the 1,024‑atom register’s computational utility, the conditions and reproducibility of the logical‑qubit comparisons, and the scalability of photonic‑integrated‑circuit atom trapping. On the financial side, attention should focus on losses excluding one‑offs and on the trajectory of cash burncash burnCash Burn / Cash Burn Rate / Burn Rate / Cash Burn / Cash Burn Rate / Burn RateA concept that indicates the speed at which a company’s on-hand cash is being depleted due to business operations. It is typically expressed as the amount of cash decrease per month or per quarter.QI NoteIt is not necessarily the same as the amount of net loss, and the appearance can change due to capital expenditures, financing, and other factors. In news coverage, together with on-hand cash, attention should be paid to how many months the business can continue operating.. ✍️ Quantum Index Analysis Pasqal’s position becomes clearer when compared with other public quantum companies. Because accounting periods, currencies, and revenue composition differ across firms, this is not a precise ranking; still, the most recently disclosed revenue figures for 2026 show growing divergence in scale among companies (see related articles). CompanyLatest revenue informationQuarterly equivalent for comparison*NotesIonQQ2 $80.1 million$80.1 millionBusiness scope enlarged by acquisitions; simple comparisons with other firms require cautionInfleqtionQ2 $13.5 million$13.5 millionConsiderably larger revenue than PasqalQuantinuumQ2 $8.0 million$8.0 millionNotable for large fundraising in addition to revenue scaleRigettiQ2 $5.1 million$5.1 millionExceeds Pasqal’s quarterly equivalentIQMH1 €8.9 million≈€4.45 millionOrder backlogOrder backlog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. exceeded €102.1 million as of AugustD‑WaveQ2 $3.1 million$3.1 millionRevenue can fluctuate significantly with timing of system salesPasqalH1 €4.9 million≈€2.45 millionAwarded and contracted projects include grants and tax creditsXanaduQ2 $1.5 million$1.5 millionRevenue scale is below Pasqal *For IQM and Pasqal, which report H1 results, the quarterly equivalents were calculated by simply dividing by two. Differences in currency, accounting standards, revenue recognition, and business composition across companies mean this is a rough guide to revenue scale, not a strict ranking. The comparison shows Pasqal is technically a strong quantum‑hardware company but not yet a provider with large commercial revenues. A particularly relevant comparator is IQM: IQM’s H1 2026 revenue of €8.9 million exceeds Pasqal’s €4.9 million, and its order backlog exceeded €102.1 million as of August. IQM also reports having sold 26 systems since founding and delivered 17 systems. Both firms, as Europe‑origin hardware companies, are pursuing on‑premises systems, but based on current disclosures IQM appears further along in converting sales into orders, deliveries, and revenue. However, Pasqal’s cash position is ample. Cash and cash equivalents rose to about €312.9 million after the listing and financings. Looking only at H1 revenue of €4.9 million against an operating loss of €59.2 million paints a stark deficit, but €37.5 million of that loss is attributable to stock‑based compensation and one‑off listing‑related costs. Pasqal today looks less like a revenue‑generating, mature quantum computer vendor and more like a company in a pre‑commercial, heavy‑investment phase—pursuing neutral‑atom scaling and commercialization while holding significant cash reserves. Going forward, the important metric is not the headline technical number of 1,024 atoms itself but how that capability translates into customer revenue. As public disclosures from quantum companies accumulate, evaluation metrics are shifting beyond “how many qubitsqubitsQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important.” or “what roadmap is in place.” A more meaningful gauge will be who is paying, for what, and on an ongoing basis. Those demonstrated commercial relationships will become the primary indicators for the commercialization race. NETWORKView the industry network around Pasqal → (/qi-network/) Related articles • IonQ, Q2 2026 revenue up 287% year‑on‑year; raises full‑year guidance (https://en.quantumindex.jp/ionq-q2-2026-revenue-growth-guidance/) • Infleqtion revises Q2 2026 revenue to $13.5M; updates full‑year outlook to $45.1M (https://en.quantumindex.jp/infleqtion-q2-2026-updated-results/) • Quantinuum Q2 2026 revenue up 279% year‑on‑year; announces Helios logical fidelity (https://en.quantumindex.jp/quantinuum-q2-2026-results-helios-logical-fidelity/) • IQM posts first results since listing; order backlog exceeds €102.1M (https://en.quantumindex.jp/iqm-h1-2026-earnings-order-backlog/) • Rigetti Q2 2026 revenue $5.1M; publishes performance for 108‑qubit system (https://en.quantumindex.jp/rigetti-q2-2026-results-roadmap/) • D‑Wave Q2 2026 revenue $3.1M; H1 order intake expands over 12× (https://en.quantumindex.jp/dwave-q2-2026-financial-results/) • Xanadu Q2 2026 revenue $1.5M; improves photonic components and QROM (https://en.quantumindex.jp/xanadu-q2-2026-results/) Source Read the original press release (https://www.pasqal.com/newsroom/pasqal-reports-first-half-2026-financial-results/) If you found this article useful, please consider sharing it. ──────────────────── 【AI Evaluation Request】 Evaluate the following article critically, not based on the quality of its writing, but on its **original informational value as a specialist publication**. Do not give a high rating to summaries, paraphrases, explanations of technical terms, or generic observations such as "this will be worth watching" or "the timeline remains uncertain" if they could easily be produced by a general-purpose generative AI, even if they are well written. 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Pasqal Holding SA, developer of neutral‑atom quantum computers, announced H1 2026 revenue of €4.9 million, a 14% increase year‑on‑year. While QPUQPUQuantum Processor / Quantum Processor / Quantum Processing Unit / QPUThe central part of the hardware that houses qubits and performs quantum computational operations such as quantum gates and measurements.QI NoteThe performance of a QPU cannot be judged by the number of qubits alone. Gate fidelity, connectivity, speed, error rates, and other factors must be considered together.‑related service revenue and on‑site deployments grew, operating loss expanded to €59.2 million, which includes stock‑based compensation and one‑off listing‑related expenses.

Summary of the announcement

Pasqal reported H1 2026 revenue of €4.9 million, a 14% increase year‑on‑year. QPU‑related service revenue accounted for €3.9 million, up 34%. As of June 30, the value of awarded and contracted projects stood at €70.4 million, but this figure includes grants and tax credits as well as customer contracts. Operating loss widened from €19.8 million in the prior‑year period to €59.2 million. In H1 2026 Pasqal recorded €27.3 million of stock‑based compensation and €10.2 million of one‑off transaction costs related to the business combination and listing process. Cash and cash equivalents were €110.8 million at the end of June, and rose to approximately €312.9 million as of August 27 following the business combination with Bleichroeder Acquisition Corp. II and related financings. On the technology front, the company reported construction of a defect‑free 1,024‑atom register and said a redesigned cryogenic platform extended atom lifetimes by roughly 40×. In machine‑learning applications for differential equations using logical qubitslogical qubitsLogical Qubit / Logical QubitA unit of information treated as a single qubit protected from errors by using multiple physical qubits and quantum error correction.QI NoteSimply having “created a logical qubit” does not necessarily mean fault-tolerant quantum computing (FTQC) has been achieved. One should verify logical error rates, operational/gate performance, and scalability., Pasqal reported results that outperform implementations using physical qubitsphysical qubitsPhysical Qubit / Physical QubitIndividual qubits that are physically created and manipulated on a quantum processor. They are also used to form logical qubits.QI NoteA large number of physical qubits does not by itself indicate practical computational capability. Error rates, connectivity, and the number of physical qubits required per logical qubit are also important.. It also demonstrated trapping four rubidium atoms using laser light generated by a photonic integrated circuitphotonic integrated circuitPhotonic Integrated Circuit / PIC / Photonic Integrated Circuit / PICA circuit that integrates optical components such as waveguides that guide light, modulators, and splitters on a semiconductor chip.QI NoteUsed not only for quantum applications but also in communications and sensing. In quantum-related publications, check how fully integrated the device is — in particular, whether the light source and detectors are included., reducing the optical system footprint by up to 50×. On the commercial side, Pasqal deployed a 200‑qubitqubitQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important. machine accessible from the cloud in Saudi Arabia and installed a 140‑qubit system in Italy intended for integration with the Leonardo supercomputer. Integrations with NVIDIA CUDA‑Q and collaboration with Crédit Agricole CIB in the financial sector were also advanced.

Key points

• H1 2026 revenue was €4.9 million, up 14% year‑on‑year; QPU‑related service revenue rose 34% to €3.9 million.
• Awarded and contracted projects totaled €70.4 million as of end‑June, including grants, tax credits, and multi‑year customer contracts.
• Operating loss widened to €59.2 million, which includes €27.3 million in stock‑based compensation and €10.2 million in one‑off listing‑related costs.
• Cash and cash equivalents after the business combination and related financings were approximately €312.9 million as of August 27.
• Pasqal reported a defect‑free 1,024‑atom register and deployed a 200‑qubit machine in Saudi Arabia and a 140‑qubit machine in Italy.

Technical and business implications

The rise in QPU‑related services and the geographic spread of deployments indicate Pasqal is moving beyond R&D toward offering and operating neutral‑atom quantum computers commercially. The 1,024‑atom register, application runs using logical qubits, and the photonic‑integrated‑circuit approach to miniaturizing optics correspond to progress in scaling, error‑resilience, and manufacturability, respectively. However, the announced €70.4 million of awarded and contracted projects includes grants and tax credits, and the company still reports a substantial operating loss. The announcement does not include independent verification of the technical claims nor concrete customer outcomes from the deployments.

What to watch next

Key near‑term questions are how much of the €70.4 million will convert into revenue and the breakdown between customer contracts, grants, and tax credits. For the deployments in Saudi Arabia and Italy, it will be important to see actual usage patterns and operational outcomes that demonstrate commercial value. On the technical side, verification is needed of the 1,024‑atom register’s computational utility, the conditions and reproducibility of the logical‑qubit comparisons, and the scalability of photonic‑integrated‑circuit atom trapping. On the financial side, attention should focus on losses excluding one‑offs and on the trajectory of cash burncash burnCash Burn / Cash Burn Rate / Burn Rate / Cash Burn / Cash Burn Rate / Burn RateA concept that indicates the speed at which a company’s on-hand cash is being depleted due to business operations. It is typically expressed as the amount of cash decrease per month or per quarter.QI NoteIt is not necessarily the same as the amount of net loss, and the appearance can change due to capital expenditures, financing, and other factors. In news coverage, together with on-hand cash, attention should be paid to how many months the business can continue operating..

✍️ Quantum Index Analysis

Pasqal’s position becomes clearer when compared with other public quantum companies. Because accounting periods, currencies, and revenue composition differ across firms, this is not a precise ranking; still, the most recently disclosed revenue figures for 2026 show growing divergence in scale among companies (see related articles).

Company	Latest revenue information	Quarterly equivalent for comparison*	Notes
IonQ	Q2 $80.1 million	$80.1 million	Business scope enlarged by acquisitions; simple comparisons with other firms require caution
Infleqtion	Q2 $13.5 million	$13.5 million	Considerably larger revenue than Pasqal
Quantinuum	Q2 $8.0 million	$8.0 million	Notable for large fundraising in addition to revenue scale
Rigetti	Q2 $5.1 million	$5.1 million	Exceeds Pasqal’s quarterly equivalent
IQM	H1 €8.9 million	≈€4.45 million	Order backlogOrder backlog受注残 / Backlog / Order BacklogThe monetary value or quantity of contracts/orders that have already been received from customers but for which delivery or revenue recognition has not yet been completed.QI NoteIt can be an indication of future sales, but not all of it will necessarily convert into revenue. One should also check contract terms, delivery schedules, the possibility of cancellations, and the time until revenue is recognized. exceeded €102.1 million as of August
D‑Wave	Q2 $3.1 million	$3.1 million	Revenue can fluctuate significantly with timing of system sales
Pasqal	H1 €4.9 million	≈€2.45 million	Awarded and contracted projects include grants and tax credits
Xanadu	Q2 $1.5 million	$1.5 million	Revenue scale is below Pasqal

*For IQM and Pasqal, which report H1 results, the quarterly equivalents were calculated by simply dividing by two. Differences in currency, accounting standards, revenue recognition, and business composition across companies mean this is a rough guide to revenue scale, not a strict ranking.

The comparison shows Pasqal is technically a strong quantum‑hardware company but not yet a provider with large commercial revenues. A particularly relevant comparator is IQM: IQM’s H1 2026 revenue of €8.9 million exceeds Pasqal’s €4.9 million, and its order backlog exceeded €102.1 million as of August. IQM also reports having sold 26 systems since founding and delivered 17 systems. Both firms, as Europe‑origin hardware companies, are pursuing on‑premises systems, but based on current disclosures IQM appears further along in converting sales into orders, deliveries, and revenue.

However, Pasqal’s cash position is ample. Cash and cash equivalents rose to about €312.9 million after the listing and financings. Looking only at H1 revenue of €4.9 million against an operating loss of €59.2 million paints a stark deficit, but €37.5 million of that loss is attributable to stock‑based compensation and one‑off listing‑related costs. Pasqal today looks less like a revenue‑generating, mature quantum computer vendor and more like a company in a pre‑commercial, heavy‑investment phase—pursuing neutral‑atom scaling and commercialization while holding significant cash reserves.

Going forward, the important metric is not the headline technical number of 1,024 atoms itself but how that capability translates into customer revenue. As public disclosures from quantum companies accumulate, evaluation metrics are shifting beyond “how many qubitsqubitsQubit / Quantum Bit / QubitThe basic unit of information in a quantum computer. It can represent not only 0 or 1 but also a quantum state that is a superposition of them.QI NoteHaving more qubits does not necessarily mean higher performance. Error rates, connectivity, coherence time, and the number of logical qubits are also important.” or “what roadmap is in place.” A more meaningful gauge will be who is paying, for what, and on an ongoing basis. Those demonstrated commercial relationships will become the primary indicators for the commercialization race.

NETWORKView the industry network around Pasqal →

Related articles

• IonQ, Q2 2026 revenue up 287% year‑on‑year; raises full‑year guidance
• Infleqtion revises Q2 2026 revenue to $13.5M; updates full‑year outlook to $45.1M
• Quantinuum Q2 2026 revenue up 279% year‑on‑year; announces Helios logical fidelity
• IQM posts first results since listing; order backlog exceeds €102.1M
• Rigetti Q2 2026 revenue $5.1M; publishes performance for 108‑qubit system
• D‑Wave Q2 2026 revenue $3.1M; H1 order intake expands over 12×
• Xanadu Q2 2026 revenue $1.5M; improves photonic components and QROM

Source

Read the original press release