Pasqal Holding (PSQL) H1 2026 earnings summary

Executive summary

• Achieved 14% year-over-year revenue growth in H1 2026 to €4.9 million, with QPU-related services revenue up 34% to €3.9 million due to increased customer demand and major system deliveries.

• Booked and awarded business reached €70.4 million as of June 30, 2026, reflecting strong commercial momentum across multiple verticals.

• Expanded commercial activity, deepened strategic customer relationships, and advanced the technology roadmap, including a Nasdaq listing, significant capital raises, and international expansion.

• Significant progress in customer deployments, commercial partnerships, and product development, including new integrations and international expansion.

• Focused on scalable, industrialized quantum computing systems with a neutral-atom architecture, targeting energy, financial services, and high-value materials as priority verticals.

Financial highlights

• H1 2026 revenues were €4.9 million, up from €4.3 million in H1 2025; QPU-related services revenues rose to €3.9 million (+34%).

• Cryostat revenues declined to €0.9 million from €1.3 million due to fewer deliveries.

• Operating loss was €59.2 million (vs. €19.8 million prior year), mainly due to one-off share-based compensation and professional expenses; adjusted operating loss was €21.6 million.

• Cash and cash equivalents stood at €110.8 million at June 30, 2026, rising to €312.9 million post-business combination and financing.

• Net cash flows from financing activities were €67.3 million; net increase in cash was €37.1 million for H1 2026.

Outlook and guidance

• Priorities for H2 2026 and beyond include building enterprise-grade QPUs, deepening work in key verticals, expanding system access, and disciplined capital investment aligned with technology milestones.

• Targeting continued progress toward fault-tolerant quantum computing by 2029, with ongoing investments in R&D, manufacturing, and commercial expansion.

• Positioned to capitalize on growing demand for practical quantum computing solutions, with a strong balance sheet supporting future growth.