Pasqal Holding (PSQL) Registration filing summary

Company overview and business model

• Designs and delivers neutral-atom quantum processing units (QPUs) for real-world business solutions across industries including energy, finance, healthcare, logistics, and AI.

• Employs a modular approach to QPU design, enabling scalable qubit arrays and supporting both analog and digital quantum computing.

• Revenue streams include direct QPU sales, cloud-based access, and software/algorithm services, with a global customer base and strategic partnerships.

• As of March 2026, has $360 million in cash, 300 employees (70+ PhDs), 92 issued/pending patents, and operations in France, US, Canada, Saudi Arabia, South Korea, and UK.

• Achieved key milestones such as the PROQCIMA agreement and selection as a finalist in the XPRIZE Quantum Applications competition.

Financial performance and metrics

• Recorded €16.4 million in revenue for 2025, up from €3.5 million in 2024, driven by QPU sales and services.

• Net losses of €92.4 million in 2025 and €48.5 million in 2024, with an accumulated deficit of €32.5 million as of December 2025.

• Cash and cash equivalents of €73.8 million at year-end 2025, with an additional €69.7 million raised in Series C financing in early 2026.

• Significant investments in R&D, with €13.9 million in share-based compensation expense in 2025.

• Order backlog of €35.4 million as of December 2025, with three customers accounting for 78% of 2025 revenue.

Use of proceeds and capital allocation

• Proceeds from warrant exercises (up to $199.3 million) and investment warrants (up to $390.6 million) will be used for general corporate purposes.

• No proceeds from resale of shares by selling securityholders; company retains flexibility in capital allocation.

• Ongoing investments in technology development, manufacturing capacity, and international expansion.