IQM Quantum Computers (IQMX) investor relations material

Strategic priorities and business developments

• Focus on delivering best-in-class quantum computers, accelerating quantum adoption, and supporting ecosystem development.

• Consistently achieved technical milestones, including high-fidelity quantum processors and scalable architectures.

• Expanded global presence with 12+ sites and delivered 18 quantum systems to academic, sovereign, and enterprise clients.

• Developed open, modular cloud platform (IQM Resonance) to accelerate enterprise and developer adoption.

• Built strong partnerships with leading industry and research organizations to stimulate the quantum ecosystem.

Financial performance and guidance

• FY2025 revenue reached EUR 31.3M, up 91% from FY2024, with a year-end order backlog exceeding EUR 67M.

• Gross margin improved to 48% in FY2025 from 31% in FY2024, reflecting better unit economics and vertical integration.

• Operating loss increased to EUR 58.1M in FY2025, driven by disciplined R&D investment and scaling efforts.

• Over EUR 545M in total capital raised since 2018, with up to EUR 406M pro forma cash post-transaction, ensuring a multi-year runway.

• R&D spend totaled EUR 93M over 2024-2025, supporting innovation and next-gen platform development.

Capital markets transaction and valuation

• Business combination with RAAQ targets a July 2026 close, with shares to be listed on Nasdaq and a planned Helsinki dual listing.

• Pro forma equity value estimated at $1.9B, with up to $477M cash at closing and a substantial discount to public peers.

• Ownership post-transaction: ~81.1% IQM shareholders, ~11.3% RAAQ shareholders, ~7.6% PIPE investors.

• PIPE raise of $146M assumed, with proceeds allocated to R&D and general corporate purposes.

• Board appointments to include representatives from both IQM and RAAQ, enhancing governance.