Pasqal Holding (PSQL) investor relations material

Strategic focus, vision, and technology leadership

• Exclusive focus on quantum computing, targeting high-complexity, industrialized, and operational systems with 100-200+ qubits deployed globally, second only to IBM in high-complexity quantum computers.

• Neutral atom technology enables both analog and fault-tolerant quantum computing on the same hardware, providing a unique upgrade path and future-proofing for customers.

• Demonstrated quantum advantage in material simulation, with reproducible results across multiple QPUs and significant speedup over classical methods; expects to expand to machine learning and full FTQC by 2029.

• Modular, upgradable architecture allows in-situ upgrades, scalability to 10,000+ physical qubits and 200+ logical qubits with high fidelity by 2029.

• Roadmap includes hybrid quantum/classical computing, open-source libraries, integration with major cloud providers, and a deep technical team with Nobel laureate founders.

Commercial execution, traction, and market opportunity

• Focused on energy, financial services, specialty materials, logistics, and mobility, with over 25 commercial use cases and tailored solutions for each.

• Revenue nearly doubles from 2024 to 2025, with commercial revenues now over 60% of total and bookings exceeding €66M from multiple clients as of March 2026.

• Addresses a projected $720B quantum computing market by 2040, spanning finance, life sciences, energy, logistics, and cross-sector applications.

• Manufacturing capacity supports up to 13 machines per year, with capital efficiency and facilities in France and Canada, subject to staffing and parts availability.

• Offers both on-premises and cloud-based QPU access, with integration into HPC and supercomputing data centers, and recurring revenue streams from operations, maintenance, and upgrades.

Financial outlook, overview, and growth plans

• EUR 2 billion pro forma valuation with strong cash position: $140 million cash, $250 million convertible note, $291.4 million from SPAC trust, and potential for $400-645.2 million post-transaction.

• Booked and awarded business reached €66M+ by March 2026, with cash burn narrowed by 30% to €35.1M in FY2025 and annual cash burn between EUR 30-50 million.

• Proceeds will fund R&D (analog and FTQC), commercial expansion, manufacturing scale-up, and further reduction of unit economics.

• M&A considered for technology and commercial acceleration, with a focus on complementary assets and market entry.

• Financial statements will be reported in euros under IFRS, maintaining foreign private issuer status; valuation is in line with peers.