Pasqal Holding
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Pasqal Holding (PSQL) investor relations material

Pasqal Holding H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary24 Sep, 2026

Executive summary

  • H1 revenue grew 14% YoY to EUR 4.9m; QPU-related services revenue rose 34% to EUR 3.9m.

  • Seven quantum systems were deployed across three continents, including five externally accessible systems; three more were in production.

  • Booked and awarded business reached EUR 70.4m at June 30, 2026.

  • Reported operating loss was EUR 59.2m, including one-off share-based compensation and transaction expenses; adjusted operating loss was EUR 21.6m.

  • Cash and cash equivalents were EUR 110.8m at June 30 and EUR 312.9m after the business combination and financing on August 27.

Financial highlights

  • Revenue was EUR 4.9m vs EUR 4.3m YoY; QPU-related services revenue was EUR 3.9m, up EUR 1m or 34%, while cryostat revenue fell to EUR 0.9m from EUR 1.3m.

  • Reported operating loss was EUR 59.2m vs EUR 19.8m; excluding one-off share-based compensation and transaction-related professional expenses, operating loss was EUR 21.6m, up EUR 2.9m like-for-like.

  • Net loss was EUR 53.2m vs EUR 26.1m, including a EUR 7m gain from fair-value remeasurement of financial liabilities before conversion.

  • Government grant income was EUR 3.1m vs EUR 3.5m, reflecting timing of milestones and eligible costs rather than fewer grants awarded.

Outlook and guidance

  • Roadmap target remains digital fault-tolerant quantum computing by 2029; the longer-term goal is tens of thousands of physical qubits and hundreds of logical qubits by decade-end.

  • Priorities include enterprise-grade QPUs, deeper work in target verticals, broader access via on-premise and cloud deployment, and continued logical-qubit error-correction development.

  • Management expects EUR 12m of the commercial portion of booked and awarded business to convert to revenue by year-end; other contracts and grants convert over varying periods, including 2026 and 2027 or longer.

  • Growth plans focus on commercial adoption and continued technology investment, supported by the strengthened post-combination cash balance.

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H2 202622 Apr, 2027
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