IQM Quantum Computers (IQMX) CMD 2026 summary

Strategic priorities and business model

• Focus on delivering best-in-class quantum computers, accelerating quantum adoption, and enabling the quantum ecosystem through open, modular systems and global delivery capabilities.

• Emphasis on full-stack integration, from chip design and fabrication to software and cloud services, enabling rapid innovation and optimization across the stack.

• Business model includes direct system sales, cloud-based quantum computing services, and co-development partnerships with enterprises and research institutions.

• Revenue streams are diversified across academic, sovereign, and enterprise customers, with a growing shift toward commercial adoption and recurring service contracts.

• Global expansion strategy targets key tech markets in Europe, the U.S., and Asia-Pacific, leveraging local sales teams and cloud distribution, with 12+ sites established.

Technology roadmap and innovation

• Consistent delivery on a public technology roadmap, with milestones in quantum error correction, scalable architectures, and high-connectivity processors.

• Proprietary advances in tunable couplers, long-range connectivity, and barbell codes for efficient quantum LDPC error correction, protected by IP.

• Achieved >99.9% gate fidelity and launched the Halcyon platform, targeting fully error-corrected quantum computing in the second half of next year.

• Modular, open software stack supports hybrid workflows, integration with classical HPC, and developer access down to the pulse level.

• Ongoing investment in R&D, with over 50% of operating expenses and EUR 93M spent over 2024-2025, supporting innovation and workforce growth.

Financial performance and outlook

• FY2025 revenue reached EUR 31.3M, up 91% from FY2024, with an order backlog exceeding EUR 67M.

• Sold 23 quantum systems, 18 delivered, including to four of the top 10 global supercomputing centers; repeat customers upgrading to higher-qubit systems.

• Gross margin improved to 48% in FY2025 from 31% in FY2024, with commercial customers and recurring service contracts contributing to financial stability.

• 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, fully funding the roadmap into 2028.