IQM Quantum Computers (IQMX) Q2 2026 earnings summary

Executive summary

• Achieved a historic dual listing on Nasdaq New York and Helsinki in July 2026, completing the go-public transaction in five months and raising EUR 209.5 million, with significant management changes and board strengthening.

• Revenue for H1 2026 rose 47% year-over-year to EUR 8.9 million, driven by higher quantum computer sales and project progress, with 26 systems sold and 17 delivered, including to 4 of the top 10 global supercomputing centers.

• Expanded product portfolio with IQM Spark, Radiance, Halocene, and Resonance, targeting education, HPC, enterprise, and cloud markets, and acquired Quantistry GmbH to enhance AI-powered simulation capabilities.

• Recognized as a leading European quantum computing provider with over 400 employees and a strong global presence, including new markets in Japan and Spain.

• Demonstrated commercial traction with a global customer base, including major wins with CSC-LUMI AI Factory, NVIDIA, and Oak Ridge National Laboratory.

Financial highlights

• H1 2026 revenue was EUR 8.9 million, up 47% year-over-year; Q2 revenue was EUR 6.7 million, up 28% year-over-year.

• Gross margin for Q2 was 46%, and for H1 2026 improved to 41% from 40% in H1 2025.

• Operating loss was EUR 30.9 million for Q2 and EUR 60.5 million for H1 2026, reflecting increased R&D and one-time listing expenses.

• Cash and cash equivalents post-listing were EUR 309.4 million, with EUR 113.4 million as of June 30, 2026.

• Order backlog ended Q2 at EUR 69.1 million and exceeded EUR 102 million post-period after a major contract.

Outlook and guidance

• Full-year 2026 guidance confirmed: order intake of EUR 65–75 million and revenue of EUR 42–47 million.

• Revenue recognition is expected to be heavily weighted to Q4 due to project timelines and customer acceptance milestones, especially for the first 150-qubit system.

• Priorities include executing customer projects, advancing the technology roadmap, and disciplined investment.

• Anticipates continued growth in commercial customer mix and gradual increase in cloud revenue as quantum computing power and applications expand.