IQM Quantum Computers (IQMX) Registration filing summary

Company overview and business model

• Global leader in superconducting quantum computers, offering on-premises systems and cloud access for research, HPC centers, and enterprises.

• Founded in 2018 as a spin-out from Aalto University, with a focus on scalable quantum processors and digital-analog quantum computing.

• Product portfolio includes IQM Spark (5-qubit), IQM Radiance (20–150 qubits), and the upcoming IQM Halocene (>150 qubits), plus the Resonance cloud platform.

• Revenue primarily from system sales, co-development projects, and professional services; cloud-based usage is a growing segment.

• Vertically integrated with in-house chip design, fabrication, and system assembly, supported by a global team and strategic partnerships.

Financial performance and metrics

• Revenue grew 91% year-over-year to €31.3M in 2025; H1 2026 revenue was €8.9M, up 47% from H1 2025.

• Net losses: €54.4M in 2025 and €74.9M for H1 2026; accumulated deficit of €307.1M as of June 30, 2026.

• Order backlog reached €69.1M at June 30, 2026, up 3% from year-end 2025; strong multi-year contracts with public sector clients.

• Cash position of €113.4M as of June 30, 2026; post-IPO and PIPE financing, cash increased to €309.4M.

• Operating expenses driven by R&D (€34M in H1 2026), G&A (€26.2M in H1 2026, including €9.9M in transaction costs), and selling expenses.

Use of proceeds and capital allocation

• Up to $99.2M expected from exercise of public warrants and $44.9M from private placement warrants, if exercised for cash.

• Proceeds to be used for general corporate purposes, including R&D, infrastructure expansion, and scaling operations.

• No proceeds from resale of shares by selling securityholders; all such proceeds go to the sellers.