IQM Quantum Computers (IQMX) Registration filing summary

Company overview and business model

• Global leader in superconducting quantum computers, offering both on-premises systems and cloud access.

• Customers include HPC centers, research labs, universities, and enterprises needing full hardware/software access.

• 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).

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

Financial performance and metrics

• Revenue grew 91% year-over-year to €31.3M in 2025, with a net loss of €54.4M and an accumulated deficit of €232.2M.

• Cost of revenue increased 44% to €16.3M; gross margin improved to 48%.

• Operating expenses rose due to increased personnel, R&D, and professional fees.

• Order backlog increased 55% to €67.3M at year-end 2025, reflecting strong demand and multi-year contracts.

• Cash and cash equivalents stood at €146.5M as of December 31, 2025.

Use of proceeds and capital allocation

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

• Proceeds from warrant exercises will be used for general corporate purposes, with broad discretion over allocation.

• No proceeds from the resale of shares by selling securityholders.

• No plans to pay cash dividends; earnings will be retained for business development and expansion.