Pasqal Holding (PSQL) H1 2026 earnings summary
Event summary combining transcript, slides, and related documents.
H1 2026 earnings summary
20 Oct, 2026Executive 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.
