Pasqal Holding (PSQL) Q3 2026 earnings summary

Executive summary

• QPU-related services grew 53% YoY while total Q3 revenue declined as prior-year revenue included QPU sales; customer engagement and the pipeline advanced across priority verticals.

• Commercial analog systems available today and progress toward fault-tolerant computing underpin execution, alongside increased traction among enterprise, sovereign, and public-sector buyers.

Financial highlights

• Q3 revenue was €3.3 million vs. €5.7 million in Q3 2025; prior-year revenue included €3.2 million of QPU sales, with no QPU sales in Q3 2026.

• QPU-related services revenue rose 53% YoY to €3.1 million from €2.0 million, including initial Aramco QPU-as-a-Service usage.

• Government grant income, including tax credits, was €1.0 million vs. €0.7 million YoY.

Outlook and guidance

• Management expects growth in booked and awarded business through year-end and into 2027, supported by existing accounts and increased enterprise, sovereign, and public-sector pipeline activity; no bookings target was given.

• Three systems were in production, including for internal use; some client deliveries were expected near year-end. Client commissioning and acceptance takes at least 12 months from order, sometimes longer.

• Roadmap commitment: 10,000+ physical qubits and 200+ logical qubits at six-nines logical fidelity by end-2029; the next 12 months include logical registers running error correction and falling logical error rates.

• Hiring was on track but slower than planned, with several tens of hires added since June-end and several tens more planned; cash burn may rise, but not significantly. Investment remains disciplined to scale a capital-efficient business.