Pasqal Holding SA announced first‑half 2026 results on its earnings call. Revenue reached EUR 4.9 million, a 14% increase from EUR 4.3 million a year earlier, driven by a 34% jump in QPU‑related services to EUR 3.9 million. Cryostat sales fell to EUR 0.9 million from EUR 1.3 million, and government grant income declined to EUR 3.1 million from EUR 3.5 million.
The company reported an operating loss of EUR 59.2 million, up from EUR 19.8 million in H1 2025, reflecting higher non‑cash share‑based compensation and listing‑related costs. Adjusted operating loss widened to EUR 21.6 million from EUR 18.7 million, a 15.5% increase. Net loss more than doubled to EUR 53.2 million versus EUR 26.1 million a year earlier.
Cash outflows from operations grew to EUR 25.2 million, compared with EUR 20.0 million in the prior period. Cash and cash equivalents rose to EUR 110.8 million as of June 30, up from EUR 73.8 million at the end of 2025, leaving net liquidity of EUR 83.8 million. The market valued Pasqal at $1.59 billion.
Shares fell 2.28% in pre‑market trading, trading at $7.30 against a prior close of $7.47, within a 52‑week range of $7.00 to $24.69. Analysts maintain a Strong Buy consensus, with price targets between $15.86 and $19.57. InvestingPro assigned a financial‑health score of 1.22, indicating weak overall health.
Operationally, Pasqal has deployed seven quantum‑computer systems across three continents, with three additional systems in production and five available via cloud. The firm claims the world’s second‑largest fleet of high‑complexity quantum computers after IBM. Its neutral‑atom qubits, based on rubidium atoms, consume about 3.5 kW per QPU. The company cited progress on a photonic integrated circuit acquired through Apliqt, enabling trapping of four rubidium atoms with optical tweezers and a potential 50‑fold reduction in optical footprint.
CEO Wasiq Bokhari emphasized the commercial focus, stating the firm is “not a research project” but is building systems that solve customer problems today while laying groundwork for fault‑tolerant quantum computing. He reiterated Pasqal’s position as the second‑largest high‑complexity quantum‑computer fleet globally. The firm remains on track for its 2029 digital fault‑tolerant target and plans to scale to tens of thousands of high‑quality qubits by 2030.
