first half 2026
Filed Sep 24, 2026Pasqal Reports First Half 2026 Financial Results Strong Operational Execution and Progress Across Customer Deployments, Commercial Partnerships and Product Development Revenue Increased 14% Year-Over-Year, Including 34% Growth in QPU-Related Services Revenue
Revenue and QPU-related services revenue grew year-over-year, booked and awarded business was €70.4 million, and cash increased following capital increases. However, the operating loss and loss for the period widened substantially from the prior-year six-month period, with employee-related costs, professional services and one-time transaction-related expenses elevated.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | €4.87M | – | 14% |
| QPU-related services revenueother | €3.9M | – | 34% |
| Government grant incomeother | €2.95M | – | – |
| Other operating incomeother | €182K | – | – |
| Purchases of materialother | (€2,569 thousand) | – | – |
| Changes in inventoryother | €1.37M | – | – |
| Employee salaries and benefit expensesother | (€41,594 thousand) | – | – |
| Professional services and other servicesother | (€19,553 thousand) | – | – |
| Depreciation and amortizationother | (€4,302 thousand) | – | – |
| Other operating expensesother | (€518 thousand) | – | – |
| Operating lossother | (€59,161 thousand) | – | – |
| Share based payment chargesother | €27.3M | – | – |
| One-time transaction-related expensesother | €10.2M | – | – |
| Change in fair value of financial liabilities at FVTPLother | €7.05M | – | – |
| Finance incomeother | €1.41M | – | – |
| Interest expenseother | (€1,996 thousand) | – | – |
| Other financial expenseother | (€521 thousand) | – | – |
| Loss before taxother | (€53,216 thousand) | – | – |
| Income (expense) tax benefitother | (€20 thousand) | – | – |
| Loss for the periodother | (€53,236 thousand) | – | – |
| Other comprehensive (loss) / income for the period, net of taxother | (€322 thousand) | – | – |
| Total comprehensive loss for the periodother | (€53,558 thousand) | – | – |
| Basic losses per shareother | (6.6) | – | – |
| Diluted losses per shareother | (7.3) | – | – |
| Booked and awarded businessother | €70.4M | – | – |
What drove it
- Revenue increased 14% year-over-year to €4,872 thousand, while QPU-related services revenue increased 34% year-over-year to €3.9 million.
- Booked and awarded business was €70.4 million as of June 30, 2026, including grants, tax credit and multi-year customer contracts.
- Pasqal introduced an NVIDIA CUDA-Q integration, launched Saudi Arabia’s first quantum computer and the Middle East’s first commercial quantum computing as a service platform, and deployed Italy’s first neutral atom quantum computer.
- The Company prepared defect-free registers of 1,024 atoms, executed a machine-learning application for solving differential equations using logical qubits, and trapped four rubidium atoms using a photonic integrated circuit.
- The Company reported €68,480 thousand of proceeds from capital increases during the six-month period.
Concerns
- Operating loss was (€59,161 thousand), compared with (€19,773 thousand) in the first half of 2025.
- Loss for the period was (€53,236 thousand), compared with (€26,118 thousand) in the first half of 2025.
- Employee salaries and benefit expenses were (€41,594 thousand), compared with (€15,353 thousand) in the prior-year period.
- Professional services and other services were (€19,553 thousand), compared with (€8,261 thousand) in the prior-year period.
- Share based payment charges amounted to €27.3 million and one-time transaction-related expenses amounted to €10.2 million in the first half of 2026.
- Net cash flows used in operating activities were (€25,194 thousand), compared with (€19,956 thousand) in the prior-year period.
What to watch
- Conversion of €70.4 million of booked and awarded business, which includes grants, tax credit and multi-year customer contracts.
- Revenue contribution from QPU-related services, which increased 34% year-over-year to €3.9 million.
- Operating-cost development, including employee salaries and benefit expenses, professional services and other services, and share based payment charges.
- Cash deployment following cash and cash equivalents of approximately €312.9 million as of August 27, 2026.
- Progress in commercial deployments and partnerships involving NVIDIA, Saudi Arabia, Crédit Agricole CIB, Eleven Ventures and KACST.
Balance sheet and cash flow
- Cash and cash equivalents: €110,835 thousand as of June 30, 2026, compared with €73,762 thousand as of December 31, 2025.
- Cash and cash equivalents: approximately €312.9 million as of August 27, 2026, following the business combination with Bleichroeder Acquisition Corp. II and related financing transactions.
- Total assets: €234,837 thousand as of June 30, 2026, compared with €187,824 thousand as of December 31, 2025.
- Total equity: €129,070 thousand as of June 30, 2026, compared with (€4,415 thousand) as of December 31, 2025.
- Borrowings: €7,796 thousand in non-current borrowings and €2,854 thousand in current borrowings as of June 30, 2026.
- Net cash flows used in operating activities: (€25,194 thousand), compared with (€19,956 thousand) in the six-month period ended June 30, 2025.
- Acquisition of property, plant and equipment: (€2,042 thousand), compared with (€4,908 thousand) in the six-month period ended June 30, 2025.
- Acquisition of intangible assets: (€2,423 thousand), compared with (€147 thousand) in the six-month period ended June 30, 2025.
- Net cash flows used in investing activities: (€4,970 thousand), compared with (€3,145 thousand) in the six-month period ended June 30, 2025.
- Proceeds from capital increases: €68,480 thousand.
- Net cash flows from financing activities: €67,251 thousand, compared with €41,523 thousand in the six-month period ended June 30, 2025.
- Net increase in cash and cash equivalents: €37,087 thousand, compared with €18,422 thousand in the six-month period ended June 30, 2025.
Analysis
Pasqal reported first-half revenue of €4,872 thousand, compared with €4,286 thousand in the first half of 2025, and characterized the increase as 14% year-over-year. QPU-related services revenue was €3.9 million, up 34% year-over-year. Booked and awarded business was €70.4 million as of June 30, 2026, and includes grants, tax credit and multi-year customer contracts. The release did not provide revenue by operating segment.
The cost base increased sharply. Employee salaries and benefit expenses were (€41,594 thousand), professional services and other services were (€19,553 thousand), and operating loss was (€59,161 thousand), compared with (€19,773 thousand) in the prior-year six-month period. The Company stated that operating loss included €37.5 million in share based payments and one-time charges. Share based payment charges were €27.3 million and one-time transaction-related expenses related to the business combination and listing process were €10.2 million. Loss for the period was (€53,236 thousand), compared with (€26,118 thousand).
Cash used in operations was (€25,194 thousand), compared with (€19,956 thousand) in the first half of 2025. Investing cash outflows were (€4,970 thousand), including (€2,042 thousand) for property, plant and equipment and (€2,423 thousand) for intangible assets. Financing activity included €68,480 thousand of proceeds from capital increases and resulted in €67,251 thousand of net cash flows from financing activities. Cash and cash equivalents were €110,835 thousand at June 30, 2026, and the Company subsequently reported approximately €312.9 million as of August 27, 2026 following the business combination and related financing transactions.
Commercial and product activity centered on customer deployments, partnerships and quantum hardware development. The Company highlighted its NVIDIA CUDA-Q integration, a 200-qubit neutral-atom system in Saudi Arabia, a 140-qubit system in Italy, and strategic work with Crédit Agricole CIB. Technical milestones included defect-free registers of 1,024 atoms, a logical-qubit differential-equation application, and four rubidium atoms trapped from a single photonic chip. These developments support the Company’s stated focus on commercial deployment and a scalable neutral-atom platform.
No financial outlook was provided. The central reported tension is early revenue and QPU-services growth alongside a substantially larger operating loss and higher operating cash use. Investors should focus on conversion of booked and awarded business, the pace of QPU-related services revenue, operating-cost trends after transaction-related charges, and use of the post-financing cash balance.
Management, verbatim
During the first half of 2026, we continued to deepen our engagement with our customers of choice across financial services, energy and advanced materials to solve high-value business problems and integrate quantum computing into real-world workflows. As demonstrated by our expanding relationships with organizations including NVIDIA, Google, Saudi Aramco and Crédit Agricole, the ability to deliver quantum advantage on meaningful applications today is driving commercial momentum, strengthening our backlog and validating quantum computing as a practical tool for creating measurable value for enterprise customers.
Dr. Wasiq Bokhari, Chief Executive Officer of Pasqal
At the same time, we continue to execute against our roadmap. Recent milestones, including the demonstration of more than 1,000 physical qubits, industry-leading progress in logical qubits, and the successful application of our systems to solve complex differential equations and simulate materials beyond the practical reach of classical computing, reinforce our confidence in the strength and differentiation of Pasqal’s neutral-atom approach and position the Company to capitalize on the growing demand for practical quantum computing solutions.
Dr. Wasiq Bokhari, Chief Executive Officer of Pasqal
Not in the filing
stated, not guessed- Financial guidance was not provided.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
- Gross profit and gross margin were not reported.
- Non-GAAP or adjusted financial measures were not reported.
- Revenue by operating segment was not reported.
- Free cash flow was not reported.
- Dividends and share repurchases were not reported.
- A total debt figure was not reported on a single line.
- Quarterly financial results and prior-quarter comparisons were not reported.
- The reporting basis was not explicitly identified as IFRS or another accounting framework in the provided filing text.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.