Key points
- Pasqal's first results since its Nasdaq listing
- No quantum processor sales revenue in the first half
- Its booked business figure includes grants and tax credits
- The firm order book is a separate, smaller number
Pasqal Holding (PSQL) reported €70.4 million of "booked and awarded business" in its first results since joining Nasdaq. That figure includes grants and tax credits. Its interim financial statements put firm orders not yet fulfilled at €36.8 million.
First-half revenue rose 14% to €4.9 million. Shares fell 2.3% to $7.30 as of 2:05 p.m. Eastern on Thursday.
What does "booked and awarded business" include?
Revenue is money a company has earned in the period. Pasqal's "booked and awarded business" combines multi-year customer contracts with grants and tax credits, according to a footnote in its results release. The release does not break the €70.4 million down by category.
The financial statements' note on remaining performance obligations describes the €36.8 million order book as "firm orders not fulfilled." Pasqal expects to complete €12.5 million of that work in the second half of 2026 and €24.3 million in 2027 and later. The order book was €35.4 million at the end of 2025.
Grant money is kept out of revenue in the financial statements. Pasqal recorded €3.0 million of government grant income in the first half as a separate line of operating income, down from €3.5 million a year earlier. Its management discussion says grant cash "may not be recurring in nature."
Why did revenue rise 14%?
Pasqal recorded no revenue from quantum processor sales in the first half of either year. Revenue from QPU-related services, mostly research and development work, rose 34% to €3.9 million. Sales of cryostats, the cooling systems Pasqal also sells, fell to €0.9 million from €1.3 million.
The company's management discussion attributes the growth "primarily" to the timing of revenue from a processor upgrade for Forschungszentrum Jülich, the German research center. QPU upgrade services brought in €750,000. Two customers accounted for 66% of first-half revenue, both for QPU-related services in France and Germany.
Pasqal's revenue swings with processor sales. The company reported €16.4 million of revenue for all of 2025 in its F-1 prospectus, including €7.5 million of processor sales. The F-1 attributes that increase primarily to commissioning systems under its contracts with the French computing agency GENCI and with Jülich. First-half 2025 revenue was €4.3 million, so the second half brought in about €12.1 million, by our arithmetic.
Pasqal commissioned its processors for Saudi Aramco during the first half. The revenue from the related services is expected to be recognized in future periods as those services are performed, according to the company.
Where did the €59.2 million operating loss come from?
Pasqal reported an operating loss of €59.2 million, including €27.3 million of share-based payments and €10.2 million of merger and listing-related costs. Excluding those items, the loss was €21.7 million, compared with €18.8 million a year earlier, by our calculation.
The net loss was €53.2 million. Cash used in operations was €25.2 million.
Pasqal held €110.8 million of cash at June 30 and about €312.9 million on August 27, after its merger with the SPAC Bleichroeder Acquisition Corp. II closed. The company says it believes that is enough to cover its working capital and capital spending needs for the next 12 months. We covered the Nasdaq debut and the SPAC redemptions in early September.
What does neutral-atom computing add to the quantum comparison?
Pasqal's qubits are individual neutral atoms, which carry no electric charge, held in place by focused laser beams. IonQ (IONQ) uses charged atoms held by electromagnetic fields. Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) use superconducting circuits. Our comparison of IonQ, Rigetti, and D-Wave covers those three.
The businesses differ in size. IonQ reported $80.1 million of revenue for the three months to June 30. Pasqal reported €4.9 million, about $5.5 million, for six months. Infleqtion (INFQ), another listed company, also builds neutral-atom systems.
Technical milestones
Pasqal says it prepared defect-free arrays of 1,024 atoms in the first half, doubling its previous 506. The company says its machines run analog workloads today and are designed to move toward fault-tolerant computing. In analog mode, the machine evolves a whole array of atoms together to mimic a physical system, rather than running a sequence of individual logic operations.
Pasqal also says it ran a full machine-learning application on logical qubits, which spread information across several physical qubits to protect it from errors, and that the logical version outperformed the physical one. The company says it believes this is the first such comparison on a full application.
What has the stock done since the listing?
Pasqal closed its first trading day, August 28, at $19.11. The shares reached $24.69 during trading on August 31 and touched $7.00 on September 16. At $7.30 on Thursday afternoon, the stock was 62% below its first-day close, by our arithmetic.
Dollar conversions use $1.1367 per euro, the European Central Bank reference rate on September 24, 2026, applied to Pasqal's exact first-half revenue of €4,872,000.
