TL;DR
Get the latest gadgets delivered free with Prime
- Fast, free delivery on millions of items
- Prime Video, Amazon Music and more included
- Member-only deals all year
Pasqal reported unaudited third-quarter 2026 revenue of €3.3 million, down from €5.7 million a year earlier, as the prior-year quarter included €3.2 million from QPU sales and the current quarter had none. QPU-related services revenue grew 53% to €3.1 million. The company reported €69.8 million in booked and awarded business and €312.8 million in cash and cash equivalents at September 30.
Pasqal reported €3.3 million in third-quarter 2026 revenue, down from €5.7 million in the same period a year earlier, while revenue from QPU-related services rose 53% to €3.1 million. The neutral-atom quantum computing company said the year-earlier quarter included €3.2 million in revenue from QPU sales, while it recorded no QPU sales in the latest quarter.
The company’s November 6 business update put government grant income at €1.0 million for the third quarter, compared with €0.7 million a year earlier. Pasqal said the figures are unaudited. It defines QPU-related services as primarily consulting, remote access, upgrades and maintenance for quantum processing units.
As of September 30, Pasqal reported €69.8 million in booked and awarded business and €312.8 million in cash and cash equivalents. The company’s definition of booked and awarded business includes grants, tax credits and multi-year customer contracts, so the figure is not presented as revenue earned during the quarter.
CEO Wasiq Bokhari said the company had made progress on its technology roadmap and reported increased traction with reference customers. Pasqal’s recent announcements included an AI-assisted workflow on Pasqal Cloud and work on photonic integrated circuit technology for controlling trapped atoms. These are company-reported developments; the update did not quantify their financial contribution.
Services Growth Amid Lower Sales
The results show a shift in the reported revenue mix: QPU-related services grew, but that increase did not offset the absence of QPU sales and the decline in total quarterly revenue. The comparison is affected by a large item in the prior-year period, when €3.2 million of QPU sales revenue was recognized.
For investors and customers, the figures offer different signals. Services revenue is a measure of commercial activity associated with consulting, remote access and support, while booked and awarded business points to grants, tax credits and contracts that may extend over multiple years. Neither metric alone establishes how quickly Pasqal can convert demand into recognized revenue. The company’s reported cash balance of €312.8 million provides a separate snapshot of resources at quarter-end, but the update did not state how long that cash would support its plans.
Pasqal said it plans to maintain a disciplined investment approach as it develops its technology and pursues enterprise, government and public-sector customers. Whether recent partnerships and product work generate material revenue remains to be seen.
Popular right now
KitchenAid Artisan Series 5-Quart Tilt-Head Stand Mixer with Pouring Shield, Cherry Tomato
Dreame D30 Ultra CE Robot Vacuum and Mop
KitchenAid Artisan 5-Quart Tilt-Head Stand Mixer, Almond Cream
As an affiliate, we earn on qualifying purchases.
Sales Timing Shapes the Comparison
The year-over-year revenue decline needs to be read alongside the prior period’s QPU sales. Pasqal reported €5.7 million in third-quarter 2025 revenue, including €3.2 million recognized from QPU sales. In the third quarter of 2026, it reported no QPU sales, while QPU-related services revenue increased from €2.0 million to €3.1 million.
Pasqal also listed several developments during the quarter and shortly before it. In August, it reported trapping four rubidium atoms using laser light generated by a photonic integrated circuit. In September, it announced agreements and partnerships involving South Korea’s LG CNS, Saudi Arabia’s KACST and Eleven Ventures, and USA Rare Earth and Riven Systems. In October, the company announced an AI-assisted workflow for Pasqal Cloud and said it had received ISO/IEC 27001:2022 certification.
Those announcements describe technology work, collaborations and commercial plans, not reported revenue from those activities. The company’s update did not state that the partnerships had produced sales during the quarter.
“Although the order book and revenue do not show it yet, we have made important progress in our technology roadmap, scaling on-chip photonic control and bringing AI-assisted workflows to Pasqal Cloud.”
— Wasiq Bokhari, Pasqal chief executive officer
Revenue Conversion Still Unclear
The update does not provide a breakdown of when the €69.8 million in booked and awarded business may be recognized as revenue, or how much of it consists of grants, tax credits and customer contracts. It also does not give a forecast for full-year revenue, identify expected QPU sales, or quantify the financial effect of the announced partnerships and technology developments.
Because the results are unaudited, final figures could differ. Pasqal’s update also does not provide enough detail to determine whether services growth will continue at a similar rate or offset changes in hardware sales in later periods.
Watch for 2026 and 2027 Results
Pasqal said it would continue work on its technology roadmap and pursue opportunities across enterprise, sovereign and public-sector customers. Its stated plan is to use a disciplined investment approach through the remainder of 2026 and into 2027.
The next financial updates should clarify whether services revenue continues to grow, whether QPU sales resume and how booked and awarded business develops. The company has not provided a specific date for its next results announcement in the supplied update.
Key Questions
How much revenue did Pasqal report for the third quarter of 2026?
Pasqal reported €3.3 million in unaudited revenue for the quarter ended September 30, 2026, down from €5.7 million a year earlier.
Why did revenue fall year over year?
The prior-year quarter included €3.2 million from QPU sales. Pasqal reported no QPU sales in the third quarter of 2026, while its QPU-related services revenue increased.
What does Pasqal mean by QPU-related services?
The company says the category consists primarily of consulting, remote access, upgrades and maintenance services for its quantum processing units.
What were Pasqal’s reported cash and booked business at quarter-end?
At September 30, Pasqal reported €312.8 million in cash and cash equivalents and €69.8 million in booked and awarded business. The latter includes grants, tax credits and multi-year customer contracts.
Did Pasqal say its partnerships had generated revenue?
No. The update described partnerships and technology developments but did not report revenue attributable to them or quantify their financial impact.
Source: thequantuminsider.com
