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IQM reported third-quarter 2026 revenue of €8.9 million, up 51% from a year earlier, and booked €42.2 million in new orders. Its order backlog reached €102.5 million, but its quarterly net loss widened to €152.6 million, including a €127.1 million share-listing expense. The company kept its full-year revenue and order forecasts unchanged.
IQM Quantum Computers reported €8.9 million in third-quarter 2026 revenue, a 51% increase from the same period a year earlier, and €42.2 million in new orders, led by a €33 million contract for its Halocene platform. The Finnish quantum-computing company said its customer-order backlog reached €102.5 million at September 30, while its quarterly net loss widened to €152.6 million.
The largest order was for a Halocene system for CSC’s LUMI AI Factory in Finland. IQM said the project is designed to support quantum error correction and is on track to become Europe’s first superconducting quantum computer with logical qubits. Logical qubits combine multiple physical qubits to detect and correct errors that can disrupt calculations; the company’s description of the project’s expected status is a company claim, not an independently established milestone.
IQM’s backlog, the value of secured orders not yet recognized as sales, rose 52% from the start of 2026 to €102.5 million. New bookings for the first nine months totaled €52.9 million. The company maintained its full-year guidance of €42 million to €47 million in revenue and €65 million to €75 million in orders.
The quarter’s losses also increased substantially. IQM reported a €152.6 million net loss, compared with €12.6 million a year earlier, including €127.1 million in share-listing expense. Research and development costs rose to €20.4 million from €13.7 million, and general and administrative expenses climbed to €27 million from €2.7 million. IQM reported €260.4 million in cash and cash equivalents at the end of September, down from €309.4 million after its July listing.
Orders Test IQM’s Delivery Capacity
The results show commercial demand growing alongside revenue, but bookings and backlog are not the same as completed sales. IQM must deliver systems and meet customer acceptance terms before some orders can be recorded as revenue. That distinction matters because the company’s annual revenue target requires a substantial step-up in the final quarter.
Based on the reported €17.7 million in revenue for the first nine months, IQM would need approximately €24.3 million to €29.3 million in fourth-quarter revenue to meet its stated full-year range. The company said customer acceptance timing can move revenue between reporting periods. The widened loss, meanwhile, reflects both the one-time listing charge and higher operating costs, so the reported quarterly figure should not be read as an ordinary measure of recurring operating performance alone.
The €33 million Finnish contract also puts execution under scrutiny. IQM is selling systems intended to support more reliable quantum computing, an area where technical performance, delivery schedules and practical customer use remain central to commercial prospects. The new orders are evidence of contracted demand, but do not by themselves establish that the planned systems will meet all technical milestones or generate future revenue on a particular timetable.
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New Sales Extend IQM’s Reach
IQM said the quarter expanded its commercial presence across four continents. The company reported its first quantum-computer sale in South America, with Brazil’s Eldorado Research Institute ordering an IQM Spark system. In Japan, TOYO Corp. ordered a second full-stack Spark system for its Tokyo research and development center. These announcements add to IQM’s geographic reach, though the source report does not give delivery dates or the value of those two orders.
The company said it had sold 31 quantum computers globally and delivered 17. IQM’s systems use superconducting circuits, which operate at extremely low temperatures. It was also selected for the first phase of the EuroHPC Joint Undertaking’s Quantum Grand Challenge, which aims to integrate European quantum hardware into supercomputing centers.
IQM also began integrating assets from Quantistry, adding an AI-powered chemistry and materials simulation platform. The company said the software is intended to let chemists and engineers run applications without relying solely on quantum-computing specialists. Separately, IQM’s reported first-nine-month revenue was €17.7 million, up 49% from €11.9 million a year earlier; its CFO said that revenue came entirely from commercial contracts, excluding public funding and grants.
““Q3 was a quarter of strong commercial momentum, with record new orders booked, our largest contract to date signed, and an expanded presence across four continents.””
— Dr. Jan Goetz, IQM co-founder and chief executive
Revenue Depends on Customer Acceptance
IQM did not report in the supplied material how much of the €42.2 million in new orders will be recognized as revenue in the fourth quarter or in later periods. Delivery schedules and customer acceptance affect when the company can record revenue, and IQM said that timing may shift results between reporting periods. The source does not specify acceptance dates for the major Finnish order or for the Brazil and Japan systems.
The full-year forecasts remain company guidance, not a confirmed outcome. It is also unclear from the available report how much of the cash decline reflects recurring operations versus one-time listing costs and capacity investment. The technical milestones for the Halocene project and IQM’s planned 2027 error-correction demonstrators have not yet been independently verified in the source material.
Fourth-Quarter Delivery Milestones
The next financial test is whether IQM can convert its backlog into accepted deliveries and enough recognized sales to meet its €42 million to €47 million full-year revenue forecast. Its next reporting update should clarify fourth-quarter revenue, order intake, cash levels and progress on customer installations. The company also expects to continue work toward its stated 2027 error-correction demonstrators; specific interim milestones and delivery dates were not provided in the supplied report.
Key Questions
How much revenue did IQM report for Q3 2026?
IQM reported €8.9 million in third-quarter revenue, up 51% from €5.9 million in Q3 2025.
What drove IQM’s new orders?
The largest order was a €33 million contract for the Halocene platform for CSC’s LUMI AI Factory in Finland. IQM also announced sales in Brazil and Japan.
What does IQM’s €102.5 million backlog represent?
It is the value of customer orders the company has secured but has not yet counted as sales. Revenue recognition can depend on delivery and customer acceptance.
Why was IQM’s quarterly net loss so large?
IQM reported a €152.6 million net loss, including €127.1 million in share-listing expense. Higher research and development, general and administrative spending also contributed to the period’s costs.
Did IQM change its full-year guidance?
No. The company maintained its forecast of €42 million to €47 million in full-year revenue and €65 million to €75 million in orders.
Source: thequantuminsider.com
