I te im Repo t fo Q3 2026
IQM Qua tum Compute s G ows O de Backlog 52% Yea to Date; Reaffi ms FY 2026 Guida ce
IQM Qua tum Compute s Plc, Stock Excha ge Release, I te im epo t 5 Novembe , 2026 at 08:00 (EET)
ESPOO, FINLAND, Novembe 5, 2026 – IQM Qua tum Compute s (Nasdaq: IQMX) (“IQM” o the “Compa y”), a global leade i supe co ducti g qua tum compute s, today a ou ced fi a cial esults fo the thi d qua te a d fi st i e mo ths of 2026.
- Booked EUR 42.2 millio of ew o de s i Q3, led by LUMI-IQ Haloce e, b i gi g yea -to-date o de i take to EUR 52.9 millio
- O de backlog of EUR 102.5 millio at Septembe 30, 2026, up 52% f om the sta t of the yea
- Q3 eve ue of EUR 8.9 millio , up 51% yea -ove -yea
- Cash a d cash equivale ts of EUR 260.4 millio at Septembe 30, 2026
- To date, 31 qua tum compute s sold globally, 17 delive ed, 17 i p oductio
“Q3 was a qua te of st o g comme cial mome tum, with eco d ew o de s booked, ou la gest co t act to date sig ed, a d a expa ded p ese ce ac oss fou co ti e ts,” said D . Ja Goetz, Co-Fou de a d Chief Executive Office . “This qua te , a leadi g AI facto y committed to a multi-yea path towa d logical qubits o IQM ha dwa e, ot just buyi g today’s machi e but i vesti g i a oadmap they t ust we will delive . Fo yea s, the ope questio was whethe qua tum compute s could wo k at all. Today, it is whethe they ca be built, delive ed a d ope ated at the pace the wo ld eeds them — a d that is exactly what IQM was built fo . With ou fi st 150-qubit systems al eady at custome sites, we a e focused o executio a d buildi g mome tum towa d ou fi st e o -co ectio demo st ato s i 2027.”
Thi d Qua te 2026 Ope atio al a d Fi a cial Highlights:
- Exte ded IQM’s custome base to a fou th co ti e t with its fi st qua tum compute sale i South Ame ica, a IQM Spa k fo the Eldo ado Resea ch I stitute i Campi as, B azil’s la gest tech ology cluste .
- A ou ced the sale of a seco d full-stack qua tum compute to TOYO Co po atio , a IQM Spa k fo TOYO´s R&D ce te i Tokyo, suppo ti g Japa ’s atio al goal of te millio qua tum use s by 2030.
- Booked the fi st o de fo IQM Haloce e, IQM’s e o -co ectio platfo m, th ough a EUR 33 millio co t act with CSC’s LUMI AI Facto y fo a system o t ack to become Eu ope’s fi st supe co ducti g qua tum compute with logical qubits.
- Selected fo Phase 1 of the Eu oHPC Joi t U de taki g’s Qua tum G a d Challe ge, which aims to i teg ate Eu opea qua tum ha dwa e i to supe computi g ce te s ac oss Eu ope.
- Sta ted i teg ati g Qua tist y’s assets, addi g a AI-powe ed chemist y a d mate ials simulatio platfo m a d a expe ie ced team that lets chemists a d e gi ee s, ot just qua tum specialists, u thei ow use cases.
- G oss ma gi of 47% i Q3, compa ed to 46% i the seco d qua te .
- Cash a d cash equivale ts of EUR 260.4 millio as of Septembe 30, 2026, compa ed to EUR 309.4 millio followi g the July listi g, eflecti g ope ati g cash outflow, o e-time listi g costs a d capital i vestme t i fab a d assembly capacity.
Key Figu es
U audited i te im co de sed co solidated stateme t of loss
| Fo the th ee mo ths e ded Septembe 30, | Fo the i e mo ths e ded Septembe 30, | i EUR thousa d | 2026 | 2025 | 2026 | 2025 | Reve ue f om co t acts with custome s | 8,857 | 5,877 | 17,727 | 11,911 | Cost of eve ue | (4,696 | ) | (3,541 | ) | (9,961 | ) | (7,168 | ) | G oss p ofit | 4,161 | 2,336 | 7,766 | 4,743 | Selli g expe ses | (4,349 | ) | (1,418 | ) | (11,398 | ) | (3,784 | ) | Ge e al a d admi ist ative expe ses | (27,035 | ) | (2,748 | ) | (53,236 | ) | (9,660 | ) | Resea ch a d developme t expe ses | (20,354 | ) | (13,737 | ) | (54,401 | ) | (39,387 | ) | Impai me t losses (i cludi g eve sals of impai me t losses) o fi a cial assets | 127 | – | 147 | (4 | ) | Othe ope ati g i come | 5,137 | 1,512 | 8,279 | 2,450 | Othe ope ati g expe ses | (1,870 | ) | (64 | ) | (1,876 | ) | (112 | ) | Sha e listi g expe se | (127,055 | ) | – | (127,055 | ) | – | Ope ati g loss | (171,236 | ) | (14,119 | ) | (231,773 | ) | (45,754 | ) | Fi a ce i come | 23,359 | 1,795 | 28,426 | 2,764 | Fi a ce costs | (4,530 | ) | (288 | ) | (23,930 | ) | (4,138 | ) | Loss befo e i come tax | (152,407 | ) | (12,612 | ) | (227,278 | ) | (47,128 | ) | I come tax | (223 | ) | – | (249 | ) | (59 | ) | Loss fo the pe iod | (152,630 | ) | (12,612 | ) | (227,527 | ) | (47,187 | ) | Att ibutable to: | Equity holde s of the pa e t | (152,630 | ) | (12,612 | ) | (227,527 | ) | (47,187 | ) | Loss pe sha e (i EUR) att ibutable to the o di a y equity holde s of the compa y: | Basic loss pe sha e | (0.81 | ) | (0.41 | ) | (2.72 | ) | (1.54 | ) | Diluted loss pe sha e | (0.81 | ) | (0.41 | ) | (2.72 | ) | (1.54 | ) |
“Reve ue fo the fi st i e mo ths of 2026 g ew 49% yea -ove -yea , e ti ely f om comme cial co t acts with o public fu di g o g a ts i that figu e,” added Ja Kü sch e , Chief Fi a cial Office . “We e ded the qua te with EUR 260.4 millio i cash, p ovidi g a st o g fou datio fo ou busi ess as we co ti ue to i vest with discipli e i custome delive ies, ou tech ology oadmap, a d expa di g ou fab capacity.”
2026 Fi a cial Outlook We a e eite ati g ou full-yea 2026 guida ce:
- Full-yea o de i take of 65 millio to 75 millio Eu os.
- Full-yea eve ue of 42 millio to 47 millio Eu os.
IQM ecog izes eve ue f om sta da dized systems at the poi t whe the custome accepts the system, ot whe it ships o is i stalled. Accepta ce depe ds pa tly o facto s o the custome side, such as site eadi ess, cooli g a d powe i f ast uctu e, a d public-secto p ocu eme t sig -off. La ge , customized p ojects a e ecog ized ove time as milesto es a e eached. If a accepta ce moves by a few weeks ac oss a qua te -e d, the eve ue moves with it; the co t act value, the backlog a d the cash p ofile do ot cha ge.
Detailed Discussio This elease co tai s a summa y of IQM Qua tum Compute s’ fi a cial esults fo the thi d qua te a d fi st i e mo ths of 2026. The summa y focuses o g oup-level fi a cial i fo matio a d the Compa y’s outlook. Detailed fi a cial i fo matio a d otes a e available i the i te im epo t accompa yi g this elease a d o the Compa y’s website at https://i vesto s.iqm.tech/. We e cou age i vesto s to eview the tables a d otes i the full epo t as well.
Co fe e ce Call DetailsIQM will host a co fe e ce call today, Novembe 5, 2026, at 3:00 PM EET / 2:00 PM CET / 8:00 AM EST to discuss its thi d qua te 2026 fi a cial esults. A live audio webcast will be available i the News & Eve ts sectio of the Compa y’s I vesto Relatio s website at https://i vesto s.iqm.tech/. A eplay will be available at the same locatio fo o e yea followi g the call.
About IQM Qua tum Compute sIQM Qua tum Compute s (Nasdaq: IQMX) is a global leade i i teg ated qua tum computi g, delive i g full-stack supe co ducti g qua tum compute s to e te p ises, esea ch i stitutio s, u ive sities, high-pe fo ma ce computi g ce te s a d atio al labo ato ies wo ldwide. With mo e o -p emises systems sold tha a y othe ma ufactu e , IQM gives custome s di ect ow e ship a d co t ol of qua tum compute s that i teg ate with thei supe computi g a d AI i f ast uctu e, with cloud access also available th ough IQM Reso a ce. F om p ocesso s made i its ow fab icatio facility to a ope softwa e stack, IQM is adva ci g towa d fault-tole a t qua tum computi g. Fou ded i 2018 a d headqua te ed i Espoo, Fi la d, with majo ope atio s i Mu ich, Ge ma y, IQM employs mo e tha 450 people ac oss Eu ope, Asia a d No th Ame ica. IQM is the fi st publicly listed Eu opea qua tum compa y o the Nasdaq Stock Ma ket.
Co tacts
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IQM I vesto co tacti vesto s@iqm.tech
Key Ope ati g Met icsI additio to the measu es p ese ted i ou co solidated fi a cial stateme ts, we use o de backlog a d o de i take as i dicato s of futu e eve ues f om existi g sig ed o de s. This app oach p ovides ma ageme t with a t a spa e t b idge f om co fi med o de s to eve ue, li ki g sales pe fo ma ce with eve ue ealizatio , while emai i g co siste t with the exte al defi itio of backlog as co fi med, ot yet ecog ized o de s. We believe these met ics p ovide useful i fo matio fo the ma ket to u de sta d a d evaluate ou esults of ope atio s i the same ma e as ou ma ageme t team. O de backlog ep ese ts the value of bi di g custome o de s that have bee co fi med but ot yet ecog ized as eve ue at a poi t i time. We calculate o de backlog as the poi t i time bala ce of o de I take less ecog ized eve ue. O de i take ep ese ts the total mo eta y value of bi di g custome o de s sig ed du i g the pe iod, excludi g pipeli e o expected o de s, a d eflects ew busi ess secu ed a d futu e eve ue ge e atio . These met ics a e p ese ted fo suppleme tal i fo matio al pu poses o ly, should ot be co side ed substitutes fo fi a cial i fo matio p ese ted i acco da ce with IFRS Accou ti g Sta da ds, a d may diffe f om simila ly titled met ics o measu es p ese ted by othe compa ies. I this elease, we have p ovided ou o de backlog as of Septembe 30, 2026.
Cautio a y La guage a d Fo wa d-Looki g Stateme tsCe tai stateme ts he ei that a e ot histo ical facts a e fo wa d-looki g stateme ts. These fo wa d-looki g stateme ts may be ide tified by the use of te ms a d ph ases such as “believe,” “expect,” “i te ds,” “outlook,” “may,” “will,” a d othe simila te ms a d ph ases. Such fo wa d-looki g stateme ts i clude, but a e ot limited to, stateme ts ega di g IQM’s st ategies, futu e o a ticipated ma ket o competitive positio , busi ess pla s a d futu e pe fo ma ce, i cludi g IQM’s cash u way a d outlook fo the full-yea 2026. Fo wa d-looki g stateme ts i volve k ow a d u k ow isks, u ce tai ties a d othe facto s that could cause actual esults to diffe mate ially f om the esults a ticipated by these fo wa d-looki g stateme ts, i cludi g, but ot limited to: A) expectatio s, pla s, be efits o outlook elated to ou st ategies, p ojects, p og ams, p oduct lau ches, g owth ma ageme t, lice ses, i tellectual p ope ty, sustai ability a d othe ESG ta gets, ope atio al key pe fo ma ce i dicato s a d decisio s o ma ket exits o expa sio s; B) expectatio s, pla s o be efits elated to futu e pe fo ma ce of ou busi esses (i cludi g the expected impact, timi g a d du atio of pote tial global pa demics, geopolitical co flicts a d the ge e al o egio al mac oeco omic co ditio s o ou busi esses, ou supply chai , the timi g of ma ket cha ges o tu i g poi ts i dema d a d ou custome s’ busi esses); C) expectatio s a d ta gets ega di g fi a cial pe fo ma ce a d esults of ope atio s, i cludi g ma ket sha e, p ices, et sales, o de backlog, o de i take, i come, ma gi s, cash flows, cost savi gs, the timi g of eceivables, ope ati g expe ses, p ovisio s, impai me ts, ta iffs, taxes, cu e cy excha ge ates, hedgi g, i vestme t fu ds, i flatio , p oduct cost eductio s, competitive ess, value c eatio , a d eve ue ge e atio i a y specific egio ; D) ou ability to execute, expectatio s, pla s o be efits elated to t a sactio s, i vestme ts a d cha ges i o ga izatio al st uctu e a d ope ati g model, i cludi g the expa sio of ou ma ufactu i g a d p oductio capacity; E) expectatio s elated to the comme cializatio a d ma ket accepta ce of qua tum tech ology a d the timi g a d p og ess of p oduct developme t; a d F) othe isks a d u ce tai ties desc ibed i IQM’s public fili gs a d egulato y eleases f om time to time. These stateme ts a e based o ma ageme t’s best assumptio s a d beliefs i light of the i fo matio cu e tly available to them. IQM a ticipates that subseque t eve ts a d developme ts may cause its views to cha ge. IQM specifically disclaims a y obligatio to update the fo wa d-looki g stateme ts i this stock excha ge elease except as equi ed by law. These fo wa d-looki g stateme ts should ot be elied upo as ep ese ti g IQM’s views as of a y date subseque t to the date he eof.
I te im co de sed co solidated stateme t of fi a cial positio
| U audited | i EUR thousa d | Septembe 30, 2026 | Decembe 31, 2025 | Assets | No -cu e t assets | I ta gible assets | 2,645 | 920 | P ope ty, pla t a d equipme t | 63,266 | 57,931 | Right-of-use assets | 10,137 | 10,949 | Fi a cial assets | 1,300 | 910 | Total o -cu e t assets | 77,348 | 70,710 | Cu e t assets | I ve to ies | 34,287 | 13,491 | Co t act assets | 7,130 | 7,286 | T ade eceivables | 12,059 | 15,489 | Othe fi a cial assets | 1,337 | 876 | Othe cu e t assets | 19,671 | 11,216 | Cash a d cash equivale ts | 260,418 | 146,544 | Total cu e t assets | 334,902 | 194,903 | Total assets | 412,250 | 265,613 | i EUR thousa d | Septembe 30, 2026 | Decembe 31, 2025 | Equity a d liabilities | Equity | Sha e capital | 80 | 3 | Capital ese ves | 789,194 | 438,157 | Retai ed ea i gs | (459,770 | ) | (232,243 | ) | Othe ese ves | 222 | (16 | ) | Total equity | 329,725 | 205,900 | No -cu e t liabilities | Fi a cial liabilities | 2,160 | 9,222 | Lease liabilities | 11,285 | 12,185 | Employee be efits | 12 | 14 | Total o -cu e t liabilities | 13,457 | 21,420 | Cu e t liabilities | T ade payables | 16,145 | 8,855 | Lease liabilities | 2,385 | 2,475 | Fi a cial liabilities | 22,871 | 8,525 | Co t act liabilities | 4,680 | 7,406 | Employee be efits | 10,854 | 5,908 | Othe cu e t liabilities | 12,133 | 5,124 | Total cu e t liabilities | 69,068 | 38,292 | Total liabilities | 82,525 | 59,713 | Total equity a d liabilities | 412,250 | 265,613 |
U audited i te im co de sed co solidated stateme t of cashflows
| Fo the i e mo ths e ded Septembe 30, | i EUR thousa d | 2026 | 2025 | Loss fo the pe iod | (227,527 | ) | (47,187 | ) | Adjustme ts fo : | Dep eciatio expe se, amo tizatio a d impai me t | 9,587 | 9,378 | P ovisio s | – | (40 | ) | Othe adjustme ts fo o -cash items | (348 | ) | (69 | ) | Sha e listi g expe se | 127,055 | – | Sha e-based payme ts | 15,236 | 3,460 | Fi a ce i come/cost | (4,496 | ) | 1,237 | I come tax expe se | 249 | 59 | Cha ges i : | I ve to ies | (20,797 | ) | (1,969 | ) | Co t act assets | 157 | (3,136 | ) | T ade eceivables | 3,382 | (210 | ) | Othe fi a cial assets | (1,781 | ) | – | Othe assets | (15,254 | ) | (36,133 | ) | T ade payables | 7,290 | 1,627 | Co t act liabilities | (2,714 | ) | (1,444 | ) | Employee be efits | 4,725 | 115 | Othe liabilities | 7,025 | (245 | ) | I come taxes paid | (249 | ) | (2 | ) | Cashflow f om ope ati g activities | (98,458 | ) | (74,559 | ) | Payme ts fo acquisitio of busi ess, et of cash acqui ed | (1,900 | ) | – | P oceeds f om disposals of p ope ty, pla t, a d equipme t | – | 21 | Pu chases of p ope ty, pla t a d equipme t | (8,173 | ) | (3,630 | ) | Refu d f om pu chase of p ope ty, pla t a d equipme t | 1,000 | – | Payme ts fo acquisitio of subsidia y – et of cash | (7 | ) | – | Deposits a d gua a tees | (391 | ) | 176 | I te est eceived | 2,443 | 1,152 | Cashflow f om i vesti g activities | (7,027 | ) | (2,281 | ) | P oceeds f om equity co t ibutio s | 208,463 | 270,299 | T a sactio costs elated to equity co t ibutio s | (5,496 | ) | (617 | ) | Sha e buybacks | – | (22,421 | ) | Exe cise of wa a ts | 20,468 | – | P oceeds f om loa s a d bo owi gs | 5,000 | 7 | T a sactio costs elated to loa s | (775 | ) | – | Repayme ts of loa s a d bo owi gs | (5,250 | ) | (5,961 | ) | Repayme ts of lease liabilities | (2,000 | ) | (2,837 | ) | Lease i ce tives eceived | – | 824 | I te est paid | (1,836 | ) | (788 | ) | Cashflow f om fi a ci g activities | 218,575 | 238,505 | Net i c ease/(dec ease) i cash a d cash equivale ts | 113,090 | 161,666 | Cash a d cash equivale ts at the begi i g of yea | 146,544 | 17,247 | + | Effects of excha ge ate cha ges o cash a d cash equivale ts | 784 | (43 | ) | Cash a d cash equivale ts at the e d of pe iod | 260,418 | 178,870 |
Attachme ts
- I te im Repo t
