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, compared with €5.7 million in the same period a year earlier. QPU-related services revenue grew 53% to €3.1 million, while the prior-year quarter included €3.2 million from QPU sales and the current quarter had no QPU sales. The company reported €312.8 million in cash and cash equivalents at September 30.
Pasqal reported €3.3 million in unaudited revenue for the third quarter of 2026, down from €5.7 million a year earlier, as the neutral-atom quantum computing company recorded no QPU sales in the latest quarter. Revenue from QPU-related services rose 53% year over year to €3.1 million, according to the company’s November 6 business update.
The year-over-year revenue comparison reflects a different mix of sales: Pasqal said the third quarter of 2025 included €3.2 million in revenue recognized from QPU sales, while no QPU sales were realized in the third quarter of 2026. Services revenue—primarily consulting, remote access, upgrades and maintenance for quantum processing units—increased from €2.0 million to €3.1 million.
Pasqal also reported €1.0 million in government grant income, including tax credits, compared with €0.7 million in the year-earlier period. The company put its booked and awarded business at €69.8 million and its cash and cash equivalents at €312.8 million as of September 30, 2026. Booked and awarded business includes grants, tax credits and multi-year customer contracts; it is not the same as revenue recognized during the quarter.
Chief Executive Officer Wasiq Bokhari said the company had made progress on its technology roadmap and reported increased traction with reference customers. He also said that the order book and revenue did not yet reflect that progress. Pasqal described the results as unaudited; the update does not provide a forecast or explain how much of the reported booked and awarded business may convert to revenue, or when.
Services Growth Amid Lower Sales
The results show a shift in the reported revenue mix, but not enough information to conclude that services growth has offset the loss of QPU sales. Services accounted for €3.1 million of €3.3 million in quarterly revenue, while the prior-year comparison included a large QPU sale contribution. That makes the year-over-year decline important for investors tracking whether Pasqal can build recurring customer activity alongside hardware sales.
The company’s €69.8 million in booked and awarded business offers a separate measure of grants, tax credits and contracted work, but it should not be read as current-period sales or guaranteed future revenue. The reported €312.8 million cash balance provides a snapshot of available cash at quarter-end; Pasqal did not give a cash-use forecast in the supplied update. Together, the figures give readers a view of revenue, customer-related commitments and liquidity, while leaving questions about timing and conversion open.
Products Worth Considering
DJI Mic 3 Wireless Microphone Kit (2 Transmitters, 1 Receiver, Charging Case)
Bose SoundLink Plus Portable Bluetooth Speaker, Black
Kindle Paperwhite 16GB (2024) – 7 Glare-Free Display, Weeks Battery Life – Black
As an affiliate, we earn on qualifying purchases.
Sales Mix and Recent Milestones
Pasqal develops quantum computers based on neutral atoms. The company’s third-quarter revenue comparison is affected by the €3.2 million in QPU sales recognized in Q3 2025, a contribution that was absent this year. The business update therefore reports both an overall decline and growth in QPU-related services, which include remote access and maintenance as well as consulting and upgrades.
Pasqal listed several developments from the quarter and preceding months. It said an AI-assisted workflow launched on Pasqal Cloud on October 8 can take a defined scientific idea through to an experiment on its cloud-accessible QPUs. In August, it reported trapping four rubidium atoms using laser light from a photonic integrated circuit, with lifetimes of about 27.5 seconds, matching its bulk-optics systems. These are company-reported technology milestones, not financial results.
Commercial announcements included a September memorandum of understanding with LG CNS to explore integration with AI platforms and data-center infrastructure, and a partnership with USA Rare Earth and Riven Systems focused on quantum machine learning for rare-earth separation research. The company also reported a research collaboration with Saudi Arabia’s KACST. The update does not quantify revenue from these relationships.
“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 Remains Unclear
The update does not specify when booked and awarded business may be recognized as revenue, how much relates to multi-year contracts versus grants or tax credits, or whether further QPU sales are expected. Pasqal also did not give a revenue outlook, disclose a detailed cash-burn figure in the supplied material, or quantify the commercial contribution expected from its recent partnerships.
The financial metrics are unaudited, and the company’s statements about customer traction, its opportunity pipeline and technology progress are management-reported. The information provided does not include independent verification of those claims or enough detail to assess how the services growth may develop in later quarters.
Pasqal’s 2026–27 Execution Plans
Pasqal said it plans to continue executing its technology priorities and maintain a disciplined investment approach through the remainder of 2026 and into 2027. The company has not announced a specific date for its next financial update in the supplied material.
Readers will be watching whether QPU-related services continue to grow, whether hardware sales resume, and how much of the reported booked and awarded business turns into recognized revenue. Further financial disclosures would be needed to judge those trends and the effect of the company’s technology and partnership initiatives.
Key Questions
How much revenue did Pasqal report for Q3 2026?
Pasqal reported €3.3 million in unaudited third-quarter 2026 revenue, compared with €5.7 million in the same period of 2025.
Why did Pasqal’s revenue decline?
The company said the prior-year quarter included €3.2 million in revenue recognized from QPU sales, while it recorded no QPU sales in Q3 2026.
What happened to QPU-related services revenue?
QPU-related services revenue increased 53% year over year to €3.1 million, from €2.0 million. Pasqal says these services primarily include consulting, remote access, upgrades and maintenance.
How much cash did Pasqal have at quarter-end?
Pasqal reported €312.8 million in cash and cash equivalents as of September 30, 2026. The supplied update does not give a cash-use forecast.
Does the €69.8 million booked and awarded figure mean future revenue?
Not necessarily. Pasqal says the figure includes grants, tax credits and multi-year customer contracts. The update does not say when or how much of that business will be recognized as revenue.
Source: thequantuminsider.com
