IQM Quantum Computers Plc (Nasdaq: IQMX; Nasdaq Helsinki: IQMX.HE) has reported its financial results for the third quarter and first nine months ended September 30, 2026. The Espoo, Finland-based superconducting quantum computing leader demonstrated accelerating commercial momentum, booking €42.2 million in new orders during the quarter, closing its largest contract to date with the LUMI AI Factory, and expanding into South America.
To assist with industry-wide comparisons alongside U.S. peers, the table below displays reported figures in Euros (€) alongside their approximate values in United States Dollars (USD), using the standardized exchange rate of €1.00 = $1.15 USD. Consistent with reporting standards, operating expenses exclude impairment losses/reversals and other operating income.
| Amounts in €M (except per share) | Q3 2026 (€) | Q3 2026 (USD) | Q3 2025 (€) | % YoY (Q3 €) | 9M 2026 (€) | 9M 2026 (USD) | 9M 2025 (€) | % YoY (9M €) |
|---|---|---|---|---|---|---|---|---|
| Revenue | €8.86 | $9.94 | €5.88 | +50.7% | €17.73 | $19.89 | €11.91 | +48.8% |
| Gross Profit | €4.16 | $4.67 | €2.34 | +78.1% | €7.77 | $8.71 | €4.74 | +63.7% |
| Operating Expenses | €53.61* | $60.15* | €17.97 | +198.4% | €120.91* | $135.66* | €52.94 | +128.4% |
| Operating Loss | (€171.24) | ($192.13) | (€14.12) | N/M | (€231.77) | ($260.05) | (€45.75) | +406.6% |
| Net Loss | (€152.63) | ($171.25) | (€12.61) | N/M | (€227.53) | ($255.29) | (€47.19) | +382.2% |
| Cash and Short-Term Investments | — | — | — | — | €261.76** | $293.69** | €147.42 (12/31/25) | +77.6%** |
*Note on Operating Expenses: In accordance with standard reporting methodology, operating expenses sum Selling, G&A, R&D, and Other Operating Expenses while excluding other operating grant income (€5.14M in Q3’26) and net impairment reversals (€0.13M in Q3’26). It also excludes the one-time, non-cash share listing accounting charge of €127.06M ($142.56M USD) recognized upon completing the SPAC business combination. If this listing charge is included, Q3 2026 Operating Expenses total €180.66M ($202.70M USD).
Note on Cash and Short-Term Investments: Aggregates €260.42M in cash and cash equivalents and €1.34M in other current financial assets (€261.76M total / $293.69M USD). Sequentially, cash moved from €309.4M immediately following the July dual-listing to €260.4M due to operating cash outflow, listing fee settlements, and ongoing fab expansion.
Financial Performance & Commercial Traction
IQM generated €8.86 million ($10.19M USD) in revenue for Q3 2026, an increase of 50.7% compared to €5.88 million in Q3 2025, driven by system deliveries and milestone-based progress on multi-period customer projects. Gross margin expanded to 47.0% in Q3 (up from 40.0% in Q3 2025 and 46.0% in Q2 2026). For the first nine months of 2026, revenue totaled €17.73 million ($20.39M USD), up 48.8% year-over-year entirely from commercial contracts.
Standard operating expenses for Q3 2026 reached €53.61 million, comprising €20.35M in R&D, €27.04M in G&A (including one-off transaction and legal fees), and €4.35M in selling expenses.
Reported GAAP Operating Loss was (€171.24) million and Net Loss was (€152.63) million for the quarter. Both line items were heavily impacted by a €127.06 million non-cash, one-time share listing expense recognized under IFRS 2 in connection with the closing of the SPAC business combination with RAAQ and public listing on Nasdaq and Nasdaq Helsinki. This accounting charge was partially offset below the operating line by €23.36 million in net finance income, which included foreign exchange and derivative adjustments related to PIPE subscription agreements.
Record Order Intake and Backlog
- Q3 Order Intake: Booked €42.2 million in new orders during the quarter, lifting nine-month order intake to €52.9 million.
- Order Backlog: Stood at €102.5 million as of September 30, 2026, marking a 52.3% expansion from the beginning of the year (€67.3M) and providing long-term revenue visibility.
- System Footprint: Cumulative systems sold rose to 31 quantum computers globally (with 17 delivered and 17 currently in production).
Reaffirmed Full-Year 2026 Guidance
Management reaffirmed its full-year 2026 operational targets:
- FY 2026 Revenue Target: €42 million to €47 million, supported by customer acceptance milestones on 150-qubit systems scheduled for late in the second half.
- FY 2026 Order Intake Target: €65 million to €75 million.
Operational Highlights & Global Expansion
- LUMI-IQ €33M Landmark Contract: Finalized the €33 million contract with the CSC LUMI AI Factory to build Europe’s first superconducting system with logical qubits. The deployment roadmap includes:
- 2027: Delivery of Halocene H4 (150 physical qubits with early error-correction capabilities).
- 2028: Upgrade introducing lower logical error rates and real-time QEC.
- 2029: Installation of Halocene H5 (up to 9 fault-tolerant logical qubits with Clifford operations).
- South American Debut: Sold an IQM Spark system to the Eldorado Research Institute in Campinas, Brazil, extending IQM’s deployed customer base to a fourth continent.
- Second Japanese System Sale: Contracted a second on-premises system to TOYO Corporation for deployment at its R&D facility in Tokyo.
- Supercomputing Integration: Selected for Phase 1 of the EuroHPC Joint Undertaking’s Quantum Grand Challenge, reinforcing IQM’s footprint across 10 supercomputing centers globally.
- Quantistry Integration: Commenced integration of Quantistry’s AI-driven chemical and materials simulation platform following the July asset acquisition.
Hardware & Error-Correction Roadmap Progress
- Gate & Readout Fidelities: Published results in PRX Quantum demonstrating 99.98% single-qubit fidelity, 99.94% readout fidelity, and 99.93% two-qubit CZ-gate fidelity on superconducting hardware. Across a full 54-qubit processor, IQM achieved a median two-qubit fidelity of 99.6%.
- Simultaneous Operations: Demonstrated 99.96% mean fidelity for simultaneous single-qubit gates on a 49-qubit processor utilizing new Chirped Trapped State (CTS) pulse shaping to suppress crosstalk.
- Real-Time QEC via NVQLink: Implemented real-time GPU-accelerated decoding and calibration loops running natively over NVIDIA NVQLink and CUDA-Q Logical.
- Industrial Validation: Partnered with Volkswagen Group Innovation on lithium-air battery simulations, yielding an estimated 248x runtime speedup on 100-orbital chemical models.
Resources and Further Reading
Additional details can be found in the IQM Q3 2026 Interim Report here and the Q3 2026 Earnings Presentation here.
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