IQM Quantum Computers Plc (Nasdaq: IQMX; Nasdaq Helsinki: IQMX.HE) has released its financial results for the first half (H1) and second quarter (Q2) ended June 30, 2026. This release marks IQM’s inaugural earnings report following its dual-listing milestone in July 2026 as the first European pure-play quantum computing company on Nasdaq and Nasdaq Helsinki.
To support tracking alongside US peers, the table below displays the raw reported Euros (€) figures alongside their approximate United States Dollars (USD) equivalents based on an exchange rate of €1.00 = $1.15 USD.
| Amounts in €M (except per share) | Q2 2026 (€) | Q2 2026 (USD) | Q2 2025 (€) | H1 2026 (€) | H1 2026 (USD) | H1 2025 (€) | % YoY (H1 €) |
| Revenue | €6.68 | $7.68 | €5.23 | €8.87 | $10.20 | €6.03 | +47.0% |
| Gross Profit | €3.06 | $3.52 | €2.08 | €3.60 | $4.14 | €2.41 | +49.7% |
| Operating Expenses | €35.54 | $40.87 | €17.62 | €67.30 | $77.40 | €34.98 | +92.4% |
| Operating Loss | (€30.90) | ($35.54) | (€14.95) | (€60.54) | ($69.62) | (€31.64) | +91.3% |
| Net Loss | (€36.55) | (€42.03) | (€15.01) | (€74.90) | ($86.14) | (€34.58) | +116.6% |
| Cash and Short-Term Investments | — | — | — | €118.88* | $136.71* | €147.42 (12/31/25) | -19.4%* |
*Note: Cash and Short-Term Investments as of June 30, 2026, includes €113.42M in cash and cash equivalents plus €5.46M in current other financial assets. Sequentially, this is compared to the December 31, 2025 baseline (€146.54M cash + €0.88M short-term financial assets = €147.42M). Following the post-period close of the business combination on July 1, 2026, IQM’s pro-forma cash balance expanded to €309.4M ($337.2M USD).
Financial Performance and Commercial Momentum
IQM delivered strong top-line momentum, generating €8.87 million ($9.67M) in revenue for H1 2026, a 47% increase compared to €6.03 million in H1 2025. Q2 2026 revenue rose 28% year-over-year to €6.68 million, driven primarily by the delivery of standardized on-premises quantum computing systems and milestone progress on customized long-term projects.
Operating loss for H1 2026 widened to €60.54 million, compared to €31.64 million in the prior-year period. This was principally driven by €9.9 million in transaction costs associated with the SPAC business combination and dual-listing process, an expansion in R&D activity (€34.05M vs. €25.65M in H1 2025), and headcount growth to 460 employees globally.
Net loss for H1 2026 stood at €74.90 million, impacted by non-cash finance costs including a €9.0 million fair-value adjustment on the conversion feature of the Aalto University convertible loan (which converted into equity on June 30) and the revaluation/extinguishment of Kreos Capital loan warrants.
Liquidity Position and Capital Expansion
- Pro-Forma Cash: IQM closed the reporting period on June 30, 2026, with €118.88 million in liquid assets. Immediately following the period close, the completion of its business combination with Real Asset Acquisition Corp. (RAAQ) and concurrent PIPE financing infused net listing proceeds into the business. As of July 2, 2026, IQM’s cash balance stood at €309.4 million ($337.2M USD), establishing a runway into Q2 2028.
- Debt Extinguishment: In July 2026, IQM fully prepaid and terminated its €5.0 million Kreos Capital term loan facility, removing debt obligations from its balance sheet.
- Order Backlog Acceleration: Order backlog at the end of the quarter (June 30, 2026) reached €69.1 million. In July 2026, IQM secured a landmark €33.0 million contract with CSC to integrate a quantum computer into the LUMI AI Factory, elevating total order backlog past €102.1 million as of August 3, 2026.
Operational Highlights and Technical Achievements
- Global Deployments: To date, IQM has sold 26 full-stack quantum computers and delivered 17 globally. Notably, the company completed its first US delivery to the US Department of Energy’s Oak Ridge National Laboratory (ORNL) in Tennessee in June 2026.
- Fab Cleanroom Expansion: IQM is committing over €40 million to expand its proprietary fabrication facility in Espoo, Finland. The investment will double cleanroom capacity to enable the production of up to 30 full-stack quantum computers annually.
- Error Correction Breakthroughs: Introduced “barbell codes”—a novel family of quantum Low-Density Parity-Check (qLDPC) error correction codes tailored for the IQM Constellation topology.
- HPC/AI Ecosystem Integration: Partnered with NVIDIA for AI-driven parallel qubit calibration using the NVIDIA Ising model family, and collaborated with HPE to integrate IQM systems with HPE Cray HPC infrastructure.
- M&A Expansion: On July 1, 2026, IQM acquired selected technology-related assets of Berlin-based Quantistry GmbH for €1.9 million to enhance its cloud-based, AI-enabled chemical and materials simulation stack.
Full-Year 2026 Guidance
IQM initiated its formal financial outlook for the full year 2026:
- FY 2026 Revenue Target: €42 million to €47 million (supported by scheduled delivery and customer acceptance milestones of its initial 150-qubit system).
- FY 2026 Order Intake Target: €65 million to €75 million.
Resources and Further Reading
Additional details can be found in the IQM H1/Q2 2026 press release here, the complete Management Discussion & Analysis Report here, the Financial Statements Tables here, and the H1/Q2 2026 Results Presentation here.
August 5, 2026