Pasqal Holding SA (NASDAQ: PSQL) has reported its financial results for the first half of 2026, covering the six-month period ended June 30, 2026. The Paris-based neutral-atom quantum computing leader highlighted revenue expansion, significant hardware scaling past 1,000 atoms, and its public market debut following the completion of its business combination with Bleichroeder Acquisition Corp. II.
The table below summarizes key financial metrics for H1 2026 compared with the prior-year period (H1 2025). All figures are presented in Euros (€) in thousands unless otherwise noted.
| Amounts in € thousands (except per share) | H1 2026 | H1 2025 | % Change |
| Revenue | €4,872 | €4,286 | +13.7% |
| QPU-Related Services Revenue | €3,900 | €2,910 | +34.0% |
| Operating Loss | (€59,161) | (€19,773) | +199.2% |
| Net Loss | (€53,236) | (€26,118) | +103.8% |
| Cash and Cash Equivalents (at June 30) | €110,835 | €25,524 | +334.2% |
| Post-Transaction Cash Balance (at August 27) | ~€312,900 | — | — |
Financial Overview & Post-Listing Capital
Pasqal generated €4.87 million in revenue for H1 2026, representing a 13.7% increase year-over-year compared to €4.29 million in H1 2025. Top-line growth was primarily anchored by a 34% increase in QPU-related services revenue, which rose to €3.9 million.
The company reported €70.4 million in booked and awarded business as of June 30, 2026, combining multi-year customer contracts, government grants, and tax credits.
Operating loss for H1 2026 expanded to (€59.16) million, up from (€19.77) million in H1 2025. The widening operating loss included €27.3 million in share-based payment charges (compared to €1.0 million in H1 2025) and €10.2 million in one-time transaction-related expenses incurred for its public listing. Net loss for the period stood at (€53.24) million.
As of June 30, 2026, cash and cash equivalents totaled €110.8 million. Following the successful completion of its SPAC merger and related financing on August 27, 2026, Pasqal’s balance sheet was significantly strengthened to approximately €312.9 million ($355.8M) in cash and cash equivalents, providing substantial runway for ongoing technology execution.
Hardware & Technological Breakthroughs
- 1,024-Atom Scaling: Prepared defect-free registers of 1,024 physical atoms, doubling its previous 506-atom milestone. A redesigned cryogenic platform extended atom lifetimes by approximately 40-fold.
- Photonic Integrated Circuit (PIC) Chip Trapping: Trapped four rubidium atoms using laser light generated directly by a Photonic Integrated Circuit (PIC) co-developed with subsidiary Aeponyx. The platform achieved 27.5-second lifetimes while reducing the optical footprint by up to 50x, addressing a key scaling constraint for neutral-atom hardware.
- Logical Qubit Execution: Demonstrated a full machine-learning application for solving differential equations using logical qubits, showing that the logical implementation outperformed its physical-qubit counterpart on a full end-to-end workload.
- NVIDIA CUDA-Q Integration: Integrated NVIDIA CUDA-Q into the Pasqal platform to simplify hybrid quantum-classical workflows across high-performance computing (HPC) centers.
Commercial Deployments & Strategic Expansions
- Middle East Expansion: Launched Saudi Arabia’s first quantum computer—a 200-qubit system offering Quantum Computing as a Service (QCaaS). Signed MOUs with Eleven Ventures and KACST to commercialize quantum computing and advance R&D across Saudi Arabia.
- European On-Premises Installations: Deployed Italy’s first neutral-atom QPU (140 qubits) for integration with the Leonardo supercomputer. Advanced capital markets workflows in partnership with Crédit Agricole CIB.
- Canadian Photonic Supply Chain: Established a Center of Competency in PIC Packaging through Aeponyx at the C2MI facility in Bromont, Quebec.
- XPRIZE Finalist: Selected as one of five global finalists in the three-year XPRIZE Quantum Applications competition sponsored by Google Quantum AI and GESDA.
Resources and Further Reading
Additional information regarding this report can be found in the Pasqal H1 2026 press release here.
September 25, 2026
