Pasqal (NASDAQ:PSQL) reported first-half 2026 revenue growth of 14% as the neutral-atom quantum computing company expanded QPU-related services, commissioned a system for Aramco and added capital following its public listing and financing transactions.
Revenue for the six months ended June 30 totaled EUR 4.9 million, up from EUR 4.3 million a year earlier. QPU-related services revenue increased 34% to EUR 3.9 million, primarily reflecting EUR 0.8 million recognized from a QPU upgrade under the company’s Jülich contract, CFO Stéphane Rougeot said.
Customer deployments and commercial backlog
CEO Wasiq Bokhari said Pasqal has seven systems deployed across three continents, including systems used internally, and three additional systems in production. During the question-and-answer session, he said five systems are currently accessible externally. Rougeot noted that systems in production are not necessarily associated with customer contracts, as some may be intended for cloud-based access rather than machine sales.
Pasqal’s booked and awarded business, or order book of firm orders not yet fulfilled, stood at EUR 70.4 million at June 30. Rougeot said about EUR 37 million of that amount represented commercial revenue, with roughly EUR 12 million expected to convert to revenue by the end of 2026. The balance includes grants and tax credits that will be recognized as work is performed, with some programs extending into 2027 and beyond.
The company commissioned a QPU under its Aramco contract during the first half, moving that system into its operational phase. Pasqal said it is pursuing potential applications with Aramco including reservoir simulation, well-placement optimization, rig scheduling and demurrage prediction. Revenue tied to related services is expected to be recognized in future periods as those services are completed.
In August, Pasqal announced a memorandum of understanding with Eleven Ventures for a proposed commercial joint venture to deploy and commercialize its systems in Saudi Arabia and the broader region. The parties have not entered into a definitive agreement.
Pasqal also said its collaboration with Crédit Agricole has progressed from portfolio optimization and credit-risk modeling toward production-oriented work involving capital reserve consumption and risk-weighted assets. Bokhari said the company’s strategy centers on expanding use cases within strategic customer accounts rather than pursuing a broad collection of disconnected proof-of-concept projects.
Technology roadmap and materials simulation
The company highlighted a materials-simulation result involving the rare-earth magnetic material TMGO. Bokhari said Pasqal conducted a one-to-one simulation of the material, produced experimentally observed behavior across five independently deployed QPUs, and predicted properties that were subsequently verified experimentally. The work took hours on Pasqal’s systems, compared with weeks using classical GPUs, he said.
Pasqal also said it demonstrated under live conditions an initial capability to construct and operate key building blocks of a logical qubit, using that capability to solve differential equations. Its longer-term target remains fault-tolerant quantum computing in 2029, Bokhari said in response to an analyst question.
The company reported progress integrating photonic technology from Apliqt, acquired about 18 months ago. Pasqal said it trapped four individual rubidium atoms using optical tweezers generated by a photonic integrated circuit. Bokhari said the approach could reduce the optical footprint of future processors by up to 50 times and support scaling beyond tens of thousands of physical qubits.
Management also discussed work using agentic generative AI systems to translate plain-English quantum simulation requests into results run on its QPUs. Bokhari said the approach could lower the barriers for researchers and enterprises that do not yet have extensive in-house quantum expertise.
Losses and capital position
Pasqal reported an operating loss of EUR 59.2 million, compared with EUR 19.8 million in the first half of 2025. The increase was largely tied to share-based compensation and professional expenses related to financing, the business combination and public-company preparation. Excluding those charges, the operating loss was EUR 21.6 million, a EUR 2.9 million increase on a like-for-like basis, Rougeot said.
Employee salaries and benefits totaled EUR 41.6 million, including a EUR 27.3 million non-cash IFRS 2 share-based payment charge. Professional and other services expenses were EUR 19.6 million, including EUR 10.2 million in legal, consulting and audit costs connected to the transaction and listing process.
Net loss was EUR 53.2 million, compared with EUR 26.1 million a year earlier. The 2026 result included a EUR 7 million gain from the fair-value remeasurement of financial liabilities before their conversion. Net cash used in operations was EUR 25.2 million, while investing activities used EUR 5 million.
Cash and cash equivalents totaled EUR 110.8 million at June 30, up from EUR 73.8 million at the end of 2025. Following the reporting period, Pasqal completed its business combination on Aug. 27 and received $27.7 million from the SPAC trust account. The company also said it received $250 million in aggregate subscription proceeds through senior unsecured convertible bonds and associated warrants.
Management said capital will be directed toward research and development, the fault-tolerant roadmap, commercial expansion, manufacturing and deployment capacity, and software and middleware.
About Pasqal (NASDAQ:PSQL)
Pasqal is a quantum computing company focused on developing neutral-atom quantum processors and related software. Its technology uses individually controlled atoms as quantum bits, or qubits, with the goal of supporting scalable quantum computing for complex computational problems.
The company develops quantum hardware, control systems and software tools that enable customers and researchers to access and program its systems. Its offerings are intended for applications including optimization, quantum simulation, machine learning and other scientific or industrial workloads.
