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Pasqal reported unaudited third-quarter 2026 revenue of €3.3 million, down from €5.7 million a year earlier, when it recognized €3.2 million from QPU sales. QPU-related services revenue grew 53% to €3.1 million; the company reported €69.8 million in booked and awarded business and €312.8 million in cash at September 30.
Pasqal reported €3.3 million in third-quarter 2026 revenue, down from €5.7 million in the same period last year, while revenue from QPU-related services rose 53% to €3.1 million. The neutral-atom quantum-computing company said the year-earlier quarter included €3.2 million from QPU sales, while it recorded no QPU sales in the latest quarter; the figures are unaudited.
Pasqal’s third-quarter update, released November 6, said QPU-related services revenue increased from €2.0 million to €3.1 million year over year. The company defines those services as primarily consulting, remote access, upgrades and maintenance for quantum processing units (QPUs). Government grant income, including tax credits, was €1.0 million, compared with €0.7 million a year earlier.
The company reported €69.8 million in booked and awarded business as of September 30. Pasqal says this measure includes grants, tax credits and multi-year customer contracts, so it is not the same as revenue already recognized. It also reported €312.8 million in cash and cash equivalents at that date.
Pasqal’s update described recent commercial and technology developments, including an AI-assisted workflow on Pasqal Cloud and work on photonic integrated circuits for controlling trapped atoms. Partnerships announced in the quarter include a three-year memorandum of understanding with South Korea’s LG CNS focused on hybrid AI and quantum-computing systems, and a collaboration with USA Rare Earth and Riven Systems on quantum machine learning for industrial chemistry. These announcements describe plans and areas of work, not reported revenue from those efforts.
Services Growth Amid Lower Sales
The results show a shift in the composition of Pasqal’s revenue: services grew, but they did not offset the absence of QPU sales that contributed materially to the prior-year comparison. This distinction matters because quarterly revenue can move with hardware sales, while service revenue reflects activities such as access, consulting and maintenance.
The company’s €69.8 million booked-and-awarded figure offers a separate measure of grants, tax credits and contracted multi-year work, but it should not be read as revenue earned in the quarter or as a guarantee that all listed amounts will convert to revenue on a particular schedule. The cash balance gives readers a snapshot of available cash at quarter-end; the update did not provide a forecast linking that balance to a specific operating runway.
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Hardware Sales Shape the Comparison
The year-over-year revenue decline reflects, in large part, a difference in recognized QPU sales: €3.2 million in the third quarter of 2025 and none in the third quarter of 2026, according to Pasqal. The company’s release gives total quarterly revenue and the cited revenue categories, but does not provide a broader quarterly breakdown of all customer or product lines.
Pasqal also reported several developments before the quarter ended. It said an AI-assisted workflow launched on its cloud platform on October 8, and on August 10 it reported trapping four rubidium atoms in optical traps generated by a photonic integrated circuit. The company said the system’s atom lifetimes were approximately 27.5 seconds, matching its bulk-optics systems. These are company-reported technology milestones; the third-quarter financial update does not quantify their commercial contribution.
“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.”
— Dr. Wasiq Bokhari, Pasqal chief executive officer
Revenue Conversion Still Unclear
The update does not say when the booked and awarded business will be recognized as revenue, or how much of that amount is expected to convert during the next several quarters. It also provides no forward revenue guidance, detailed customer concentration figures or breakdown of service revenue by type.
Pasqal cited increased traction with reference customers and a larger pipeline across enterprise, sovereign and public-sector customers, but those statements are management’s assessment; the release does not give pipeline values or conversion rates. The announced partnerships likewise do not establish that resulting projects have generated revenue. The financial metrics are unaudited.
Management Targets 2026 and 2027
Pasqal said it plans to continue a disciplined investment approach through the rest of 2026 and into 2027. The company did not provide a date for its next financial update or specific targets for revenue, service growth or customer-contract conversion in the release.
Readers will be able to track whether the service-revenue gains persist, whether QPU sales resume, and how the company’s booked-and-awarded business develops into recognized revenue in future reporting periods. Pasqal also cited efforts to scale photonic control and expand its cloud workflow, but gave no commercial timetable or financial targets for those projects.
Key Questions
How much revenue did Pasqal report for Q3 2026?
Pasqal reported €3.3 million in unaudited revenue for the quarter ended September 30, 2026, down from €5.7 million in the third quarter of 2025.
Why did revenue decline year over year?
Pasqal said the year-earlier quarter included €3.2 million in revenue from QPU sales, while it recorded no QPU sales in the latest quarter. QPU-related services revenue nevertheless rose to €3.1 million.
What does Pasqal include in QPU-related services?
The company says the category consists primarily of consulting, remote access, upgrades and maintenance services for QPUs.
Is the €69.8 million in booked and awarded business quarterly revenue?
No. Pasqal says the figure includes grants, tax credits and multi-year customer contracts as of September 30, 2026. It is separate from revenue recognized during the quarter.
What remains unknown about Pasqal’s outlook?
The update did not provide forward revenue guidance or say when the booked-and-awarded business will convert into revenue. It also did not quantify the financial contribution expected from its recent partnerships or technology developments.
Source: thequantuminsider.com
