Pasqal Reports Third-Quarter Revenue Decline as QPU Services Revenue Grows

Insider Brief

• Pasqal reported €3.3 million in third-quarter 2026 revenue, down from €5.7 million a year earlier, while QPU-related services revenue increased 53% to €3.1 million.
• The neutral-atom quantum computing company reported €69.8 million in booked and awarded business and €312.8 million in cash and cash equivalents as of September 30, 2026.
• Recent developments include an AI-assisted workflow on Pasqal Cloud, progress in photonic integrated circuit technology for trapped atoms, and partnerships targeting quantum computing applications in industrial chemistry and AI infrastructure.

PRESS RELEASE — Pasqal Holding SA (Nasdaq: PSQL), a global leader in neutral-atom based quantum computing, today provided a third quarter 2026 business update, including key financial and operational metrics.

Third Quarter 2026 Metrics

• Revenue of €3.3 million vs €5.7 million from the year ago period. The prior year period benefited from €3.2 million revenue recognized from QPU sales, while there were no QPU sales realized in the current period.
  • QPU-related services revenue² of €3.1 million vs €2.0 million from the year ago period, an increase of 53% year-over-year.
• Government grant income³ was €1.0 million vs €0.7 million from the year ago period.
• Booked and awarded business⁴ of €69.8 million as of September 30, 2026.
• Cash and cash equivalents of €312.8 million as of September 30, 2026.

1. Unaudited.
2. QPU-related services consist primarily of consulting, remote access, upgrade, and maintenance services for QPUs.
3. Includes tax credits.
4. Booked and awarded business includes grants, tax credits, and multi-year customer contracts.

“In the third quarter, we have been focused on the execution of our key priorities. 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. On the commercial front, we see increased traction with our reference customers and have broadened our reach across our three priority verticals. We have increased our pipeline of opportunities across enterprise, sovereign, and public sector customers, which gives us confidence in growing our booked and awarded business. Looking forward to the balance of 2026 and into 2027, we will maintain a disciplined investment approach to scale our capital-efficient business,” said Dr. Wasiq Bokhari, Chief Executive Officer of Pasqal.

Recent Business and Technological Highlights

• October 15, 2026 – ISO/IEC 27001:2022 Certification: Achieved ISO/IEC 27001:2022 certification, the international standard for information security, cybersecurity and privacy protection, giving customers, from enterprises to governments, independent assurance as they move quantum computing from pilots to production. Audited by SGS under COFRAC accreditation, Pasqal’s Information Security Management System covers activities from hardware R&D and QPU production to customer support across its sites in France, Canada and Saudi Arabia.
  
• October 8, 2026 – AI-Assisted Workflow on Pasqal Cloud: Launched an AI-assisted workflow on Pasqal Cloud, available as a plugin for leading agentic coding environments such as Claude Code, Cursor and Codex, that takes a well-defined scientific idea through to a running experiment on Pasqal’s cloud-accessible QPUs in France, Canada and Saudi Arabia, significantly reducing the engineering effort between a quantum use case and its execution on hardware.
  
• September 23, 2026 – EIC Fund Award at the 2026 TechEU Equity Summit: Received a European Innovation Council (EIC) Fund Award at the 2026 TechEU Equity Summit in Luxembourg, organized by the European Investment Bank, in recognition of Pasqal becoming one of the first companies in the EIC Fund’s portfolio to complete a SPAC transaction and list publicly on Nasdaq.
  
• September 17, 2026 – Strategic Partnership with USA Rare Earth and Riven Systems: Announced a strategic partnership with USA Rare Earth (Nasdaq: USAR), a rare earth, critical minerals and advanced materials company, and Riven Systems, a specialist in AI for industrial chemistry, to use quantum machine learning on Pasqal’s Neutral Atom QPU to identify new rare earth separation molecules that could enable smaller, lower-cost and less energy-intensive processing facilities.
  
• September 10, 2026 – Memorandum of Understanding (“MOU”) with LG CNS: Signed a three-year MOU with LG CNS, the AI transformation company and technology arm of LG Group in South Korea, to integrate Pasqal’s neutral-atom quantum computers with LG CNS’s AI platforms and AI data center infrastructure, develop scalable hybrid AI and quantum computing architectures, and jointly pursue commercial opportunities in Korea and internationally.
  
• August 31, 2026 – Collaboration with King Abdulaziz City for Science & Technology (“KACST”): Entered into research collaboration agreement with KACST, a premier research institute, to advance research and development in quantum technologies in the Kingdom of Saudi Arabia.
  
• August 24, 2026 – Memorandum of Understanding (“MOU”) with Eleven Ventures: Announced a MOU with Eleven Ventures, a Kingdom of Saudi Arabia investment platform and venture capital firm, to establish a joint venture to deploy and commercialize Pasqal’s quantum computing systems across the Kingdom of Saudi Arabia.
  
• August 10, 2026 – PIC Trapped Atoms Further Enhancing Technological Roadmap: Pasqal trapped individual atoms using laser light generated by a photonic integrated circuit (PIC), holding four rubidium atoms in four optical traps from a single photonic chip with lifetimes of approximately 27.5 seconds, matching the Company’s bulk-optics systems. The platform was co-developed with Aeponyx, acquired less than 18 months earlier, and reduces the optical footprint by up to a factor of 50, addressing a principal constraint on manufacturing neutral-atom processors at industrial scale.
  
• July 13, 2026 – Q-PLANET Pilot Line for Neutral-Atom Technologies: Announced progress as coordinator of Q-PLANET, a €50 million, three-year pilot line co-funded by the EU Chips Joint Undertaking and national/regional authorities, leading 28 partners from 11 European countries to develop industrial-grade chip components for neutral-atom quantum computing, sensing and communication and to build a resilient European quantum supply chain.
  

Earnings Conference Call

Pasqal will host a conference call to discuss the Company’s third quarter 2026 business update on Friday, November 6, 2026, at 8:00 a.m. Eastern Time. Those wishing to participate via telephone may dial 1-877-497-9071 (U.S. and Canada) or 1-201-689-8727 (international). A live audio webcast of the conference call can be accessed through Pasqal’s Investor Relations website at https://investors.pasqal.com, and a webcast replay will be accessible following the scheduled call.