Pasqal Reports €4.9M Revenue as H1 2026 Loss Widens
Pasqal, a neutral-atom quantum computing company listed on Nasdaq as PSQL, reported €4.9 million in revenue for the first half of 2026, marking a 14% increase year over year. CEO Wasiq Bokhari and newly appointed CFO Stéphane Rougeot presented these results for the six months ending June 30, 2026. This interim revenue disclosure from a quantum hardware vendor offers rare commercialization data for the neutral-atom sector, making the figures particularly noteworthy.
Key Financials
Pasqal attributed most of its revenue growth to compute services rather than one-off hardware sales. Revenue from QPU-related services increased by 34% to €3.9 million, identified by the company as its fastest-growing segment. The operating loss expanded to €59.2 million, which includes €37.5 million in share-based payments and one-time charges. The net loss reached €53.2 million, a 104% increase, according to Pasqal’s Form 6-K.
- Revenue: €4.9 million, up 14% year over year
- QPU-related services revenue: €3.9 million, up 34% year over year
- Booked and awarded business: €70.4 million as of June 30, 2026
- Operating loss: €59.2 million, compared to €19.8 million in H1 2025
- Net loss: €53.2 million, up 104%
- Cash and cash equivalents: €110.8 million as of June 30, and approximately €312.9 million as of August 27, 2026
The “booked and awarded business” figure of €70.4 million combines grants, tax credits, and multi-year customer contracts, and therefore does not represent firm revenue. The increase in cash in August resulted from Pasqal’s business combination with Bleichroeder Acquisition Corp. II and associated financing.
Drivers of Growth
Bokhari highlighted customer engagements across financial services, energy, and advanced materials as key growth drivers. The company’s press release specifically mentioned expanding relationships with NVIDIA, Google, Saudi Aramco, and Crédit Agricole.
Pasqal also launched Saudi Arabia’s first quantum computer, a cloud-accessible 200-qubit neutral-atom system, and deployed a 140-qubit machine in Italy designed to integrate with the Leonardo supercomputer. Additionally, the company prepared defect-free registers of 1,024 atoms, doubling its previous 506-atom achievement, and integrated NVIDIA CUDA-Q into its platform.
A notable development influencing the hardware roadmap involves its Canadian subsidiary, Aeponyx, acquired less than 18 months prior. Aeponyx successfully trapped four rubidium atoms using a photonic integrated circuit, reducing the optical footprint by up to 50 times. This advancement addresses a significant challenge in scaling neutral-atom processors for industrial use.
Wider Context
While a 14% half-year revenue increase is modest in absolute terms, it provides a tangible revenue metric for a quantum vendor, even as losses continue to rise. The broader ecosystem also reflects a push for commercialization across infrastructure and software layers, exemplified by the Virginia Quantum Hub launched at George Mason and Fujitsu open-sourcing its quantum application package. Pasqal is scheduled to discuss these results during an earnings call on September 24.