IQM posts EUR 8.9M revenue as order backlog tops EUR 102M

IQM Quantum Computers reported first-half revenue of EUR 8.9 million and an operating loss of EUR 60.5 million in its debut earnings as a public company.

"Our public debut marks a historic milestone, demonstrating how technology leadership can capture global capital to transition quantum computing from research excellence into customer-ready computing infrastructure," CEO Dr. Jan Goetz said.

Order backlog stood at EUR 69.1 million at June 30 and grew by EUR 33.0 million to exceed EUR 102.1 million by August 3. Cash balance was EUR 309.4 million as of July 2, including listing proceeds. The company has sold 26 full-stack quantum computers and delivered 17 globally since founding.

For full-year 2026, IQM targets revenue of EUR 42-47 million and new order intake of EUR 65-75 million. The company said its cash position provides a runway into the second quarter of 2028.

The Finland-based company, the first European quantum firm listed on the Nasdaq, delivered its first US system to the Department of Energy's Oak Ridge National Laboratory in June. It also won a deal with CSC to integrate a quantum computer into the LUMI AI Factory, one of the world's leading supercomputers.

IQM has invested more than EUR 40 million to double cleanroom capacity at its proprietary fab, enabling production of up to 30 full-stack quantum computers per year. The company expanded into Japan and Spain and deepened partnerships with NVIDIA, which is conducting AI-driven qubit calibration, and HPE, which is integrating IQM systems with Cray HPC infrastructure. A collaboration with Deutsche Bahn demonstrated a hybrid quantum-classical railway scheduling solution on real operational data.

CFO Jan Kuerschner said the dual listing "fundamentally transformed" the balance sheet, and the company is "well-capitalized" to expand manufacturing and accelerate on-premise deliveries.

The EUR 60.5 million operating loss against EUR 8.9 million of revenue shows the capital-intensive nature of quantum hardware, a factor investors will weigh against the growing backlog. IQM hosts a conference call today at 8:00 AM EDT to discuss results and the full-year outlook.

This article is for informational purposes only and does not constitute investment advice.