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Pasqal reported unaudited third-quarter 2026 revenue of €3.3 million, down from €5.7 million a year earlier, when QPU sales contributed €3.2 million. QPU-related services revenue increased 53% to €3.1 million; the company also reported €69.8 million in booked and awarded business and €312.8 million in cash and cash equivalents at September 30.
Pasqal reported €3.3 million in third-quarter 2026 revenue, down from €5.7 million in the same period a year earlier, as it recorded no QPU sales in the quarter. Revenue from QPU-related services rose 53% to €3.1 million, according to the company’s unaudited business update, released November 6.
The year-over-year revenue comparison reflects a change in sales mix. Pasqal said the prior-year quarter included €3.2 million in revenue from QPU sales, while no such sales were realized in the third quarter of 2026. It reported €1.0 million in government grant income, including tax credits, compared with €0.7 million a year earlier.
As of September 30, 2026, Pasqal reported €69.8 million in booked and awarded business and €312.8 million in cash and cash equivalents. The company defines booked and awarded business as including grants, tax credits and multi-year customer contracts. It did not describe that figure as revenue already recognized.
Pasqal said QPU-related services consist primarily of consulting, remote access, upgrades and maintenance for its quantum processing units. The update did not provide a breakdown of the €3.1 million among those categories. All third-quarter figures in the update were identified as unaudited.
Services Offset Missing QPU Sales
The results show how equipment sales can affect quarterly revenue at Pasqal: the prior-year period included a substantial QPU sale contribution that did not repeat. Growth in services revenue partly offsets that absence, but the company’s total revenue still declined by €2.4 million year over year.
Services growth may matter to investors and customers because it reflects revenue from access and support around deployed or accessible systems, rather than only hardware sales. However, the company’s figures do not establish how much of the services growth is recurring, how many customers contributed, or whether the increase will continue. The booked and awarded business figure offers a separate view of contracted, awarded and grant-related activity, but it includes items that are not the same as recognized revenue.
Pasqal also reported a sizeable cash balance, which provides a snapshot of available cash at quarter-end. The update supplied no cash-flow forecast or detailed spending outlook, so it does not by itself establish how long that balance will support the company’s plans.
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Technology and Commercial Priorities
Pasqal is a neutral-atom quantum computing company. In its update, chief executive Wasiq Bokhari said the company was working on scaling on-chip photonic control and introducing AI-assisted workflows to Pasqal Cloud. The company reported in August that it had trapped four rubidium atoms in optical traps generated by a photonic integrated circuit, with atom lifetimes of about 27.5 seconds; those are company-reported technical results.
Pasqal listed several commercial and research developments from the quarter. In September, it announced a partnership with USA Rare Earth and Riven Systems to explore quantum machine learning for identifying rare-earth separation molecules. It also signed a three-year memorandum of understanding with South Korea’s LG CNS on integrating quantum computers with AI platforms and data-center infrastructure. These are announced plans and collaborations; the update did not report revenue generated from them.
In October, Pasqal said it launched an AI-assisted workflow on Pasqal Cloud, intended to connect a defined scientific idea to an experiment on its cloud-accessible QPUs. It also reported receiving ISO/IEC 27001:2022 certification for its information security management system. Those developments provide operational context, but the company did not quantify their effect on third-quarter results.
“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.”
— Wasiq Bokhari, Pasqal chief executive
Recurring Revenue and Sales Timing
The update does not say when Pasqal expects its next QPU sale, or whether hardware sales will remain irregular. It also does not give customer-level details, the share of services revenue that is recurring, or the costs and margins associated with services. Those omissions limit what can be concluded about the durability or profitability of the reported 53% services increase.
The company described its pipeline as growing and said it saw increased traction with reference customers, but these are management statements; the update provides no pipeline value, conversion rate or timetable for resulting contracts. It is also unclear how much of booked and awarded business will be recognized as revenue, and over what periods. The figures are unaudited, and the update does not provide a full income statement or cash-flow statement.
Pasqal’s 2026–27 Execution
Pasqal said it plans to continue executing its technology roadmap and to maintain a disciplined investment approach through the rest of 2026 and into 2027. It also said it is pursuing opportunities across enterprise, sovereign and public-sector customers, and intends to grow booked and awarded business.
The next useful indicators will be whether new customer contracts or QPU sales are announced, whether services revenue continues to expand, and how much of the reported booked and awarded business becomes recognized revenue. The company did not give a date for its next financial update or provide a revenue forecast in the material supplied.
Key Questions
How much revenue did Pasqal report for the third quarter of 2026?
Pasqal reported €3.3 million in unaudited third-quarter revenue, compared with €5.7 million in the third quarter of 2025.
Why did Pasqal’s revenue decline?
The prior-year quarter included €3.2 million from QPU sales, while Pasqal reported no QPU sales in the third quarter of 2026. The company did not provide a detailed revenue bridge beyond those figures.
Did QPU-related services revenue grow?
Yes. Pasqal said QPU-related services revenue increased 53% year over year to €3.1 million, from €2.0 million. The category includes consulting, remote access, upgrades and maintenance.
What did Pasqal report for cash and booked business?
At September 30, 2026, Pasqal reported €312.8 million in cash and cash equivalents and €69.8 million in booked and awarded business. The latter includes grants, tax credits and multi-year customer contracts; it is not equivalent to revenue already recognized.
Source: thequantuminsider.com
