IQM Quantum Computers Grows Order Backlog 52% Year to Date; Reaffirms FY 2026 Guidance
IQM Quantum Computers Plc, Stock Exchange Release, Interim report 5 November, 2026 at 08:00 $(EET)$
ESPOO, Finland, Nov. 05, 2026 (GLOBE NEWSWIRE) -- IQM Quantum Computers (Nasdaq: IQMX) ("IQM" or the "Company"), a global leader in superconducting quantum computers, today announced financial results for the third quarter and first nine months of 2026.
-- Booked EUR 42.2 million of new orders in Q3, led by LUMI-IQ Halocene,
bringing year-to-date order intake to EUR 52.9 million
-- Order backlog of EUR 102.5 million at September 30, 2026, up 52% from the
start of the year
-- Q3 revenue of EUR 8.9 million, up 51% year-over-year
-- Cash and cash equivalents of EUR 260.4 million at September 30, 2026
-- To date, 31 quantum computers sold globally, 17 delivered, 17 in
production
"Q3 was a quarter of strong commercial momentum, with record new orders booked, our largest contract to date signed, and an expanded presence across four continents," said Dr. Jan Goetz, Co-Founder and Chief Executive Officer. "This quarter, a leading AI factory committed to a multi-year path toward logical qubits on IQM hardware, not just buying today's machine but investing in a roadmap they trust we will deliver. For years, the open question was whether quantum computers could work at all. Today, it is whether they can be built, delivered and operated at the pace the world needs them -- and that is exactly what IQM was built for. With our first 150-qubit systems already at customer sites, we are focused on execution and building momentum toward our first error-correction demonstrators in 2027."
Third Quarter 2026 Operational and Financial Highlights:
-- Extended IQM's customer base to a fourth continent with its first quantum
computer sale in South America, an IQM Spark for the Eldorado Research
Institute in Campinas, Brazil's largest technology cluster.
-- Announced the sale of a second full-stack quantum computer to TOYO
Corporation, an IQM Spark for TOYO's R&D center in Tokyo, supporting
Japan's national goal of ten million quantum users by 2030.
-- Booked the first order for IQM Halocene, IQM's error-correction platform,
through a EUR 33 million contract with CSC's LUMI AI Factory for a system
on track to become Europe's first superconducting quantum computer with
logical qubits.
-- Selected for Phase 1 of the EuroHPC Joint Undertaking's Quantum Grand
Challenge, which aims to integrate European quantum hardware into
supercomputing centers across Europe.
-- Started integrating Quantistry's assets, adding an AI-powered chemistry
and materials simulation platform and an experienced team that lets
chemists and engineers, not just quantum specialists, run their own use
cases.
-- Gross margin of 47% in Q3, compared to 46% in the second quarter.
-- Cash and cash equivalents of EUR 260.4 million as of September 30, 2026,
compared to EUR 309.4 million following the July listing, reflecting
operating cash outflow, one-time listing costs and capital investment in
fab and assembly capacity.
Key Figures
Unaudited interim condensed consolidated statement of loss
For the three months For the nine months
ended September 30, ended September 30,
in EUR thousand 2026 2025 2026 2025
--------------------- --------- --------- -------- ---------
Revenue from contracts
with customers 8,857 5,877 17,727 11,911
Cost of revenue (4,696) (3,541) (9,961) (7,168)
---------------------- -------- --------- -------- ---------
Gross profit 4,161 2,336 7,766 4,743
---------------------- -------- --------- -------- ---------
Selling expenses (4,349) (1,418) (11,398) (3,784)
General and
administrative
expenses (27,035) (2,748) (53,236) (9,660)
Research and
development expenses (20,354) (13,737) (54,401) (39,387)
Impairment losses
(including reversals
of impairment losses)
on financial assets 127 - 147 (4)
Other operating income 5,137 1,512 8,279 2,450
Other operating
expenses (1,870) (64) (1,876) (112)
Share listing expense (127,055) - (127,055) -
---------------------- -------- --------- -------- ---------
Operating loss (171,236) (14,119) (231,773) (45,754)
---------------------- -------- --------- -------- ---------
Finance income 23,359 1,795 28,426 2,764
Finance costs (4,530) (288) (23,930) (4,138)
---------------------- -------- --------- -------- ---------
Loss before income tax (152,407) (12,612) (227,278) (47,128)
---------------------- -------- --------- -------- ---------
Income tax (223) - (249) (59)
---------------------- -------- --------- -------- ---------
Loss for the period (152,630) (12,612) (227,527) (47,187)
---------------------- -------- --------- -------- ---------
Attributable to:
Equity holders of the
parent (152,630) (12,612) (227,527) (47,187)
Loss per share (in
EUR) attributable to
the ordinary equity
holders of the
company:
Basic loss per share (0.81) (0.41) (2.72) (1.54)
Diluted loss per share (0.81) (0.41) (2.72) (1.54)
"Revenue for the first nine months of 2026 grew 49% year-over-year, entirely from commercial contracts with no public funding or grants in that figure," added Jan Kürschner, Chief Financial Officer. "We ended the quarter with EUR 260.4 million in cash, providing a strong foundation for our business as we continue to invest with discipline in customer deliveries, our technology roadmap, and expanding our fab capacity."
2026 Financial Outlook
We are reiterating our full-year 2026 guidance:
-- Full-year order intake of 65 million to 75 million Euros. -- Full-year revenue of 42 million to 47 million Euros.
IQM recognizes revenue from standardized systems at the point when the customer accepts the system, not when it ships or is installed. Acceptance depends partly on factors on the customer side, such as site readiness, cooling and power infrastructure, and public-sector procurement sign-off. Larger, customized projects are recognized over time as milestones are reached. If an acceptance moves by a few weeks across a quarter-end, the revenue moves with it; the contract value, the backlog and the cash profile do not change.
Detailed Discussion
This release contains a summary of IQM Quantum Computers' financial results for the third quarter and first nine months of 2026. The summary focuses on group-level financial information and the Company's outlook. Detailed financial information and notes are available in the interim report accompanying this release and on the Company's website at https://investors.iqm.tech/. We encourage investors to review the tables and notes in the full report as well.
Conference Call Details
IQM will host a conference call today, November 5, 2026, at 3:00 PM EET / 2:00 PM CET / 8:00 AM EST to discuss its third quarter 2026 financial results. A live audio webcast will be available in the News & Events section of the Company's Investor Relations website at https://investors.iqm.tech/. A replay will be available at the same location for one year following the call.
About IQM Quantum Computers
IQM Quantum Computers (Nasdaq: IQMX) is a global leader in integrated quantum computing, delivering full-stack superconducting quantum computers to enterprises, research institutions, universities, high-performance computing centers and national laboratories worldwide. With more on-premises systems sold than any other manufacturer, IQM gives customers direct ownership and control of quantum computers that integrate with their supercomputing and AI infrastructure, with cloud access also available through IQM Resonance. From processors made in its own fabrication facility to an open software stack, IQM is advancing toward fault-tolerant quantum computing. Founded in 2018 and headquartered in Espoo, Finland, with major operations in Munich, Germany, IQM employs more than 450 people across Europe, Asia and North America. IQM is the first publicly listed European quantum company on the Nasdaq Stock Market.
Key Operating Metrics
In addition to the measures presented in our consolidated financial statements, we use order backlog and order intake as indicators of future revenues from existing signed orders. This approach provides management with a transparent bridge from confirmed orders to revenue, linking sales performance with revenue realization, while remaining consistent with the external definition of backlog as confirmed, not yet recognized orders. We believe these metrics provide useful information for the market to understand and evaluate our results of operations in the same manner as our management team. Order backlog represents the value of binding customer orders that have been confirmed but not yet recognized as revenue at a point in time. We calculate order backlog as the point in time balance of order Intake less recognized revenue. Order intake represents the total monetary value of binding customer orders signed during the period, excluding pipeline or expected orders, and reflects new business secured and future revenue generation. These metrics are presented for supplemental informational purposes only, should not be considered substitutes for financial information presented in accordance with IFRS Accounting Standards, and may differ from similarly titled metrics or
measures presented by other companies. In this release, we have provided our order backlog as of September 30, 2026.
Cautionary Language and Forward-Looking Statements
Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements may be identified by the use of terms and phrases such as "believe," "expect," "intends," "outlook," "may," "will," and other similar terms and phrases. Such forward-looking statements include, but are not limited to, statements regarding IQM's strategies, future or anticipated market or competitive position, business plans and future performance, including IQM's cash runway and outlook for the full-year 2026. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, intellectual property, sustainability and other ESG targets, operational key performance indicators and decisions on market exits or expansions; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers' businesses); C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, order backlog, order intake, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, and revenue generation in any specific region; D) our ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model, including the expansion of our manufacturing and production capacity; E) expectations related to the commercialization and market acceptance of quantum technology and the timing and progress of product development; and F) other risks and uncertainties described in IQM's public filings and regulatory releases from time to time. These statements are based on management's best assumptions and beliefs in light of the information currently available to them. IQM anticipates that subsequent events and developments may cause its views to change. IQM specifically disclaims any obligation to update the forward-looking statements in this stock exchange release except as required by law. These forward-looking statements should not be relied upon as representing IQM's views as of any date subsequent to the date hereof.
Interim condensed consolidated statement of financial position
Unaudited
in EUR thousand September 30, 2026 December 31, 2025
---------------------------- ------------------- -----------------
Assets
Non-current assets
Intangible assets 2,645 920
Property, plant and equipment 63,266 57,931
Right-of-use assets 10,137 10,949
Financial assets 1,300 910
Total non-current assets 77,348 70,710
----------------------------- ------------------ -----------------
Current assets
Inventories 34,287 13,491
Contract assets 7,130 7,286
Trade receivables 12,059 15,489
Other financial assets 1,337 876
Other current assets 19,671 11,216
Cash and cash equivalents 260,418 146,544
Total current assets 334,902 194,903
----------------------------- ------------------ -----------------
Total assets 412,250 265,613
----------------------------- ------------------ -----------------
in EUR thousand September 30, 2026 December 31, 2025
---------------------------- ------------------- -----------------
Equity and liabilities
Equity
Share capital 80 3
Capital reserves 789,194 438,157
Retained earnings (459,770) (232,243)
Other reserves 222 (16)
----------------------------- ------------------ -----------------
Total equity 329,725 205,900
----------------------------- ------------------ -----------------
Non-current liabilities
Financial liabilities 2,160 9,222
Lease liabilities 11,285 12,185
Employee benefits 12 14
Total non-current liabilities 13,457 21,420
----------------------------- ------------------ -----------------
Current liabilities
Trade payables 16,145 8,855
Lease liabilities 2,385 2,475
Financial liabilities 22,871 8,525
Contract liabilities 4,680 7,406
Employee benefits 10,854 5,908
Other current liabilities 12,133 5,124
----------------------------- ------------------ -----------------
Total current liabilities 69,068 38,292
----------------------------- ------------------ -----------------
Total liabilities 82,525 59,713
----------------------------- ------------------ -----------------
Total equity and liabilities 412,250 265,613
----------------------------- ------------------ -----------------
Unaudited interim condensed consolidated statement of cashflows
For the nine months ended September 30,
in EUR thousand 2026 2025
------------------------- --------------------- -----------------
Loss for the period (227,527) (47,187)
------------------------- -------------------- -----------------
Adjustments for:
Depreciation expense,
amortization and
impairment 9,587 9,378
Provisions - (40)
Other adjustments for
non-cash items (348) (69)
Share listing expense 127,055 -
Share-based payments 15,236 3,460
Finance income/cost (4,496) 1,237
Income tax expense 249 59
Changes in:
Inventories (20,797) (1,969)
Contract assets 157 (3,136)
Trade receivables 3,382 (210)
Other financial assets (1,781) -
Other assets (15,254) (36,133)
Trade payables 7,290 1,627
Contract liabilities (2,714) (1,444)
Employee benefits 4,725 115
Other liabilities 7,025 (245)
Income taxes paid (249) (2)
Cashflow from operating
activities (98,458) (74,559)
------------------------- -------------------- -----------------
Payments for
acquisition of
business, net of cash
acquired (1,900) -
Proceeds from
disposals of
property, plant, and
equipment - 21
Purchases of property,
plant and equipment (8,173) (3,630)
Refund from purchase
of property, plant
and equipment 1,000 -
Payments for
acquisition of
subsidiary - net of
cash (7) -
Deposits and
guarantees (391) 176
Interest received 2,443 1,152
---------------------- -------------------- -----------------
Cashflow from investing
activities (7,027) (2,281)
------------------------- -------------------- -----------------
Proceeds from equity
contributions 208,463 270,299
Transaction costs
related to equity
contributions (5,496) (617)
Share buybacks - (22,421)
Exercise of warrants 20,468 -
Proceeds from loans
and borrowings 5,000 7
Transaction costs
related to loans (775) -
Repayments of loans
and borrowings (5,250) (5,961)
Repayments of lease
liabilities (2,000) (2,837)
Lease incentives
received - 824
Interest paid (1,836) (788)
---------------------- -------------------- -----------------
Cashflow from financing
activities 218,575 238,505
------------------------- -------------------- -----------------
Net
increase/(decrease)
in cash and cash
equivalents 113,090 161,666
---------------------- -------------------- -----------------
Cash and cash
equivalents at the
beginning of year 146,544 17,247
Effects of exchange
rate changes on cash
+ and cash equivalents 784 (43)
---------------------- -------------------- -----------------
Cash and cash equivalents
at the end of period 260,418 178,870
------------------------- -------------------- -----------------
Attachments
-- Interim
Report: http://ml-eu.globenewswire.com/Resource/Download/8d5b9
7e4-8300-4bc2-81de-851d80084648
Contacts
IQM Media contact
press@iqm.tech
IQM Investor contact
investors@iqm.tech
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