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Pasqal reported unaudited third-quarter 2026 revenue of €3.3 million, down from €5.7 million a year earlier, when it recognized €3.2 million from QPU sales. 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 as of September 30.
Pasqal reported €3.3 million in third-quarter 2026 revenue, down from €5.7 million in the same period a year earlier, while QPU-related services revenue rose 53% to €3.1 million. The neutral-atom quantum computing company said the prior-year quarter included €3.2 million in revenue from quantum processing unit sales, while it recorded no QPU sales in the latest quarter; the reported figures are unaudited.
The company’s third-quarter business update, issued November 6, also reported €1.0 million in government grant income, compared with €0.7 million a year earlier. Pasqal defines QPU-related services as primarily consulting, remote access, upgrades and maintenance for its quantum processing units. The company’s figures show a shift in the quarter’s revenue mix, but do not establish whether the services growth will offset changes in hardware sales in future periods.
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 says booked and awarded business includes grants, tax credits and multi-year customer contracts. It is not the same as revenue already recognized, and the update does not state when the full amount may convert into revenue.
Pasqal also highlighted recent commercial and technology activity. In October, it launched an AI-assisted workflow on Pasqal Cloud, which the company says can take a defined scientific idea through to an experiment on its cloud-accessible QPUs. Earlier, it announced partnerships concerning industrial chemistry and AI infrastructure, and reported progress using a photonic integrated circuit to trap individual atoms. These are company-reported developments; the update did not attach revenue amounts to them.
Services Growth Amid Lower Sales
The quarter illustrates why the headline revenue decline needs its sales mix explained: the year-earlier comparison included QPU sales, while the current quarter had none. At the same time, services revenue grew, suggesting that consulting, remote access, upgrades and maintenance contributed more to reported revenue than in the comparable period. The figures alone do not show whether that growth reflects recurring demand, new customer adoption or a change in the timing of contracts.
For readers tracking the company’s commercial position, the €69.8 million booked-and-awarded figure provides an additional indicator of grants, tax credits and contracted business, while the cash balance gives a snapshot of available funds. Neither metric guarantees future revenue or profitability. Pasqal said it intends to maintain a disciplined investment approach, but the update did not provide a detailed spending outlook or revenue forecast.
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What Drives the Yearly Comparison
The reported decline is measured against the third quarter of 2025, when Pasqal recognized €3.2 million from QPU sales. In the third quarter of 2026, the company recorded no QPU sales. That difference accounts for much of the gap between the two total revenue figures, though Pasqal’s update does not provide a complete bridge reconciling every revenue component between periods.
Pasqal is developing neutral-atom quantum computers and provides services related to its QPUs. Its recent announcements include an October 8 launch of an AI-assisted workflow on Pasqal Cloud and a September partnership with USA Rare Earth and Riven Systems focused on quantum machine learning for rare-earth separation research. The company also announced a three-year memorandum of understanding with LG CNS to explore integration with AI platforms and data-center infrastructure. These announcements describe intended work and opportunities, not confirmed sales or realized revenue.
“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.”
— Dr. Wasiq Bokhari, Pasqal chief executive officer
Revenue Conversion and Outlook
The update does not say how much of the €69.8 million in booked and awarded business is expected to be recognized as revenue, or on what schedule. It also gives no revenue guidance for the fourth quarter or full year, and does not specify when QPU sales might resume. The company’s reported figures are unaudited, and the update does not provide a detailed breakdown of service revenue by customer, contract type or geography.
Pasqal said it sees increased traction with reference customers and a larger pipeline across enterprise, sovereign and public-sector customers. Those are management’s assessments; the company did not disclose pipeline value, customer commitments tied to those statements, or evidence that the opportunities have converted into booked business.
The Next Revenue Milestones
Investors and customers will be looking for Pasqal’s next financial update for evidence of whether services growth continues, whether QPU sales return, and how much booked and awarded business converts into recognized revenue. The company said it would maintain a disciplined investment approach through the remainder of 2026 and into 2027, but did not announce a date for its next report or offer specific financial targets.
Commercial follow-through on the announced cloud workflow and partnerships will also matter. Pasqal has described intended applications in industrial chemistry and AI infrastructure, but it has not reported revenue attributable to those initiatives in the third-quarter update. Their financial contribution, timing and customer uptake remain to be established.
Key Questions
How much revenue did Pasqal report for the third quarter of 2026?
Pasqal reported €3.3 million in unaudited revenue for the quarter, compared with €5.7 million in the third quarter of 2025.
Why did revenue fall year over year?
The prior-year quarter included €3.2 million in QPU sales revenue, while Pasqal reported no QPU sales in the third quarter of 2026. The company did not provide a full line-by-line reconciliation of the change.
Did Pasqal’s services revenue grow?
Yes. Pasqal reported €3.1 million in QPU-related services revenue, up 53% from €2.0 million a year earlier. The company says these services primarily include consulting, remote access, upgrades and maintenance.
What were Pasqal’s cash and booked-business figures?
As of September 30, 2026, the company 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 and is not equivalent to revenue already recognized.
Source: thequantuminsider.com
