Interim Report for Q3 2026
Customer acceptance determines when standardized-system revenue is recognized, so timing can shift revenue between quarters.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
IQM Quantum Computers (Nasdaq: IQMX) reported third-quarter revenue of EUR 8.9 million, up 51% year over year, and reaffirmed its full-year guidance. New orders reached EUR 42.2 million in Q3, including a EUR 33 million contract with CSC’s LUMI AI Factory. Order backlog—confirmed orders not yet recognized as revenue—was EUR 102.5 million at September 30, up 52% from the start of 2026.
Q3 gross margin was 47%, versus 46% in Q2. The quarterly net loss widened to EUR 152.630 million from EUR 12.612 million; results included EUR 127.055 million of share listing expense. Cash was EUR 260.4 million at September 30, versus EUR 309.4 million following the July listing. Nine-month operating cash outflow reached EUR 98.458 million, versus EUR 74.559 million a year earlier. IQM continues to expect 2026 order intake of EUR 65 million–75 million and revenue of EUR 42 million–47 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointCSC’s LUMI AI Factory signed a EUR 33 million contract for IQM’s first Halocene order.
- Major pointNine-month equity contributions provided EUR 208.463 million, with warrant exercises providing EUR 20.468 million.
- Moderate pointQ3 order intake reached EUR 42.2 million, bringing nine-month orders to EUR 52.9 million.
- Moderate pointOrder backlog reached EUR 102.5 million at September 30, 2026, up 52% from year-start.
- Moderate pointQ3 revenue rose 51% year over year to EUR 8.9 million.
16 minor points
- Minor pointNine-month revenue grew 49% year over year to EUR 17.727 million, entirely from commercial contracts.
- Minor pointQ3 gross profit increased to EUR 4.161 million from EUR 2.336 million a year earlier.
- Minor pointNine-month gross profit increased to EUR 7.766 million from EUR 4.743 million a year earlier.
- Minor pointQ3 gross margin improved to 47% from 46% in Q2.
- Minor point. Forward-looking: it has not happened yet and may not happen.IQM reaffirmed expected 2026 order intake of EUR 65 million–75 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.IQM reaffirmed expected 2026 revenue of EUR 42 million–47 million.
- Minor pointEldorado Research Institute ordered an IQM Spark, extending IQM’s customer base to a fourth continent.
- Minor pointTOYO Corporation purchased a second full-stack quantum computer, an IQM Spark for its Tokyo research center.
- Minor pointEuroHPC selected IQM for Phase 1 of its Quantum Grand Challenge.
- Minor pointQuantistry asset integration began, adding an AI-powered chemistry and materials simulation platform and team.
- Minor point. Forward-looking: it has not happened yet and may not happen.IQM is expanding fab and assembly capacity through capital investment.
- Minor point. Forward-looking: it has not happened yet and may not happen.IQM is working toward its first error-correction demonstrators in 2027.
- Minor pointNine-month finance income rose to EUR 28.426 million from EUR 2.764 million a year earlier.
- Minor pointNine-month other operating income rose to EUR 8.279 million from EUR 2.450 million a year earlier.
- Minor pointNine-month loan proceeds provided EUR 5.000 million of funding.
- Minor pointNine-month loan repayments totaled EUR 5.250 million.
Negative
- Major pointEquity contributions and warrant exercises involved new equity issuance, diluting existing holders.
- Moderate pointQ3 net loss widened to EUR 152.630 million from EUR 12.612 million a year earlier.
- Moderate pointNine-month operating cash outflow increased to EUR 98.458 million from EUR 74.559 million a year earlier.
- Moderate pointCash fell to EUR 260.4 million at September 30 from EUR 309.4 million following July’s listing.
- Minor pointQ3 operating loss widened to EUR 171.236 million from EUR 14.119 million a year earlier.
16 minor points
- Minor pointNine-month operating loss widened to EUR 231.773 million from EUR 45.754 million a year earlier.
- Minor pointNine-month net loss widened to EUR 227.527 million from EUR 47.187 million a year earlier.
- Minor pointQ3 basic and diluted loss per share widened to EUR 0.81 from EUR 0.41 a year earlier.
- Minor pointNine-month basic and diluted loss per share widened to EUR 2.72 from EUR 1.54 a year earlier.
- Minor pointShare listing expense totaled EUR 127.055 million in Q3.
- Minor point. Forward-looking: it has not happened yet and may not happen.Customer acceptance depends partly on site readiness, infrastructure and procurement sign-off, potentially shifting revenue between quarters.
- Minor pointNine-month selling expenses rose to EUR 11.398 million from EUR 3.784 million a year earlier.
- Minor pointNine-month administrative expenses rose to EUR 53.236 million from EUR 9.660 million a year earlier.
- Minor pointNine-month research and development expenses rose to EUR 54.401 million from EUR 39.387 million a year earlier.
- Minor pointNine-month other operating expenses rose to EUR 1.876 million from EUR 0.112 million a year earlier.
- Minor pointNine-month finance costs rose to EUR 23.930 million from EUR 4.138 million a year earlier.
- Minor pointNine-month property, plant and equipment purchases consumed EUR 8.173 million, versus EUR 3.630 million a year earlier.
- Minor pointBusiness acquisition payments, net of acquired cash, totaled EUR 1.900 million over nine months.
- Minor pointNine-month equity contribution transaction costs totaled EUR 5.496 million.
- Minor pointNine-month loan proceeds added EUR 5.000 million of borrowing obligations.
- Minor pointNine-month loan transaction costs totaled EUR 0.775 million.
News Explained
IQM's Q3 report says standardized-system revenue is recognized on customer acceptance; customized projects are recognized as milestones are reached. Customer readiness and public-sector sign-off can affect acceptance timing, so a few weeks' shift across quarter-end moves reported revenue, not contract value, backlog or cash profile.
Key Figures
- Q3 new orders
- EUR 42.2 million
- Q3 2026
- Order backlog
- EUR 102.5 million; up 52%
- At September 30, 2026; increase from start of year
- Revenue
- EUR 8.9 million; up 51% year-over-year
- Q3 2026
- Cash and cash equivalents
- EUR 260.4 million
- At September 30, 2026
- CSC contract
- EUR 33 million
- LUMI AI Factory system order
- Operating loss
- (EUR 171,236 thousand)
- Three months ended September 30, 2026
- Full-year order intake guidance
- EUR 65 million to EUR 75 million
- FY 2026 guidance reaffirmed
- Full-year revenue guidance
- EUR 42 million to EUR 47 million
- FY 2026 guidance reaffirmed
Key Terms
logical qubits technical
error-correction technical
ifrs accounting standards financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Interim Report for Q3 2026
IQM Quantum Computers Grows Order Backlog
IQM Quantum Computers Plc, Stock Exchange Release, Interim report 5 November, 2026 at 08:00 (EET)
ESPOO, FINLAND, November 5, 2026 – 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 to46% 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 ended September 30, | For the nine months 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
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.
Contacts
IQM Media contact
press@iqm.tech
IQM Investor contact
investors@iqm.tech
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
Attachment
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is IQM’s full-year 2026 revenue and order guidance?
IQM reaffirmed expected full-year revenue of EUR 42 million–47 million and order intake of EUR 65 million–75 million. Nine-month revenue was EUR 17.727 million, while year-to-date order intake reached EUR 52.9 million.
How large was IQM’s order backlog at the end of Q3 2026?
IQM’s order backlog was EUR 102.5 million at September 30, 2026, up 52% from the start of the year. Backlog consists of binding, confirmed customer orders not yet recognized as revenue; it excludes pipeline or expected orders.
When does IQM recognize revenue from quantum computer sales?
IQM recognizes standardized-system revenue when the customer accepts the system, rather than when it ships or is installed. Larger customized projects generate revenue as milestones are reached. An acceptance moving across quarter-end shifts revenue timing without changing contract value, backlog or the cash profile.