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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 rose 53% to €3.1 million; the company reported €312.8 million in cash and €69.8 million in booked and awarded business as of September 30.
Pasqal reported €3.3 million in unaudited third-quarter 2026 revenue, down from €5.7 million in the same period a year earlier, as the neutral-atom quantum computing company recorded no QPU sales this quarter. Revenue from QPU-related services rose 53% to €3.1 million, according to the company’s November 6 business update.
The company said the year-earlier quarter included €3.2 million in revenue from QPU sales, while no QPU sales were realized in the current quarter. Pasqal defines QPU-related services as primarily consulting, remote access, upgrades and maintenance for its quantum processing units. Those services generated €2.0 million a year earlier. Government grant income, including tax credits, was €1.0 million, compared with €0.7 million in the third quarter of 2025.
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 its booked-and-awarded-business measure includes grants, tax credits and multi-year customer contracts. It is distinct from revenue already recognized during the quarter. The figures in the update are unaudited.
Pasqal’s business update also highlighted recent product and research activity. The company said it launched an AI-assisted workflow on Pasqal Cloud in October, designed to take a defined scientific idea through to an experiment on cloud-accessible QPUs. In August, it reported trapping four rubidium atoms in optical traps generated by a photonic integrated circuit, with lifetimes of approximately 27.5 seconds, which it said matched its bulk-optics systems.
Services Growth Amid Lower Sales
The results show a shift in the quarter’s revenue mix: services revenue increased, but did not offset the absence of QPU-sale revenue recorded in the comparison period. The year-over-year decline is therefore tied in part to the timing and presence of hardware sales, rather than a fall in every reported revenue category. The company’s figures do not establish whether the services increase will continue in later quarters.
For readers tracking Pasqal’s commercial progress, the reported €69.8 million in booked and awarded business offers a separate indicator of grants, tax credits and contracted multi-year activity. It should not be read as revenue already earned or as a guarantee of future revenue. The cash balance provides a snapshot of liquidity at quarter-end, but the update does not give a forecast for how quickly that cash will be spent.
Pasqal is seeking to develop commercial uses for quantum computing while continuing technical work on its systems. Its service growth and announced partnerships may point to customer engagement, but the update gives no detailed breakdown of service customers, contract values or revenue by industry. That limits how much can be concluded about the scale or profitability of the reported growth.
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QPU Sales Shape the Comparison
The main comparison is with the third quarter of 2025, when Pasqal recognized €3.2 million from QPU sales. Because the company reported no QPU sales in Q3 2026, total revenue fell even as services and government grant income increased. The source does not provide a longer-term revenue series here, so the quarterly figures alone do not establish a sustained trend.
Pasqal also listed commercial and technical developments during the quarter. In September, it announced a three-year memorandum of understanding with South Korea’s LG CNS focused on integrating its neutral-atom computers with AI platforms and data-center infrastructure. It also announced a partnership with USA Rare Earth and Riven Systems to explore quantum machine learning for rare-earth separation, and research collaboration with Saudi Arabia’s KACST. These are announced initiatives; the update does not report revenue generated from them.
In August, Pasqal said its photonic integrated circuit work had produced traps for four rubidium atoms, with reported lifetimes matching its bulk-optics systems. The company presented this as progress toward its technology roadmap. The quarterly update does not provide a financial valuation for that work or say when it might lead to commercial QPU sales.
“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
Sales Timing and Revenue Outlook
The update does not explain when Pasqal expects its next QPU sale, whether hardware sales are typically concentrated in particular quarters, or how much of the €69.8 million in booked and awarded business may be recognized as revenue and when. It also provides no full-year revenue forecast, operating loss, cash-burn figure or profitability outlook in the supplied results.
Pasqal said it has increased its pipeline of opportunities across enterprise, sovereign and public-sector customers, but did not quantify the pipeline or identify expected conversion dates. The company’s statements about growing commercial traction and the potential of its technology are management assessments, not reported financial results. The update does not say whether the service growth reflects a larger customer base, more work for existing customers, or a change in service mix.
Pasqal’s Next Commercial Milestones
Pasqal said it would continue executing its priorities through the rest of 2026 and into 2027, while maintaining what its CEO described as a disciplined investment approach. The next financial updates should show whether QPU-related services growth continues and whether new hardware sales contribute to revenue.
Readers can also watch for further information on the cloud workflow, photonic-chip development and the announced industrial chemistry and AI-infrastructure collaborations. Pasqal has not provided milestones or revenue targets for those initiatives in this update. Until it reports additional results, their commercial effects and timing remain uncertain.
Key Questions
How much revenue did Pasqal report for the third quarter of 2026?
Pasqal reported €3.3 million in unaudited revenue for the third quarter of 2026, compared with €5.7 million in the same quarter a year earlier.
Why did Pasqal’s revenue fall year over year?
Pasqal said the third quarter of 2025 included €3.2 million from QPU sales. The company recorded no QPU sales in the third quarter of 2026.
Did Pasqal’s services revenue grow?
Yes. Revenue from QPU-related services rose 53% year over year to €3.1 million, from €2.0 million. 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, 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 and is not the same as recognized revenue.
Has Pasqal said when QPU sales will resume?
The company’s update does not give a date for another QPU sale or provide a revenue forecast. The timing of future hardware sales remains unclear.
Source: thequantuminsider.com
