Creotech Quantum S.A.
Creotech Quantum supplies precision electronics that control quantum experiments, timing and measurement.
Overview
IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry
A quantum computer uses the behaviour of matter at very small scales to process information in a different way. Researchers are developing these machines to tackle certain problems that today’s computers struggle to solve.
Latest results
Jan–Jun 2026 · Reported in PLN
Latest financial publication
First-half 2026 results
Investment Thesis
A supplier to quantum development, with commercial independence to prove
European Tech Equities analysis ·
Earn from the equipment around the experiment
Creotech Quantum S.A. sells control electronics and timing equipment that laboratories need to run experiments. That offers a route to revenue before quantum computing reaches broad commercial use. The stronger investment case would combine repeat hardware orders with products that customers can install with less bespoke engineering, allowing sales to grow faster than the specialist workforce.
A fuller picture after the separation
The first-half report records PLN 8.0 million of product sales and PLN 5.4 million of grants, with operating profit of PLN 0.8 million. It combines the transferred business’s first quarter with the new company’s second quarter after 1 April. This gives a better picture of its activity than the earlier shell-company accounts, although allocated historical costs make comparisons imperfect. Grants remain an important part of the result.
Research budgets can buy electronics before they buy an industry
The EU’s €1 billion Quantum Flagship and EuroHPC installations support demand for experimental infrastructure. Worldwide quantum-computing company revenue exceeded US$1 billion in 2025 in McKinsey’s estimate, but much of the ecosystem remains early. Creotech’s Millenion work provides a specific connection to development spending. Consortium funding still has to become the company’s own contracts, and research orders need to lead to repeat purchases.
The capital raise funds the next stage
Cash reached PLN 83.0 million at June-end following the May equity issue. Operations nevertheless used PLN 5.0 million during the first half. The financing gives the company room to develop products and expand, but it does not show that customer sales can yet support the business without grants or new capital. More repeat product orders would strengthen that case.
The key question is what can scale repeatedly
Valuation should distinguish product sales, funded engineering and grants, with different expectations for repeatability. Sinara and ARTIQ form an open ecosystem, so an assumption of exclusive control over the platform would be misplaced. The opportunity is in reliable products, manufacturing and customer support. Greater repeat sales with limited custom work would support a stronger earnings case; rapid hiring for every new order would weaken it.
What would weaken the case
- Grant-supported projects grow while independently funded product demand remains small.
- Open-platform competitors or customers’ internal teams capture more of the hardware work.
- Expansion spending outpaces repeat orders, requiring more equity before operations support themselves.
Sources
Financials
The business in numbers
Latest
Income statement
| For the periodPLN million | H1 2026 |
|---|---|
| Revenue | 7.99 |
| Operating profit (EBIT) | 0.79 |
| Operating margin | 9.9% |
| Net income | 0.98 |
| Earnings per share (PLN) | 0.34 |
Cash flow
| For the periodPLN million | H1 2026 |
|---|---|
| Operating cash flow | -4.99 |
Balance sheet
| At period endPLN million | H1 2026 |
|---|---|
| Cash & cash equivalents | 82.96 |
| Total debt | 1.82 |
| Net debt / (net cash) | -81.14 |
| Total assets | 101.26 |
| Total liabilities | 11.56 |
| Total equity | 89.70 |
Sources and details
The H1 2026 accounts combine the transferred business’s first-quarter figures with standalone operations from 1 April. The earlier statutory Q1 accounts covered the company before that transfer and are not directly comparable. They must not be combined to calculate a trailing twelve-month result.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Revenue shows product sales and excludes grants of PLN 5.367 million in H1 2026 and PLN 3.124 million in H1 2025. Those grants contribute to reported earnings. Historical costs were allocated to the transferred business, while the standalone company bears its own costs from April, which limits direct comparisons. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The H1 2026 accounts combine the transferred business’s first-quarter figures with standalone operations from 1 April. The earlier statutory Q1 accounts covered the company before that transfer and are not directly comparable. They must not be combined to calculate a trailing twelve-month result.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Revenue shows product sales and excludes grants of PLN 5.367 million in H1 2026 and PLN 3.124 million in H1 2025. Those grants contribute to reported earnings. Historical costs were allocated to the transferred business, while the standalone company bears its own costs from April, which limits direct comparisons. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Quarterly
Income statement
| For the periodPLN million | Q1 2026 |
|---|---|
| Revenue | 0.00 |
| Operating profit (EBIT) | -0.05 |
| Net income | -0.04 |
| Earnings per share (PLN) | -0.03 |
Balance sheet
| At period endPLN million | Q1 2026 |
|---|---|
| Cash & cash equivalents | 0.05 |
| Total debt | 0.15 |
| Net debt / (net cash) | 0.10 |
| Total assets | 0.25 |
| Total liabilities | 0.21 |
| Total equity | 0.04 |
Sources and details
The H1 2026 accounts combine the transferred business’s first-quarter figures with standalone operations from 1 April. The earlier statutory Q1 accounts covered the company before that transfer and are not directly comparable. They must not be combined to calculate a trailing twelve-month result.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Q1 2026 · Q1 2026 statutory entity statements, pp. 4–5
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Revenue shows product sales and excludes grants of PLN 5.367 million in H1 2026 and PLN 3.124 million in H1 2025. Those grants contribute to reported earnings. Historical costs were allocated to the transferred business, while the standalone company bears its own costs from April, which limits direct comparisons. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
IQM, Quantinuum and Creotech: getting to know Europe’s quantum computing industry
A quantum computer uses the behaviour of matter at very small scales to process information in a different way. Researchers are developing these machines to tackle certain problems that today’s computers struggle to solve.
From CERN roots to quantum control: Creotech Quantum S.A.
The Warsaw company sells the electronics that tell scientific equipment what to do and precisely when to do it. Its next challenge is helping quantum computers grow beyond the laboratory.
Interviews
Interviews are coming soon
No interviews with Creotech Quantum S.A. have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Sep 30, 2026 · Checked Oct 23, 2026
Q1 2026 · Published Jun 1, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
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Checked 2026-09-14