IQM Quantum Computers Plc
Superconducting quantum computers and cloud access for research, education and developing applications.
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
Latest financial publication
First-half and second-quarter 2026 results
Investment Thesis
Selling research computers while building towards wider use
ETE analysis ·
Computers that customers can own
IQM already earns revenue by supplying quantum computers that customers can operate and study themselves. If those relationships lead to upgrades, repeat purchases and support income, the company could grow before quantum computing becomes a routine business tool. The longer-term case depends on making calculations sufficiently reliable and useful to justify much broader spending.
Orders and repeat purchases support demand
The order backlog was €69.1 million at 30 June 2026 and exceeded €102.1 million by 3 August after a €33.0 million LUMI-IQ order. CSC plans initial deployment in autumn 2027. TOYO’s September purchase of a second IQM computer adds evidence of repeat demand, although both TOYO machines are due to become operational in early 2027. Orders and installation plans are not the same as recognised revenue.
A growing market with different buying models
McKinsey’s April 2026 report estimated global quantum-computing company revenue at more than $1 billion in 2025 and forecast as much as $4.4 billion by 2028. That covers hardware, software and services across the industry, rather than IQM’s own addressable market. Research institutions buying machines and enterprises buying cloud access create different opportunities. IQM offers both, but cloud revenue was only €0.144 million in H1 2026.
Growth still consumes substantial cash
H1 2026 revenue rose to €8.9 million from €6.0 million, while the operating loss widened to €60.5 million from €31.6 million. Transaction costs, research and hiring increased expenses. Operating activities used €50.0 million of cash, compared with €27.5 million a year earlier. June cash was €113.4 million; the separately reported €309.4 million on 2 July includes listing proceeds. That funding supports development, but it does not establish a self-funding business.
The price assumes a much larger business
At the 23 October 2026 Helsinki close, the market-data provider put IQM’s equity value at about €1.53 billion, roughly 49 times its €31.3 million of 2025 revenue. This is a sales comparison, not an earnings multiple or a value estimate. Sustaining such a valuation depends on substantial future growth, technical progress and eventual cash generation. Further financing and share-based awards can also change how much of that business each share represents.
What would weaken the case
- Error correction or useful applications develop more slowly than customers and shareholders expect.
- Large research contracts are delayed, or public budgets tighten, while operating costs remain high.
- Better-funded competitors win customers, and additional financing dilutes existing shareholders.
Sources
- IQM product range
- IQM Spark: equipment, training and site requirements
- IQM Halocene: quantum error correction research
- IQM H1 results and FY2026 guidance, 4 August 2026
- CSC selects IQM for LUMI-IQ, 8 July 2026
- TOYO buys a second IQM computer, 15 September 2026
- McKinsey Quantum Technology Monitor 2026, 28 April 2026
- IQM Q2 and H1 2026 financial report, 4 August 2026
- IQM Helsinki quote and market capitalisation at 23 October 2026 close
- IQM audited FY2025 and FY2024 IFRS financial statements, Form F-1 filed 3 August 2026
- IQM ordinary shares and US depositary shares
Financials
The business in numbers
The latest available figures for each statement. Reporting dates may differ.
The 30 June 2026 balance sheet precedes the July listing transaction. Cash was €113.424 million at June-end; the separately reported €309.4 million balance is dated 2 July and includes listing proceeds. It is not an October cash balance. The next results are scheduled for 5 November 2026.
Latest
Latest update · H1 2026
- Order book
- EUR 69.1mJun 30, 2026
Income statement
Cash flow
Balance sheet
Sources and definitions
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.
IFRS group figures in EUR millions, except reported basic EPS in EUR per ordinary share. EPS is retrospectively adjusted for the share split; the June capital reorganisation and July financing mean it is not a pro forma measure for today’s share count. One US ADS represents one ordinary share. Debt includes loans and leases. Capital expenditure is gross cash purchases of property, plant and equipment, shown positive; H1 2026 also received a separate €1.0 million purchase refund. Free cash flow therefore means operating cash flow less gross capital expenditure. Annual figures are audited; interim figures are unaudited.
Annual
Income statement
Cash flow
Balance sheet
Sources and definitions
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.
IFRS group figures in EUR millions, except reported basic EPS in EUR per ordinary share. EPS is retrospectively adjusted for the share split; the June capital reorganisation and July financing mean it is not a pro forma measure for today’s share count. One US ADS represents one ordinary share. Debt includes loans and leases. Capital expenditure is gross cash purchases of property, plant and equipment, shown positive; H1 2026 also received a separate €1.0 million purchase refund. Free cash flow therefore means operating cash flow less gross capital expenditure. Annual figures are audited; interim figures are unaudited.
Half-year
Income statement
Cash flow
Balance sheet
Sources and definitions
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.
IFRS group figures in EUR millions, except reported basic EPS in EUR per ordinary share. EPS is retrospectively adjusted for the share split; the June capital reorganisation and July financing mean it is not a pro forma measure for today’s share count. One US ADS represents one ordinary share. Debt includes loans and leases. Capital expenditure is gross cash purchases of property, plant and equipment, shown positive; H1 2026 also received a separate €1.0 million purchase refund. Free cash flow therefore means operating cash flow less gross capital expenditure. Annual figures are audited; interim figures are unaudited.
Quarterly
Income statement
Sources and definitions
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.
IFRS group figures in EUR millions, except reported basic EPS in EUR per ordinary share. EPS is retrospectively adjusted for the share split; the June capital reorganisation and July financing mean it is not a pro forma measure for today’s share count. One US ADS represents one ordinary share. Debt includes loans and leases. Capital expenditure is gross cash purchases of property, plant and equipment, shown positive; H1 2026 also received a separate €1.0 million purchase refund. Free cash flow therefore means operating cash flow less gross capital expenditure. Annual figures are audited; interim figures are unaudited.
Performance
How the business is doing
Jan–Jun 2026
Sales compared with the same period last year
Each date links to its source. Figures from different periods are not directly comparable. Changes are calculated from reported figures.
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.
Research notes & company updates
Short ETE analysis and dated announcements from official company sources.
Telefónica and IQM to provide the Community of Madrid with its first quantum computer to drive the development of industry use cases across the region
IQM Quantum Computers Announces Conference Call to Report Third Quarter 2026 Financial Results on November 5, 2026
Bechtle expands DLR quantum computing resources with IQM technology
IQM to deliver its first quantum computer in South America to Brazil’s Eldorado Research Institute
TOYO Corporation opens its quantum computers to Japan’s ecosystem
Interviews
Interviews are coming soon
No interviews with IQM Quantum Computers Plc 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 Aug 4, 2026 · Checked Oct 25, 2026
FY 2025 · Published Aug 3, 2026 · Checked Oct 25, 2026
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