Pasqal Holding SA
Pasqal builds quantum computers that use individual neutral atoms to perform calculations.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 results
Investment Thesis
The investment case depends on useful machines and disciplined financing
European Tech Equities analysis ·
Sell computing customers can put to work
Pasqal Holding SA’s case rests on converting neutral-atom quantum technology into systems that research institutions and companies buy, use and eventually order again. Its platform has a route to larger machines, but the valuable milestone is useful, reliable computation. More atoms on a roadmap do not automatically produce a better customer result or a profitable installation.
Sales are growing from a small base
Pasqal reported €4.9 million of first-half 2026 revenue, up 14%, against an operating loss of €59.2 million. That loss included €37.5 million of share-based payment and transaction costs, so it should not be read as a cash spending rate. Yet customer revenue remains small beside development costs. More installations and repeat business would provide stronger evidence of commercial progress than the listing alone.
Public procurement can bridge the early market
Europe’s Quantum Flagship has a €1 billion long-term research budget, while EuroHPC is integrating quantum machines with supercomputers. Globally, McKinsey’s April 2026 monitor estimated quantum-computing company revenue above US$1 billion in 2025. These are an early market and a research-funding programme, not interchangeable revenue pools. Pasqal must secure its own system contracts and demonstrate applications that justify spending after the initial research purchase.
More funding, with commitments attached
Cash was €110.8 million at June-end, before the August listing and financing. Pasqal separately reported €312.9 million on 27 August. The transaction included convertible bonds and warrants, so the stronger cash position also brings financing claims and potential dilution. Operations used €25.2 million of cash in the first half. Funding gives the development programme more room, but customer adoption still has to justify the spending.
Allow for both technical failure and dilution
A long-range valuation would need explicit assumptions about useful system performance, adoption, gross margins, further funding and the eventual diluted share count. Giving every roadmap milestone a full commercial value would load the answer with optimism. The case improves when paid deployments establish repeatable demand and unit economics, allowing less of the valuation to depend on distant technical promises.
What would weaken the case
- Larger machines fail to deliver a practical advantage for customers’ workloads.
- Institutions buy experimental systems but subsequent commercial demand remains limited.
- Convertible financing, warrants and further capital raises absorb a large share of future value.
Sources
Financials
The business in numbers
Latest
Income statement
| For the periodEUR million | H1 2026 |
|---|---|
| Revenue | 4.87 |
| Operating profit (EBIT) | -59.16 |
| Operating margin | -1,214.3% |
| Net income | -53.24 |
Cash flow
| For the periodEUR million | H1 2026 |
|---|---|
| Operating cash flow | -25.19 |
| Capital expenditure | 4.47 |
| Free cash flow | -29.66 |
Balance sheet
| At period endEUR million | H1 2026 |
|---|---|
| Cash & cash equivalents | 110.84 |
| Total debt | 20.53 |
| Net debt / (net cash) | -90.31 |
| Total assets | 234.84 |
| Total liabilities | 105.77 |
| Total equity | 129.07 |
Sources and details
These first-half accounts end on 30 June 2026, before the August listing and financing. The €110.835 million cash balance therefore excludes those later transactions. Pasqal separately reported €312.9 million of cash on 27 August; that amount is not substituted into the June figures.
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 excludes government grants. The H1 2026 operating loss includes share-based payment and transaction charges, so it should not be used as a cash spending rate. Operating cash flow is shown separately. No trailing twelve-month comparison is inferred across the listing transaction. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Annual
Income statement
Balance sheet
Sources and details
These first-half accounts end on 30 June 2026, before the August listing and financing. The €110.835 million cash balance therefore excludes those later transactions. Pasqal separately reported €312.9 million of cash on 27 August; that amount is not substituted into the June figures.
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.
FY 2024 · SEC transaction filing, historical Pasqal SAS figures
FY 2025 · SEC transaction filing, historical Pasqal SAS figures
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 excludes government grants. The H1 2026 operating loss includes share-based payment and transaction charges, so it should not be used as a cash spending rate. Operating cash flow is shown separately. No trailing twelve-month comparison is inferred across the listing transaction. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
These first-half accounts end on 30 June 2026, before the August listing and financing. The €110.835 million cash balance therefore excludes those later transactions. Pasqal separately reported €312.9 million of cash on 27 August; that amount is not substituted into the June figures.
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 excludes government grants. The H1 2026 operating loss includes share-based payment and transaction charges, so it should not be used as a cash spending rate. Operating cash flow is shown separately. No trailing twelve-month comparison is inferred across the listing transaction. 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
Pasqal’s Neutral-Atom Processor Uncovers Quantum Magnet Behavior That Theory Did Not Predict
Pasqal Achieves ISO/IEC 27001:2022 Certification for Its Information Security Management System Spanning R&D to Customer Support
Pasqal Launches an AI-Assisted Workflow to Accelerate Cloud QPU Experiments
Pasqal Reaffirms its Commitment to the EU’s Quantum Ambitions as It Leads Q-PLANET for Neutral-Atom Technologies
Pasqal Appoints Florence Lao as Chief Legal Officer
Interviews
Interviews are coming soon
No interviews with Pasqal Holding SA 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 24, 2026 · Checked Oct 23, 2026
FY 2025 · Published Sep 2, 2026 · Checked Sep 14, 2026
FY 2024 · Published Jul 23, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-10-23
Checked 2026-09-14