The strong order backlog and post-merger cash position provide a clear catalyst path, but the massive operating loss and reliance on a single 150-qubit system delivery for FY guidance create binary risk. Monitor Q3 2026 for progress on the 150-qubit system acceptance and order backlog conversion; any delay would be a significant negative. The stock may trade on backlog momentum vs. cash burn trajectory.
Price Chart
Executive Summary
IQM Quantum Computers reported H1 2026 results: revenue grew 47% YoY to EUR 8.9M, but operating loss widened 91% to EUR 60.5M, driven by EUR 9.9M in transaction costs from its SPAC merger and dual listing, plus higher R&D spend. The company initiated FY2026 guidance of EUR 42-47M revenue and EUR 65-75M new order intake, backed by a EUR 102.1M order backlog post-period. The post-merger cash balance of EUR 309.4M provides runway into Q2 2028, but the massive operating loss and early-stage revenue base temper the bullish narrative.
Key Facts
- Revenue increased 47% YoY to EUR 8.9M for H1 2026 (Q2: EUR 6.7M, +28% YoY).
- Operating loss widened 91% to EUR 60.5M (Q2: EUR 30.9M), including EUR 9.9M in one-time transaction costs.
- Net loss was EUR 74.9M for H1 2026 vs EUR 34.6M in H1 2025.
- Order backlog stood at EUR 69.1M at June 30, 2026, and increased to over EUR 102.1M post-period with a EUR 33M LUMI AI Factory deal.
- Cash balance post-SPAC merger was EUR 309.4M as of July 2, 2026, providing runway into Q2 2028.
- FY2026 guidance: revenue EUR 42-47M, new order intake EUR 65-75M, tied to delivery of first 150-qubit system.
- 26 full-stack quantum computers sold since inception, 17 delivered, 8 in production.
- Completed business combination with RAAQ and dual listing on Nasdaq US and Nasdaq Helsinki in July 2026.
- Gross margin improved to 46% in Q2 2026 (vs 40% in Q2 2025) and 41% in H1 2026 (vs 40% in H1 2025).
- Cash used in operations was EUR 50.0M in H1 2026, nearly double the EUR 27.5M in H1 2025.
Financial Impact
Revenue of EUR 8.9M (H1 2026) vs EUR 6.0M (H1 2025); operating loss of EUR 60.5M vs EUR 31.6M; net loss of EUR 74.9M vs EUR 34.6M; cash balance of EUR 309.4M post-merger
Risk Factors
- FY2026 revenue guidance of EUR 42-47M is heavily dependent on timely delivery and customer acceptance of the first 150-qubit system.
- Operating cash burn of EUR 50M in H1 2026 is accelerating; even with EUR 309M cash, sustained losses require disciplined capital allocation.
- Order intake fell 79% YoY to EUR 10.7M in H1 2026 (vs EUR 51.5M in H1 2025), though management attributes this to normal lumpiness.
- Customer concentration risk: two customers accounted for 83% of H1 2026 revenue (EUR 7.3M of EUR 8.9M).
- Early-stage quantum computing market with uncertain adoption timelines and intense competition from better-funded US/Asian players.
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-331538 |
| Document: iqmx-ex99_1.htm | 0001193125-26-331538 |
| Document: iqmx_6-k_q2_aug_2026_new.htm | 0001193125-26-331538 |
| Document: iqmx-ex99_3.htm | 0001193125-26-331538 |
| Document: 0001193125-26-331538-index-headers.html | 0001193125-26-331538 |
| Document: 0001193125-26-331538-index.html | 0001193125-26-331538 |
| Document: 0001193125-26-331538.txt | 0001193125-26-331538 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 6-K | $10.87 | awaiting T+20 | — | $8.95 (−17.66%) |
Oct 2, 2026 24d ago | 6-K | $10.35 | awaiting T+20 | — | $8.95 (−13.53%) |
Aug 27, 2026 8w ago | EFFECT | $10.81 $10.45 | ▼ −3.33% | ▼ −2.82% | $8.95 (−17.21%) |
Aug 4, 2026 11w ago | 6-K | $9.66 $10.48 | ▲ +8.54% | ▲ +9.78% | $8.95 (−7.30%) |
Aug 4, 2026 11w ago | Press Release | $9.66 $10.48 | ▲ +8.54% | ▲ +9.78% | $8.95 (−7.30%) |
Aug 3, 2026 12w ago | 6-K | $10.00 $10.49 | ▲ +4.90% | ▲ +3.66% | $8.95 (−10.50%) |
Jul 22, 2026 13w ago | Press Release | $11.47 $10.07 | ▼ −12.21% | ▼ −15.10% | $8.95 (−21.97%) |
Jul 20, 2026 14w ago | 6-K | $11.95 $9.80 | ▼ −17.99% | ▼ −20.55% | $8.95 (−25.10%) |
Jul 13, 2026 15w ago | 6-K | $11.70 $9.46 | ▼ −19.15% | ▼ −22.33% | $8.95 (−23.50%) |
Jul 8, 2026 15w ago | 6-K | $11.47 $9.21 | ▼ −19.70% | ▼ −22.98% | $8.95 (−21.97%) |
US Market Status
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