Monitor the company's ability to convert its €70.4 million booked and awarded business and €36.8 million order book into recognized revenue and positive operating cash flow. The massive share-based compensation run rate and the day-one loss from the convertible bond structure will pressure the stock. Watch for any guidance on revenue growth trajectory and cash burn rate in upcoming quarters.
Price Chart
Executive Summary
Pasqal reported H1 2026 revenue of €4.9 million (+14% YoY), with QPU-related services up 34% to €3.9 million. However, operating loss widened to €59.2 million from €19.8 million, driven by €27.3 million in share-based compensation and €10.2 million in one-time transaction costs. The company completed its de-SPAC business combination on August 27, 2026, raising $250 million in a concurrent PIPE (convertible bonds and warrants), but the post-combination capital structure includes a massive day-one loss of ~€165.5 million from the convertible bond issuance and a listing expense of ~€115.6 million, creating severe dilution and ongoing cash burn concerns.
Key Facts
- Revenue of €4.9 million for H1 2026, up 14% from €4.3 million in H1 2025.
- Operating loss of €59.2 million in H1 2026 vs. €19.8 million in H1 2025, driven by €27.3 million in share-based payments and €10.2 million in one-time transaction costs.
- Net loss of €53.2 million for H1 2026, more than double the €26.1 million loss in H1 2025.
- Cash and cash equivalents of €110.8 million as of June 30, 2026; pro forma cash of ~€312.9 million after the August 27, 2026 business combination and related financing.
- Business combination with Bleichroeder Acquisition Corp. II closed on August 27, 2026; 199,999,960 New Pasqal ordinary shares issued to former Pasqal shareholders.
- Concurrent PIPE: $312.5 million aggregate principal amount of convertible bonds (initially convertible into 26,041,667 shares) and 32,552,083 warrants (exercise price $12.00), issued for $250.0 million (20% OID).
- Day-one loss of approximately €165.5 million expected from the convertible bond and warrant issuance.
- Listing services expense of approximately €115.6 million expected from the business combination.
- Accumulated deficit of €124.9 million as of June 30, 2026.
- Booked and awarded business (grants, tax credits, multi-year contracts) of €70.4 million as of June 30, 2026.
- Order book (firm orders) of €36.8 million as of June 30, 2026.
- Cash used in operations of €25.2 million in H1 2026 vs. €20.0 million in H1 2025.
- Basic loss per share of €6.6 in H1 2026 vs. €3.8 in H1 2025; diluted loss per share of €7.3.
- Employee salaries and benefits surged to €41.6 million from €15.4 million, primarily due to €27.3 million in share-based compensation.
- Professional services and other services rose to €19.6 million from €8.3 million, driven by €10.2 million in business combination-related advisory, legal, and audit fees.
Financial Impact
H1 2026 net loss of €53.2 million; post-combination day-one loss of ~€165.5 million from convertible bond issuance; listing expense of ~€115.6 million; pro forma cash of ~€312.9 million post-closing.
Risk Factors
- Massive dilution from the convertible bond and warrant structure (26M+ shares convertible + 32.5M warrants).
- Day-one loss of ~€165.5 million from the PIPE convertible bond issuance will hit Q3 2026 earnings.
- Listing expense of ~€115.6 million will further depress reported earnings.
- Operating cash burn of €25.2 million in H1 2026, with no clear path to profitability.
- Share-based compensation run rate of €27.3 million in H1 2026 is unsustainable and masks true operating costs.
- Early-stage commercial model with concentrated customer base (two customers = 66% of revenue).
- Quantum computing industry remains pre-commercial; technology and market adoption risks are high.
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001213900-26-102831 |
| Document: ea030634601ex99-2.htm | 0001213900-26-102831 |
| Document: ea030634601ex99-1.htm | 0001213900-26-102831 |
| Document: ea0306346-6k_pasqal.htm | 0001213900-26-102831 |
| Document: 0001213900-26-102831-index-headers.html | 0001213900-26-102831 |
| Document: 0001213900-26-102831-index.html | 0001213900-26-102831 |
| Document: 0001213900-26-102831.txt | 0001213900-26-102831 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | SC 13G | $5.67 | awaiting T+20 | — | $5.65 (−0.35%) |
Oct 7, 2026 20d ago | SC 13G | $7.18 | awaiting T+20 | — | $5.65 (−21.31%) |
Oct 7, 2026 20d ago | SC 13G | $7.18 | awaiting T+20 | — | $5.65 (−21.31%) |
Oct 7, 2026 20d ago | EFFECT | $7.26 | awaiting T+20 | — | $5.65 (−22.18%) |
Sep 28, 2026 29d ago | 6-K | $6.70 $5.35 | ▼ −20.15% | ▼ −20.12% | $5.65 (−15.67%) |
Sep 24, 2026 4w ago | 6-K | $7.34 $5.65 | ▲ +23.02% | ▲ +22.60% | $5.65 (+23.02%) |
Sep 24, 2026 4w ago | Press Release | $7.34 $5.65 | ▼ −23.02% | ▼ −22.60% | $5.65 (−23.02%) |
Sep 21, 2026 5w ago | EFFECT | $7.31 $5.93 | ▼ −18.88% | ▼ −17.97% | $5.65 (−22.71%) |
Sep 17, 2026 5w ago | Press Release | $7.91 $5.88 | ▼ −25.66% | ▼ −26.87% | $5.65 (−28.57%) |
Sep 2, 2026 7w ago | 20-F | $9.75 $6.05 | ▲ +37.95% | ▲ +36.76% | $5.65 (+42.05%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers