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IQM reported third-quarter 2026 revenue of €8.9 million, up 51% year over year, and booked €42.2 million in new orders. Its backlog reached €102.5 million, but its quarterly net loss widened to €152.6 million, including a €127.1 million share-listing expense. The company kept its full-year revenue and orders forecasts unchanged.
IQM Quantum Computers reported €8.9 million in revenue for the third quarter of 2026, a 51% increase from €5.9 million a year earlier, and booked €42.2 million in new orders. The Finnish quantum-computing company said its outstanding orders rose to €102.5 million, while it maintained its full-year outlook; its quarterly net loss widened sharply, in part because of a one-time share-listing expense.
The largest new booking was a €33 million contract with CSC’s LUMI AI Factory for IQM’s Halocene platform. IQM said the system is intended to support work toward quantum error correction and that the project is on track to become Europe’s first superconducting quantum computer with logical qubits. Those project milestones and the description of the system are company statements; the report does not establish that logical qubits have already been demonstrated on the machine.
IQM’s backlog reached €102.5 million at September 30, up 52% from the start of 2026. That figure represents secured orders not yet recognized as sales, not revenue already earned. New orders for the first nine months totaled €52.9 million. The company reiterated its full-year order forecast of €65 million to €75 million and revenue forecast of €42 million to €47 million.
The quarter also included IQM’s first quantum-computer sale in South America: Brazil’s Eldorado Research Institute ordered an IQM Spark system. In Japan, TOYO Corp. ordered a second Spark system for its Tokyo research and development center. IQM reported that it has sold 31 quantum computers globally and delivered 17. Separately, it was selected for the first phase of the EuroHPC Joint Undertaking’s Quantum Grand Challenge.
Orders Test IQM’s Delivery Capacity
The figures show a widening gap between commercial demand booked and revenue recognized. A €102.5 million backlog gives a measure of contracted work ahead, but it does not guarantee when customers will accept systems or when the orders will appear as sales. That timing matters because IQM’s maintained annual revenue range implies a substantial fourth-quarter contribution.
With €17.7 million in revenue for the first nine months, IQM would need about €24.3 million to €29.3 million in the fourth quarter to reach its forecast. Those amounts are arithmetic implied by the company’s reported year-to-date revenue and guidance, not a forecast from IQM for the quarter. The company said customer acceptance timing can shift revenue between reporting periods.
At the same time, the loss and spending figures highlight the cost of expanding a hardware business at an early stage. IQM said it is investing in research, sales, chip fabrication and assembly capacity. Whether those investments translate into timely deliveries, recurring customer demand and improved financial performance remains a key issue for investors and customers.
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Revenue Recognition and Listing Costs
IQM’s unaudited report said revenue for the first nine months of 2026 rose 49% to €17.7 million, from €11.9 million in the same period a year earlier. Chief Financial Officer Jan Kürschner said that revenue came entirely from commercial contracts and excluded public funding and grants. The company reported other operating income separately.
Third-quarter gross profit increased to €4.2 million from €2.3 million. Gross margin was 47%, compared with 46% in the second quarter. However, the quarterly net loss rose to €152.6 million from €12.6 million a year earlier. IQM attributed much of the change to a €127.1 million share-listing expense, alongside higher operating costs. Research and development spending increased to €20.4 million from €13.7 million, and general and administrative expenses rose to €27 million from €2.7 million.
IQM ended September with €260.4 million in cash and cash equivalents, down from €309.4 million following its July listing. The company attributed the decline to operating cash outflow, one-time listing costs and investment in production capacity. These figures provide context for its expansion plans, but do not by themselves establish how long its available cash will fund operations.
““Q3 was a quarter of strong commercial momentum, with record new orders booked, our largest contract to date signed, and an expanded presence across four continents.””
— Dr. Jan Goetz, IQM co-founder and chief executive
Acceptance Dates Shape Fourth Quarter
IQM said customer acceptance can move revenue between reporting periods, but the report excerpt does not specify the expected acceptance dates for individual systems or how much of the backlog will convert to revenue in the fourth quarter. The company’s unchanged annual guidance therefore depends in part on delivery and acceptance timing.
The report also does not provide a detailed breakdown of how much of the €42.2 million in quarterly orders is scheduled for delivery in 2026 versus later periods. IQM’s statements about the Halocene project’s path toward logical qubits and its planned 2027 error-correction demonstrators remain forward-looking. The results are described as unaudited, and the available material does not establish whether later audited figures will differ.
The reported quarterly loss includes an unusually large listing expense, but operating losses and elevated spending also indicate that the loss cannot be understood solely as a listing-related item. The company has not, in the supplied material, given a cash-runway estimate or a quantified schedule for reaching profitability.
Q4 Revenue and 2027 Demonstrators
The next financial test is whether IQM can deliver and secure customer acceptance for enough systems to meet its €42 million to €47 million full-year revenue forecast. Its fourth-quarter results will show how much of the orders backlog became recognized sales and whether the annual order target of €65 million to €75 million was reached.
IQM has also pointed to 2027 error-correction demonstrators as a technical milestone. Further updates on the LUMI AI Factory project, system deliveries and the integration of Quantistry assets could clarify how the company is progressing from bookings and development plans to operating systems and customer use. The report does not provide a more specific date for its next results release or for those project milestones.
Key Questions
How much revenue did IQM report for Q3 2026?
IQM reported €8.9 million in third-quarter revenue, up 51% from €5.9 million in Q3 2025.
What does IQM’s €102.5 million backlog represent?
It is the value of secured customer orders not yet counted as sales as of September 30, 2026. It is not revenue already recognized, and the timing of conversion depends partly on delivery and customer acceptance.
What was IQM’s largest Q3 order?
The largest reported order was a €33 million contract for the Halocene platform from CSC’s LUMI AI Factory.
Why did IQM’s quarterly net loss increase?
IQM reported a €152.6 million net loss, compared with €12.6 million a year earlier. The company cited a €127.1 million share-listing expense as well as higher research and development, administrative and other operating costs.
Did IQM change its full-year forecasts?
No. IQM maintained its €42 million to €47 million revenue forecast and its €65 million to €75 million order forecast for 2026.
Source: thequantuminsider.com
