[PSQL] Pasqal: First Results Since Listing Test a EUR 15.3M Delivery Plan

Pasqal builds neutral-atom quantum processors: optical tweezers hold neutral atoms in an array and lasers drive their quantum states to perform the computation, the machine runs at room temperature and fits inside a standard data center, and the company says seven Orion machines are installed with three more in production, supported by one manufacturing plant in France and one in Canada[1]. Its first earnings call since listing is scheduled for 2026-09-24[2], and the period it is expected to cover is H1 2026 (six months ended June 30, 2026), the half-year cadence a French issuer reports on. The most recent disclosure is the 20-F filed on September 2, 2026, whose audited operating data, incorporated by reference, covers Pasqal SAS for the year ended December 31, 2025: revenue of EUR 16,468 thousand against EUR 3,508 thousand a year earlier[3], an operating loss of EUR 50,496 thousand and a full-year net loss of EUR 92,355 thousand[4], with EUR 12,826 thousand of that revenue, or 78%, coming from three customers[5]. On a pro forma combined basis, cash at December 31, 2025 stood at EUR 343,758 thousand[6].

Three questions dominate what this disclosure can confirm or weaken. The first is whether any new machine passed customer acceptance: at December 31, 2025 unfulfilled firm orders totaled EUR 35,432 thousand, of which the company's own schedule places EUR 15,288 thousand in 2026[7], and because QPU revenue is booked in a single step at acceptance, whether the company names a machine that finished commissioning decides not only the half-year number but whether that order book is a delivery schedule or a list of intentions. The second is the direction of the government line: the separately disclosed government grant income already fell from EUR 10,794 thousand to EUR 7,211 thousand in 2025, and because grants are added straight back against the operating result, every euro lost widens the operating loss by one euro[4], while EUR 9,379 thousand of grants receivable remained at year-end[8]; whether that line stabilizes or steps down again says more about self-sufficiency than the revenue growth rate does. The third is how much money the listing actually left behind: holders of 26,039,602 Bleichroeder Class A shares redeemed and took roughly $266,024,836, the trust ultimately released only about $27,689,870, and the real funding came from the $250 million subscription that closed concurrently in exchange for $312.5 million principal of senior unsecured convertible notes[9], so the first genuine balance sheet will show for the first time how far actual cash sits from the pro forma EUR 343,758 thousand and how much of it must be repaid or converted into shares.

Company Background and Business Structure

Pasqal is a hardware company that grew out of the French public research system. It was spun out of Institut d'Optique in 2019 by founders including Professor Alain Aspect, the 2022 Nobel laureate in physics, Professor Antoine Browaeys, Dr. Thierry Lahaye, Dr. Georges-Olivier Reymond and Dr. Christophe Jurczak; its neutral-atom approach does not require manufacturing qubits, the same hardware supports both analog and digital gate modes, and the qubits need no cryogenic cooling[1]. On February 28, 2026 the company first completed an internal reorganization that placed Pasqal SAS and its subsidiaries under a newly formed holding company, signed the business combination agreement with Bleichroeder Acquisition Corp. II the same day, and closed on August 27, 2026, renaming the entity Pasqal Holding SA, with ordinary shares and warrants trading on Nasdaq as PSQL and PSQLW the next day[10]. After closing, the company says it holds roughly $360 million (EUR 310 million) of available cash, around 300 employees worldwide including more than 70 PhDs, about 92 granted and pending patents, and offices in France, the United States, Canada, Saudi Arabia, South Korea and the United Kingdom[1].

Where the revenue comes from is narrower than the company's own description suggests. Pasqal says it earns revenue through three routes: direct QPU sales, cloud services or cloud access through strategic partners, and software and algorithms around the QPUs[11]. The booked lines are also three: in 2025, QPU sales of EUR 7,457 thousand, QPU-related services of EUR 6,459 thousand and cryostat sales of EUR 2,552 thousand, totaling EUR 16,468 thousand[12]. The income statement is presented by nature, so there is no cost of sales or gross profit line, and government grant income of EUR 7,211 thousand sits on its own line below revenue rather than inside it[4]. Customers are mostly large supercomputing centers and public bodies: four of the seven installed Orion machines have been delivered to third parties, going to GENCI/CEA in France, the Jülich supercomputing center in Germany, Saudi Arabia in the deployment with Saudi Aramco, and CINECA in Italy, whose commissioning was originally scheduled for 2026, with three more machines in production[1]; on the manufacturing side, the plants in France and Canada are expected to ramp to a capacity of 13 QPUs per year[13].

The company also operates under a layer of sovereign control and inside a network of partnerships. Bpifrance, the French public investment bank, is a shareholder with a board seat, and a five-member strategic committee at the Pasqal SAS level must approve matters such as intellectual property transfers and the production of core components outside France by a majority that includes Bpifrance's vote. On the other side, Pasqal is a member of the IBM quantum network and works with NVIDIA, Google and Microsoft, with its machines reachable through Microsoft Azure Quantum and Google Cloud Marketplace[1]. On the accounting side, PricewaterhouseCoopers Audit has audited the Pasqal SAS financial statements for the years ended December 31, 2025 and December 31, 2024 and is expected to remain the new entity's auditor for the year ending December 31, 2026[14].

Financial History and Current Position

Pasqal's operating history is short and still small, but nearly every euro of 2025 revenue growth can be traced to a named contract. Revenue rose from EUR 3,508 thousand in 2024 to EUR 16,468 thousand in 2025, growth of 369%[3]. QPU sales went from zero to EUR 7,457 thousand, of which roughly EUR 6.1 million came from acceptance of the GENCI and Jülich machines after commissioning; QPU-related services rose from EUR 2,064 thousand to EUR 6,459 thousand, with EUR 5,000 thousand of that from a single contract with the French defense procurement agency against EUR 800 thousand in 2024; and cryostat sales rose from EUR 1,444 thousand to EUR 2,552 thousand[12]. On the same income statement, the separately disclosed government grant income moved the other way, falling 33% from EUR 10,794 thousand to EUR 7,211 thousand[4].

Cost growth kept the operating loss from converging. Employee compensation and benefits rose from EUR 27,860 thousand to EUR 38,671 thousand in 2025, within which share-based payments rose from EUR 2,777 thousand to EUR 13,872 thousand; professional and other services were EUR 19,641 thousand, depreciation and amortization EUR 8,667 thousand and materials purchases EUR 5,057 thousand, so the operating loss widened modestly from EUR 46,750 thousand to EUR 50,496 thousand[4]. Below the operating line there is a second layer: a fair value change of EUR -34,931 thousand on an ORA redeemable bond in 2025, together with interest and other financial expenses, widened the full-year loss from EUR 48,498 thousand to EUR 92,355 thousand[4].

The cash on the balance sheet came almost entirely from financing rather than from operations. Cash and cash equivalents stood at EUR 73,762 thousand at the end of 2025 against only EUR 7,163 thousand a year earlier, with trade receivables of EUR 5,608 thousand and government grants receivable of EUR 9,379 thousand[8], a net cash position of EUR 53,235 thousand and net financing inflows of EUR 96.7 million for the year, including EUR 63.0 million from ORA bonds and EUR 30.8 million from Series C shares[15]. In January and February 2026 the company issued a further 499,769 Series C shares at EUR 139.54 each for EUR 69.7 million, and on March 2 the ORA bonds converted in full into 682,448 Series C shares[9]. The listing itself has to be read in parts: redemptions took roughly $266,024,836, the trust released only about $27,689,870, and the real money was the $250 million subscription that closed concurrently in exchange for $312.5 million principal of senior unsecured convertible notes issued at a 20% original issue discount plus 32,552,083 investor warrants exercisable at $12.00[9]. On a pro forma combined basis at December 31, 2025, cash was EUR 343,758 thousand, non-current borrowings EUR 286,169 thousand, warrant liabilities EUR 124,254 thousand, total equity EUR -35,127 thousand and total capitalization EUR 378,182 thousand[6]; as of the 20-F report date there were 212,293,691 ordinary shares outstanding, alongside 17,333,333 public warrants exercisable at $11.50[16].

Operating Model

Each of the three revenue lines has its own recognition rhythm, and the largest one is barely affected by management effort in the current period. A QPU sale starts with the customer signing and paying in advance; the company then spends about two years building, shipping and commissioning the machine, recognizes the revenue in a single step at acceptance, and at the same time reverses the interest accrued under the significant financing component, which amounted to EUR 1,667 thousand in 2025[17]. That line delivered EUR 7,457 thousand in 2025, almost all of it from two machine acceptances, against zero in 2024[12]. QPU-related services cover cloud access, research and development, software and algorithms and maintenance and are recognized over time, at EUR 6,459 thousand in 2025, while cryostats are recognized on delivery, at EUR 2,552 thousand[12]. The buyer mix sets the rhythm of each line: supercomputing centers and sovereign bodies buy whole machines on multi-year budget cycles, so the amounts are large, concentrated in time and tied to public finance, while the research community and enterprises buy cloud compute and algorithm services project by project in smaller but more continuous amounts. The company's stated commercial path is to move from one-off machine sales toward structured enterprise selling and to grow cloud-based quantum computing as a service[11].

With no gross profit line in the presentation, the operating result is set not by the margin on a single machine but by the size of the team relative to the number of machines delivered. Four cost groups account for nearly all spending: employee compensation and benefits of EUR 38,671 thousand, up 39% year over year and including EUR 13,872 thousand of non-cash share-based payments; professional and other external services of EUR 19,641 thousand; depreciation and amortization of EUR 8,667 thousand; and materials purchases and inventory movement of EUR 5,057 thousand and EUR -3,335 thousand. Those total roughly EUR 76,082 thousand against EUR 16,468 thousand of revenue plus EUR 7,211 thousand of grants plus EUR 1,907 thousand of other income, producing the EUR -50,496 thousand operating loss[4]. Revenue grew 369% in 2025 while the operating loss widened only 8%, which shows the team build-out is beginning to be absorbed by revenue but is nowhere near absorbed. Below the operating line sits an amplifier: the convertible notes and warrants are carried at fair value and their remeasurement flows straight through profit and loss, a line that was EUR -34,931 thousand in 2025[4].

Operating cash is produced mainly by customer advances and financing rather than by revenue. On the positive side, QPU contracts are prepaid, so the customer pays at signing and receives the machine two years later, and in between the money sits on the balance sheet as a contract liability accruing interest under the significant financing component[17]; on the negative side, machines under construction tie up inventory, and EUR 9,379 thousand of government grants receivable sat on the balance sheet at year-end[8]. The real source of cash is financing: net financing inflows of EUR 96.7 million in 2025 lifted year-end cash to EUR 73,762 thousand[15], the listing money came in substance from the $250 million convertible note subscription rather than from the SPAC trust[9], and pro forma cash at the end of 2025 was therefore EUR 343,758 thousand[6]. The uses of that cash have a clear order: first the capacity ramp at the two plants and the materials for machines in build, then the research and engineering teams, and only then commercial expansion into new markets[13].

Industry and Competitive Position

Pasqal sits on the neutral-atom side of the technology contest in quantum computing, and its stated differentiation is physical. The company argues that its qubits are naturally occurring atoms that do not have to be manufactured, so consistency is guaranteed by nature, and that the machine operates at room temperature with no cryogenic cooling of the qubits, drawing roughly 4 kilowatts against the more than 1,400 kilowatts it cites for classical supercomputers[1]. The Orion machines sold today offer 140 to 200 physical qubits, the company has demonstrated more than 1,000 trapped atoms, and it has published a machine roadmap: Vela expected in 2027 with more than 200 physical qubits, Centaurus expected in 2028 for early fault-tolerant quantum computing, and Lyra expected in 2029, with the company saying it can reach more than 200 logical qubits around 2029[18].

That technical story has not yet turned into certainty on the demand side. Commercially, Pasqal has worked with more than 40 customers and strategic partners, has built more than 25 commercial use cases, and had roughly $78.6 million, or EUR 68.4 million, of contracted and awarded business including grants as of March 31, 2026[1]. At the same time, the company states plainly in its risk factors that no current quantum computer, including its own hardware, has reached broad quantum advantage and that they may never reach it[19]. That means its competitive edge today rests on who can install a machine inside a supercomputing center and keep it running, not on whose machine is already solving production problems that classical computing cannot, and the relevant comparison set is therefore other vendors shipping whole machines rather than an existing commercial market.

Core Debates

Can Pasqal deliver and recognize the EUR 15.3 million of its year-end 2025 order book that its own schedule places in 2026?

This question comes first because QPU sales and QPU-related services together accounted for 84.5% of the EUR 16,468 thousand of 2025 revenue, and that revenue does not accrue monthly but lands in a single step at customer acceptance[12]. The company discloses a two-year lead time from contract signature and payment to delivery and commissioning[17], so whether the first report since listing contains a new acceptance decides more than the half-year figure: it decides whether the market can treat the EUR 35,432 thousand order book at December 31, 2025 as an executable delivery schedule[7].

The same evidence supports two opposite readings. QPU sales revenue jumped from zero to EUR 7,457 thousand in 2025, almost all of it the roughly EUR 6.1 million recognized after the GENCI and Jülich machines finished commissioning, and QPU-related services rose from EUR 2,064 thousand to EUR 6,459 thousand with EUR 5,000 thousand from one French defense procurement contract[12]; the most direct reading is that delivery capability is being demonstrated and that the EUR 15,288 thousand scheduled for 2026 will continue to be booked on schedule[7]. The equally available reading is that the 2025 jump was a timing effect from two long-signed machines happening to be accepted in the same year rather than a capacity ramp: the company itself writes in its risk factors that spending and revenue on large contracts may fall in different quarters[20], and only four of the seven installed machines have been delivered to third parties, with the fourth, at CINECA, still scheduled for commissioning in 2026[1].

Telling the two apart requires watching three specific things. First, whether QPU sales revenue in the period is positive and whether the company names the machine that completed acceptance. Second, whether unfulfilled firm orders at period end rise or fall against EUR 35,432 thousand and whether the EUR 15,288 thousand scheduled for 2026 is rescheduled[7]. Third, whether the cumulative installed count rises above 7 and whether the company reaffirms the ramp to 13 QPUs per year across the two plants[13]. If the company books QPU revenue while the order book falls in step and no new contracts replace it, that is consumption of a backlog rather than expansion; if the CINECA machine slips to 2027, or the company withdraws the 13-machines-per-year capacity language, the on-schedule delivery reading is directly falsified.

Is Pasqal's revenue growth the start of commercialization, or the product of a few public-sector contracts and a shrinking government grant line?

Revenue growth of 369% in 2025 looks like a commercial inflection, but it sits on the same statement as two lines running the other way. Separately disclosed government grant income fell 33% from EUR 10,794 thousand to EUR 7,211 thousand, and because grants are added straight back against the operating result, every euro of decline widens the operating loss by one euro[4]. At the same time, three customers — the French and German public supercomputing centers plus the French defense procurement agency — contributed EUR 12,826 thousand, or 78% of revenue[5]. Together those two facts determine how far this company still is from standing on commercial customers alone.

The evidence again supports two readings. The cautious reading is that the buyers and the funders are the same set of governments: the company writes in its risk factors that its government customers and government funding programs are both subject to budget constraints[21], so the 78% concentration and the shrinking grant line are two sides of one dependency. Of the EUR 4.4 million increase in QPU-related services, EUR 4.2 million came from the same French defense procurement contract, which rose from EUR 0.8 million to EUR 5.0 million[12], showing how much weight a single contract carries. The optimistic reading is that public high-performance computing centers are the only customers at this stage with both the budget and the operating capability, so winning them is itself the first step of commercialization, and the Saudi deployment together with the research collaboration agreement signed on August 12, 2026 with King Abdulaziz City for Science and Technology (KACST) shows the geography spreading, although that agreement itself states that it creates no obligation to enter any commercial arrangement[22].

Three things are again worth watching: whether annualized government grant income holds near the EUR 7,211 thousand of 2025 or steps down again, and whether grants receivable fall from EUR 9,379 thousand[8]; which way the combined share of the top three customers moves against 78%, and whether new revenue comes from outside France and Germany[5]; and whether progress in Saudi Arabia, including the KACST collaboration, and in markets such as South Korea converts from research collaborations and memoranda into contracts that enter the order book[22]. If revenue growth still comes from a single public contract and the top-three share rises rather than falls, or if grant income keeps stepping down while grants receivable fall alongside it, indicating existing programs winding up with nothing replacing them, the reading of 2025 as the start of commercialization is weakened.

How much cash did the listing actually leave Pasqal, and how much of it has to be repaid or converted into shares?

The company says it has roughly $360 million of available cash after the business combination, EUR 343,758 thousand on a pro forma basis[6], but almost none of that came from the SPAC trust. Holders of 26,039,602 shares exercised redemption rights and took roughly $266,024,836, the trust ultimately released only about $27,689,870, and the real money came from the $250 million subscription that closed concurrently in exchange for $312.5 million principal of senior convertible notes plus 32,552,083 warrants[9]. For a company with a EUR 50,496 thousand operating loss on EUR 16,468 thousand of revenue in 2025[4], how long that money lasts and whether it is debt or equity are two sides of the same question.

The pro forma picture is both ample and fragile. At December 31, 2025 pro forma cash was EUR 343,758 thousand, non-current borrowings jumped from EUR 7,640 thousand to EUR 286,169 thousand, warrant liabilities went from zero to EUR 124,254 thousand, and pro forma total equity was EUR -35,127 thousand[6]; extrapolating the EUR -50,496 thousand operating loss of 2025 in a straight line, that cash corresponds to roughly six to seven years of burn, which looks comfortable[15]. Two things make that arithmetic optimistic: employee compensation and benefits already rose 39% to EUR 38,671 thousand in 2025 and further hiring after listing would raise the denominator, and the convertible notes and warrants are carried at fair value with remeasurement flowing through profit and loss — in 2025 it was an ORA redeemable bond, since fully converted, that produced the EUR -34,931 thousand fair value change and pushed the full-year loss from the operating level of EUR 50,496 thousand to EUR 92,355 thousand[4]. The potential dilution is equally specific: the notes are initially convertible into 26,041,667 shares and the investor warrants cover 32,552,083 shares, together equal to 27.6% of the 212,293,691 shares outstanding[16].

The first genuine financial statements will answer three things: how far the cash balance sits from the pro forma EUR 343,758 thousand and whether the gap is explained by transaction costs and the note discount; whether the half-year operating loss is above or below half of the EUR -50,496 thousand full-year figure for 2025, and whether employee compensation or revenue is growing faster; and the direction and size of the fair value change on financial instruments line, along with whether shares outstanding remain 212,293,691[16]. If actual cash is materially below the pro forma figure and the gap cannot be explained by transaction costs, or if the widening operating loss comes mainly from a jump in compensation rather than delivery-related cost, reading this listing as a clean funding top-up no longer holds[6].

Risks and Falsifiers

The first risk is that the demand-side foundation has not been proven. The company acknowledges in its risk factors that no current quantum computer, including its own hardware, has reached broad quantum advantage and that they may never reach it[19], which means every euro of revenue today rests on customer research budgets rather than on production-system demand. That shows up directly in the revenue mix: EUR 12,826 thousand of the EUR 16,468 thousand of 2025 revenue came from three public research and defense institutions[5], and if customers choose to wait for broad quantum advantage before buying, both the EUR 35,432 thousand order book and the 13-machines-per-year capacity target lose their demand-side support[7] while the EUR 50,496 thousand operating loss continues[4]. The observation that would falsify this concern is disclosure of enterprise production-environment contracts funded outside research budgets, or a multi-year contract in the order book signed by a commercial customer rather than a public research institution.

The second risk is comparability, and it affects how a reader should interpret every number in the first report. The 20-F is a shell-company report filed after the business combination closed, and its financial statements are incorporated by reference from the August 5, 2026 proxy statement and prospectus[23], with the operating and financial review incorporated the same way[24]; the audited operating data belong to Pasqal SAS for the year ended December 31, 2025, while the new entity, Pasqal Holding SA, does not complete its first full fiscal year until December 31, 2026[14]. The pro forma combined annual loss of EUR -418,089 thousand contains a large volume of one-off transaction accounting adjustments and is not the same concept as the EUR -50,496 thousand operating loss[6]. If the company presents revenue and operating loss in the first report on a basis directly comparable with the Pasqal SAS history and clearly separates transaction accounting effects, this risk is resolved.

The third risk is the timing nature of revenue, and the line it exposes is half-year revenue. QPU revenue is recognized in a single step at acceptance, so a delivery slip pushes a whole block of revenue into the next reporting period while costs continue to accrue[20]. Roughly EUR 6.1 million of the EUR 7,457 thousand of 2025 QPU sales came from two machine acceptances[12], while employee compensation and professional services together of EUR 58,312 thousand accrued regardless[4]; one machine slipping is enough to erase most of a half-year's revenue, and the operating loss would not fall in step. If QPU sales revenue recognized in the first reporting period after listing is at least EUR 3,729 thousand and the company has not pushed back the EUR 15,288 thousand scheduled for 2026[7], this risk has not materialized in the period.

The fourth risk is that buyers and funders overlap heavily in the European public sector, so a change in budget cycles or policy priorities would compress the revenue line and the grant line at the same time[21]. Three public-sector customers contributed EUR 12,826 thousand of revenue, or 78%, in 2025[5], and government grant income added another EUR 7,211 thousand; together those two lines are EUR 20,037 thousand, more than the entire EUR 16,468 thousand of revenue for the year, and they set how deep the EUR -50,496 thousand operating loss runs[4]. A top-three customer share falling below 60%, or annualized grant income holding at no less than EUR 7,211 thousand alongside disclosure of new grant programs, would falsify this concern.

The fifth risk comes from the structure of the statements themselves: the convertible notes and warrants are carried at fair value, so a rising share price widens the reported loss through fair value changes and can mask progress at the operating level. The fair value change on a single ORA redeemable bond was EUR -34,931 thousand in 2025, pushing the full-year loss from the operating level of EUR -50,496 thousand to EUR -92,355 thousand[4]; the convertible notes issued at listing carry $312.5 million of principal[9], and the attached warrant liabilities already stood at EUR 124,254 thousand on a pro forma basis[6]. If the company presents and explains fair value changes on financial instruments separately from the operating result, and the direction of the operating loss moves independently of those fair value changes, readers can keep the two layers cleanly apart.

What to Watch Next

• Whether the 2026 delivery schedule becomes revenue. Against QPU sales of EUR 7,457 thousand in 2025, an order book of EUR 35,432 thousand at year-end with EUR 15,288 thousand scheduled for 2026, and 7 machines installed, watch whether QPU sales revenue in the period is positive and whether the company names the accepted machine, whether the order book rises or falls, and whether the installed count grows and the 13-per-year capacity goal is reaffirmed. QPU sales of at least EUR 3,729 thousand with the EUR 15,288 thousand not pushed back would confirm the schedule; a CINECA slip to 2027 or withdrawal of the capacity language would falsify it.
• Commercialization or a public-sector patchwork. Against grant income of EUR 7,211 thousand, grants receivable of EUR 9,379 thousand and a top-three customer share of 78%, watch whether annualized grants stabilize, whether receivables fall, which way concentration moves, and whether new markets convert from memoranda into order-book contracts. A top-three share below 60%, or annualized grants no lower than EUR 7,211 thousand with new grant programs disclosed, would confirm broadening; rising concentration with grants and receivables falling together would falsify it.
• Whether the listing money is debt or equity. Against pro forma cash of EUR 343,758 thousand, a 2025 operating loss of EUR -50,496 thousand and 212,293,691 shares outstanding, watch the gap between actual and pro forma cash and its explanation, where the half-year operating loss sits relative to half the full-year figure, the direction and size of the fair value change line, and whether the share count changes. A gap explained by transaction costs and the note discount with the loss widening on delivery-related cost would confirm the current reading; cash materially below pro forma with no explanation, or a loss widening mainly on compensation, would falsify it.

Conclusion

Pasqal's business compresses into one sentence: revenue appears in a single step only when a neutral-atom quantum processor has been built, installed inside a supercomputing center and accepted, while the cost of the research and engineering teams accrues every day. The year ended December 31, 2025 shows revenue of EUR 16,468 thousand, up 369%[3], an operating loss of EUR 50,496 thousand and a full-year loss of EUR 92,355 thousand[4], 78% of revenue from three French and German public institutions[5], and pro forma cash of EUR 343,758 thousand against non-current borrowings of EUR 286,169 thousand[6]. The central unresolved relationship is therefore whether the EUR 35,432 thousand order book[7] is an executable delivery schedule or a set of contracts tied to public budgets that can be rescheduled at any time, because that determines whether the EUR 343,758 thousand of cash is buying time or filling a gap that keeps widening.

In the sixteen-day window since the 20-F was filed on September 2, 2026, no qualifying independent third-party assessment of this company has appeared. The public information available in that window is either the company's own partnership announcements or industry-level policy news that does not concern this company specifically, and neither constitutes an outside judgment on how the business is performing. That leaves the three debates above without an external reference point, so they can only be checked item by item against the company's own disclosure, which is itself the normal condition for a company less than a month into its listing.

What would materially change the current understanding is a combination of observations rather than any single number. If the 2026-09-24 disclosure shows new QPU sales revenue recognized in the period with the accepted machine named, an order book that has not fallen from EUR 35,432 thousand, annualized government grant income holding near EUR 7,211 thousand, and a gap between actual and pro forma cash of EUR 343,758 thousand that is explained by transaction costs and the note discount, then reading 2025 as the point where delivery capability began to be demonstrated is materially strengthened. Conversely, if QPU sales revenue is zero or the company pushes back the EUR 15,288 thousand scheduled for 2026, the top-three customer share rises rather than falls, grants and grants receivable step down together, and the widening operating loss comes mainly from employee compensation rather than delivery-related cost, then the 2025 jump looks more like the timing effect of two long-signed machines being accepted in the same year[12] than the start of a capacity ramp.

Sources

[1] PSQL 20-F filed 2026-09-02 - Information About Legacy Pasqal: the company (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[2] Drillr earning_call_calendar — PSQL scheduled earnings call 2026-09-24 (calendar last updated 2026-09-17) · 2026-09-17 · Drillr earning_call_calendar

[3] PSQL 20-F filed 2026-09-02 - Legacy Pasqal revenue growth commentary (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[4] PSQL 20-F filed 2026-09-02 - Legacy Pasqal FY2025 results of operations (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[5] PSQL 20-F filed 2026-09-02 - Legacy Pasqal customer concentration Note 19.2 (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[6] PSQL 20-F filed 2026-09-02 - Item 3.B Capitalization and Indebtedness (pro forma as of December 31, 2025) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[7] PSQL 20-F filed 2026-09-02 - Legacy Pasqal remaining performance obligations Note 19.3 (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[8] PSQL 20-F filed 2026-09-02 - Legacy Pasqal financial assets Note 18 (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[9] PSQL 20-F filed 2026-09-02 - Explanatory Note: redemptions and March 2026 Financing · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[10] PSQL 20-F filed 2026-09-02 · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[11] PSQL 20-F filed 2026-09-02 - Information About Legacy Pasqal: go-to-market and business model (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[12] PSQL 20-F filed 2026-09-02 - Legacy Pasqal revenue by product line (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[13] PSQL 20-F filed 2026-09-02 - Information About Legacy Pasqal: manufacturing capacity (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[14] PSQL 20-F filed 2026-09-02 - Item 1.C Auditors and fiscal year · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[15] PSQL 20-F filed 2026-09-02 - Legacy Pasqal liquidity and capital resources (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[16] PSQL 20-F filed 2026-09-02 - Item 10.A Share Capital · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[17] PSQL 20-F filed 2026-09-02 - Legacy Pasqal revenue recognition Note 19.1 (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[18] PSQL 20-F filed 2026-09-02 - Information About Legacy Pasqal: products and machine generations (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[19] PSQL 20-F filed 2026-09-02 - Legacy Pasqal quantum advantage risk factor (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[20] PSQL 20-F filed 2026-09-02 - Legacy Pasqal period-to-period volatility risk factor (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[21] PSQL 20-F filed 2026-09-02 - Legacy Pasqal government funding exposure (incorporated by reference) · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40

[22] PSQL 20-F filed 2026-09-02 - Item 4 KACST research collaboration dated August 12, 2026 · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[23] PSQL 20-F filed 2026-09-02 - Statement by Experts: Legacy Pasqal audited accounts incorporated by reference · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40

[24] PSQL 20-F filed 2026-09-02 - Item 5 Operating and Financial Review incorporated by reference · 2026-09-02 · 20-F · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40