Pasqal (PSQL) H1 2026 Earnings: Zero QPU Sales, Aramco Machine Kept as a Service

Pasqal (PSQL) reported first half 2026 earnings with zero QPU sales. The company furnished its unaudited results for the six months ended June 30, 2026 on Form 6-K on September 24, 2026, its first report as a listed company, and hardware sales contributed no revenue in the period [1]. Earlier coverage of Pasqal focused on three questions: whether the order book would turn into revenue on the company's own schedule, whether growth still relied on public-sector customers and government grants, and whether the cash raised at listing arrived in full. In this report, QPU sales were zero, and the only machine commissioned, for Saudi Aramco, became a company-owned asset that earns service fees, so full-year hardware revenue now depends on the second half. Grant income fell again and customers remained mainly public-sector. Cash arrived in full after actual spending. Overall, Pasqal has ample funding, but its growth has not yet shifted from one-time public procurement to repeatable commercial revenue.

Pasqal is a French neutral-atom quantum computing company that listed on Nasdaq through its business combination with Bleichroeder Acquisition Corp. II, completed on August 27, 2026 [1]. It mainly sells quantum processing units (QPUs) to supercomputing centers and large enterprises. Customers sign and pay in advance, delivery and commissioning take about two years, and Pasqal recognizes sales revenue in one step at acceptance [2].

Change one: the Saudi machine became a company-owned service, and QPU sales were zero

Pasqal recorded no QPU sales in the first half of 2026, and all €4,872 thousand of revenue came from services and cryostats [1]. QPU-related services revenue was €3,944 thousand, up 34%, driven mainly by a machine upgrade at Forschungszentrum Jülich in Germany that contributed €0.8 million; cryostat revenue fell to €927 thousand [1]. QPU sales of €7,457 thousand in 2025 came from the acceptance of two machines [3], and QPU sales in the first half of 2025 were also zero [1], so the empty first half is comparable with the prior-year period.

The one machine commissioned in the period changes how revenue flows from deployments. Pasqal had previously listed the Saudi machine as one of four QPUs delivered to third parties [4]. The interim statements show that after commissioning in May 2026 the machine moved from inventory into Pasqal's own property, plant and equipment, a reclassification of €2,995 thousand [1]. It is hosted at an Aramco data center and runs as quantum computing as a service (pay-per-use cloud access), with service revenue to be recognized in future periods [1]. As a result, the number of deployed machines no longer equals hardware sales revenue.

Full-year hardware revenue is therefore concentrated in the second half. At the end of 2025, €15,288 thousand of the order book was scheduled for completion in 2026 [5]. At June 30, 2026, the order book was €36,791 thousand, with €12,491 thousand scheduled for the second half of 2026 and €24,300 thousand for 2027 and beyond, €4,156 thousand more than at the start of the year [1]. Pasqal did not say whether that increase came from new orders or from rescheduled deliveries, so a delivery delay cannot yet be established. The CINECA machine in Italy has been inaugurated but is still awaiting commissioning [1], and whether it is accepted this year will decide whether full-year QPU sales can match 2025. The chief financial officer said cloud revenue depends on launching use cases and usage volume and is expected to accelerate over the next 12 months [6].

Update: grants and customer concentration leave the earlier view unchanged

Government grant income was €2,950 thousand in the first half, down 17%; management attributed the decline to recognition timing and said grants awarded did not fall [1]. Grant cash received was €0.5 million, compared with €3.4 million a year earlier [1]. Two customers each accounted for more than 10% of revenue, together 66%, both from QPU-related services in France and Germany [1]; in full-year 2025, the top three customers accounted for 78% [7]. Concentration fell mainly because the period had no large machine acceptance, and growth still came from public supercomputing customers.

Update: cash arrived, while non-cash items inflated the reported loss

Cash after the closing was approximately €312.9 million [1]. Compared with pro forma cash of €343,758 thousand at the end of 2025 [8], the gap roughly matches the approximately €30 million of operating and investing cash outflows in the first half. The first half operating loss was €59,161 thousand, of which €37.5 million was share-based payments and one-time listing charges, while salaries, wages and benefits fell 13% [1]; excluding those items, the operating loss was about €21.6 million [6]. Cash used in operating activities was €25,194 thousand, about €5.2 million more than a year earlier, partly because less grant cash was received [1]. Pasqal will also recognize a non-cash listing services expense of approximately €115.6 million in the second half, which will enlarge the reported loss without consuming cash [1].

Conclusion

This report narrows Pasqal's core question to the structure of its revenue. Cash is sufficient to fund several years of operations. Profit conversion did not improve: the loss excluding non-cash items was close to the prior-year level. Growth still depends on purchases and upgrades by public customers. The Aramco service model could bring recurring revenue, but its contract term and value have not been disclosed. Three pieces of evidence matter next: whether second-half scheduled deliveries are accepted within the year, when Aramco service revenue appears in the accounts, and whether the year-end order book keeps growing.

Sources

[1] PSQL 6-K filed 2026-09-24 - H1 2026 results report (Exhibits 99.1-99.3), Form 6-K, 2026-09-24, https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=6-K&dateb=&owner=include&count=40 [2] PSQL 20-F filed 2026-09-02 - Legacy Pasqal revenue recognition Note 19.1 (incorporated by reference), Form 20-F, 2026-09-02, https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40 [3] PSQL 20-F filed 2026-09-02 - Legacy Pasqal revenue by product line (incorporated by reference), Form 20-F, 2026-09-02, 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 - Information About Legacy Pasqal: products and machine generations (incorporated by reference), Form 20-F, 2026-09-02, 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 remaining performance obligations Note 19.3 (incorporated by reference), Form 20-F, 2026-09-02, https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=F-4&dateb=&owner=include&count=40 [6] PSQL earnings call 2026-09-24 - First Half 2026 Earnings Call Summary, earnings call summary, 2026-09-24, https://www.pasqal.com/investors [7] PSQL 20-F filed 2026-09-02 - Legacy Pasqal customer concentration Note 19.2 (incorporated by reference), Form 20-F, 2026-09-02, 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 - Item 3.B Capitalization and Indebtedness (pro forma as of December 31, 2025), Form 20-F, 2026-09-02, https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0002088295&type=20-F&dateb=&owner=include&count=40