IQM Quantum Computers NASDAQ: IQMX reported its first results as a public company, outlining a growing order backlog, a second-half-weighted revenue outlook and continued investment in superconducting quantum systems for high-performance computing environments.
The company began trading on the Nasdaq Global Select Market on July 2 and subsequently listed on Nasdaq Helsinki. Chief Executive Officer Jan Goetz said the public-market transaction, announced in February and completed in July, strengthened IQM’s financial position and global visibility.
“Our first earnings call and the underlying transaction of going public has been an important milestone for IQM,” Goetz said. The company also added three independent directors: Barbara Venneman, Juho Sarvikas and Jeff Tuder.
Backlog exceeds €102 million after quarter-end
Chief Financial Officer Jan Kürschner said IQM entered 2026 with an order backlog of €67.3 million. During the first six months, the company recorded €10.6 million in order intake and recognized €8.9 million in revenue, ending June with a €69.1 million backlog.
Since the end of the second quarter, backlog increased by another €33 million to more than €102 million. Kürschner said the company’s project-based business can create substantial quarterly variation in order intake and revenue recognition because customer approval processes, site acceptance and installation schedules vary by contract.
IQM reported second-quarter revenue of €6.7 million and first-half revenue of €8.9 million. Hardware and services represented €6.4 million of second-quarter revenue and €8.3 million of first-half revenue. Total revenue also included cloud-based quantum-computing usage and co-development projects.
Second-quarter gross margin was 46%. IQM reported an operating loss of €30.9 million for the second quarter and €60.5 million for the first half, which Kürschner attributed to research and development spending as well as costs associated with the company’s public listings. General and administrative expenses for the first half included €9.9 million of listing-related expenditures.
IQM had €309.4 million in cash immediately after the July 2 listing. Kürschner said the capital position provides the company with a runway through the second quarter of 2028. He clarified during the question-and-answer session that a reference to at least 12 months of cash runway in Finnish reporting reflected a required going-concern disclosure framework, while the company’s stated financing outlook remains through the second quarter of 2028.
Company maintains 2026 targets
IQM reaffirmed its full-year 2026 guidance for order intake of €65 million to €75 million and revenue of €42 million to €47 million. The company expects revenue to be heavily weighted toward the second half and particularly the fourth quarter.
Kürschner said much of the expected fourth-quarter revenue is linked to delivery and customer-acceptance milestones for IQM’s first 150-qubit system. Larger systems can require 1.5 to two years from order intake to revenue recognition, reflecting site preparation, testing, installation and calibration requirements. Systems of up to 54 qubits can be delivered in less than six months, he said.
The finance chief said IQM expects to deploy one or two smaller systems in the second half while continuing work on larger systems. Revenue for shorter projects is generally recognized at delivery, while revenue from systems above 54 qubits is recognized over time based on project milestones.
Responding to an analyst question, Kürschner said larger system contracts are expected to carry higher average selling prices and that it was fair to view the transition toward bigger systems as potentially supporting higher gross margins. The company did not provide a longer-term order-growth forecast.
On-premises systems remain primary revenue source
Goetz said IQM has cumulatively sold 26 full-stack quantum computers, built more than 50 systems and delivered 17 systems globally, with eight systems in production at the end of the second quarter. During the question-and-answer session, he clarified that all 26 systems referenced were final sales rather than subscriptions.
The company said its on-premises offerings remain its primary revenue engine, while cloud access and software tools are intended to expand access and long-term system value. IQM’s product portfolio includes the entry-level Spark system, the Radiant system for high-performance computing centers and enterprises, the Halocene platform for quantum-error-correction research, and the Resonance cloud offering.
IQM cited deployments at Oak Ridge National Laboratory in the United States and CINECA in Italy, along with installations at universities in Finland, Germany and Poland. The company also highlighted a sale of a 54-qubit Radiant R3 system to Poland-based space company Galaxy and an agreement to supply a Radiant R2 system to Japan’s TOYO Corporation.
Kürschner said the customer base is currently dominated by scientific and government institutions. IQM has two commercial customers, one in Poland and one in Japan, and expects commercial interest to increase as more powerful systems enable additional applications.
Technology roadmap centers on error correction and hybrid computing
IQM is focused on superconducting quantum computers integrated with classical high-performance computing and artificial intelligence infrastructure. Goetz said the company’s proprietary fabrication facility in Espoo, Finland, has received an additional €40 million in industrial-expansion investment, doubling clean-room capacity to support production of up to 30 full-stack quantum computers annually.
The company said it is working with HPE on integrating its quantum systems with HPE Cray high-performance computing infrastructure. Chief Technology Officer Craig Ciesla said the effort is aimed at hybrid workloads in which portions of a problem run on a quantum computer and other portions run on a classical supercomputer. He said the interface between the systems is generally based on open-source frameworks.
IQM also discussed its error-correction work, including tile codes and barbell codes designed for its Constellation processor topology. Goetz said the company’s published analysis indicated barbell codes could provide lower logical error rates at the same physical-qubit budget or achieve similar logical performance with fewer physical qubits.
Ciesla said the company’s 2027 roadmap for four to 36 logical qubits at a 10-5 logical error rate incorporates novel quantum low-density parity-check codes. The results will depend on the specific code and implementation selected, he said.
Looking ahead, management said its priorities are meeting delivery targets, converting backlog into revenue, expanding fabrication capacity, advancing error-correction milestones and building its cloud and software ecosystem.
About IQM Quantum Computers (NASDAQ:IQMX)
IQM Quantum Computers is a quantum computing company focused on developing superconducting quantum processors, quantum computers, and related software and services. The company works to make quantum technology available for research institutions, enterprises, and other organizations seeking to explore and apply quantum computing in practical settings.
Founded in Finland, IQM has positioned itself as a European developer in the quantum computing industry. Its offerings are centered on full-stack quantum computing solutions, including hardware, control systems, and cloud-based access to quantum resources, with an emphasis on helping customers experiment with and build quantum applications.
The company serves customers and collaborators in Europe and other international markets through its commercial and research relationships.
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