IQM targets commercial quantum scale after first public earnings

IQM Quantum Computers has reported its first results as a publicly listed company, combining widening losses with a growing order book and an ambitious push to turn superconducting quantum systems into commercial computing infrastructure.

The Finland-based company generated EUR 8.9 million in revenue during the six months to June 30, 2026, while recording an operating loss of EUR 60.5 million. Its order backlog stood at EUR 69.1 million at the half-year point, before another EUR 33 million of orders lifted the total above EUR 102.1 million by August 3.

IQM has now set full-year guidance, targeting new order intake of EUR 65 million to EUR 75 million and revenue of EUR 42 million to EUR 47 million.

The figures underline the scale of the challenge facing quantum computing companies as they move from researchled development towards industrial production and commercial deployment. IQM has sold 26 full-stack quantum computers since its founding, with 17 systems delivered globally.

Its geographic footprint also expanded during the first half, including activity in Japan and Spain. In June, IQM completed its first US delivery, supplying a system to the US Department of Energy’ s Oak Ridge National Laboratory in Tennessee.

European momentum included a landmark agreement with CSC to integrate an IQM quantum computer into the LUMI AI Factory, connecting quantum hardware with one of the world’ s leading supercomputers. IQM also worked with Deutsche Bahn on a hybrid quantum-classical railway scheduling project using operational data and existing IQM hardware.

Alongside commercial expansion, the company is investing heavily in manufacturing. More than EUR 40 million is being directed into expanding its proprietary fabrication facility, doubling cleanroom capacity and supporting production of up to 30 full-stack quantum computers annually.

Technology development remains central to the strategy. IQM introduced tile codes and further developed‘ barbell codes’, a family of quantum low-density paritycheck error-correction codes designed for its Constellation topology. The company said these advances could improve errorcorrection efficiency as it works towards fault-tolerant quantum computing.

Partnerships are also extending IQM’ s technology into wider AI and highperformance computing environments. Work with NVIDIA includes AI-driven parallel qubit calibration using NVIDIA’ s Ising models, while collaboration with HPE is focused on integrating IQM superconducting systems with HPE Cray HPC infrastructure.

Following its dual listing, IQM reported a cash balance of EUR 309.4 million as of July 2, including listing proceeds. CFO Jan Kuerschner said this provided financial runway well into the second quarter of 2028.

CEO Dr Jan Goetz described the public debut as a milestone in moving quantum computing from research excellence into customer-ready infrastructure. With a backlog exceeding EUR 102 million, expanding production capacity and integrations spanning AI, HPC and sovereign computing, IQM’ s first public results present a business still absorbing substantial losses but increasingly measuring progress through orders, deliveries and industrial scale.

For investors, the test will be whether that backlog converts into revenue quickly enough to support guidance while spending remains elevated. For customers, the bigger question is whether quantum systems can progress from specialist installations towards dependable infrastructure. • www. intelligentcio. com

INTELLIGENT CIO EUROPE

Intelligent CIO Europe Issue105 | Page 31

IQM targets commercial quantum scale after first public earnings

IQM Quantum Computers has reported its first results as a publicly listed company, combining widening losses with a growing order book and an ambitious push to turn superconducting quantum systems into commercial computing infrastructure.