Quantum earnings Q3 2026: D-Wave, IonQ, IQM, Quantinuum, Rigetti, and Xanadu publish third-quarter results alongside newly public Pasqal
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Six quantum computing companies have published their Q3 2026 results, alongside Pasqal, which published its first earnings report since completing its SPAC merger earlier this year. Infleqtion publishes its third-quarter results on November 16, and DCD will update the article once the earnings have been posted. While most of the companies reported net losses for the three-month period, they also posted significant percentage increases in quarterly Year-over-Year revenue, with several upgrading their full-year expectations as a result. D-Wave Quantum computing firm D-Wave posted third-quarter revenue of $4.5 million, up 21 percent Year-over-Year (YoY). The company’s professional services revenue increased by $1.5 million, while its Quantum Computing-as-a-Service (QCaaS) revenue increased by $0.8 million, partially offset by a decrease in system sales revenue of $1.5 million. While D-Wave said bookings for the first nine months of 2026 were $37.4 million, representing a 611 percent YoY increase, quarterly bookings only totaled $1.9m, a YoY decrease of $400,000, or 19 percent. For the quarter, the company said it recognized revenue from more than 100 customers, 48 percent of which were commercial enterprises. In the previous quarter, D-Wave said that figure stood at more than 50 percent. Net loss was $48.2 million, a YoY decrease of $91.8 million. D-Wave primarily attributed this to a $121.9 million decrease in the amount of non-cash and non-operating charges related to the remeasurement of its warrant liability. All of D-Wave’s remaining publicly traded warrants were redeemed in November 2025, the company said. “From Seoul to Como to Washington, we are seeing growing interest in D-Wave’s differentiated dual-platform approach and a determination to put our quantum computing technology to work today,” said Dr. Alan Baratz, CEO of D-Wave. “Our triple-digit increase in year-to-date bookings and robust pipeline reinforce our confidence in the opportunity ahead. We are expanding our commercial reach and executing on both our annealing and gate-model roadmaps with a clear objective: to lead this industry in technical and scientific innovation, measurable customer value and growth.” IQM Finnish quantum computing company IQM posted total revenue of €8.9 million ($9.9m) for Q3 2026, up 51 percent Year-over-Year, with the company booking €42.2m ($47m) in new orders during the three-month period, bringing its year-to-date order intake to €52.9m ($58m). As of September 30, IQM said it had an order backlog of €102.5m ($113m), up 52 percent from the start of the year, and cash and cash equivalents of €260.4 million ($288m). During the quarter, IQM noted that it had extended its customer base to a fourth continent with the deployment of its first quantum computer in South America. The company also sold a second full-stack quantum computer to Japan’s TOYO Corporation. “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," said Dr. Jan Goetz, co-founder and CEO. “This quarter, a leading AI factory committed to a multi-year path toward logical qubits on IQM hardware, not just buying today's machine but investing in a roadmap they trust we will deliver. For years, the open question was whether quantum computers could work at all. "Today, it is whether they can be built, delivered, and operated at the pace the world needs them — and that is exactly what IQM was built for. With our first 150-qubit systems already at customer sites, we are focused on execution and building momentum toward our first error-correction demonstrators in 2027.” IonQ IonQ posted revenue of $173.8 million, up 336 percent Year-over-Year (YoY). It marks the sixth consecutive record quarter, the company said. Revenue for the company’s quantum platform totaled $90.3m, up 127 percent YoY, while revenue from SkyWater Foundry – the chipmaker IonQ acquired earlier this year for $1.8bn – totaled $83.5m. In September, the company announced plans to deploy a Superion quantum computer at Nvidia’s Accelerated Quantum Research Center (NVAQC) in Boston, the first system to contain a fully integrated 256-qubit quantum processing unit (QPU) fabricated by SkyWater. Net income for the quarter was $564 million, down from $1.05 billion for Q3 2025. Following the publication of the results, IonQ raised its full-year revenue guidance to between $505 and $515 million, and said it expects to see 110 percent YoY growth in its quantum computing segment. The company had previously said it was expecting to post full-year revenue of between $280m and $290m “I am thrilled that we continued our growth trajectory in the third quarter, with revenue up 336 percent YoY. Major drivers included global deployments of our IonQ Tempo quantum computers, deliveries of our quantum sensing and space-based solutions, and closing on our acquisition of SkyWater, which had a very strong quarter of its own,” said Inder Singh, COO and CFO. “Our Remaining Performance Obligations more than doubled to $1.2 billion, even as we converted our backlog into record third-quarter revenues. This was an especially strong quarter in quantum computing, which represented approximately two-thirds of new contract dollars signed by our IonQ Platform segment, driven by Superion 256 demand. We are pleased to raise our full-year 2026 revenue guidance to an industry record of more than half a billion dollars.” Pasqal French quantum computing company Pasqal completed its Special Purpose Acquisition Company (SPAC) merger with Bleichroeder Acquisition Corp. II and began trading on the Nasdaq on August 28. In its first quarterly earnings report, the company posted revenue of €3.3 million ($3.6m), down from €5.7m in the same quarter a year prior. The company attributed this difference to €3.2m ($3.5m) revenue recognized from quantum processing unit (QPU) sales in Q3 2025, noting that there were no QPU sales realized in its 2026 third quarter. QPU-related services revenue, which Pasqal describes as consisting “primarily of consulting, remote access, upgrade, and maintenance services for QPUs,” was €3.1m ($3.4m), up from €2m ($2.2m) in the year-ago period, an increase of 53 percent Year-over-Year. Booked and awarded business – including grants, tax credits, and multi-year customer contracts – was €69.8m ($77m) as of September 30, 2026, with the company holding cash and cash equivalents of €312.8m ($346m) as of the same date. Pasqal did not disclose a specific net loss figure for the quarter. “In the third quarter, we have been focused on the execution of our key priorities. Although the order book and revenue do not show it yet, we have made important progress in our technology roadmap, scaling on-chip photonic control and bringing AI-assisted workflows to Pasqal Cloud,” said Dr. Wasiq Bokhari, CEO of Pasqal. “On the commercial front, we see increased traction with our reference customers and have broadened our reach across our three priority verticals. We have increased our pipeline of opportunities across enterprise, sovereign, and public sector customers, which gives us confidence in growing our booked and awarded business. Looking forward to the balance of 2026 and into 2027, we will maintain a disciplined investment approach to scale our capital-efficient business.” Quantinuum Quantinuum saw its third-quarter revenue grow 233 percent Year-over-Year (YoY) to $9.1 million, up from $2.7m in Q3 2025. However, Adjusted EBITDA loss was $80 million, compared with a loss of $45 million in the prior-year period. GAAP net loss was $118 million, compared with a net loss of $52 million in Q3 2025. Cash and cash equivalents were $1.94 billion as of September 30, 2026. The quantum computing firm, which went public in June, outlined a number of business highlights during its third quarter, including signing a multi-year agreement with a “leading global financial institution” and a Helios deployment in Singapore, due to come online in Spring 2027. Earlier this week, Quantinuum said it had upgraded its quantum computer at the Riken supercomputing center in Japan to its latest-generation system. The company also signed an agreement with Riken and SoftBank to explore how quantum computing can be connected directly with AI data centers in Japan. "In the third quarter, we extended our technology leadership in the critical area of fault-tolerance, added to our customer base, and expanded our routes to market," said Rajeeb Hazra, president and CEO of Quantinuum. "This accelerated momentum is supporting our raised revenue outlook for 2026 and giving us more confidence than ever in the opportunity in front of us." Rigetti Rigetti posted revenue of $1.4 million for Q3 2026, down from $1.9m in the same period last year. However, total revenue for the nine months ending September 30, 2026, reached $10.9m, up approximately 110 percent from $5.2m in the corresponding period of 2025. Operating loss for Q3 was $33.2m, while GAAP net loss was $3.1m. The company said that as of September 30, it has cash, cash equivalents, and available-for-sale investments totaling $497.1 million, and no debt. Rigetti said it is forecasting full-year revenue of $20 million, contingent on India's Centre for Development of Advanced Computing “customer acceptance and associated revenue recognition” in the fourth quarter. “Rigetti delivered meaningful progress during the third quarter across system performance, technology development and strategic execution,” said Dr. Subodh Kulkarni, Rigetti CEO. “Our Cepheus-1-108Q system achieved our goal of 99.5 percent median two-qubit gate fidelity, demonstrating continued performance improvement at the 100-plus-qubit level and further validating our chiplet-based approach to scaling superconducting quantum computers.” Xanadu Quantum Technologies Canadian photonic quantum computing firm Xanadu said its quarterly revenue of $1.3 million was primarily driven by revenue realized from its participation in the DARPA QBI program and partnership engagements. The figure represents a Year-over-Year (YoY) increase of 32 percent. The company recorded R&D expenses of $25.6m in Q3 2026, up 67 percent YoY, primarily driven by increased engineering headcount and higher material consumption costs. Capex during the quarter was $8.4m, largely resulting from the purchase of R&D test equipment. Net loss for the quarter was $32.2m, up from a loss of $20.3 million in the third quarter of 2025. During the three-month period, Xanadu signed manufacturing partnerships with ASML, Bluefors, and GlobalFoundries, and signed an agreement with the Canadian government to receive around $140m in federal funding. "Loss is the engineering challenge between Xanadu and a utility-scale quantum computer, and we continue to go after it from every direction: more tapeouts, better components, and manufacturing partners who can help us push further," said Dr. Christian Weedbrook, founder and CEO of Xanadu. "The partnerships, tooling, and facilities we are adding are designed to shorten the time between a design change and a measured improvement, and we plan to keep building toward a quantum data center." More in Investment / M&A / Financing - Episode 2027 Trends and Outlooks: Europe
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