Pasqal revenue tied to contract milestones
Pasqal
Pasqal is still selling quantum hardware like a custom scientific instrument, not like a software platform. A few large installations and one defense services contract drove most 2025 commercial revenue, and each QPU deal can take about two years from award to customer acceptance, so revenue lands in chunks when a machine is installed, tested, and signed off. That makes quarterly results less about usage growth and more about project timing and buyer concentration.
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The concentration is concrete. QPU system sales were €7.5M, services were €6.5M, and cryostats were €2.6M in 2025. The GENCI and Forschungszentrum Jülich installations plus one French defense services contract made up roughly two thirds of commercial revenue.
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This is normal across quantum infrastructure peers. IQM got about 98% of 2025 revenue from on premises systems and had two customers generate about €7.3M of €8.9M in H1 2026 revenue. Atom Computing also recognizes most revenue against engineering and acceptance milestones on a small number of system and government contracts.
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What changes the shape of the business is installed base and follow on work. Pasqal had seven QPUs installed and three more in production by March 31, 2026, which creates more chances to sell calibration, support, upgrades, and eventually cloud access, instead of relying only on first time hardware acceptances.
The next phase is a shift from one off landmark procurements toward a denser stream of upgrade, services, and access revenue. If Pasqal keeps converting its €68.4M booked and awarded base into accepted systems, its revenue should start to look less like a handful of milestone spikes and more like a growing installed fleet with repeat monetization.