Pasqal Holding SA has released its third quarter 2026 business update, revealing a decline in revenue compared to the previous year. The company reported revenue of €3.3 million, down from €5.7 million in the same quarter last year. This dip was attributed to the absence of quantum processing unit (QPU) sales during the current period, which had contributed significantly to last year's figures. Despite the revenue decline, Pasqal emphasized its solid execution of commercial initiatives and a healthy global pipeline of opportunities.

Pasqal, a leader in neutral-atom based quantum computing, operates under the Standard Industrial Classification of Services-Computer Processing & Data Preparation. The company is listed on Nasdaq under the tickers PSQL and PSQLW. Its recent filings include a 6-K form filed on November 6, 2026, detailing the latest business updates.

According to the filing, the company's Q3 metrics included a notable increase in QPU-related services revenue, which rose to €3.1 million from €2.0 million year-over-year, marking a 53% increase. Additionally, government grant income increased to €1.0 million from €0.7 million in the previous year. Pasqal's booked and awarded business stood at €69.8 million as of September 30, 2026, while cash and cash equivalents were reported at €312.8 million.

Dr. Wasiq Bokhari, CEO of Pasqal, stated, "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." He further expressed optimism about the company's growing pipeline of opportunities across various sectors, including enterprise and public sector customers.

Pasqal's recent business highlights include achieving ISO/IEC 27001:2022 certification for its information security management system, which provides assurance to customers regarding cybersecurity and privacy protection. The company also launched an AI-assisted workflow on Pasqal Cloud, significantly reducing the engineering effort required to execute quantum use cases. Furthermore, Pasqal has formed strategic partnerships with various organizations, including USA Rare Earth and LG CNS, to explore commercial opportunities in quantum computing.

Looking ahead, Pasqal plans to maintain a disciplined investment approach to scale its capital-efficient business. The filing does not specify what steps will follow this update, but the company is set to host a conference call to discuss the business update further.