Pasqal ramps up growth plans after Nasdaq listing strengthens balance sheet
PSQL•Pasqal said it held €312.9 million ($355.8 million) in cash after its Nasdaq listing and plans to expand commercial and technical-sales teams, advance its technology and increase production capacity in 2027 and 2028. First-half revenue rose 14% to €4.9 million, while its operating loss widened to €59.2 million.
1. Capital for expansion
Pasqal said it would use the fresh capital primarily to expand commercial and technical-sales teams, advance its technology and increase production capacity in 2027 and 2028. The French quantum processor maker currently operates seven processors and has annual capacity to produce 13 machines at facilities near Paris and in Canada.
2. Revenue and losses
Pasqal reported first-half revenue of €4.9 million, up 14%, and €70.4 million in booked and awarded business, a measure that includes grants, tax credits and multi-year customer contracts. Its operating loss widened to €59.2 million from €19.8 million a year earlier, including €37.5 million in share-based payments and listing-related costs.
3. Sales cycles
The company sells machines directly to large companies and data centres and provides time-based access through Google Cloud and Microsoft Azure. Machine sales can take more than 12 months from contract signing to delivery, while cloud-service revenue is recognised as customers use the platform.
