Pasqal Q3 earnings call highlights. November 6, 2026 Key points. * Q3 revenue fell to EUR 3.3 million from EUR 5.7 million a year earlier, as 53% growth in QPU services to EUR 3.1 million was outweighed by the absence of QPU system sales. * Pasqal's order book was nearly unchanged at EUR 69.8 million, while its commercial pipeline expanded. At Aramco, the Dhahran QPU is supporting close to 10 use cases, with more advanced projects consuming increased computing hours. * The company ended September with EUR 312.8 million in cash and expects several years of runway. It reiterated its goal of exceeding 10,000 physical qubits and 200 logical qubits by the end of 2029. * Interested in Pasqal? Here are five stocks we like better. Pasqal NASDAQ: PSQL reported third-quarter 2026 revenue of EUR 3.3 million, down from EUR 5.7 million a year earlier, as growth in quantum processing unit services was offset by the absence of system sales. QPU-related services revenue rose 53% to EUR 3.1 million from EUR 2 million, including initial hours consumed under the company's quantum computing as a service arrangement with Aramco, CFO Stéphane Rougeot said. The year-earlier quarter included EUR 3.2 million in QPU sales revenue; Pasqal recorded no such sales in the latest period. CEO Wasiq Bokhari acknowledged that the quarter was not strong in terms of reported revenue and the order book, but said the company had expanded its pipeline of enterprise, sovereign and public-sector opportunities. Pasqal's order book, defined as firm orders not yet fulfilled, stood at EUR 69.8 million at the end of September, roughly unchanged from the end of June. Aramco engagement and commercial pipeline. Bokhari said Pasqal's QPU at Aramco's data center in Dhahran was being used in line with expectations and that the number of use cases was growing. The CEO said the company was seeing "encouraging signals" of a return on investment relative to classical computing resources. Rougeot said Pasqal had close to 10 use cases underway with Aramco. More advanced projects were consuming more QPU hours, while newer ones required work to define algorithms and demonstrate returns before usage increased, he said. Pasqal is pursuing deeper relationships with existing customers while using those engagements to reach new clients in its priority industries: energy, material simulation and financial services. Bokhari said the company aims to build a library of business solutions that can be reused with other customers in the same sectors. In Saudi Arabia, Pasqal announced an agreement with Eleven Ventures to form a commercial joint venture to deploy and scale its systems across the kingdom and the broader Middle East and North Africa region. It also signed a research collaboration with KACST's National Center for Quantum Technologies focused on quantum solutions related to cryptography. Discover more Stock Market News Stock Market Holidays Track Stock Market In materials, Pasqal formed a partnership with USA Rare Earth and Riven Systems to develop separation technology and potential extracting molecules for rare earth elements. With Saudi-based True Nexus, Pasqal said it used its neutral atom QPUs to encode protein structures tied to gelation, a process that gives foods structure and texture. In financial services, Bokhari cited the company's partnership with Crédit Agricole CIB in portfolio optimization and risk modeling. Initial production use cases are targeted as early as 2028, he said. System deliveries and technology roadmap. Pasqal has three systems in production, some for internal use, and expects some deliveries toward year-end, Rougeot said. He reported no particular delivery issues but said commissioning and customer acceptance of an on-premise system generally take at least 12 months after an order, sometimes longer. Rougeot declined to provide bookings guidance. He said QPU sales typically add a larger amount to the order book upfront but take at least a year to become revenue, while sales of QPU hours generally convert to revenue over a few months as customers develop and advance their use cases. On technology, Bokhari reiterated Pasqal's goal of delivering more than 10,000 physical qubits and more than 200 logical qubits with six nines of logical fidelity by the end of 2029. Over the next 12 months, he said, the company expects to demonstrate logical registers running error correction and declining logical error rates as it implements different codes. Pasqal is also working to scale photonic chip technology that controls atoms with laser light. Bokhari said moving more of that control onto a chip could shrink the optical footprint of future processors by up to 50 times. In October, the company made an AI-assisted workflow available on Pasqal Cloud, allowing researchers to use agentic coding tools with its cloud QPUs, he said. Cash and spending plans. Pasqal ended September with EUR 312.8 million in bank cash following its business combination. Government grant income was EUR 1 million for the quarter, up from EUR 0.7 million a year earlier. Rougeot said hiring was on track, though taking slightly longer than desired, with the main focus on commercial roles. He said annual cash burn was between EUR 40 million and EUR 50 million in 2024 and 2025, and that he expected some increase but not a significant one. The CFO said the company's cash provided several years of runway, until at least the end of the decade. About Pasqal (NASDAQ:PSQL). Pasqal is a France-based quantum computing company that develops quantum processors, software and application solutions based on neutral-atom technology. Its systems use individually controlled atoms to perform quantum computations and are designed to address complex problems that can be difficult to solve with conventional computing. The company provides quantum computing hardware and access to its technology through cloud-based platforms, along with software tools that enable customers and researchers to develop, test and run quantum algorithms. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider Pasqal, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Pasqal wasn't on the list. While Pasqal currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys. Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you'll find 7 stocks that could play a major role in the next tech-driven market boom. Continue following MarketBeat

Critical minerals wrap: ELMT lands $450M govt investment; CRML, USAR, TMQ stocks in focus ahead of trump-xi meet. Published: Sep 19 2026, 04:05 AM IST * FB * TW * Linkdin * Whatsapp * GNFollow Us Washington sought to secure the rare earth supply chain this week with a $450 million investment, as all eyes turned to the U.S.-China meeting on September 24. * The Department of War completed about $35.6 million in transactions involving Trilogy and South32 to support the Upper Kobuk Mineral Projects in Alaska. * USA Rare Earth partnered with Pasqal and Riven Systems to develop a new rare-earth separation technology. * Critical Metals estimates the proposed Romanian facility could generate between $1.8 billion and $2.2 billion in annual revenue. U.S. critical-minerals stocks have been in focus this week as the U.S. stepped up efforts to reduce reliance on China and back domestic supply chains, while companies advanced major tungsten, copper, and rare-earth projects. The developments come ahead of President Donald Trump's meeting with Chinese President Xi Jinping on September 24, where critical-mineral supplies are expected to be part of broader trade discussions. Washington reportedly wants Beijing to ease shipments of rare earths and other critical minerals. Here are the key developments from this week. Washington commits $450M to tungsten supply chain. The week's biggest government-backed development came from Elmet Group (ELMT). The U.S. Department of War (DoW) committed up to $450 million through a preferred-equity investment to assist Elmet in expanding U.S. tungsten mining, processing and manufacturing. The government will also receive warrants representing up to 19.9% of Elmet's stock. Elmet pointed out that this is part of the U.S. government's broader effort to build resilient domestic and allied supply chains for the critical minerals, materials, and components. US government takes stake in Trilogy Metals. Trilogy Metals (TMQ) also emerged as a beneficiary of the U.S.' push to invest directly in U.S. critical-minerals projects. TMQ was in focus this week after the DoW completed about $35.6 million in transactions involving Trilogy and South32 to support the Upper Kobuk Mineral Projects in Alaska. The investment also gave Washington around a 10% stake in Trilogy. The projects include the Arctic polymetallic deposit and the Bornite copper-cobalt deposit. USAR targets processing bottleneck. On Thursday, USA Rare Earth (USAR) partnered with Pasqal (PSQL) and Riven Systems to develop a new rare-earth separation technology. Riven will conduct automated experiments, while Pasqal will use AI and quantum computing to help identify more effective separation methods. CRML Sees $1.8B to $2.2B annual revenue from Romanian facility. Meanwhile, Critical Metals (CRML) reported progress at its Tanbreez rare-earth project in Greenland. The company said testing achieved more than 99% dissolution of Eudialyte concentrate, allowing it to produce 19 high-purity rare-earth and critical-metal products. Critical Metals is also studying a refinery in Romania that would process material from Tanbreez. The company estimates the proposed facility could eventually generate between $1.8 billion and $2.2 billion in annual revenue. Trump-Xi meeting puts sector back in focus. Reuters reported earlier this month that some Chinese rare-earth suppliers have declined to ship materials to U.S. customers over concerns about potential repercussions from Beijing, highlighting the continued vulnerability of American supply chains. That makes the Sept. 24 meeting particularly relevant for the U.S. rare earth industry. How have CRML, TMQ, and USAR fared this year? USA Rare Earth leads the group with nearly a 28% gain this year. Critical Metals is down nearly 4%, and Trilogy Metals has fallen over 25%. So far this week, USAR is down 2.5% and on track for its fifth consecutive weekly loss, while TMQ is heading for a fourth straight weekly decline. CRML, meanwhile, has gained 2.8%. ELMT has been the standout performer, surging more than 33% for its best week since listing in April. Also read: Ultragenyx Gets A 'Much-Needed Win,' Says Cantor - Sees $400M Opportunity After FDA Approves Neurodegenerative Disease Therapy For updates and corrections, email newsroom[at]stocktwits[dot]com.< Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business. 0 Comments / 0 New