Pasqal ramps up growth plans after Nasdaq listing strengthens balance sheet

French quantum processor company Pasqal has announced plans to ramp up growth following its recent Nasdaq listing, which has strengthened its balance sheet. As of Thursday, the company reported holding €312.9 million ($355.8 million) in cash, providing ample resources to bolster its sales operations and transform early customer interest into sustainable revenue.

The primary use of this new capital will be to expand its commercial and technical sales teams, enhance its technology, and increase production capacity over the next two years (2027 and 2028). Currently, Pasqal operates seven quantum processors, distributed across customer sites and internal research programs, with a production capacity for 13 machines at facilities near Paris and in Canada.

The company sells quantum processors directly to large corporations and data centers, as well as offering time-based access to its machines through Google Cloud and Microsoft Azure. Notable clients include Saudi Arabia's Aramco and Credit Agricole. However, machine sales can take more than 12 months from contract signing to delivery, while revenue from cloud-based services is recognized as customers utilize the platform.

Pasqal's first-half revenue amounted to €4.9 million, marking a 14% increase. Additionally, the company booked and awarded €70.4 million in business, encompassing grants, tax credits, and multi-year customer contracts. Nevertheless, the 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.