Pasqal, a French company that builds quantum processors, announced Thursday that its recent Nasdaq listing has left it with €312.9 million ($355.8 million) in cash. The firm plans to use the fresh capital to expand its commercial and technical‑sales teams, accelerate technology development, and increase production capacity in 2027 and 2028.

Growth plans and production capacity

Pasqal currently operates seven quantum processors at customer sites and in its own research programmes. It has annual production capacity for 13 machines at facilities near Paris and in Canada. The company intends to broaden its workforce to support sales to large corporations and data‑centre operators, as well as to grow its cloud‑based offering through Google Cloud and Microsoft Azure.

Financial snapshot

For the first half of the year, Pasqal reported revenue of €4.9 million, a 14 % increase from the same period last year, and booked €70.4 million in awarded business, which includes grants, tax credits and multi‑year contracts. The operating loss widened to €59.2 million from €19.8 million a year earlier, reflecting €37.5 million in share‑based payments and costs related to the Nasdaq listing.

Sales cycle and revenue recognition

Machine sales can take more than 12 months from contract signing to delivery, while revenue from cloud‑based services is recognised as customers use the platform. Pasqal noted that the lengthy sales cycle can create a lag between securing an order and recognising revenue.

Key customers

Among Pasqal’s customers are Saudi Arabia’s Aramco and France’s Crédit Agricole, illustrating the firm’s reach into both energy and financial sectors.

The company’s expansion plans aim to turn early customer interest into sustainable revenue streams as the quantum‑computing market continues to mature.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.