IQM Quantum Computers Oyj (IQMX)

Price$10.80Cached quoteAs of 2026-09-05 01:45 UTC

AI: Overvalued

Price checkThe market is pricing years of rapid growth before profits and steady cash generation arrive.

Using the latest quote and the SEC-reported 189.5 million shares outstanding, IQM's equity value is roughly forty times the midpoint of management's 2026 revenue target. Subtracting the large post-listing cash balance lowers enterprise value, meaning market value after net cash, but the resulting sales multiple still looks unusually demanding. That valuation needs backlog to convert quickly, growth to remain exceptional for several years, and losses to shrink sharply as manufacturing scales.

Big pictureBacklog is substantial, but revenue remains project-driven, concentrated, and far below today's valuation.

First-half revenue rose 47% to EUR 8.9 million, while post-quarter backlog exceeded EUR 102 million after a large LUMI-IQ order. Still, hardware and services generated nearly all sales, cloud revenue was tiny, and two customers represented most first-half revenue. That makes results lumpy rather than smoothly recurring: government and research contracts can move with procurement cycles, delivery milestones, and customer acceptance. Management's full-year target also depends significantly on a 150-qubit system being delivered and accepted on schedule.

Business strengthStrong cash and improving gross margin buy time, but operating losses and spending remain heavy.

The dual listing lifted cash to EUR 309.4 million, while major legacy borrowings were converted or repaid, leaving much lighter conventional debt plus leases and a small state loan. Management says this provides runway well into the second quarter of 2028. The first-half operating loss was EUR 60.5 million and operations used EUR 50.0 million of cash. Gross margin improved, but research, staffing, and a fab expansion exceeding EUR 40 million still keep the business far from self-funding.

What could change the storyExecution could justify the premium; delivery slippage, dilution, or slower quantum adoption could break it.

The bull case needs backlog to turn into revenue on time, new orders to stay strong, the 150-qubit platform to pass acceptance, and gross margins to improve as capacity rises. A larger service or cloud mix would also make revenue less uneven. The bear case is delayed deployments, sustained research spending, or slower adoption forcing another capital raise before cash breakeven. Public and private warrants could add roughly 6.6% more shares if fully exercised, although cash exercises would bring funds into IQM.

AI: News

Warrant shares registeredA new SEC prospectus registered a meaningful block of warrant-linked shares for possible issuance and resale.

The August 26 prospectus covers up to 8.625 million new shares from public warrants and 3.906 million shares tied to private placement warrants, alongside resale registrations for existing holders. If all warrant-linked shares are issued, the share count could rise meaningfully from the August 3 base. Cash warrant exercises would strengthen liquidity, but the extra shares would spread future earnings across a larger ownership base, which is dilution.

First public earningsIQM reported faster revenue, a larger loss, strong post-listing cash, and backlog above EUR 102 million.

On August 4, IQM said first-half revenue grew 47% to EUR 8.9 million while operating loss widened to EUR 60.5 million. Post-listing cash was EUR 309.4 million as of July 2, and backlog passed EUR 102.1 million after a new EUR 33.0 million order. Management guided 2026 revenue to EUR 42-47 million and new order intake to EUR 65-75 million, with delivery and acceptance of the first 150-qubit system important to the outlook.

LUMI-IQ contract awardedLUMI AI Factory selected IQM for a 150-qubit system, adding a major multi-year customer commitment.

On July 8, LUMI AI Factory confirmed IQM will supply the Halocene H4 system, named LUMI-IQ, for deployment in 2027 with later upgrades. IQM's subsequent half-year report quantified the agreement at EUR 33.0 million. The order is strategically important because it links IQM hardware with a leading European supercomputing and AI environment, but revenue depends on project milestones and customer acceptance rather than appearing immediately.

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Revenue

No reported data

Net income

2024

2025

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Operating income	−$374,202	−$1,087
Net income	$4.2M	−$1,087

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Community posts

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@tickerstat24 days ago
IQM wins quantum-computer deployment in Brazil
IQM ($IQMX) agreed to deliver a Spark quantum computer to Brazil’s Eldorado Research Institute in Campinas, with installation planned for the first quarter of 2027. The company describes the deployment as its first quantum-computer installa ...
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