# IQM

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/IQM).

## Overview

IQM Quantum Computers Oyj is a Finland-incorporated quantum computing company that designs and delivers superconducting (transmon) quantum processors and full-stack quantum computer systems, including on-premises installations and cloud access. Founded in 2018 as a spin-out from Aalto University and headquartered in Espoo, IQM combines in-house chip design, fabrication coordination, system assembly, and deployment services for research institutions and high-performance computing (HPC) environments. The company operates globally through offices across multiple locations and serves customers across Europe, North America, APAC, and the Middle East.

## Products & services

• On-premises superconducting quantum computer systems
• IQM Radiance (HPC-integrated ~20–150 qubit systems)
• IQM Spark (5-qubit system for education & research)
• Cloud access to IQM quantum computers
• Maintenance, training, and technical support services
• Co-development projects with customers and partners

- **On-premises quantum computer systems** (65%) — Sale and delivery of full-stack superconducting quantum computers installed at customer sites.
- **Professional services (maintenance, training, support)** (25%) — Installation, maintenance, training, and technical support tied to deployed systems.
- **Co-development and integration projects** (7%) — Customer-funded development and integration work for specific use cases and environments.
- **Cloud platform access** (3%) — Usage-based or subscription-style access to IQM quantum computers via cloud.

- On-premises superconducting quantum computer systems
- IQM Radiance (~20–150 qubits) for HPC environments
- IQM Spark (5-qubit) for education and research
- Cloud access to IQM quantum computers
- Maintenance, training, and technical support
- Co-development projects (hardware/software integration)

## Customers

IQM sells quantum computer systems and related services to universities, national labs, and HPC/data-center operators that want on-premises quantum hardware integrated with classical compute (CPUs/GPUs). Customers also use IQM’s cloud platform to test algorithms and build “quantum readiness” capabilities without owning hardware. The customer base is geographically diverse across Europe, North America, APAC, and the Middle East, and revenue concentration can be meaningful because a small number of customers can represent a large share of annual sales.

- **Academic and research institutions** (primary) — Buy Spark/Radiance systems and services for quantum research, training, and experimentation.
- **HPC and supercomputing centers** (primary) — Deploy Radiance systems alongside CPUs/GPUs to explore hybrid quantum-classical workflows.
- **Government and national laboratories** (secondary) — Procure on-premises systems and co-development to advance national R&D objectives.
- **Commercial data centers and enterprise R&D** (emerging) — Use on-premises installations or cloud access to evaluate use cases and readiness.

- Universities buying systems for research and education
- HPC centers integrating quantum with CPU/GPU supercomputers
- Data centers seeking on-premises quantum installations
- National labs procuring systems for advanced R&D workloads
- Cloud users testing algorithms without owning hardware
- Repeat buyers upgrading to higher-capability systems

## Geography

IQM is headquartered in Espoo, Finland and delivers quantum computer systems globally, with customers across Europe, North America, APAC, and the Middle East. Its operating model includes on-site installation and ongoing services, which makes local field support and partner ecosystems important in key markets. Geographic diversity broadens the addressable customer base but also increases exposure to cross-border supply chains, export controls, and differing procurement cycles in public-sector and research markets.

- Headquarters in Espoo, Finland; European R&D and engineering base
- Customer deliveries across Europe, North America, APAC, Middle East
- On-site installation model increases need for local service coverage
- Global partner network supports integration and cloud infrastructure
- Cross-border supply chain and compliance affect delivery timelines

## Strategy

IQM’s strategy centers on scaling superconducting quantum systems from education/research units to larger HPC-integrated deployments, supported by a vertically integrated development and manufacturing approach. The company emphasizes improving hardware performance (e.g., gate fidelity) and advancing quantum error correction to reduce the physical-qubit overhead required for useful logical qubits. Commercially, it targets repeat purchases and upgrades as higher-capability systems become available, while expanding global deployments and cloud access to broaden user adoption.

- **Increase system capability and performance** (medium-term) — Higher fidelity and more qubits support broader workloads and customer upgrades.
- **Advance quantum error correction with lower overhead** (long-term) — Reducing physical qubits per logical qubit can accelerate practical utility and competitiveness.
- **Expand deployments and deepen customer relationships** (short-term) — Repeat purchases and services attach rates can grow revenue per customer as systems improve.

- Scale Radiance deployments in HPC environments (hybrid compute use cases)
- Drive hardware performance (e.g., 99.93% two-qubit gate fidelity)
- Develop proprietary quantum error correction to cut qubit overhead (~10x goal)
- Leverage vertical integration for faster iteration and reliability
- Expand global sales footprint and partner ecosystem
- Convert early users into repeat purchases and system upgrades

## Risks

IQM operates in a rapidly evolving quantum computing market where customer demand depends on perceived progress toward practical quantum advantage and confidence in superconducting roadmaps. The business can be exposed to customer concentration and long, milestone-based procurement cycles, particularly in research and public-sector environments. Execution risk is elevated due to complex hardware manufacturing, supply chain dependencies, and intense competition from large technology companies and alternative qubit modalities.

- **Slower-than-expected progress toward quantum advantage** [high] — Customers may delay or reduce spending on testing, access, and readiness if benefits are unclear.
- **Competitive pressure across superconducting and other modalities** [high] — Competitors include Google, IBM, Microsoft, Rigetti and alternative modalities (ions, photonics, neutral atoms, cat qubits).
- **Customer concentration and lumpy revenue recognition** [high] — In each of 2025 and 2024, four customers individually contributed 10%+ of revenue, making results sensitive to a small set of contracts.
- **Manufacturing, deployment, and field-service execution risk** [medium] — On-premises installations and maintenance require reliable hardware, integration, and ongoing support at customer sites.
- **Supply chain and partner dependency** [medium] — Quantum hardware relies on specialized components and external partners for parts of the value chain and deployment ecosystem.

- Demand risk if quantum advantage progress is slower than expected
- Intense competition from big tech and multiple qubit modalities
- Customer concentration: a few customers can drive annual revenue
- Hardware scale-up and reliability challenges in complex systems
- Supply chain and export-control constraints for advanced components
- Project timing risk from milestone-based contracts and installations

## Accounting

IQM reports under IFRS and applies significant judgment in revenue recognition for on-premises quantum computer sales, co-development projects, and associated services, where contract structure can affect timing (point-in-time vs over-time) and allocation across deliverables. The company also uses fair value measurement for warrant-related derivative liabilities, where unobservable inputs (e.g., expected volatility) can drive non-cash P&L volatility. Transaction accounting related to the listing structure includes IFRS 2 share-based payment treatment for the service of obtaining a listing when the counterparty does not meet the IFRS 3 definition of a business.

- **IFRS 15 revenue recognition (systems, services, cloud)** — Revenue timing, contract assets/liabilities, and comparability across periods
- **Fair value of warrant-related derivative liabilities** — Non-cash gains/losses and balance sheet volatility
- **IFRS 2 share-based payment for listing service** — Transaction-related expense recognition and equity accounting presentation

- Revenue recognition across hardware, services, and cloud usage (IFRS 15)
- Judgment in identifying performance obligations and timing of revenue
- Derivative warrant liability measured at fair value (P&L volatility)
- Use of unobservable inputs (e.g., volatility) in valuation models
- IFRS 2 accounting for listing service when IFRS 3 business test not met
- Critical estimates can materially change reported assets and liabilities

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*Last updated: 2026-07-02T18:00:19.118243+00:00*