# IQM Quantum Computers Oyj

> 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/iqmquantumcomputers).

## Overview

IQM Quantum Computers Oyj is a Finnish developer and manufacturer of superconducting quantum computing systems, founded as a spin-off from Aalto University and VTT Technical Research Centre of Finland. The company builds full-stack on-premises quantum computers, develops co-designed quantum architectures for high-performance computing (HPC) centers, and provides cloud-based access to quantum processing units. Headquartered in Espoo, Finland, IQM operates internationally with commercial and research subsidiaries across Europe, North America, and the Asia-Pacific region.

## Products & services

• On-premises full-stack superconducting quantum computer systems
• Co-development and custom quantum engineering projects
• Cloud-based quantum computing access and software integration
• Professional lifecycle services including installation, training, and maintenance

- **Quantum Computer Systems & Co-development** (85%) — Turnkey on-premises quantum computers and bespoke co-designed quantum processor hardware.
- **Maintenance & Professional Services** (13%) — System maintenance, hardware calibration, technical support, and customer training programs.
- **Cloud Access Services** (2%) — Usage-based remote quantum computing time and platform access.

- On-premises full-stack superconducting quantum computing hardware installations
- Co-development projects and customized application-specific quantum processors
- Cloud access services delivering remote computing time on quantum processors
- System maintenance, calibration, technical support, and user training services

## Customers

IQM serves high-performance computing centers, national scientific research institutes, academic universities, and forward-looking enterprise laboratories. Customers deploy IQM's systems as quantum co-processors alongside classical supercomputing and AI infrastructure to solve complex computational problems in materials science, optimization, and simulation. The commercial pipeline is characterized by high-value, multi-million-euro public tenders and collaborative institutional contracts.

- **Supercomputing & HPC Centers** (primary) — National computing facilities integrating quantum hardware with classical HPC clusters.
- **Academic & Research Institutions** (primary) — Universities and public laboratories conducting advanced physics and quantum algorithms research.
- **Commercial Enterprises** (emerging) — Corporate R&D centers exploring practical industry use cases such as materials simulation and logistics.

- National supercomputing centers integrating quantum accelerators into classical HPC clusters
- Academic and government research institutes running fundamental quantum physics experiments
- Enterprise R&D departments evaluating quantum algorithms for optimization and chemistry
- Public-sector research consortia seeking regional technological and computational sovereignty

## Geography

Headquartered in Espoo, Finland, IQM maintains manufacturing and testing facilities in Finland and Germany, supported by international subsidiaries across Europe, North America, and Asia. Revenue generation is project-driven and fluctuates across global regions based on system deliveries, with key customer installations in Finland, the United States, and Germany. The business maintains active commercial engagements across major European markets, North America, Japan, and Singapore.

- **Finland** (43%) — H1 2026 external customer revenue share
- **United States** (42%) — H1 2026 external customer revenue share
- **Germany** (13%) — H1 2026 external customer revenue share
- **Czech Republic** (2%) — H1 2026 external customer revenue share

- Espoo, Finland serves as the primary global headquarters and central hardware fabrication site
- Germany hosts substantial research, engineering facilities, and major non-current asset investments
- United States footprint expanded through deliveries to national laboratories like Oak Ridge
- Growing commercial reach across European HPC centers, Japan, and the Asia-Pacific region

## Strategy

IQM's strategy centers on positioning full-stack quantum computers as specialized hardware accelerators seamlessly integrated into HPC centers and enterprise computing architectures. The company focuses on converting its substantial order backlog into delivered systems while advancing higher qubit count roadmaps, including 150-qubit platforms. Growth is driven by expanding international sales channels and scaling manufacturing to reduce unit costs and delivery lead times.

- **Backlog execution and system delivery** (short-term) — Revenue targets depend directly on delivering contracted systems and meeting customer acceptance milestones.
- **HPC-quantum integration leadership** (medium-term) — Establishes long-term enterprise stickiness as quantum co-processors augment classical supercomputing clusters.
- **Scaling manufacturing and technology roadmap** (long-term) — Higher qubit fidelity and serial production capabilities protect technological relevance against well-funded peers.

- Integrate on-premises quantum accelerators directly alongside classical CPUs, GPUs, and AI clusters
- Advance superconducting hardware roadmaps toward higher-qubit commercial platforms
- Execute backlog conversion by delivering scheduled systems to supercomputing centers globally
- Expand dual-listing market access following public listing via SPAC transaction

## Risks

IQM operates in an emerging and capital-intensive deep-tech sector characterized by lumpy contract milestones, high customer concentration, and long sales cycles. Technological hurdles around scaling qubit counts, error mitigation, and hardware manufacturing represent existential performance risks. Additionally, the company faces intense competition from well-funded global technology giants and demands continuous external financing to fund ongoing R&D.

- **Delivery and milestone acceptance delays** [high] — Annual financial guidance is tied heavily to individual customer acceptance milestones, such as 150-qubit systems.
- **Capital requirements and ongoing cash burn** [high] — Capital-intensive fabrication and R&D operations require sufficient liquidity prior to reaching commercial self-sustainability.
- **Technology roadmap execution** [critical] — Failure to overcome physical scaling barriers or achieve quantum advantage risks technological obsolescence.

- Revenue lumpiness and timing risk linked to multi-million-euro delivery acceptance milestones
- Technical and manufacturing bottlenecks in scaling high-fidelity quantum processors
- High customer concentration among government-funded supercomputing and research centers
- Intense global competition from deep-pocketed US and Asian computing conglomerates

## Accounting

Accounting is heavily influenced by IFRS 15 revenue recognition, shifting between over-time contract accounting for customized co-development and point-in-time recognition upon customer acceptance of standardized systems. Operating results exhibit substantial quarterly volatility due to the timing of high-value hardware deliveries. Investors must also evaluate the accounting treatment of capital reorganizations resulting from de-SPAC transactions and the fair value remeasurement of warrant liabilities.

- **IFRS 15 Revenue Recognition** — Causes sharp percentage swings between quarterly revenue recognition methods
- **De-SPAC Capital Reorganization** — No goodwill or intangible asset revaluation recognized; transaction treated as equity recapitalization
- **Warrant Liability Fair Valuation** — Non-cash earnings volatility prior to exercise or expiration

- Revenue recognition shifts between point-in-time and over-time based on system customization and delivery terms
- Extreme quarterly top-line volatility driven by the timing of individual quantum computer deliveries
- Accounting for SPAC business combination as a capital reorganization without goodwill recognition
- Fair value measurement and quarterly profit/loss adjustments for outstanding warrant liabilities

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*Last updated: 2026-10-24T10:33:10.627748+00:00*