Company Overview
The primary mission of IQM is to build world-leading quantum computers for the wellbeing of humankind, now and for the future. IQM's core values include a team-driven culture focused on tangible value creation and delivering real systems. They are committed to technological leadership through rigorous science-driven innovation and product development.
The company offers both on-premises full-stack quantum computers and a cloud platform to access their systems. IQM partners with a diverse range of customers globally, representing the largest known on-premises customer base in the quantum computing market.
IQM's primary products include the IQM Spark, a five-qubit quantum computer designed primarily for education and research environments, and the IQM Radiance, a robust, field-tested quantum platform spanning configurations from approximately 20 to 150 qubits. The company is also designing the IQM Halocene, its next-generation quantum computer designed to scale beyond 150 qubits and support advanced quantum applications.
The benefits of IQM's products include access to cutting-edge quantum computing technology, flexibility in configuration options, and a collaborative approach to research and development. IQM's cloud offerings provide customers with the ability to access their systems remotely, while on-premises solutions offer greater control and customization.
IQM's services include training, maintenance, and technical support, designed to empower customers to turn quantum computing into real-world solutions. The company's research partnerships with leading universities and institutions demonstrate its commitment to advancing the field of quantum computing.
Valuation
| 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|
| Number of Shares (million) | 180.0 | 262.5 | 262.5 | 262.5 |
| Target Valuation (MEur) | 161.4 | 88.2 | 28.6 | 28.6 |
| Target Price | 0.9 | 0.34 | 0.11 | 0.11 |
| Potential, % | -91.0 | -96.5 | -98.9 | -98.9 |
| Recommendation | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 1800.0 | 2493.4 | 2493.4 | 2493.4 |
| Price | 10.0 | 9.5 | 9.5 | 9.5 |
| EV | 1703.0 | 2465.0 | 2554.0 | 2646.0 |
| P/S | 67.63 | 126.18 | 93.41 | 79.73 |
| EV/S | 63.99 | 124.77 | 95.69 | 84.61 |
| EV/EBIT | -34.53 | -23.31 | -25.92 | -27.56 |
| P/E | -38.96 | -23.46 | -28.51 | -29.19 |
| P/B | 10.29 | 21.11 | 81.36 | -45.53 |
| P/OCF | -37.05 | -29.29 | -31.29 | -30.19 |
| EV/OCF | -35.05 | -28.96 | -32.05 | -32.04 |
| P/FCF | -31.73 | -26.47 | -28.1 | -27.21 |
| EV/FCF | -30.02 | -26.18 | -28.78 | -28.88 |
Income Statement
| 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|
| Revenue | 14.0 | 26.6 | 19.8 | 26.7 | 31.3 |
| Rev. Growth, % | 0.0 | 90.0 | -25.6 | 34.8 | 17.2 |
| Ebit | -42.5 | -49.3 | -105.8 | -98.6 | -96.0 |
| Ebit Growth, % | 0.0 | -16.0 | -114.6 | 6.8 | 2.6 |
| Ebit, % | -303.6 | -185.3 | -534.3 | -369.3 | -306.7 |
| Profit | -46.0 | -46.2 | -106.3 | -87.4 | -85.4 |
| EPS | -0.26 | -0.26 | -0.41 | -0.33 | -0.33 |
| Profit Growth, % | 0.0 | -0.4 | -130.1 | 17.8 | 2.3 |
| Profit, % | -328.6 | -173.7 | -536.9 | -327.3 | -272.8 |
Balance Sheet
| 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|
| Inventory | 4.8 | 11.5 | 20.1 | 18.4 | 17.7 |
| Acc. Receivable | 0.9 | 13.2 | 10.6 | 11.8 | 12.6 |
| Cash | 14.6 | 124.5 | 52.9 | -35.9 | -127.5 |
| Equity | 6.6 | 174.9 | 118.1 | 30.6 | -54.8 |
| ROE, % | -697.0 | -26.4 | -90.0 | -285.6 | 155.8 |
| ROCE, % | -53.1 | -22.0 | -70.2 | -196.1 | 197.7 |
| Net Debt | 56.2 | -96.9 | -27.9 | 60.8 | 152.5 |
| Gearing, % | 855.8 | -55.4 | -23.6 | 198.5 | -278.4 |
| Equity ratio, % | 7.2 | 77.5 | 58.9 | 19.3 | -46.0 |
| Acc. Payable | 3.7 | 7.5 | 8.7 | 10.6 | 12.1 |
| Total Assets | 91.5 | 225.6 | 200.4 | 158.8 | 119.0 |
| ROA, % | -50.3 | -20.5 | -53.0 | -55.0 | -71.8 |
Cash Flow
| 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|
| Operating Cash Flow | -33.5 | -48.6 | -85.1 | -79.7 | -82.6 |
| Investment Cash Flow | -9.8 | -8.2 | -9.0 | -9.0 | -9.0 |
| Free Cash Flow | -49.2 | -65.3 | -106.7 | -100.4 | -103.7 |
| OCF/CAPEX | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial Cash Flow | 9.8 | 166.6 | 19.2 | 0.0 | 0.0 |
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