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Finnish maker of superconducting quantum computers sold to governments, universities and research labs in Europe.
Finnish maker of superconducting quantum computers sold to governments, universities and research labs in Europe.
Each system is a large one-off sale, mostly to national research centres and governments that install it on site, so revenue is lumpy and depends on a few big orders. Maintenance and cloud access add recurring income. This ADR carries the same business as the Finnish listing quoted as IQMX.HE.
In one line: A European Rigetti/IonQ.
Moat: narrow (IP / patents, process know-how). Early mover in on-premise superconducting quantum systems for European sovereign-compute programs.
Headquarters: Espoo, Finland · Founded: 2018
Size IQM Quantum Computers Oyj Sponsored ADR (IQMX) is a United States Information Technology company (Computer Processing Hardware) with a market value of $1.49B, the 1993rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $7.85 on 6 Nov 2026.
Growth The operating margin is -492.1% (peer median 6.5%).
Valuation It trades at 178.8× enterprise value to sales against a peer median of 1.7× (most expensive of 20).
Capital Return on invested capital runs 36.0 points below its cost of capital (8.6% WACC).
Short interest Short interest is 0.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | |
|---|---|---|---|
| Revenue | $7.77M | $0 | $0 |
| Revenue growth | — | — | — |
| Gross profit | $3.56M | $0 | $0 |
| EBITDA | n/a | -$374,200 | -$1,090 |
| Net income | -$38.0M | $4.25M | -$1,087 |
| Free cash flow | -$66.4M | $14,830 | $0 |
| Capital expenditure | $8.35M | $0 | $0 |
| Total debt | $32.7M | $0 | $0 |
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| IQM Quantum Computers Oyj Sponsored ADR IQMX | $1.49B | n/a | n/a | -492% | 178.8× | n/a |
| IonQ IONQ | $14.0B | -34% | +371% | -392% | 48.5× | n/a |
| RGTI RGTI | $3.92B | -38% | +68% | -728% | 264.8× | n/a |
| QBTS QBTS | $4.05B | -25% | -44% | -1,373% | 286.2× | n/a |
| Pasqal PSQL | $923M | n/a | n/a | n/a | n/a | n/a |
| Xanadu Quantum Technologies XNDU.TO | $815M | -84% | n/a | -1,410% | 126.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IQMX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.8% | -4.2% | 5th lowest of 21 |
| Distance from 52-week high | -48.0% | -41.8% | 6th lowest of 21 |
| Operating margin | -492.1% | 6.5% | lowest of 20 |
| EV / Sales | 178.8× | 1.7× | most expensive of 20 |
| ROIC minus cost of capital | -36.0 pp | +0.7 pp | 3rd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IQM Quantum Computers Oyj Sponsored ADR IQMX | United States | $1.49B | n/a | n/a | -492% | 178.8× | n/a | n/a |
| XGD 300130.SZ | China | $1.49B | -20% | +21% | 12% | 1.7× | 3.8% | +3.8% |
| IQM Quantum Computers IQMX.HE | Finland | $1.41B | n/a | n/a | -492% | 174.7× | n/a | n/a |
| PCI Technology 600728.SS | China | $1.58B | -7% | +11% | 0% | 1.1× | 23.0% | +18.8% |
| SDIC Intelligence Information Technology 300188.SZ | China | $1.35B | -15% | -15% | -53% | 6.2× | n/a | n/a |
| Kontron KTN.DE | Germany | $1.31B | -19% | -7% | 7% | 0.9× | 4.2% | +5.1% |
| Sichuan Furong Technology 603327.SS | China | $1.30B | -26% | +22% | 6% | 3.0× | n/a | n/a |
| Raspberry PI RPI.L | United Kingdom | $1.29B | -27% | +71% | 9% | 2.9× | 14.4% | +17.2% |
| Qisda 2352.TW | Taiwan | $1.28B | +7% | 0% | 1% | 0.6× | n/a | n/a |
| MilDef MILDEF.ST | Sweden | $1.17B | +54% | +76% | 17% | 4.1× | 5.1% | +38.7% |
| Willfar Information Technology 688100.SS | China | $1.98B | -28% | -9% | 20% | 4.8× | 17.0% | +15.5% |
| Infleqtion INFQ | United States | $2.00B | -27% | n/a | -315% | 67.0× | n/a | n/a |
| Dongfang Electronics 000682.SZ | China | $2.06B | -21% | +14% | 7% | 1.2× | 8.9% | +17.4% |
| Getac 3005.TW | Taiwan | $2.20B | +19% | +9% | 15% | 1.7× | -7.0% | +7.2% |
| Lakala Payment 300773.SZ | China | $2.32B | -25% | +17% | 4% | 1.1× | 14.2% | 0.0% |
| Pasqal PSQL | United States | $923M | n/a | n/a | n/a | n/a | n/a | n/a |
| Zkteco 301330.SZ | China | $876M | -19% | +24% | 11% | 1.9× | 7.2% | +3.4% |
| JBCC 9889.T | Japan | $852M | +61% | +9% | 10% | 1.5× | -4.7% | +4.8% |
| Acer 2353.TW | Taiwan | $2.63B | +4% | +15% | 2% | 0.4× | n/a | n/a |
| Jess-Link Products 6197.TW | Taiwan | $814M | -10% | +21% | 22% | 3.0× | 6.1% | +16.2% |
| Emdoor Information 001314.SZ | China | $791M | -26% | +74% | 3% | 1.0× | n/a | n/a |