Q3 and first nine months 2026 financial report (management's discussion and analysis)

STRONG REVENUE INCREASE IN THE FIRST NINE MONTHS OF 2026, DRIVEN BY HIGHER SALES OF ON-PREMISE QUANTUM COMPUTERS, ON TRACK TO ACHIEVE FULL YEAR OUTLOOK

Three Months ended September 30, 2026 in brief

Nine Months ended September 30, 2026 in brief

CEO Review

The third quarter of 2026 was a quarter of strong execution for IQM. Our strategy of bringing full-stack quantum computers directly into high-performance computing centers, research institutions and enterprise environments continued to translate into contracted deployments and repeatable delivery, and we continued to invest in our technology roadmap and our delivery capabilities.

During the reporting period, we completed our business combination and entered the public markets under the ticker IQMX. Trading commenced on the Nasdaq Global Select Market in New York on July 2, 2026, followed by a listing on Nasdaq Helsinki on July 3, 2026. Completing the transaction within five months of its announcement reflects the organizational strength and execution capability we have built over recent years. The dual listing is an important milestone for IQM and provides an enhanced platform to attract international investment, expand our global presence and pursue our long-term growth strategy.

On technology, the first two 150-qubit customer systems have left our factory and are being installed at the customer sites, with final delivery scheduled by year-end. We also entangled all 54 qubits on our IQM Emerald processor and demonstrated new connectivity on our Star topology, the building block for our error-correction roadmap. Furthermore, the expansion of our fabrication facility in Espoo, Finland remains on track.

We also made significant commercial progress during the third quarter. In July, CSC selected IQM to deliver LUMI-IQ, an IQM Halocene system for the LUMI AI Factory and the first order for our error-correction platform, with a total value of EUR 33 million. The system will be delivered in three stages between 2027 and 2029. During the third quarter, IQM secured further system orders from the Eldorado Research Institute in Campinas, Brazil and the Community of Madrid. The Eldorado order marks our first customer in South America. At Oak Ridge National Laboratory, our IQM Radiance 20 system is now live and operational.

Order intake amounted to EUR 42.2 million in the third quarter and EUR 52.9 million for the nine months ended September 30, 2026. Our order backlog increased to EUR 102.5 million (June 30, 2026: EUR 69.1 million), of which we expect EUR 59.5 million to be recognized as revenue within the next 12 months. Revenue was EUR 8.9 million in the third quarter and EUR 17.7 million for the nine months, an increase of 49% compared with EUR 11.9 million in the prior-year period. Gross margin for the third quarter was 47%, remaining consistent with Q2 (46%).

Our reported operating loss was EUR 171.2 million for the third quarter and EUR 231.8 million for the nine months. This includes a one-time, non-cash share listing expense of EUR 127.1 million and EUR 13.5 million of one-time transaction costs related to the business combination. We ended the quarter with cash and cash equivalents of EUR 260.4 million, which provides a runway into the second quarter of 2028.

Jan Goetz
Co-Founder and CEO

Merger with RAAQ and stock exchange listing

On February 22, 2026, the Company entered into a business combination agreement with Real Asset Acquisition Corp. (“RAAQ”), a special purpose acquisition company listed on Nasdaq. The transaction was completed on July 1, 2026 (the “Closing”). At the Closing, RAAQ merged with and into IQM US LLC, a wholly owned subsidiary of the Company, and ceased to exist as a separate legal entity (the “Merger”).

In connection with the Merger, the Company delivered 14,381,747 shares held in treasury, in the form of American Depositary Shares (“ADSs”), to the former shareholders of RAAQ. Of these, 10,006,747 shares were delivered for RAAQ Class A ordinary shares that had not been redeemed and 4,375,000 shares for RAAQ Class B ordinary shares. Prior to the Closing, holders of 7,243,253 RAAQ Class A ordinary shares exercised their redemption rights. In addition, the Company assumed the outstanding warrants of RAAQ, which became 12,530,970 warrants to acquire shares in the Company (the “IQM Warrants”, see Note 7.2). Concurrently with the Closing, the Company sold 14,548,000 shares held in treasury to investors in a private placement at a price of USD 10.00 per share (the “PIPE”).

The Group received gross proceeds of EUR 208.5 million, comprising EUR 81.3 million released from RAAQ’s trust account and EUR 127.2 million from the PIPE. The ADSs and the public IQM Warrants have been traded on the Nasdaq Global Select Market under the symbols “IQMX” and “IQMXW”, respectively, since July 2, 2026. The Company’s shares have been traded on Nasdaq Helsinki since July 3, 2026.

Key Factors Impacting Our Performance

We believe that the performance and future success of our business depend on several factors. While these factors present significant opportunities, they also pose risks and challenges that we must address to improve our results of operations.

Technologically Advanced Product Portfolio

Our success depends in part on our ability to deliver high-performance quantum computers and related solutions designed to meet the evolving requirements of our customers, including research institutions, governments and enterprises. We specialize in building quantum computers for high-performance computing, research applications and industry use-cases, and our technology focuses on scalable architecture and integrated quantum processors designed for fault-tolerant systems. Our technology roadmap includes advancing qubit fidelity, error correction, and modular designs to enable large-scale quantum systems. We intend to invest heavily in research and development to extend our technology leadership and advance our portfolio of quantum computers.

Expansion of Partnerships

Our success also depends in part on our ability to identify and enter into strategic partnership opportunities to accelerate the development of our technological capabilities and the broader quantum computing ecosystem. To date, we have established partnerships with major research institutions and government agencies across Europe, North America and Asia. We are also working on projects with various industrial partners to develop solutions for quantum-based applications in material science, finance, energy, chemistry, and logistics. We intend to continue to seek new partnership opportunities that we believe accelerate our technology roadmap and growth strategy.

Customer Acquisition and Retention

Our success in achieving our growth objectives will depend on our ability to increase adoption of quantum computing technology and sales of our quantum computers. We believe that we are well-positioned to benefit from the development of quantum computing technology. As adoption of quantum computing technology increases, we believe the intuitive and accessible user experience provided by our quantum computers will enable us to attract new customers and commercial partners. As we execute on our strategy, we believe the reliability and use of our platform will create virtuous network effects, driving adoption of quantum computing technologies, which will further encourage investment in quantum computing and thereby accelerate our product roadmap.

Our ability to attract new and retain existing customers will depend on a number of factors, including the technological capabilities of our quantum computers, the offerings of our competitors and the effectiveness of our go-to-market and partnership activities. We will need to dedicate significant resources to

further develop our commercial and manufacturing capabilities.

Industry Trends

The quantum computing market is projected to grow significantly as industries seek solutions for optimization, material science, and cryptography. To date, we have benefited from Europe’s strong push for technological sovereignty and quantum investments. However, the industry is characterized by rapid technological development, and global competition from North American and Asian players with larger funding pools poses a risk. Our success will depend on our ability to achieve quantum advantage and demonstrate practical use cases for our quantum computers. Additionally, the demand for talent is increasing as the quantum computing market grows, creating challenges for companies in the industry to attract and retain talent, leading to talent shortages. Classical computing is also advancing technologically which could delay quantum adoption.

Availability of Capital

The success of our growth strategy is contingent upon significant and sustained capital investment to achieve the necessary technological and commercial scale. We intend to invest significantly to accelerate our technology roadmap and scale our manufacturing processes. Realizing our growth objectives will require material financial commitment to both hardware infrastructure development and the expansion of our scientific and commercial teams to support and service a global customer base. Our ability to secure adequate capital will therefore be critical to achieve our growth objectives and facilitate enterprise adoption of quantum computing.

Macroeconomic Environment

Our results of our operations may vary based on the impact of changes in the global economy. Negative conditions in the general economy in countries where we operate, including conditions resulting from changes in gross domestic product growth, inflation, interest rates, financial and credit market fluctuations, international trade relations and tariffs, pandemics, political turmoil, natural catastrophes, warfare, terrorist attacks, and geopolitical impacts on global supply chains, could negatively affect our business, including progress toward the development of quantum computing. It is not possible at this time to estimate the long-term impact that these and related events could have on our business, as this will depend on future developments that are highly uncertain and cannot be predicted. If any such adverse conditions occur, persist and deepen, our customers may slow their spending on quantum computing technology and we may experience a decrease in demand for our products. We may also experience an inability to access additional capital if needed which could negatively impact our liquidity.

Key Components of Results of Operations

Revenue from Contracts with Customers

We primarily generate revenue from sales of our on-premises quantum computer systems, including co-development projects, and related professional services such as training, maintenance and technical support. In addition, we generate revenue from cloud-based usage of our quantum computers.

We recognize revenue from sales of customized quantum computer systems over time and recognize at a point in time when control transfers to the customer for standardized products or system sales. Revenue from cloud-based access and patent licensing agreements is recognized based on usage. Revenue from service, maintenance, and technical support is recognized over time on a straight-line basis over the contract term. Training revenue is either recognized as part of performance obligation of a delivery project or as separate performance obligation at point in time when the service is delivered.

Cost of Revenue

Cost of revenue consists primarily of all direct and indirect expenses related to delivering projects, which typically involve the design, fabrication, delivery, and installation of advanced quantum computing systems. The costs are directly linked to the performance obligations under customer contracts. Cost of revenue also includes depreciation and amortization of assets which support the delivery of our projects, as well as costs related to logistics and warranty. In addition, there are allocated overhead costs for corporate functions and related costs such as depreciation, healthcare benefits, training and software.

Operating Expenses

Selling expenses

Selling expenses consist primarily of personnel-related expenses, including salaries, bonuses, benefits, stock-based compensation and social security for sales and business development personnel, marketing activities, advertising, travel expenses related to sales activities, external agency support, and public engagement initiatives. Selling expenses also include costs related to customer success teams and technical support staff. In addition, a portion of overhead costs are allocated to selling expenses for corporate functions and related costs such as depreciation, healthcare benefits, training and software.

General and Administrative Expenses

General and administrative expenses primarily consist of personnel-related expenses, including salaries, bonuses, benefits, stock-based compensation and social security for personnel in corporate functions such as finance, legal, human resources, and executive management. Fees for external consultants and professional service providers supporting strategic and compliance-related activities as well as communications and enterprise IT infrastructure costs are also included in general and administrative expenses. There is also a portion of overhead costs allocated to general and administrative expenses for corporate functions and related costs such as depreciation, healthcare benefits, training and software.

Research and Development Expenses

Research and development expenses relate to the advancement of our quantum computing technologies and system integration capabilities. These include personnel-related expenses, including salaries, bonuses, benefits, stock-based compensation and social security for physicists, engineers, and other technical staff involved in hardware, software, and algorithm development related to our quantum computers. Research and development costs also include expenses for specialized equipment, development software, as well as infrastructure costs such as computer resources, hosting services, and data centers which support these activities. Additionally, a portion of overhead costs are allocated to research and development expenses for corporate functions and related costs such as depreciation, healthcare benefits, training and software.

Impairment losses on financial assets

Impairment losses on financial assets include the allowance for expected credit losses on trade receivables.

Other operating income

Other operating income consists primarily of income from the ADS program and income from government grants. The ADS income comprises the Company’s share of the fees charged to shareholders by the depositary bank, BNY Mellon, upon the conversion of shares into ADSs (and vice versa), which are shared between the depositary and the Company under the depositary agreement.

Share listing expense

The Group recorded a non-recurring and non-cash share listing expense in connection with the business combination with RAAQ. The expense was calculated based on the excess of the fair value of the equity instruments deemed issued as consideration over the identifiable net assets acquired. This non-recurring listing expense is included within operating expenses and is therefore reflected in the operating loss for the period.

Result of Operations

Comparison of the Periods Ended September 30, 2026 and 2025

The following table sets forth our results of operations for the periods presented:

Revenue from Contracts with Customers

Revenue increased by EUR 3.0 million, or 51%, to EUR 8.9 million for the three months ended September 30, 2026 as compared to EUR 5.9 million for the three months ended September 30, 2025. Revenue increased by EUR 5.8 million, or 49%, to EUR 17.7 million for the nine months ended September 30, 2026 as compared to EUR 11.9 million for the nine months ended September 30, 2025.

The overall increase in revenue for the nine months ended September 30, 2026 was driven by higher value standardized quantum computer system deliveries and greater progress on customer projects for which revenue is recognized over time compared to the corresponding period in 2025. The increase in revenue for the three months ended September 30, 2026 was primarily driven by progress on customized projects for which revenue is recognized over time in comparison to the corresponding period in 2025 and the three months ended June 30, 2026.

We expect revenue to grow as we deliver against both our order backlog and new orders and achieve milestones on our technology roadmap.

Cost of Revenue

Cost of revenue increased by EUR 1.2 million, or 33%, to EUR 4.7 million for the three months ended September 30, 2026 as compared to EUR 3.5 million for the three months ended September 30, 2025. Cost of revenue increased by EUR 2.8 million, or 39%, to EUR 10.0 million for the nine months ended September 30, 2026 as compared to EUR 7.2 million for the nine months ended September 30, 2025.

The increases were primarily in line with the higher revenue generated during the respective periods and reflected the increased use of personnel and material resources required to support higher sales volumes and progress on customer projects.

We expect cost of revenue to increase with growing sales of our quantum computer systems.

Operating Expenses

Selling Expenses

Selling expenses increased by EUR 2.9 million to EUR 4.3 million for the three months ended September 30, 2026 as compared to EUR 1.4 million for the three months ended September 30, 2025. Selling expenses increased by EUR 7.6 million to EUR 11.4 million for the nine months ended September 30, 2026 as compared to EUR 3.8 million for the nine months ended September 30, 2025.

The increase for the three months ended September 30, 2026 was mainly attributable to higher personnel-related costs of EUR 1.6 million, consulting fees of EUR 0.1 million, and expenses for conferences, trade shows and other marketing-related events of EUR 0.5 million.

The increase for the nine months ended September 30, 2026 was primarily due to an increase of EUR 4.0 million in personnel-related costs, an increase of EUR 0.6 million in consulting fees, and an increase of EUR 1.0 million in conference expenses, trade shows and other marketing related events.

We expect selling expenses to increase due to a scale up in the sales force as well as higher marketing expenses.

General and Administrative Expenses

General and administrative expenses increased by EUR 24.3 million to EUR 27.0 million for the three months ended September 30, 2026 as compared to EUR 2.7 million for the three months ended September 30, 2025. General and administrative expenses increased by EUR 43.6 million to EUR 53.2 million for the nine months ended September 30, 2026 as compared to EUR 9.7 million for the nine months ended September 30, 2025.

The increase for the three months and nine months ended September 30, 2026 was primarily attributable to transaction costs of approximately EUR 13.5 million and EUR 23.4 million, respectively, recognized as expenses in connection with the business combination, the commencement of U.S. trading and the Finnish initial public offering.

General and administrative expenses, excluding transaction costs, also increased during the nine months ended September 30, 2026, primarily due to EUR 10.6 million higher personnel-related expenses resulting from the expansion of the workforce and an increase in share-based payment expenses of EUR 7.0 million. In addition, accounting and audit expenses increased by EUR 2.0 million, mainly reflecting the enhanced financial reporting, audit and regulatory requirements associated with becoming a publicly listed company. The increase for the three months ended September 30, 2026 was mainly attributable to EUR 5.6 million higher personnel-related expenses and an increase in share-based payment expenses of EUR 3.2 million.

We expect general and administrative expenses to increase due to the overall growth of the business. However, this will be partially offset by a decrease in listing related costs, which are concentrated in the nine months ended September 30, 2026.

Research and Development Expenses

Research and development expenses increased by EUR 6.6 million, or 48%, to EUR 20.4 million for the three months ended September 30, 2026 as compared to EUR 13.7 million for the three months ended September 30, 2025. Research and development expenses increased by EUR 15.0 million, or 38%, to EUR 54.4 million for the nine months ended September 30, 2026 as compared to EUR 39.4 million for the nine months ended September 30, 2025.

The increase in research and development expenses was primarily driven by the continued expansion of the Company’s quantum computing development activities. This included higher personnel-related costs as well as increased expenditure for prototype development, testing, laboratory equipment and materials.

We expect research and development expenses to increase due to overall growth of the business and progress on our technology roadmap.

Other Operating Income

Other operating income increased by EUR 3.6 million to EUR 5.1 million for the three months ended September 30, 2026 as compared to EUR 1.5 million for the three months ended September 30, 2025. Other operating income increased by EUR 5.8 million to EUR 8.3 million for the nine months ended September 30, 2026 as compared to EUR 2.4 million for the nine months ended September 30, 2025.

This increase was primarily attributable to income from the ADS program amounting to EUR 2.7 million.

Share listing expense

Share listing expense amounted to EUR 127.1 million. The fair value of the shares issued to former RAAQ shareholders was based on the closing market price of IQM’s Class A ordinary shares on Nasdaq on July 2, 2026. The respective U.S. dollar value was translated into euros using the ECB reference exchange rate as of July 1, 2026.

Financial Result

Finance Income

Finance income increased by EUR 21.6 million to EUR 23.4 million for the three months ended September 30, 2026 as compared to EUR 1.8 million for the three months ended September 30, 2025. Finance income increased by EUR 25.7 million to EUR 28.4 million for the nine months ended September 30, 2026 as compared to EUR 2.8 million for the nine months ended September 30, 2025.

The major increase in finance income for the nine months ended September 30, 2026, was primarily driven by a gain of EUR 21.9 million recognized during the three months ended September 30, 2026, resulting from the change in the fair value of financial liabilities assumed in connection with the merger with RAAQ. The fair value of these financial liabilities decreased from EUR 44.2 million at closing to EUR 22.3 million as of September 30, 2026. The gain reflects the impact of changes in the Company's share price and the USD/EUR exchange rate.

Finance Costs

Finance costs increased by EUR 4.2 million to EUR 4.5 million for the three months ended September 30, 2026 as compared to EUR 0.3 million for the three months ended September 30, 2025. Finance costs increased by EUR 19.8 million to EUR 23.9 million for the nine months ended September 30, 2026 as compared to EUR 4.1 million for the nine months ended September 30, 2025.

The increase for the three months ended September 30, 2026 was primarily driven by the derecognition of derivative financial assets associated with the three PIPE agreements of EUR 4.1 million, the value of which was driven by changes in the USD/EUR exchange rate.

The increase for the nine months ended September 30, 2026 was primarily attributable to a share price-driven increase in the fair value of the Kreos Loan warrants of EUR 5.1 million, an increase of EUR 9.0 million in the fair value of the derivative financial liability relating to the conversion option embedded in the Aalto loan agreement, and revisions to the estimated future cash flows of the Kreos Loan.

Key Operating Metric

In addition to the measures presented in our consolidated financial statements, we use Order Backlog as an indicator of future revenues from existing signed orders. This approach provides management with a transparent bridge from confirmed orders to revenue, linking sales performance with revenue realization.

We believe this metric provides useful information for the market to understand and evaluate our results of operations in the same manner as our management team.

Order Backlog represents the value of binding customer orders that have been confirmed but not yet recognized as revenue at a point in time. We calculate Order Backlog as the point in time balance of Order Intake less recognized revenue. Order Intake represents the total monetary value of binding customer orders signed during the period, excluding pipeline or expected orders, and reflects new business secured and future revenue generation.

This metric is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with IFRS Accounting Standards, and may differ from similarly titled metrics or measures presented by other companies. Certain judgments and estimates are inherent in our processes to calculate this metric.

The table below sets forth our Order Backlog (movement) as of September 30, 2026 and September 30, 2025.

In comparison to December 31, 2025, Order Backlog increased by EUR 35.2 million, or 52%, to EUR 102.5 million during the nine months ended September 30, 2026. The Group calculates Order Backlog as the point in time balance of Order Intake less recognized revenue. Order Intake represents the total monetary value of binding customer orders signed during the period, excluding pipeline or expected orders, and reflects new business secured and future revenue generation.

For the three months and nine months ended September 30, 2026, Order Intake amounted to EUR 42.2 million and EUR 52.9 million respectively. Order Intake for the three months ended September 30, 2026 includes EUR 33.0 million related to the LUMI AI Factory contract for an IQM Halocene 150 Qubit system, as well as orders from the Eldorado Research Institute in Brazil and the Community of Madrid in Spain.

The strong Order Intake in 2025 continues to be converted into revenue today, with recognized revenue rising by 49% to EUR 17.7 million for the nine months ended September 30, 2026. Of the EUR 102.5 million Order Backlog as of September 30, 2026, EUR 59.5 million is expected to be recognized as revenue within the next 12 months.

Liquidity and Capital Resources

As of the reporting date on September 30, 2026, we held cash of EUR 260.4 million and have, to-date, primarily funded our operations through issuances of equity securities, as well as borrowings under debt facilities. Based on current forecasts, management believes our existing resources are sufficient to meet operating and capital expenditure needs for at least the next twelve months from this reporting date. We anticipate that we will meet our long-term cash requirements and obligations through operating cash flows and future equity or debt financings.

We have incurred net losses since inception and experienced negative cash flows from operations. During the nine months ended September 30, 2026 and 2025, we incurred net losses of EUR 227.5 million and EUR 47.2 million, respectively. For the three months ended September 30, 2026 and 2025, our net loss was EUR 152.6 million and EUR 12.6 million, respectively. As of September 30, 2026, we had an accumulated deficit of EUR 459.8 million. We expect to incur additional losses and higher operating expenses for the foreseeable future as we continue to invest in research and development programs.

Our primary uses of cash are to fund our operations as we continue to grow our business. We will require a significant amount of cash for expenditure as we invest in ongoing research and development and business operations. Until such time as we can generate significant revenue from cloud-based quantum computer offering and our professional services, we expect to finance our cash needs through public or private equity or debt financings or other capital sources. However, we may be unable to raise additional funds or enter into such other arrangements, when needed, on favorable terms or at all. If we are unable to raise additional funds through equity

or debt financing when needed, we may be required to delay, limit, or substantially reduce our development efforts. Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth in the section titled “Risk Factors.”

Prepayment notice of Kreos Capital loan and Warrants Exercise

On July 6, 2026, Kreos exercised all outstanding warrants through a net exercise, resulting in the issuance of 577,237 shares. The subscription price was EUR 0.01 per share. Upon exercise, the warrant liability of EUR 6.6 million was derecognized and recognized in equity. Following the exercise, no Kreos warrants remain outstanding as of September 30, 2026.

On July 31, 2026, the Group fully repaid the Kreos loan, resulting in a total cash outflow of EUR 5.8 million, including principal, accrued interest and early repayment fees. The early repayment resulted in a loss on derecognition of EUR 0.9 million, recognized in finance costs during the nine months ended September 30, 2026.

Material Cash Requirements

Our material contractual commitments as of September 30, 2026 primarily relate to purchases of production material, capital expenditures and existing lease commitments.

As of September 30, 2026, we have total lease obligations of EUR 15.2 million, with EUR 2.8 million payable within 12 months. Other than lease commitments, capital expenditures and production material purchases, cash requirements for fiscal year 2026 are expected to consist primarily of operating expenses.

Cash Flows

The following table sets forth our cash flows for the period indicated:

Cash Flows Used in Operating Activities

Net cash used in operating activities during the nine months ended September 30, 2026 was EUR 98.5 million, resulting primarily from a net loss of EUR 227.5 million, adjusted for non-cash charges including depreciation and amortization of EUR 9.6 million, share-based compensation related expenses of EUR 15.2 million as well as a Share Listing expense of EUR 127.1 million. These were partially offset by finance costs of EUR 4.5 million, changes in inventories of EUR 20.8 million, working capital adjustments of EUR 2.8 million and other non-cash items of EUR 0.3 million.

Net cash used in operating activities during the nine months ended September 30, 2025 was EUR 74.6 million, resulting primarily from a net loss of EUR 47.2 million, adjusted for non-cash charges including depreciation and amortization of EUR 9.4 million. These were partially offset by changes in inventories of EUR 2.0 million, working capital adjustments of EUR 39.4 million and other non-cash items of EUR 0.1 million. Additional adjustments included EUR 3.5 million in share-based payments, and EUR 1.2 million in finance cost.

Cash Flows Used in Investing Activities

Net cash used in investing activities during the nine months ended September 30, 2026 was EUR 7.0 million representing additions of EUR 8.2 million in property and equipment primarily related to the development and upgrade of our quantum computing systems as well as a payment of EUR 1.9 million to acquire a software as part of the Quantistry acquisition. This outflow was partially offset by interest received of EUR 2.4 million. In addition, during the nine months ended September 30, 2026, an industrial system under development, which was presented within other current assets as of year-end, was sold to the original supplier for EUR 1.0 million.

Net cash used in investing activities during the nine months ended September 30, 2025 was EUR 2.3 million, primarily due to purchases of property, plant, and equipment totaling EUR 3.6 million. This outflow was partially offset by interest received of EUR 1.2 million.

Cash Flows Provided by Financing Activities

Net cash provided by financing activities during the nine months ended September 30, 2026 was EUR 218.6 million, primarily reflecting proceeds from equity contributions of EUR 208.5 million, including equity proceeds of EUR 127.2 million and the release of cash held in trust in connection with the merger of EUR 81.3 million, as well as the exercise of warrants of EUR 20.5 million. This inflow was partially offset by directly attributable transaction cost of EUR 5.5 million, repayments of Kreos Loan of EUR 5.0 million and of lease liabilities of EUR 2.0 million and interest paid of EUR 1.8 million, including repayment fees.

Net cash provided by financing activities during the nine months ended September 30, 2025 was EUR 238.5 million, primarily driven by proceeds from equity contribution of EUR 270.3 million. This inflow was partially offset by share buybacks of EUR 22.4 million, repayments of lease liabilities of EUR 2.8 million and interest paid of EUR 0.8 million.

Risk Factors

Our operations and financial results are subject to various risks and uncertainties. A detailed discussion of the risks that affect our business is included in the section titled “Risk Factors” in our listing prospectus published on July 1, 2026, our Registration Statement on Form F-4, as amended, and our Registration Statement on F-1 filed

on August 18, 2026, as amended. There were no material changes during the period covered in these financial statement to the Risk Factors previously disclosed in our most recent filings.

Forward-Looking Statements

This report includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, for example, statements regarding IQM’s strategies, future or anticipated market or competitive position, business plans and future performance, including IQM’s cash runway and outlook for full-year 2026. These statements are based on IQM’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, and/or regulatory factors, and other risks and uncertainties affecting the operation of IQM’s business. These risks, uncertainties, and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events, and regulatory changes, and other factors set forth in IQM’s filings with the United States Securities and Exchange Commission and Finnish regulatory bodies. The information set forth herein should be read in light of such risks. IQM is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.

Critical Accounting Estimates

The preparation of these interim financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. We also make estimates and assumptions that affect the reported amounts and related disclosures for the periods presented. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly. Additionally, changes in assumptions, estimates or assessments due to unforeseen events or otherwise could have a material impact on our financial position or results of operations.

There were no changes to the critical accounting estimates, assumptions and judgments compared to those disclosed in the interim financial statements as of June 30, 2026 and the consolidated financial statements as of December 31, 2025.

Personnel

As of September 30, 2026, we had a global workforce of 490, including 459 employees and 31 external staff (including contractors and freelancers), compared to a global workforce of 460 (423 employees and 37 external staff) as at June 30, 2026.

Changes in Shares and shareholders

During the three months ended September 30, 2026, our share capital structure changed significantly in connection with the Business Combination and the related capital restructuring described above under Business Combination Transaction and Helsinki Stock Exchange Listing.

On July 1, 2026, we completed the Business Combination. We delivered 14,381,747 treasury shares, in the form of ADSs, to the former shareholders of RAAQ: 10,006,747 for non-redeemed RAAQ Class A ordinary shares and 4,375,000 for RAAQ Class B ordinary shares. Concurrently, we sold 14,548,000 treasury shares to investors in the PIPE at a price of USD 10.00 per share. In total, we transferred 28,929,747 treasury shares and received gross proceeds of EUR 208.5 million, comprising EUR 81.3 million released from RAAQ’s trust account and EUR 127.2 million from the PIPE (see Note 1.4). In addition, the outstanding warrants of RAAQ became 12,530,970 IQM Warrants, each entitling its holder to subscribe for one share, delivered in the form of one ADS, at an exercise price of USD 11.50. Of these, 8,624,989 are public warrants and 3,905,981 are private placement warrants. The

IQM Warrants became exercisable on July 31, 2026 and expire on July 1, 2031. No IQM Warrants were exercised or redeemed during the three months ended September 30, 2026 (see Note 7.2).

Following the Business Combination, the following further changes in our shares occurred during the three months ended September 30, 2026:

On July 6, 2026, Kreos exercised in full, on a cashless basis, the warrants granted to it under the Warrant Agreement dated December 23, 2025. As a result, 577,237 new shares were issued. No Kreos warrants remain outstanding.

On July 9, 2026, we transferred 43,255 treasury shares to certain members of our Board of Directors as their annual remuneration, in accordance with the resolution of the Annual General Meeting held on June 12, 2026.

On July 29, 2026, 183,619 new shares were registered following the exercise of share options under our Employee Stock Ownership Plan (ESOP).

As of September 30, 2026, we had 263,223,216 issued shares, of which 73,726,998 were held in treasury, representing 28.01% of all shares and votes. The number of shares outstanding, excluding treasury shares, amounted to 189,496,218.

The weighted average number of shares used in our basic and diluted loss per share calculation was 189,340,768 for the three months ended September 30, 2026 and 83,782,832 for the nine months ended September 30, 2026. The share split has been applied retrospectively to all periods presented. The increase compared with the prior-year periods mainly reflects the conversion of the preferred shares on June 30, 2026, which only affected the weighted average from that date, and the delivery and sale of treasury shares to the former RAAQ shareholders and the PIPE investors on July 1, 2026 (see Note 4.6).

Our ADSs and our public IQM Warrants have been traded on the Nasdaq Global Select Market under the symbols “IQMX” and “IQMXW” since July 2, 2026. Our ordinary shares have been traded on the regulated market of Nasdaq Helsinki Ltd under the trading code “IQMX” since July 3, 2026.

Espoo, Finland, November 5, 2026

IQM Quantum Computer Oyj

Board of Directors