IQM continued to make operational progress in Q3 2026.
Quarterly revenue rose to €8.9 million (+51%), order intake totaled €42.2 million, and the order backlog climbed to €102.5 million. To date, a total of 31 systems have been sold, 17 have been delivered, and 17 more are in production. The annual targets for revenue and order intake were confirmed.
🟢 Positive: Strongly growing backlog, genuine customer demand, rising revenue, and a cash balance that remains comfortable at €260.4 million.
🟡 Watch: Q4 will need to be very strong to meet the full-year target of €42–47 million. Much depends on customer acceptance and the timing of individual projects.
🔴 Risk: IQM remains clearly in the red and continues to burn through capital. The high loss will be further distorted in 2026 by one-time listing costs.
Conclusion: The business story is becoming significantly more resilient from an operational standpoint. Not yet a profitable quality stock, but a clearly positive quarter for a speculative growth stock.
Traffic light: 🟢 with a yellow risk warning.
