SINGAPORE--(BUSINESS WIRE)--August 04, 2026--
Horizon Quantum Holdings Ltd. (Nasdaq: HQ) ("Horizon Quantum," "Horizon, " or "the Company"), a pioneer of software infrastructure for quantum applications, today reported financial results for the fiscal second quarter ended June 30, 2026 ("Q2 2026").
Second Quarter 2026 Financial and Business Highlights (all figures approximate and presented in USD):
-- Beryllium, Horizon's object-oriented programming language, became
available to early access users at the end of Q2 2026.
-- A strategic collaboration with Quantum Machines has been announced,
which includes the joint development of embedded calibration
technologies.
-- Ember-1, Horizon's Singapore-based testbed system, became available to
first users.
-- Cash received from exercise of warrants improves financial runway. As
of August 3, 2026 cash balances have been fortified by proceeds of $28.7
million from the exercise of approximately 2.5 million publicly traded
warrants (Nasdaq: HQWWW) (the "Public Warrants"). During Q2 2026, 2.4
million of these were exercised for gross proceeds of $27.5 million,
which combined with existing cash, resulted in total cash and cash
equivalents at the end of Q2 2026 of $113.3 million, a net increase of
$16.7 million from $96.6 million at the end of the fiscal quarter ended
March 31, 2026 ("Q1 2026").
-- Operating loss for Q2 2026 on an as-reported basis of $7.2 million
compared to $2.7 million for the second fiscal quarter ended June 30,
2025 ("Q2 2025").
-- Net loss for Q2 2026 on an as-reported basis of $115.2 million, or
$2.20 per ordinary share, compared to a loss of $2.9 million in Q2 2025,
or $0.07 per ordinary share in Q2 of 2025. The Q2 2026 quarter result
included a $108.3 million non-cash loss from the remeasurement of
warrant-related derivative liabilities driven by an increase in the
Company's share price.
-- Adjusted EBITDA was a loss of $5.5 million in Q2 2026 as compared to a
loss of $2.1 million in Q2 2025.
CEO Commentary
"During the second quarter of 2026, we reached important milestones with Beryllium, an object-oriented quantum programming language that we believe will allow developers to build increasingly sophisticated quantum applications and begin to abstract away the subtleties of quantum mechanics from the work necessary to realize quantum advantage. More recently, we also announced a strategic collaboration with Quantum Machines, which aims to further our technical capabilities in calibration," said Horizon Quantum CEO and Founder Dr. Joe Fitzsimons.
He continued, "I am also pleased to share that Horizon Quantum experienced a cash infusion from the exercise of our Public Warrants, further fortifying our cash balances by $27.5 million during the second quarter. As a result, we continue to anticipate sufficient financial runway for the foreseeable future, allowing us to make increased investments in R&D, further advance Triple Alpha, our integrated development environment, and continue the push towards quantum advantage with the extension of our testbed."
Operational Highlights
Beryllium
Beryllium is Horizon Quantum's object-oriented quantum programming language. It aims to enable developers to construct quantum programs in a way that resembles modern classical software engineering. It introduces advanced control flow structures and familiar programming constructs, including classes, functions, and libraries to quantum programming, allowing developers to define reusable quantum components analogous to those used in today's classical programming languages.
By providing a high level of abstraction, Beryllium is designed to let developers focus on algorithmic intent rather than implementation mechanics and to make quantum software development more accessible and efficient.
Beryllium is currently the highest level of abstraction available within Triple Alpha. It can be compiled down to Helium, Triple Alpha's BASIC--like language, and Hydrogen, its assembly language, as well as targeted quantum hardware. Horizon Quantum is developing its layered programming framework incrementally, with the aim of ultimately creating tools that enable developers to write quantum programs using familiar classical languages. The release of Beryllium represents an important step towards this objective.
-- Beryllium saw its release to early access users at the end of the
second quarter of 2026, following its initial preview in December 2025 at
the annual Quantum to Business (Q2B) trade show.
-- During the first half of 2026, Horizon Quantum extended and finalized
the initial release of the Beryllium language, enhancing its core
capabilities. The Company also improved the performance and stability of
the Beryllium layer in its compiler.
-- Beryllium libraries: Horizon Quantum has begun building Beryllium
libraries that implement standard algorithmic building blocks. With these
libraries, Horizon Quantum aims to enable developers, even those without
deep quantum expertise, to build complex quantum algorithms with less
code.
Hardware Collaborators
By tightly integrating its software infrastructure with a variety of hardware platforms, Horizon Quantum aims to provide developers with the most direct path to broad quantum advantage and help ensure that their quantum applications remain useful, no matter which modality emerges as a frontrunner.
-- Quantum Machines -- strategic collaboration on calibration: In July
2026, Horizon Quantum announced a strategic collaboration with Quantum
Machines, a leading provider of advanced quantum control solutions, to
enhance Ember-1 uptime by leveraging Quantum Machines' control platform
and engineering expertise. This collaboration is intended to result in an
embedded calibration framework that enables lightweight calibration
routines to execute as part of normal system operation, thereby
increasing uptime by reducing reliance on lengthy full-system calibration
cycles.
Testbed
Horizon Quantum is the first quantum software company to operate its own quantum computer. In doing so, Horizon Quantum maintains full control over both quantum hardware and software stacks, providing a testbed for the integration of its software directly with hardware systems and allowing Horizon Quantum to develop real-time execution capabilities that go beyond what is possible over cloud connections. Having full control over the technology stack provides a critical advantage in accelerating the development of Horizon Quantum's software infrastructure. Deeper software-hardware integration is also expected to play a central role in advancing experimentation with quantum error correction, fault tolerance, and other technologies critical to realizing practical quantum advantage. The testbed provides an ideal environment for developing and testing these capabilities. Horizon Quantum's testbed currently houses a superconducting system, and the Company has announced its purchase of a second system based on trapped-ion technology to expand the testbed.
-- Testbed opens to first users: Ember-1, Horizon Quantum's initial
testbed system located at its Singapore headquarters and running since
December 2025, has been opened to select first users. By enabling tighter
hardware-software integration, the testbed environment provides efficient
execution, extended capabilities, and faster iteration by accelerating
the feedback loop.
-- Triple Alpha on Ember-1 supports real-time execution of complete
programs, eliminating the need for post-selected execution. The
environment provides pulse- and gate-level access, supporting a broad
range of quantum operations, experiments, and workflows.
-- Second testbed system to be located at Horizon Quantum's European
headquarters: In June 2026, Horizon Quantum announced it would locate a
256-qubit trapped-ion system, anticipated to be one of the most advanced
commercial quantum systems in the world, in Dublin, Ireland. This testbed
adds a second, technologically distinct hardware modality, and with its
expected qubit count and high gate fidelities, the system may be capable
of solving some challenging computational problems.
Second Quarter 2026 Financial Results
All results presented as approximate and in USD.
-- Cash generated from the exercise of Public Warrants improved the
Company's financial runway. As of August 3, 2026 approximately 2.5
million Public Warrants, representing 79% of the Public Warrants
outstanding at the close of the business combination, had been exercised.
The exercise of these Public Warrants has generated gross proceeds to the
Company of approximately $28.7 million to date. As of the end of Q2 2026,
a total of approximately 2.4 million Public Warrants had been exercised
generating $27.5 million in gross proceeds, which, combined with existing
cash, resulted in a total cash balance of $113.3 million as of June 30,
2026. This represents a net increase of $16.7 million from $96.6 million
as of the end of Q1 2026.
-- Total operating expenses for Q2 2026 were $7.2 million compared to $2.8
million for Q2 2025.
-- Research and development (R&D) expenses for Q2 2026 were $2.6 million
compared to $1.2 million for Q2 2025, representing an increase of 117%.
When excluding share-based compensation and non-recurring compensation
adjustments from each period of $0.7 million and $0.3 million,
respectively, the period-over-period increase in R&D expenses was 100%
and was primarily attributable to increases in headcount and to a lesser
extent costs from the setup of the hardware testbed.
-- Sales and marketing expenses for Q2 2026 were $0.4 million, up 51%
period-over-period compared to $0.2 million for Q2 2025. When excluding
share-based compensation and non-recurring compensation adjustments from
each period of $0.08 million and $0.07 million, respectively, the
period-over-period increase in sales and marketing expenses was 63% and
was primarily attributable to increased trade show activity and industry
engagement.
-- General and administrative (G&A) expenses for Q2 2026 were $3.8 million
compared to $1.1 million for Q2 2025, representing an increase of 236%.
Excluding share-based compensation, non-recurring compensation
adjustments and one-time business combination expenses of $1.5 million
and $0.3 million from Q2 2026 and Q2 2025, respectively, G&A expenses
increased 191% period over period. The period-over-period increase in G&A
expenses was primarily due to increases in headcount, and other operating
expenses associated with transitioning to a public company.
-- Operating loss for Q2 2026 was $7.2 million compared to $2.7 million
for Q2 2025, representing an increase of $4.4 million. The widening of
the loss was primarily due to increases in expenses associated with
transitioning to a public company, increases in research and development
headcount, and related operational support costs as compared to the
prior-year period.
-- Net loss for Q2 2026 was $115.2 million, or $2.20 per ordinary share,
compared to a net loss of $2.9 million, or $0.07 per ordinary share, in
Q2 2025.
-- The Q2 2026 result included a $108.3 million non-cash loss from
the remeasurement of warrant-related derivative liabilities. The
increase in the trading price of Horizon Quantum's Class A
ordinary shares during Q2 2026 increased the fair value of these
liabilities, resulting in the accounting charge. This charge did
not affect the Company's cash balance. By contrast, the voluntary
exercise of Public Warrants during Q2 2026 generated cash proceeds
and increased share capital.
-- All warrants of Horizon Quantum that remain outstanding will
continue to be remeasured at fair value each fiscal quarter.
Accordingly, future movements in the trading price of Horizon
Quantum's Class A ordinary shares could result in additional
non-cash gains or losses.
-- Because these fair-value adjustments can create substantial
volatility in reported earnings without affecting underlying
operating performance or cash flow, management also evaluates
results on an Adjusted EBITDA basis, a non-GAAP measure. Adjusted
EBITDA excludes changes in the fair value of derivative
liabilities as well as share-based compensation, and non-recurring
expenses associated with the business combination. On this basis,
the company recorded an Adjusted EBITDA loss of $5.5 million for
Q2 2026 compared with an Adjusted EBITDA loss of $2.1 million in
Q2 2025.
Conference Call Information
As previously announced, the company will hold a conference call to discuss its second quarter on August 4 at 8:00 a.m. ET. The conference call will be broadcast live over the internet and can be accessed at https://investors.horizonquantum.com/news-events/events. For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.
Non-GAAP Financial Measures
To supplement Horizon Quantum's condensed financial statements presented in accordance with U.S. GAAP, Horizon Quantum uses non-GAAP measures of certain components of financial performance. EBITDA and Adjusted EBITDA are financial measures that are not required by or presented in accordance with GAAP. Management believes that these measures provide investors an additional meaningful method to evaluate certain aspects of Horizon Quantum's results period over period. EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, and income tax expense, and Adjusted EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, income tax expense, share-based compensation, change in fair value of derivative liabilities and non-recurring business combination expenses. Horizon Quantum uses EBITDA and Adjusted EBITDA to measure the operating performance of its business, by excluding specifically identified items that its management does not believe directly reflect Horizon Quantum's core operations and may not be indicative of its recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with U.S. GAAP, and Horizon Quantum's non-GAAP measures may be different from non-GAAP measures used by other companies. For Horizon Quantum's investors to be better able to compare its current results with those of previous periods, Horizon Quantum has shown a reconciliation of GAAP to non-GAAP financial measures at the end of this release.
About Horizon Quantum
Horizon Quantum [NASDAQ: HQ] is on a mission to unlock broad quantum advantage by building the software infrastructure that empowers developers to use quantum computing to solve the world's toughest computational problems.
Founded in 2018 by Dr. Joe Fitzsimons, a leading researcher and former professor with more than two decades of experience in quantum computing, the company is bridging the gap between today's hardware and tomorrow's applications through the creation of advanced quantum software development tools. Its integrated development environment, Triple Alpha, enables developers to write sophisticated, hardware-agnostic quantum programs at different levels of abstraction. Learn more at www.horizonquantum.com.
Note to Investors Regarding Forward-Looking Statements
This press release includes forward-looking statements. The expectations, estimates, and projections of the businesses of Horizon Quantum may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "anticipate," "intend," "may," "will," "could," "should," "potential," "plan," "enable," and similar expressions are intended to identify such forward-looking statements. Actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Horizon Quantum therefore cautions against placing undue reliance on any of these forward-looking statements. Many of these factors are outside of the control of Horizon Quantum and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits and costs, if any, of the strategic collaborations with Quantum Machines, including Horizon's ability to integrate their technologies within Horizon's quantum computing testbed and Triple Alpha platform; (3) the outcome of any efforts to deploy or build out the 256-qubit trapped-ion system in Horizon Quantum's Dublin, Ireland facility; (4) Horizon Quantum's ability to scale and grow its business, and the advantages and expected growth of Horizon Quantum; (5) the cash position of Horizon Quantum and its estimates of expenses and profitability; (6) the ability to recognize the anticipated benefits of the recently completed business combination with dMY Squared Technology Group, Inc., which may be affected by, among other things, competition, the ability of Horizon Quantum to grow and manage growth profitably and source and retain its key employees; (7) changes in applicable laws and regulations or political and economic developments; (8) the possibility that Horizon Quantum may be adversely affected by other economic, business and/or competitive factors; (9) difficulties operating Horizon Quantum's quantum processors and the possibility that the quantum processors do not provide the advantages that Horizon Quantum expects; (10) the ability of Horizon Quantum's coding languages to provide additional abstraction when compared to other quantum computing solutions; (11) the ability to maintain the listing of Horizon Quantum's Class A ordinary shares and warrants on Nasdaq; and (12) other risks and uncertainties included in the "Risk Factors" section of the Annual Report on Form 20-F filed by Horizon Quantum on April 14, 2026 with the U.S. Securities and Exchange Commission ("SEC"), as well as other documents filed or to be filed with the SEC by Horizon Quantum. The foregoing list of factors is not exclusive. New risks emerge from time to time, and it is not possible for management to predict all risks, nor can management assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except as required by law, Horizon Quantum undertakes no obligation to update any forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Horizon Quantum does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.
Condensed consolidated balance sheet (Unaudited)
June 30, December 31,
(In US$, unless otherwise stated) 2026 2025
------------ -----------
ASSETS
Current assets
Cash and cash equivalents $ 113,254,440 $ 222,939
Prepaid and other current assets 6,868,373 746,372
------------ -----------
Total current assets 120,122,813 969,311
Property and equipment, net 3,489,535 3,204,829
Intangible assets, net 20,392 22,566
Right-of-use assets 361,307 459,982
Other non-current assets 51,716 175,115
------------ -----------
TOTAL ASSETS $ 124,045,763 $ 4,831,803
============ ===========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Derivative liabilities - SAFE $ - $ 6,406,878
Other payables 3,224,136 2,602,604
Operating lease liabilities 325,126 396,025
------------ -----------
Total current liabilities 3,549,262 9,405,507
Derivative liabilities - warrants 76,778,574 -
Operating lease liabilities,
non-current 42,393 88,921
------------ -----------
TOTAL LIABILITIES $ 80,370,229 $ 9,494,428
------------ -----------
STOCKHOLDERS' EQUITY
Seed Preferred Shares, 2,500,000
authorized; 2,500,000 issued and
outstanding as of December 31,
2025 $ - $ 839,602
Seed Plus Preferred Shares,
2,936,828 authorized; 2,936,828
issued and outstanding as of
December 31, 2025 - 2,349,212
Series A Preferred Shares,
2,586,522 authorized; 2,586,522
issued and outstanding as of
December 31, 2025 - 18,100,000
Ordinary Shares, 8,000,000
authorized; 8,000,000 issued and
outstanding as of December 31,
2025 - 3,649
Ordinary Class A Shares, 34,227,495
authorized, 34,227,495 issued and
outstanding as of June 30, 2026 187,124,075 -
Ordinary Class B Shares, 19,744,585
authorized, 19,744,585 issued and
outstanding as of June 30, 2026 40,110 -
Additional paid-in capital 8,997,535 7,417,778
Equity proceeds receivable (343,862) -
Accumulated deficit (152,439,504) (33,573,537)
Accumulated other comprehensive
income 297,180 200,671
------------ -----------
TOTAL STOCKHOLDERS' EQUITY $ 43,675,534 $ (4,662,625)
------------ -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 124,045,763 $ 4,831,803
============ ===========
Note: All results presented prior to the closing of the business
combination on March 19, 2026, reflect the financial results of
Horizon Quantum Computing Pte. Ltd. Results as of June 30, 2026,
reflect Horizon Quantum Holdings Ltd.
Condensed consolidated statement of operations and comprehensive loss
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
(In US$, except
share amount
and per share
data) 2026 2025 2026 2025
------------ ---------- ------------ ----------
Revenue $ - $ 38,462 $ - $ 38,462
Operating
Expenses:
Research and
development 2,614,022 1,206,612 4,742,435 4,527,603
Selling and
marketing 375,989 248,716 834,952 576,665
General and
administrative 3,849,526 1,146,373 7,451,257 2,047,525
Depreciation
and
amortization 335,966 180,787 646,233 349,836
------------ ---------- ------------ ----------
Total operating
expenses 7,175,504 2,782,488 13,674,878 7,501,629
------------ ---------- ------------ ----------
Loss from
operations (7,175,504) (2,744,027) (13,674,878) (7,463,167)
Other income
and (expense):
Interest
expense (2,694) (2,320) (5,686) (4,830)
Other income 487,055 16,943 530,443 49,730
Change in fair
value of
derivative
liabilities (108,294,223) - (105,317,692) -
Foreign
exchange
(loss) (241,982) (172,909) (318,912) (306,927)
Income tax
expense - - - -
------------ ---------- ------------ ----------
Net loss $(115,227,348) $(2,902,313) $(118,786,726) $(7,725,194)
------------ ---------- ------------ ----------
Other
comprehensive
loss:
Foreign
currency
translation
adjustment 62,202 72,683 96,509 290,671
------------ ---------- ------------ ----------
Total
comprehensive
loss $(115,165,146) $(2,829,630) $(118,690,217) $(7,434,523)
============ ========== ============ ==========
Basic and
diluted
weighted
average
ordinary
shares
outstanding,
as recast 52,367,347 39,015,950 46,630,787 39,015,950
Net (loss)
income per
ordinary
share, basic
and diluted,
as recast $ (2.20) $ (0.07) $ (2.55) $ (0.20)
Note: All results presented prior to the closing of the business combination
on March 19, 2026, reflect the financial results of Horizon Quantum Computing
Pte. Ltd. Results as of June 30, 2026, reflect Horizon Quantum Holdings Ltd.
Condensed consolidated statement of cashflow (Unaudited)
Six Months Ended
June 30,
------------------------------
(In US$, unless otherwise stated) 2026 2025
------------ ----------
Cash flows from operating activities
Loss for the period $(118,786,726) $(7,725,194)
Adjustments to reconcile net loss to
net cash used for operating
activities:
Depreciation 644,059 349,035
Share based compensation 1,878,363 3,387,475
Change in fair value of derivative
liabilities 105,317,692 -
Unrealized foreign currency
transaction (gain) loss 85,088 629,163
Amortization 2,174 801
Changes in operating assets and
liabilities: - -
Accounts receivable - 270,824
Other payables 1,890,795 (241,801)
Lease liability (212,283) (131,790)
Prepaid expenses and other assets (102,350) (189,219)
------------ ----------
Net cash used in operating activities (9,283,188) (3,650,706)
------------ ----------
Cash flows from investing activities
Purchase of property, equipment
including construction in progress (5,521,276) (297,706)
Purchase of intangible assets and
trademarks - -
------------ ----------
Net cash used in investing activities (5,521,276) (297,706)
------------ ----------
Cash flows from financing activities
Proceeds from issuance of SAFE notes 2,500,000 -
Proceeds from exercise of warrants 27,186,518 -
Proceeds from merger and PIPE
transaction, net of transaction
costs 98,167,633 -
------------ ----------
Net cash provided by financing
activities 127,854,151 -
------------ ----------
Effect of exchange rate changes on
cash (18,186) (194,118)
------------ ----------
Net increase (decrease) in cash and
cash equivalents 113,031,501 (4,142,530)
------------ ----------
Cash and cash equivalents at beginning
of period 222,939 4,848,855
------------ ----------
Cash and cash equivalents at end of
period $ 113,254,440 $ 706,325
============ ==========
Supplemental disclosures of non-cash
transactions:
Initial recognition of warrant
liabilities at close of the business
combination $ 20,526,410 -
Initial recognition of net assets at
close of the business combination $ 2,458,713 -
Conversion of SAFE liabilities into
equity at close of the business
combination $ 11,183,077 -
Issuance of shares to a service
provider $ 269,000 -
Reclassification of warrant
liabilities to equity upon exercise $ 46,789,330 -
Note: All results presented prior to the closing of the business
combination on March 19, 2026, reflect the financial results of
Horizon Quantum Computing Pte. Ltd. Results as of June 30, 2026,
reflect Horizon Quantum Holdings Ltd.
Reconciliation of Non-GAAP Financial Measures
Below is a reconciliation of net loss (GAAP) to adjusted EBITDA:
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
(In US$, unless
otherwise stated) 2026 2025 2026 2025
------------ ---------- ------------ ----------
Net loss (GAAP) $(115,227,348) $(2,902,313) $(118,786,726) $(7,725,194)
Adjustments
Net interest
(income) expense (477,253) (12,805) (512,778) (42,915)
Depreciation and
amortization
expenses 335,966 180,787 646,233 349,836
------------ ---------- ------------ ----------
EBITDA (115,368,635) (2,734,330) (118,653,271) (7,418,272)
Adjustments
Share based
compensation
within
Research and
development 436,808 261,285 676,982 2,778,608
Selling and
marketing 46,320 65,299 92,386 170,448
General and
administrative 509,959 130,294 839,994 437,675
Change in fair
value of
derivative
liabilities 108,294,223 - 105,317,692 -
Business
combination and
post-closing
expenses* 622,980 214,101 2,164,930 214,101
------------ ---------- ------------ ----------
Adjusted EBITDA $ (5,458,343) $(2,063,351) $ (9,561,286) $(3,817,439)
============ ========== ============ ==========
*Includes $0.27 million in share-based compensation for a vendor in the six months
ended June 30, 2026.
Note: All results presented prior to the closing of the business combination on
March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte.
Ltd. Results as of June 30, 2026, reflect Horizon Quantum Holdings Ltd.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260804772155/en/
CONTACT: Investor Contact
Horizon Quantum investor contact
Katherine Bailon
investors@horizonquantum.com
Media Contact
Horizon Quantum media contact
Yanina Blaclard
media@horizonquantum.com
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