SINGAPORE--(BUSINESS WIRE)--November 10, 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 third quarter ended September 30, 2026 ("Q3 2026").
Third Quarter 2026 Financial and Business Highlights (all figures approximate and presented in USD):
-- Horizon Quantum and Oxford Quantum Circuits ("OQC") announce successful
pulse-level integration.
-- Horizon Quantum signed a non-binding letter of intent to acquire
Entropica Labs.
-- Horizon Quantum announces the development and implementation of
protocols for performing efficient characterization of large quantum
processors.
-- Operating loss for Q3 2026 on an as-reported basis of $10.5 million
compared to $4.9 million for the third fiscal quarter ended September 30,
2025 ("Q3 2025").
-- Net Income for Q3 2026 on an as-reported basis of $33.4 million, or
$0.61 per ordinary share, compared to a loss of $5.2 million in Q3 2025,
or $0.13 per ordinary share in Q3 of 2025. The Q3 2026 quarter result
included a $43.1 million non-cash gain from the remeasurement of
warrant-related derivative liabilities driven by a decrease in the
Company's share price.
-- Adjusted EBITDA was a loss of $6.3 million in Q3 2026 as compared to a
loss of $3.0 million in Q3 2025.
-- Cash and cash equivalents at the end of Q3 2026 of $102.8 million, a
net decrease of $10.5 million from $113.3 million at the end of the
fiscal quarter ended June 30, 2026 ("Q2 2026").
CEO Commentary
"During the third quarter of 2026, as part of our ongoing collaboration with OQC, we successfully completed the pulse-level integration of Triple Alpha with their 32 qubit Toshiko quantum processing unit, a further milestone in our aim of tightly integrating our software infrastructure with a variety of hardware platforms. We also announced that we have implemented our proprietary techniques for multiplexed characterization on a processor with greater than 100 qubits for the first time, enabling more efficient, scalable QPU characterization," said Horizon Quantum CEO and Founder Dr. Joe Fitzsimons.
He continued, "In addition we recently signed a non-binding letter of intent to acquire Entropica Labs Pte. Ltd, a Singapore-based quantum computing company, who specialise in error correction and fault tolerance. We look forward to exploring this opportunity further."
Operational Highlights
Expanding Horizon Quantum's Hardware Ecosystem
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.
-- Horizon Quantum announces the successful pulse-level integration of
OQC's 32- qubit Toshiko quantum processing unit (QPU) with Triple Alpha,
Horizon Quantum's integrated development environment, as part of an
ongoing collaboration.
-- The Horizon Quantum team used Triple Alpha's pulse-level control
capabilities to access OQC's superconducting QPU's control layer
and characterize parameters such as qubit relaxation (T1) and
qubit phase coherence (T2), which are metrics describing how long
a quantum computer can keep information and execute calculations.
-- As part of the collaboration, Triple Alpha was used to perform
gate calibration -- executing a high-level quantum program on the
OQC QPU.
-- Using Triple Alpha, developers can harness pulse-level control
within the same programming languages that are used to develop
quantum applications.
-- Characterization is a key step in preparing quantum hardware for
practical use, and because quantum systems are highly sensitive,
frequent recalibration is necessary.
-- Triple Alpha's portable approach lets users write programs once
and execute them across different control systems. They can create
and deploy characterization and calibration routines and integrate
them into their workflow via a simple web-based API.
Expanding Horizon Quantum's Technical Capabilities
By developing software capabilities that enable more accurate, efficient, and scalable hardware characterization and calibration, Horizon Quantum aims to maximize the performance of quantum hardware and accelerate the path to broad quantum advantage.
-- Horizon Quantum announces the development of a new protocol for
performing multiplex processor characterization across multiple qubits,
with results validated against conventional individual pairwise
characterization techniques, enabling more efficient, scalable QPU
characterization.
-- Horizon Quantum has implemented its proprietary techniques for
multiplexed characterization on a processor with greater than 100
qubits for the first time, measuring ZZ crosstalk, where unwanted
interactions between qubits can reduce computational fidelity, and
extended the techniques to measure control crosstalk, where
control signals applied to one qubit have unintended effects on
others.
-- Understanding unintended interactions between qubits is
essential for improving QPU performance, but traditional
individual pairwise characterization scales quadratically with the
number of qubits, requiring large numbers of measurements.
-- Multiplexing combines multiple measurements into a smaller
number of experiments performed in parallel, significantly
reducing characterization overhead.
-- On a 100-qubit processor, when compared with conventional
pairwise characterization, Horizon Quantum's multiplexing approach
can reduce the number of experiments required to characterize ZZ
crosstalk from approximately 5,000 to 7, representing a more than
700-fold reduction, demonstrating how software-driven multiplexing
can make QPU characterization more efficient and scalable.
Corporate Update
Horizon Quantum has signed a non-binding letter of intent to acquire Entropica Labs Pte. Ltd. ("Entropica Labs"), a Singapore-based quantum software company specializing in error correction and fault tolerance, for an anticipated consideration of $27 million USD of Horizon Quantum Class A ordinary shares subject to the completion of appropriate due diligence, related audits, the signing of definitive agreements, and satisfaction of other customary conditions.
Third Quarter 2026 Financial Results
All results are presented as approximate and in USD.
-- Total operating expenses for Q3 2026 were $10.5 million compared to
$4.9 million for Q3 2025.
-- Research and development (R&D) expenses for Q3 2026 were $4.5 million
compared to $2.0 million for Q3 2025, representing an increase of 122%.
When excluding share-based compensation from each period of $1.7 million
and $0.3 million, respectively, the period-over-period increase in R&D
expenses was 65% and was primarily attributable to increases in headcount
and salary adjustments and to a lesser extent costs from related
information technology expenses.
-- Sales and marketing expenses for Q3 2026 were $0.4 million, essentially
flat period-over-period compared to $0.4 million for Q3 2025.
-- General and administrative (G&A) expenses for Q3 2026 were $5.2 million
compared to $2.3 million for Q3 2025, representing an increase of 127%.
Excluding share-based compensation expenses of $2.0 million and $0.5
million from Q3 2026 and Q3 2025, respectively, G&A expenses increased
82% 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 the transition to a public company.
-- The operating loss for Q3 2026 was $10.5 million compared to $4.9
million for Q3 2025, representing an increase of $5.6 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 Income for Q3 2026 was $33.4 million, or $0.61 per ordinary share,
compared to a net loss of $5.2 million, or $0.13 per ordinary share, in
Q3 2025.
-- The Q3 2026 result included a $43.1 million non-cash gain from
the remeasurement of warrant-related derivative liabilities. The
decrease in the trading price of Horizon Quantum's Class A
ordinary shares during Q3 2026 decreased the fair value of these
liabilities, resulting in the accounting gain. This gain did not
affect the Company's cash balance.
-- 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.
-- Since derivative 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 $6.3 million for Q3 2026 compared with an Adjusted EBITDA
loss of $3.0 million in Q3 2025.
Conference Call Information
As previously announced, the company will hold a conference call to discuss its third quarter on November 10 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. 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 quantum hardware and tomorrow's applications through the creation of advanced software development tools. Its software infrastructure moves beyond the constraints of static circuit execution, making it possible for developers to express any conceivable quantum computation. Its integrated development environment, Triple Alpha, enables developers to write sophisticated, hardware-agnostic quantum programs at multiple 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," "aim," "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 and OQC; (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) Horizon Quantum's ability to enter into definitive documentation with Entropica, close the anticipated acquisition and realize the anticipated benefits of the acquisition; (8) changes in applicable laws and regulations or political and economic developments; (9) the possibility that Horizon Quantum may be adversely affected by other economic, business and/or competitive factors; (10) difficulties operating Horizon Quantum's quantum processors and the possibility that the quantum processors do not provide the advantages that Horizon Quantum expects; (11) the ability of Horizon Quantum's coding languages to provide additional abstraction when compared to other quantum computing solutions; (12) the ability to maintain the listing of Horizon Quantum's Class A ordinary shares and warrants on Nasdaq; and (13) 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)
September 30, December 31,
(In US$, unless otherwise stated) 2026 2025
-------------- -------------
ASSETS
Current assets
Cash and cash equivalents $ 102,788,992 $ 222,939
Prepaid and other current assets 12,090,401 746,372
------------- ------------
Total current assets 114,879,393 969,311
Property and equipment, net 3,491,033 3,204,829
Intangible assets, net 19,633 22,566
Right-of-use assets 259,476 459,982
Other non-current assets 111,913 175,115
------------- ------------
TOTAL ASSETS $ 118,761,448 $ 4,831,803
------------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Derivative liabilities - SAFE $ - $ 6,406,878
Other payables 1,996,723 2,602,604
Operating lease liabilities 229,551 396,025
------------- ------------
Total current liabilities 2,226,274 9,405,507
Derivative liabilities - warrants 32,412,785 -
Operating lease liabilities,
non-current 32,416 88,921
------------- ------------
TOTAL LIABILITIES $ 34,671,475 $ 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, 34,811,740
authorized, 34,811,740 issued and
outstanding as of September 30, 2026 191,735,625 -
Ordinary Class B Shares, 19,744,585
authorized, 19,744,585 issued and
outstanding as of September 30, 2026 40,110 -
Additional paid-in capital 11,083,158 7,417,778
Accumulated deficit (119,028,107) (33,573,537)
Accumulated other comprehensive (loss)
income 259,187 200,671
------------- ------------
TOTAL STOCKHOLDERS' EQUITY $ 84,089,973 $ (4,662,625)
------------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 118,761,448 $ 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 September 30, 2026,
reflect Horizon Quantum Holdings Ltd.
Condensed
consolidated
statement of
operations and
comprehensive
loss
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
--------------------------- ----------------------------
(In US$, except
share amount
and per share
data) 2026 2025 2026 2025
------------- ------------ ------------- -------------
Revenue $ - $ - $ - $ 38,462
Operating
Expenses:
Research and
development 4,457,981 2,010,289 9,200,416 6,537,892
Selling and
marketing 433,211 372,748 1,268,163 949,413
General and
administrative 5,222,583 2,302,133 12,673,840 4,349,657
Depreciation
and
amortization 375,083 182,767 1,021,316 532,603
------------ ----------- ------------ ------------
Total operating
expenses 10,488,857 4,867,937 24,163,735 12,369,566
------------ ----------- ------------ ------------
Loss from
operations (10,488,857) (4,867,937) (24,163,735) (12,331,104)
Other income
and (expense):
Interest
expense (2,679) (2,021) (8,365) (6,850)
Other income 840,058 7,686 1,370,501 57,415
Change in fair
value of
derivative
liabilities 43,099,876 (317,352) (62,217,816) (317,352)
Foreign
exchange
(loss) (37,002) (12,896) (355,914) (319,823)
Income tax
expense - - - -
------------ ----------- ------------ ------------
Net income
(loss) $ 33,411,396 $(5,192,520) $(85,375,330) $(12,917,714)
------------ ----------- ------------ ------------
Other
comprehensive
loss:
Foreign
currency
translation
adjustment (37,993) 28,960 58,516 246,948
------------ ----------- ------------ ------------
Total
comprehensive
income (loss) $ 33,373,403 $(5,163,560) $(85,316,814) $(12,670,766)
------------ ----------- ------------ ------------
Weighted
average
ordinary shares
outstanding, as
recast
Basic 54,345,937 39,015,950 49,230,764 39,015,950
Diluted 60,792,710 39,015,950 49,230,764 39,015,950
Basic net
income (loss)
per ordinary
share, as
recast $ 0.61 $ (0.13) $ (1.73) $ (0.33)
Diluted net
income (loss)
per ordinary
share, as
recast $ 0.55 $ (0.13) $ (1.73) $ (0.33)
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 September 30, 2026, reflect
Horizon Quantum Holdings Ltd.
Condensed consolidated statement of
cashflow (Unaudited)
Nine Months Ended
September 30,
----------------------------
(In US$, unless otherwise stated) 2026 2025
------------- -------------
Cash flows from operating activities
Loss for the period $(85,375,330) $(12,917,714)
Adjustments to reconcile net loss to net
cash used for operating activities:
Depreciation 1,018,383 530,967
Share based compensation 5,655,459 4,324,494
Change in fair value of derivative
liabilities 62,217,816 286,106
Unrealized foreign currency transaction
(gain) loss 75,487 687,604
Amortization 2,933 1,636
Changes in operating assets and
liabilities:
Accounts receivable - 270,824
Other payables 663,382 546,211
Lease liability (322,504) (201,633)
Prepaid expenses and other assets (384,575) (514,438)
------------ ------------
Net cash used in operating activities (16,448,949) (6,985,943)
------------ ------------
Cash flows from investing activities
Purchase of property, equipment including
construction in progress (11,004,556) (392,309)
Purchase of intangible assets and
trademarks - -
------------ ------------
Net cash used in investing activities (11,004,556) (392,309)
------------ ------------
Cash flows from financing activities
Proceeds from issuance of SAFE notes 2,500,000 3,000,000
Proceeds from exercise of warrants 28,688,913 -
Proceeds from exercise of employee stock
options 712,993 -
Proceeds from merger and PIPE transaction,
net of transaction costs 98,167,633 -
------------ ------------
Net cash provided by financing activities 130,069,540 3,000,000
------------ ------------
Effect of exchange rate changes on cash (49,982) (184,701)
------------ ------------
Net increase (decrease) in cash and cash
equivalents 102,566,053 (4,562,953)
------------ ------------
Cash and cash equivalents at beginning of
period 222,939 4,848,855
------------ ------------
Cash and cash equivalents at end of period $ 102,788,992 $ 285,902
------------ ------------
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 $ 48,055,242 -
Reclassification of share based payment
reserve to equity upon exercise $ 1,218,248 -
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 September 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 Nine Months Ended
September 30, September 30,
--------------------------- ----------------------------
(In US$, unless
otherwise stated) 2026 2025 2026 2025
------------- ------------ ------------- -------------
Net income (loss)
(GAAP) $ 33,411,396 $(5,192,520) $(85,375,330) $(12,917,714)
Adjustments
Net interest
(income) expense (835,048) (5,429) (1,347,826) (48,344)
Depreciation and
amortization
expenses 375,083 182,767 1,021,316 532,603
------------ ----------- ------------ ------------
EBITDA 32,951,431 (5,015,182) (85,701,840) (12,433,454)
Adjustments
Share based
compensation
within
Research and
development 1,707,190 338,080 2,384,171 3,116,688
Selling and
marketing 51,444 52,657 143,830 223,106
General and
administrative 2,018,462 546,282 2,858,456 983,957
Change in fair
value of
derivative
liabilities (43,099,876) 317,352 62,217,816 317,352
Business
combination and
post-closing
expenses* 30,664 753,901 2,195,594 968,003
------------ ----------- ------------ ------------
Adjusted EBITDA $ (6,340,686) $(3,006,910) $(15,901,971) $ (6,824,349)
------------ ----------- ------------ ------------
*Includes $0.27 million in share-based compensation for a vendor in the nine
months ended September 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 September 30, 2026, reflect Horizon Quantum Holdings Ltd.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261110949593/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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