Horizon Quantum Announces First Quarter 2026 Financial Results

Published: 2026-05-05 07:02:07 ET HQ

Published on 05/05/2026 at 07:02 am EDT

Horizon Quantum Holdings Ltd. (NASDAQ: HQ) (“Horizon Quantum,” “we,” “us,” or “our”), a pioneer of software infrastructure for quantum applications, today reported financial results for the fiscal quarter ended March 31, 2026.

First Quarter and Recent Business Highlights (all figures presented in USD):

CEO Commentary

“Rapid advancement in quantum computing hardware coupled with recent breakthroughs in error correction may suggest the field is reaching an inflection point, with quantum advantage drawing nearer. We believe that the successful completion of our business combination with dMY Squared Technology Group, Inc., will allow us to significantly accelerate progress in building the software infrastructure to power quantum applications. We anticipate that the business combination has provided us with the financial runway required to support our strategic priorities for the foreseeable future, while enabling increased investments in R&D, allowing us to advance our integrated development environment, Triple Alpha, and push towards quantum advantage with the extension of our testbed. Together, we believe these initiatives will significantly strengthen our ability to unlock the full potential of quantum computing, positioning us to develop and grow revenue as the industry drives towards quantum advantage,” said Horizon Quantum CEO and Founder Dr. Joe Fitzsimons.

He continued, “During the first quarter in 2026, we became a public company and made meaningful progress on several fronts. We enhanced the stability and feature set of our object-oriented programming language Beryllium. We announced collaborations with leading hardware providers Alice & Bob and AQT, and we inaugurated the first quantum system in our hardware testbed. We also announced the purchase of our second quantum system, one that may very well be capable of solving some challenging computational problems. Taking the step of hosting both solid-state and atom-based systems provides us with a multi-modality testbed that few commercial organizations can match. It allows us to build quantum software infrastructure that is genuinely hardware-agnostic, not because it ignores the hardware, but because it is developed in direct contact with very different quantum computing technologies.”

Successful Completion of Business Combination

Operational Highlights

Integrated Development Environment (IDE) – Triple Alpha

Triple Alpha—Horizon Quantum’s integrated development environment—enables developers to build complex, hardware-agnostic quantum programs. Built with proprietary Turing-complete languages and an optimizing compiler, it empowers programmers to work at multiple levels of abstraction.

Triple Alpha gives developers access to advanced capabilities supported by Horizon Quantum’s underlying execution and deployment infrastructure. Users can code, compile, and optimize programs across a range of processors and simulators, with built-in resource analysis and single-step API deployment.

Hardware Partners

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.

Testbed

Horizon Quantum is currently the only quantum software company to operate its own quantum computer. This gives Horizon Quantum 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. This represents a possible critical advantage in pursuing quantum advantage, where tight integration between hardware and software is expected to be critical to early success. With the acquisition of a second testbed system, Horizon Quantum intends to extend its hardware capabilities beyond solid state qubits to also encompass atom-based systems. The anticipated performance of the new system is expected to be an important resource for both in-house scientists and external Triple Alpha users pursuing quantum advantage.

First Quarter Financial Results

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 March 31, 2026, reflect those of Horizon Quantum Holdings Ltd.

Conference Call Information

As previously announced, the company will hold a conference call to discuss its first quarter on May 5 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 GAAP, the Company 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 the company’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. The Company uses EBITDA and Adjusted EBITDA to measure the operating performance of its business, by excluding specifically identified items that management does not believe directly reflect the Company’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 GAAP, and the Company’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, the Company 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 AQT, IonQ, and Alice & Bob, including our ability to integrate their technologies within our quantum computing testbed and Triple Alpha platform; (3) the outcome of any efforts to integrate Horizon Quantum and AQT and IonQ’s trapped-ion processor technology with Horizon Quantum’s software infrastructure; (4) the entry into the Quantum Systems Agreement, dated March 31, 2026 among Horizon Quantum and IonQ, Inc. (the “IonQ Agreement”), and Horizon Quantum’s ability to recognize the benefits of the IonQ Agreement; (5) Horizon Quantum’s ability to scale and grow its business, and the advantages and expected growth of Horizon Quantum; (6) the cash position of Horizon Quantum and its estimates of expenses and profitability; (7) 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; (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)

March 31,

December 31,

(In US$, unless otherwise stated)

2026

2025

ASSETS

Current assets

Cash and cash equivalents

96,602,279

222,939

Receivables, net

Prepaid and other current assets

2,233,287

746,372

Total current assets

98,835,566

969,311

Property and equipment, net

3,053,827

3,204,829

Construction in process

25,704

Intangible assets, net

21,488

22,566

Right-of-use assets

364,678

459,982

Other non-current assets

439

175,115

TOTAL ASSETS

102,301,702

4,831,803

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Derivative liabilities - SAFE

6,406,878

Other payables

2,768,301

2,602,604

Operating lease liabilities

387,136

396,025

Total current liabilities

3,155,437

9,405,507

Derivative liabilities - warrants

15,273,680

Operating lease liabilities, non-current

88,921

TOTAL LIABILITIES

18,429,117

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, 31,833,549 authorized, 31,833,549 issued and outstanding as of March 31, 2026

112,804,366

Ordinary Class B Shares, 19,744,585 authorized, 19,744,585 issued and outstanding as of March 31, 2026

40,110

Additional paid-in capital

8,005,287

7,417,778

Accumulated deficit

(37,212,156

)

(33,573,537

)

Accumulated other comprehensive (loss) income

234,978

200,671

TOTAL STOCKHOLDERS’ EQUITY

83,872,585

(4,662,625

)

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

102,301,702

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 Pte. Ltd. Results as of March 31, 2026, reflect Horizon Quantum Holdings Ltd.

Condensed consolidated statement of operations and comprehensive loss (Unaudited)

Three Months Ended

March 31,

(In US$, except share amount and per share data)

2026

2025

Revenue

Operating Expenses:

Research and development

2,128,413

3,320,991

Selling and marketing

458,963

327,949

General and administrative

3,601,731

901,151

Depreciation and amortization

310,267

169,049

Total operating expenses

6,499,374

4,719,140

Loss from operations

(6,499,374

)

(4,719,140

)

Other income and (expense):

Interest expense

(2,992

)

(2,510

)

Other income

43,388

32,787

Change in fair value of derivative liabilities

2,976,531

Foreign exchange (loss) gain

(76,931

)

(134,018

)

Income tax expense

Net loss

(3,559,379

)

(4,822,881

)

Other comprehensive loss:

Foreign currency translation adjustment

34,307

145,305

Comprehensive loss

(3,525,072

)

(4,677,576

)

Basic and diluted weighted average ordinary shares outstanding, as recasted

40,830,488

39,015,950

Net (loss) income per ordinary share, basic and diluted, as recasted

(0.09

)

(0.12

)

Condensed consolidated statement of cashflow (Unaudited)

Three Months Ended

March 31,

(In US$, unless otherwise stated)

2026

2025

Cash flows from operating activities

Loss for the period

(3,559,379

)

(4,822,881

)

Adjustments to reconcile net loss to net cash used for operating activities:

Depreciation

309,189

168,420

Share based compensation

885,275

2,930,597

Change in fair value of derivative liabilities

(2,976,531

)

Unrealized foreign currency transaction (gain) loss

27,963

257,005

Amortization

1,078

629

Changes in operating assets and liabilities:

Accounts receivable

270,824

Other payables

1,434,960

(269,951

)

Lease liability

(97,462

)

(64,560

)

Prepaid expenses and other assets

(202,029

)

(95,176

)

Net cash used in operating activities

(4,176,936

)

(1,625,093

)

Cash flows from investing activities

Purchase of property and equipment

(63,231

)

(103,931

)

Construction in process

(25,704

)

(78,440

)

Purchase of intangible assets and trademarks

Net cash used in investing activities

(88,935

)

(182,371

)

Cash flows from financing activities

Proceeds from issuance of SAFE notes

2,500,000

Proceeds from merger and PIPE transaction, net of transaction costs

98,167,633

Net cash provided by financing activities

100,667,633

Effect of exchange rate changes on cash

(22,422

)

(71,827

)

Net (decrease) increase in cash and cash equivalents

96,379,340

(1,879,291

)

Cash and cash equivalents at beginning of period

222,939

4,848,855

Cash and cash equivalents at end of period

96,602,279

2,969,564

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

Historical summary of quarterly results (Unaudited)

Below is a summary of key financial metrics for the most recent fiscal quarters:

Three Months Ended

(In US$, unless otherwise stated)

March 31, 2024

June 30, 2024

September 30, 2024

December 31, 2024

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Revenue

29,951

239,604

38,462

Operating Expenses:

Research and development

510,855

605,301

853,734

601,962

3,320,991

1,206,612

2,010,289

1,585,492

2,128,413

Selling and marketing

128,755

142,237

210,619

250,206

327,949

248,716

372,748

402,859

458,963

General and administrative

502,501

469,405

575,177

657,244

901,151

1,146,373

2,302,133

2,290,766

3,601,731

Depreciation and amortization

128,933

81,321

128,716

301,409

169,049

180,787

182,767

274,571

310,267

Total operating expenses

1,271,044

1,298,263

1,768,246

1,810,821

4,719,141

2,782,488

4,867,937

4,553,688

6,499,374

Loss from operations

(1,271,044

)

(1,298,263

)

(1,738,296

)

(1,571,216

)

(4,719,141

)

(2,744,027

)

(4,867,937

)

(4,553,688

)

(6,499,374

)

Other income and (expense):

Interest expense

(29,288

)

(1,948

)

(5,147

)

(716

)

(2,510

)

(2,320

)

(2,021

)

(2,288

)

(2,992

)

Other income

22,140

11,199

10,321

49,250

32,787

16,943

7,686

24,506

43,388

Change in fair value of derivative liabilities

(317,352

)

(193,517

)

2,976,531

Foreign exchange (loss) gain

240,026

48,606

(394,678

)

325,928

(134,018

)

(172,909

)

(12,896

)

(18,911

)

(76,931

)

Income tax expense

Net loss

(1,038,166

)

(1,240,406

)

(2,127,800

)

(1,196,755

)

(4,822,881

)

(2,902,313

)

(5,192,520

)

(4,743,897

)

(3,559,379

)

Basic and diluted weighted average ordinary shares outstanding as recasted

39,015,950

40,830,488

Net (loss) per ordinary share, basic and diluted as recasted

(0.03

)

(0.03

)

(0.05

)

(0.03

)

(0.12

)

(0.07

)

(0.13

)

(0.12

)

(0.09

)

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 March 31, 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

(In US$, unless otherwise stated)

March 31, 2024

June 30, 2024

September 30, 2024

December 31, 2024

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Net loss (GAAP)

(1,038,166

)

(1,240,406

)

(2,127,800

)

(1,196,755

)

(4,822,881

)

(2,902,313

)

(5,192,520

)

(4,743,897

)

(3,559,379

)

Adjustments

Net interest (income) expense

29,288

1,948

(3,504

)

(48,344

)

(30,110

)

(12,805

)

(5,429

)

2,288

(35,524

)

Depreciation and amortization expenses

128,933

81,321

128,716

301,409

169,049

180,787

182,767

274,571

310,267

EBITDA

(879,945

)

(1,157,138

)

(2,002,588

)

(943,690

)

(4,683,942

)

(2,734,330

)

(5,015,182

)

(4,467,039

)

(3,284,636

)

Adjustments

Share based compensation within

Research and development

41,801

27,078

19,060

8,366

2,517,323

261,285

338,080

241,984

240,174

Selling and marketing

11,536

11,542

105,149

65,299

52,657

49,956

46,066

General and administrative

307,382

130,294

546,282

312,770

330,035

Change in fair value of derivative liabilities

317,352

193,517

(2,976,531

)

Business combination expenses*

214,101

753,901

643,106

1,541,950

Adjusted EBITDA

(826,607

)

(1,118,517

)

(1,983,528

)

(935,324

)

(1,754,088

)

(2,063,351

)

(3,006,910

)

(3,025,706

)

(4,102,942

)

*Includes $0.27 million in share-based compensation for a vendor in the three months ended March 31, 2026.

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