Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Exhibit
99.1
Horizon Quantum Announces
Second Quarter 2026 Financial Results
August 4, 2026
SINGAPORE —
(BUSINESS WIRE) — August 4, 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. |
| o | 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. |
| o | 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. |
| o | 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. 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.
Investor Contact
Horizon Quantum investor contact
Katherine Bailon
investors@horizonquantum.com
Media Contact
Horizon Quantum media contact
Yanina Blaclard
media@horizonquantum.com
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
June 30, | | |
Six Months Ended
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
June 30, | | |
Six Months Ended
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.
