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
First Quarter 2026 Financial Results
May 5, 2026
SINGAPORE —
(BUSINESS WIRE) — May 5, 2026 — 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):
| ● | Successful completion of a business combination with dMY
Squared Technology Group, Inc., with trading on Nasdaq commencing on March 20, 2026 in Horizon Quantum’s Class A Ordinary Shares
and Warrants under ticker symbols “HQ” and “HQWWW,” respectively. |
| ● | Operating loss for the first quarter of 2026 on an as-reported
basis of $6.5 million compared to $4.7 million for the first quarter of 2025. |
| ● | Net loss for the first quarter of 2026 on an as-reported
basis of $3.6 million, or $0.09 per ordinary share, compared to a loss of $4.8 million in the prior year, or $0.12 per ordinary share
in the first quarter of 2025. |
| ● | Adjusted EBITDA was a loss of $4.1 million as compared to
a loss of $1.8 million in the first quarter of 2025. |
| ● | Cash and cash equivalents were $96.6 million on March 31,
2026. |
| ● | A strategic agreement with IonQ has been announced, which
includes the purchase of a 256-qubit trapped-ion quantum computer. Horizon Quantum believes this strengthens its hardware testbed capabilities
by adding a frontier system alongside its existing superconducting system. |
| ● | AQT collaboration announced seeking to integrate a leading
European trapped-ion provider’s hardware with Horizon Quantum’s software infrastructure. |
| ● | Alice & Bob collaboration announced seeking to integrate
A&B’s emulated cat qubit system with Triple Alpha to facilitate the development and deployment of fault-tolerant quantum software. |
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
| ● | During the first quarter of 2026, Horizon Quantum announced
that it completed its previously announced business combination with dMY Squared Technology Group, Inc., a publicly traded special purpose
acquisition company. The Business Combination was approved by dMY’s shareholders at dMY’s special meeting held on March 17,
2026. On March 20, 2026, the combined company’s Class A ordinary shares and warrants began trading on Nasdaq under the ticker symbols
“HQ” and “HQWWW”, respectively. |
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.
| ● | Object-oriented quantum programming: In the first
quarter of 2026, Horizon Quantum’s research and development efforts included extending Beryllium, Triple Alpha’s object-oriented
programming language, to a more stable and feature-complete state following its initial preview in December. |
| ● | Testbed improvements: First quarter 2026 research
and development efforts also involved preparing Horizon Quantum’s testbed system, Ember-1, for use by Triple Alpha early access
users. |
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.
| ● | Alice
& Bob - fault-tolerant computing collaboration: In January 2026, Horizon Quantum
announced a strategic collaboration with Alice & Bob, a leading developer of fault-tolerant
quantum computers, to integrate their cat qubit emulators with Triple Alpha. This collaboration
is intended to streamline the development of fault-tolerant quantum software, helping to
position Horizon Quantum’s Triple Alpha as one of the first platforms to be able to
deploy applications to Alice & Bob’s planned, error-correction-capable, quantum
processing units. |
| ● | IonQ
- strategic agreement to unlock quantum potential: In April 2026, Horizon Quantum announced
a strategic agreement with IonQ, including the purchase of a 256-qubit trapped-ion system.
This will position Horizon Quantum as one of a very small number of efforts globally to operate
commercial quantum systems of multiple modalities, and it is expected to allow Horizon Quantum
to make further progress towards its goal of building the most capable, hardware-agnostic
quantum software development tools. |
| ● | AQT - hardware
collaboration: In April 2026, Horizon Quantum announced a strategic collaboration with
AQT (Alpine Quantum Technologies) involving the integration of Triple Alpha with AQT’s
trapped-ion quantum processors to leverage synergies between the two companies. The collaboration
will allow developers to use Triple Alpha to write, compile, and deploy quantum programs
directly onto AQT processors. |
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.
| ● | Initial testbed system - Industry-first hardware integration
testbed: In January 2026, Horizon Quantum held the inauguration of its first quantum computer, Ember-1, having completed the assembly
and integration of a fully operational, multi-vendor system at its Singapore headquarters. This system gives Horizon Quantum full control
of both the quantum hardware and software stacks, allowing the company to integrate its software infrastructure directly with control
systems, and avoiding latency issues that prevent fast feed-forward operations in remote settings. |
| ● | Second testbed system - tightly integrating Triple Alpha
with a frontier quantum computing system: In April 2026, Horizon Quantum announced its purchase of IonQ’s 6th-generation, chip-based
256-qubit trapped-ion system. With this, Horizon Quantum plans to expand the capabilities of its quantum hardware testbed beyond its
initial superconducting system with a second, technologically distinct hardware modality. This is anticipated to allow Horizon Quantum
to expand support for trapped-ion systems in Triple Alpha and to enhance the real-time runtime capabilities within its execution infrastructure.
Horizon Quantum expects to enable advanced execution functionality, including support for general control flow, dynamic memory allocation,
and concurrent classical and quantum function evaluation, aiming to empower developers to go beyond the limits of static circuit execution
and create adaptive, expressive quantum programs. |
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.
| ● | Total operating expenses for the first quarter of 2026 were
$6.5 million compared to $4.7 million for the first quarter of 2025. |
| ● | R&D expenses for the first quarter of 2026 were $2.1
million compared to $3.3 million for the first quarter of 2025, representing a decrease of 36%. The decline was largely due to a one-time
share-based compensation catch-up expense of $2.5 million in the first quarter of 2025. Excluding the one-time share-based compensation
expense, R&D expenses increased 135% from a year ago driven by increased hiring of scientists and engineers and costs from the setup
of the hardware testbed. |
| ● | Sales and marketing expenses for the first quarter of 2026
were $0.5 million, up 40% year over year compared to $0.3 million for the first quarter of 2025. When excluding share-based compensation
of $0.05 million and $0.1 million respectively from each period, the year-over-year increase in sales and marketing was 85% and was attributable
to increases in trade show activity and industry engagement. |
| ● | General
and administrative expenses for the first quarter of 2026 were $3.6 million compared to $0.9 million for the first quarter of 2025, representing
an increase of 300%. Excluding share-based compensation and one-time business combination expenses of $1.9 million and $0.3 million from
the first quarter of 2026 and 2025, respectively, G&A increased 191% year over year. The year-over-year expense increase was due
to needed increases in headcount and systems associated with becoming a public company. |
| ● | Reported
operating loss for the first quarter of 2026 was $6.5 million compared to $4.7 million for the first quarter of 2025, representing an
increase of $1.8 million, primarily due to increased hiring. |
| ● | Reported
net loss for the first quarter of 2026 was $3.6 million, or $0.09 per ordinary share, as compared to a net loss of $4.8 million, or $0.12
per ordinary share, in the first quarter of 2025. EBITDA for the first quarter of 2026 was a $3.3 million loss versus a $4.7 million
loss in the first quarter of 2025. Adjusted EBITDA, which excludes share-based compensation, change in fair value of derivative liabilities
and one-time expenses related to the business combination, was a $4.1 million loss as compared to a $1.8 million loss in the first quarter
of 2025. |
| ● | Recognized
a non-cash gain of $3.0 million for the first quarter of 2026, of which a $2.3 million loss attributed to fair value remeasurement and
subsequent settlement of SAFE liabilities into Horizon Quantum’s Class A ordinary shares was offset by a $5.3 million gain attributed
to fair value remeasurement of DMY’s warrant liabilities assumed by Horizon Quantum at the close of the business combination. |
| ● | Cash
and cash equivalents were $96.6 million as of March 31, 2026, an increase of $96.4 million from $0.2 million as of December 31, 2025.
The increase in cash and cash equivalents was the result of the PIPE transaction and business combination which closed on March 19, 2026. |
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. 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.
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)
| | |
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 | ) |
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 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 | | |
| - | |
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.
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 | | |
| 39,015,950 | | |
| 39,015,950 | | |
| 39,015,950 | | |
| 39,015,950 | | |
| 39,015,950 | | |
| 39,015,950 | | |
| 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. |
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.
