HQ

Download the Complete Report Here Key Takeaways: 2Q execution moved HQ from internal platform development toward controlled external deployment, while keeping the company on track against its previously communicated technical roadmap. Beryllium entered early access, moving Triple Alpha’s highest currently available abstraction layer beyond internal development, while Ember-1, HQ’s company-operated superconducting quantum computer in Singapore, opened to its first external users. Together, these milestones advance the platform across both higher-level programming abstraction and direct, real-time execution at the hardware-control layer. The new applications team broadens HQ’s end-to-end strategy from software infrastructure toward commercially relevant problem development. Focused on high-value problems across three industries, the initiative links problem selection and algorithm design with Beryllium, reusable libraries, compilation, runtime orchestration, and execution on company-operated hardware. This gives HQ a more direct role in advancing commercially relevant workloads toward quantum advantage rather than relying on customers or hardware partners to identify them. Subsequent to quarter-end, the Quantum Machines collaboration added embedded calibration to Ember-1’s roadmap, extending Triple Alpha into the quantum control plane and targeting higher system availability. Warrant exercises materially strengthened liquidity and increased HQ’s capacity to fund its technical roadmap. HQ generated $27.5 million of gross proceeds from warrant exercises during the quarter, increasing cash and equivalents to $113.3 million at June 30, 2026, from $96.6 million at the end of 1Q26. Against a $5.5 million adjusted EBITDA loss and $5.1 million of operating cash use, the strengthened balance sheet provides additional flexibility to support R&D, hardware integrations, the applications organization, and HQ’s multimodal testbed infrastructure. We believe Beryllium’s release to early-access users marks an important step in making quantum software development more closely resemble modern classical programming. As Triple Alpha’s highest current abstraction layer, the object-oriented language introduces familiar constructs and reusable libraries that allow developers to build more modular programs while focusing less on the underlying mechanics of quantum execution. During 1H26, HQ also improved compiler performance and stability and began developing standard algorithmic libraries, including quantum Monte Carlo-related building blocks, to reduce coding complexity and broaden accessibility for domain experts. Opening Ember-1 to first users extends HQ’s differentiation from quantum language development into direct, real-time execution on company-controlled hardware. Operating in Singapore since December 2025, Ember-1 combines a Rigetti superconducting processor with Quantum Machines control electronics and Maybell cryogenic infrastructure, allowing Triple Alpha to execute complete Hydrogen programs directly through the control system rather than relying on cloud interfaces or post-selected execution. The platform supports real-time loops, measurement-based branching, recursive function calls, concurrent classical computation, and pulse- and gate-level access, capabilities that go beyond the fixed instruction sequences typical of circuit-oriented frameworks. This integration makes Ember-1 a development environment for the runtime, memory, input/output, and control services required by increasingly sophisticated quantum systems. The Quantum Machines collaboration could improve Ember-1 uptime while extending HQ deeper into the quantum control plane. Quantum processors require frequent recalibration as qubit frequencies, pulse parameters, and environmental conditions drift over time, reducing performance and forcing systems offline. HQ and Quantum Machines plan to develop lightweight calibration routines that run during normal operation, initially on Ember-1, with the goal of reducing downtime, increasing testbed availability, and accelerating the software-hardware feedback loop. The new applications team broadens HQ’s path toward quantum advantage by linking commercially relevant problems with its software and hardware infrastructure. Rather than relying entirely on customers, hardware manufacturers, or third-party developers to identify the first useful workloads, HQ is targeting a limited number of high-value computational problems across three industries. Working alongside the company’s agentic-AI capabilities, the team will pursue end-to-end development from problem selection and algorithm design through Beryllium, reusable libraries, custom compilers, runtime orchestration, and execution on Ember-1 and future testbed systems. HQ’s agentic AI capabilities are being integrated into the applications organization as an internal R&D accelerator rather than developed as a separate commercial offering. Since establishing a dedicated AI team in 2023, the company has built agentic systems designed to investigate open quantum-computing problems with progressively less human intervention; following access to newer frontier models, these systems generated hundreds of research notes within several weeks. Applying this capability to HQ’s selected high-value problems could accelerate hypothesis generation, algorithm discovery, and identification of required compiler or runtime improvements, increasing the effective capacity of its scientific organization. Hardware collaboration demand currently exceeds HQ’s technical capacity, reinforcing Triple Alpha’s relevance across multiple layers of the quantum stack. Management indicated that interest from hardware manufacturers is greater than the capacity of its science and engineering organization, suggesting engagement does not depend on completion of Carbon or broad Beryllium adoption. Partners can work with HQ across compiler development, runtime orchestration, control-system integration, calibration, pulse-level programming, and execution infrastructure, allowing Triple Alpha to create value before the highest abstraction layers are complete. Over time, broader integration with processor manufacturers, system builders, and control providers could position Triple Alpha as a common software layer across multiple hardware architectures. HQ’s differentiation rests on Triple Alpha’s breadth, reinforced by direct hardware access, multimodal partnerships, and an applications-led path to quantum advantage. Classical computing remains the industry’s primary benchmark because quantum systems must ultimately deliver superior outcomes on economically meaningful problems. While vendor-specific SDKs, circuit frameworks, libraries, and higher-level platforms address individual parts of the workflow, Triple Alpha is designed to span pulse-level control, dynamic execution, memory management, concurrent classical computation, and Beryllium’s object-oriented abstraction layer. Combined with company-operated testbeds, hardware and control-system integrations, and internally developed applications, this broader architecture could allow HQ to reduce the quantum expertise required from developers while supporting execution across multiple hardware modalities. Continued execution against the technical roadmap will now depend on broader platform access, deeper hardware integration, and delivery of the planned 2027-2028 milestones. Beryllium’s early-access release and real-time Hydrogen execution on Ember-1 represent progress against the communicated plan. The next milestones include further development of Beryllium libraries and fault-tolerant compiler capabilities during 2026-2027, broader Ember-1 access, runtime support on third-party hardware in 2027, installation of the IonQ trapped-ion system in Dublin, and an integrated compilation chain capable of automated algorithm construction by the end of 2028. Progress across library development, external platform use, hardware integrations, and compiler and runtime functionality will provide the clearest evidence that Triple Alpha is advancing toward a broadly deployable quantum software platform. Commercialization remains tied to industry-level quantum advantage rather than near-term services revenue. HQ reported no revenue in 2Q26 versus approximately $38,000 in 2Q25, reflecting its decision not to pursue nominal proof-of-concept work that could divert technical resources from Triple Alpha. The company expects early-access users to transition to paying customers through cost-per-use cloud or on-premise models once quantum systems can solve economically meaningful problems beyond classical computing. No customer count, pipeline value, platform-usage metrics, conversion data, or revenue guidance was disclosed, leaving external adoption and usage as the key evidence points ahead of monetization. Supporting this broader technical roadmap established a larger operating-expense base in 2Q26. Total operating expenses increased 158% y/y and approximately 10% sequentially to $7.2 million. R&D expense rose 117% y/y to $2.6 million, primarily reflecting additional science and engineering personnel and, to a lesser extent, testbed-related costs, while G&A increased 236% to $3.8 million due to higher headcount and expenses associated with operating as a public company. Sales and marketing expense increased 51% to approximately $0.4 million, driven by trade-show activity and industry engagement, consistent with an ecosystem-led approach focused on hardware partners and developers rather than scaled enterprise selling. Cash use increased as HQ funded its larger technical organization and multimodal testbed roadmap. Net cash used in operating activities rose to $5.1 million in 2Q26 from $4.2 million in 1Q26 and $2.0 million in 2Q25, bringing 1H26 operating cash use to $9.3 million versus $3.7 million in the prior-year period. Investing cash use increased to $5.5 million in 1H26 from $0.3 million in 1H25, reflecting continued investment in quantum systems and supporting infrastructure. Warrant exercises materially strengthened HQ’s liquidity and extended its financial runway. Approximately 2.4 million public warrants were exercised during 2Q26, generating $27.5 million in gross proceeds and lifting quarter-end cash and equivalents to $113.3 million from $96.6 million in 1Q26, a sequential increase of $16.7 million. As of August 3, approximately 2.5 million warrants, representing 79% of those outstanding at the closing of the business combination, had been exercised, generating cumulative gross proceeds of $28.7 million. The additional capital provides greater flexibility to fund software development, hardware integrations, the applications organization, testbed infrastructure, and the planned Dublin expansion, although the exercises also increased the share count and created dilution. Management is balancing continued technical investment with the need to preserve runway until quantum hardware becomes commercially capable. Stronger liquidity provides flexibility to fund selected initiatives, with execution of the technical roadmap remaining the primary spending priority. The spending framework is centered on aligning software maturity, hardware readiness, and financial capacity: investing too slowly could leave HQ unprepared as commercially capable systems emerge, while investing too aggressively could consume runway before the industry reaches quantum advantage. Accordingly, near-term assessment should remain focused on technical execution, ecosystem expansion, and disciplined cash deployment rather than financial targets. Disclaimer: Exec Edge does not publish proprietary estimates, ratings, price targets or investment recommendations. The valuation discussion below is illustrative only, based on company-disclosed outlook metrics and third-party data; it is not a recommendation, price target, rating or prediction of future pricing. HQ remains differentiated as one of the few publicly traded quantum companies focused primarily on software infrastructure and orchestration rather than proprietary hardware commercialization. Read Exec Edge’s Initiation on HQ Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected] The post Horizon Quantum’s Commercial Push With Early Platform Launch, $113M Cash Position – Quarterly Update Report appeared first on ExecEdge.

SINGAPORE, August 04, 2026--(BUSINESS WIRE)--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. Conference Call Information As previously announced, the company will hold a conference call to discuss its second quarter on August 4 at 8:00 a.m. ET. The conference call will be broadcast live over the internet and can be accessed at https://investors.horizonquantum.com/news-events/events. For those unable to listen to the live broadcast, an archived version will be available at the same location for one year. Non-GAAP Financial Measures To supplement Horizon Quantum’s condensed financial statements presented in accordance with U.S. GAAP, Horizon Quantum uses non-GAAP measures of certain components of financial performance. EBITDA and Adjusted EBITDA are financial measures that are not required by or presented in accordance with GAAP. Management believes that these measures provide investors an additional meaningful method to evaluate certain aspects of Horizon Quantum’s results period over period. EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, and income tax expense, and Adjusted EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, income tax expense, share-based compensation, change in fair value of derivative liabilities and non-recurring business combination expenses. Horizon Quantum uses EBITDA and Adjusted EBITDA to measure the operating performance of its business, by excluding specifically identified items that its management does not believe directly reflect Horizon Quantum’s core operations and may not be indicative of its recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with U.S. GAAP, and Horizon Quantum’s non-GAAP measures may be different from non-GAAP measures used by other companies. For Horizon Quantum’s investors to be better able to compare its current results with those of previous periods, Horizon Quantum has shown a reconciliation of GAAP to non-GAAP financial measures at the end of this release. About Horizon Quantum Horizon Quantum [NASDAQ: HQ] is on a mission to unlock broad quantum advantage by building the software infrastructure that empowers developers to use quantum computing to solve the world’s toughest computational problems. Founded in 2018 by Dr. Joe Fitzsimons, a leading researcher and former professor with more than two decades of experience in quantum computing, the company is bridging the gap between today’s hardware and tomorrow’s applications through the creation of advanced quantum software development tools. Its integrated development environment, Triple Alpha, enables developers to write sophisticated, hardware-agnostic quantum programs at different levels of abstraction. Learn more at www.horizonquantum.com. Note to Investors Regarding Forward-Looking Statements This press release includes forward-looking statements. The expectations, estimates, and projections of the businesses of Horizon Quantum may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "anticipate," "intend," "may," "will," "could," "should," "potential," "plan," "enable," and similar expressions are intended to identify such forward-looking statements. Actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Horizon Quantum therefore cautions against placing undue reliance on any of these forward-looking statements. Many of these factors are outside of the control of Horizon Quantum and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits and costs, if any, of the strategic collaborations with Quantum Machines, including Horizon’s ability to integrate their technologies within Horizon’s quantum computing testbed and Triple Alpha platform; (3) the outcome of any efforts to deploy or build out the 256-qubit trapped-ion system in Horizon Quantum’s Dublin, Ireland facility; (4) Horizon Quantum’s ability to scale and grow its business, and the advantages and expected growth of Horizon Quantum; (5) the cash position of Horizon Quantum and its estimates of expenses and profitability; (6) the ability to recognize the anticipated benefits of the recently completed business combination with dMY Squared Technology Group, Inc., which may be affected by, among other things, competition, the ability of Horizon Quantum to grow and manage growth profitably and source and retain its key employees; (7) changes in applicable laws and regulations or political and economic developments; (8) the possibility that Horizon Quantum may be adversely affected by other economic, business and/or competitive factors; (9) difficulties operating Horizon Quantum’s quantum processors and the possibility that the quantum processors do not provide the advantages that Horizon Quantum expects; (10) the ability of Horizon Quantum’s coding languages to provide additional abstraction when compared to other quantum computing solutions; (11) the ability to maintain the listing of Horizon Quantum’s Class A ordinary shares and warrants on Nasdaq; and (12) other risks and uncertainties included in the "Risk Factors" section of the Annual Report on Form 20-F filed by Horizon Quantum on April 14, 2026 with the U.S. Securities and Exchange Commission ("SEC"), as well as other documents filed or to be filed with the SEC by Horizon Quantum. The foregoing list of factors is not exclusive. New risks emerge from time to time, and it is not possible for management to predict all risks, nor can management assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except as required by law, Horizon Quantum undertakes no obligation to update any forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Horizon Quantum does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804772155/en/ Contacts Investor ContactHorizon Quantum investor contactKatherine [email protected] Media ContactHorizon Quantum media contactYanina [email protected]

Interested in Horizon Quantum Computing Pte. Ltd.? Here are five stocks we like better. Horizon Quantum’s net loss widened to $115.2 million from $2.9 million a year earlier, primarily due to a $108 million non-cash loss from revaluing warrant liabilities. Operating expenses also increased as the company expanded headcount and research spending. The company ended the quarter with $113.3 million in cash, helped by warrant exercises that generated $2.7 million during the quarter and approximately $28.7 million to date. Management said the proceeds extended its financial runway while it remains pre-revenue. Operationally, Horizon launched early access for its Beryllium quantum programming language and opened its Ember-1 superconducting testbed to users. It is also pursuing hardware collaborations, a planned 256-qubit IonQ testbed for 2027, and applications aimed at achieving commercially valuable quantum advantage. Could These 3 New-to-Market Quantum Computing Firms Threaten D-Wave? Horizon Quantum Computing Pte. (NASDAQ:HQ) reported a wider second-quarter loss as it increased hiring and incurred a large non-cash accounting charge tied to warrant liabilities, while management highlighted progress in its quantum software platform, hardware testbeds and application-development strategy. The company reported a net loss of $115.2 million, or $2.20 per ordinary share, for the quarter ended June 30, compared with a loss of $2.9 million, or $0.07 per share, a year earlier. The result included a roughly $108 million non-cash loss from the remeasurement of warrant-related derivative liabilities, which rose in value as Horizon Quantum’s share price increased during the quarter. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Russell 2000 Surge Post-Election: How to Play the Small-Cap Pop Chief Financial Officer Greg Gould said the warrant-related accounting charge did not affect cash. He noted that remaining public and private warrants will continue to be remeasured each quarter, meaning movements in the company’s Class A share price could create additional non-cash gains or losses in reported earnings. Horizon Quantum ended the June quarter with $113.3 million in cash and cash equivalents, up $16.7 million from $96.6 million at the end of March. Gould said public warrant exercises during the quarter generated $2.7 million in gross proceeds. As of Aug. 3, holders had exercised approximately 2.5 million public warrants, representing about 79% of public warrants outstanding, generating approximately $28.7 million in gross proceeds to date. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? 2 Recession-Resistant Stocks for Tough Market Conditions Chief Executive Officer Joe Fitzsimons said warrant exercises had strengthened the company’s financial runway and would support increased research and development investment. Management characterized the company as capital-light because of its software-focused model, though it said it plans to manage spending carefully during its pre-revenue period. Gould said Horizon Quantum does not plan to pursue proof-of-concept services work that could produce limited near-term revenue, arguing that such work could distract its scientific and engineering teams from their technical roadmap. The company expects to seek revenue generation when the broader quantum-computing sector reaches “quantum advantage,” at which point it plans to transition early-access users to a cost-per-use model through cloud or on-premise offerings. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Total operating expenses rose to approximately $7.2 million from $2.8 million in the second quarter of 2025. Research and development expense increased 117% year over year to $2.6 million, driven primarily by headcount growth and, to a lesser extent, hardware testbed setup costs. General and administrative expense increased to approximately $3.8 million from $1.1 million a year earlier, reflecting additional headcount and costs associated with operating as a public company. Sales and marketing expense rose 51% to about $380,000, largely due to greater trade-show activity and industry engagement. The company’s loss from operations was approximately $7.2 million, compared with a $2.7 million operating loss a year earlier. Adjusted EBITDA loss, which excludes derivative-liability fair-value changes, share-based compensation and certain nonrecurring items, was $5.5 million, compared with $2.1 million in the prior-year period. Horizon Quantum employed 57 full-time workers at quarter-end, up from 34 a year earlier and 10% higher sequentially. Gould said scientists, engineers and other technical staff remained between 60% and 80% of total headcount. Operating cash use was $5.1 million in the quarter, compared with $2 million a year earlier. Fitzsimons said Horizon Quantum made its Beryllium object-oriented quantum programming language available to a small group of early-access users, primarily hardware partners. Beryllium is designed to bring software-development concepts such as classes, structs and scoped functions into quantum programming, while enabling reusable libraries and more complex programs. Management said external adoption remains at an early stage because the rollout occurred near the end of the quarter. Fitzsimons said Horizon has seen interest in the platform and that an internal internship program had produced sophisticated programs using Beryllium’s object-oriented capabilities. For now, most library development remains internal, although the company intends to make it easier for outside developers to contribute and share code over time. The company also opened its Ember-1 superconducting testbed in Singapore to its first users. The system uses a chip from Rigetti and is integrated with Horizon’s Triple Alpha software and control systems. Fitzsimons said the integration is enabling real-time execution of Hydrogen programs, including loops, recursive calls and concurrent classical-function evaluation, rather than relying on post-selection or fixed quantum circuits. Horizon Quantum announced a collaboration with Quantum Machines to develop embedded calibration routines for Ember-1 and potentially other systems. The objective is to maintain calibration continuously while the system operates, rather than taking hardware offline for large periodic calibration runs. The company’s planned 256-qubit IonQ testbed system is expected to be installed in Dublin in 2027. Fitzsimons said Horizon is selecting a new Dublin office location and will need to build out laboratory facilities for the system. Horizon also established a quantum applications team focused on three high-value problems across three industries. Fitzsimons said the effort is a long-term initiative aimed at achieving internal quantum advantage on directly monetizable problems and encouraging industry adoption, rather than creating applications for short-term sale. The company is not disclosing the targeted industries or problems. Management said it has incorporated its existing AI team into the applications effort. Fitzsimons said Horizon’s agentic systems have produced hundreds of research notes on open quantum-computing problems in the weeks following the release of newer frontier AI models, which the company believes could help accelerate research and development. Horizon Quantum Holdings Ltd. is a quantum software infrastructure company focused on tools and systems that help developers build and deploy quantum applications. The company emphasizes software, algorithms, and workflow infrastructure intended to support practical quantum and hybrid quantum-classical use cases. Horizon Quantum became a public company through its business combination with dMY Squared Technology Group, Inc (DMYY), which was formed to take a private company public through a business combination. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Horizon Quantum Computing Pte. Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

SINGAPORE, July 21, 2026--(BUSINESS WIRE)--Horizon Quantum Holdings Ltd. (Nasdaq: HQ "Horizon Quantum" or the "Company"), a pioneer of software infrastructure for quantum applications, today announced that the Company anticipates releasing its financial results for the quarter ended June 30, 2026, on Tuesday, August 4, 2026, before the financial markets open. Horizon Quantum will host a conference call at 8:00 AM Eastern Time that same day to discuss its results and business outlook. The call will be webcast live at investors.horizonquantum.com. Those interested to participate via telephone may do so by registering on the Investors section of the Company’s website under Events & Presentations and using the online form, which will be available shortly after this release. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the webcast will be available for one year. 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. Cautionary 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: the risks and uncertainties included in the "Risk Factors" section of the Annual Report on Form 20-F most recently filed by Horizon Quantum, 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260721285235/en/ Contacts Investor ContactHorizon Quantum investor contactKatherine [email protected] Media ContactHorizon Quantum media contactYanina [email protected]

Download the Complete Report Here Key Takeaways: First quarter as a public company reinforced HQ’s positioning as a differentiated quantum software infrastructure platform centered around Triple Alpha and hardware-agnostic orchestration. Triple Alpha and Beryllium continued advancing toward higher-level quantum abstraction, while Ember-1 strengthened HQ’s real-time software-hardware integration capabilities. Partnerships with IonQ, Alice & Bob, and AQT materially expand HQ’s multimodal ecosystem exposure across trapped-ion, superconducting, and fault-tolerant architectures. Exited 1Q26 with $96.6 million in cash following the de-SPAC transaction, providing runway to scale R&D, hardware integration, and commercialization efforts. Differentiated small-cap quantum software infrastructure pure play trading at a meaningful discount to larger publicly traded quantum peers. First quarterly earnings report as a public company reinforced HQ’s positioning as a long-duration quantum software infrastructure platform. During the quarter, the company completed its de-SPAC transaction with dMY Squared Technology Group, with the combined entity beginning trading on Nasdaq on March 20, 2026, under the ticker HQ. Following the transaction, quarter-end cash balance increased significantly to $96.6 million from $0.2 million at year-end 2025, supported by approximately $98.2 million in net proceeds. The strengthened balance sheet provides meaningful financial runway to accelerate R&D initiatives, expand hardware integration efforts, and further advance the Triple Alpha platform. These developments come at a time when rapid advancements in quantum computing hardware, alongside breakthroughs in error correction, suggest the industry is approaching a key inflection point, with quantum advantage drawing increasingly closer. Triple Alpha remains central to HQ’s strategy of building higher-level software abstractions capable of accelerating broader quantum computing adoption. The company’s software stack progresses through multiple abstraction layers beginning with Hydrogen, a portable quantum assembly language designed to function across future hardware architectures, followed by Helium, an imperative quantum programming language supporting more advanced runtime capabilities, and ultimately Beryllium, an object-oriented quantum programming language intended to abstract away much of the underlying quantum mechanics from developers. Strategically, Beryllium enables code reuse, object-oriented design, and reusable software libraries that could create network effects across the quantum developer ecosystem over time. Importantly, the long-term objective extends beyond improving quantum programming efficiency and instead centers on automating the acceleration of classical code on quantum systems. Beryllium development and deeper hardware integration advance Triple Alpha’s commercial readiness. During the quarter, HQ continued advancing Beryllium toward a more feature-complete development environment while simultaneously strengthening interoperability with underlying quantum infrastructure. The company’s focus on higher-level software tooling and runtime integration increasingly resembles modern accelerated computing frameworks, where developers can leverage advanced computing infrastructure without directly interacting with low-level hardware architecture. Over time, continued improvements in usability, abstraction, and runtime orchestration could materially expand the addressable developer ecosystem and accelerate broader enterprise adoption. Ember-1 launch marks a strategic shift toward in-house hardware integration, enabling deeper software-hardware optimization and faster capability development. In January, HQ held the inauguration of its first quantum computer Ember-1, located at its Singapore headquarters. The system is based on a Rigetti Novera 9-qubit superconducting processor, Quantum Machines’ OPX1000 control electronics, and a dilution refrigerator assembled internally by HQ. The launch positions HQ as what appears to be the first quantum-focused software company operating its own quantum hardware stack rather than relying exclusively on third-party cloud access. Strategically, direct hardware ownership allows the company to bypass external software layers and cloud APIs, enabling tighter integration between Triple Alpha and underlying control systems while accelerating development of real-time execution infrastructure, pulse-level programming, and runtime orchestration capabilities. IonQ partnership materially strengthens HQ’s multimodal infrastructure strategy and expands the company’s exposure to potentially commercially relevant quantum workloads. In April 2026, HQ announced a strategic agreement with IonQ that includes the planned deployment of a 256-qubit trapped-ion quantum system expected to be installed during calendar 2027. The anticipated scale and fidelity of the system could position HQ closer to practical quantum advantage in select chemistry-related workloads, while significantly accelerating the company’s multimodal testbed roadmap. The company also highlighted this as a major one-off capital expenditure, with more normalized CapEx expected outside of this, and noted that the investment decision was made in the context of overall cash usage and potential funding support from various jurisdictions. Strategically, the addition of the IonQ system expands HQ’s capabilities beyond superconducting architectures into atom-based systems while strengthening its positioning as one of the few organizations globally operating commercial quantum systems across multiple modalities. Direct access to both solid-state and trapped-ion architectures should also improve Triple Alpha’s ability to function as a genuinely hardware-agnostic orchestration layer capable of supporting multiple future quantum computing architectures. Partnerships with Alice & Bob and AQT further strengthen the company’s positioning as a hardware-agnostic quantum software infrastructure platform rather than a company tied to a single computing architecture. In January 2026, HQ announced a collaboration with Alice & Bob focused on integrating cat-qubit emulators with Triple Alpha to streamline development of fault-tolerant quantum software, while the partnership with AQT in April 2026 is designed to integrate Triple Alpha with trapped-ion processors and simulators. Strategically, these relationships expand HQ’s exposure across multiple competing hardware modalities and reinforce the company’s broader objective of positioning Triple Alpha as a universal orchestration and development layer capable of supporting whichever architectures ultimately emerge as leaders in fault-tolerant quantum computing. HQ currently tracks ~40 leading quantum hardware manufacturers globally and continues prioritizing collaborations where its software stack can materially improve programmability and application complexity. Deep bench of proven technology, finance, and public company leadership strengthens governance and execution oversight. HQ has significantly strengthened both its board and executive leadership team with experienced industry veterans spanning technology, finance, legal, and large-scale organizational development. Danielle Lambert brings deep expertise in talent building from her time as VP of Human Resources at Apple, where she helped scale teams behind flagship products such as the iPod, iPhone, iPad, and Apple Retail, and later played a key role in founding Nest Labs prior to its acquisition by Alphabet. Peter Oey, currently CFO of Grab, adds strong financial and public market experience, having previously served as CFO of LegalZoom ahead of its IPO and CFO of MyLife, along with earlier leadership roles at Activision Blizzard. Jill Turner contributes over two decades of global HR leadership across Fortune 500 technology companies, currently serving as CHRO of Broadcom and previously holding senior roles at Honeywell and Lumen Technologies (formerly CenturyLink). Harry You brings extensive public company and capital markets expertise as a board member at Broadcom, former lead independent director at IonQ, and former CFO at Accenture and Oracle, in addition to serving as EVP at EMC. HQ also appointed Catherine Fitzsimons as Chief Legal Officer, adding additional legal, governance, and organizational oversight capabilities as the company transitions into its next phase as a publicly traded quantum infrastructure platform. Collectively, the depth of experience across technology scaling, public company operations, capital markets, and organizational leadership provides HQ with increasingly robust governance and execution oversight as it advances its long-term roadmap. Go-to-market centers on usage-based cloud monetization and hardware-linked on-prem licensing, positioning Triple Alpha as a runtime-driven infrastructure model. Revenue generation is expected to occur primarily through two channels: cloud access and on-prem deployment. For cloud, applications built using Triple Alpha would run through its proprietary stack, enabling a usage-based pricing model similar to API-driven platforms like AWS, where revenue scales alongside compute consumption and delivered application value. For on-prem systems, pricing is expected to follow a licensing model tied to underlying hardware capabilities, resembling enterprise infrastructure software models such as Windows Server or VMware. Near-term efforts remain focused on deep integration with hardware providers and continued advancement of the technology stack, with monetization expected to scale alongside broader quantum advantage and real-world application adoption. Platform aims to abstract quantum complexity, enabling broader enterprise adoption without requiring specialized quantum expertise. HQ is focused on automating the acceleration of classical workloads onto quantum systems through higher-level programming abstractions built into languages such as Beryllium. By embedding quantum acceleration within reusable software libraries and runtime infrastructure, the platform allows developers to leverage quantum computing capabilities without directly interacting with low-level quantum mechanics. Strategically, this approach addresses key bottlenecks around developer accessibility, scalability, and knowledge transfer that could otherwise constrain broader quantum adoption. Early enterprise engagement appears concentrated in computationally intensive industries where quantum acceleration could eventually create meaningful economic value. HQ disclosed that inbound requests for early access to Triple Alpha are currently concentrated across financial services, pharmaceuticals and chemistry, energy, automotive, aerospace and defense, and broader large technology companies. The company also highlighted use cases ranging from energy trading and machine learning-based geological modeling to materials science, photovoltaics, and computational chemistry. While commercialization remains early-stage, the breadth of inbound interest reinforces the view that software abstraction and developer accessibility could become increasingly important as quantum hardware capabilities improve and commercial adoption expands over time. Strong inbound ecosystem engagement and accelerated hiring activity suggest the company is scaling from a research-led organization toward a broader platform execution phase. HQ ended the quarter with 52 full-time employees compared to 29 a year ago, representing 79% y/y headcount growth and an 18% sequential increase from 4Q25. Scientists, engineers, and technical personnel continued representing approximately 60%-80% of total staffing, reinforcing the company’s strong R&D orientation. Inbound hardware ecosystem interest currently appears to exceed the company’s existing engineering capacity, supporting the aggressive hiring undertaken over the past year. Improving hardware scalability and advances in error correction increasingly shift the quantum computing bottleneck toward software abstraction and orchestration. HQ continues positioning Triple Alpha around the view that long-term quantum adoption will depend not only on better hardware, but on software infrastructure capable of automating algorithm generation and abstracting away quantum complexity from developers. Current quantum systems remain early-stage and limited in capability, with most architectures still lacking features such as dynamic execution and modern runtime flexibility. However, rapid progress in hardware scalability, multi-round error correction, and fault-tolerant architectures increasingly supports the view that software orchestration, developer accessibility, and runtime integration could emerge as key competitive differentiators as the industry matures. Financially, the quarter reflected the expected profile of a newly public, development-stage quantum infrastructure company aggressively investing in R&D, ecosystem integration, and public company readiness. Total operating expenses increased to $6.5 million in 1Q26 from $4.7 million in 1Q25, the widening loss was largely due to hiring, primarily for science and engineering teams. Headline R&D expense declined 36% y/y to $2.1 million primarily due to a large one-time stock compensation catch-up adjustment in the prior-year period; however, excluding that adjustment, underlying R&D expenses increased approximately 135% y/y driven largely by doubling the science and engineering headcount alongside incremental hardware testbed costs. Sales and marketing expense increased 40% y/y to $0.46 million, while G&A increased 300% to $3.6 million from $0.9 million in prior year period, reflecting higher headcount, systems implementation, and one-time costs associated with becoming a public company. Widening operating losses reflect continued investment in talent, while net loss narrows due to non-cash gains from balance sheet revaluations post de-SPAC. Operating loss increased to $6.5 million from $4.7 million y/y, primarily driven by higher hiring across the organization. However, net loss improved to $3.6 million ($0.09/share) versus $4.8 million ($0.12/share) last year, supported by a $3.0 million non-cash gain. This was largely due to a $5.3 million gain from the fair value remeasurement of warrant liabilities, partially offset by a $2.3 million loss related to SAFE liability reassessment and settlement upon conversion into equity. The warrant gain was driven by a 35% decline in share price between March 19 and March 31. Adjusted EBITDA reflects continued investment in platform development and organizational scaling. EBITDA loss improved to $3.3 million from $4.7 million y/y; however, adjusted EBITDA loss widened to $4.1 million from $1.8 million, primarily driven by increased hiring and ongoing investment in science and engineering capabilities. Management indicated that the majority of planned hiring has already been completed, with only modest additions expected going forward, suggesting adjusted EBITDA losses should remain broadly in line with 1Q levels in the near term before stabilizing. The de-SPAC transaction has materially strengthened HQ’s balance sheet and provides meaningful flexibility to fund its long-term software and hardware integration roadmap. HQ ended 1Q26 with $96.6 million in cash and equivalents compared to just $0.2 million at year-end 2025, driven primarily by approximately $98.2 million in net proceeds associated with the PIPE financing and de-SPAC transaction. Net cash used in operating activities during the quarter totaled $4.2 million compared to $1.6 million a year earlier, reflecting accelerated hiring and infrastructure expansion. Despite planned investments in its multimodal testbed strategy, HQ still appears structurally more capital-light than hardware-centric quantum peers given its software-focused business model. While deployment of the IonQ trapped-ion system represents a significant future capital expenditure, the majority of costs associated with the initial Ember-1 system have already been incurred, with the company also evaluating available support programs and refundable R&D tax credits to partially offset future investments. Strong financing inflows post de-SPAC materially improved liquidity and provide meaningful runway for continued platform investment. Net cash from financing activities totaled $101 million in 1Q26, driven primarily by PIPE proceeds and the business combination with dMY, alongside a smaller contribution from SAFE issuances prior to closing. With most transaction-related expenses now paid, the company appears well-capitalized to support ongoing R&D investment, hardware integration initiatives, and broader execution against its long-term roadmap. Prior testbed CapEx largely behind the company, with only minor residual payments remaining. Management indicated that most of the capital expenditure related to the Rigetti-based system was incurred over the past few years, with only a small remaining payment (primarily for the dilution refrigerator) still due, suggesting that the bulk of this investment is now largely behind the company. HQ appears increasingly differentiated as one of the few publicly traded quantum companies focused primarily on software infrastructure and orchestration rather than proprietary hardware commercialization. Please note that the following analysis is for illustrative purposes only and is not meant to constitute a stock recommendation, price target, or buy/sell/hold recommendation. Unlike most publicly traded quantum companies that remain heavily tied to proprietary hardware development, HQ is positioning itself as a hardware-agnostic software infrastructure layer designed to operate across multiple future quantum computing architectures. As the broader industry progresses toward higher qubit counts, improved error correction, and eventual fault tolerance, software abstraction, runtime orchestration, and developer accessibility could emerge as increasingly important bottlenecks to large-scale adoption. In that context, HQ’s focus on building higher-level orchestration and execution infrastructure through Triple Alpha potentially positions the company within a differentiated and strategically valuable layer of the quantum computing stack. The company’s positioning is further strengthened by its expanding multimodal hardware ecosystem, including partnerships with IonQ, Alice & Bob, and AQT alongside the launch of its internally operated Ember-1 system. Rather than competing directly in the increasingly capital-intensive race to commercialize quantum hardware, the company is building software infrastructure intended to function across superconducting, trapped-ion, and potentially future fault-tolerant architectures. Following the de-SPAC transaction, HQ exited 1Q26 with approximately $96.6 million in cash, providing meaningful flexibility to continue scaling Triple Alpha, deepen hardware integration, and expand its long-term commercialization roadmap. Despite its differentiated software-centric positioning and expanding ecosystem integration, HQ continues to trade at a meaningful discount to several publicly traded quantum peers on a market capitalization basis, which could support incremental re-rating potential over time as the company continues executing against its infrastructure strategy and the broader market increasingly differentiates between hardware manufacturers and software infrastructure providers. Download the Complete Report Here Read Exec Edge’s Initiation on Horizon Quantum Here Subscribe to our Weekly Newsletter to Receive All Research Contact: Executives-Edge.com [email protected]

Horizon is prioritizing technical execution over near-term revenue, building a hardware-agnostic software stack (Triple Alpha) and advancing its object-oriented quantum language Beryllium to abstract quantum mechanics for domain experts. The company inaugurated an in-house testbed (Ember One, a Rigetti Novera 9-qubit integration) and signed an agreement for a IonQ 256-qubit trapped-ion system, which management says could be on the cusp of quantum advantage for some chemistry problems. Spending rose due to hiring and the public-company transition — operating expenses were $6.5M, headcount increased to 52, adjusted EBITDA loss widened, and the company finished the quarter with about $96.6 million in cash. Interested in Horizon Quantum Computing Pte. Ltd.? Here are five stocks we like better. Could These 3 New-to-Market Quantum Computing Firms Threaten D-Wave? Horizon Quantum Computing Pte. (NASDAQ:HQ) outlined hiring-driven spending increases, an expanded hardware partnership roster, and progress on its software stack during its first-quarter fiscal 2026 earnings call, while emphasizing that it is prioritizing technical execution over near-term revenue generation. Founder and CEO Dr. Joe Fitzsimons opened the company’s first earnings call as a public company by highlighting five areas of focus: headcount growth, deepening hardware partnerships, progress in its software stack—particularly its object-oriented quantum programming language Beryllium—tighter integration with quantum hardware, and what he described as sufficient capital “for the foreseeable future.” → Roblox Stock Slides to New Low as Safety Changes Weigh on Outlook Russell 2000 Surge Post-Election: How to Play the Small-Cap Pop Fitzsimons said Horizon Quantum’s long-term aim is to “automate the acceleration of classical code on quantum computers,” describing the creation of quantum algorithms as a compilation task rather than an R&D project. He framed the company’s approach as building a software infrastructure and programming language stack that can abstract away quantum mechanics for domain experts in industries that could benefit from quantum computing. Fitzsimons also reiterated the company’s focus on a hardware-agnostic approach. “Our goal is to ensure that no matter which system architecture takes a lead in quantum computing, you'll be able to program it with Triple Alpha,” he said, referring to Horizon Quantum’s platform and toolchain. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches 2 Recession-Resistant Stocks for Tough Market Conditions Fitzsimons described the January inauguration of Horizon Quantum’s quantum computing testbed, including its first system, Ember One, which he said was officiated by Singapore’s Minister of Digital Development and Information, Josephine Teo. According to Fitzsimons, Ember One is based on a Rigetti Novera 9-qubit superconducting processor along with Quantum Machines controller electronics and a dilution refrigerator, and was integrated in-house. He said operating hardware directly enables the company to integrate its software stack more tightly with the hardware “without having to pass through third-party software layers,” which he called important to achieving quantum advantage in the near term. He added that direct access to the superconducting system has accelerated development of the company’s real-time execution stack and enabled “pulse level programming and pulse level optimization within our stack.” → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Fitzsimons also disclosed that Horizon Quantum entered into an agreement with IonQ for a 256-qubit trapped ion quantum computer. He said the anticipated qubit count and fidelity are expected to put the system “on the cusp of quantum advantage for at least some chemistry problems,” and that it allows the company to accelerate its testbed roadmap with one system rather than two. Fitzsimons said the company has disclosed plans for a second testbed system to be installed in calendar year 2027 and stated the company is on track to achieve that timeline, while noting he was limited by confidentiality agreements in providing more detail. In response to questions about capital spending, CFO Greg Gould said the IonQ system represents “the big capital expenditure” compared with what he characterized as more normalized spending on employee hardware and other items. Fitzsimons added that while the amount is disclosed in the company’s Form 20-F, the payment schedule was redacted and the company could not share full details, reiterating that the expense would be recognized ratably over time. On Ember One, management indicated most of that expense had already been incurred over the past couple of years, with Fitzsimons referencing a remaining partial payment related to a dilution refrigerator disclosed in the company’s filings. During the quarter, Fitzsimons said Horizon Quantum expanded collaborations with additional quantum hardware companies. He highlighted partnerships with: Alice & Bob, which he said will include integrating their emulators into Triple Alpha to support interaction with emulated versions of planned quantum processors. AQT, which he said will include integrating AQT’s simulators and trapped ion processors into Triple Alpha to deepen support for trapped ion systems. On the software side, Fitzsimons said the company’s R&D in the quarter focused on continued development of Beryllium “to a more feature-complete and stable form” and on integrating Ember One into Triple Alpha ahead of making it available to external users later in the year. Fitzsimons said the company tracks approximately 40 hardware manufacturers and that interest from hardware companies currently exceeds Horizon Quantum’s capacity, a constraint he said the company expects to alleviate through its hiring ramp. He also said headcount growth has been concentrated in R&D, and that the company believes it is nearing the staffing level needed to execute its plans. Gould said total operating expenses for the first quarter of 2026 were $6.5 million, up from $4.7 million in the first quarter of 2025, attributing the widening operating loss largely to hiring. He noted results reflect the business combination with dMY Squared Technology Group, which closed March 19, with March 31 results reflecting the combined entity. Key financial figures discussed on the call included: R&D expense: $2.13 million, down $1.19 million year-over-year, driven by a $2.28 million decrease in share-based compensation versus the prior-year quarter, which included a one-time “catch-up” expense of $2.5 million. Excluding that catch-up, Gould said R&D increased 135% year-over-year, driven by a doubling of science and engineering teams and incremental testbed setup costs. Sales and marketing: $0.46 million, up 40% from $0.33 million, with Gould citing higher trade show activity and industry engagement; excluding share-based compensation, he said sales and marketing rose 85% year-over-year. General and administrative: $3.6 million, up from $0.9 million, which Gould said included business combination expenses; excluding share-based compensation and one-time transaction costs, he said G&A increased 191% year-over-year. Loss from operations: $6.5 million, compared with a $4.7 million loss a year earlier. Net loss: $3.6 million, or $0.09 per share, compared with $4.8 million, or $0.12 per share, in the prior-year quarter. Gould attributed the narrower net loss relative to operating loss to a $3.0 million non-cash gain tied to fair value changes in warrant and SAFE-related liabilities. Gould said EBITDA loss was $3.3 million versus $4.7 million a year ago, while adjusted EBITDA loss was $4.1 million versus $1.8 million a year ago, with the widening primarily due to hiring. Headcount ended the quarter at 52 full-time employees versus 29 a year earlier, which he said represents a 79% year-over-year increase. Net cash used in operating activities was $4.2 million, compared with $1.6 million in the year-ago quarter. Gould said net cash provided by financing activities was $101 million, driven primarily by the PIPE and the business combination, and Horizon Quantum ended the quarter with $96.6 million in cash. In response to analyst questions about commercialization, Fitzsimons said the company’s revenue model is centered on software running through Horizon Quantum’s stack, positioning it to charge based on usage for cloud deployments. For on-premises deployments, he described a licensing model tied to hardware capabilities, pointing to analogies such as Windows Server or VMware. He declined to provide a revenue split or forecasts for the two channels. Gould also said Horizon Quantum is not pursuing proof-of-concept services work, calling it a potential distraction from the roadmap. He said the company intends to shift early access users to paying users “when the larger quantum industry is reaching quantum advantage,” at which point the company expects cost-per-use cloud or on-prem models to apply. Asked about the types of prospective users for cloud access, Fitzsimons said the company receives inbound early access requests clustered in several areas, including financial services, pharma and chemistry, energy (including oil and gas and renewables), automotive, aerospace and defense, and “general big tech.” On spending trajectory, Gould said the bulk of hiring was completed in anticipation of the transaction, with “a slight increase and then a leveling off.” Fitzsimons added the company has “a few hires still coming in,” agreeing that first-quarter adjusted EBITDA loss may be a reasonable proxy for near-term run rate. Horizon Quantum Holdings Ltd. is a quantum software infrastructure company focused on tools and systems that help developers build and deploy quantum applications. The company emphasizes software, algorithms, and workflow infrastructure intended to support practical quantum and hybrid quantum-classical use cases. Horizon Quantum became a public company through its business combination with dMY Squared Technology Group, Inc (DMYY), which was formed to take a private company public through a business combination. The article "Horizon Quantum Computing Pte. Q1 Earnings Call Highlights" was originally published by MarketBeat.

SINGAPORE, May 05, 2026--(BUSINESS WIRE)--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/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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505315189/en/ Contacts Investor Contact Horizon Quantum investor contact Katherine Bailon [email protected] Media Contact Horizon Quantum media contact Yanina Blaclard [email protected]