Quarterly ResultMay 5, 2026, 04:10 PM
Horizon Quantum Q1 2026 Net Loss $3.6M; Completes Business Combination
AI Summary
Horizon Quantum Holdings Ltd. reported a net loss of $3.6 million, or $0.09 per ordinary share, for the first quarter of 2026, an improvement from a $4.8 million loss in Q1 2025. The company successfully completed its business combination with dMY Squared Technology Group, Inc., with trading on Nasdaq commencing March 20, 2026. Horizon Quantum also announced strategic collaborations with IonQ, AQT, and Alice & Bob, enhancing its hardware testbed capabilities and software infrastructure.
Key Highlights
- Completed business combination with dMY Squared Technology Group, Inc., with Nasdaq trading starting March 20, 2026.
- Operating loss for Q1 2026 was $6.5 million, compared to $4.7 million in Q1 2025.
- Net loss for Q1 2026 was $3.6 million ($0.09 per share), compared to $4.8 million ($0.12 per share) in Q1 2025.
- Adjusted EBITDA loss was $4.1 million, compared to $1.8 million in Q1 2025.
- Cash and cash equivalents stood at $96.6 million as of March 31, 2026, up from $0.2 million on December 31, 2025.
- Announced strategic agreement with IonQ, including the purchase of a 256-qubit trapped-ion quantum computer.
- Collaborations announced with AQT and Alice & Bob to integrate their hardware with Horizon Quantum's software.
- R&D expenses decreased 36% to $2.1 million, but increased 135% excluding a one-time share-based compensation expense.