Horizon Quantum Q3 Profit Driven By Non-Cash Warrant Gain

KUALA LUMPUR, Nov 11 (Bernama) -- Horizon Quantum Holdings Ltd (Horizon Quantum), a quantum computing software company, posted a net profit of US$33.4 million for the third quarter ended Sept 30, 2026 (Q3 2026), driven by a non-cash accounting gain, while its operating loss more than doubled. (US$1 = RM4.05)

The result included a US$43.1 million non-cash gain from revaluing warrant-related liabilities after the company’s share price fell during the quarter, which did not affect its cash balance. It recorded a net loss of US$5.2 million a year earlier.

Horizon Quantum Chief Executive Officer and Founder, Dr Joe Fitzsimons said the company completed the integration of its Triple Alpha software with Oxford Quantum Circuits’ 32-qubit processor during the quarter and had signed a non-binding letter of intent to acquire Singapore-based Entropica Labs Pte Ltd.

“We look forward to exploring this opportunity further,” he said in a statement.

In the quarter, Horizon Quantum’s earnings per share were US$0.61, compared with a loss of US$0.13 per share a year earlier.

The operating loss widened to US$10.5 million from US$4.9 million, as research and development expenses rose 122 per cent to US$4.5 million and general and administrative expenses rose 127 per cent to US$5.2 million, mainly because of higher headcount and the costs of becoming a public company.

Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss widened to US$6.3 million from US$3.0 million, while cash and cash equivalents fell by US$10.5 million during the quarter to US$102.8 million.

The proposed Entropica Labs deal, valued at about US$27 million in Horizon Quantum shares, is subject to due diligence and definitive agreements. Entropica specialises in quantum error correction.

-- BERNAMA