Horizon Quantum Completes Nasdaq Listing, Reports Q1 Loss

KUALA LUMPUR, May 8 (Bernama) -- Horizon Quantum Holdings Ltd (Horizon Quantum), a pioneer of software infrastructure for quantum applications, has reported an operating loss of US$6.5 million for the first quarter (Q1) ended March 31, 2026, compared to US$4.7 million in the same period last year. (US$1=RM3.91)

The company posted a net loss of US$3.6 million for Q1 2026 versus US$4.8 million a year earlier, while adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) recorded a loss of US$4.1 million compared to US$1.8 million in Q1 2025.

Horizon Quantum Chief Executive Officer and Founder, Dr Joe Fitzsimons said the company became a public entity during the quarter and made significant progress in advancing its quantum software infrastructure.

“We enhanced the stability and feature set of our object-orientated programming language, Beryllium, while also announcing the purchase of our second quantum system, which may be capable of solving challenging computational problems,” he said in a statement.

During Q1 2026, Horizon Quantum completed its business combination with dMY Squared Technology Group, with trading on Nasdaq commenced on March 20, in its Class A Ordinary Shares and Warrants under ticker symbols “HQ” and “HQWWW”, respectively.

Cash and cash equivalents stood at US$96.6 million as of March 31, boosted by proceeds from its business combination and related PIPE transaction completed on March 19.

The company also announced a strategic agreement with IonQ, including the purchase of a 256-qubit trapped-ion quantum computer aimed at strengthening its hardware testbed capabilities alongside its existing superconducting system.

In addition, Horizon Quantum entered collaborations with Alpine Quantum Technologies (AQT) and Alice & Bob to integrate trapped-ion and cat qubit technologies with its Triple Alpha software platform to support the development and deployment of fault-tolerant quantum software.

Horizon Quantum also stated its research and development expenses for Q1 2026 stood at US$2.1 million, down 36 per cent from US$3.3 million previously, mainly due to a one-time share-based compensation catch-up expense recorded in Q1 2025.

However, sales and marketing expenses rose 40 per cent year-on-year to US$0.5 million, while general and administrative expenses increased 300 per cent to US$3.6 million from US$0.9 million previously, driven largely by costs associated with becoming a public company.

-- BERNAMA