Horizon Quantum Holdings Ltd. (NASDAQ: HQ) has reported its financial results for the first quarter ended March 31, 2026. This period marks a transformative era for the Singapore-based company, featuring the successful completion of its SPAC merger and its debut on the Nasdaq.
Because the company transitioned to a public entity on March 19, 2026, the financial history provided in the table below reflects the recasted results of Horizon Quantum Computing Pte. Ltd. for the prior year and the new holding company for the current quarter.
| Amounts in $M | Q1’2026 | Q1’2025 | % Change |
| Revenue | $0.00 | $0.00 | — |
| Operating Expenses | $6.50 | $4.72 | +37.7% |
| Operating Loss | ($6.50) | ($4.72) | +37.7% |
| Net Loss | ($3.56) | ($4.82) | -26.1% |
| Cash and Cash Equivalents | $96.60 | $2.97 | +3,152.5% |
Financial and Strategic Milestone: The Nasdaq Listing
The defining event of the quarter was the completion of the business combination with dMY Squared Technology Group, Inc. Trading commenced on March 20, 2026. This transaction, alongside a PIPE (Private Investment in Public Equity), significantly bolstered the company’s balance sheet, bringing cash and cash equivalents to $96.6 million.
CEO Dr. Joe Fitzsimons noted that this capital provides the “financial runway required to support strategic priorities” and enables increased investment in the company’s hardware-agnostic software infrastructure.
Operational Highlights: Triple Alpha and Testbed Strategy
Horizon Quantum is unique among software firms for operating its own quantum hardware to reduce latency and develop real-time execution capabilities.
- Triple Alpha IDE: The company continued to stabilize Beryllium, its object-oriented quantum programming language. The integrated development environment (IDE) is designed to allow developers to build complex programs that can be optimized across multiple hardware modalities.
- Multi-Modality Testbed: In January 2026, the company inaugurated Ember-1, its first superconducting quantum computer. In April, the company expanded this strategy by purchasing a 256-qubit trapped-ion system from IonQ. By hosting both solid-state and atom-based systems, Horizon aims to prove its software is truly hardware-agnostic through direct integration.
Hardware Partnerships and Ecosystem Growth
The company announced several high-profile collaborations to ensure its software infrastructure supports the industry’s leading hardware:
- Alice & Bob: A collaboration to integrate cat qubit emulators into Triple Alpha, focusing on the future of fault-tolerant quantum software.
- IonQ: Beyond the system purchase, the strategic agreement focuses on enhancing real-time runtime capabilities, including support for general control flow and dynamic memory allocation.
- AQT (Alpine Quantum Technologies): A partnership to integrate Triple Alpha with AQT’s trapped-ion processors, allowing European developers to deploy programs directly onto AQT hardware.
Financial Results Overview
The reported Net Loss of $3.56 million for the quarter represents an improvement over the prior year’s $4.82 million. This was largely influenced by a non-cash gain of $3.0 million related to the fair value remeasurement of derivative liabilities (warrants and SAFE liabilities) associated with the merger.
Operating expenses rose to $6.5 million, primarily driven by a 300% increase in General & Administrative costs ($3.6 million) as the company scaled its headcount and systems to meet the requirements of being a public entity. Research and Development expenses, when excluding one-time stock-based compensation from the prior year, actually increased by 135% due to the aggressive hiring of scientists and the setup of the Ember-1 testbed.
A full version of the Q1 2026 financial report can be found here, the company’s IPO prospectus here, and our previous coverage of their Nasdaq debut here.
May 7, 2026
