Horizon Quantum Holdings Ltd. (NASDAQ: HQ) has reported its financial results for the second quarter ended June 30, 2026. Highlights of the quarter include a major capital injection from public warrant exercises, early access availability for its flagship programming language Beryllium, and the strategic expansion of its quantum hardware testbed into Europe.

Because the company completed its SPAC merger with dMY Squared Technology Group on March 19, 2026, financial metrics prior to that date reflect Horizon Quantum Computing Pte. Ltd., while subsequent periods reflect Horizon Quantum Holdings Ltd. The table below summarizes key GAAP financial metrics for Q2 2026 compared with the prior quarter (Q1 2026) and the year-ago quarter (Q2 2025).

Amounts in $MQ2’2026Q1’2026Q2’2025% vs Q1’2026% vs Q2’2025
Revenue$0.00$0.00$0.04—-100.0%
Operating Expenses$7.18$6.50$2.78+10.5%+158.3%
Operating Loss($7.18)($6.50)($2.74)+10.5%+162.0%
Net Loss($115.23)($3.56)($2.90)+3,136.8%+3,873.4%
Cash and Cash Equivalents$113.25$96.60$0.71+17.2%+15,932.4%

Financial Results and Warrant Cash Infusion

Horizon Quantum’s cash position was significantly fortified during the second quarter. The company received $27.5 million in gross proceeds from the exercise of 2.4 million publicly traded warrants (HQWWW) during Q2. Subsequent to quarter-end, as of August 3, 2026, total warrant exercises reached approximately 2.5 million (79% of total outstanding public warrants), bringing cumulative gross proceeds to $28.7 million. This cash inflow elevated total cash and cash equivalents to $113.25 million as of June 30, 2026, up $16.65 million from $96.60 million at the end of Q1 2026.

Reported GAAP Net Loss for Q2 2026 was ($115.23) million, or ($2.20) per ordinary share, compared to ($3.56) million in Q1 2026 and ($2.90) million in Q2 2025. This significant loss was primarily driven by a $108.29 million non-cash accounting charge resulting from the mark-to-market fair value remeasurement of warrant-related derivative liabilities, caused by an increase in Horizon’s stock price during the quarter. This charge had no impact on cash balances or operations.

On a non-GAAP basis, excluding the non-cash derivative adjustment, share-based compensation, and non-recurring public transition costs, the company reported an Adjusted EBITDA loss of ($5.46) million for Q2 2026, compared to ($2.06) million in Q2 2025. Total operating expenses rose to $7.18 million, up 10.5% sequentially from Q1 2026, reflecting expanded R&D headcount and public company compliance infrastructure.

Operational Highlights: Triple Alpha and Beryllium Release

  • Beryllium Early Access: At the end of Q2 2026, Horizon released Beryllium—its high-level, object-oriented quantum programming language—to early access users. Designed to enable modern classical software engineering constructs (classes, functions, libraries) within quantum workflows, Beryllium compiles down to Helium (a BASIC-like language) and Hydrogen (assembly language) to abstract away low-level quantum mechanics for developers.
  • Ember-1 Testbed Open to Users: Horizon’s first quantum testbed system, Ember-1 (a superconducting system located at its Singapore headquarters), officially opened to select early users. Integrated directly with Triple Alpha, Ember-1 enables real-time execution of complete quantum programs with pulse- and gate-level access, bypassing latency issues associated with remote cloud execution.
  • Dublin Testbed Expansion: In June 2026, Horizon announced that its second hardware testbed system—a 256-qubit trapped-ion system purchased from IonQ—will be located at its European headquarters in Dublin, Ireland, giving the company a multi-modality testbed across both solid-state and atom-based architectures.

Ecosystem Collaborations

Resources and Further Reading

Additional details regarding this report can be found in the Horizon Quantum Q2 2026 press release here.

August 6, 2026

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