Horizon Quantum (HQ) Q1 2026 earnings summary

Executive summary

• Completed business combination with dMY Squared Technology Group and began trading on Nasdaq on March 20, 2026.

• Significant headcount growth, especially in R&D, to support roadmap execution and hardware collaborations.

• Launched first quantum computing testbed, Ember One, and announced purchase of a 256-qubit trapped-ion system, expanding in-house hardware capabilities.

• Advanced software stack with the Beryllium programming language and Triple Alpha IDE, aiming to abstract quantum mechanics for developers.

• Secured sufficient capital for foreseeable future, with $96.6 million in cash at quarter-end.

Financial highlights

• Total operating expenses for Q1 2026 were $6.5 million, up from $4.7 million in Q1 2025, mainly due to increased hiring.

• Net loss for Q1 2026 was $3.6 million ($0.09/share), improved from $4.8 million ($0.12/share) in Q1 2025, aided by a non-cash gain from warrant remeasurement.

• Adjusted EBITDA loss was $4.1 million, compared to $1.8 million loss in Q1 2025, with the latter widening due to hiring.

• Cash and cash equivalents rose to $96.6 million as of March 31, 2026, from $0.2 million at year-end 2025, due to PIPE and business combination proceeds.

• Net cash used in operations was $4.2 million, up from $1.6 million a year ago; $101 million raised from financing activities in Q1 2026.

Outlook and guidance

• Adjusted EBITDA loss for Q1 is expected to be a good proxy for near-term run rate, with only minor further hiring anticipated.

• Sufficient cash runway expected for the foreseeable future, with a capital-light model focused on software.

• Revenue generation to commence when the quantum industry reaches quantum advantage, transitioning early access users to a usage-based model.

• Anticipates business combination provides financial runway to support strategic priorities and increased R&D investment.

• Expects expanded testbed and collaborations to position the company for revenue growth as the industry approaches quantum advantage.