Horizon Quantum (HQ) Q1 2026 earnings summary

Executive summary

• Completed business combination with dMY Squared, becoming a public company and listing on Nasdaq on March 20, 2026.

• Headcount nearly doubled year-over-year, primarily in R&D, to support execution of the technology roadmap.

• Advanced quantum software infrastructure with new hardware integrations, strategic collaborations, and previewed the Beryllium programming language.

• Inaugurated first in-house quantum computing testbed, Ember One, and announced purchase of a 256-qubit trapped-ion system to expand capabilities.

• Launched and enhanced Triple Alpha IDE and Beryllium programming language to abstract quantum mechanics for developers.

Financial highlights

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

• Net loss for Q1 2026 was $3.6M ($0.09/share), narrower than $4.8M ($0.12/share) in Q1 2025, due to a non-cash gain from warrant remeasurement.

• Adjusted EBITDA loss was $4.1M (vs. $1.8M prior year), reflecting increased hiring and operating expenses.

• Cash and cash equivalents rose to $96.6M at quarter-end, bolstered by PIPE and business combination proceeds.

• Recognized a non-cash gain of $3.0M in Q1 2026, mainly from warrant liabilities remeasurement.

Outlook and guidance

• Adjusted EBITDA loss for Q1 is expected to be a good proxy for near-term run rate, with only a few more hires anticipated.

• Sufficient cash runway for the foreseeable future, with fiscal discipline planned.

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