Horizon Quantum (HQ) Q3 2026 earnings summary

Executive summary

• Technical milestones included pulse-level integration with OQC’s 32-qubit Toshiko QPU and multiplexed characterization on a processor with more than 100 qubits.

• Signed a non-binding LOI to acquire Entropica Labs for $27M in Class A shares; Triple Alpha’s strategy centers on software infrastructure and hardware partnerships, with paid usage tied to quantum advantage.

Financial highlights

• Q3 operating expenses and operating loss were $10.5M, versus $4.9M a year earlier; R&D was $4.5M versus $2.0M, and sales and marketing was $0.4M in both periods.

• G&A rose to $5.2M from $2.3M; excluding share-based compensation, it increased 82%, primarily due to headcount and public-company costs.

• Net income was $33.4M, or $0.61 per basic ordinary share, versus a $5.2M net loss, or $0.13 per share, in Q3 2025; Q3 2026 included a $43.1M non-cash warrant-liability remeasurement gain.

• Cash and cash equivalents were $102.8M at September 30, down $10.5M from Q2 end; Q3 operating cash use was $7.2M versus $5.1M in Q2 2026 and $3.3M in Q3 2025.

Outlook and guidance

• Paid usage is planned through cost-per-use cloud or on-premise access as early-access users transition to customers when quantum advantage arrives; proof-of-concept services are not pursued to protect roadmap execution.

• Management cited $102.8M of cash as providing significant runway and plans fiscal discipline during the pre-revenue period; technical and science teams remain focused on the execution roadmap.

• Priorities include broader hardware integration, scalable characterization, Beryllium compiler speed, and developer debugging tools; aims include scaling hardware-agnostic software and improving QPU characterization and calibration.