Horizon Quantum (HQ) Q4 2025 earnings summary

Executive summary

• Completed a business combination with dMY Squared Technology Group, raising $120M gross proceeds, including $108M from PIPE investors and $11M from trust account disbursement.

• Focused on developing Triple Alpha, a quantum software platform, with early access interest from over 40 corporations, 90 universities, and 18 government/research entities.

• Still in early commercialization; revenue remains immaterial and losses are expected to continue until quantum computing achieves broader adoption.

Financial highlights

• FY2025 revenue was S$0.05M, down from S$0.36M in FY2024, due to fewer R&D service contracts.

• Net loss for FY2025 was S$23.1M (US$17.9M), compared to S$7.5M (US$5.8M) in FY2024.

• R&D expenses rose 209% to S$10.7M, driven by increased hiring and share-based compensation.

• General and administrative expenses increased 194% to S$8.6M, mainly due to legal, M&A, and hiring costs.

• Cash and cash equivalents at year-end 2025 were S$0.3M, with substantial new capital raised post-year-end.

Outlook and guidance

• Management expects continued operating losses until significant quantum software revenue is achieved.

• The $120M capital infusion is expected to fund operations for at least 12 months, but additional capital may be needed depending on market and R&D progress.

• Focus remains on R&D, expanding the hardware testbed, and commercializing Triple Alpha.