Insider Brief
- Horizon Quantum Holdings reported Q2 2026 financial results, highlighting the release of its Beryllium quantum programming language, Ember-1 testbed access, and a cash balance of $113.3 million.
- The company reported Q2 2026 operating expenses of $7.2 million, an operating loss of $7.2 million, and a net loss of $115.2 million, including a $108.3 million non-cash loss related to warrant liability remeasurement.
- Horizon Quantum said its Q2 milestones included a Quantum Machines collaboration on calibration technology and continued development of its software and hardware testbed infrastructure.
Press release – Horizon Quantum Holdings Ltd. (Nasdaq: HQ) (“Horizon Quantum,” “Horizon,” or “the Company”), a pioneer of software infrastructure for quantum applications, today reported financial results for the fiscal second quarter ended June 30, 2026 (“Q2 2026”).
Second Quarter 2026 Financial and Business Highlights:
- Beryllium, Horizon’s object-oriented programming language, became available to early access users at the end of Q2 2026.
- A strategic collaboration with Quantum Machines has been announced, which includes the joint development of embedded calibration technologies.
- Ember-1, Horizon’s Singapore-based testbed system, became available to first users.
- Cash received from exercise of warrants improves financial runway. As of August 3, 2026 cash balances have been fortified by proceeds of $28.7 million from the exercise of approximately 2.5 million publicly traded warrants (Nasdaq: HQWWW) (the “Public Warrants”). During Q2 2026, 2.4 million of these were exercised for gross proceeds of $27.5 million, which combined with existing cash, resulted in total cash and cash equivalents at the end of Q2 2026 of $113.3 million, a net increase of $16.7 million from $96.6 million at the end of the fiscal quarter ended March 31, 2026 (“Q1 2026”).
- Operating loss for Q2 2026 on an as-reported basis of $7.2 million compared to $2.7 million for the second fiscal quarter ended June 30, 2025 (“Q2 2025”).
- Net loss for Q2 2026 on an as-reported basis of $115.2 million, or $2.20 per ordinary share, compared to a loss of $2.9 million in Q2 2025, or $0.07 per ordinary share in Q2 of 2025. The Q2 2026 quarter result included a $108.3 million non-cash loss from the remeasurement of warrant-related derivative liabilities driven by an increase in the Company’s share price.
- Adjusted EBITDA was a loss of $5.5 million in Q2 2026 as compared to a loss of $2.1 million in Q2 2025.
CEO Commentary
“During the second quarter of 2026, we reached important milestones with Beryllium, an object-oriented quantum programming language that we believe will allow developers to build increasingly sophisticated quantum applications and begin to abstract away the subtleties of quantum mechanics from the work necessary to realize quantum advantage. More recently, we also announced a strategic collaboration with Quantum Machines, which aims to further our technical capabilities in calibration,” said Horizon Quantum CEO and Founder Dr. Joe Fitzsimons.
He continued, “I am also pleased to share that Horizon Quantum experienced a cash infusion from the exercise of our Public Warrants, further fortifying our cash balances by $27.5 million during the second quarter. As a result, we continue to anticipate sufficient financial runway for the foreseeable future, allowing us to make increased investments in R&D, further advance Triple Alpha, our integrated development environment, and continue the push towards quantum advantage with the extension of our testbed.”
Operational Highlights
Beryllium
Beryllium is Horizon Quantum’s object-oriented quantum programming language. It aims to enable developers to construct quantum programs in a way that resembles modern classical software engineering. It introduces advanced control flow structures and familiar programming constructs, including classes, functions, and libraries to quantum programming, allowing developers to define reusable quantum components analogous to those used in today’s classical programming languages.
By providing a high level of abstraction, Beryllium is designed to let developers focus on algorithmic intent rather than implementation mechanics and to make quantum software development more accessible and efficient.
Beryllium is currently the highest level of abstraction available within Triple Alpha. It can be compiled down to Helium, Triple Alpha’s BASIC–like language, and Hydrogen, its assembly language, as well as targeted quantum hardware. Horizon Quantum is developing its layered programming framework incrementally, with the aim of ultimately creating tools that enable developers to write quantum programs using familiar classical languages. The release of Beryllium represents an important step towards this objective.
- Beryllium saw its release to early access users at the end of the second quarter of 2026, following its initial preview in December 2025 at the annual Quantum to Business (Q2B) trade show.
- During the first half of 2026, Horizon Quantum extended and finalized the initial release of the Beryllium language, enhancing its core capabilities. The Company also improved the performance and stability of the Beryllium layer in its compiler.
- Beryllium libraries: Horizon Quantum has begun building Beryllium libraries that implement standard algorithmic building blocks. With these libraries, Horizon Quantum aims to enable developers, even those without deep quantum expertise, to build complex quantum algorithms with less code.
Hardware Collaborators
By tightly integrating its software infrastructure with a variety of hardware platforms, Horizon Quantum aims to provide developers with the most direct path to broad quantum advantage and help ensure that their quantum applications remain useful, no matter which modality emerges as a frontrunner.
- Quantum Machines – strategic collaboration on calibration: In July 2026, Horizon Quantum announced a strategic collaboration with Quantum Machines, a leading provider of advanced quantum control solutions, to enhance Ember-1 uptime by leveraging Quantum Machines’ control platform and engineering expertise.
- This collaboration is intended to result in an embedded calibration framework that enables lightweight calibration routines to execute as part of normal system operation, thereby increasing uptime by reducing reliance on lengthy full-system calibration cycles.
Testbed
Horizon Quantum is the first quantum software company to operate its own quantum computer. In doing so, Horizon Quantum maintains full control over both quantum hardware and software stacks, providing a testbed for the integration of its software directly with hardware systems and allowing Horizon Quantum to develop real-time execution capabilities that go beyond what is possible over cloud connections. Having full control over the technology stack provides a critical advantage in accelerating the development of Horizon Quantum’s software infrastructure. Deeper software-hardware integration is also expected to play a central role in advancing experimentation with quantum error correction, fault tolerance, and other technologies critical to realizing practical quantum advantage. The testbed provides an ideal environment for developing and testing these capabilities. Horizon Quantum’s testbed currently houses a superconducting system, and the Company has announced its purchase of a second system based on trapped-ion technology to expand the testbed.
- Testbed opens to first users: Ember-1, Horizon Quantum’s initial testbed system located at its Singapore headquarters and running since December 2025, has been opened to select first users. By enabling tighter hardware-software integration, the testbed environment provides efficient execution, extended capabilities, and faster iteration by accelerating the feedback loop.
- Triple Alpha on Ember-1 supports real-time execution of complete programs, eliminating the need for post-selected execution. The environment provides pulse- and gate-level access, supporting a broad range of quantum operations, experiments, and workflows.
- Second testbed system to be located at Horizon Quantum’s European headquarters: In June 2026, Horizon Quantum announced it would locate a 256-qubit trapped-ion system, anticipated to be one of the most advanced commercial quantum systems in the world, in Dublin, Ireland. This testbed adds a second, technologically distinct hardware modality, and with its expected qubit count and high gate fidelities, the system may be capable of solving some challenging computational problems.
Second Quarter 2026 Financial Results
All results presented as approximate and in USD.
- Cash generated from the exercise of Public Warrants improved the Company’s financial runway. As of August 3, 2026 approximately 2.5 million Public Warrants, representing 79% of the Public Warrants outstanding at the close of the business combination, had been exercised. The exercise of these Public Warrants has generated gross proceeds to the Company of approximately $28.7 million to date. As of the end of Q2 2026, a total of approximately 2.4 million Public Warrants had been exercised generating $27.5 million in gross proceeds, which, combined with existing cash, resulted in a total cash balance of $113.3 million as of June 30, 2026. This represents a net increase of $16.7 million from $96.6 million as of the end of Q1 2026.
- Total operating expenses for Q2 2026 were $7.2 million compared to $2.8 million for Q2 2025.
- Research and development (R&D) expenses for Q2 2026 were $2.6 million compared to $1.2 million for Q2 2025, representing an increase of 117%. When excluding share-based compensation and non-recurring compensation adjustments from each period of $0.7 million and $0.3 million, respectively, the period-over-period increase in R&D expenses was 100% and was primarily attributable to increases in headcount and to a lesser extent costs from the setup of the hardware testbed.
- Sales and marketing expenses for Q2 2026 were $0.4 million, up 51% period-over-period compared to $0.2 million for Q2 2025. When excluding share-based compensation and non-recurring compensation adjustments from each period of $0.08 million and $0.07 million, respectively, the period-over-period increase in sales and marketing expenses was 63% and was primarily attributable to increased trade show activity and industry engagement.
- General and administrative (G&A) expenses for Q2 2026 were $3.8 million compared to $1.1 million for Q2 2025, representing an increase of 236%. Excluding share-based compensation, non-recurring compensation adjustments and one-time business combination expenses of $1.5 million and $0.3 million from Q2 2026 and Q2 2025, respectively, G&A expenses increased 191% period over period. The period-over-period increase in G&A expenses was primarily due to increases in headcount, and other operating expenses associated with transitioning to a public company.
- Operating loss for Q2 2026 was $7.2 million compared to $2.7 million for Q2 2025, representing an increase of $4.4 million. The widening of the loss was primarily due to increases in expenses associated with transitioning to a public company, increases in research and development headcount, and related operational support costs as compared to the prior-year period.
- Net loss for Q2 2026 was $115.2 million, or $2.20 per ordinary share, compared to a net loss of $2.9 million, or $0.07 per ordinary share, in Q2 2025.
- The Q2 2026 result included a $108.3 million non-cash loss from the remeasurement of warrant-related derivative liabilities. The increase in the trading price of Horizon Quantum’s Class A ordinary shares during Q2 2026 increased the fair value of these liabilities, resulting in the accounting charge. This charge did not affect the Company’s cash balance. By contrast, the voluntary exercise of Public Warrants during Q2 2026 generated cash proceeds and increased share capital.
- All warrants of Horizon Quantum that remain outstanding will continue to be remeasured at fair value each fiscal quarter. Accordingly, future movements in the trading price of Horizon Quantum’s Class A ordinary shares could result in additional non-cash gains or losses.
- Because these fair-value adjustments can create substantial volatility in reported earnings without affecting underlying operating performance or cash flow, management also evaluates results on an Adjusted
- EBITDA basis, a non-GAAP measure. Adjusted EBITDA excludes changes in the fair value of derivative liabilities as well as share-based compensation, and non-recurring expenses associated with the business combination. On this basis, the company recorded an Adjusted EBITDA loss of $5.5 million for Q2 2026 compared with an Adjusted EBITDA loss of $2.1 million in Q2 2025.
Conference Call Information
As previously announced, the company will hold a conference call to discuss its second quarter on August 4 at 8:00 a.m. ET. The conference call will be broadcast live over the internet and can be accessed at https://investors.horizonquantum.com/news-events/events. For those unable to listen to the live broadcast, an archived version will be available at the same location for one year.
Non-GAAP Financial Measures
To supplement Horizon Quantum’s condensed financial statements presented in accordance with U.S. GAAP, Horizon Quantum uses non-GAAP measures of certain components of financial performance. EBITDA and Adjusted EBITDA are financial measures that are not required by or presented in accordance with GAAP. Management believes that these measures provide investors an additional meaningful method to evaluate certain aspects of Horizon Quantum’s results period over period.
EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, and income tax expense, and Adjusted EBITDA is defined as net loss before net interest income or expense, depreciation and amortization expenses, income tax expense, share-based compensation, change in fair value of derivative liabilities and non-recurring business combination expenses.
Horizon Quantum uses EBITDA and Adjusted EBITDA to measure the operating performance of its business, by excluding specifically identified items that its management does not believe directly reflect Horizon Quantum’s core operations and may not be indicative of its recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with U.S. GAAP, and Horizon Quantum’s non-GAAP measures may be different from non-GAAP measures used by other companies. For Horizon Quantum’s investors to be better able to compare its current results with those of previous periods, Horizon Quantum has shown a reconciliation of GAAP to non-GAAP financial measures at the end of this release.
