Kuala lumpur: Horizon Quantum Holdings Ltd (Horizon Quantum), a pioneer of software infrastructure for quantum applications, has reported an operating loss of US$6.5 million for the first quarter (Q1) ended March 31, 2026, compared to US$4.7 million in the same period last year. (US$1=RM3.91)
According to BERNAMA News Agency, the company posted a net loss of US$3.6 million for Q1 2026 versus US$4.8 million a year earlier, while adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) recorded a loss of US$4.1 million compared to US$1.8 million in Q1 2025.
Horizon Quantum Chief Executive Officer and Founder, Dr Joe Fitzsimons, stated that the company became a public entity during the quarter and made progress in advancing its quantum software infrastructure. The company enhanced the stability and feature set of its object-oriented programming language, Beryllium, and announced the purchase of its second quantum system, which may be capable of solving challenging computational problems.
During Q1 2026, Horizon Quantum completed its business combination with dMY Squared Technology Group, with trading on Nasdaq commencing on March 20, in its Class A Ordinary Shares and Warrants under ticker symbols 'HQ' and 'HQWWW', respectively. Cash and cash equivalents stood at US$96.6 million as of March 31, boosted by proceeds from its business combination and related PIPE transaction completed on March 19.
The company announced a strategic agreement with IonQ, including the purchase of a 256-qubit trapped-ion quantum computer aimed at strengthening its hardware testbed capabilities alongside its existing superconducting system. Additionally, Horizon Quantum entered collaborations with Alpine Quantum Technologies (AQT) and Alice and Bob to integrate trapped-ion and cat qubit technologies with its Triple Alpha software platform to support the development and deployment of fault-tolerant quantum software.
Horizon Quantum also reported that its research and development expenses for Q1 2026 stood at US$2.1 million, down 36 per cent from US$3.3 million previously, mainly due to a one-time share-based compensation catch-up expense recorded in Q1 2025. However, sales and marketing expenses rose 40 per cent year-on-year to US$0.5 million, while general and administrative expenses increased 300 per cent to US$3.6 million from US$0.9 million previously, driven largely by costs associated with becoming a public company.