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 IonQ system, expanding hardware capabilities.

• Enhanced Triple Alpha IDE and expanded board with experienced technology and finance leaders.

Financial highlights

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

• R&D expenses decreased to $2.13M from $3.32M, but excluding a prior year one-time share-based compensation, R&D rose 135% year-over-year.

• G&A expenses rose to $3.6M from $0.9M, a 300% increase, driven by public company preparations and one-time business combination costs.

• 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, compared to $1.8M loss a year ago, reflecting higher headcount.

• Ended Q1 2026 with $96.6M in cash, following $101M in net cash from financing activities related to the business combination.

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 a capital-light model and fiscal discipline.

• Second testbed system (256-qubit IonQ) on track for installation in 2027, with CapEx recognized ratably.

• Expects expanded testbed and collaborations to position the company for revenue growth as the industry approaches quantum advantage.