Horizon Quantum (HQ) Q2 2026 earnings summary

Executive summary

• Released Beryllium, an object-oriented quantum programming language, to early access users, enhancing developer accessibility and abstraction for quantum software development.

• Opened Ember-1, the Singapore-based superconducting quantum testbed, to first users, supporting real-time execution and advanced experimentation.

• Announced a strategic collaboration with Quantum Machines to develop embedded calibration routines and improve system uptime and integration.

• Established a quantum applications team focused on high-value problems across three industries to drive adoption as quantum advantage becomes feasible.

• Strengthened financial position with up to $28.7 million in gross proceeds from warrant exercises, increasing cash and cash equivalents to $113.3 million as of June 30, 2026.

Financial highlights

• Cash and cash equivalents rose to $113.3 million at quarter-end, up from $96.6 million in Q1 2026.

• Net loss for Q2 2026 was $115.2 million ($2.20 per share), primarily due to a $108.3 million non-cash charge from remeasurement of warrant-related derivative liabilities.

• Adjusted EBITDA loss was $5.5 million for Q2 2026, compared to $2.1 million in Q2 2025.

• Operating expenses increased to $7.2 million, up 267% year-over-year, driven by R&D and G&A headcount growth and public company transition costs.

• Revenue for Q2 2026 was $38,462.

Outlook and guidance

• Current cash balance provides significant runway, supporting continued investment in R&D, operational expansion, and testbed development.

• Focus remains on executing the technical roadmap and expanding collaborations with hardware partners.

• No immediate plans for M&A; capital allocation will prioritize internal R&D and talent acquisition.

• Future results may be affected by volatility in the fair value of warrant-related derivative liabilities.