Horizon Quantum (HQ) Registration filing summary

Company overview and business model

• Develops quantum software infrastructure and tools to bridge quantum hardware and commercial applications, focusing on making quantum computing accessible to enterprises and developers.

• Triple Alpha, the flagship IDE, enables hardware-agnostic quantum programming and is in early access with strong interest from corporations, universities, and research organizations.

• Business model combines usage-based pricing for cloud-deployed applications, annual software licensing for on-premises deployment, and potential revenue from quantum hardware testbed access.

• Strategic partnerships with leading hardware vendors and a focus on ecosystem collaboration to drive adoption and integration.

Financial performance and metrics

• For the year ended December 31, 2025, reported revenue of S$50,000, down from S$360,000 in 2024, reflecting a reduction in R&D service contracts.

• Operating expenses rose sharply to S$22.1 million in 2025, up 169% year-over-year, driven by increased R&D, hiring, and share-based compensation.

• Net loss for 2025 was S$23.1 million, compared to S$7.5 million in 2024; accumulated deficit reached S$44.5 million as of December 31, 2025.

• Cash and cash equivalents at year-end 2025 were S$0.3 million, with liquidity bolstered post-Business Combination by US$120 million in gross proceeds.

Use of proceeds and capital allocation

• Proceeds from the PIPE Private Placement and Business Combination (~US$120 million) are allocated for general working capital, R&D, infrastructure, and business operations.

• Any proceeds from warrant exercises (up to US$69.5 million) would be used for general corporate purposes, though exercise is unlikely at current share prices.

• Management has broad discretion over capital allocation, with a focus on technology development, talent acquisition, and infrastructure investment.