Horizon Quantum Holdings Ltd 6-K, filed Nov 10, 2026
Horizon Quantum Holdings Ltd. (HQ)
About this 6-K
Horizon Quantum Holdings Ltd filed this 6-K on November 10, 2026.
Horizon Quantum reported Q3 2026 net income of $33.4 million, or $0.61 per ordinary share, including a $43.1 million non-cash warrant-liability gain, while operating loss widened to $10.5 million and adjusted EBITDA loss reached $6.3 million; cash was $102.8 million. AI summary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-43203
Horizon Quantum Holdings Ltd.
(Exact name of registrant as specified in its charter)
29 Media Cir., #05-22
Singapore, 138565
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Horizon Quantum Holdings Ltd. | ||
| By: | /s/ Joseph Fitzsimons | |
| Name: | Joseph Fitzsimons | |
| Title: | Chief Executive Officer and Chairman | |
Date: November 10, 2026
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EXHIBIT INDEX
| Exhibit No. | Description | |
| Exhibit 99.1 | Press Release, dated November 10, 2026. |
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Exhibit 99.1
Horizon Quantum Announces Third Quarter 2026 Financial Results
November 10, 2026
SINGAPORE — (BUSINESS WIRE) — November 10, 2026 — 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 third quarter ended September 30, 2026 (“Q3 2026”).
Third Quarter 2026 Financial and Business Highlights (all figures approximate and presented in USD):
| ● | Horizon Quantum and Oxford Quantum Circuits (“OQC”) announce successful pulse-level integration. |
| ● | Horizon Quantum signed a non-binding letter of intent to acquire Entropica Labs. |
| ● | Horizon Quantum announces the development and implementation of protocols for performing efficient characterization of large quantum processors. |
| ● | Operating loss for Q3 2026 on an as-reported basis of $10.5 million compared to $4.9 million for the third fiscal quarter ended September 30, 2025 (“Q3 2025”). |
| ● | Net Income for Q3 2026 on an as-reported basis of $33.4 million, or $0.61 per ordinary share, compared to a loss of $5.2 million in Q3 2025, or $0.13 per ordinary share in Q3 of 2025. The Q3 2026 quarter result included a $43.1 million non-cash gain from the remeasurement of warrant-related derivative liabilities driven by a decrease in the Company’s share price. |
| ● | Adjusted EBITDA was a loss of $6.3 million in Q3 2026 as compared to a loss of $3.0 million in Q3 2025. |
| ● | Cash and cash equivalents at the end of Q3 2026 of $102.8 million, a net decrease of $10.5 million from $113.3 million at the end of the fiscal quarter ended June 30, 2026 (“Q2 2026”). |
CEO Commentary
“During the third quarter of 2026, as part of our ongoing collaboration with OQC, we successfully completed the pulse-level integration of Triple Alpha with their 32 qubit Toshiko quantum processing unit, a further milestone in our aim of tightly integrating our software infrastructure with a variety of hardware platforms. We also announced that we have implemented our proprietary techniques for multiplexed characterization on a processor with greater than 100 qubits for the first time, enabling more efficient, scalable QPU characterization,” said Horizon Quantum CEO and Founder Dr. Joe Fitzsimons.
He continued, “In addition we recently signed a non-binding letter of intent to acquire Entropica Labs Pte. Ltd, a Singapore-based quantum computing company, who specialise in error correction and fault tolerance. We look forward to exploring this opportunity further.”
Operational Highlights
Expanding Horizon Quantum’s Hardware Ecosystem
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.
| ● | Horizon Quantum announces the successful pulse-level integration of OQC’s 32- qubit Toshiko quantum processing unit (QPU) with Triple Alpha, Horizon Quantum’s integrated development environment, as part of an ongoing collaboration. |
| o | The Horizon Quantum team used Triple Alpha’s pulse-level control capabilities to access OQC’s superconducting QPU’s control layer and characterize parameters such as qubit relaxation (T1) and qubit phase coherence (T2), which are metrics describing how long a quantum computer can keep information and execute calculations. |
| o | As part of the collaboration, Triple Alpha was used to perform gate calibration – executing a high-level quantum program on the OQC QPU. |
| o | Using Triple Alpha, developers can harness pulse-level control within the same programming languages that are used to develop quantum applications. |
| o | Characterization is a key step in preparing quantum hardware for practical use, and because quantum systems are highly sensitive, frequent recalibration is necessary. |
| o | Triple Alpha’s portable approach lets users write programs once and execute them across different control systems. They can create and deploy characterization and calibration routines and integrate them into their workflow via a simple web-based API. |
Expanding Horizon Quantum’s Technical Capabilities
By developing software capabilities that enable more accurate, efficient, and scalable hardware characterization and calibration, Horizon Quantum aims to maximize the performance of quantum hardware and accelerate the path to broad quantum advantage.
| ● | Horizon Quantum announces the development of a new protocol for performing multiplex processor characterization across multiple qubits, with results validated against conventional individual pairwise characterization techniques, enabling more efficient, scalable QPU characterization. |
| ○ | Horizon Quantum has implemented its proprietary techniques for multiplexed characterization on a processor with greater than 100 qubits for the first time, measuring ZZ crosstalk, where unwanted interactions between qubits can reduce computational fidelity, and extended the techniques to measure control crosstalk, where control signals applied to one qubit have unintended effects on others. |
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| ○ | Understanding unintended interactions between qubits is essential for improving QPU performance, but traditional individual pairwise characterization scales quadratically with the number of qubits, requiring large numbers of measurements. |
| ○ | Multiplexing combines multiple measurements into a smaller number of experiments performed in parallel, significantly reducing characterization overhead. |
| ○ | On an 100-qubit processor, when compared with conventional pairwise characterization, Horizon Quantum’s multiplexing approach can reduce the number of experiments required to characterize ZZ crosstalk from approximately 5,000 to 7, representing a more than 700-fold reduction, demonstrating how software-driven multiplexing can make QPU characterization more efficient and scalable. |
Corporate Update
Horizon Quantum has signed a non-binding letter of intent to acquire Entropica Labs Pte. Ltd. (“Entropica Labs”), a Singapore-based quantum software company specializing in error correction and fault tolerance, for an anticipated consideration of $27 million USD of Horizon Quantum Class A ordinary shares subject to the completion of appropriate due diligence, related audits, the signing of definitive agreements, and satisfaction of other customary conditions.
Third Quarter 2026 Financial Results
All results are presented as approximate and in USD.
| ● | Total operating expenses for Q3 2026 were $10.5 million compared to $4.9 million for Q3 2025. |
| ● | Research and development (R&D) expenses for Q3 2026 were $4.5 million compared to $2.0 million for Q3 2025, representing an increase of 122%. When excluding share-based compensation from each period of $1.7 million and $0.3 million, respectively, the period-over-period increase in R&D expenses was 65% and was primarily attributable to increases in headcount and salary adjustments and to a lesser extent costs from related information technology expenses. |
| ● | Sales and marketing expenses for Q3 2026 were $0.4 million, essentially flat period-over-period compared to $0.4 million for Q3 2025. |
| ● | General and administrative (G&A) expenses for Q3 2026 were $5.2 million compared to $2.3 million for Q3 2025, representing an increase of 127%. Excluding share-based compensation expenses of $2.0 million and $0.5 million from Q3 2026 and Q3 2025, respectively, G&A expenses increased 82% 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 the transition to a public company. |
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| ● | The operating loss for Q3 2026 was $10.5 million compared to $4.9 million for Q3 2025, representing an increase of $5.6 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 Income for Q3 2026 was $33.4 million, or $0.61 per ordinary share, compared to a net loss of $5.2 million, or $0.13 per ordinary share, in Q3 2025. |
| o | The Q3 2026 result included a $43.1 million non-cash gain from the remeasurement of warrant-related derivative liabilities. The decrease in the trading price of Horizon Quantum’s Class A ordinary shares during Q3 2026 decreased the fair value of these liabilities, resulting in the accounting gain. This gain did not affect the Company’s cash balance. |
| o | 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. |
| ● | Since derivative 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 $6.3 million for Q3 2026 compared with an Adjusted EBITDA loss of $3.0 million in Q3 2025. |
Conference Call Information
As previously announced, the company will hold a conference call to discuss its third quarter on November 10 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. 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.
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About Horizon Quantum
Horizon Quantum [NASDAQ: HQ] is on a mission to unlock broad quantum advantage by building the software infrastructure that empowers developers to use quantum computing to solve the world’s toughest computational problems.
Founded in 2018 by Dr. Joe Fitzsimons, a leading researcher and former professor with more than two decades of experience in quantum computing, the company is bridging the gap between today’s quantum hardware and tomorrow’s applications through the creation of advanced software development tools. Its software infrastructure moves beyond the constraints of static circuit execution, making it possible for developers to express any conceivable quantum computation. Its integrated development environment, Triple Alpha, enables developers to write sophisticated, hardware-agnostic quantum programs at multiple levels of abstraction. Learn more at www.horizonquantum.com.
Note to Investors Regarding Forward-Looking Statements
This press release includes forward-looking statements. The expectations, estimates, and projections of the businesses of Horizon Quantum may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “anticipate,” “intend,” “may,” “will,” “could,” “should,” “aim,” “potential,” “plan,” “enable,” and similar expressions are intended to identify such forward-looking statements. Actual results may differ materially and adversely from those expressed or implied in any forward-looking statements, and Horizon Quantum therefore cautions against placing undue reliance on any of these forward-looking statements. Many of these factors are outside of the control of Horizon Quantum and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) statements regarding estimates and forecasts of other financial, performance and operational metrics and projections of market opportunity; (2) references with respect to the anticipated benefits and costs, if any, of the strategic collaborations with Quantum Machines and OQC; (3) the outcome of any efforts to deploy or build out the 256-qubit trapped-ion system in Horizon Quantum’s Dublin, Ireland facility; (4) Horizon Quantum’s ability to scale and grow its business, and the advantages and expected growth of Horizon Quantum; (5) the cash position of Horizon Quantum and its estimates of expenses and profitability; (6) the ability to recognize the anticipated benefits of the recently completed business combination with dMY Squared Technology Group, Inc., which may be affected by, among other things, competition, the ability of Horizon Quantum to grow and manage growth profitably and source and retain its key employees; (7) Horizon Quantum’s ability to enter into definitive documentation with Entropica, close the anticipated acquisition and realize the anticipated benefits of the acquisition; (8) changes in applicable laws and regulations or political and economic developments; (9) the possibility that Horizon Quantum may be adversely affected by other economic, business and/or competitive factors; (10) difficulties operating Horizon Quantum’s quantum processors and the possibility that the quantum processors do not provide the advantages that Horizon Quantum expects; (11) the ability of Horizon Quantum’s coding languages to provide additional abstraction when compared to other quantum computing solutions; (12) the ability to maintain the listing of Horizon Quantum’s Class A ordinary shares and warrants on Nasdaq; and (13) other risks and uncertainties included in the “Risk Factors” section of the Annual Report on Form 20-F filed by Horizon Quantum on April 14, 2026 with the U.S. Securities and Exchange Commission (“SEC”), as well as other documents filed or to be filed with the SEC by Horizon Quantum. The foregoing list of factors is not exclusive. New risks emerge from time to time, and it is not possible for management to predict all risks, nor can management assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Except as required by law, Horizon Quantum undertakes no obligation to update any forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Horizon Quantum does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law.
Investor Contact
Horizon Quantum investor contact
Katherine Bailon
investors@horizonquantum.com
Media Contact
Horizon Quantum media contact
Yanina Blaclard
media@horizonquantum.com
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Condensed consolidated balance sheet (Unaudited)
| September 30, | December 31, | |||||||
| (In US$, unless otherwise stated) | 2026 | 2025 | ||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 102,788,992 | $ | 222,939 | ||||
| Prepaid and other current assets | 12,090,401 | 746,372 | ||||||
| Total current assets | 114,879,393 | 969,311 | ||||||
| Property and equipment, net | 3,491,033 | 3,204,829 | ||||||
| Intangible assets, net | 19,633 | 22,566 | ||||||
| Right-of-use assets | 259,476 | 459,982 | ||||||
| Other non-current assets | 111,913 | 175,115 | ||||||
| TOTAL ASSETS | $ | 118,761,448 | $ | 4,831,803 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Derivative liabilities - SAFE | $ | - | $ | 6,406,878 | ||||
| Other payables | 1,996,723 | 2,602,604 | ||||||
| Operating lease liabilities | 229,551 | 396,025 | ||||||
| Total current liabilities | 2,226,274 | 9,405,507 | ||||||
| Derivative liabilities - warrants | 32,412,785 | - | ||||||
| Operating lease liabilities, non-current | 32,416 | 88,921 | ||||||
| TOTAL LIABILITIES | $ | 34,671,475 | $ | 9,494,428 | ||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Seed Preferred Shares, 2,500,000 authorized; 2,500,000 issued and outstanding as of December 31, 2025 | $ | - | $ | 839,602 | ||||
| Seed Plus Preferred Shares, 2,936,828 authorized; 2,936,828 issued and outstanding as of December 31, 2025 | - | 2,349,212 | ||||||
| Series A Preferred Shares, 2,586,522 authorized; 2,586,522 issued and outstanding as of December 31, 2025 | - | 18,100,000 | ||||||
| Ordinary Shares, 8,000,000 authorized; 8,000,000 issued and outstanding as of December 31, 2025 | - | 3,649 | ||||||
| Ordinary Class A Shares, 34,811,740 authorized, 34,811,740 issued and outstanding as of September 30, 2026 | 191,735,625 | - | ||||||
| Ordinary Class B Shares, 19,744,585 authorized, 19,744,585 issued and outstanding as of September 30, 2026 | 40,110 | - | ||||||
| Additional paid-in capital | 11,083,158 | 7,417,778 | ||||||
| Accumulated deficit | (119,028,107 | ) | (33,573,537 | ) | ||||
| Accumulated other comprehensive (loss) income | 259,187 | 200,671 | ||||||
| TOTAL STOCKHOLDERS’ EQUITY | $ | 84,089,973 | $ | (4,662,625 | ) | |||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 118,761,448 | $ | 4,831,803 | ||||
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of September 30, 2026, reflect Horizon Quantum Holdings Ltd.
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Condensed consolidated statement of operations and comprehensive loss (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In US$, except share amount and per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | - | $ | - | $ | - | $ | 38,462 | ||||||||
| Operating Expenses: | ||||||||||||||||
| Research and development | 4,457,981 | 2,010,289 | 9,200,416 | 6,537,892 | ||||||||||||
| Selling and marketing | 433,211 | 372,748 | 1,268,163 | 949,413 | ||||||||||||
| General and administrative | 5,222,583 | 2,302,133 | 12,673,840 | 4,349,657 | ||||||||||||
| Depreciation and amortization | 375,083 | 182,767 | 1,021,316 | 532,603 | ||||||||||||
| Total operating expenses | 10,488,857 | 4,867,937 | 24,163,735 | 12,369,566 | ||||||||||||
| Loss from operations | (10,488,857 | ) | (4,867,937 | ) | (24,163,735 | ) | (12,331,104 | ) | ||||||||
| Other income and (expense): | ||||||||||||||||
| Interest expense | (2,679 | ) | (2,021 | ) | (8,365 | ) | (6,850 | ) | ||||||||
| Other income | 840,058 | 7,686 | 1,370,501 | 57,415 | ||||||||||||
| Change in fair value of derivative liabilities | 43,099,876 | (317,352 | ) | (62,217,816 | ) | (317,352 | ) | |||||||||
| Foreign exchange (loss) | (37,002 | ) | (12,896 | ) | (355,914 | ) | (319,823 | ) | ||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| Net income (loss) | $ | 33,411,396 | $ | (5,192,520 | ) | $ | (85,375,330 | ) | $ | (12,917,714 | ) | |||||
| Other comprehensive loss: | ||||||||||||||||
| Foreign currency translation adjustment | (37,993 | ) | 28,960 | 58,516 | 246,948 | |||||||||||
| Total comprehensive income (loss) | $ | 33,373,403 | $ | (5,163,560 | ) | $ | (85,316,814 | ) | $ | (12,670,766 | ) | |||||
| Weighted average ordinary shares outstanding, as recast | ||||||||||||||||
| Basic | 54,345,937 | 39,015,950 | 49,230,764 | 39,015,950 | ||||||||||||
| Diluted | 60,792,710 | 39,015,950 | 49,230,764 | 39,015,950 | ||||||||||||
| Basic net income (loss) per ordinary share, as recast | $ | 0.61 | $ | (0.13 | ) | $ | (1.73 | ) | $ | (0.33 | ) | |||||
| Diluted net income (loss) per ordinary share, as recast | $ | 0.55 | $ | (0.13 | ) | $ | (1.73 | ) | $ | (0.33 | ) | |||||
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of September 30, 2026, reflect Horizon Quantum Holdings Ltd.
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Condensed consolidated statement of cashflow (Unaudited)
| Nine Months Ended September 30, | ||||||||
| (In US$, unless otherwise stated) | 2026 | 2025 | ||||||
| Cash flows from operating activities | ||||||||
| Loss for the period | $ | (85,375,330 | ) | $ | (12,917,714 | ) | ||
| Adjustments to reconcile net loss to net cash used for operating activities: | ||||||||
| Depreciation | 1,018,383 | 530,967 | ||||||
| Share based compensation | 5,655,459 | 4,324,494 | ||||||
| Change in fair value of derivative liabilities | 62,217,816 | 286,106 | ||||||
| Unrealized foreign currency transaction (gain) loss | 75,487 | 687,604 | ||||||
| Amortization | 2,933 | 1,636 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | - | 270,824 | ||||||
| Other payables | 663,382 | 546,211 | ||||||
| Lease liability | (322,504 | ) | (201,633 | ) | ||||
| Prepaid expenses and other assets | (384,575 | ) | (514,438 | ) | ||||
| Net cash used in operating activities | (16,448,949 | ) | (6,985,943 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchase of property, equipment including construction in progress | (11,004,556 | ) | (392,309 | ) | ||||
| Purchase of intangible assets and trademarks | - | - | ||||||
| Net cash used in investing activities | (11,004,556 | ) | (392,309 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of SAFE notes | 2,500,000 | 3,000,000 | ||||||
| Proceeds from exercise of warrants | 28,688,913 | - | ||||||
| Proceeds from exercise of employee stock options | 712,993 | - | ||||||
| Proceeds from merger and PIPE transaction, net of transaction costs | 98,167,633 | - | ||||||
| Net cash provided by financing activities | 130,069,540 | 3,000,000 | ||||||
| Effect of exchange rate changes on cash | (49,982 | ) | (184,701 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 102,566,053 | (4,562,953 | ) | |||||
| Cash and cash equivalents at beginning of period | 222,939 | 4,848,855 | ||||||
| Cash and cash equivalents at end of period | $ | 102,788,992 | $ | 285,902 | ||||
| Supplemental disclosures of non-cash transactions: | ||||||||
| Initial recognition of warrant liabilities at close of the business combination | $ | 20,526,410 | - | |||||
| Initial recognition of net assets at close of the business combination | $ | 2,458,713 | - | |||||
| Conversion of SAFE liabilities into equity at close of the business combination | $ | 11,183,077 | - | |||||
| Issuance of shares to a service provider | $ | 269,000 | - | |||||
| Reclassification of warrant liabilities to equity upon exercise | $ | 48,055,242 | - | |||||
| Reclassification of share based payment reserve to equity upon exercise | $ | 1,218,248 | - | |||||
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of September 30, 2026, reflect Horizon Quantum Holdings Ltd.
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Reconciliation of Non-GAAP Financial Measures
Below is a reconciliation of net loss (GAAP) to adjusted EBITDA:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| (In US$, unless otherwise stated) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income (loss) (GAAP) | $ | 33,411,396 | $ | (5,192,520 | ) | $ | (85,375,330 | ) | $ | (12,917,714 | ) | |||||
| Adjustments | ||||||||||||||||
| Net interest (income) expense | (835,048 | ) | (5,429 | ) | (1,347,826 | ) | (48,344 | ) | ||||||||
| Depreciation and amortization expenses | 375,083 | 182,767 | 1,021,316 | 532,603 | ||||||||||||
| EBITDA | 32,951,431 | (5,015,182 | ) | (85,701,840 | ) | (12,433,454 | ) | |||||||||
| Adjustments | ||||||||||||||||
| Share based compensation within | ||||||||||||||||
| Research and development | 1,707,190 | 338,080 | 2,384,171 | 3,116,688 | ||||||||||||
| Selling and marketing | 51,444 | 52,657 | 143,830 | 223,106 | ||||||||||||
| General and administrative | 2,018,462 | 546,282 | 2,858,456 | 983,957 | ||||||||||||
| Change in fair value of derivative liabilities | (43,099,876 | ) | 317,352 | 62,217,816 | 317,352 | |||||||||||
| Business combination and post-closing expenses* | 30,664 | 753,901 | 2,195,594 | 968,003 | ||||||||||||
| Adjusted EBITDA | $ | (6,340,686 | ) | $ | (3,006,910 | ) | $ | (15,901,971 | ) | $ | (6,824,349 | ) | ||||
| * | Includes $0.27 million in share-based compensation for a vendor in the nine months ended September 30, 2026. |
Note: All results presented prior to the closing of the business combination on March 19, 2026, reflect the financial results of Horizon Quantum Computing Pte. Ltd. Results as of September 30, 2026, reflect Horizon Quantum Holdings Ltd.
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