AI-generated analysis. Always verify with the original filing.
Horizon Quantum Holdings Ltd. (HQ), a Singapore-based quantum computing software firm, filed this 20-F as a shell company report following its March 19, 2026 business combination with dMY Squared Technology Group, Inc. and Horizon Quantum Computing Pte. Ltd. The merger resulted in 51,578,134 ordinary shares outstanding (31,833,549 Class A, 19,744,585 Class B) and 6,044,154 warrants. Pro forma capitalization as of March 19, 2026 shows SGD 138.0 million in cash and equivalents and total equity of SGD 125.9 million, bolstered by SGD 138.3 million from PIPE issuance of 9,196,021 Class A shares at SGD 15.03 ($11.82). Pre-merger Horizon reported H1 2025 revenue of SGD 50,000 (flat YoY), but net loss widened to SGD 10.3 million from SGD 3.0 million YoY, driven by R&D expenses surging 295% to SGD 5.9 million amid hiring and share-based compensation. FY 2024 revenue grew 620% to SGD 360,000, yet net loss increased 45% to SGD 7.5 million. Post-merger, HQ trades on Nasdaq (HQ, HQWWW), with Class B shares (65% voting power) held by founder Joseph Fitzsimons. Forward-looking, HQ eyes quantum software commercialization via Triple Alpha IDE, with collaborations and early access interest from 40+ corporations.
This 20-F is a shell company report post-business combination on March 19, 2026, with no full post-merger financials. Pre-merger Horizon H1 2025 revenue flat at SGD 50k YoY, but net loss ballooned to SGD 10.3M from SGD 3.0M, driven by R&D up 295% to SGD 5.9M. FY 2024 revenue rose 620% to SGD 360k, net loss widened 45% to SGD 7.5M amid scaling. Pro forma capitalization: SGD 138M cash, SGD 125.9M equity. Merger consideration SGD 508.4M in shares; PIPE SGD 138.3M. Outstanding: 51.6M shares, 6.0M warrants.
Horizon revenue nominal: H1 2025 SGD 50k (flat YoY) from quantum R&D services, not core model. FY 2024 SGD 360k (+620% YoY) from contract milestones. No segments disclosed; focus on Triple Alpha IDE, early access with hardware partners (Rigetti, Oxford QC).
No margins computed; operating losses dominate. H1 2025 op loss SGD 9.9M (vs SGD 3.4M YoY); FY 2024 SGD 7.9M (vs SGD 5.0M). R&D 59% of expenses H1 2025 (up from 43%); G&A 28%. Share-based comp SGD 4.5M H1 2025.
Pro forma March 19, 2026: SGD 138M cash (PIPE + trust disbursements). Horizon H1 2025 cash burn SGD 5.7M op + SGD 0.3M invest; FY 2024 SGD 7.4M op + SGD 2.7M invest. Post-merger liquidity strong at SGD 138M cash.
HQ targets quantum software infrastructure commercialization. Collaborations with Rigetti, QuEra; early access from 40+ corps, 80 unis. Risks: quantum adoption pace, competition, growth management. No numerical guidance.
Revenue
SGD 0.05M
Net Income
SGD -10.3M