Horizon Quantum Holdings Ltd.

Good day, and thank you for standing by. Welcome to the Horizon Quantum second quarter 2026 report conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Catherine Balon. Please go ahead.

Thank you, Lisa. Good morning, and thank you for joining us on Horizon Quantum's second quarter fiscal 2026 earnings call. My name is Catherine Balon. I am vice president of investor relations at Horizon Quantum. Joining me on today's call are Dr. Joe Fitzsimons, our founder and CEO. and Greg Gould, our Chief Financial Officer. Before the market opened today, Horizon Quantum issued a press release with results for its second quarter ended June 30th, 2026. You can access a copy of the release in the investor relations section of our website at horizonquantum.com. Today's call is being broadcast live over the web and can also be accessed through the investor relations section of the Horizon Quantum website. Before we get started, I'd like to caution you that any non-historic statements that I or the management team make during this call will constitute forward-looking statements within the meaning of U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. You are cautioned that these statements involve material risks and uncertainties, including the risks Horizon Quantum has identified in its most recent annual report Form 20F and other filings with the SEC in our press releases that could cause actual results or events to materially differ from those anticipated. Except as required by law, Horizon Quantum expressly disclaims any intention or obligation to update or revise any forward-looking statements made on this call, whether because of new information, future events, or otherwise. Any forward-looking statements made on this conference call contain time-sensitive information and are accurate to the best of Horizon Quantum's knowledge only as of the date they are made today, August 4, 2026. This discussion includes non-GAAP financial measures. These measures are calculated by management and do not have any standardized meaning under U.S. GAAP. These non-GAAP measures supplement GAAP measures but should not be viewed as substitutes for gap measures. We have included a reconciliation of gap measures to non-gap measures as a table at the end of our earnings press release issued this morning. And with that, I'll now turn it over to Horizon Quantum founder and CEO, Dr. Joe Fitzsimons.

Thank you, Catherine, and thanks, everyone, for joining us on the call today. We've made quite a bit of progress this quarter, and I look forward to running through it with you. Just to reiterate our mission, which we've been laser focused on, our focus is really on building tools to unlock broad quantum advantage, building the infrastructure to allow developers to harness quantum computers to do real work and to create real value in the real world. As many of you know, we're taking a software-first approach on this. We're essentially building up programming languages at increasing levels of abstraction with the ultimate goal of allowing developers that are not experts in quantum computing to be able to harness quantum computers to tackle hard computational problems. I'm going to focus first on the R&D and operational highlights, in particular on Beryllium. Beryllium, which is our object-oriented quantum programming language, and our highest level of abstraction that's currently available is now available in Early Access to the group that Early Access users have. This brings familiar constructs from the world of classical software development, such as classes, structs, scoped functions and so on, into the world of quantum computing. This will really be a catalyst, at least in my view, in enabling developers to really harness quantum computers to do much more serious work to be able to construct much more complex programs than is otherwise practical. We've also made a lot of progress in developing libraries for Beryllium. One of the main advantages we have in building an object-oriented programming language is that it's very natural to have libraries to enable code reuse. so that one developer can build classes, can build functions, can build components that another developer can then use. And that's really important, first of all, in building up a rich developer ecosystem, but also in enabling the abstractions that we seek, in enabling developers that are experts in quantum computing to build up components that can then be used by experts in the various fields that stand to be disrupted by quantum computing, but who are perhaps not experts in quantum computing themselves, to harness quantum computers to tackle problems they care about. We've had really significant progress in building up a standard set of libraries, including standard algorithmic building blocks, things like quantum Monte Carlo algorithm and so on. Turning to our superconducting testbed, Our Ember One system has now been opened up to first users. This is a superconducting quantum computer that we operate out of Singapore based on a chip from Rigetti. One of the advantages we have in operating this hardware ourselves and in integrating Triple Alpha, our software, directly with its control systems is that we are able to start enabling real-time execution of hydrogen programs, which is our kind of portable assembly language, without having to rely on post-selection. This means we're able to do the full set of operations you would expect from a mature quantum computer These are things like loops and recursive function calls, as well as concurrent classical function evaluation without having to turn this into some kind of hybrid program where we're going back and forth between a classical computer and a quantum computer. So we can start to enable this in real time. This goes far beyond the limitations of quantum circuits, which is where many of the existing quantum programming frameworks focus. Turning to hardware collaborations, we have announced a new collaboration with Quantum Machines that is aimed specifically at developing embedded calibration, both for use in our Ember One testbed system here in Singapore and also potentially in other systems. The goal really here is to develop a set of calibration routines that can run can run regularly as the system is operating rather than having to do a joint batched calibration run at fixed intervals. So we're essentially aiming to maintain the system at its highest level of calibration continuously throughout its availability. We have also announced that our second testbed system, that's a 256 qubit IonQ system that will be coming in 2027, will be installed in Dublin. So we have operations both in Singapore and Dublin and with this announcement we will have systems operating in both locations. I also wanted to turn to recent progress in AI and this is something that I wanted to flag. At the moment, the quantum computing community is coming to terms with the fact that recent frontier models, in particular Fable and Solve, have started to yield real results in quantum information. And in some sense, in the academic community, there's a bit of an existential crisis going on at the moment, trying to think through where the role of researchers sits relative to these AI systems. In particular, we've seen an announcement from OpenAI of a strong parallel repetition theorem, which is extremely important in the context of quantum information theory. As a company, we've been early to invest in a dedicated team back in 2023, and we've been building up our own capabilities in agentic systems within the company to accelerate our R&D since then. With the availability of these new frontier models, it is starting to become increasingly clear that autonomous scientific discovery is becoming a possibility. And that means that it's becoming possible to harness these systems to make scientific progress. without substantial human intervention. That's really interesting for us. It really potentially allows us to accelerate our roadmap. And in particular, in the last few weeks since these models have been released, we've seen our own energetic systems produce hundreds of research notes on open problems in quantum computing. Turning to applications. One of the defining question, one of the most important questions for the quantum computing community is how quickly quantum computing will be adopted by industry. How quickly will we see quantum computing move from proof of concept to actual production deployment? And will particular industries be fast or slow to adopt quantum computing? I think that's essentially existentially important for the industry. What we have done is we've taken our first steps to really not leave this to chance, but rather turn it into an opportunity. And what we have done is taken the step of establishing a quantum applications team that is focused on tree-specific high-value problems in each of three industries. And the reason we're doing that is to ensure that progress is being driven on industry relevant problems and to ensure that we can drive adoption as it becomes possible to solve hard problems with quantum computers, but also to ensure that we stand to capture some of the value of that opportunity. We are not focused on doing industry, but rather doing the entire end-to-end development within Horizon. You can perhaps think about this as creating a full chain from application through our software infrastructure with Triple Alpha and our compilers through our runtime environment down to execution on our testbed system. This will allow the internal team to really make a sustained effort towards achieving real quantum advantage on problems that stand to deliver real value. The existing AI team that we have that have been working on agentic workflows is going to be rolled into that applications team to accelerate progress. Turning to the financial side, Our cash position has strengthened significantly. We have in Q2 27.5 million in gross proceeds from the exercise of warrants, which is significantly strengthening our balance sheet. The total cash and cash equivalents have reached 113.3 million, significantly fortifying our balance sheet and financial runway. And to, you know, allowing us to support increased investment in R&D. I'm going to hand over to Greg for more details on this. But before that, I want to address the net loss. So this quarter will show a large net loss of $115.2 million. This is driven primarily by a $108.3 million non-cash charge that's related to the remeasurement of warrant-related derivative liabilities. So this does not affect our runway in any way. In terms of operating expenses, there's increased operating expenses in R&D and G&A. And this is primarily related to the transition to a public company and scaling of the research and development team to meet the demand from collaborations. With that, I'd just like to summarize that we've made substantial technical progress with Beryllium and the testbed. We're tracking well against the milestones we set forth in the F4. And we've increased our runway due to the proceeds from the exercise of warrants. With that, I'll hand it over to Greg.