Rankings Software, cloud & internet Horizon Quantum
Horizon Quantum
32
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Multiples vs peers and absolute level−34
- Margin−12
- Quality of growth−8
Strengths
- Net cash+3
How the score is built
From 100 to 32, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 13.44 USD
- Median analyst target
- 20.50 USD
- Upside to median
- +52.5%
- Analysts
- 2
- Target range
- 20.00 – 21.00 USD
- 52-week change
- +9%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−26 of −30
- −12MarginOperating result is −$21.3m TTM on revenue of $175; operating costs in Q2 rose 158% to $7.2m (R&D +117%, G&A ×3.4 as a listed company). Adjusted EBITDA −$5.5m in the quarter vs −$2.1m a year earlier. The loss counts here and not again under ROIC.
- −8Quality of growthNo revenue in the first half of 2026 ($38,462 the year before), no named customers, and analysts also expect no revenue in 2026. The programming language Beryllium is only in 'early access', and there is no timeline for commercial revenue.
- −6Moat and strategyHardware-independent software (Triple Alpha) competes with free tools from the hardware vendors themselves, e.g. IBM's Qiskit. At the same time the company spends money on its own testbeds (superconducting Ember-1 in Singapore and a 256-qubit ion-trap system in Dublin), and capex rose to $5.6m TTM, which dilutes the software model.
Price
Today's multiples against the company's own history and its peers. · 1 finding−34 of −35
- −34Multiples vs peers and absolute levelMarket cap $880m and EV $767m for a company with no revenue; P/B 20.1 vs 5.5-6.2 in 2023-24 as a private company. There is no revenue multiple to compare with IonQ or D-Wave, and the EPS estimate for 2027 is -$0.50. The price rests solely on future expectations.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−10 of −35
- −4Cash flow and dilutionThe share count has risen 24% over a year and 28% in the quarter (SPAC and warrant redemption: 2.5m warrants for $28.7m). FCF −$21.4m TTM and rising. The warrant liability gave a loss of $108m in Q2.
- −3Free float and resaleOnly 18.3m of 54m shares are free. The PIPE shares (about $111m) must be registered for resale, and the lock-up for about 9% of the shares held by non-affiliated owners was waived before closing; the remaining lock-ups run 18-24 months.
- −3Macro and sentimentExtreme price swings: 52-week range $8.29–45.00, and the stock ($16.30) is 64% below the peak; 8.4% of the free float is sold short.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Net cashNet cash $112.9m ($113.3m in cash vs $0.4m debt) as of 30/6, approx. 13% of the market cap and approx. five years of runway at current FCF.
Caveats
What the score does not capture, or where the data is weak.
Singaporean quantum software company, listed 20/3 2026 via SPAC (dMY Squared), so there is no usable own multiple history: T2 is assessed on an absolute level and peers (IonQ EV/Sales about 63, D-Wave about 433). Revenue is effectively zero (USD 175 TTM), so P/S and EV/Sales (millions) are meaningless. Net income (USD −128.9m TTM) is distorted by a non-cash revaluation of warrants of USD −108.3m in Q2; the cash operating loss is about USD −21m. The industry is set to 'Software, cloud & internet', even though the company also runs its own hardware testbeds. Only 2 analysts. The voting rights of the B shares (19.7m) and insider sales have not been examined; a news item about the purchase of an IonQ system (April) is not verified.
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