KUALA LUMPUR, Nov 13 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A- (Excellent) and the long-term issuer credit rating of “a-” (Excellent) of Micronesia’s Marble Reinsurance Corporation (Marble Re), a captive insurer wholly owned by Japanese trading company Marubeni Corporation (Marubeni).
The outlook of these credit ratings (ratings) is stable, reflecting Marble Re’s strong balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management, AM Best said in a statement.
Marble Re’s risk-adjusted capitalisation is assessed at the strongest level and is expected to remain there, supported by a revised dividend policy that allows it to build capital, despite higher underwriting risks from business growth.
Its investment risk is minimal, with a portfolio made up of cash and short-term deposits, while credit risks from its moderately high reliance on reinsurance are mitigated by a high-quality and well-diversified reinsurance panel.
The company has recorded a five-year average combined ratio of 50 per cent from 2021 to 2025. Its premium income rose moderately in the financial year ended March 31, 2026, driven by growth in its captive business and the start of third-party business.
As a single-parent captive, Marble Re mainly insures risks within the Marubeni group, with marine cargo insurance remaining its main focus in the medium term. AM Best said Marble Re is well integrated with the Marubeni group in risk management, corporate governance and internal controls.
AM Best said the ratings could be lowered if Marble Re’s operating performance deviates materially from its business plan or if Marubeni’s credit profile deteriorates significantly, while an upgrade is unlikely in the medium term.
-- BERNAMA
Thursday, November 12, 2026
ADDING MULTIMEDIA &Truth Launches &Atlas, Mapping the Global Mission to Provably Verify All Software
The world’s first interactive map tracking progress toward safe, mathematically verified software, beginning with the open-source C ecosystem.
PALO ALTO, Calif., & SINGAPORE, Nov 13 (Bernama-BUSINESS WIRE) -- &Truth, a public benefit corporation building the universal verification machine for code, today unveiled &Atlas, an interactive map of over 100 million lines of open-source C software spanning more than 3,000 foundational codebases. &Atlas makes visible an unprecedented ambition: to mathematically verify all critical software in the AI era, beginning with C and expanding across languages and systems.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261112661845/en/
C code underpins operating systems, browsers, databases, networking, and other essential infrastructure. Much of it has been in use for decades, and vulnerabilities can have consequences far beyond a single application. As AI accelerates both software development and cyberattacks, the need to prove what code can and cannot do is increasingly urgent.
Through &Atlas, anyone can explore the map of open-source C codebases and zoom into individual projects and their dependencies. They can see what has been analyzed, what has been mathematically verified, and what remains. &Truth’s mapping algorithms bring code, dependencies, and verification results together in an interactive view of coverage, progress, and discovered bugs. The map reveals the scale of the challenge, without suggesting that the entire ecosystem is already secure.
From Mapping Code to Proving Its Safety
&Truth’s verification engine uses formal specifications and mathematical proofs to establish that code satisfies precisely stated properties, under explicit assumptions. Starting with memory safety and the absence of undefined behavior, the company is scaling toward increasingly comprehensive functional correctness. Proofs will be independently checkable using Lean, rather than requiring trust in &Truth’s assertions.
&Truth has already mathematically verified more than 100,000 lines of C code and uncovered numerous real-world defects. In recent weeks alone, the &Truth verification engine has verified thousands of lines per day. The company’s advances in scalable architecture and proprietary proof automation are driving accelerating gains in speed, efficiency, and autonomy.
Designed to scale with computing power, &Truth is advancing toward increasingly rapid, automated verification of complex software. As proof generation accelerates, the primary bottlenecks are increasingly shifting toward defect discovery, remediation, and extending verification to harder systems. This marks a significant step toward industrial-scale verification.
“Formal verification has traditionally required extraordinary expert effort,” explains Clark Barrett, Co-Founder and Co-CEO of &Truth. “We’re building the automation, specifications, and scalable architecture to verify entire software ecosystems, not just isolated programs. &Atlas makes both our progress and the immense challenge, including its complex interdependencies, visible to the world.”
Beyond Finding Bugs: Proving They Cannot Recur
&Truth has begun reaching out to maintainers and affected stakeholders through coordinated vulnerability disclosure and is working with them on remediation, without publicly exposing unresolved security issues. The goal is to fix defects and prove that corrected code satisfies specified safety properties, thereby eradicating entire classes of errors and vulnerabilities.
Initially read-only, &Atlas lets developers, open-source maintainers, and formal-methods researchers examine codebases, coverage, and specifications. &Truth plans to expand community collaboration, including by open-sourcing semantics, specifications, and proofs for verified code. The roadmap also includes moving beyond C to languages like Rust, Java, Go, C++, and Verilog and moving from open-source to enterprise software.
The Science of Specification
&Atlas shows the scale of the verification challenge, but mapping the world’s software is only the beginning. To mathematically verify it, we must first define precisely what the code is supposed to do. A proof is only as meaningful as the specification behind it. &Truth is advancing the “science of specification”: translating human intent into rigorous mathematical requirements, from memory safety to security and privacy to full functional correctness. Its modular architecture is designed to scale these specifications and their proofs across complex, interconnected software systems.
“The hardest part is not always proving that software meets a specification, but ensuring the specification captures what people intend,” says Ilya Sergey, Co-Founder and Chief Science Officer of &Truth. “A mathematically correct proof of the wrong requirement can create false confidence. Advancing the science of specification is essential to verifying software at scale. &Atlas makes both our progress and the challenge visible.”
Turning the Whole Map Green
&Atlas turns a vast technical challenge into a visible, measurable global endeavor: beginning with open-source C, expanding across languages and systems, and ultimately making mathematical proof foundational to the security of all critical software.
“The world depends on code most people never see,” states Chris Hsu, Co-Founder, Co-CEO, and Executive Chairman of &Truth. “Finding bugs is just the beginning. Our goal is to fix them, properly coordinate reporting, and mathematically prove that entire classes of failures will never recur in the code we verify. &Atlas makes our progress measurable. We invite the world to explore the map, join the mission, and help turn the whole map green.”
Explore &Atlas at atlas.andtruth.com.
ABOUT &TRUTH
&Truth is a public benefit corporation building the universal verification machine for code. We’re establishing an open, independently checkable standard for provably safe software, proving that legacy and AI-generated code meets precise requirements. Founded in 2026 and based in Palo Alto and Singapore, &Truth is committed to ensuring AI develops safely for humanity.
Interested in verifying your critical code? Joining the &Truth mission? Learn more and contact us at andTruth.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261112661845/en/
Contact
Media and General Contact
Laura Weisman, Director of Communications, &Truth
laura@andtruth.com
PR Agency Contact
ASTRSK PR
andtruth@astrskpr.com
Source : &Truth
PALO ALTO, Calif., & SINGAPORE, Nov 13 (Bernama-BUSINESS WIRE) -- &Truth, a public benefit corporation building the universal verification machine for code, today unveiled &Atlas, an interactive map of over 100 million lines of open-source C software spanning more than 3,000 foundational codebases. &Atlas makes visible an unprecedented ambition: to mathematically verify all critical software in the AI era, beginning with C and expanding across languages and systems.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261112661845/en/
C code underpins operating systems, browsers, databases, networking, and other essential infrastructure. Much of it has been in use for decades, and vulnerabilities can have consequences far beyond a single application. As AI accelerates both software development and cyberattacks, the need to prove what code can and cannot do is increasingly urgent.
Through &Atlas, anyone can explore the map of open-source C codebases and zoom into individual projects and their dependencies. They can see what has been analyzed, what has been mathematically verified, and what remains. &Truth’s mapping algorithms bring code, dependencies, and verification results together in an interactive view of coverage, progress, and discovered bugs. The map reveals the scale of the challenge, without suggesting that the entire ecosystem is already secure.
From Mapping Code to Proving Its Safety
&Truth’s verification engine uses formal specifications and mathematical proofs to establish that code satisfies precisely stated properties, under explicit assumptions. Starting with memory safety and the absence of undefined behavior, the company is scaling toward increasingly comprehensive functional correctness. Proofs will be independently checkable using Lean, rather than requiring trust in &Truth’s assertions.
&Truth has already mathematically verified more than 100,000 lines of C code and uncovered numerous real-world defects. In recent weeks alone, the &Truth verification engine has verified thousands of lines per day. The company’s advances in scalable architecture and proprietary proof automation are driving accelerating gains in speed, efficiency, and autonomy.
Designed to scale with computing power, &Truth is advancing toward increasingly rapid, automated verification of complex software. As proof generation accelerates, the primary bottlenecks are increasingly shifting toward defect discovery, remediation, and extending verification to harder systems. This marks a significant step toward industrial-scale verification.
“Formal verification has traditionally required extraordinary expert effort,” explains Clark Barrett, Co-Founder and Co-CEO of &Truth. “We’re building the automation, specifications, and scalable architecture to verify entire software ecosystems, not just isolated programs. &Atlas makes both our progress and the immense challenge, including its complex interdependencies, visible to the world.”
Beyond Finding Bugs: Proving They Cannot Recur
&Truth has begun reaching out to maintainers and affected stakeholders through coordinated vulnerability disclosure and is working with them on remediation, without publicly exposing unresolved security issues. The goal is to fix defects and prove that corrected code satisfies specified safety properties, thereby eradicating entire classes of errors and vulnerabilities.
Initially read-only, &Atlas lets developers, open-source maintainers, and formal-methods researchers examine codebases, coverage, and specifications. &Truth plans to expand community collaboration, including by open-sourcing semantics, specifications, and proofs for verified code. The roadmap also includes moving beyond C to languages like Rust, Java, Go, C++, and Verilog and moving from open-source to enterprise software.
The Science of Specification
&Atlas shows the scale of the verification challenge, but mapping the world’s software is only the beginning. To mathematically verify it, we must first define precisely what the code is supposed to do. A proof is only as meaningful as the specification behind it. &Truth is advancing the “science of specification”: translating human intent into rigorous mathematical requirements, from memory safety to security and privacy to full functional correctness. Its modular architecture is designed to scale these specifications and their proofs across complex, interconnected software systems.
“The hardest part is not always proving that software meets a specification, but ensuring the specification captures what people intend,” says Ilya Sergey, Co-Founder and Chief Science Officer of &Truth. “A mathematically correct proof of the wrong requirement can create false confidence. Advancing the science of specification is essential to verifying software at scale. &Atlas makes both our progress and the challenge visible.”
Turning the Whole Map Green
&Atlas turns a vast technical challenge into a visible, measurable global endeavor: beginning with open-source C, expanding across languages and systems, and ultimately making mathematical proof foundational to the security of all critical software.
“The world depends on code most people never see,” states Chris Hsu, Co-Founder, Co-CEO, and Executive Chairman of &Truth. “Finding bugs is just the beginning. Our goal is to fix them, properly coordinate reporting, and mathematically prove that entire classes of failures will never recur in the code we verify. &Atlas makes our progress measurable. We invite the world to explore the map, join the mission, and help turn the whole map green.”
Explore &Atlas at atlas.andtruth.com.
ABOUT &TRUTH
&Truth is a public benefit corporation building the universal verification machine for code. We’re establishing an open, independently checkable standard for provably safe software, proving that legacy and AI-generated code meets precise requirements. Founded in 2026 and based in Palo Alto and Singapore, &Truth is committed to ensuring AI develops safely for humanity.
Interested in verifying your critical code? Joining the &Truth mission? Learn more and contact us at andTruth.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261112661845/en/
Contact
Media and General Contact
Laura Weisman, Director of Communications, &Truth
laura@andtruth.com
PR Agency Contact
ASTRSK PR
andtruth@astrskpr.com
Source : &Truth
Wednesday, November 11, 2026
Axi joins Babypips as an advertising partner through its Trusted Partner programme
The arrangement gives Axi an opportunity to introduce its trading services to Babypips’ established global audience through its advertising platform
SYDNEY, Nov 12 (Bernama-GLOBE NEWSWIRE) -- Axi, a global online FX and CFD broker, has joined Babypips as an advertising partner through its Trusted Partner programme, providing an opportunity to increase brand visibility among an established audience of forex traders and those looking to learn more about financial markets.
Founded in 2005, Babypips has become an established online destination for forex education, helping millions of readers understand the foreign exchange market. Its accessible learning resources explain forex trading and the economic forces that influence currency prices and wider financial markets.
Its educational offering includes the School of Pipsology, a structured, self-paced programme with free courses covering forex basics and technical analysis. Its Premium curriculum goes further into price action, macro fundamentals, intermarket analysis, global liquidity and trading plan development, with a strong emphasis on risk management. Babypips also offers market commentary, trading tools, quizzes and a community forum.
Through the Trusted Partner programme, Axi will be featured as an advertising partner on Babypips, giving readers the opportunity to discover more about the broker and its trading services through designated promotional placements. The arrangement provides Axi with access to a relevant audience while allowing Babypips to maintain a distinction between advertising partnerships and its independent educational and editorial content.
“Babypips has built an established presence within the forex education space, reaching an audience interested in understanding and participating in financial markets. Becoming an advertising partner through its Trusted Partner programme gives Axi an opportunity to increase our visibility among this audience and introduce more traders to our offering,” said Julie Sharova, Global Head of Marketing at Axi.
To support traders at every stage, the School of Pipsology has continually evolved beyond introductory forex into advanced market study. Its latest curriculum updates feature specialised modules on price action trading, macro fundamentals, global liquidity, and a practical prop firms 101 guide. Alongside these structured lessons, the platform’s active community forums provide an open space for traders around the world to debate strategy, analyse market movements, and share ideas in real time.
For more information visit www.axi.com and www.babypips.com.
About Axi
Axi is a global online FX and CFD broker, providing thousands of clients across 100+ countries with access to financial markets through intuitive trading platforms, advanced tools, and educational resources. Its product suite includes forex, CFDs, and perpetual futures, with availability varying by region and entity.
About Babypips
Founded in 2005, Babypips is one of the world’s most trusted online resources for retail traders. The platform is best known for its flagship School of Pipsology. Beyond education, Babypips empowers market participants with MarketMilk™, an intuitive visual technical analysis and screening tool, and daily market commentary authored entirely by its veteran in-house editorial team. The team covers forex, equities, commodities like gold and oil, and broader financial markets. Backed by an active global trading community, Babypips equips millions of readers each month with clear, actionable insights to navigate modern investing. For more information, visit www.babypips.com.
Media enquiries: mediaenquiries@axi.com
Promoted by AxiTrader LLC. Trading carries a high risk of investment loss. This content may not be available in your region.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d8460792-6a5d-4a0e-a24b-0058a8ca4b00
SOURCE: Axi Trader LLC
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
--BERNAMA
YYForce Issues US$70 Million Revenue Guidance for FY2026
Outlook implies approximately 22% year-over-year growth from audited FY2025 revenue of US$57.2 million
SINGAPORE, Nov 12 (Bernama-GLOBE NEWSWIRE) -- YYForce Inc. (Nasdaq: YFOR) ("YYForce" or the "Company"), an AI-enabled enterprise workforce and robotics technology platform, today issued its financial guidance for the fiscal year ending December 31, 2026, projecting full-year revenue of US$70.0 million. The outlook represents approximately 22% year-over-year revenue growth compared to audited fiscal year 2025 revenue of US$57.2 million.
The projected US$12.8 million increase in revenue reflects growing enterprise demand for the Company’s proprietary Workforce OS platform, continued commercial robotics deployments, and expanding recurring software-and-service contracts across Southeast Asia, as well as expected contributions from businesses acquired or established in 2026.
Key Financial & Operating Highlights
SINGAPORE, Nov 12 (Bernama-GLOBE NEWSWIRE) -- YYForce Inc. (Nasdaq: YFOR) ("YYForce" or the "Company"), an AI-enabled enterprise workforce and robotics technology platform, today issued its financial guidance for the fiscal year ending December 31, 2026, projecting full-year revenue of US$70.0 million. The outlook represents approximately 22% year-over-year revenue growth compared to audited fiscal year 2025 revenue of US$57.2 million.
The projected US$12.8 million increase in revenue reflects growing enterprise demand for the Company’s proprietary Workforce OS platform, continued commercial robotics deployments, and expanding recurring software-and-service contracts across Southeast Asia, as well as expected contributions from businesses acquired or established in 2026.
Key Financial & Operating Highlights
- FY2026 Revenue Guidance: Targeted at US$70.0 million, representing approximately 22% year-over-year growth.
- FY2025 Revenue Baseline: Audited benchmark of US$57.2 million.
- Projected Revenue Increase: Projected US$12.8 million increase in revenue.
- Margin Expansion: AI matching algorithms and automated service deployment continue to drive operating leverage across regional operational hubs.
- Balance Sheet Discipline: Funded expansion supported by positive operating cash flow generation and a streamlined capital structure.
Executive Commentary
“Growing the US$57.2 million FY2025 benchmark toward a projected US$70.0 million in FY2026, representing approximately 22% year-over-year growth, reflects continued enterprise adoption of our AI-enabled operating architecture,” said Mike Fu, Chief Executive Officer of YYForce. “By embedding proprietary dispatch software and commercial service robotics directly into enterprise workflows, YYForce seeks to deliver cost efficiency to our clients while supporting revenue growth. Based on our current Southeast Asian pipeline, we remain focused on executing our commercial expansion strategy for the remainder of fiscal 2026.”
About YYForce Inc.
YYForce Inc. (Nasdaq: YFOR) is a technology-enabled provider of workforce solutions and integrated facility management services. The Company is developing a future workforce ecosystem integrating human talent, artificial intelligence, humanoid and service robotics, IoT technologies, and digital facility-management platforms.
Through its workforce operations, integrated facility-management capabilities, 24iFM platform, and emerging robotics initiatives, YYForce seeks to support the transition toward technology-enabled, human-and-machine collaborative service delivery.
For more information, visit www.yyforce.ai.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the Company’s current expectations, assumptions and information available to it as of the date of this release. Forward-looking statements can be identified by words such as “may,” “will,” “should,” “expects,” “anticipates,” “plans,” “intends,” “believes,” “estimates,” “potential” or similar expressions, or the negative of these terms.
Forward-looking statements in this release include, but are not limited to, statements regarding the Company’s projected revenue of US$70.0 million for the fiscal year ending December 31, 2026 and the anticipated year-over-year growth rate; expected demand for the Company’s workforce, facility management, software and robotics services; the timing and volume of customer contracts and deployments; operating margins and cash flow; and the Company’s strategy, investment priorities and operating objectives.
Forward-looking statements involve inherent risks and uncertainties, and the forward-looking events discussed in this press release may not occur. Actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about the Company and a number of factors, including, among others, the Company’s history of net losses and the substantial doubt about its ability to continue as a going concern; its ability to obtain financing on acceptable terms; and its ability to integrate recently acquired businesses. For a more detailed discussion of risk factors, please refer to the Company's filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section of the Company's most recent annual report on Form 20-F, as amended, and its subsequent filings with the SEC.
The revenue guidance reflects management’s current estimates as of the date of this release, has not been reviewed or audited by the Company’s independent auditors, and should not be relied upon as a prediction of actual results. YYForce undertakes no obligation to update these statements except as required by applicable law.
Investor Relations Contact
YYForce Inc.
Investor Relations Department
Email: ir@yyforce.ai
Website: https://www.yyforce.ai
SOURCE: YYForce Inc.
“Growing the US$57.2 million FY2025 benchmark toward a projected US$70.0 million in FY2026, representing approximately 22% year-over-year growth, reflects continued enterprise adoption of our AI-enabled operating architecture,” said Mike Fu, Chief Executive Officer of YYForce. “By embedding proprietary dispatch software and commercial service robotics directly into enterprise workflows, YYForce seeks to deliver cost efficiency to our clients while supporting revenue growth. Based on our current Southeast Asian pipeline, we remain focused on executing our commercial expansion strategy for the remainder of fiscal 2026.”
About YYForce Inc.
YYForce Inc. (Nasdaq: YFOR) is a technology-enabled provider of workforce solutions and integrated facility management services. The Company is developing a future workforce ecosystem integrating human talent, artificial intelligence, humanoid and service robotics, IoT technologies, and digital facility-management platforms.
Through its workforce operations, integrated facility-management capabilities, 24iFM platform, and emerging robotics initiatives, YYForce seeks to support the transition toward technology-enabled, human-and-machine collaborative service delivery.
For more information, visit www.yyforce.ai.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the Company’s current expectations, assumptions and information available to it as of the date of this release. Forward-looking statements can be identified by words such as “may,” “will,” “should,” “expects,” “anticipates,” “plans,” “intends,” “believes,” “estimates,” “potential” or similar expressions, or the negative of these terms.
Forward-looking statements in this release include, but are not limited to, statements regarding the Company’s projected revenue of US$70.0 million for the fiscal year ending December 31, 2026 and the anticipated year-over-year growth rate; expected demand for the Company’s workforce, facility management, software and robotics services; the timing and volume of customer contracts and deployments; operating margins and cash flow; and the Company’s strategy, investment priorities and operating objectives.
Forward-looking statements involve inherent risks and uncertainties, and the forward-looking events discussed in this press release may not occur. Actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about the Company and a number of factors, including, among others, the Company’s history of net losses and the substantial doubt about its ability to continue as a going concern; its ability to obtain financing on acceptable terms; and its ability to integrate recently acquired businesses. For a more detailed discussion of risk factors, please refer to the Company's filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section of the Company's most recent annual report on Form 20-F, as amended, and its subsequent filings with the SEC.
The revenue guidance reflects management’s current estimates as of the date of this release, has not been reviewed or audited by the Company’s independent auditors, and should not be relied upon as a prediction of actual results. YYForce undertakes no obligation to update these statements except as required by applicable law.
Investor Relations Contact
YYForce Inc.
Investor Relations Department
Email: ir@yyforce.ai
Website: https://www.yyforce.ai
SOURCE: YYForce Inc.
xStocks Broadens Suite of Tokenized Assets, Bringing Hundreds of UK and EU-Listed Equities Onchain
Two of the world's largest capital markets open up to a global onchain audience in the most significant expansion of the market-leading tokenized equities framework beyond U.S. listings to date, in the opening phase of Payward Services’ tokenization partnership with GTN
ST. HELIER, Jersey, Nov 12 (Bernama-BUSINESS WIRE) -- xStocks, the tokenized equities framework developed by Payward, has deployed its first batch of tokenized equities representing UK and European publicly listed assets, the most significant broadening of the framework beyond tokenized US listings to date. The launch takes xStocks past 1,500 tokenized assets in total, and is powered by an ongoing partnership between Payward Services and GTN, the fintech powering limitless investment.
The first wave covers 200+ of the most actively traded companies listed in the UK and European Union, with further listings to be tokenized on a rolling basis. Each asset sits on the same open, programmable rails as every other xStock, backed 1:1 by the underlying shares. The new tokens are available to trade across Kraken and through supporting xStocks Alliance platforms from day one, and are embedded in the DeFi ecosystems where xStocks already trade, including Solana, Ethereum, TON, Ink, X Layer and other chains.
That backing also opens a new demand channel for the underlying public listings. Every xStocks token issued is matched by a purchase of the underlying share, held at a regulated custodian for as long as the token trades, so appetite from onchain investors feeds back into the order books of the publicly listed companies themselves. For investors across the 110+ markets where xStocks are available, it is a route to gain exposure into UK and European capital markets that most previously had no practical way to hold.
"Access to capital markets is still drawn on a map, and it still depends on holding the right passport," said Mark Greenberg, Payward Chief Commercial Officer. "A portfolio should not have borders or trading hours. We are building toward a single global market where any listed company can be held by any investor, whatever their address, their currency, or their local broker. Over 200 UK and European listings onchain today is proof it works. Tokenizing every other international market is the next step."
Today's expansion follows Payward's recent partnership with the London Stock Exchange to advance tokenization, and delivers on plans to tokenize the top 100 London-listed equities as xStocks. In 2027, subject to regulatory approval, the London Stock Exchange intends to list xStocks and start trading them on LSE 24.
The UK and EU are the first expansion markets delivered under Payward Services’ partnership with GTN, which handles global execution and custody of the traditional assets that underpin each token. That structure is what allowed Payward to tokenize and deploy hundreds of new assets as xStocks in a matter of weeks. Hundreds of publicly traded Hong Kong-listed equities will follow in the coming weeks, with further international markets after that.
“Tokenisation moves at the speed of the infrastructure beneath it. By combining GTN's global brokerage and custody infrastructure with the xStocks framework, we are bringing UK- and EU-listed equities to a broader global audience. We believe the future of investing will be defined by greater accessibility, interoperability, and efficiency, and this partnership demonstrates how traditional and digital financial ecosystems can work together to deliver that future at scale,” said Ankit Shah, Global Head of FinTech, GTN.
xStocks launched over a year ago with tokenized representations of US stocks and ETFs, each backed 1:1 by the underlying asset. The framework has grown to span more than 1,500 tokenized assets across stocks, ETFs and IPOs, the widest range offered by any tokenized equities framework, and holds over $1.1 billion in assets under management. Total transaction volume has passed $45 billion, with more than 550,000 unique holders worldwide. Distribution and eligibility are unchanged by today's expansion, and xStocks continue to be unavailable to investors in the United Kingdom.
About xStocks:
xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.
For more information, visit www.xstocks.com
About Payward:
Payward, Inc. is a unified financial infrastructure platform that powers a family of products advancing an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across asset classes without friction or fragmentation.
At its core, Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks, and CF Benchmarks.
Payward separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime, and use case, while operating on the same global foundation:
ST. HELIER, Jersey, Nov 12 (Bernama-BUSINESS WIRE) -- xStocks, the tokenized equities framework developed by Payward, has deployed its first batch of tokenized equities representing UK and European publicly listed assets, the most significant broadening of the framework beyond tokenized US listings to date. The launch takes xStocks past 1,500 tokenized assets in total, and is powered by an ongoing partnership between Payward Services and GTN, the fintech powering limitless investment.
The first wave covers 200+ of the most actively traded companies listed in the UK and European Union, with further listings to be tokenized on a rolling basis. Each asset sits on the same open, programmable rails as every other xStock, backed 1:1 by the underlying shares. The new tokens are available to trade across Kraken and through supporting xStocks Alliance platforms from day one, and are embedded in the DeFi ecosystems where xStocks already trade, including Solana, Ethereum, TON, Ink, X Layer and other chains.
That backing also opens a new demand channel for the underlying public listings. Every xStocks token issued is matched by a purchase of the underlying share, held at a regulated custodian for as long as the token trades, so appetite from onchain investors feeds back into the order books of the publicly listed companies themselves. For investors across the 110+ markets where xStocks are available, it is a route to gain exposure into UK and European capital markets that most previously had no practical way to hold.
"Access to capital markets is still drawn on a map, and it still depends on holding the right passport," said Mark Greenberg, Payward Chief Commercial Officer. "A portfolio should not have borders or trading hours. We are building toward a single global market where any listed company can be held by any investor, whatever their address, their currency, or their local broker. Over 200 UK and European listings onchain today is proof it works. Tokenizing every other international market is the next step."
Today's expansion follows Payward's recent partnership with the London Stock Exchange to advance tokenization, and delivers on plans to tokenize the top 100 London-listed equities as xStocks. In 2027, subject to regulatory approval, the London Stock Exchange intends to list xStocks and start trading them on LSE 24.
The UK and EU are the first expansion markets delivered under Payward Services’ partnership with GTN, which handles global execution and custody of the traditional assets that underpin each token. That structure is what allowed Payward to tokenize and deploy hundreds of new assets as xStocks in a matter of weeks. Hundreds of publicly traded Hong Kong-listed equities will follow in the coming weeks, with further international markets after that.
“Tokenisation moves at the speed of the infrastructure beneath it. By combining GTN's global brokerage and custody infrastructure with the xStocks framework, we are bringing UK- and EU-listed equities to a broader global audience. We believe the future of investing will be defined by greater accessibility, interoperability, and efficiency, and this partnership demonstrates how traditional and digital financial ecosystems can work together to deliver that future at scale,” said Ankit Shah, Global Head of FinTech, GTN.
xStocks launched over a year ago with tokenized representations of US stocks and ETFs, each backed 1:1 by the underlying asset. The framework has grown to span more than 1,500 tokenized assets across stocks, ETFs and IPOs, the widest range offered by any tokenized equities framework, and holds over $1.1 billion in assets under management. Total transaction volume has passed $45 billion, with more than 550,000 unique holders worldwide. Distribution and eligibility are unchanged by today's expansion, and xStocks continue to be unavailable to investors in the United Kingdom.
About xStocks:
xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.
For more information, visit www.xstocks.com
About Payward:
Payward, Inc. is a unified financial infrastructure platform that powers a family of products advancing an open, global financial system. Built on a single shared architecture, Payward enables customers to hold, trade, earn, pay, and invest across asset classes without friction or fragmentation.
At its core, Payward provides the infrastructure layer behind Kraken and a growing set of purpose-built products, including NinjaTrader, Breakout, xStocks, and CF Benchmarks.
Payward separates infrastructure from product expression. Each product surface is designed for a specific customer segment, regulatory regime, and use case, while operating on the same global foundation:
- One global liquidity pool
- One unified risk and margin engine
- One collateral and settlement system
- One compliance and licensing framework
This shared architecture allows Payward to scale efficiently, launch new products at low marginal cost, and serve diverse global markets while maintaining consistent risk management, regulatory integrity, and operational resilience.
For more information about Payward, please visit www.payward.com.
About GTN:
GTN is the global fintech infrastructure powering limitless investment through a unified API-first architecture. By combining cloud-native technology with deep institutional expertise, GTN provides brokers, banks, asset managers, and fintechs with brokerage infrastructure spanning 90+ markets and up to 8 asset classes across GTN's six regulated entities, through a single API, enabling partners to create the next generation of investing and trading experiences. From fractional trading and micro-portfolios, including $1 fractional bonds, to full-service brokerage, GTN automates the investment lifecycle from digital onboarding to post-trade settlement. As a single counterparty, GTN reduces technical and regulatory burdens, enabling investment banks, brokerage firms, and wealth management firms to scale without having to build technology from scratch.
GTN has over 700 professionals across 14 countries and serves more than 500 clients worldwide, united by one mission: transforming the accessibility of investment and trading opportunities. GTN operates through six regulated entities, each authorised in its own jurisdiction: FCA in the UK, DFSA in the DIFC, MAS in Singapore, SEC and FINRA in the US, FSCA in South Africa, and SFC in Hong Kong. Strategic investors include IFC (World Bank Group) and SBI Ventures Singapore. Learn more at gtngroup.com or follow us on LinkedIn.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261111700594/en/
Contact
Lauren Post
press@payward.com
Source : Payward
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
For more information about Payward, please visit www.payward.com.
About GTN:
GTN is the global fintech infrastructure powering limitless investment through a unified API-first architecture. By combining cloud-native technology with deep institutional expertise, GTN provides brokers, banks, asset managers, and fintechs with brokerage infrastructure spanning 90+ markets and up to 8 asset classes across GTN's six regulated entities, through a single API, enabling partners to create the next generation of investing and trading experiences. From fractional trading and micro-portfolios, including $1 fractional bonds, to full-service brokerage, GTN automates the investment lifecycle from digital onboarding to post-trade settlement. As a single counterparty, GTN reduces technical and regulatory burdens, enabling investment banks, brokerage firms, and wealth management firms to scale without having to build technology from scratch.
GTN has over 700 professionals across 14 countries and serves more than 500 clients worldwide, united by one mission: transforming the accessibility of investment and trading opportunities. GTN operates through six regulated entities, each authorised in its own jurisdiction: FCA in the UK, DFSA in the DIFC, MAS in Singapore, SEC and FINRA in the US, FSCA in South Africa, and SFC in Hong Kong. Strategic investors include IFC (World Bank Group) and SBI Ventures Singapore. Learn more at gtngroup.com or follow us on LinkedIn.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261111700594/en/
Contact
Lauren Post
press@payward.com
Source : Payward
DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.
Horizon Quantum Announces Third Quarter 2026 Financial Results
SINGAPORE, Nov 11 (Bernama-BUSINESS WIRE) -- 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”).
"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.
- 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.
- As part of the collaboration, Triple Alpha was used to perform gate calibration – executing a high-level quantum program on the OQC QPU.
- Using Triple Alpha, developers can harness pulse-level control within the same programming languages that are used to develop quantum applications.
- Characterization is a key step in preparing quantum hardware for practical use, and because quantum systems are highly sensitive, frequent recalibration is necessary.
- 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.
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.
- 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 a 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.
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.
- 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.
- 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.
- 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.
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.
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.
| 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. | ||||||
| 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. | |||||||||||
| 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. | |||||
| 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. | |||||||||||
View source version on businesswire.com:
https://www.businesswire.com/news/home/20261110949593/en/
Contact
Investor Contact
Horizon Quantum investor contact
Katherine Bailon
investors@horizonquantum.com
Media Contact
Horizon Quantum media contact
Yanina Blaclard
media@horizonquantum.com
Source : Horizon Quantum Holdings Ltd.
Subscribe to:
Posts (Atom)