Horizon Quantum Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-11.58	-5.48	-3.92
Depreciation & Amortization	0.81	0.63	0.2
Stock-Based Compensation	3.59	0.12	0.24
Other Operating Activities	0.41	-0.19	0.13
Change in Accounts Receivable	0.21	-0.11	-
Change in Accounts Payable	-0.39	0.37	-0.08
Change in Other Net Operating Assets	-0.91	-0.78	-0.25
Operating Cash Flow	-7.85	-5.44	-3.68
Capital Expenditures	-0.96	-2	-0.44
Sale (Purchase) of Intangibles	-0	-0	-
Investing Cash Flow	-0.96	-2	-0.44
Financing Cash Flow	-	-	5.03
Foreign Exchange Rate Adjustments	-0.28	0.2	-0.12
Net Cash Flow	-9.09	-7.24	0.78
Free Cash Flow	-8.81	-7.45	-4.12
Free Cash Flow Margin	-3116.28%	-2822.93%	-10888.24%
Free Cash Flow Per Share	-1.10	-0.47	-0.26
Levered Free Cash Flow	-	-5.15	-
Unlevered Free Cash Flow	-	-5.12	-
Change in Working Capital	-1.09	-0.52	-0.33

Source: S&P Global Market Intelligence. Standard template. Financial Sources.