Horizon Quantum Holdings Cash Flow Statement

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

Millions SGD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-23.07	-7.48	-5.18
Depreciation & Amortization	1.05	0.86	0.26
Stock-Based Compensation	6.53	0.16	0.32
Other Operating Activities	1.08	-0.26	0.17
Change in Accounts Receivable	0.15	-0.15	-
Change in Accounts Payable	1.88	0.5	-0.11
Change in Other Net Operating Assets	-0.76	-1.06	-0.33
Operating Cash Flow	-13.13	-7.43	-4.86
Capital Expenditures	-0.51	-2.73	-0.59
Sale (Purchase) of Intangibles	-	-0	-
Investing Cash Flow	-0.51	-2.73	-0.59
Other Financing Activities	7.58	-	-
Financing Cash Flow	7.58	-	6.64
Foreign Exchange Rate Adjustments	-0.27	0.28	-0.16
Net Cash Flow	-6.34	-9.89	1.03
Free Cash Flow	-13.65	-10.16	-5.44
Free Cash Flow Margin	-27292.71%	-2822.94%	-10888.38%
Free Cash Flow Per Share	-0.85	-0.63	-0.34
Levered Free Cash Flow	4.59	-7.02	-
Unlevered Free Cash Flow	4.59	-6.99	-
Change in Working Capital	1.27	-0.7	-0.44

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