dMY Squared Technology Group Reports Significant Net Loss and Pursues Merger with Horizon Quantum Computing

dMY Squared Technology Group, Inc. reported a net loss of approximately $931,135 for the three months ended September 30, 2025, compared to a net income of $145,480 for the same period in 2024. For the nine months ending September 30, 2025, the company experienced a net loss of $11.9 million, significantly higher than the $344,000 loss reported in the prior year. The increase in losses is attributed to a rise in general and administrative expenses, which totaled approximately $3.2 million for the nine-month period, compared to $793,000 in the previous year. The company also recorded a loss of $9.2 million from changes in the fair value of derivative warrant liabilities during the nine months of 2025.

In terms of financial position, dMY Squared reported total assets of $27.2 million as of September 30, 2025, a slight increase from $26.0 million at the end of 2024. The company’s cash and investments held in a trust account amounted to approximately $27.1 million, up from $25.6 million at the end of the previous year. However, total liabilities surged to $20.8 million, compared to $7.4 million at the end of 2024, primarily due to increased accrued expenses and convertible notes from related parties.

Strategically, dMY Squared is pursuing a business combination with Horizon Quantum Computing, which was announced on September 9, 2025. This proposed merger is subject to shareholder approval and other customary closing conditions, including a minimum cash condition of $45 million. The company has also extended its deadline to complete a business combination to November 29, 2025, following shareholder approval for an extension of its charter.

Operationally, dMY Squared has not yet commenced any revenue-generating activities, as it remains focused on identifying a suitable business combination. The company’s management has indicated that it will continue to incur significant costs related to its acquisition plans. As of September 30, 2025, the company had a working capital deficit of approximately $6.9 million, raising concerns about its ability to continue as a going concern if a business combination is not completed within the extended timeframe.

Looking ahead, dMY Squared's management remains optimistic about the potential business combination with Horizon, which is expected to enhance its market position in the quantum computing sector. However, the company acknowledges the risks associated with its current financial condition and the uncertainties in the broader economic environment that could impact its future operations and ability to complete the proposed merger.