BTQ

Welcome to BTQ's Q3 2025 earnings call. Before we start, I'll just read off some disclaimers. This communication contains forward-looking statements which involve known and unknown risks, uncertainties, and some factors that may cause actual results to differ materially from those expressed and implied herein. These statements are based on current expectations and assumptions and are subject to change. The company undertakes no obligation to update or revise them except as required by applicable law. All right. Now that's out of the way, we'll just present today's speakers. We have Olivier, our CEO, Lonny Wong, CFO, Sean Hackett, Head of Product. We have Philippe Blot, Co-founder and CEO of QPerfect, company that we just acquired. We have Chris Tam, Director and Head of Innovation, myself and Matt, Head of Corporate Development.

Yeah, I'll pass it off to Ollie to get us started.

Good morning, everyone, and happy Monday. Thanks for joining our Q3 webinar earnings call. Yeah, we've spent a lot of time putting together some slides and presentations that will be available on our website shortly, as lots has been transpiring at a company development level. We thought we would go through kind of, you know, take things at a high level, kind of go from a, you know, update in terms of what's going on with the quantum market, and then dive into what we're doing as a company to address the concerns and also the exciting advancements pertaining to the space.

As you can see from this slide, quantum market, the U.S. has picked up on their National Quantum Initiative Act and almost doubling the size of funds available to just under CAD 3 billion. The EU, where QPerfect is based and some of our other subsidiaries, has really been the first time I was at the Quantum Flagship was 2015, 2014 in Amsterdam, where the EU first declared CAD 1 billion in funding. EU is outpacing every other nation around the world with over CAD 7 billion in national programs. Aside from China and that's obviously concerning.

That's what they're disclosing, upfront. You know, China's investing CAD 15 billion through 2030. I think it's a lot more under the table. South Korea as well, where we have our a subsidiary and office and a lot of business operations is investing CAD 2.4 billion.

In terms of, you know, post-quantum cryptographic mandates, which, you know, Sean will touch on in depth and in a lot deeper, you know, NIST, I mean, the National Institute of Standards and Technology has been spearheading the development and standardization of post-quantum cryptographic standards for the past 10 years, which were, you know, finally finalized in August 2024, so about 1 year and 3 some months ago, which really kind of kicked things off in terms of the addressable, the sector for PQC hardware implementations, which we're actively, you know, a part of.

There's been a lot of, you know, NSA movements, you know, complex mandates, completion of the transition of the Quantum Resistant Algorithms program for the national security systems, which needs to be put in place by 2035, with classical cryptography providing 112 bits or less of security, to deprecated after 2030 and completely disallowed after 2035. You know, for example, ECDSA, which is the, you know, fundamental cryptographic encryption algorithm under Bitcoin, is supposed to be deprecated in 2030. You know, that will kind of imply, you know, volatile changes to a bunch of, you know, differentiated landscapes, digital assets being one.

I think, you know, we're seeing kind of in real time, you know, a trade in the market where people are recognizing the value of quantum encryption, in the form of Zcash, which is kind of the only kind of, you know, cryptocurrency that's green over the past kind of one, two weeks. So it's very interesting to see. I think we will flip to the next slide. You know, obviously also, you know, tons of different, you know, governments around the world are putting together, you know, quantum initiative acts.

We're in active developments, discussions with a lot of them about how they fit in, you know, post-quantum cryptography, but also look at quantum as a market holistically, with this idea of the quantum internet coming to fruition. You know, I think we will. This slide kind of just represents, you know, where we are, where exponential technologies are rising and kind of, you know, as mentioned earlier, you know, BTQ's mission is to accelerate quantum advantage. Quantum computers will one day sit alongside the internet, with traditional high performance computing solutions, sharing the infrastructure that has been built over the past several decades.

You know, I think, you know, the internet that was created at CERN, you know, the reason we went from an obscure, you know, communication network into one of the most powerful business platforms is the simple fact that we trust the underlying infrastructure enough to trust, you know, store all of our valuable assets from money investments, personal information, and access to, you know, critical infrastructure and more. Universal support for encryption and authentication in every internet-connected device in the world is the technology that has made this possible. Thanks to the world's trust in cryptography, the world has a way to manage tens of trillions of CAD of valuable assets across the world and, you know, basically secure every nation-state's GDP globally.

This is all gonna change, it's all gonna change dramatically. You know, we're seeing kind of exponential shifts, and new, you know, entire industries being built in very short time horizons such as AI compute, cryptocurrency, digitization of said, you know, digital assets, scientific computing. It's very hard to overemphasize the massive demand for compute and just how difficult it is for computing companies to keep up. Quantum computing represents one of the most exciting opportunities to supply the world with unprecedented computing power in various different modalities that we will, you know, dive into, on our neutral atom computing platform. I think we'll go to the next slide here.

BTQ has been a 13-year expedition for myself, when we think about BTQ as a company, we really want to combine quantum hardware, software, and networks and have them all essentially correspond and add value to the different platforms so that they all work essentially holistically. They need to, right? You can't scale quantum software without underpinning it with quantum hardware, and that can be in the form of security and/or future modalities of quantum computing, such as neutral atom infrastructure.

you know, within BTQ, we have our quantum hardware division, which, you know, specific, you know, boson samplers, neutral-atom quantum processors, FISCs, which is a coin, Dr. Gavin Brennen, our Chief Quantum Officer, you know, penned, which is, you know, the existence that, essentially quantum computers can be smaller scale devices than these just gigantic big black boxes and can perform quantum advantage at much smaller qubit levels in the, you know, hundreds of thousands, and potentially less than that. obviously we have our PQC secure chip elements, which Sean will touch on, which we call QSM, which stands for quantum computing memory.

We have our quantum software division, where we've come up with, you know, what we believe to be, you know, the first, you know, evidence of, you know, Quantum Proof-of-Work. What does that mean? That means taking, basically, you know, quantum hardware and doing something that classical computers can't do, in a more efficient manner. Using Quantum Proof-of-Work, we've replicated what proof of work, the operation that powers Bitcoin, and came up with, you know, 99.9% more energy saving and the enablement of post-quantum security, which we are hopeful that, you know, Bitcoin will eventually transition to.

We're also working on one-shot signatures, which is a fascinating technology that will, you know, we believe one day completely replace consensus mechanisms in blockchain as a whole and the entire digital certificate basically industry. In terms of, you know, quantum networks, and we'll touch on that, kind of our software division. We've developed a topological consensus network called Leonie. We've demonstrated, you know, a version of Bitcoin in its, you know, quantum form as well as Solana. You know, what one of the things I'm most excited about is essentially bringing the digitization of financial transactions globally on chain and being the security and settlement layer.

You know, all of these kind of, you know, specific quadrants within our company's pipeline, you know, work together to fulfill one another. Yeah, we can switch to the next slide. With all of this, cool and, you know, fun stuff we're working on, obviously there is the need to work within regulators, governments and shape essential, you know, future policy that is, that is yet to be really, I think, defined. You know, NIST has gone out and said, "Okay, there's these algorithms that we're standardizing. How do you know, employ them in various form factors? What, what are they gonna be used for?

How do they, you know, fit into advanced AI infrastructure, digital asset infrastructure?" Has all yet to be really kind of, you know, yet to be seen. I think the SEC has done a great job of, you know, basically underpinning the importance of basically a post-quantum financial future. Like in mid-September, they came out with a PQFIF framework, which stands for Post-Quantum Financial Infrastructure Framework, where BTQ's Quantum Secure Stablecoin Network was highlighted, as kind of like, you know, this is a framework that needs to be employed, deployed across financial transactions. That's something that we're, you know, working hard on.

I think, we've been fortunate enough to also co-chair KWINSA, which is kind of the equivalent of NIST in Korea, which has kind of mandated QSSN as well as our Quantum Proof-of-Work into law. We are, you know, now working, and Chris, who's been leading the software team and development out of Taiwan on that initiative, will go into more detail. We've, you know, been fortunate to really kind of have our products put into law and then, you know, work with leading industry companies that are looking to essentially roll out their stablecoins. That's happening in Korea, which is, I think, you know, in terms of cryptocurrency, digital asset adoption, third largest in the world.

Tons of transactions, tons of users, tons of users of stablecoins. The equivalent of the GENIUS Act was passed several weeks ago in Korea. We will be, we're very excited about underpinning security and government reporting that these internet giants in Korea will be, as they issue their stablecoins, underpinning with QSSN. I think, I've said this for, I think probably six or seven years, but I have a 15 something, I think it's probably longer, I've lost track, but since around 2010, 2011, exposure to Bitcoin, blockchain, building companies in that space.

I strongly believe and we will see it play out and roll out with QSSN that quantum technologies in the near term, for sure will be the most utilized in digitized monetary transactions which will be enforced by regulators globally. I think this is probably the highest revenue generation product that one will see out of the quantum ecosystem. It also doesn't require billions of CAD of CapEx such as a quantum computer. We're very excited as a company to, you know, lead the charge with regulators around the world, implement this much needed technology for the scalability of basically the digitization of financial transactions.

It's really not just the cryptocurrency market, but the entire, you know, all of the large banks from JP Morgan to, you know, Morgan Stanley and all of these players will be rolling out their own, you know, stable coins or whatever they call them, distributed ledgers, for, you know, cheaper, more efficient, transactions. QSSN will be the settlement layer for post-quantum security. We can go to the next slide. See, I'll keep this short. You know, the amount of assets at risk, you know, globally, is massive, right?

I think, you know, the I was at a, at a conference, in Miami and, you know, everyone was worried about, you know, basically kind of, you know, a public company having to buy back, you know, Bitcoin 'cause they borrowed it within debt and, you know, Bitcoin slipping and things like that. Once we see kind of, you know, key addresses and things like that compromised with quantum attack vectors, it's essentially game over, I think for kind of a, you know, a very disruptive technology, but the premise of that technology has been it's, you know, cryptographic, security, one. The fact that it can be, you know, passed down from generations to generations like digital gold.

One thing that's been overlooked is the quantum age. That's just kind of, you know, it's something we have, you know, we're passionate about, you know, potentially helping to assist, secure, but it's just kind of a small, I would say a small test case, in terms of, you know, what disruption could look like when, you know, nation-states start implementing quantum-related attacks. Across critical infrastructure. We need to be, you know, deploying and getting our act together on, you know, basically what we believe is a holistic technology stack that we've developed at BTQ to secure, you know, the future of the, you know, internet-based economy as we know it.

I've briefly touched on our three core pillars, and I will let you know the respective teams dive into them specifically. I'm not sure if there's a slide after this, but you know, we specifically touched on QSSN, and you know, we see this as kind of, you know, a kind of basically kind of the future SWIFT/DTCC that's required in a post-quantum era to process transactions. We're obviously kind of initially focusing on stablecoin implementations like I mentioned in Korea. You know, there's some points here of why we win, first mover advantage, relationships with regulators, and stablecoin issuers.

You know, we've been working on the technology to make sure that it's seamlessly integrated, without, you know, the user ever knowing it exists. I think we can skip to the next slide there. QSim, I mean, extremely excited to, you know, be working with Sean and Zach, and our growing quantum hardware team, stateside. Sean will go into this in far more detail than I can, just because he created it. You know, essentially we wanna build, and are building and have tested and shown that, you know, this is the, you know, leading and most secure, space efficient, transaction efficient, chip design, to secure anything and everything that requires a secure enclave.

From drones to iPhones, to critical infrastructure, everything will be secured with QSim, which again stands for quantum computing in memory. Yeah, I mean, Sean can touch on this further, but compute-in-memory and compute-in-memory, you know, has had CAD billions and billions spent on it in the past few years because it's been the cornerstone to artificial intelligence chip design. You know, the Radical Semiconductor guys as well as our hardware team in Taiwan for many years, basically realized that no one was applying compute-in-memory towards the acceleration of post-quantum cryptography algorithms. That's where we've created a, you know, moated intellectual property defensibility position and the best team to execute on.

I think we can go to the next slide. Likewise, we also have the honor of having Philippe Blot calling in from Strasbourg, but I'll let him take this a bit further. You know, we're, I think this is for some people on our team has been a kind of a 20-plus year exercise. Our Chief Quantum Officer, Dr. Gavin Brennen, you know, co-invented neutral atom quantum computing, which has now, you know, I think in the last two years taken a life on of its own.

QPerfect has been, you know, essentially at the forefront of, you know, quantum emulation for, you know, basically kind of advancing computing architectures required to, you know, basically make quantum computers at scale, test algorithms and functional, you know, designs, applications on such devices, which is, you know, of key importance to this whole space. You know, one can kind of think of it as kind of like Android, an operating system for quantum computers and have been working with some of the largest and from Quantinuum to QuEra, to assist with the measurements. We have a demo prepared on, you know, what that all looks like shortly.

Yeah, I think highlights of recent news as I've mentioned, we've exercised the option to acquire QPerfect, which gives us a very great alignment with some of the smartest people I've met in the quantum computing space. Philippe, Guido squared, Guido Pupillo, Guido Masella, Shen, and Johan. They're based in Strasbourg, where they've helped create the European Center for Quantum Sciences. It's amazing to see how much talent is going in and out of those doors.

We look to kind of use this as a stepping stone to build, further invest and really become a dominant force in the European and obviously global scene for neutral atoms and technologies pertaining to what else is being kind of uncovered. I think we're, you know, just scratching the surface of, you know, basically a software layer on top of quantum computers and what that can mean and do for all of the industries that are, you know, reaching out and saying, you know, "How do we use quantum computers? How do we run applications?" You need quantum emulation to do that. I think we can go to the next slide.

Again, the team I'm not gonna touch too much into these 'cause we have the industry domain experts on the calls here.

Actually, this would be a good time to bring up Philippe Blot from QPerfect.

Absolutely. Philippe, it's you.

Yeah. Thank you, gentlemen. Thank you, Olivier, for the introduction. It's our pleasure to be with you today and to get a chance to present QPerfect. I'm on the call with our CTO and founder, Guido Masella, and we are happy to be with you. QPerfect, I mean, accelerating quantum advantage, it's also our mission. We are more than glad that you tell this, make quantum computing practical, building the software and the control layer, making the bridge that's really scalable and reliable for quantum systems really depends on this software. The software is key to the future of quantum computing.

As you have introduced MIMIQ on the previous with the benchmark that Guido is going to demonstrate in a minute. This quantum logical unit, start with MIMIQ because emulation is a first way to prove that the quantum algorithm has a need and that the benefit versus classical computing HPC centers, et cetera. What we are trying to achieve here is first, and that's what the extreme reason where we are happy with ZIL. First is the integration. For us, OSS, one-shot signatures, is a real use case. It's something we were dreaming of, having a real use case which may change the world.

With a quite short target, 2026, to demonstrate that we can run one-shot signatures on the quantum neutral atom computers using our quantum logic platform. Second, is a strong validation, Olivier said a word as well regarding the first software we have presented and the benchmark around it with Quantinuum QuEra. Also some customers will deploy it like Quobly, which is a spin qubit hardware company. Tomorrow, we will announce on supercomputing our platform on CUDA-Q from NVIDIA. It will be a major release for us on GPUs.

Also initiative with government programs at the European level, like the France-Singapore program, where we are working on the Eureka initiative with Antropica. For us, it is very important also to see that the story start with emulation before going to quantum computers. Last, the positioning, we said a word about it with Olivier, it is purely to be at the core of Europe. Strasbourg is well-placed. We have a strong academic presence. We are a spinoff of the European Centre for Quantum Sciences, where we are also, our founders are also building a neutral atom computers, and the teams are working together every day. I don't want to say too much on this yet.

First, let's focus on what is the simulation and how it brings advantages. Guido is going to show you the platform today and how anyone from any place worldwide can reach our platform. Guido?

Thank you. Thank you, Philippe. Thank you, Olivier. Chris, thank you all. Let me share my screen. You should be able to see it right now.

Yes, we do.

Perfect. I prepared a very quick, short demo on how our platform and the first product of QPerfect works. It's built for quantum computer and emulator of quantum computers that can run the same kind of algorithm that run on a real quantum computer. Here as a first demonstration, I use a Greenberger-Horne-Zeilinger state. A circuit, an algorithm that prepare a quantum state that is given by the superposition of two state. One in which all the qubits, the quantum bits of information are in a zero state. One which all the quantum bits of information are in one state. This exemplifies notion of nonlocal correlations in a quantum system of entanglement.

It's often used, this algorithm to prove and demonstrate the ability to manipulate complex entangled state in a quantum computer. When simulating quantum state on a classical computer, memory is a huge resource. For simulating a system of only 16 qubits, we will need 1 MB of RAM. By adding 1 single qubit, we will double the amount. For a kilo, we will have 4 MB. By going higher and higher, for example, for 54 qubits, we would need 260 PB of RAM. With the naive technique, it's more than any computer on the face of the earth can do as of today.

With MIMIQ we can, we use a matrix realistic technique that allow to simulate larger and larger system. This allow to design, test, and benchmark quantum algorithms even before than on quantum computer and one or two generation ahead of current quantum computers. I can run, for example, a simple simulation here on 14 qubits, a very small system which can be done quite easily by MIMIQ in only a few tenths of milliseconds with perfect fidelity, so a perfect simulation of the system. I retrieve state that I was expecting, all qubits being at zero state and all qubits being one. What is important I think with MIMIQ is that we can go to very high state.

For example, here, for 58 qubit, when the RAM to simulate this naively on a classical computer, needed would be 4 exabyte. While here, thanks to the advanced algorithm that we use in MIMIQ, we can simulate this right away in just few cents of seconds. Quantum Fourier transform is another algorithm that is very important. It's one of the building blocks, it's a more complex algorithm that achieves that state preparation. It's one of the building blocks of many of the algorithms that we know in quantum computing. It's also used, for example, in Shor's algorithm, which is used to factor prime numbers, which has a lot of users and application in security. Here are the same.

We can run a simulation with 10 qubit, something that is possible even on a laptop just in few cents of a second. Also we can scale simulation up to scales which are impossible to simulate naively on a classical computer. This allow us to test and validate quantum algorithms even before. One last thing that I wanted to show you, it's an application that has connection with of the emulator, which has connection with the security, with cyber security, and cryptography, which is factoring prime numbers. Here what we want to do is that given a number N, we want to find the 2 factors, P and Q, that multiplied together gives this number.

This is a very hard problem in classical computer, and there are already algorithms in quantum computing such as the Shor algorithm that will be able to solve this problem giving exponential advantages over classical computer. Here we demonstrate on our simulator an algorithm that has been developed also here in QPerfect at University of Strasbourg, which uses Grover's search algorithm to factorize prime numbers. I will skip the details on how this is implemented, but just as a comparison, on current quantum computer, the biggest number that is being factored is 21, which is 3 by 7.

With MIMIQ, we can factor 20 bigger numbers, such as, for example, here, six-digit numbers in a matter of seconds by running a full quantum simulation of the algorithms, and go even as high as 24-bit numbers. As you can see in just few seconds, eight to 10 bits numbers. As you can see here, when we have a eight digits number being factorized in less than one second. Thank you.

Fantastic. Thank you, Guido. This is obviously has massive implications for the security that BTQ is working on. On one hand, you know, we're providing security to prevent from such quantum attacks as the one that Guido outlined here. It's a confluence of the two where we're straddling both sides that gives us a unique insight into how to protect digital security systems and also upgrade them to be quantum secure. Next, I'd like to invite Sean to the stage to talk about the hardware development we're doing with ICTK.

Hi, everybody. Good to talk to you. My name is Sean Hackett. I am the head of product for silicon at BTQ Technologies. I'm gonna talk publicly for the first time about a very exciting product that I've been developing over the past four years that we're now calling QSim. Recently, BTQ Technologies has formally announced a strategic partnership with ICTK Holdings, which is a global leader in secure chip design, and they're going to develop a secure semiconductor solution with us, opening a lot of new OEM and device-level opportunities. I would like to give some context about why this is an exciting development, but first, I wanna give a little bit of background about me. Next slide, please, Chris. I founded a small startup called Radical Semiconductor in 2020 with BTQ's new head of hardware security, Zach Belates, as my CTO.

Our goal was to build the most compact, most power-efficient cryptographic accelerator technology for post-quantum algorithms. Now, the technology that we rely on, as Olivier mentioned earlier, is called compute-in-memory. In short, compute-in-memory is a technique to reduce costly data movements in a high-speed processor, and it's commonly used in the AI architectures we see today. Let me tell you why we wanted to make a security product out of this technology. When we started, we were very cognizant of the changing post-quantum cryptographic landscape happening worldwide between NIST and other regulatory bodies around the world. Choices that you make in hardware-secure elements are permanent, and while we were developing this architecture, we were seeing cryptographic schemes that we thought were secure broken on laptops within a couple of days. We also saw a number of other countries around the world start to deviate from the NIST recommendations.

We knew that part of the solution of making post-quantum secure algorithms universal on all devices was to keep the architecture flexible to future algorithms. As we spoke with chip makers and device makers, we were learning that staying flexible to future changes would not be easy for most secure enclaves. Post-quantum cryptographic algorithms being chosen now could sometimes have 10 times larger key sizes or bigger compared to the previous public key algorithm, ECC. Even with very optimized IP blocks for post-quantum, we were ending up with really large power-hungry circuits compared to previous algorithms, and this poses a challenge. Adding a dedicated PQC IP block to a secure enclave increases the power and area in ways that device makers have a hard time adapting to.

not only that, but not all the end users are 100% convinced that these algorithms, the security of them, are going to be 100% secure in the future. If they're shown to be vulnerable, then they have to be changed, which likely means the secure enclave chips themselves will have to go through another four-year redesign and certification process to get it out into the market. this is a concept that's commonly known as crypto agility in our field, the ability to change the cryptographic suite of the products, when they're out in the field while they're running. right now, the current way we design secure enclaves makes this very hard.

With these migration deadlines appearing as early as 2030 and a worldwide regulatory push to secure all the systems by 2035, these are some very hard hurdles to jump over. This is why we wanted to use compute-in-memory. It's a completely new way to make secure enclaves. Finally, we have a way to make a reprogrammable secure enclave that doesn't sacrifice performance, doesn't sacrifice area and power resources on the chip, and doesn't sacrifice the security guarantees that you expect in a secure silicon product. After several years of development, what we came up with was one of the most efficient cryptographic architectures in the world. We call it Cryptographically Agile Secure Hardware or CASH. When it comes to efficiency of processing, especially at low power and area, we find that CASH is a best-in-class architecture.

It can be used to make the smallest post-quantum secure enclaves in the world, and when you scale it up, the most efficient. Our benchmarks are showing breakthrough performance, not just in NIST PQC, but also in the existing algorithms, ECDSA, AES, and SHA-3, with fewer gates than the competing solutions. Now, one of the great benefits of our compute-in-memory architecture, aside from the high efficiency, allowing it to fit even in the most constrained devices, is that our design is reprogrammable. What we see. Sorry. Excuse me. Losing my voice. My apologies. What we see is a cryptographic migration that's highly driven by compliance to new standards, many of which haven't been fully approved. We're thinking not just of NIST, but in South Korea, there are four completely different algorithms like HAETAE, SMAUG-T, NTRU+, and AIMer.

In EU, the algorithms FrodoKEM and Classic McEliece are all being recommended to several member states. This gives our secure enclave, QSM, a unique advantage compared to other secure enclaves by reducing the time needed to go from newly approved PQC algorithm to deployment. Now, instead of having to redesign our secure enclaves from scratch and recertify the hardware, which could take 4 years or longer, what we have is a path to implement a secure version of the algorithm on QSM, making the same hardware security guarantees and shortening the development and deployment time to four and a half months. That is a 10 times faster deployment time compared to redeveloping the hardware from scratch.

This major advantage doesn't just open the possibility of being the most crypto-agile secure enclave, but it can also adapt to new lightweight cryptographic algorithms that get released in the future. This is super important for products in blockchain who are constantly experimenting with new algorithms. This also is important for privacy technology like multi-party compute, zero-knowledge proofs, and any other advanced cryptography advancement that's made in the cryptography world. We think that standing at the start of a 10-year compliance-driven migration to PQC, that the 1 trillion dollar semiconductor market is in need of secure enclaves that can be future-proof, stay agile to the new regulations, and also open the door to new innovations that come out in cryptography in the next 10 years.

Among the use cases that we're most excited about in the near term, cell-enabled devices in telecom and IoT high security systems and payment and safety critical uses in defense, automotive, critical infrastructure. These markets I'm mentioning now represent a CAD 400 billion annual market in the near future. In addition to QSIM, which is the standalone chip product, we're also developing the technology as an IP block. We can deliver this as an FPGA or as a soft IP and start getting these solutions integrated in more products in AI, data centers, and high-performance networking. The grand total of semiconductor sales is gonna reach a CAD 1 trillion a year.

The sheer amount of products that have to come with fresh security IP will be enormous, and we think that this is the best solution to stay compliant and flexible to all the new innovations that will come out. Zach and I are very, very excited to be working on this project here at BTQ. We think the team here at BTQ Technologies is amazing. These guys have been forming relationships for a very long time in the quantum space, the same people who want these solutions, and we think that strategic partnerships with BTQ are gonna shorten the time needed to get this solution in true commercial deployments in the near term. Very excited, and I'll pass it back over to Chris.

Great. Thanks, Sean. We've been making some great progress with our Quantum Secure Stablecoin Network, QSSN, with some notable deployments in Korea. This establishes Korea as the regulatory proving ground for quantum-resilient digital asset infrastructure. Again, QSSN is a way for companies, stablecoin issuers, financial institutions to secure the mint, burn, and transfer operations of any digital asset, with stablecoins driving a bulk of that demand.

We're seeing CAD 8 trillion worth of stablecoins being transferred annually, set to grow, especially with the adoption of US-denominated stablecoins in the form of USDT, a Tether-backed, a Tether-denominated stablecoin, as long as some other countries and major corporations adopting the use of stablecoins and digital ledger technology, such as JPMorgan Chase, who is serving as, you know, they do CAD trillions per day in trading infrastructure, and they are moving the majority of their infrastructure over to this technology. We see a major opportunity for QSSN to be the underpinning technology behind all of these quantum secure transactions. Our Korean partners also represent the entire value chain when it comes to these deployments in Korea. We have KWINSA, which is a NIST-level Korean equivalent standards body leading the de facto standardization of quantum technologies.

We have Fingpay, which is a leading platform processing billions in mobile payments annually, and they're now piloting QSSN for secure settlement and cross-border remittances. We have Danal, who is one of Korea's largest payment processors, who's integrating our post-quantum cryptography into their telecom billing infrastructure, to secure micro-transactions. As a nation, Korea has committed over CAD 3 trillion to quantum technology by 2035, and has designated quantum security as a national priority. This fits hand in hand with their agenda. Our deployments with these companies are being referenced as architectures, and they're being watched by regulators, central banks, and payment networks worldwide.

In the scenario where stablecoins reach a CAD 1 trillion market cap, which represents less than 5% of the M1 money supply, with only 1/3 of the transactions flowing through QSSN by 2030, our QSSN network stands to generate over CAD 1 billion in revenue. This reflects a highly scalable business model with near 99% operating cost margins. With increasing digitization of fiat dollars in both U.S. and non-U.S. denominated money supplies, we see a very strong case where QSSN becomes the backbone of any centralized or regulated digital currency network. Here I'll pass it back to Oli.

Yeah. Thanks, Chris. I think we've touched on all this. I'll let you.

Yeah.

I mean, I'm happy to kick things off. I mean, it's kind of a childhood dream to be working at the University of Cambridge, where, you know, Sir Isaac Newton, you know, invented and really changed the world. It also goes back to the, you know, essentially first few employees that ever worked on BTQ IP out of the University of Cambridge. It's been a, you know, 13-year trajectory with University of Cambridge, and it's, you know, arguably, you know, the number one university in the world across a number of different fields, specifically quantum computing, photonics.

you know, we're providing, you know, grants, and we'll be doing a lot of stuff in terms of collaboration around, you know, basically kind of providing commercialization frameworks, for intellectual property coming out of the University of Cambridge, to be formally, you know, monetized and receive the value that it deserves.

Chris, I'm not sure if you wanted to mention anything else on Cambridge. Yeah, public market overview. I think we started trading on the Nasdaq around a month ago. I think we're, you know, fairly unknown in terms of what we're doing. That's fine with us. We're happy to, you know, build and let the numbers speak for ourselves on the products that we have. We do have several initiatives. You know, we've been in talks with a number of, I would say, kind of institutional kind of U.S. capital market banks and things of that.

You know, obviously, cause for concern or, you know, something that, you know, people love to kind of bring up and speak without absolutely no knowledge of our company or, you know, financial discipline, is the fact that we have, you know, a shelf that's just, you know, customary for a company in a volatile market to have. We are in, you know, discussions with, you know, strategic partners who will be, you know, potentially large customers, you know, who, you know, potentially wanna have the optionality to be buyers in large amounts of equity. That enables us with flexibility, you know, as a public company. We've turned down hundreds of millions of dollars almost every trading day since being listed on the Nasdaq. </edited_transcript We have no plans for a immediate capital raise and/or the need to. We have more than enough money in the bank to withstand a multi-year run rate. We are in Korea, Taiwan, Australia, France, Canada soon to be a few other countries that all have multi-billion dollar non-dilutive grants and things of that nature that we're you know more than active with in terms of bringing down the cost of operationals. I would just comment on that. Out of any you know publicly listed company we have the highest insider ownership by miles. Instead of selling shares we buy shares. That's my overview on our public market position.

Yeah, I just wanna highlight the inclusion on the KoAct Quantum Computing ETF managed by Samsung's asset management arm. Yeah, it's great to see ourselves being alongside, you know, pure play quantum companies as well as more, you know, quantum adjacent companies like chip makers and whatnot. Something that we're working on to get included in more ETFs going forward.

Yeah. As Olivier referenced, our working capital position is about CAD 38 million as of the end of our recent quarter, September 30, 2025. We do have sufficient working capital to fund our current initiatives over the next few years. Our base shelf prospectus that we filed in April is valid for 25 months. We obviously are in no rush to do financing in the near term, but we remain flexible due to the rapidly evolving industry that we're in.

All right. We can skip to the Q&A session. A lot of questions submitted obviously. We'll try to answer a few here. We won't have time to go through all of them, of course. We invite people to submit their questions at [email protected], and we'll get back to all them. I'll just read a few off from the chat. First one, as it relates to QPerfect, can you provide some specs on total qubits the company has achieved, fidelity rates and gate speeds for those systems? Probably Philippe, well, you can take that one to start.

Philippe,

Oh, you mute. You're muted. Yeah.

Okay, sorry. Yeah, what I was saying, what is very important to understand, and Guido will add on that, but that the number of qubit versus quantum error correction, it is very important to count that you need less and less number of atoms in order to correct the code. Today, quantum error correction represent more than 90% of the quantum number of qubits count, and it's very important to decrease that. What we have done with Guido Pupillo at CESQ is just tremendous. The way we are using the quantum state in order to decrease the number of need of qubits is just wonderful. Every Caltech, MIT are using it, are using this methodology.

Perhaps, Guido, you want to add a few things on that, as it is really important.

Yes, as a company, we are focused on, as Olivier said, as Philippe said, in building the software to bring quantum error correction to the actual hardware, to take application and compile them down to fault-tolerant and make them run fault-tolerantly so without errors on the hardware. In this sense, we are committed into reducing the overheads of quantum error corrections in terms of number of qubits and in terms also of quantum resources, which is gates, gate times and entanglement, all quantum resources that we can have, especially in number of qubits, where here we pioneer LDPC codes, which are special quantum error correction codes that have very high rates.

We can have many logical qubit with respect to the number of physical qubit that we may have. These are particularly useful for neutral atom quantum computers due to the degrees of freedom that we have, especially long range interactions here. where we can leverage the more physical qubits, less physical qubits to get more logical ones.

Okay, awesome. Thank you. Okay, next one. In terms of PQC, you have announced a lot of promising announcements from prior stablecoins, security standards to CASH, ventures for Bitcoin and Solana security, just to name a few. How should we think about monetization over the near term, next six to nine months and medium term, and which use cases will drive the most meaningful contribution in those timeframes?

I can take that one. With respect to our QSSN product, I mean, as noted, we've been doing pilot projects for some time and are maturing the tech significantly. It's, you know, we're at the stage now where we are in the point of basically waiting on government regulation and mandates. We've been following the GENIUS Act quite closely, which is, you know, the first piece of legislation that has been applied to stablecoins. There they provided some rough guidance for PQC as it pertains to stablecoins. You know, we expect more regulation and more certainty to come down the pipeline with the onset of the Clarity Act coming in.

You know, as these standards are basically implemented and mandated into law, we'll see a lot of pressure for companies and institutions to adopt this technology. You know, we'll be really well-positioned to capture on that opportunity given all of the existing projects.

Okay, great. There's one about the competitive landscape. Who or what will be your biggest competitor?

I mean, there's I'd say very few companies who are straddling, as we said, both sides of the problem here, where, you know, on one hand, we have our quantum defensive applications securing hardware and payment networks and software. On the other hand, you know, developing the core technologies underpinning very important scaling, error correction for neutral atom quantum computers, which are the most scalable, at least as it looks today, the most scalable architecture for these, for quantum processors. I think we're pretty unique when it comes to having both sides of this covered.

Obviously, we have, you know, competitors in each one of those industries, verticals such as, you know, Infineon, NXP, you know, semiconductor manufacturers. None of them are really looking at crypto agility in the way that we are. You also have, you know, other, call it stablecoin issuers who are our partners at the end of the day. We're not looking to launch our own stablecoins, but rather secure their networks. Then obviously with the onset of, you know, all of these, especially recently, quantum computing companies, we have the oldest and a world-class team when it comes to specifically neutral atom quantum technologies. So we feel really, really well-positioned in each one of those respects.

Okay, great. Then there's questions about QPerfect. I'd say for that acquisition, I would refer to the subsequent event notes in the financial statements for now. Then the kind of like acquisition closing PR will have some more details. You know, we expect that to close kind of before the end of Q1 of 2026. Yeah, I think, you know, we're at time now, so wanna be respectful of the allotted time. Yeah, if your question hasn't been answered, you know, email [email protected] and we'll get back to everyone. Yeah, appreciate everyone's attending this call and, yeah, hope everyone has a good day.

Thank you all very much.

Thank you.

All right. Thanks, everyone.

Thank you all. Cheers. Have a good one.