BTQ Technologies Corp.

I think we'll give everyone a minute here to join, and then, Matt, you can get started on the fun stuff. Disclaimers.

All right. Okay, sounds good, everyone. Welcome to BTQS Q3 2025 earnings call. Before we start, I'll just read off some disclaimers. So 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 in 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. Okay, now that's out of the way, we'll just present today's speakers. So we have Olivier, our CEO, Lonnie Wong, CFO, Sean Hackett, head of product. We have Philippe Lowe, co-founder and CEO of QPerfect, a company that we just acquired. And then we have Chris Tan, director and head of innovation, and then myself, Matt, head of corporate development. Yeah, so 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. And we 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. um but we thought we would go through kind of you know take things at a high level um kind of go from a uh you know update in terms of what's what's going on with uh with the quantum market and then dive into what we're doing as a company to address the the concerns and also the exciting advancements pertaining to the space um So, you know, as you can see kind of from this slide, quantum markets, you know, the U.S. has picked up on their National Quantum Initiative Act and almost doubling the size of funds available. to just under $3 billion. The EU, where QPerfect is based, and some of our other subsidiaries, has really been, I think the first time I was at the quantum flagship event, Initiative was, I think, 2015, 2014 in Amsterdam, where the EU first declared a billion dollars in funding. But EU is outpacing every other nation around the world with over $7 billion in national programs. Aside from China, and that's obviously concerning, and that's what they're disclosing up front, but China's investing $15 billion through 2030. I think it's a lot more under the table. South Korea as well, where we have a subsidiary, an office, and a lot of business operations is investing $2.4 billion. In terms of post-quantum cryptographic mandates, which Sean will touch on in depth and in a lot deeper, NIST, the National Institute of Science and Technology, has been spearheading the development and standardization of post-quantum cryptographic standards for the past 10 years. which were finally finalized in August 2024, so about a year and three some months ago, which really kind of kicked things off in terms of the addressable, created 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 deprecate it after 2030 and completely disallow it after 2035. So, you know, for example, ECSDA, which is the fundamental cryptographic encryption algorithm under Bitcoin, is supposed to be deprecated in 2030. um and you know that 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 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. And obviously also tons of different governments around the world are putting together quantum initiative acts. We're in active developments discussions with a lot of them about how they fit in post-quantum cryptography, but also look at quantum as a market holistically. with this idea of the quantum internet coming to fruition. So, 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. I think 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, and access to 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 dollars of valuable assets across the world and basically secure every nation-state's GDP globally. This is all going to change, and it's all going to change dramatically. And, 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, AI compute, cryptocurrency, digitization of said, you know, digital assets, scientific computing. It's very hard to overemphasize the massive demand for commute 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 dive into on our neutral atom computing platform. So I think we'll go to the next slide here. So, you know, when we've kind of, and you know, BTQ has been a kind of 13 year expedition for myself, but when we think about, BTQ as a company, we really want to combine quantum hardware, software, and networks and have them all essentially kind of correspond and add value to the different platforms so that they all work essentially holistically together. And 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. And so, 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 Brennan, our chief quantum officer, you know, PEND, 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 hundreds of thousands and potentially less than that. And then obviously we have our PQC devices. Secure chip elements, which Sean will touch on, which we call QSIM, which stands for quantum computer memory. We have our quantum software division, where we've come up with what we believe to be the first evidence of quantum advantage in the form of quantum proof of work. What does that mean? That means taking basically quantum hardware and doing something that classical computers can't do in a more efficient manner. So using quantum proof of work, we replicated what proof of work, the operation that powers Bitcoin and came up with 99.9% more energy saving and the enablement of post-quantum security which we are hopeful that Bitcoin will eventually transition to. We're also working on one-shot signatures, which is a fascinating technology that will, we believe, one day completely replace consensus mechanisms in blockchain as a whole and the entire digital certificate, basically, industry. In terms of quantum networks, and we'll touch on that, kind of our software division, we've developed a topological consensus network called Leone. We've demonstrated a version of Bitcoin in its quantum form, as well as Solana. And one of the things I'm most excited about is essentially bringing Bitcoin the digitization of financial transactions globally on-chain and being the security and settlement layer. And, you know, all of these kind of, you know, specific quadrants within our company's pipeline, you know, work together to fulfill one another. And we can switch to the next slide. So with all of this cool and fun stuff we're working on, obviously there is the need to work within regulators, governments, and shape essential future policy that has 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, you know, employ them in various form factors? What are they going to 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 basically underpinning the importance of basically a post-quantum financial future. 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 there. as kind of like, you know, this is a framework that needs to be employed, deployed across financial transactions. And that's something that we're, you know, working hard on. And I think we've been fortunate enough to also co-chair Quinsa, 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. And we are now working, and Chris, who's been leading the software team and development out of Taiwan on that initiative, will go into more detail. But we've been fortunate to really kind of have our products put into law and then work with leading industry companies that are looking to essentially roll out their stable coins and products. So that's happening in Korea, which is, I think, in terms of cryptocurrency, digital asset adoption, third largest in the world. And so, you know, tons of transactions, tons of users, tons of users of stable coins. And the equivalent of the Genius Act was passed several weeks ago in Korea. So we will be, you know, we're very excited about underpinning the security and, you know, government reporting that these, you know, Internet giants in Korea will be, as they issue their stable coins, underpinning. So I think, you know, and I've said this for, you know, I think probably six or seven years, but, you know, 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. And 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. And it also doesn't require billions of dollars of CapEx, such as a quantum computer. So we're very excited as a company to 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 market. 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. And QSSN will be the settlement layer for post-quantum security. So then we can go to the next slide. I'll keep this short, but the amount of assets at risk globally is massive. I think I was at a conference in Miami and everyone was worried about basically a public company having to buy back, you know, Bitcoin because 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, you know, a... a very disruptive technology, but the premise of that technology has been it's, you know, cryptographic security, one, and, you know, the fact that it can be, you know, passed down from generations to generations like digital gold. They just, one thing that's been overlooked is the quantum age. And that's just kind of, you know, that's, it's something we have, you know, we're passionate about, you know, potentially helping to assist unsecure, 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. So 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. So 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, Basically, kind of the future SWIFT slash DTCC that's required in a post-quantum error to process transactions. We're obviously kind of initially focusing on stablecoin implementations, like I mentioned, in Korea. And, you know, there's some points here of why we win, first mover advantage, relationships with regulators and stablecoin issuers. And, 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. So 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. Essentially, we want to build and are building and have tested and shown that this is the 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 computer memory. And, yeah, I mean, Sean can touch on this further, but computer memory and processing of memory, you know, has had billions and billions of dollars spent on it in the past few years because it's been the cornerstone to artificial intelligence chip design. And so, you know, the radical guys, as well as our hardware team in Taiwan for many years, basically realized that no one was applying compute processing in memory towards the acceleration of post-voluntary encryption algorithms. And so that's where we've created a, you know, moded intellectual property defensibility position and the best team to execute on it. I think we can go to the next slide. And likewise, we also have the honor of having Philippe Blau calling in from Strasbourg, but I'll let him take this a bit further. But I think this is for some people on our team has been a kind of a 20 plus year exercise, but our chief quantum officer, Dr. Gavin Brennan, you know, co-invented the neutral atom quantum computing, which is now, you know, I think in the last two years taken a life of its own. And 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 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 I've been working with some of the largest and from Continuum to Quera to assist with the measurements. And we have a demo prepared on, you know, what that all looks like shortly. Okay. So yeah, I think highlights of recent news, as I've mentioned, we've exercised the option to acquire T-Perfect, which gives us a very um um great um alignment with some of the you know smartest people i've met in in the quantum computing space um philippe guido guido squared guido papillo guido masala shannon um and johan um they're based in strasbourg where they've helped um you know create the european center for quantum excellence It's amazing to see how much talent is going in and out of those doors. And so 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 markets. global scene for neutral atoms and technologies pertaining to what else is being kind of uncovered. I think we're just scratching the surface of basically a software layer on top of quantum computers and what that can mean and do for all of the industries that are reaching out and saying, how do we use quantum computers? How do we run applications? You need quantum emulation to do that. And I think we can go to the next slide. Again, the team. I'm not going to touch too much into these because we have the industry domain experts on the calls here.

Actually, this would be a good time to bring up Filiplo from QPerfect. Absolutely.

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 Massera, and we are happy to be with you. Qperfect, I mean, accelerating quantum advantage, it's also our mission. So 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 the software. So the software is key. to the future of quantum computing. And as you have introduced MIMIC on a previous with a benchmark that Guido is going to demonstrate in a minute, this quantum logical unit starts with MIMIC because emulation is the first way to prove that the quantum algorithm has a need and the benefit versus classical computing, HPC centers, etc. And what we are trying to achieve here is first, and that's what the three reasons where we are happy with this deal. 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. And 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. Treggen is a strong validation, but Olivier said a word as well, regarding the first software we have presented and the benchmark around it with Continuum, Quera, but also some customers who deploy it, like Kobli, which is a spin-qubit hardware company. Tomorrow, we will announce on supercomputing our platform on Kodiak, CUDAQ from NVIDIA. It will be a major release for us on GPUs, but also initiative with government programs at the European level, like the France-Singapore program where we are working on the Eureka initiative with Anthropica. So for us, it is very important also to see that the story starts with emulation before going to quantum computers. And last, the positioning. We said a word about it with Oliver, but it is purely to be at the core of Europe. Strasbourg is well-placed. We have a strong academic presence. We are a spin-off of the European Quantum for Science, where we are also, our funders are also building 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. And 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, Philip. Thank you, Olivier, Chris. Thank you all. Let me share my screen. You should be able to see it right now.

Yes, we can.

Perfect. So I prepared a very quick short demo on how our platform and the first product of QPerfect works. It's a virtual quantum computer, an 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 Grimberger, Horn, Zeilinger state, a circuit, an algorithm that prepares A quantum state that is given by the superposition of two states. One in which all the qubits, all the quantum bits of information are in a zero state. one in which all the quantum bits of information are in one state. This exemplifies the notion of non-local correlations in a quantum system of entanglement. It is often used, this algorithm, to prove and demonstrate the ability to manipulate complex entangled states in a quantum computer. When simulating quantum state on a classical computer, then memory is a huge resource. For simulating a system of only 16 qubits, we will need 1 megabyte of RAM. By adding one single qubit we will double the amount. For a kine we will have 4 megabytes. And by going higher and higher, for example for 54 qubits we would need 260 petabytes of RAM, which is, with the naive technique, it's more than any computer on the face of the earth can do as of today. And we mimic, we can, we use a matrix-value-stake technique that allows to simulate larger and larger systems. And this allows to design, test and benchmark quantum algorithms even before the non-quantum computer and one or two generations 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 Mimic in only a few tens of milliseconds, with perfect fidelity, so a perfect simulation of the system. And I retrieve state that I was expecting, all qubits being at 0 state and all qubits being at 1. But what is important I think with Mimic 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 mimic we can simulate this right away in just a few cents of a seconds and Quantum Fourier Transform is another algorithm that is very important. It's one of the building blocks, it's a more complex algorithm than GHZ state preparation. It's one of the building blocks of many of the algorithms that we know in quantum computing. And it's also used, for example, in SHORAS algorithm, which is used to factor prime numbers, which has a lot of users and applications in security. And here the same, we can run a simulation with 10 qubits, something that is possible even on a laptop, just in few seconds or a second, and also we can scale simulation up to scales which are impossible to simulate naively on a classical computer. And this allows us to test and validate quantum algorithms even before. One last thing that I wanted to show you is an application that has a connection of the emulator, which has connection with the security, with cybersecurity and cryptography, which is a factor in prime numbers. Here what we want to do is that given a number n we want to find the two factors p and q that multiply together gives this number. This is a very hard problem in in classical computing and there are already algorithms in quantum computing such as the Shor's algorithm that will be able to solve this problem giving exponential advantages over a classical computer. Here we demonstrate on our simulator an algorithm that has been developed also here in Q-Perfect at the University of Strasbourg which uses Grover's search algorithm to factorize prime numbers. I would skip the details on how this is implemented, but just as a comparison, on a current quantum computer the biggest number that is being factored is 21, which is 3 by 7. With MIMIC, we can factor 20-bit numbers, such as for example here 6-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, and so as you can see in just few seconds, 8 to 10-bit numbers. as you can see here, when we have eight digits number being factorized in less than one second.

Fantastic. Thank you, Guido. So this obviously has massive implications for the security that BTQ is working on. On one hand, we're providing security to prevent from such quantum attacks as the one that Guido outlined here. But it's the 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 going to 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 the 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. So I would like to give some context about why this is an exciting development, but first I want to give a little bit of background about me. Next slide, please, Chris. So I founded a small startup called Radical Semiconductor in 2020 with BTQ's new head of hardware security, Zach Belatesh, 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 Ali mentioned earlier, is called compute and memory. In short, compute and 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. But 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. And we also saw a number of other countries around the world start to deviate from the NIST recommendations. So 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. But 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. And 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 area in ways that device makers have a hard time adapting to. And 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. So 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. And right now, the current way we design secure enclaves makes this very hard. So 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. So this is why we wanted to use compute and 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. And 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 cache. When it comes to efficiency of processing, especially at low power and area, we find that cache 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. And 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 and 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. I'm 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. So we're thinking not just of NIST, but in South Korea, there are four completely different algorithms like Haytay, SmogT, Entrue Plus, and AMARE. And in EU, the algorithms Frodo, KEM, and Classic Maculis are all being recommended to several member states. This gives our secure enclave QSIM 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 four years or longer, what we have is a path to implement a secure version of the algorithm on QSIM, making the same hardware security guarantees and shortening the development and deployment time to four and a half months. That is a ten times faster deployment time compared to redeveloping the hardware from scratch. Now, 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. Now, we think that standing at the start of a 10-year compliance-driven migration to PQC, that the $1 trillion 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. So among the use cases that we're most excited about in the near term, cell-enabled devices and 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 $400 billion annual market in the near future. But in addition to QSIM, which is the standalone chip product, we're also developing the technology as an IP block. So 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. So the grand total of semiconductor sales is going to reach a 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. So 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 going to shorten time needed to get this solution in true commercial deployments in the near term. So very excited, and I'll pass it back over to Chris.

Great, thanks, Sean. So we've been making some great progress with our Quantum Secure Stablecoin Network, QSSN, with some notable deployments in Korea. And 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 $8 trillion worth of stablecoins being transferred annually, set to grow, especially with the adoption of US-denominated stablecoins in the form of USAT, a tether-backed, tether-denominated stablecoin. as long as some other uh countries and and major corporations adopting the use of stable coins and digital ledger technology such as jp morgan chase uh who is serving as a you know they do trillions of dollars per day in trading infrastructure and they are moving the majority of their infrastructure over to this technology so 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 Quenza, which is a NIST-level Korean equivalent standards body leading the de facto standardization of quantum technologies. We have Finger, 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 microtransactions. And as a nation, Korea has committed over $3 trillion to quantum technology by 2035. and has designated quantum security as a national priority. So this fits hand-in-hand with their agenda. And our deployments with these companies are being referenced as architectures and are being watched by regulators, central banks, and payment networks worldwide. In the scenario where stablecoins reach a $1 trillion market cap, which represents less than 5% of the M1 money supply, with only a third of the transactions flowing through QSSN by 2030, our QSSN network stands to generate over a billion dollars in revenue. And 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. And here I'll pass it back to Ollie.

Yeah, thanks, Chris. I think we've touched on all this. I'll let you Yeah, I mean, I'm gonna kick things off. I'm happy. 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 first few employees that that ever worked on BTQ IP out of the University of Cambridge. So it's been a, you know, 13 year 13 year trajectory with 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. And so we're providing grants and we'll be doing a lot of stuff in terms of collaboration around basically kind of providing commercialization frameworks for intellectual property coming out of the University of Cambridge to be formally developed you know, monetized and receive the value that it deserves. And, Chris, I'm not sure if you wanted to mention anything else on Cambridge. But, 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... build and let the numbers speak for ourselves on the products that we have, but we do have several initiatives. We've been in talks with a number of um i would say kind of institutional kind of u.s capital market banks and things of that um you know obviously um cause for con cause for concern or you know something that you know people love to kind of uh bring up and and and speak without absolutely no knowledge of our company or you know financial discipline is the fact that we have a shelf that's just customary for a company in a volatile market to have. We are in discussions with strategic partners who will be potentially large customers who potentially want to have the optionality to be buyers in large amounts of equity. So that enables us with flexibility as a public company. We've turned down hundreds of millions of dollars almost every trading day since being listed on the NASDAQ. We have no plans for an 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 were, you know, more than active. in terms of bringing down the cost of operationals. And so I would just comment on that. And we, out of any publicly listed company, we have the highest insider ownership by miles. And instead of selling shares, we buy shares. So that's my overview on our public market position.

And, yeah, I just want to highlight the inclusion on the Coact Quantum Computing ETF managed by Samsung's asset management arm. So, 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. I think that's something that we're working on to get included in more ETFs going forward.

Yeah, as Olivier referenced, our working capital position is about 38 million Canadian dollars as of the end of our recent quarter, September 30th, 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, but 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. Yeah, a lot of questions submitted, obviously. We'll try to answer a few here, but, yeah, we won't have time to go through all of them, of course. So, yeah, we invite people to submit their questions at IRDTQ.com, and we'll get back to all of them. But, yeah, I'll just read a few off from the chat. So 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? So, yeah, probably, Phil, you can take that one to start.

Yeah, what I was saying, what is very important to understand, and Guido will add on that, but that the number of qubits 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 represents more than 90% of the quantum number of qubits count, and it's very important to decrease that. And what we have done with Guido Pupillo at CESC is just tremendous. The way we are using the quantum state in order to decrease the number of qubits is just wonderful. Every Caltech, MIT are using this methodology. Perhaps Guido you want to add a few things on that as it is really important.

So yes, so 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 full tolerance and make them run full tolerantly without errors on the hardware. So 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 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, so we can have many logical qubits with respect to the number of physical qubits that we may have, and these are particularly useful for neutral atom quantum computers, due to the degrees of freedom that we have, especially long range interactions here. So where we can leverage the more physical qubits, let physical qubits to get more logical ones.

Okay, awesome. Thank you. Okay, next one. In terms of P2C, you have announced a lot of promising announcements from Korea's stablecoin security standards to cash. Ventus for Bitcoin and Solana security, just to name a few. What 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. So 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 the first piece of legislation that has been applied to stablecoins. And there they provided some rough guidance for PQC as it pertains to stablecoins. And we expect more regulation and more certainty to come down the pipeline with the onset of the Clarity Act. coming in. And so, 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. And we'll be really well positioned to capture on that opportunity given all of the existing projects.

Okay, great. And there's one about the competitive landscape. So 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, and 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 quantum processors. And so I think we're pretty unique when it comes to having both sides of this covered. Obviously, we have competitors in each one of those industries, verticals such as Infineon, NXP, semiconductor manufacturers. None of them are really looking at crypto agility in the way that we are. You also have 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. And then obviously with the onset of all of these, especially recently, quantum computing companies, we have the oldest and a world-class team when it comes to specifically neutral quantum technologies. So we feel really, really well positioned in each one of those respects.

Okay, great. And then if there's questions about QPerfect, I'd say for that acquisition, I would refer to the subsequent event notes and the financial statements for now. And then the kind of like acquisition closing PR will have some more details. Yeah, we expect that to close kind of before the end of Q1 of 26. Yeah, I think, you know, we're at time now, so I want to be respectful of the allotted time. But, yeah, if your question hasn't been answered, you know, email irbtq.com, and we'll get back to everyone. Yeah, appreciate everyone 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 day. Thank you.