BTQ Technologies Corp.

Welcome, everyone. We'll give folks a minute to just trickle in here. All right. Okay. Yeah, 901, I think we can get started. So yeah, welcome everyone to the BTQ Technologies Q2 2026 investor presentation. Yeah, I hope everyone's having a good summer so far and excited to walk you through all the exciting developments that the team's been working on today. Before we get going, I'll just kind of read off the disclaimer as usual. So this communication contains forward-looking statements which involve known and unknown risks and certainties and other factors that may cause actual results to differ materially from those expressed or 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. Okay, that's good. Today's speakers, so probably familiar by now, we have Olivier, our Chief Executive Officer, Lonny Wong, CFO, Sean Hackett, Head of Product, Philippe Blo, CEO of the QPerfect division that's now fully integrated. We have Chris Tam, President and Head of Innovation, myself, Mathieu, Head of CorpDev, and then Guido, who's CTO of the QPerfect division. So yeah, the agenda today, we're going to go through kind of the key highlights that we achieved over the quarter. Then all of the business lines will provide an update on the roadmap and their outlook by product. And then we'll give kind of like a general market outlook and overview of financial and public markets. So with that, I'll pass it over to Olivier to kick us off here on achievements for the quarter.

Thanks, Mathieu. And thanks to everyone for joining. We've had an exciting quarter that was really marked by a lot of validation of our divisions. And I'll start off with us kind of expanding as a full stack platform, which was marked by the QPerfect acquisition that closed finally on July 8th. So that gives us a A full European Union R&D and commercialization center, which is located in Strasbourg, France, also home of the European Quantum Excellence Center, where a lot of the team cross-pollinates with. We appointed Dr. Gopi Merle-Hellodrine, As our head of quantum algorithms and application research, he's based in our Sydney office and works closely with Dr. Gavin Brennen, our chief quantum officer. We're fortunate to bring on Brant Pascoe full time as our US strategic advisor. He has a lot of experience in government relationships. and Enterprises, having formerly been General Counsel for In-Q-Tel and worked extensively on cryptographic export controls and a lot of the things that we're seeing policy shift towards in terms of relevance for us as a post-quantum cryptography business. Sydney team has been growing and designated as our APAC hub. and our final QSIM hires have been completed, which Sean has been doing a great job of recruiting. And those teams are in San Francisco, Portland and New York, predominantly in the U.S. In terms of product delivery, we've expanded QSSN's mainnet transactions over 100,000 and reduced the time from 35 seconds to 3.8 seconds and been onboarding several institutions, primarily in Korea. Our Bitcoin quantum internal audit was just finalized and our external audit is underway and we hope to be shipping things quite soon into September for a launch. An important milestone was QSIM and ICTK finalizing with their VietPuff technology a few weeks ago. And the first ITRI validated FIPS 203, 204, 205 certification in TSMC 28 nanometers was done just about a week and a half ago. In terms of capital markets, we about a month ago launched a $150 million Canadian ATM with Cantor that has been used selectively to fund our current operations. We also partnered and were selected for Korea's first bank-led Korean long-state stablecoin pilot, which QSSN is powering. Mimix, which is QPerfect's quantum simulator, went live with SDT in a kind of joint venture collaboration where that product in Korea is called Curica. SDT is one of the leading quantum computing companies in Korea. and we also announced a very exciting collaboration with Tidal Power, a US-based data center provider with about 10 gigawatts of power in their pipeline on devising quantum data center architectures that compromise how quantum computers fit into hyperscaler and AI environments along with the required security feature sets. So we're excited for that and to provide updates As that progresses. On Wednesday, we successfully finalized our AGM with the election and direct appointment of all directors. And yeah, this quarter is really meaningful as we kind of, you know, all of our products receive validation towards commercialization into the next, you know, quarters that we're clearing up for in terms of sales cycles. In terms of what we speak to prospective clients and people who essentially want exposure to our product roadmap, The undercurrent of why that's occurring is largely due to government mandates across the board. So we've seen the government of France, the US, Korea, all applying their own mandates in terms of standardization protocols. And we see that being a large growth driver for our various products. and obviously kind of all of these sectors, payments, silicon, digital assets are largely at risk. And I think one thing we've been quite excited about is The years and years of R&D footprints that we've made into our products are enabling opportunities in terms of the, I would say, real-time threat environment that new technologies are poisoning to the world, which I know Sean will go into in a bit more detail. You can flip the slide. So in terms of, you know, BTQ as a company, you know, what we stand for, obviously as an acronym, you know, building trust of quantum, but, you know, that's more so in terms of our product roadmap, which compromises of three divisions, you know, from a CapEx perspective, you know, most of our CapEx has been going into QSIM, which is, you know, quantum compute in memory, silicon networks. So we want, you know, and many more. Thank you. bringing quantum cryptography on chain for the security of a digital money world, which we're seeing increasing adoption in. And then what we're very excited about with QPerfect acquisition is also quantum accelerated networks. So building the next generation of cryptography also enabled by quantum computers, which I know Guido and Philippe will go into a bit more extensively and are, you know, There are standalone products that were developed at QPerfect, Mimic and Clue, but also OSS or one-shot signatures, which are kind of a unique format of quantum cryptography that we think will play a pivotal role in the future of the quantum landscape. And with that, I'll let Sean dive into Silicon Networks.

Okay, great. Yeah, happy to be here as always. It was only about eight months ago that we started the journey on the QSIM product. We went from having no team to having a full team back in April and now going through a tape out. So record time from hiring a team towards hitting a silicon teams, one of their most prized milestones. So huge hats off to the QSIM team. If anybody out there in the audience is on my team, thank you very much for your hard work. I want to give you guys a perspective of where the market is changing around this technology, where we're at in our development process and where our timelines are. But first, I want to sort of address an important change in the market since the time we started working on this. So in the beginning, QSIM had a really important design principle baked in from the start, which is to try to add crypto agility as a property of Roots of Trust and Crypto Engines on top of the already really high demand of making a performant chip and a side channel secure chip. I think what we're starting to see is that crypto agility is taking on a brand new meaning in the age of AI. For the first time over the last couple of months, we're starting to see researchers, cryptographic researchers begin to use AI tools to find novel attacks on cryptographic schemes. Two major results coming out of Anthropic and a team using OpenAI's codecs are finding that cryptanalysis is finding novel attacks and finding potential ways to weaken the schemes that we trust. This is completely different from the quantum threat. Thank you for joining us. and now we're starting to see brand new ways in which that can be challenged. And so AI is posing a meaningful threat to the kind of work that we do, not just on the QSIM side, but also on the blockchain side and all the other cryptography work that we do. So this has caused us to take a beat, pause and try to figure out exactly how we want to address the threats coming out of this world and how we can potentially use the design paradigm that we've been starting here to address these threats. Next slide, please. So to help with this, I'm very excited to be bringing on another key member to our team. Dr. Michael Grace is one of the original founders of the Samsung Fort Knox security team. And before that, he was a major leader on the Android platform security team. These are two companies that have very elite platform security teams and are frequently providing state of the art cybersecurity work that many of the big tech companies use to protect their secure enclaves, to protect their platforms. and we think that this is an extremely important move to be making right now because the threats of quantum computing and AI together are going to compound in a way that will matter not just to device makers who our technology was originally gearing towards, but also to people who sit above and depend on this technology for their software and their network security. And so Dr. Michael Grace is going to be helping lead an effort, an initiative within our company to begin tying the advantages of QSIM to different very important problems that are also worth solving above the part of our stack that we directly engineer. So we're extremely excited to bring on Dr. Michael Grace and we're excited to do great work together. Next slide, please. So on to the development updates, which I know a lot of people have been very antsy to hear about. I think one of the most important things to mention here is that we are, in fact, taping out the QSIM architecture inside of a root of trust. Unfortunately, I'm not able to show you the full diagram there on the right, but our partners over at ICTK have already done all the have already done all the work to integrate our QSIM engine into a full-on root of trust that's being taped out today. It will be capable of running the algorithms in the CNSA 2.0 suite. And we are now sort of conducting our security analysis and have been over the last couple months for a beta release of our IP. As I mentioned before, AI is sort of causing us to slow down a little bit and really consider the security of our products. So We have experienced a slight delay in releasing our IP, but we think that this extra sort of precaution is going to be worth it because the product we'll be coming out with will be a very interesting one. In fact, I want to give you all a sneak peek of the performance numbers and some of the advantages from our chip. These are going to be very preliminary estimates that my team has approved for release. Please go to the next slide. What you see on screen here are some performance figures for MLKEM, which is a NIST post-quantum algorithm, SHA-3, and AES-256, three algorithms that have very little to do with each other that are all running on the same block. Now, normally, in a normal secure enclave, each of these things is going to be supported on a separate ASIC accelerator. One of the most important breakthroughs about our technology here is that we are achieving these performance levels in the same 55,000 gate block. Thank you so much for joining us. But we're running it all in the same block. And because it's so small, running in the same hardware, we're actually finding that we are ending up with gate counts that are much, much smaller than ASICs that run just post-quantum. So compared to the PQ Platform CoPro and the Adams Bridge Accelerator, which you find in Calyptra, we're finding that we can hit record low footprints. And not just record low footprints, but But a block that is able to add even more algorithms and even reuse the same hardware level masking techniques that makes it side channel secure. So a completely new paradigm that we're opening up. And I want to emphasize these are just preliminary figures. Our team has not yet taken the time to go through the optimization steps to make these figures as competitive as possible. and that just leaves a lot of room for even more competitive figures to come out in the future and even more algorithmic support so this is the first time that we're releasing these figures publicly I think we're going to expect these to improve and we're going to be expecting even more information about our side channel security guarantees going forward but already we've already been seeing 1 million trace resistance on TVLA tests for AES-128 on our own in lab test benches. So lots to be excited about here. We think that these advantages combined are going to allow us to address the widest possible amount of chips and provide the easiest upgrade path. and also stay flexible to any of the threats that AI or any other existential threat will pose to cryptography. So super excited. I'll wrap up on the last slide here with just a reminder of our timelines here. So our timelines for releasing ASIC IP and standalone chips are still intact, but we wanted to take the extra time to release our FPGA IP because of security concerns related to the new AI threat. We will be releasing our beta product imminently to some first customers coming very soon in the next couple weeks or so. We're super excited about that. Stay tuned for... for when we finally begin to sign these deals and finally get the technology in the hands of people that are waiting. So I want to hand it off now to Chris Tam, who can sort of expand on what I was talking about, crypto agility and give some updates on blockchain.

Thanks, Sean. And thanks, everybody, for tuning in today. I'll take the next two sections on QSSN and Bitcoin Quantum. So first for QSSN, which is our quantum safe control layer for regulated digital money. This is security infrastructure that lets banks and payment companies issue and settle digital money with cryptography that is built to last into the quantum era. So there were three major milestones that defined this quarter. First, we were selected as a core security infrastructure for one of Korea's first Korean won stablecoin pilots. And in this, we're working with companies that we've been working with extensively thus far, which is IM Bank and Finger. Thank you for joining us. That we've been providing end to end. And the third major milestone, which is what I want to draw some attention to, is the performance gains that we've been able to make over this quarter. So earlier this year, a customer's technical leadership approached us saying transaction speed was pretty much the single major blocker to any production deployment Thank you for joining us. We show 3.8 seconds, but as of actually this week, we've broken the two second barrier. So settlement is down over tenfold since it was earlier this year. And we are pretty much at parity with the way that classical transactions are processed on Ethereum and EVM type blockchains. And we're seeing similar numbers across the different blockchain virtual machines that we're operating on. So that was a major breakthrough for us. And similarly, cost per transaction has decreased by roughly a third over this past quarter as well. And on our sort of the bottom right corner, we said earlier this year that we would be expanding our delivery beyond just Korea. And we've opened our first U.S. commercial engagements this quarter. So we are very much working towards that. Next slide, please. So our go-to-market strategy is... is pretty much unchanged. We start with scoping proof of concepts for enterprises and then we convert them into production deployments. You can see our footprint of projects on the left here. We delivered Finger and Good Morning in Korea earlier this year. We're currently working with Denal and IAM Bank on projects. Thank you so much for joining us. In Q2, the probably single highest leverage opportunity for us is that Kaya ecosystem line on the table. So we are in advanced discussions to provide some pretty core post-quantum infrastructure to Kaya, which is a major layer one blockchain operating across the APAC region. They do a lot of work in Japan. They're in Korea. They are home to the Japanese yen, digital dollar. And these discussions with Kaya are covering two major things. One is a stablecoin application on that chain using QSSN. And the second is providing a quantum-ready upgrade path for the entire ecosystem. This is a fairly large moment for us. No public blockchain thus far has engaged a commercial partner to deliver on its post-quantum migration. This would be a first and very attractive opportunity for us because it provides us with With some nice leverage, we're able to engage on an ecosystem level through this Kaya channel, and that allows us to provide solutions to every issuer and every application on that chain, instead of having us to go sell to each one of those one at a time. And this is demonstrating that our revenue side advisory and integration stream is working well. And this would open up the opportunity for validator node licensing and transaction fee captures in the future. Next slide, please. So for the second half of this year, you can expect Three things from us, which is to continue to expand and convert and standardize. So we'll continue to expand across the Korean banking and fintech ecosystem into Taiwan, which is now where a lot of quantum readiness and crypto agility is sitting at the center of the sort of financial regulators guidance and into the US and European stablecoin issuers. will be continuing to convert these pilots into production projects with IAM Bank and notably this Kaya ecosystem engagement that we're inching towards production on and landing our first recurring revenue from the validator node licensing that would come after QSSN has been integrated as a core part of that ecosystem. For standardization, we're continuing to work with Kwinza, which is the Korean standards committee for cryptography and replicating this across different standards initiatives that we're working on across the world. Next slide, please. So turning to Bitcoin Quantum, this is our quantum safe digital gold, a story value network that was built on Bitcoin's original design with all the post-quantum cryptography swapped in for all the vulnerable classical cryptography. This quarter featured a large movement towards mainnet deployment, which is first getting our internal audit completed. We ran through this for several months with internal contractors. external contractors, and all of the updates and findings from that audit has been merged and is now in the current version of our testnet, which is still up and running and open to public use. And through this, we've shipped a number of new releases through the past quarter, incorporating some of the feedback and also some new features that we've seen requested from the community. and we are also opening now our institutional track this quarter so we've been speaking to institutional custody custodial providers as well as market makers to walk through the process of launching wrapped assets so wrapped BTQ on other liquid blockchains such as Ethereum and Solana which would make price discovery much easier for BTQ and would give a lot of liquidity to the underlying and others. Next slide, please. The timing for this is going well. We'll be looking at a mainnet later this year between Q3 and Q4, but none of the attention of quantum risk to blockchain is really going away. We're building off of the momentum from the advancements that Google and others have been making on developing algorithms that decrease the cost of breaking cryptography. To this extent, we've been seeing other very large institutions commit a large amount of funding and attention to securing their digital asset and securing their store of value. Galaxy committed $5 million earlier this year. MicroStrategy similarly launched a quantum risk initiative. All of this is being covered in real time. We had the Delphi Digital report earlier this year, and we're continuing to see a lot of mainstream press cover these types of stories. So we think with our launch later this year, it will be a very apt time to provide the first real solution to a quantum safe upgrade to Bitcoin. and the second half for, I think, next slide, please. So for the second half of this, we'll be shipping mainnet later this year. We'll be issuing a wrapped asset and focusing on ways to realize price discovery across liquid spot markets, across centralized exchanges, decentralized exchanges with market making relationships all in place by the time we launch and continue to build those relationships over the course of the remainder of the second half of this year. So with this, I'll hand it off back to Ali.

Yep, thanks. Thanks, Chris, for that. And yeah, just wanted to give a bit of a preface on, you know, kind of, I think how important we feel about QPerfect as a company. I think it was over a year in terms of government approvals, you know, just kind of highly sensitive kind of Quantum related stuff, but glad we got that behind us. And we're seeing a lot of adoption, which we have announced of Mimic. And I think we see kind of the Mimic as kind of the corollary for a lot of institutions and enterprises to basically access quantum computing. Barriers to entry for quantum computing hardware still remain quite hard. and many, many more. So, you know, we have a product that can be accessed into the cloud and really kind of revolutionize the way, you know, enterprise We've been working with a lot of institutions on using it for cyber risk identification across their enterprises and coming up with more novel solutions. So very excited to hear the team speak about that. And also their partnership with Access, which is the first public neutral out-and-pointing computer available to the public. And and, you know, a large part of the reasons, you know, why we aligned with QPerfect was due to our chief quantum officer, Gavin Brennen, being a pioneer in the neutral atom space and QPerfect really, you know, being a fully fledged neutral atom company, which we think will underpin, you know, Quantum Computing, and also, you know, quantum-based cryptography, which we've been working on extensively. So I'll leave it to the team, Philippe and Guido, but couldn't be more excited that, you know, this is finally wrapped up and we have a great European neutral atom force within BTQ.

Thanks, Olivier. And on behalf of our team, of course, in Strasbourg, more than happy for your trust and support this quarter. Next slide. So as we go to market, turning now to Mimic, which is, as Olivier was saying, our most mature product. It now runs commercially on two platforms. So you have heard in July that SDT was now in production. Their platform Curica is running and anyone in Korea can can start their journey in quantum on this platform along with our platform in France which runs on OVH where everyone in Europe can also start their journey with our emulator. You have heard as well but I remind here We have the Cobley version, their emulator called Clio, which has been announced previously on the NVIDIA QDQ framework. On deployment, we are pushing on two fronts. First, on-premises, which is a very big news for us. It's a self-hosted or air-gapped version under a perpetual and node-lock license that are going to come in three flavors. First, a desktop cluster and HPC. We are driving commercial adoption on that very artful Q4, where we will do some announcements at Supercomputing 26, with more to say on hardware partners on that progress. Second, cloud. So we will be expanding distribution through additional ecosystem provider. One we are very glad to work with now in France called Scaleway. where we will have a first webinar and preview September 16th and one we are in discussion in the U.S. It will be our first partner in the U.S. called Q-BREAD and that's something we want to fully be in production by the end of the year. We are also rewriting the Mimic SaaS platform from scratch, shipping end of Q3. Why it is important? Because it's enabled to build Mimic and to our services being Mimic, starting with the digital twin I will talk in a minute. So seeing of it as a layer, first brick, second brick, third brick. and at the end you have a full operating system for fault-tolerant quantum algorithms. So that's the plan here and that's what we do. On production, so SDT is live and our goal is simple. We wish anyone anywhere worldwide to be able to reach one of our platforms to start with emulation. That's the only way, as Olivier was saying, that you can benefit of really the quantum computation today. and internationally we have also the France 2030 export program. We are operating this with two new markets, Saudi Arabia that this summer we have been working on where I have already met six organizations and the government and we will do Vietnam this fall. We are also in discussion in Korea with many other potential customers in quantum finance, for instance. And we shouldn't forget what we do in Europe with projects we have announced and discussed at Quantval at the European level and at the French level, MacQuest, two programs that promote quantum computing to Fortune 500, including the new Mimic on-premise offering. The reason... All of this matters. It's on-premises deployment opens up new market for us, the regulated one, and sovereign customers who don't want to use cloud services or our quantum as a service offering. So that's very exciting. Next slide, please. So our second product line, as you have heard, is the digital twin. The headline here is public. It was announced on July 22nd. We announced Qperfect joining the Access team. So as Olivier said, France first publicly accessible neutral network platform and targeting more than So it is led by the European Centre for Quantum Science and we are more than happy to do a digital twin of that machine because that's really the next layer in our strategy. The twin machine using Mimic, reproducing it at the circuit level. So it will run both on-premise and as a cloud services machine. Our target for this call is a first full digital twin running by year end 2026, moving from an accurate model to a validated twin sitting right beside the physical machine. So you will have the access machine on one side and you will have the digital twin mimic on the other side. and you will be able to reach the two with your algorithm. So this program is backed by the non-dilutive funding BPI France iLab Grand Prix that you know, which was awarded to us and continue with a collaboration with the university and the CNRS. CNRS is the leading research institution here in France. It's also connected to a wider push that we have talked about but has been announced and kick-off, the Q-Planet European Grant, so 15 million euro pilot line for neutral atom ships. So it is coordinated by Pascal. We are 28 partners in this program across 11 member states and it has been kick-off last July. I will close on this. It's time to give software, I would remind this, its place of honor. Good to do material, but software makes a difference, which is a nice transition, I believe, for you, Guido, and what we do with Clue and our roadmap for the second part of the year.

Thank you, Philip. I will start, happy to be here, like every time. I will start maybe explaining what the quantum logic unit actually is, because maybe it's the least familiar of our products. A fault-aligned quantum computer should correct its own errors. and the Quantum Logic Unit actually is the software stack that allows that, allows a quantum computer exactly to detect and correct errors. It takes an algorithm, breaks it into logical operation, protects those operations against errors and schedule the live computation and the live feedback on the real hardware. Recently, we hit a milestone on the Quantum Logic Unit where the team and Strasbourg finalized the first prototype and is now using it internally. For example, is using it to apply on the BTQ one-shot signature algorithm. And our next milestone actually is really connected to that. for Q2 2027 is to deliver a blueprint of this algorithm. So our design and detailed plan on how one-shot signature would run on a full-tolerant machine on neutral atoms. So neutral atom quantum computer. After that, we plan to deliver a first release of blue by the end of the year 2027. So we can start to test it on hardware. And our goal is always to use the technology of Plu to make possible to run application like one-shot signature in a quantum advantage regime. So no classical alternative can reach. In the meantime, we have also filed two patents on fault tolerant operation for neutral quantum computers and together with BTQ in June we published a paper on a circuit level implementation of one-shot signatures and the seventh one should follow this quarter. Next slide, please. So looking ahead for the second half of 2026 for QPerfect, we will continue working on our non-dilutive funding. We have our own research and collaborations with the University of Strasbourg and also other partners. And we will continue our integration with BTQ technologies and with the PQC roadmap. So first on funding, Qperfect received during the years several non-dilutive grants for several millions of non-dilutive funding, and every one of them has been won in competition. So independent reviewers examined the technologies and backed the research and development of it. We are working now on finalizing most of these grants, for example, the ILAMP Grand Prix iLab and on kick-off new ones like Philippe mentioned the Q-Planet grant which is part of the European, broader European action on building chips for neutral atoms quantum computers and we are actually and we are part of that. Second, on research, our R&D team is continuing the push to the state of the art in emulation and quantum error correction with several papers and preprints published during the first half of 2026, especially in the last quarter. and our next milestone recently we started a collaboration with the Access Platform of the University of Strasbourg to deliver a digital twin of the quantum computer there and our next milestone is to deepen the relationship with the European Centre for Quantum Sciences at the University of Strasbourg and we expect this to happen by the end of the year. So I think this is all for the Qperfect update. Thank you all of it. And thank you back to Olivier or Mathieu.

Thanks, Guido. Yeah, Olivier, you want to cover the execution?

Yeah, so for, you know, end of 2026, you know, large priority is commercializing our QSIM IP in various formats with, you know, everything ranging from semiconductors to data centers to defense applications, telecom. And we're, you know, the good news is, you know, ITRI's Research Institute has validated things and ICTK stuff remains on track. And we're, you know, we're super excited with, I think, you know, the abundance of opportunities that the AI and cybersecurity environments are presenting for, you know, what our crypto agility was built for, as Sean said, when we first, you know, you know, The QSIM IP is really for the ability to port various post-quantum cryptography algorithms in and out as they potentially could be broken or as different countries have different standards. And that has brought on a new life of meaning as we see AI threats affect software and hardware. As Chris alluded, Bitcoin quantum going live, which I think is A great demonstration of the largest digital asset class decentralized in a quantum environment. and QSSN pilots rapidly spilling over from Korea into the rest of the world. And I think like we've done in Korea, where we've worked with Quinsa standards body in terms of getting QSSN into regulatory frameworks, we'll be able to do so in Europe, the US and other geographies. I don't think there's any case where digitized money and their environments are not mandated to be quantum secure and we have a great business model to secure those. And as Guido and Philippe covered, Mimic enabling access to quantum computing in an affordable and scalable manner by way of emulation and our expansion into Clue and OneShot signatures are exciting. So happy to keep everyone up to speed as those things progress.

Great. Thanks for that, Olivier. So yeah, just a quick snapshot on the position. So here we have our cash balance as of quarter end. So 9.73 million Canadian. Yeah, I'll have a slide on the ATM following this one. But yeah, we're pretty happy with where we're at with the ATM. And we have... We're really happy with the way the ATM has been and many more. from the at the market offering so yeah we've been kind of careful and trading in the market when opportunistic but yeah we're happy with the performance of the the program so far and we kind of see that as as ongoing way to fund our operations and Thank you for joining us. or any other big funding needs. But as of right now, we're happy with the position that we're in following the ATM and with the current cash position and run rate expenses. And yeah, QPerfect, as we alluded to earlier, is relying a lot on some great grant funding opportunities in Europe and kind of self-funding at this time. So yeah, with that, that kind of wraps up the presentation here so we can move on to the Q&A section next. So yeah, please use the chat box to submit your questions. And then yeah, any questions that we won't have time to cover today, here's the email. So irrdq.com and we'll follow up with folks individually. Yeah, there's also a question about the investment. So someone asked, and ask what the total investments were constitutive on the financials that we just filed. So I would just refer to the notes. A lot of that investment is our stake in ICTK. And then there was also a chunk that was the QPerfect investment prior to closing. So yeah, as a reminder, QPerfect closed early July, so it would have been... reflected after the Q2 filing. Hopefully that clears up that question. But yeah, I'll let folks submit any further questions here in the chat. Chris, I saw you answered one of the QSSN revenue questions, but do you want to give any further guidance on that?

Yeah, so yeah, the question was, you know, is there any revenue from QSSN yet? Can we expect any revenue in the third quarter? And I mean, our... We are working very hard on establishing those contracts. Again, we're in deep negotiations at this point with CAIA, for example, and with the projects that we've been doing so far. So I think it's looking optimistic that we'll have revenue in the second half of this year as a result of those projects. Thank you.

Maybe one for Olivier. So there's one out of the four verticals. How should we rank the monetization of opportunities? QSIM, QPerfect, QSSN, Bitcoin, Quantum, which is kind of like the most probable to earliest. So yeah, just the sequencing of when we expect revenue by product line basically.

Yeah, I mean, we're in contract, you know, discussions based on shipments across all, you know, MIMIC, QSSM, QSIM. So I expect all of those to be validated and scaled in the next quarter.

Okay, great. Yeah, there's one, given the plans for the second half of the year, are you fully staffed to execute the plans? Yeah, I think we're super happy with the team, as we alluded to, you know, Sean's done a great job building the QSIM team on the R&D side for QSIM, same with QSSN and, you know, QPerfect. So yeah, all the business lines, I think, have the, you know, the key elements

I think Matt just dropped, but yeah, what he was saying is that we have, you know, pretty much the entire team that we need to deliver on the goals that we've set out thus far. And there are some, as Sean had alluded to, some very exciting opportunities, you know, especially relating to the unique problems that cyber offensive enable AI poses. But, you know, we, as a result, working on Silicon, we have some really A really interesting opportunity to solve that risk using the technology that we have. And so we're certainly contemplating expanding the team to capitalize on that opportunity.

Sorry, I got kicked off the accident here.

No problem. I finished up the answer that you're providing.

Okay, appreciate it. Yeah, I think, you know, I see other questions in the chat. I think we can answer some of those offline. So yeah, I think if we're, there's no... Nothing else, we can wrap it up. So yeah, thanks a lot, everyone, for the time today on the earnings call. And yeah, looking forward to connecting for the Q3 call in the fall. Thanks all. Thank you, everybody. Thanks.