BTQ

Corporate & Strategic Milestones

• Closed the acquisition of QPerfect on July 8, 2026 after 12+ months of regulatory approvals, establishing a full EU R&D and commercial hub in Strasbourg, France co-located with the European Quantum Excellence Center
• Launched a $150 million Canadian at-the-market (ATM) offering with Cantor, which is being used selectively to fund ongoing operations
• Successfully completed the annual general meeting (AGM) with all directors elected and appointed
• Expanded the leadership team: appointed a new head of quantum algorithms and application research based in the Sydney APAC hub, added a former In-Q-Tel General Counsel as full-time US strategic advisor focused on government and policy relationships, and added a founding member of Samsung's Fort Knox security team to lead expanded crypto agility initiatives addressing AI-augmented cryptanalysis threats

Product Development Milestones

• QSIM: Completed team hiring across US hubs, taped out its crypto-agile post-quantum root of trust IP with partner ICTK, achieved preliminary performance benchmarks showing a 55,000 gate unified block capable of running MLKEM, SHA-3, and AES-256 with a smaller footprint than dedicated single-algorithm ASICs, and achieved 1 million trace resistance in lab side-channel security testing
• QSSN: Cut transaction settlement time by more than 10x and reduced per-transaction costs by a third to reach parity with classical EVM blockchain transaction performance
• QPerfect: Launched commercial cloud distribution of Mimix, developed an on-premises/air-gapped perpetual license product line for regulated and sovereign customers, and kicked off a project to build a full circuit-level digital twin for the Access public neutral atom quantum computer by the end of 2026

Market & Commercial Highlights

• Selected as core infrastructure for Korea's first bank-led won stablecoin pilot, and entered advanced ecosystem-level discussions for a post-quantum upgrade with major APAC layer-1 blockchain Kaya
• Announced a strategic collaboration with US data center provider Tidal Power to develop quantum data center architectures integrating quantum computers and security infrastructure for hyperscaler and AI environments
• Expanded commercial outreach to new markets including Saudi Arabia (completed initial engagements summer 2026) and Vietnam (planned fall 2026)

• Product launch timelines: QSIM FPGA IP beta will be released to first customers within the next few weeks, with a slight delay from the original timeline to add security analysis for new AI-augmented cryptanalysis threats; ASIC IP and standalone chip release timelines remain on track. • Bitcoin Quantum mainnet is targeted for launch between Q3 and Q4 2026, with wrapped asset liquidity infrastructure in place by launch. • QPerfect will launch on-premises Mimic versions and partner U.S. cloud distribution by the end of 2026, with a full digital twin of the Access neutral atom quantum computer completed by the end of 2026. • The first public commercial revenue is expected from multiple product lines in the second half of 2026, with commercial validation and scaling across QSIM, Mimic, and QSSN expected in Q3 2026. • Clue (Quantum Logic Unit error correction software) is on track to deliver a detailed one-shot signature implementation blueprint for neutral atom quantum computers by Q2 2027, with the first full release by the end of 2027. • Management maintained that the company is fully staffed to meet its current 2026 execution goals, and is only contemplating team expansion to capitalize on new AI cybersecurity opportunities.

BTQ Technologies operates four product segments: QSIM, QSSN, Bitcoin Quantum, and QPerfect. No full segment absolute revenue figures were shared in the call. Early commercial revenue is expected across multiple segments in the second half of 2026:

1. QSIM (Silicon Networks, post-quantum cryptography IP): Most of the company's CapEx to date has been allocated to this segment. It completed all hiring, achieved a key tape-out milestone for its root of trust architecture integrated with ICTK, and received ITRI validation for the first FIPS 203/204/205 certified implementation in TSMC 28nm. The segment holds a 100% share of the company's current capital expenditure allocation for core product development.
2. QSSN (quantum-safe regulated digital money infrastructure): This segment achieved major performance improvements, reducing transaction settlement time from 35 seconds to under 2 seconds, cutting transaction costs by ~33%, and exceeding 100,000 mainnet transactions. It was selected as core infrastructure for Korea's first bank-led won stablecoin pilot, and has opened initial commercial engagements in the U.S. It is in advanced discussions for a large ecosystem-wide post-quantum upgrade engagement with APAC layer-1 blockchain Kaya.
3. Bitcoin Quantum (quantum-safe Bitcoin fork): The segment completed its internal security audit, with an external audit underway, and has integrated all audit updates into its public testnet. It has opened an institutional engagement track to prepare wrapped assets for liquidity and price discovery ahead of mainnet launch.
4. QPerfect (quantum emulation and error correction software, fully integrated this quarter): Its mature product Mimix (quantum emulator) is already live commercially on two platforms: OVHcloud in Europe and SDT's Curica platform in Korea. It has secured multiple non-dilutive European and French government research grants, including a 15 million euro Q-Planet European pilot program grant for neutral atom quantum chips. The division is currently self-funding its operations via grant revenue.

• New AI-augmented cryptanalysis has emerged as an additional threat to cryptographic schemes, on top of the existing quantum computing threat, requiring extra security review and causing a slight delay to the QSIM FPGA IP release. • Quantum computing hardware still has high barriers to enterprise adoption, which impacts near-term demand for quantum software products. • Cross-border regulatory approvals for quantum-related acquisitions can take more than 12 months to complete, delaying strategic integration. • Revenue recognition depends on long enterprise sales cycles for emerging post-quantum and quantum infrastructure, so near-term revenue may be slower to materialize than initially expected.

Q: The analyst asks when QSSN will generate its first revenue, specifically if revenue can be expected in Q3 2026. / A: Management states that the company is in deep negotiations for active projects including the Korean stablecoin pilot and the Kaya ecosystem engagement. They note that the outlook for first revenue from QSSN in the second half of 2026 is optimistic.

Q: The analyst asks for the expected sequencing of monetization across the four product segments (QSIM, QPerfect, QSSN, Bitcoin Quantum), to identify which segments will deliver revenue earliest. / A: Management responds that the company is already in contract discussions for shipments across QSIM, Mimic (QPerfect), and QSSN. They expect all three of these segments to achieve commercial validation and scaled revenue generation starting in the next quarter (Q3 2026).

Q: The analyst asks if the company is fully staffed to execute its 2026 second half plans. / A: Management confirms that all core product lines currently have the full team required to meet their stated 2026 goals. They add that new high-potential opportunities to address AI-driven cyber risks have emerged, so the company is considering expanding the team to capitalize on this additional opportunity.