BTQ Technologies Corp (BTQ) 2026 Q3 法說會逐字稿

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

我想我們先給大家一分鐘時間融入進來，然後馬特，你就可以開始做有趣的事情了。免責聲明。

All right. Okay, sounds good, everyone. Welcome to BTQ's 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 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.

好的。好的，大家都同意。歡迎參加 BTQ 2025 年第三季財報電話會議。在開始之前，我先宣讀一些免責聲明。因此，本通訊包含前瞻性陳述，其中涉及已知和未知的風險、不確定性以及一些可能導致實際結果與本文明示或暗示的結果有重大差異的因素。這些陳述基於當前的預期和假設，可能會發生變化。除適用法律另有規定外，本公司不承擔更新或修改這些條款的義務。

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 Blot, Co-Founder and CEO of QPerfect, a company that we just acquired. And then we have Chris Tam, Director and Head of Innovation; and then myself, Matt, Head of Corporate Development.

好的。好了，現在這件事解決了，我們直接介紹今天的演講嘉賓。我們有執行長 Olivier；財務長 Lonnie Wong；產品主管 Sean Hackett。我們有菲利普·布洛特，他是 QPerfect 的聯合創始人兼首席執行官，QPerfect 是我們剛收購的公司。然後是創新總監兼負責人克里斯·譚；還有我，馬特，企業發展負責人。

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

是的，那我交給奧利來開始吧。

Good morning everyone and happy Monday. Thanks for joining our Q3 webinar earnings call. 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. But we thought we would go through, take things at a high level, go from an 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.

各位早安，星期一快樂！感謝您參加我們的第三季財報電話會議。我們花了很多時間製作了一些幻燈片和演示文稿，這些內容很快就會在我們的網站上發布，因為公司發展層面發生了很多事情。但我們決定從宏觀層面入手，先介紹量子市場的最新動態，然後再深入探討我們公司為解決相關問題以及該領域令人興奮的進展所做的工作。

So as you can see kind of from this slide, quantum market the US 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 is has really been, I think the first time I was at the Quantum Flagship 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.

正如你從這張幻燈片中看到的，美國已經透過《國家量子計畫法案》抓住了量子市場，並將可用資金規模幾乎翻了一番，達到近 30 億美元。QPerfect 的總部所在地以及我們的一些其他子公司所在的歐盟，確實發展迅速。我記得我第一次參加量子旗艦計畫是在 2014 年或 2015 年，地點是阿姆斯特丹，當時歐盟首次宣布投入 10 億美元資金。但歐盟在國家計畫方面的投入已超過 70 億美元，遠遠超過世界其他國家。

Aside from China, and that's obviously concerning, and that's what they're disclosing upfront, 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 and office and a lot of business operations is investing $2.4 billion.

除了中國之外（這顯然令人擔憂，這也是他們事先披露的），中國到 2030 年將投資 150 億美元。我認為這其中有很多不為人知的內幕，韓國也是如此，我們在那裡設有子公司和辦事處，開展了大量業務，投資額達 24 億美元。

In terms of post-quantum cryptographic mandates, which Sean will touch on in depth and in a lot deeper, NIST and 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 were actively a part of.

關於後量子密碼學的要求，肖恩將深入探討，而美國國家標準與技術研究院 (NIST) 在過去 10 年裡一直引領著後量子密碼學標準的製定和標準化工作。這些標準最終於 2024 年 8 月完成，也就是大約一年零三個月前，這真正開啟了後量子密碼學的發展，並為後量子密碼學硬體實現領域創造了條件，而這些硬體實現領域也積極參與其中。

There's been a lot of NSA movements, 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.

美國國家安全局 (NSA) 採取了許多行動，制定了複雜的指令，完成了國家安全系統抗量子演算法計劃的過渡，該計劃需要在 2035 年之前實施。由於經典密碼學只能提供 112 位元或更少的安全保障，因此將在 2030 年後棄用它，並在 2035 年後完全禁止它。

For example, ECSDA, which is the fundamental cryptographic encryption algorithm under Bitcoin, is supposed to be deprecated in 2030. And that will kind of imply volatile changes to a bunch of differentiated landscapes, digital assets being one. I think we're seeing kind of in real time, A trade in the market where people are recognizing the value of quantum encryption in the form of Zcash, which is the only cryptocurrency that's green over the past 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.

例如，比特幣的基本加密演算法 ECSDA 計劃在 2030 年棄用。這意味著許多不同的領域將發生劇烈的變化，數位資產就是其中之一。我認為我們正在即時地看到，市場上的交易表明人們認識到了量子加密技術的價值，Zcash 就是其中之一，它是過去一兩週內唯一上漲的加密貨幣。所以這很有意思。我想我們應該翻到下一張投影片了。顯然，世界各地也有許多不同的政府正在製定量子技術倡議法案。

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 I think we will, this slide kind of just represents where we are, where exponential technologies are rising and kind of, as mentioned earlier, BTQ's mission is to accelerate quantum advantage.

我們正與其中許多公司積極探討它們如何融入後量子密碼學，同時也從整體上將量子市場視為一個整體，並展望量子網路的實現。所以我認為，這張投影片大致反映了我們所處的位置，指數型技術正在崛起，正如前面提到的，BTQ 的使命是加速量子優勢。

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, the reason we went from an obscure communication network into one of the most powerful business platforms is the simple fact that we trust the underlying infrastructure enough to trust, store all of our valuable assets from money, investments, personal information, and access to critical infrastructure and more.

量子電腦終有一天會與傳統的高效能運算解決方案並肩存在於網路中，共享過去幾十年來建立的基礎設施。我認為，歐洲核子研究中心（CERN）創建的互聯網，之所以能從一個默默無聞的通信網絡發展成為最強大的商業平台之一，原因很簡單：我們足夠信任其底層基礎設施，從而信任並存儲我們所有寶貴的資產，包括金錢、投資、個人信息、關鍵基礎設施的訪問權限等等。

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 we're seeing exponential shifts and new entire industries being built in very short time horizons, such as AI, AI compute, cryptocurrency, digitization of said digital assets, scientific computing.

全球所有連網裝置普遍支援加密和身份驗證，正是這項技術使得這一切成為可能。由於全世界對密碼學的信任，世界得以管理全球數兆美元的寶貴資產，並基本上保障了每個國家的GDP。這一切都將改變，而且會發生翻天覆地的變化。我們看到，人工智慧、人工智慧運算、加密貨幣、數位資產數位化、科學運算等產業正在迅速發展，並在很短的時間內形成指數級的轉變和全新的產業。

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. I think we'll go to the next slide here.

通勤需求龐大，電腦公司要滿足這種需求非常困難，這點怎麼強調都不為過。量子運算代表著為世界提供前所未有的運算能力的最令人興奮的機會之一，我們將在中性原子運算平台上深入探討各種不同的運算方式。我想我們應該進入下一張投影片了。

BTQ has been a 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 correspond and add value to the different platforms so that they all work essentially holistically. 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.

對我個人而言，BTQ 是一場長達 13 年的探索之旅，但當我們把 BTQ 看作一家公司時，我們真正想要的是將量子硬體、軟體和網路結合起來，使它們本質上相互對應，並為不同的平台增添價值，從而使它們能夠整體地協同工作。他們需要這樣做，對吧？如果沒有量子硬體作為支撐，量子軟體就無法擴展。這可以體現在安全性和/或量子運算的未來模式上，例如中性原子基礎設施。

And so within BTQ, we have our quantum hardware division, which specific boson samplers, neutral atom quantum processors, FISCs, which is a coin Dr. Gavin Brennan, our chief quantum officer, penned, which is 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.

因此，在 BTQ 內部，我們有量子硬體部門，專門研究玻色子取樣器、中性原子量子處理器、FISC（這是我們首席量子長 Gavin Brennan 博士創造的一個詞），其本質是量子電腦可以比這些巨大的黑盒子更小，並且可以在數十萬甚至更小的量子位元層級上實現量子優勢。

And then obviously we have our PQC, secure chip elements, which Sean will touch on, which we call QSIM, which stands for quantum computing 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.

然後顯然我們還有 PQC，即安全晶片元件，Sean 將談到它，我們稱之為 QSIM，代表量子計算記憶體。我們設有量子軟體部門，在那裡我們提出了我們認為是量子優勢的第一個證據，即量子工作量證明。這意味著什麼？這意味著利用量子硬件，以更有效率的方式完成經典電腦無法完成的任務。

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 industry. in terms of quantum networks.

因此，我們利用量子工作量證明，複製了比特幣賴以運行的工作量證明機制，實現了 99.9% 的節能，並實現了後量子安全，我們希望比特幣最終能夠過渡到後量子安全。我們也正在研究一次性簽名，這是一項令人著迷的技術，我們相信，它有朝一日將完全取代整個區塊鏈以及整個數位證書產業的共識機制，尤其是在量子網路領域。

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 The digitization of financial transactions globally on-chain and being the security and settlement layer. All of these specific quadrants within our company's pipeline work together to fulfill one another. We can switch to the next slide.

我們稍後會談到這一點，也就是我們的軟體部門。我們開發了一種名為 Leone 的拓樸共識網路。我們已經展示了比特幣的量子版本，以及 Solana。我最興奮的事情之一，就是將全球金融交易的數位化帶到鏈上，並成為安全和結算層。我們公司產品線中的所有特定象限相互協作，共同實現彼此的目標。我們可以切換到下一張投影片。

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 defined. NIST has gone out and said, okay, there's these algorithms that we're standardizing. How do you employ them in various form factors? What are they going to be used for? How do they fit into advanced AI infrastructure, digital asset infrastructure has all 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.

因此，儘管我們正在從事所有這些很酷很有趣的工作，但顯然也需要與監管機構、政府合作，並制定尚未真正確定的重要未來政策。美國國家標準與技術研究院 (NIST) 已經公開表示，我們正在對這些演算法進行標準化。如何將它們應用於各種外形尺寸的設備上？它們將用於什麼用途？它們如何融入先進的人工智慧基礎設施和數位資產基礎設施，這一切還有待觀察。我認為美國證券交易委員會（SEC）在強調後量子金融未來的重要性方面做得非常出色。

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 this is a framework that needs to be employed, deployed across financial transactions. And that's something that we're 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.

9月中旬，他們發布了PQFIF框架，即後量子金融基礎設施框架，其中重點介紹了BTQ的量子安全穩定幣網路。該框架旨在將其應用於金融交易的各個領域。這是我們正在努力的方向。而且我認為我們很幸運能夠共同主持昆薩（Quinsa）的工作，昆薩在韓國相當於美國國家標準與技術研究院（NIST），它將量子安全網路（QSSN）以及我們的量子工作量證明納入了法律。

And we are now working, and Chris, who's been leading the software team and development out of Taiwan on that initiative, we'll 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 stablecoins. So that's happening in Korea, which is, I think, in terms of cryptocurrency, digital asset adoption, third largest in the world.

我們現在正在努力，克里斯一直在台灣領導軟體團隊和開發工作，我們將詳細介紹，但我們很幸運，我們的產品能夠真正被納入法律，然後與希望推出穩定幣的領先行業公司合作。所以這種情況正在韓國發生，我認為，就加密貨幣和數位資產的採用而言，韓國是世界第三大國家。

And so tons of transactions, tons of users, tons of users of stablecoins. and the equivalent of the Genius Act was passed several weeks ago in Korea. We're very excited about underpinning the security and government reporting that these internet giants in Korea will be, as they issue their stablecoins, underpinning with QSSM. So I think, and 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.

因此，出現了大量的交易，大量的用戶，大量的穩定幣用戶。幾週前，韓國通過了類似《天才法案》的法案。我們非常高興能夠為韓國這些網路巨頭發行穩定幣時所提供的安全性和政府報告提供支持，而 QSSM 正是為他們提供支持的保障。所以我想，我大概六、七年前就開始這麼說了，但我有十五年多的時間，我想可能更久，我已經記不清了，但從 2010 年、2011 年左右開始，我就接觸到了比特幣、區塊鏈，並在這個領域創建公司。

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 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 led the charge with regulators around the world, implement this much-needed technology for the scalability of basically the digitization of financial transactions.

我堅信，隨著量子安全網路（QSSN）的普及，我們將看到量子技術在短期內必將成為數位化貨幣交易中最常用的技術，而全球監管機構也將強制執行這一趨勢。我認為這可能是量子生態系統中最具獲利潛力的產品。而且它也不需要像量子電腦那樣投入數十億美元的資本支出。因此，作為一家公司，我們非常興奮能夠與世界各地的監管機構一起，率先實施這項急需的技術，以實現金融交易數位化規模化的根本目標。

It's really not just the cryptocurrency market, but all of the large banks from JP Morgan to Morgan Stanley, and all of these players will be rolling out their own stable coins or whatever they call them, distributed ledgers for 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 was at a conference in Miami. and everyone was worried about basically kind of a public company having to buy back Bitcoin because they borrowed it within debt and Bitcoin slipping and things like that.

實際上，這不僅僅是加密貨幣市場，從摩根大通到摩根士丹利的所有大型銀行，所有這些參與者都將推出自己的穩定幣或他們稱之為分散式帳本的東西，以實現更便宜、更有效率的交易。而量子安全網路（QSSN）將成為後量子安全領域的結算層。那我們就可以進入下一張投影片了。我就長話短說，全球面臨風險的資產規模非常龐大。我當時在邁阿密參加一個會議。大家都在擔心一家上市公司可能因為負債借入比特幣而不得不回購比特幣，以及比特幣價格下跌之類的事情。

Once we see kind of key addresses and things like that compromised with quantum attack vectors, it's essentially game over, I think, for kind of a A very disruptive technology, but the premise of that technology has been its cryptographic security, one, and the fact that it can be passed down from generations to generations like digital gold. One thing that's been overlooked is the quantum age. And that's just kind of it's something we have we're passionate about potentially helping to assist secure, but it's just kind of a small, I would say a small test case in terms of what disruption could look like when nation-states start implementing quantum-related attacks across critical infrastructure.

一旦我們發現密鑰位址之類的東西被量子攻擊向量洩露，我認為對於某種顛覆性技術來說，基本上就結束了。但這項技術的前提是它的加密安全性，以及它可以像數位黃金一樣代代相傳。有一件事一直被忽視了，那就是量子時代。而這正是我們熱衷於幫助保障安全的事情，但這只是一個很小的，可以說是一個小的測試案例，用來檢驗當國家開始在關鍵基礎設施上實施量子相關攻擊時，可能會造成怎樣的破壞。

So we need to be deploying and getting our act together on basically what we believe as a holistic technology stack that we've developed at BTQ to secure the future of the internet-based economy as we know it. So I've briefly touched on our three core pillars, and I will let the respective teams dive into them specifically. I'm not sure if there's a slide after this, but we specifically touched on QSSN, and we see this as kind of Basically kind of the future SWIFT slash DTCC that's required in a post-quantum era to process transactions.

因此，我們需要部署並整合我們在 BTQ 開發的、我們認為能夠保障我們所知的互聯網經濟未來的整體技術堆疊。我已經簡要介紹了我們的三大核心支柱，接下來將由各個團隊具體深入探討。我不確定後面是否還有幻燈片，但我們特別提到了 QSSN，我們認為它基本上可以看作是後量子時代處理交易所需的未來 SWIFT / DTCC。

We're obviously kind of initially focusing on stablecoin implementations like I mentioned in Korea. and there's some points here of why we win, first mover advantage, relationships with regulators and stablecoin issuers and we've been working on the technology to make sure that it's seamlessly integrated without the user ever knowing it exists. So I think we can skip to the next slide there. QSIM, I mean, extremely excited to 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.

顯然，我們最初的重點是穩定幣的部署，就像我在韓國提到的那樣。我們之所以能成功，有幾個原因：先發優勢、與監管機構和穩定幣發行方的關係，而且我們一直在努力改進技術，確保它能無縫集成，用戶甚至感覺不到它的存在。所以我覺得我們可以直接跳到下一張投影片了。QSIM，我的意思是，我非常高興能與 Sean 和 Zach 以及我們不斷成長的美國量子硬體團隊一起工作。肖恩會比我更詳細地解釋這個問題，因為這是他創造的。

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 Computing Memory.

從本質上講，我們想要建造、正在建造、已經測試並證明，這是領先且最安全、空間利用率最高、交易效率最高的晶片設計，可以保護任何需要安全隔離區的東西，從無人機到 iPhone 再到關鍵基礎設施。所有資料都將透過 QSIM 進行保護，QSIM 代表量子運算記憶體。

Sean can touch on this further, but computing memory and processing memory 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 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 moded intellectual property defensibility position and the best team to execute on it.

Sean可以進一步闡述這一點，但過去幾年，計算記憶體和處理記憶體領域投入了數十億美元，因為它一直是人工智慧晶片設計的基石。因此，多年來，包括我們在台灣的硬體團隊在內的激進派人士都意識到，沒有人將記憶體中的計算處理應用於加速後自願加密演算法，所以我們才建立了一個完善的智慧財產權保護體系，並組建了最優秀的團隊來執行這項技術。

I think we can go to the next slide. And likewise, we also have the honor of having Philippe Blot 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, co-invented a neutral atom quantum computing, which has now, I think, in the last two years taken a life of its own.

我想我們可以進入下一張投影片了。同樣，我們也很榮幸能邀請到來自斯特拉斯堡的菲利普·布洛特打來電話，但我還是讓他來進一步闡述一下吧。但我認為，對於我們團隊中的一些人來說，這已經是一項持續了 20 多年的工作，但我們的首席量子長 Gavin Brennan 博士共同發明了中性原子量子計算，我認為，在過去的兩年裡，它已經發展出了自己的生命力。

And QPerfect has been essentially at the forefront of quantum emulation for basically kind of advancing computing architectures required to basically make quantum computers at scale, test algorithms and functional designs, applications on such devices, which is of key importance to this whole space. 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, from Quentinium to Quera, to assist with the measurements, and we have a demo prepared on what that all looks like shortly.

QPerfect 一直處於量子模擬領域的前沿，致力於推進大規模製造量子電腦所需的計算架構，測試演算法和功能設計，以及在這些設備上開發應用程序，這對整個領域至關重要。你可以把它想像成類似 Android 的量子電腦作業系統，我一直在與一些最大的量子電腦合作，從 Quentinium 到 Quera，來協助進行測量，我們很快就會準備一個演示，展示這一切看起來是什麼樣子。

So yes, 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, Shannon, and Johan. They're based in Strasbourg, where they've helped create the European Center for Quantum Excellence. It's amazing to see how much talent is going in and out of those doors.

是的，我認為最近的新聞亮點，正如我所提到的，我們已經行使了收購 QPerfect 的選擇權，這讓我們與我在量子計算領域遇到的最聰明的人——香農和約翰——建立了非常良好的合作關係。他們總部位於斯特拉斯堡，並在那裡幫助創建了歐洲量子卓越中心。看到這麼多人才進出這些大門，真是令人驚嘆。

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 scene for neutral atoms and technologies pertaining to what else is being 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.

因此，我們希望以此為跳板，進一步發展、投資，並真正成為歐洲乃至全球中性原子和相關技術領域的主導力量，並探索其他正在被發現的領域。我認為我們目前對量子電腦之上的軟體層及其意義和作用的了解還只是冰山一角。對於所有正在尋求解決方案並詢問「我們如何使用量子電腦？」的行業來說，這都至關重要。我們如何運行應用程式？你需要量子模擬才能做到這一點。我想我們可以進入下一張投影片了。再說一遍，關於團隊方面，我不會過多贅述，因為我們有行業領域的專家參與電話會議。

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

事實上，現在正是介紹 QPerfect 的 Philippe Blot 的好時機。

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 Macella, 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 this software. So the software is key to the future of quantum computing.

謝謝各位先生。謝謝奧利維爾的介紹。今天能與各位相聚，並有機會向大家介紹 QPerfect，我們感到非常榮幸。我正在和我們的技術長兼創始人 Guido Macella 通話，我們很高興能與您通話。QPerfect，我的意思是，加速量子優勢，這也是我們的使命。所以，我們非常高興您能告訴我們這一點，要讓量子運算變得實用，建立軟體和控制層，為量子系統建立真正可擴展和可靠的橋樑，實際上取決於這款軟體。因此，軟體是量子計算未來發展的關鍵。

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 a quantum algorithm has a need and a benefit versus classical computing, HPC centers, et cetera. And what we are trying to achieve here is first, and that's the three reasons why 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.

正如您之前介紹的 Mimic 以及 Guido 即將示範的基準測試一樣，這個量子邏輯單元以 Mimic 為基礎，因為模擬是證明量子演算法相對於經典運算、高效能運算中心等具有必要性和優勢的首要方法。我們在這裡努力實現的目標首先是整合，這也是我們對這筆交易感到滿意的三個原因，首先是整合。對我們來說，OSS（一次性簽名）是一個真正的應用案例。這是我們夢寐以求的，擁有一個可能改變世界的實際應用案例。

And with a quite short target, 2026, to demonstrate that we can run one-shot signatures on the quantum neutral atom computers using our QuantumLogic platform. Second 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 COBLY, which is a spin qubit, hardware company. Tomorrow, we will announce on supercomputing our platform on Kudaku from NVIDIA.

我們設定了一個相當短的目標，到 2026 年，證明我們可以使用我們的 QuantumLogic 平台在量子中性原子電腦上運行一次性簽章。其次，這有力地驗證了這一點，但 Olivier 也說了幾句，關於我們展示的第一款軟體以及圍繞 Continuum、Quera 的基準測試，還有一些部署該軟體的客戶，例如 COBLY，這是一家自旋量子位元硬體公司。明天，我們將宣布我們的平台將使用 NVIDIA 的 Kudaku 進行超級運算。

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.

這將是我們在 GPU 領域的重大發布，同時也是與歐洲政府計畫合作的一項舉措，例如我們正在與 Anthropica 合作進行的法國-新加坡計畫中的 Eureka 計畫。所以對我們來說，同樣重要的是要看到，故事是從模擬開始，然後才發展到量子電腦。最後，是定位。我們和奧利佛談過這件事，但這純粹是為了成為歐洲的核心。斯特拉斯堡地理位置優越。

We have a strong academic presence. We are a spin-off. of the European Quantum for Science, where 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.

我們擁有強大的學術實力。我們是歐洲量子科學中心的衍生公司，我們的資助者也在建造中性原子計算機，兩個團隊每天都在一起工作。我現在不想就此事說太多。首先，讓我們專注於了解什麼是模擬以及它帶來的優勢，Guido 今天將向大家展示該平台，以及世界各地任何人如何訪問我們的平台。

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

謝謝你，菲利普。謝謝你，奧利維爾，克里斯。謝謝大家。讓我共享一下螢幕。你現在應該就能看到了。

Yes, we can.

是的，我們可以。

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.

完美的。所以我準備了一個非常簡短的演示，介紹我們的平台和 QPerfect 的第一款產品是如何運作的。它是一台虛擬量子計算機，一個量子計算機模擬器，可以運行與真實量子計算機相同類型的演算法。

Here, as a first demonstration, I use Grimberger, Horn, Zeilinger state 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, and one which all the quantum bits of information are in one state. And this exemplifies notion on non-local correlations in a quantum system of entanglement. And it's often used this algorithm to prove and demonstrate the ability to manipulate complex entangled state in a quantum computer.

在此，作為第一個演示，我使用 Grimberger、Horn、Zeilinger 狀態電路，這是一種製備量子態的演算法，該量子態由兩個狀態的疊加給出，其中一個狀態中所有量子位元（所有量子資訊位元）都處於零狀態，而另一個狀態中所有量子資訊位元都處於一個狀態。這反映了糾纏量子系統中非局域關聯的概念。該演算法經常被用來證明和展示在量子電腦中操縱複雜糾纏態的能力。

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 one megabyte of RAM. By adding one single qubit, we will double the amount. For 18, 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 holistic technique that allow to simulate larger and larger system.

在經典電腦上模擬量子態時，記憶體是一個巨大的資源。模擬一個只有 16 個量子位元的系統，我們需要 1 兆位元組的 RAM。增加一個量子比特，數量就會翻倍。對於 18，我們將有 4 兆位元組。例如，如果量子比特數量不斷增加，例如達到 54 個量子比特，我們就需要 260 PB 的內存，這在目前地球上任何一台電腦的處理能力都是無法企及的。而我們則採用矩陣整體技術來模擬越來越大的系統。

And this allow to design, test and benchmark quantum algorithms even before the non-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 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 zero state and all qubits being one.

這樣一來，我們就可以設計、測試和評估量子演算法，甚至在非量子電腦出現之前，以及在目前的量子電腦出現之前一到兩代。例如，我可以在這裡對 14 個量子位元（一個非常小的系統）運行一個簡單的模擬，Mimic 可以在短短幾十毫秒內輕鬆完成，並且保真度完美，從而實現對系統的完美模擬。我恢復了預期的狀態，所有量子位元都處於零狀態，所有量子位元都處於一狀態。

But what is important, I think, with MIMIC is that we can go to very high state, for example, here, For 58 qubits, when the RAM to simulate this naively on a classical computer needed would be 4 exabytes. While here, thanks to the advanced algorithm that we use in Mimic, we can simulate this right away in just a few cents of seconds.

但我認為，MIMIC 的重要之處在於，我們可以達到非常高的狀態，例如，對於 58 個量子位元，而用經典電腦簡單地模擬這種情況所需的 RAM 將為 4 艾字節。在這裡，由於我們在 Mimic 中使用的先進演算法，我們可以在短短幾分錢的時間內立即模擬出這一過程。

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 Shor's algorithm, which is used to factor prime numbers, which has a lot of users and application in security. And here are the same.

量子傅立葉變換是另一個非常重要的演算法。它是構成要素之一。它比GHZ狀態準備演算法更複雜。它是量子計算中許多演算法的組成基礎之一。例如，它也被用於 Shor 演算法中，該演算法用於分解素數，在安全領域中有許多使用者和應用。這裡也是一樣的。

We can run a simulation with 10 qubits, something that is possible even on a laptop, just in few cents of a second. And also we can scale simulation up to skills which are impossible to simulate naively on a classical computer. And this allow us to test and validate quantum algorithms even before.

我們可以用 10 個量子位元來運行模擬，這在筆記型電腦上也是可以實現的，只需幾分之一秒的時間。而且，我們還可以將模擬擴展到那些在傳統電腦上無法簡單模擬的技能。這使我們能夠提前測試和驗證量子演算法。

One last thing that I wanted to show you, it's an application that has a connection of the emulator, which has connection with the security, with cybersecurity and cryptography, which is factoring 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.

最後我想向你們展示一點，這是一個與模擬器相關的應用程序，而模擬器又與安全、網路安全和密碼學相關，它涉及質數分解。在這裡，我們想要做的是，給定一個數 n，我們想要找出兩個因子 p 和 q，它們的乘積等於這個數。

This is a very hard problem in 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 a classical computer. Here we demonstrate on our simulator an algorithm that has been developed also here in QPerfect at the University of Strasbourg which uses Grover's search algorithm to factorize prime numbers.

這是經典計算機中一個非常困難的問題，而量子計算中已經存在一些演算法，例如 Shor 演算法，可以解決這個問題，從而比經典計算機獲得指數級的優勢。在這裡，我們在模擬器上演示了一種演算法，該演算法也是由斯特拉斯堡大學的 QPerfect 開發的，它使用 Grover 搜尋演算法來分解素數。

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 three by seven. With Mimic, We can factor 20-bit 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. And so, as you can see in just a few seconds, eight to 10-bit numbers. as you can see here, when we have eight digits number being factorized in less than one second.

我本來不想贅述其實現細節，但作為對比，在目前的量子電腦上，能夠分解的最大數字是 21，也就是 3 乘以 7。借助 Mimic，我們可以分解 20 位數字，例如，透過運行演算法的完整量子模擬，在幾秒鐘內分解六位數，甚至可以分解高達 24 位的數字。所以，正如你所看到的，短短幾秒鐘內，8 到 10 位的數字就被分解了。正如你在這裡看到的，一個八位數在不到一秒鐘的時間內就被分解了。

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.

極好的。謝謝你，圭多。因此，這顯然對 BTQ 正在開發的安全功能有著巨大的影響。一方面，我們正在提供安全保障，以防止像 Guido 在這裡概述的那種量子攻擊。但正是這兩者的交匯，讓我們能夠同時兼顧兩者，從而對如何保護數位安全系統以及如何將其升級為量子安全系統擁有獨特的見解。接下來，我想邀請 Sean 上台談談我們正在使用 ICTK 進行的硬體開發工作。

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 a strategic partnership with ICTK Holdings, which is a global leader in secure chip design.

大家好。很高興和你聊天。我叫肖恩·哈克特。我是 BTQ Technologies 矽產品負責人。我將首次公開談論我過去四年一直在開發的一款非常令人興奮的產品，我們現在稱之為 QSim。近日，BTQ Technologies 正式宣布與安全晶片設計領域的全球領導者 ICTK Holdings 建立戰略合作夥伴關係。

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.

他們將與我們共同開發安全的半導體解決方案，開啟許多新的OEM和設備級機會。因此，我想就此進展為何令人振奮做出一些解釋。但首先，我想先簡單介紹一下我自己。克里斯，請看下一張投影片。因此，我在 2020 年創立了一家名為 Radical Semiconductor 的小型新創公司，並任命 BTQ 的新任硬體安全主管 Zach Belatesh 為我的技術長。

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.

我們的目標是為後量子演算法建構最緊湊、最節能的加密加速器技術。正如阿里之前提到的，我們現在所依賴的技術叫做計算和記憶體。簡而言之，運算和記憶體是一種減少高速處理器中昂貴的資料傳輸的技術，它在我們今天看到的 AI 架構中被廣泛應用。但讓我來告訴你為什麼我們想利用這項技術開發一款安全產品。

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.

從一開始，我們就非常清楚美國國家標準與技術研究院 (NIST) 與世界各地其他監管機構之間正在發生的後量子密碼學格局的變化。您在硬體安全元件方面所做的選擇是永久性的。在我們開發這種架構的過程中，我們發現一些我們認為安全的加密方案在筆記型電腦上幾天之內就被破解了。我們也看到世界各地許多其他國家開始偏離 NIST 的建議。

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.

因此我們知道，要使後量子安全演算法在所有裝置上通用，解決方案的一部分是保持架構的靈活性，以適應未來的演算法。但當我們與晶片製造商和設備製造商交談時，我們了解到，對於大多數安全區域來說，保持對未來變化的靈活性並不容易。現在選用的後量子加密演算法的金鑰長度有時可能是先前的公鑰演算法 ECC 的 10 倍甚至更大。

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 and area in ways that device makers have a hard time adapting to.

即使採用了針對後量子時代非常優化的 IP 模組，與先前的演算法相比，我們最終得到的電路仍然非常龐大，功耗也很高。這構成了一個挑戰。在安全區域中添加專用 PQC IP 模組可以提高功率和麵積，而設備製造商很難適應這種變化。

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.

不僅如此，並非所有最終用戶都 100% 確信這些演算法及其安全性在未來能夠 100% 安全。如果它們被證明有漏洞，那麼就必須進行更改，這很可能意味著安全隔離區晶片本身需要經過另一個四年的重新設計和認證流程才能投放市場。所以，這在我們這個領域通常被稱為加密敏捷性，也就是在產品部署到現場運行時更改其加密套件的能力。

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.

而目前我們設計安全區域的方式使得這一點非常困難。因此，這些遷移截止日期最快可能在 2030 年，而且全球監管機構也在推動 2035 年前確保所有系統的安全，這些都是非常難以克服的障礙。所以這就是我們想要使用計算和記憶體的原因。這是一種全新的建置安全區域的方式。最後，我們終於找到了一種方法，可以製造出可重新編程的安全隔離區，它不會犧牲性能，不會犧牲晶片上的面積和功耗資源，也不會犧牲您在安全矽產品中期望的安全保證。

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.

經過數年的研發，我們最終研發了世界上最高效的加密架構之一。我們稱之為密碼敏捷安全硬件，或 CACHE。就處理效率而言，尤其是在低功耗和小面積方面，我們發現 CACHE 是一流的架構。它可以用來製造世界上最小的後量子安全飛地，而且當規模擴大時，效率最高。

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.

我們的基準測試不僅在 NIST PQC 中表現出突破性的性能，而且在現有的演算法 ECDSA、AES 和 SHA-3 中也表現出突破性的性能，並且門數比競爭解決方案更少。除了效率高，使其能夠適應最受限的設備之外，我們計算和記憶體架構的一大優勢是，我們的設計是可重新編程的。我們看到…對不起，打擾一下。我的嗓子快啞了。我很抱歉。我們看到的是一場由遵守新標準驅動的加密遷移，而其中許多標準尚未完全批准。

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 McAleese 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.

所以我們不僅想到了 NIST，在韓國，還有四種完全不同的演算法，例如 Haytay、SmogT、Entrue Plus 和 AMARE。在歐盟，Frodo、KEM 和 Classic McAleese 演算法都被推薦給多個成員國。與其他安全區域相比，這使得我們的安全區域 QSIM 具有獨特的優勢，因為它減少了從新批准的 PQC 演算法到部署所需的時間。

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 10 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.

現在，我們不必從頭開始重新設計安全區域並重新認證硬體（這可能需要四年或更長時間），而是可以在 QSIM 上實現演算法的安全版本，從而提供相同的硬體安全保證，並將開發和部署時間縮短至四個半月。與從頭開始重新開發硬體相比，部署速度提高了 10 倍。現在，這一重大優勢不僅帶來了成為最敏捷的加密安全飛地的可能性。但它也能適應未來發布的新型輕量級加密演算法。

This is super important for products and 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.

這對於不斷嘗試新演算法的產品和區塊鏈來說至關重要。這對於隱私技術，例如多方計算、零知識證明以及密碼學領域的任何其他先進密碼學進展，也至關重要。現在我們認為，在為期 10 年的合規驅動型 PQC 遷移的開端，價值 1 兆美元的半導體市場需要安全的飛地，這些飛地能夠面向未來，對新法規保持靈活適應，並為未來 10 年密碼學領域的新創新敞開大門。

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.

因此，在近期我們最興奮的應用場景中，包括蜂窩設備、電信和物聯網、高安全性系統和支付，以及國防、汽車、關鍵基礎設施等安全關鍵型應用，我提到的這些市場在不久的將來將代表一個價值 4000 億美元的年度市場。除了作為獨立晶片產品的 QSIM 之外，我們還在開發該技術作為 IP 模組。因此，我們可以將其作為 FPGA 或軟 IP 交付，並開始將這些解決方案整合到人工智慧、資料中心和高效能網路等更多產品中。

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.

因此，半導體銷售額總和將達到每年一兆美元。需要配備全新安全智慧財產權的產品數量將非常龐大。我們認為這是保持合規性並靈活應對所有即將出現的新技術的最佳解決方案。所以，我和 Zach 都非常非常興奮能在這裡（BTQ）參與這個計畫。我們認為BTQ Technologies的團隊非常出色。

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 the 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.

這些人已經在量子領域建立了很長時間的關係，他們也是想要這些解決方案的人。我們認為，與 BTQ 建立策略合作夥伴關係，將縮短該解決方案在短期內真正投入商業部署所需的時間。太激動了，我這就把它轉交給克里斯。

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.

太好了，謝謝你，肖恩。因此，我們在量子安全穩定幣網路（QSSN）方面取得了巨大進展，並在韓國進行了一些值得關注的部署。這使得韓國成為量子彈性數位資產基礎設施的監管試驗場。再次強調，QSSN 為公司、穩定幣發行方和金融機構提供了一種保障任何數位資產的鑄造、銷毀和轉移操作安全的方法，而穩定幣正是推動這一需求的主要力量。

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 countries and major corporations adopting The use of stablecoins and digital ledger technology such as JPMorgan Chase, who is serving as a they do trillions of dollars per day in trading infrastructure and they are moving the majority of their infrastructure over to this technology.

我們看到每年有價值 8 兆美元的穩定幣被轉移，而且這一數字還將繼續增長，尤其是在採用以美元計價的穩定幣（例如 USAT，一種以泰達幣為支撐、以泰達幣計價的穩定幣）的情況下。此外，一些其他國家和大型企業也開始採用穩定幣和數位帳本技術，例如摩根大通，他們每天處理數兆美元的交易基礎設施，並且正在將其大部分基礎設施遷移到這項技術上。

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.

因此，我們看到量子安全社交網路（QSSN）有很大的機會成為所有這些量子安全交易背後的基礎技術。在韓國的這些部署項目中，我們的韓國合作夥伴也代表了整個價值鏈。我們有 Quenza，它是韓國與 NIST 級別相當的標準機構，引領量子技術的實際標準化工作。我們有 Finger，這是一個領先的平台，每年處理數十億美元的行動支付，他們現在正在試點 QSSN，以實現安全結算和跨境匯款。

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 they're being watched by regulators, central banks, and payment networks worldwide.

我們有韓國最大的支付處理商之一 Danal，他們正在將我們的後量子密碼技術整合到他們的電信計費基礎設施中，以確保小額交易的安全。韓國作為一個國家，已承諾在 2035 年在量子技術領域投入超過 3 兆美元，並將量子安全列為國家優先事項。這與他們的計劃完全吻合。我們與這些公司的合作部署被視為架構，並受到全球監管機構、中央銀行和支付網路的關注。

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 US and non-US denominated money supplies, we see a very strong case where QSSN becomes a backbone of any centralized or regulated digital currency network. And here I'll pass it back to Ollie.

假設到 2030 年，穩定幣的市值達到 1 兆美元，僅佔 M1 貨幣供應量的不到 5%，且只有三分之一的交易透過 QSSN 進行，那麼我們的 QSSN 網路將產生超過 10 億美元的收入。這體現了一種高度可擴展的商業模式，營運成本利潤率接近 99%。隨著美國和非美元貨幣供應中法定美元的數位化程度不斷提高，我們看到，QSSN 很有可能成為任何集中式或受監管的數位貨幣網路的支柱。現在我把它交還給奧利。

Yes, thanks, Chris. I think we've touched on all this. I'll let you... Yes. I mean, I'm going to kick things off. I'm happy. I mean, it's kind of a childhood dream to be working at the University of Cambridge where Sir Isaac Newton invented and really changed the world. It also goes back to the essentially first few employees that ever worked on BTQIP out of the University of Cambridge.

好的，謝謝你，克里斯。我想我們已經談到了所有這些方面。我會讓你…是的。我的意思是，我要開個頭。我很高興。我的意思是，能在劍橋大學工作，就像是我兒時的夢想一樣，因為艾薩克·牛頓爵士在那裡發明創造，真正改變了世界。這也可以追溯到劍橋大學最早一批參與 BTQIP 計畫的員工。

So it's been a 13-year trajectory with University of Cambridge, and it's arguably 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 providing commercialization frameworks for intellectual property coming out of the University of Cambridge to be formally monetized and receive the value that it deserves.

所以，我在劍橋大學已經走過了13年的發展歷程，劍橋大學可以說是世界上排名第一的大學，在許多不同的領域，特別是量子運算和光子學領域。因此，我們將提供資助，並在合作方面進行大量工作，主要目的是為劍橋大學產生的智慧財產權提供商業化框架，使其正式貨幣化並獲得應有的價值。

Chris, I'm not sure if you wanted to mention anything else on Cambridge. but yes, public market overview. I think we traded, we started trading on the Nasdaq around a month ago. I think we're 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, I would say institutional US capital market banks and things of that.

克里斯，我不確定你是否還想補充一些關於劍橋的資訊。不過，是的，公開市場概況。我想我們大概一個月前開始在納斯達克進行交易。我認為就我們所做的事情而言，我們相當不為人知。我們沒意見。我們樂於打造產品，並讓產品的數據來證明一切，但我們也確實有一些舉措。我們一直在與一些美國機構資本市場銀行等進行洽談。

Obviously, cause for concern or something that people love to bring up and speak without absolutely no knowledge of our company or 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.

顯然，有些人對我們公司及其財務紀律一無所知，卻喜歡對此大加撻伐，這確實令人擔憂。事實上，我們有一個擱置帳戶，這對於一家身處動盪市場的公司來說，是很正常的。我們正在與策略夥伴進行洽談，他們可能是我們的大客戶，並且可能希望擁有購買大量股權的選擇權。

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.

這賦予了我們作為一家上市公司更大的靈活性。自從納斯達克上市以來，我們幾乎每個交易日都拒絕了數億美元的投資。我們目前沒有立即籌集資金的計劃，也沒有這方面的必要。我們銀行帳戶裡的資金綽綽有餘，足以應付多年的持續成長。

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 more than active with 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.

我們在韓國、台灣、澳洲、法國、加拿大，很快就會進入其他幾個國家，這些國家都有數十億美元的非稀釋性撥款以及類似的項目，我們在降低營運成本方面非常積極地參與其中。所以我就此發表一下看法。在所有上市公司中，我們的內部人士持股比例遙遙領先。我們不賣股票，反而買股票。以上就是我對我們公開市場地位的概述。

and yes, just want to highlight the inclusion on the Coact Quantum Computing ETF managed by Samsung's asset management arm. So yes, it's great to see ourselves being alongside pure play quantum companies as well as more quantum adjacent companies like chip makers and whatnot. And yes, it's something that we're working on to get included in more ETFs going forward.

是的，我還要特別提一下，由三星資產管理部門管理的 Coact 量子運算 ETF 已經將其納入其中。所以，是的，很高興看到我們能與純粹的量子公司以及更多與量子相關的公司（如晶片製造商等）並肩發展。是的，我們正在努力爭取讓它被納入更多未來的ETF。

Yes, as Olivier, referenced. Our working capital position is about CAD38 million 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.

是的，正如奧利維爾所提到的。截至我們最近一個季度末（2025 年 9 月 30 日），我們的營運資金約為 3,800 萬加元。我們擁有充足的營運資金，足以支持我們未來幾年的各項計畫。我們在 4 月提交的基本招股說明書有效期為 25 個月，但我們顯然並不急於在近期進行融資，但由於我們所處的行業發展迅速，我們仍保持靈活性。

All right, we can skip to the Q&A session. Yes, a lot of questions submitted, obviously. So we'll try to answer a few here, but yes, we won't have time to go through all of them, of course. So yes, we invite people to submit their questions at ir.btq.com and we'll get back to all of them. But yes, 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 yes, probably Philippe Blot, you can take that one to start.

好的，我們可以直接進入問答環節了。是的，顯然收到了很多問題。所以我們會盡量在這裡回答幾個問題，但是，當然，我們沒有時間一一解答。是的，我們歡迎大家在 ir.btq.com 提交問題，我們會回覆所有問題。是的，我就照著聊天記錄念幾句吧。首先，關於 QPerfect，您能否提供一些關於該公司已實現的量子比特總數、保真度以及這些系統的門速度的規格？所以，是的，或許可以先從菲利普‧布洛特開始。

Philippe, you're muted.

菲利普，你已被靜音。

Okay, sorry. Here, 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.

好的，抱歉。我剛才說的這一點非常重要，需要理解，Guido 也會補充這一點，那就是量子比特的數量與量子糾錯之間的關係，計算一下，為了修正程式碼，你只需要越來越少的原子。

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 SESC 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? Because it is really important.

目前，量子糾錯佔量子位元總數的 90% 以上，降低這一比例非常重要。我們與 Guido Pupillo 在 SESC 所做的一切簡直太棒了。我們利用量子態來減少量子位元數量的方式真是太棒了。加州理工學院、麻省理工學院等所有院校都在使用這種方法。或許 Guido，你想補充幾點？因為這真的很重要。

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 fault-tolerant and make them run fault-tolerantly, so without errors on the hardware.

所以，正如 Olivier 和 Philippe 所說，作為一家公司，我們專注於構建軟體，將量子糾錯功能引入實際硬件，將應用程序編譯成容錯程序，使其能夠容錯運行，從而在硬體上實現無錯誤運行。

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 qubit with respect to the number of physical qubits that we may have.

因此，從這個意義上講，我們致力於降低量子糾錯的開銷，包括量子位元的數量以及量子資源（例如閘門操作時間和糾纏）的消耗。尤其是在量子位元數量方面，我們率先採用了LDPC碼，這是一種特殊的量子糾錯碼，具有非常高的糾錯率，因此我們可以擁有比實體量子位元數量更多的邏輯量子位元。

And these are particularly useful for neutral 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 marks.

由於我們擁有自由度，特別是長程相互作用，這些特性對於中性量子電腦來說尤其有用。因此，我們可以利用更多的實體量子位元，讓實體量子位元獲得更多的邏輯分數。

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 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?

好的，太棒了，謝謝。好的，下一個。在P2C領域，你們已經宣布了許多有前景的公告，從韓國的穩定幣安全標準到現金。Ventus 用於比特幣安全，Solana 用於安全防護，僅舉兩例。我們該如何考慮近期、未來六到九個月以及中期的獲利模式？在這些時間段內，哪些用例將帶來最有意義的貢獻？

I can take that one. So with respect to our QSSN product, as noted, we've been doing pilot projects for some time and are maturing the tech significantly. 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.

我可以接受這個。因此，就我們的 QSSN 產品而言，正如前面提到的，我們已經進行了一段時間的試點項目，而這項技術正在顯著地成熟。我們現在基本上處於等待政府法規和指令的階段。我們一直密切關注《天才法案》，這是第一部適用於穩定幣的立法。他們還就穩定幣方面為 PQC 提供了一些粗略的指導。

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.

我們預計隨著《清晰法案》的生效，將會有更多監管措施和更多確定性措施出台。因此，隨著這些標準基本上得到實施並被納入法律，我們將看到企業和機構面臨很大的壓力去採用這項技術，鑑於所有現有的項目，我們將處於非常有利的位置來抓住這個機會。

Okay, great. And there's one about the competitive landscape. So who, what will be your biggest competitor?

好的，太好了。還有一篇是關於競爭格局的。那麼，你最大的競爭對手會是誰？

I mean, there's, I'd say, very few companies who are straddling, as we said, both sides of the problem here, where on one hand, we have our quantum defense, defensive applications, securing hardware and payment networks and software, and on the other hand, 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.

我的意思是，正如我們所說，很少有公司能夠同時兼顧問題的兩方面：一方面，我們有量子防禦、防禦應用、保護硬體和支付網路及軟體；另一方面，我們開發支撐中性原子量子電腦（至少就目前來看，是量子處理器中最具可擴展性的架構）的關鍵技術，以實現非常重要的擴展性糾錯。

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. and XP 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.

所以我覺得我們在兼顧這方面的兩方面都做得相當獨特。顯然，我們在每個行業都有競爭對手，例如英飛凌和XP半導體製造商等垂直領域。他們中沒有一個人像我們一樣真正關注加密貨幣的敏捷性。此外，還有其他一些所謂的穩定幣發行方，歸根究底，他們都是我們的合作夥伴。我們並不打算推出自己的穩定幣，而是希望確保它們的網路安全。然後，很明顯，隨著所有這些，特別是最近量子計算公司的出現，情況就更加複雜了。我們在中性量子技術領域擁有歷史最悠久、世界級的團隊。因此，我們感覺在這些方面都處於非常有利的地位。

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 acquisition closing PR will have some more details. We expect that to close before the end of Q1 of '26. Yes, I think we're at time now, so I want to be respectful of the allotted time. But yes, if your question hasn't been answered email irbtq.com and we'll get back to everyone. Yes, appreciate everyone's attending this call and yes, hope everyone has a good day.

好的，太好了。至於 QPerfect 的收購案，如果有人對此有疑問，我建議目前參考後續事件說明和財務報表。然後，收購完成的公關稿會包含更多細節。我們預計該交易將在 2026 年第一季末完成。是的，我想現在已經到了時間，所以我想尊重分配的時間。但是，如果您的問題還沒有得到解答，請發送電子郵件至irbtq.com，我們會回覆每位提問者。是的，感謝大家參加這次電話會議，也祝大家今天過得愉快。

Thank you all very much. Thank you. All right. Thanks, everyone.

非常感謝大家。謝謝。好的。謝謝大家。

Thank you all. Cheers. Have a good day.

謝謝大家。乾杯。祝你有美好的一天。

Thank you.

謝謝。