BTQ Technologies Corp. (BTQ) 2025 Q4 法說會逐字稿

All right, welcome everyone. We're just going to give everyone a couple of minutes to join and then we'll get started shortly.

Great. I see the attending numbers slowing down a bit, so I think we can get started. So excited to kick off the Q4 and fiscal year '25 earnings call for BTQ Technologies Corp. The deck and the recording of this call will be available to the public on the website shortly after the presentation.

So excited to take everyone through our results for last year and then the roadmap for this upcoming year.

Before we get going, I just got to do the disclaimer, so I'm going to read it off.

This communication contains forward-looking statements which involve known and unknown risks, uncertainties, 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 obligations to update or revise them except as required by applicable law.

Okay. And then, yes, just introducing today's speakers. So we got Olivier Roussy Newton, our CEO; Lonny Wong, CFO. We got Sean Hackett, Head of Product. And then from QPerfect, Philippe Blot, the CEO; Chris Tam, Director and Head of Innovation; myself, Head of CorpDev. And then we also got Dr Guido Masella, CTO at QPerfect.

And then in terms of the agenda, we're going to do kind of like a global look back on what we did achieved in Q4 and last year and then we'll get a progress update sort of like by product. So starting with QCIM and then QLU, which are the QPerfect products and then finally QSSN Bitcoin Quantum.

So they'll both have a look back and then 2026 outlook component to them and then finally we'll just do a general macro outlook section along with the public market overview.

So with that in mind, I'll pass it to Olivier to kick us off for the global 2025 highlights.

Thanks, Matt. Since our last call at the end of November, we've had a busy progress across, multiple divisions. 2025 really marked a lot of breakthroughs in terms of technical validation from our products. So, as a company, we continued our evolution as a full stack, quantum computing company as we see it.

And what does that really mean?

We're really focused on adjoining our hardware and software components to offer, best in class quantum encryption, emulation, and other services we'll get into later.

Our QCIM team, co-led by Sean, who's on the call, finalized, I think we're 99% finalized on our QCIM team that's based in the United States in our New York office.

QPerfect with the executives from the team there, we exercised our option to wholly acquire QPerfect, which is a leading neutral atom quantum computing company.

Late December, we also acquired strategic intellectual property from Keypair, which is a leading cybersecurity company with large corporate clientele in the South Korean market.

On to kind of the middle tangent here, we sourced and built key strategic partnerships. With ICTK, one of the leading secure enclave companies in South Korea to co-develop our QCIM chips and joint investment agreement.

ITRI, which is one of the, I would say, longest standing semiconductor research institutes globally known for spinning out TSMC as well as UMC. They will be assisting with us on the validation of. QCIM, which stands for Quantum Computer Memory, our chip design platform for accelerating post-quantum encryption algorithms.

Finger and Danal, we're working closely with them, both Korean companies, on post-quantum integrations for banking networks. Finger is one of the leading companies that provides end-to-end financial technology banking service platforms. They're figuring out how they migrate into the PQC era with us and as well as denial on QSSM integrations across their carrier billing infrastructure, which is the largest in Korea.

From corporate milestones, we began trading in the Nasdaq on September -- in September.

Over the last year, we also completed a $40 million fundraise, I believe it was at the end of July, and we continue to work on ETF inclusion to broaden institutional ownership globally for our equity, which we see as well-positioned and defined in the post-quantum encryption and computing category.

So to give newcomers and reiterate for people who are familiar with BTQ as a company, we really try to consolidate a lot of progress that's happening across quantum computing as a sector as a whole and put it into actionable product developments that are, self-fulfilling where we would call the, BTU flywheel. And that really starts with the hardware layer, as we're seeing with, recent news, and I think we'll see ongoing news around, as quantum computers and different modalities, reach different levels of quantum advantage over specific encryption protocols.

We will see kind of mission critical systems globally be subjected to quantum risk. So, one of our core mandates and objectives is our post-quantum secure semiconductor developments that Sean will go into in detail.

Another one is coarse-grained boson samplers, which are the -- basically fundamental hardware for quantum proof of work. So an unimposed quantum upgrade to the proof of work algorithms, which are underpinning networks like Bitcoin today, and also our work around neutral atom quantum processors that Philippe Blot will go into detail.

From those kind of, quantum hardware. Level fundamental building blocks, we can then develop quantum secure software, which we have underway in terms of our quantum proof of work, our one-shot signatures, which are our quantum cryptography, which is different than the post-quantum cryptography developed by QCIM, and things like our Falcon aggregation schemes in our product called PQ Scale.

From there, those are kind of one shot quantum software deployments. We get into kind of quantum networks. So our Bitcoin quantum L1 where we are, essentially applying the most up-to-date modern quantum cryptography, applying it to the Bitcoin source code in an active testnet that has been underway for several months and will be upgraded in the coming months into a mainnet along with also our quantum secure stablecoin networks.

And these are two test beds that are focused on, digital assets and money supply globally.

Why Bitcoin? It's been basically kind of iterated as digital gold or a store of value over the last decade. And its underlying encryption is at risk with upgrades to quantum hardware that we're seeing in real time. So Bitcoin quantum allows us to test quantum encryption and quantum hardware in real time. And we are hopeful that there's already a developer ecosystem that is increasing there, and we will be able to monetize it through mining fees as a company.

QSSN, there's a Bitcoin Quantum, we can't necessarily just upgrade, Bitcoin as a whole. It's a decentralized network. So we're proposing upgrades through Bitcoin Quantum.

With QSSM, we operate and propose upgrades for existing centralized stablecoin authorities. And a lot of, there's digital asset companies, but there are also traditional financial enterprises that are issuing and offering, on-ramps to, fiat currencies and digital formats. Those will over time and ultimately become mandated to incorporate quantum security, which we've seen in recent weeks and months.

And there was a broad kickoff of that with the inclusion of our QSSN in the SEC's post-quantum financial infrastructure framework.

Then we can go to the next slide.

Thanks, Olivier. So as I mentioned before, we're going to go through the product updates.

So starting with Sean giving an update on QCIM.

Okay, amazing. Hello, everybody. My name is Sean Hackett. I am the Head of Product for Silicon here on the QCIM team.

So this is the 2025 fiscal year earnings call. I would love to give you more of a picture into how our development as a team has been progressing, how our hiring has been going, where we're starting to see opportunities.

We are among BTQ's youngest teams. And so in 2025, one of the major updates was the joining of myself and Zach Belateche, who helps run our team here in the States. We only really made our very first hires. On our team in the middle of December 2025. And so if you were to ask me what was the progress on your team back in 2025, I wouldn't have too much to say.

But what I can say happened in the last quarter or so, I'd say has exceeded my expectations. And I think I'd like to start with what we managed to accomplish hiring our engineering team in the United States.

So we have managed to assemble a pretty impressive team here on the QCIM team here in the US, over in our offices in New York City, over in Portland and one or two people here in San Francisco.

We needed to bring on chip designers, design verification engineers, firmware engineers, and cryptographers to our team because the work that we have cut out for us to build a new secure enclave and a new secure enclave semiconductor IP is a pretty daunting task with some pretty aggressive engineering timelines.

And I would like to maybe highlight a couple of the folks that we've brought onto the team that we're very excited to have join us.

Fabien Goncalves was engineering software lead over at Apple Special Projects Group. He currently leads our embedded software engineering team here in New York City.

Michael Anfang is a senior digital design engineer who's spent a lot of time at many different companies, including PsiQuantum. He brings a lot of experience to our team.

Dr. Hunter Kippen, who's on our team as well, is an applied cryptographer.

He has a really rare combination of side channel security experience and post quantum cryptography experience coming from Samsung.

And somebody that we're very excited to have join us as well is somewhat of a legend in the hardware security space, Dr. Ro Cammarota, who's had executive and leadership positions at Qualcomm and Intel Labs.

He's worked on many very high profile hardware security projects and worked on many teams. With over 4,000 academic citations. And we just recently were able to bring him on as an advisor. So we have a very killer team here and we're very excited for what we can do together.

And now I'd like to give you a bit of a taste as to what our development timelines will look like over the next year to year and a half on the next slide.

So as we were hiring our team, we already managed to hit a milestone. We have FPGA IP of our QCIM product that is just about ready to start handing out to our early customers. So what will be included on our FPGA IP will be the basic NIST algorithms, Kyber Dilithium, AES, SHA3 and a handful of other primitives.

That we will be able to start using to start building our early relationships in the space already. And this is after about a four-month development cycle that we've already gone through, and we've already managed to hit a point where we can start productizing what we've made. So this is extremely exciting.

And personally, I didn't think that we were going to be able to hit this point this early in the game, but we managed to do it and now we have some opportunities in front of us that we can go after.

So we have a tape out deadline with our first partner, ICTK, who's helping us start to validate our technology in silicon. So starting in about Q3 of this year, we'll actually commit to our tape out with ICTK and start manufacturing those chips and get that moving.

As we continue through the end of the year, we will not just focus on performance of our IP, we're also going to start considering really deeply how to keep it secure against tampering, physical attacks and other kinds of very invasive style attacks that you would normally need to make a secure Enclave product. And that would be captured in our ASIC IP.

So we will be getting our performance numbers for our ASIC IP with ITRI coming on later this year. And we will be committing to a tape out with them in 2027. So that tape out is a very important tape out for us because the physical security guarantees that we'll be able to prove out in that second tape out will allow us to start going after some very high security applications, start allowing us to look very seriously towards expanding our commercialization in practically any complex semiconductor product in the world that will be internet connected. So that's a very exciting milestone for us too.

In the middle of 2027, that's when we sort of expect those first tape out chips from ICTK to come back. And once we have actually validated that piece of our development in silicon, we can start sending true fully custom chip samples out to different folks. And each one of these milestones represents a different broadening way to commercialize and productize what we're doing here. And this is a very exciting and very aggressive timeline that we can commit to because of the quality of our team.

So without further ado, I'd like to maybe explain what we have up for us in the next couple of quarters that we think would be very exciting.

Opportunities to show off what we've made if we go to the next slide. So this FPGA IP that we've made, I'll explain this in a little bit more detail.

Everybody knows that post quantum cryptography is something that a lot of countries around the world are trying to adopt. And a lot of regulatory pressure is starting to force the hand of engineers around the world to figure out how to include this technology inside their products.

So there's a widespread perception that this is a regulation-driven industry. But what makes products like this hard to adopt for chip designers is the performance, the power, and the area of the IP. And the whole reason why we think that the QCIM approach is a very interesting and worthwhile approach to migrate chips to the post quantum era is because utilizing this compute and memory technology, we can hit floor plans that are extremely compact and far more compact than what you can do with other methods of making secure enclaves.

And so it actually turns out that that performance and that floor plan advantage that we have using compute and memory is already something that can be very interesting to some near-term partners. And because we will have this FPGA IP in hand in Q2, we can already start going ahead and shopping it around to different early customers to get their thoughts on it and to demonstrate the advantage.

Our ASIC IP performance estimates will also be quite interesting because we'll be able to start showing you what it looks like for this IP to be embedded inside of a chip and what performance that you could have in a real life custom ASIC setting.

And we would expect these numbers to come out in this next quarter to be the kind of thing that we think is extremely exciting. And we can't say too much about our performance yet. Our current performance numbers are up on our website, but what we will collect over the next quarter we think will be very interesting and we think will be a very great proof point to commercialize further.

In Q3, we will actually have some development boards to start showing off our FPGA IP in a physical setting. So we'll be able to actually put this IP on some physical hardware and start showing it to folks who like to have that in-silicon proof point for their product. And these are all things we'll be able to start accomplishing over in the next three months.

I can start to share a little bit about the exact products and opportunities that we think are going to be quite interesting to go after in the next few months on the next slide.

So one of the interesting things for me working at BTQ is that this is a global international company. We have a reach that far exceeds what my team was able to have as a startup here in the United States. And I think what we've seen happen over the last few weeks and the last few months is a real increase in the pressure that people have to adopt post quantum, not just for regulatory reasons, but also for real sort of technical feasibility and performance reasons.

I'll walk you through a few of the opportunities that we have found that we think are very interesting for the near term that might lead to some commercialization opportunities in the next few quarters. And I'll start with the pressures that we're starting to see with the AI boom.

So AI data centers are starting to be built on mass in the United States and elsewhere, but especially the United States and North America. And one of the problems that these data centers have is the amount of TLS handshakes that they have to enact before.

Before you can process a workload in an AI data center. In a normal data center, normally what happens is you create a secure tunnel between a client device and a device within the data center. But when you call an AI workload, one connection request from a user can fan out into over perhaps 100 different TLS connections, each requiring post quantum. So that's for every connection request.

And as we're starting to see connection speeds. Double and triple and quadruple through Ethernet over the next few years, the networking cards, the data processing units, and various other networking equipment within the data center are having to withstand much higher post-quantum workloads than people originally accounted for.

And if you want to be able to support post-quantum cryptography at those line speeds at this level of connection. You'll have to be able to support post-quantum cryptography at an extremely efficient rate and as small a footprint as possible, which is one of the many advantages that QCIM has in the space of cryptographic acceleration.

Another major forcing function for post-quantum cryptography here in the States is CNSA 2.0. It actually turns out that national security systems need to adopt post-quantum and use the NSA Suite B algorithms by January 1, 2027, which is only in about nine months. And so a lot of the people who are making devices in the US arsenal and different places like this utilize FPGAs as almost the brains of the device, of the weaponry, and tend to process many things on the exact same FPGA.

So that would include networking, that would include connection that would include AI, that would include various different sort of high performance functions you would need for a weapon to run. And as a result, you need to also make the cryptography for that FPGA as small and as efficient as possible, which is the exact advantage that QCIM gives for a device like this. So that's another opportunity that we're quite excited about here.

Moving on to the ASIC IP, this is the thing that is physically secure against tamper proof, secure against tampering, secure against various physical attacks, supply chain attacks, the sort of thing that would act as a root of trust or secure enclave within another chip.

We're actually starting to see an increase in pressure that goes beyond the post quantum roadmaps that different countries have lined up as well. I think maybe the most interesting thing that has come out of the United States out of the last week or so has been the passing. Of the Chip Security Act through one of the House committees that would mandate using certain hardware security solutions to prevent the unauthorized use of certain AI chips.

And this is a very interesting signal coming from the United States right now because what this means is they are seriously considering mandating the use of hardware security technology in the highest end chips to prevent. Folks from around the world from using it in unauthorized ways. And this is a very interesting opportunity for companies like us because putting in something like a root of trust that's post quantum secure is actually a very big ask for chip companies.

So if it is something that is mandated by the top down, then every company needs to start using it, including most of the AI companies designing their chips here in the States, which would represent an opportunity for us.

We also have a reach in Europe and Asia, and I think these two regions have different sorts of forcing functions that would highlight other advantages of our technology compared to competitors.

Starting with Europe, there is regulation that is actually going to force stronger cybersecurity technology usage within devices starting in December 11, 2027, through the EU Cyber Resilience Act.

And so what that means is the EU has already identified a list of important and critical systems that need to begin adopting embedded security en masse, including in places that you would not normally include it, things like smart meters, things like extremely low-power chips. Things like Internet of Things devices that would not normally come with security are now going to have mandates to include this security.

And up until now, many of these types of use cases, things like automotive chips that would be found in a braking system, for instance, utilize extremely low power chips that simply don't have the space and resources to support post-quantum cryptography.

Given our floor plan advantage, the fact that our IP is so small, we can start going after many opportunities in Europe that other companies can't go for because of the super small floor plan of our IP.

And over in Asia Pacific, we're seeing something totally different, which is also quite interesting, which is the standardization of algorithms that go outside of NIST and outside of what the EU has been trying to standardize. So South Korea has four completely different algorithms for post-quantum that they want to standardize that are different from NIST. Things like AMAR, SMAGT, HETAE, NTRU.

We have a pretty strong presence over in South Korea and these are algorithms that will very likely be used in that region. But we're also starting to see other countries in Asia Pacific adopt their own post-quantum suites. And so the crypto agility in this region is something that's really quite difficult for a lot of chip designers to support because most secure enclaves are not reprogrammable. They come with a very fixed set of algorithms and adding a new algorithm requires recertification.

QCIM is a crypto agile secure element. So this would mean that if we were to support post quantum cryptography in a place like Asia Pacific, we can support many other algorithms that our competitors can't in a much smaller period of time. So these are all different opportunities around the world that we see an opportunity to seize in 2026, and that is what we're going to be going after.

So I'm super excited for this year. I'm very excited to touch base with you guys again next time we meet for a shareholder meeting to tell you where we are.

And with that, I'm going to pass this on over to Chris.

Thanks, Sean. And as Sean walked us through, QCIM is really building the hardware foundation for post-quantum cryptography. The secure chip elements, the collaborations with ICTK, with Etree. This is all a path to silicon. And Bitcoin Quantum is really where this foundation meets the real world.

It's the first live network secured by the same NIST standardized algorithms that QCIM is designed to accelerate in Silicon.

And to walk you through how fast this has moved, in October 2025, we demonstrated the first quantum resistant Bitcoin core protocol, which replaced all of the vulnerable ECDSA cryptography with MLDSA, which is the NIST standardized post-quantum cryptographic signature algorithm.

By January, we had launched the Bitcoin Quantum testnet, and this was timed to the 17th anniversary of Bitcoin's genesis block. And so from October to January, plus give or take a couple months, we were able to ship a live network in about five months.

In March, we deployed the IP360, paid to Merkle route on Testnet v3. The IP360 is. Probably the most commented. I think it is the most commented and that's certainly the most relevant quantum related Bitcoin improvement proposal in Bitcoin's history.

And we've been able to show that we are able to stay up to date on the latest and leading quantum related Bitcoin improvement proposals while the progress of the Bitcoin community is still pretty much confined to just forums.

Where we stand today, Tesnet V3 has over 50 miners. We have over 200,000 blocks, more like 250,000 blocks from as of today. We have over 100 open source contributors. And third-party validation has been exceptional so far. We've had coverage from Bitcoin Magazine, from Decrypt, Cosmopolitan, Delphi Digital Research.

And perhaps more importantly, we're also seeing institutional recognition. So BlackRock now references quantum risk in its ETF filings. Coinbase estimates there are roughly 6.5 million Bitcoin that are exposed to quantum attack.

And something that just broke today, Google's quantum research team published a paper demonstrating that elliptic curve cryptography requires roughly 20 times fewer physical qubits than previously estimated. So the new circuits need fewer than 500,000 physical qubits. Translates to roughly 1.2 to 1.4 thousand, so 1.2 to 1.4 thousand logical qubits.

And these circuits can execute in minutes. So whereas the previous estimates were in the millions for breaking ECDSA, Google is significantly moving this timeline forward. And they specifically recommend that blockchains transition to post-quantum cryptography. And that's immediate.

The wallet holders today should stop reusing and exposing their vulnerable addresses. And Google, Ethereum Foundation, and several large institutions now are raising policy concerns that abandoned coins and Bitcoin may never be migrated. And that's something that Bitcoin Quantum directly addresses.

So in this next slide, given what Google has published, the roadmap that we're looking at is even more urgent. Every Bitcoin holder with an exposed public key is now on effectively a shot clock. Our next major milestone for our mainnet launch is mainnet in roughly Q2 of this year. We'll be launching this with a variety of tools to help basically make transitioning Bitcoin holders to Bitcoin Quantum as frictionless as possible.

And from there, we're developing an ecosystem. So we have liquidity integrations coming in the second half of 2026. This will be driven by some new HTLC hashtime lock contracts that we're developing, which enables basically frictionless trading between other blockchains and other. Other digital asset providers will be providing custody services through the deployment of one of safe wallets, again, secure through hardware in 2027 and beyond.

And also we'll be managing a treasury that accumulates fees from our mining pool. The mining infrastructure that we're setting up, I mean, it first consists of this mining pool, which takes a 3% for all the block rewards. So that's namely any blocks that gets mined through this pool, which is to date the only mining pool, we'll take a percentage of.

And we're targeting roughly 100,000 BTQ in year one treasury. The market making through HTLC atomic swaps between BTQ and EVM chains will provide additional revenue as we roll out those services. So wallet provision services for institutional custody providers.

And the treasury management through strategic reserves and protocol fees, we adopt a sort of quantum version of Micro Strategy protocol. And all this, again, ties back to the hardware side where QCIM, as silicon matures, QCIM will be able to help accelerate all the post-quantum cryptographic operations. And that's the flywheel that Sean was talking about earlier.

So for QSSN and Q4, another fantastic year. We were able to, where Bitcoin Quant is to the public blockchains, the quantum risk to public blockchains, USSN is essentially its enterprise counterpart. So this is Quantum secure networking infrastructure, purpose built for banks, payment providers, digital asset platforms.

And importantly, QCIM and our secure elements being developed with, ICTK and ITRI, these can serve as the secure hardware root of trust for all of our QSSN validator nodes, giving institutional customers hardware-backed quantum security, not just in software, but across the stack.

What we also saw, from Google earlier today, these findings aren't just limited to Bitcoin. The same elliptic curve cryptographic protocols are underpinning finance, financial infrastructure broadly, and this is the same infrastructure USSN was designed to protect.

So the headline for QSSN in 2025 was regulatory validation. In September, the US post-quantum financial infrastructure framework prepared for the SEC's Crypto Assets Task Force, said a QSSN is a model for quantum secure tokenized deposits and later QuINSA as a model for quantum secure tokenized deposits.

And QuINSA approved this as a global standard through the ITU, ISO. And as we moved on to deployments in the field, we ventured into live pilot projects with two Korean partners, Danal in commercial payments and Finger in banking.

As we go into the next slide, our outlook for 2026, our go-to-market funnel is already in motion. We have live piloter. We have channel partners through Keypair for hardware security and QuINSA-aligned organizations. And these are very active. The next stage is controlled production deployments across banking and fintech, which we've already began with a select few partners.

We've structured four different revenue streams where we have, on one hand, validator node licensing, which is a subscription-based service. We'll have transaction validation fees through processing transactions through the QSSN network, and this scales with volume through our partners.

We have PQC IP licensing through KeyPair, which will be royalty-based. And this is where we get to reach into different industries that. Our partners are already connected with, as well as integration services, which is primarily project-based custom deployments for any institutional partners.

And again, we've seen a lot of regulatory tailwinds, but what's important to note here is that these tailwinds aren't just aspirational. These are hard deadlines that are coming through government mandates, which is something that we've expected for a very long time.

So we have the US NSM 10, which is a federal mandate, federal quantum safe mandate, which puts pressures on US governments and organizations to adopt post-quantum cryptography.

We have Canada's post-quantum cryptography mandates, which are also mandating that we essentially see broad hardware deployments being upgraded to post-quantum, as well as also in the EU, which are all fitting given where we have a presence in.

Yeah, thanks, Chris.

And with that, we move it on to (inaudible).

Hi, everyone. Thanks a lot, Chris. Very nice to be with you. About QPerfect, I think that you remind that we are at the end of the value chain where the quantum computer becomes to be an advantage in the model. And that's what we are focused at QPerfect. We port quantum algorithm to quantum computer and we are very dedicated to one of the main technology, which is a neutral atom platform.

And the recent news, of course, of Google are quite promising because we are filling the missing gap between the algorithm and the machine. So our Q4 2025 updates comes with equity injection from BTQ and full acquisition, which is pending regulatory approval. We should have a green light quite soon, at least.

We will continue to align and to embed both teams, quantum algorithm managed by Gavin Brennan and our eight new PhDs, which has been hired in order to answer the task of managing quantum error correction, which is a 2026 target for us in order to propose the best tuning possible between the number of physical qubits and logical qubits. And we are deeply involved on that.

And we support also, and you will see it in a minute, the continuation of proposing on the market our emulator, which is even more important for neutral atom technology because you always need for a neutral atom technology platform an emulator to test the hardware.

So we are coming from, as an academic lab. So we are working on papers every quarter. We have released three papers last Q4, and we will release one new paper in the coming two weeks on quantum error correction. All the papers are published on the QPerfect website.

Another additional importance of collaboration, scientific collaboration, is that we are deeply involved with European Commission or French government on some design wins or grants.

We have been lucky to be selected to three grants in Q4. We are waiting the result in terms of notification. And start of the project in 2026. One of the three will be announced next month. It is linked to the CHIP Act in Europe and it is regarding neutral atom platform. So having said that, I think what you want to know is what we really do every day and Guido will explain you our two platforms. One being simulation and the second one being the quantum logical unit.

Please, Guido.

Yes. Hi, everyone. I'm Guido Masella. I'm CTO of QPerfect. MIMIQ is our virtual control computer. And this year we just released actually a major release of MIMIQ that we have been working all through 2025, especially in the second of the year.

This new version of MIMIQ, it's going two parts. First, we released the ability for user to run workflows for variational quantum algorithms. These algorithms are very important for exploring use cases on NISC quantum computers, so noise intermediate scale quantum computer that are available.

Also at the moment to explore the use of these quantum computers into chemistry, logistics and other applications alike. User can now try these algorithms on our emulator, sending directly simulations to the emulator and all the workflow will be taken care directly on our remote services.

And the second part is about noise simulation and this means to really take the noise models all the physical imperfection of a quantum computing machine. The emulator and so that the user can now have first control on all the parameters, on all the noise that gets emulated and also on the algorithm and then study the algorithm as this noise evolves.

Try to understand what are the best conditions for running the algorithm or what are the resources that he needs for the hardware and so trying to get an advantage and actually users. Of QPerfect use these features to first test and validate algorithms on the emulator before sending them to actual quantum market.

And most importantly with MIMIQ is an emulator that can tail up to hundreds or thousands of qubits in is able to emulate up to hundreds of thousands of qubits. And this gives an advantage with this.

Also coupled with this feature -- yes, the next slide, please. And our focus for the 2026 will be instead on quantum logic unit, still based on our technology, especially most of MIMIQ will support this new technology, but the quantum logic unit is a software stack, is a compiler that will take applications, add quantum error corrections on top of it, and then compile them down up to machine instruction for neutral atom quantum computer.

And with the quantum logic unit, we will try to accelerate the deployment of fault tolerant algorithms on neutral atoms quantum computers. And we really believe in these technologies because it's one of the most flexible.

For example, atoms can be moved around with tweezers The entire QPU can be totally reconfigured to change connectivity to the lighting of the algorithms and this introduces really also problematics in how the compilation works. It's more difficult to compile for a quantum logic unit, for a quantum processor where qubits are not static.

And quantum logic unit will solve all these problems and will deliver on algorithms that can run on this machine for tolerantly. So without errors. And I can give back the words to Philippe to discuss a little bit the Paradigy Cloma.

Thanks, Guido. So as you are seeing, the CLUE development is quite key because it is going to answer the fact that we can port easily the OSS BTQ quantum algorithm. And that's where we push really hardware-software co-design between the two teams. We have a strong bond. We meet every two weeks where we share our researchers.

We optimize the one-shot signature circuits already by 10, which is very promising with the recent news of Google. We have a strong bond with the University of Strasbourg and the European Center for Quantum Science. Just to remember the audience that all neutral atom quantum platform worldwide, and mainly all the Americans are using a model of gates, which is coming from the University of Strasbourg and from the European Center for Quantum Science, and specifically a paper from Guido Pupillo, which is one of our founders.

And all the IP linked to that is managed by QPerfect. One of the opportunities we have is to work with all the neutral atom community, of course, companies in the USA, in Germany, in France, like Quera, Planck, or Pascal. But what is very important for us is to be able to work with real quantum hardware in our facility, and that's where we are working in collaboration with Access, which is the name of the QPU in our office.

And we are putting in place, as we speak, a digital noise model of the machine in order to better manage the future of the CLU model. We are continuing our high qualified people hiring. We are putting efforts in Q1 and Q2 2026 on hardware people talent because we are not only starting to talk with institute working on neutral atom like Max Planck in Germany or Institute Optic in France through the Eureka project, but we are also working with a company which are spin-off of those institutes.

So that's very important for us that. The brain of the quantum computer called Clue is part also of their design process. And that's something we will try to put in place second part of the year. But we have done the Quantum Science Week event last week where we were discussing with those people. So that's quite promising on our end.

Next slide, please.

So you understood from Guido that emulation and validation are very important and they are a crucial step for all platforms, but even more for neutral atom platform technology. Any corporate who will work on algorithms like BTQ will have a need to simulate and to try to understand the noise models before porting their algorithm on the real QPU when they would be available and MIMIQ for that is just a wonderful product, once you have done that, you will execute the quantum algorithm on CLU and run it and validate it directly on the QPU.

So I think that is quite well validating what BTQ is proposing, end-to-end value chain from. I mean, the post quantum cryptography to real quantum hardware value with quantum security offense model, not only to decrypt using the Shor algorithm. So I think this hardware software interface is quite strong with the new QPFX stack and we believe that.

We have everything into place to do this BTQ integration smooth and efficient. Bottom line, but you already understood this, every euro which is invested in CubeEffect is enabling compound across simulation algorithm, design and hardware, software co-development, but also enable us. To be part of the new standard which are coming at the European level or at the French level.

Thank you.

Okay, awesome. Thanks a lot to all the presenters for their overview. As you can see, lots on the go accomplished last year and as we near like the inflection point in '26. So yeah, just being conscious of time, just under 10 minutes left, I think I'll just pass it over to Olivier to cover a bit of the macro, general macro outlook and tailwinds that we see for '26. And then we'll just go through the public market overview.

Then we'll probably have time for one or two questions after. So, yeah, back to you, Olivier.

I think you're muted, Ollie, sorry.

Sorry. Thanks, Matt. Thanks to everyone from the teams in different divisions. It was a very kind of, all-encompassing overview from where we are technically. And, I think from a macro perspective, we're at a, pretty much a. We're going to fit into a very nice kind of like regulatory slipstream to eventually, commercialize everything that we're working on at the perfect time.

And if anything, I think, what we're seeing is post-quantum encryption vulnerabilities are getting, pushed up by years substantially. And, with the progress that the teams are making that we see from, QPerfect and how we're actually working on products ourselves that compromise quantum hardwares, those will continue to be publicized.

And I think something that needs to be warranted is there's a lot of undisclosed material information from other companies like China, other countries like China that are also working aggressively on quantum computing and similar objectives. So we feel strongly that our product suite is, we'll be ready at the right time and we're working, aggressively on the commercialization of QCIM, Bitcoin Quantum, QSSM and the QPerfect suite of products.

And yeah, I think we can flip to a few questions.

Yeah, we have a few slides kind of going over, what's at risk. I think there's been. You know a fair amount of studies that have signaled that you know post quantum encryption you know upgrade globally will be the you know kind of biggest and technological hurdle from that you know an IT perspective and cybersecurity for sure that you know the world's ever seen and you know that will go hand in hand with also kind of advancements in quantum computing so n terms of kind of the broader market spectrum of companies in the quantum space, we feel we have a good yin and yang balance of both quantum offense, which we're calling, and defense.

So development on the quantum computational side of things, as well as the encryption side.

Perfect. Thanks, Olivier. And then, yeah, just public market overview. Yeah, obviously volatile market, but we're super confident on the hiring and all the building blocks that we put in last year, as well as the transition to Nasdaq.

Increase the institutional adoption in ETFs and whatnot. So I think we're well positioned to attack this year and create some value in the market.

And yes, maybe I'll just pass it to Lonny to talk about the working capital before we do the Q&A. Lonny, you're muted.

Sorry. Yeah, thanks, Matt.

Mine's going to be short and sweet. Not quite as interesting as all the product discussion that's gone on in this presentation. But as at December 31, 2025, we had a cash balance of approximately $21 million and working capital of $20 million. Our R&D spending doubled year over year and will be significantly increasing for 2026 to support all the great initiatives that have been wonderfully described elsewhere in this presentation.

Awesome. Perfect. With that, we'll do a quick Q&A.

Maybe there's one that was submitted on QCIM. So maybe Sean, just a question about QCIM appears to have a massive total addressable market. Can you elaborate on the core target markets that you'll be going after once you've commercialized the chip?

Yeah, certainly. So we have several different things to commercialize. So it's important to maybe distinguish between those. We have semiconductor IP, which will be available first. There'll be a version of that that's more performance based and then a version of that that's more physically secure and side channel based for the ASIC IP.

And then about a year and a half from now, we'll have our first samples of our commercially ready secure enclave samples. So between these three products, the most important places to start for us would be the semiconductor IP, like I mentioned earlier in the presentation.

Targeting use cases in networking equipment data centers and defense use cases in the States is a great place to start for us this year, given the pressures that I mentioned around regulation and around performance for these different use cases.

Then over the next year or so, we'll be looking for opportunities to commercialize our ASIC IP, which is our high security version of the IP. We're looking at places that have already started to move on this. So the automotive and defense sectors are, of course, extremely important in moving really quickly on this.

But we're seeing lots of other opportunities around IoT and consumer electronics over the next year that we can get integrated into as well to help meet some of those European and CNSA requirements as we get later into our commercialization with our standalone chips. That's where things start to get a lot more interesting.

That's where we can start going after lots of sort of more generic electronic assembly type of use cases where the end product would actually be an assembly or a PCB with our chips on them. The possibilities with that are pretty endless, but for now, the use cases I just mentioned would be the place to start.

Yeah, awesome. That's super helpful. Thanks, Sean.

And then yeah, maybe one more just for all of you. There's a question about if we're looking to do any more M&A this year and any fundraising in the pipeline and kind of plans on the corporate level for 2026?

Yeah, thanks, Matt.

I mean, I think we, have basically kind of all of our firing, all of our hiring are almost done. I think Philippe and Sean have done an exceptional job of recruiting exceptional talent. Always be on the lookout for quantum physicists with unique skill sets. There's not so many of them. And at this time, we're adequately funded for our missions and commercial viability of our products.

Yeah, awesome. Yeah, there's a few more, but want to be cognizant of time. So yeah, if there's any more questions, just the e-mail is on the screen. So ir@btq.com and we'll get back to you async in the coming weeks with any additional answers.

And yeah, with that, thanks a lot for taking the time to tune in. The deck and the recording will be on the website and we'll see everyone for the Q1 update in a couple of months.

Thank you, everyone.

Thank you, everyone.