BTQ Technologies Corp. (BTQ) 2026 Q1 法說會逐字稿

Welcome, everyone, joining online. We'll just give folks another minute here to join and then we'll get started shortly. So we got a slowdown in the attendees trickling in, so we'll get started.

Yeah. So welcome everyone to the Q1 2026 investor presentation for BTQ Technologies. I'm Mathieu, I'm Head of CorpDev.

Before we start, I'm just going to read the disclaimer as usual. So 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 here. These statements are based on current expectations and assumptions and are subject to change. The company undertakes no obligation to update or revise them except as required by applicable law.

Okay. So just the speakers, we have Olivier, our CEO; Lonny, CFO; and Sean Hackett, Head of Product; Philippe Blot, CEO of QPerfect; Chris Tam, Director and Head of Innovation; myself, Mathieu, Head of Corporate Development; and then we have Guido, CTO at QPerfect that are going to walk through the Q1 update and remainder of the year outlook today.

And then, yeah, agenda, similar to last fall, we're going to go through the high-level recap of what we achieved over the quarter. And then we'll have a progress update by business unit and then an outlook section at the end, followed by Q&A.

So with that, I'll pass it on to Olivier to walk us through what we did over the first quarter this year.

Thanks, Matt, and thanks everyone for joining. A few things to touch on. In advancement of Q1 this quarter, in terms of scalability, globally across the BTQ organization, we've made a lot of substantial work, which I'll let Sean touch on a bit briefly on the QCIM engineering team.

But we have a full office in New York and a developmental office on the West Coast with Sean. So just under 20 people at the QCIM team now. So we're extremely excited about that and we'll be supporting our hardware into commercialization.

Dr. Ro Cammarota joined us to accelerate QCIM product development, commercialization, and global partnerships, has an extensive background in chip scalability development with the US government in different divisions and into labs.

And Dr. Gopi Muraleedharan joined us as Head of Quantum Algorithm and Applications Research at our Australian office in Sydney to work alongside Dr. Gavin Brennen. Gopi's collaborated with us a number of years and was previously at Los Alamos Labs. So we're excited to have him join the team.

In terms of product and platform delivery, we've been scaling Bitcoin Quantum, our testnet that went live in January, which is a quantum safe fork of Bitcoin is now running 50-plus miners, 200,000 blocks, and has over 100 contributors. Our first work on our Bitcoin Improvement Process 360 implementation was deployed on our Quantum Testnet version 3.

QPerfect SDT cloud emulation service went live on February 1, which is called QuREKA. SDT is a quantum company in Korea that is partnering with us on that launch. And MIMIQ, which is our QPerfect's quantum emulation service, had a major release featuring noise modeling, OpenQASM interoperability, and remote workflow execution, making a lot of tools more accessible through the cloud and enabled via MIMIQ.

In terms of capital markets and partnerships, we've been added to several ETFs. We had a large partnership agreement with Daou Data, which is a large Korean conglomerate, which is trialing our PQC technology for payment rails. We announced our ITRI collaboration to validate QCIM silicon. ITRI is a research institute based in Taiwan that famously incubated Taiwan Semiconductor. And we continue to work with them to certify our progression of QCIM and silicon.

And we have continued momentum with ICTK, which is our manufacturing partner for QCIM in Korea, Keypair, which is one of the leading cryptographic integration companies in Korea, along with Finger and Danal that are focused on payment related execution. And we've partnered with M1Q, QSSN.

In terms of the landscape that we're operating in, we definitely see tons of acceleration across quantum computing and different modalities whether it be neutral atom and other form factors of quantum computing, qubit realization and benchmarks seem to be progressing faster than anyone's expected in recent years. So with that, the need for post quantum cryptography accelerates even more so.

So we've seen updated memos from the US Department of War to basically systematically inventory all cryptographic and DOW systems. And that's mirrored with global procurement and compliance. And from a commercial stack perspective, we've seen large companies such as Google updating Chrome and software environments as well as Cloudflare updating their post-quantum cryptography algorithms.

So in terms of software momentum of PQC adoption, we're seeing that being tremendously accelerated. And of course, we feel that that should be mirrored and will be mandatory within hardware environments where QCIM focuses on.

All right. Thanks, Olivier. We're going to move on to the product updates. Starting with Sean who's going to walk through products for the quarter on QCIM?

Okay. Thanks, Matt. Hello again, everybody. It's nice to talk to you all. In this update, I want to give you a sense of where we are in our product development. We've hit some significant milestones on our research and development for the QCIM product.

So I want to give you a quick overview of where we fit into the market landscape, what kinds of milestones we've hit on the R&D side and then some new opportunities that we've seen pop up in light of these recent developments from Google and from other places.

But first, a couple of quick updates from the last 1.5 months of progress. So last time I updated you guys, I told you that we were almost done hiring our core engineering team for the QCIM product, and I'm happy to say that all of these main engineering hires have been made.

So we have 13 engineering team members total since December 2025 that have joined the team, plus the leadership. So very, very excited. We're going full steam ahead. And thanks to this team, we've been able to finally send out our final design files to our design partner ICTK as we prepare for our very first tape out.

So this is already being used in a real chip. We're very, very excited about that. This is going to allow us to test our design in silicon on a tape-out schedules for August 2026. We should be getting those very first samples back in Q1 of 2027. But in the meantime, this marks a pretty great milestone for us because it means that we have gone far enough in our product development to know what QCIM's advantages are and a few milestones there.

Next slide, please. So just a very quick overview to orient you guys into what the market for crypto engines and root of trust products look like today.

So up until this point, root of trust technologies have been measured across two main criteria. The first being physical security or side channel security. Basically, this is measuring the ability for a secure enclave or a root of trust to resist tampering and resist physical attacks. And this is very important for most chip applications which have a risk of being vulnerable out in the field.

And then the second main criteria to measure these products by is power, performance, and area. Simply put, how low of a footprint can you fit your design into? How low of an area, how low of a power, and how high of a performance?

Now, this is a very interesting moment with PQC because now we have a third requirement that's just been added called crypto agility. Usually secure enclaves meeting these really high security standards are not going to be crypto agile, meaning they cannot add new algorithms once they've been deployed.

Usually you pick the algorithms up front and you add them in directly into the hardware in very efficient and very side channel protected engines and you will not be able to update those once they've hit the field. So this is posing a challenge for post-quantum cryptography because of fractured global standards. NIST is picking certain algorithms. European commissions are picking different standards. South Korea is picking four completely separate algorithms.

And so we have a moment here where post-quantum roadmaps are not fully finished, but we have to figure out a way to support all these algorithms in future hardware, making choices today. Some of these algorithms are taking up 50 times or more memory than ECDSA, sometimes up to 80 times. So adding in these algorithms is an extremely difficult engineering challenge for a lot of people.

So a lot of the solutions that we're seeing come out of the gate right now that are hitting all three of these requirements being side channel security, strong power performance in area, and crypto agility are based around firmware. So instead of implementing a. Is a block for your algorithm that's tamper-proof, that's efficient, companies are deciding to create designs that run them simply on a secure CPU with a ton of secure memory.

And while these are viable solutions to support post-quantum cryptography and stay open to new algorithms, these types of designs are very memory hungry and very area and power hungry. So it's quite difficult to redesign hardware to accept these new designs.

Next slide, please. So this is the exact innovation that we've been working on with the QCIM product. We are uniquely providing a solution that includes all three of these requirements: your side channel security, your strong power performance and area profile, and your crypto agility. And we do this because we have a special acceleration block that's completely based around a secure memory block.

So instead of having a secure CPU run it in firmware and download it off of a server, basically, what we have is a special accelerator that is designed to run all these algorithms in a single block with the side channel security and crypto agility built in.

So the major redesign revolution that's being created by this product is that you can get all three of these advantages in an extremely small power and area footprint, much, much smaller than you could be achieving with a simple CPU and memory alternative.

Next slide, please. So now that we have finally delivered our QCIM IP to our design partners with ICTK, we are very excited to tell you a few important snapshots about what this product can do.

If you subtract the side channel security mechanisms, we're very confident that we are hitting record low footprints on area and power when we combine all the major algorithms together. Those would be MLKEM, MLDSA, SHA-3, SHA, SHAKE, and AES. So these are the main algorithms that are used in the CNSA 2.0 standard, and we're happy to say that we believe that we can support all these algorithms in a record low footprint.

A couple of quick notes about the configurations. So with those four algorithms that I had just mentioned, we believe that we can hit a profile that goes less than 100,000 logic equivalents. And this is an extremely small footprint that we're very proud of. I believe this puts us in the smallest possible category for crypto engines and something like this would be able to slot in easily into a new chip without having to expand the floor plan needed for your root of trust.

And if you add in ECDSA, we can achieve an area footprint of less than 140,000 logic gate equivalents, too. So we're very, very proud of these figures. And these are just conservative figures for now from a first draft. We're working with ICTK every single day to improve this footprint.

But this is showing great promise that we will be able to shrink the design even further and reach higher levels of performance. And compared to open source literature, what we're finding is that this design, with the SCA protections, the side channel secure protections, we're coming in at a 4 times lower footprint than the nearest open source side-channel protected PQC engine called Adams Bridge.

So these are some very major achievements from our team that we're comfortable sharing right now. In about a month or so, we will be in a position to share more details about our performance numbers, but for now, the fact that we have such a small resource utilization is a very big achievement for this team and shows that we have a differentiated product.

Next slide, please. So this is a very great moment for us because Google has shown how near a quantum breakthrough on cryptography could be and now the race is on to quickly support post-quantum algorithms. And that means that countries around the world that have chosen different post-quantum roadmaps compared to the United States also need to get into gear.

And so while we're very happy that we can support the United States NIST algorithms today, what we're also very excited about is exploiting our crypto agility advantage to support algorithms that are found in other countries. So on the roadmap in the foreseeable future, we are planning to support Hey Tae, which is a algorithm from the South Korean post-quantum roadmap. And we also plan to support HQC, which is an algorithm found on many European roadmaps.

So we're very excited to be supporting these algorithms specifically because of BTQ's international reach. We have the ability to speak with partners and design partners all across the world because of the crypto agility advantage that we have.

And also our record low footprint is allowing us to talk to any and all chip companies as well. Any and all chip and device companies who have to do a redesign, they are looking for solutions that occupy a very small footprint because redesigns are expensive and allocating more area for your secure enclave can be very expensive. So the fact that we have early evidence that shows that we can hit record low footprints means that we can go and speak to any and all chip companies, even ones that make extremely constrained devices.

Now, there is another major development that has happened in our industry that is starting to stoke the flames a lot more, which is the recent developments from Mythos and OpenAI around automated vulnerability hunting in software packages and firmware.

This is a very scary moment for people in cybersecurity, myself included, because it means that lots and lots of software packages, firmware packages, hardware platforms which used to require highly specialized people to find vulnerabilities, are now finding that they can chain together known exploits and find vulnerabilities in firmware in an automated fashion.

So a lot of the activity that we've seen come out of different security labs and different companies over the last month or so, companies like Palantir, companies like Google, companies like CrowdStrike is that they are emphasizing the great need to figure out how to introduce firmware resiliency across all chips and devices.

This is a very, very difficult problem because a lot of what the requirements are coming -- a lot of the requirements that a lot of these companies say they want to have when procuring new chips and devices is going to require hardware security placed directly on the chip and running at a high enough efficiency to do things like telemetry, to do things like checking firmware for runtime integrity, checking version control inside of the root of trust.

And a lot of chips that are being procured for different network architectures don't always have a root of trust available to perform these functions, especially not a root of trust that is efficient or performant enough to do all the things that these new standards are requiring them to do.

So we're happy to say that thanks to our very small footprint and thanks to our efficiencies, we believe that we will have a best-in-class solution for constrained devices of all kinds that never had hardware security on them before and also improve the efficiency of existing roots of trust to support some of these new AI-backed initiatives.

So we're very excited about all these things and being able to play a role in the future of cybersecurity involving AI, involving all sorts of forces that will come around by 2030, by the time quantum computers will be practically deployed. And this is a great opportunity for our company and I'll just leave it to that.

I'll go to the final slide here just to give you guys a update on our timeline. So this is the same slide that I gave you guys about 1.5 months ago for 2025 year-end call. And I'm happy to say that we have not changed a single letter on this timeline. Everything about this is still on track.

We have FPGA IP that is now available that we're testing with early customers. In about a month or so, we'll have performance estimates on our ASIC IP. And then come next year, we'll have silicon-proven results that we can use to begin making true silicon samples in 2027.

So yes, that is the update from QCIM, and I will now pass it over to Chris for updates on QSSN.

Thanks, Sean. Hey, everybody. Thank you for tuning in today. Happy to share updates and developments of QSSN, which is our post-quantum control layer for regulated tokenized assets.

In the first quarter, three developments characterized moving our business towards commercial readiness first. QSSN was selected as the core post-quantum security infrastructure for Korea's first bank-led Korean won stablecoin pilot.

This is extremely exciting validation for QSSN as the quantum safe control layer for regulated tokenized money since, as is being pointed out, tokenized assets are making cryptography a core part of up and coming payment infrastructure. And QSSN sits at the very heart and center of this all.

Here, wallets, smart contracts, issuer keys, and bridging are all becoming very important control points that regulators are paying close attention to for digital money systems. And the problem we're addressing head on is how these assets should be secured before they become critical infrastructure with glaring quantum vulnerabilities, as well as the new AI vulnerabilities that are being enabled by frontier models like Mythos, as Sean had just discussed.

Second, our Danal pilot was a resounding success. So together with Finger, which is the bank's systems integrator, we processed thousands of transactions at 100% success rate and a 0% fallback rate. This is up from a 93.6% baseline from late last year. We settled more than 750,000 MCCX, which is the pilot's native token. We stood up more than 200 post-quantum wallets across the banking application user base of over 400,000 users.

And so this really proves out that QSSN makes quantum readiness available today across three, again, very important distinct layers that the regulators are looking at, which is transaction authorization, issuer control, and cross-chain infrastructure.

And third, we've solidified a very solid distribution stack across Korea. So we have in our partnership network, we have Danal for commercial payments. We have Finger for system integration and banking distribution.

We have IM Bank for commercial banking deployments, Daou Data for enterprise IT, and Keypair for hardware and co-developed intellectual property. And this gives us a really significant advantage in the market region and penetration in a jurisdiction that is very quickly adopting stablecoins and digitally backed assets.

Korea is not alone in this. The European Central Bank recently released a comprehensive payment strategy report that positions tokenized settlements as core infrastructure for the years ahead. And while Korea is moving faster than others, the US, Europe, and many other markets are also heading in the same direction.

Part of why we're seeing a lot of this traction is also technical. As pointed out already by Sean, in March, many of you will remember Google published the first detailed resource estimates to date of quantum threats to cryptocurrencies and tokenized assets where they specifically identified three vulnerabilities, being wallet public reuse, long-lived administrator keys on stablecoin contracts, and bridges that move value across chains.

And we've been thinking about these exact risks for a very long time, and QSSN was designed with all of these in mind from day one. And so we're very excited with all the progress we've made. Our 2026 priorities are very, very clear to us. We first want to convert the Danal pilot into a live commercial deployment with IM Bank as a lead candidate for replicating the model we've taken so far that we've achieved with Danal and Finger.

Second, we are also building a dedicated QSSN sales and solution engineering team to monetize the Korean ecosystem and extend our progress into new regulated markets focusing primarily in the US. Our team has done a great job so far in anticipating the critical issues and quantum risks and critical financial infrastructure and will continue to replicate the success across the world's most advanced and available markets.

And next slide, please. Turning to Bitcoin Quantum, which is the first quantum safe fork of Bitcoin. Our first quarter can be highlighted by three milestones that moved our project towards mainnet. First, we completed a production grade quantum safe Bitcoin upgrade proposal. So this was a full implementation and deployment of BIP 360, which is Bitcoin's most widely discussed quantum upgrade path, along with various technical details, Pay-to-Merkle-Root, SegWit compatibility, but most importantly, full NIST-standardized Dilithium signature support. And this is, to-date, again, the most complete public reference implementation of post-quantum Bitcoin in the industry.

Second, our testnet has reached production-like scale. So as of March 31, the network had more than 75 miners contributing over 10 terahashes of net hash rate, more than 300,000 blocks mined and more than 150 open source contributors. The network is now behaving pretty much under production-like conditions with nearly six months of testing under our belt.

And third, we've completed a hard network analysis of what the parameters for mainnet launch will look like. We've built a public simulation dashboard and we're open sourcing that and we have a whole entire testing platform that will be released for independent and contracted auditors with an accompanying paper to be released shortly.

And overall, our roadmap is still sequenced for mid-2026 mainnet launch. Mainnet will open token liquidity, miner economics, on-chain activity, and if we achieve this on the planned timeline, Bitcoin Quantum will be the first quantum-safe Bitcoin chain to reach this milestone.

We're looking to on-ramp exchanges, custody providers, custody integrators across 2026 and 2027, which will open up institutional access and listed-driven listings across various platforms, as well as obviously market discoverable token price.

And over time, we expect recurring revenue lines to develop around the network namely around mining infrastructure, market-making custody, and treasury management.

And with that I'll hand it over I'll hand it over to Philippe.

And I think Guido will start.

Hi, everyone. So thank you, Chris. Thank you, Mathieu. I just wanted to remind quickly what are the development objectives of QPerfect. We are working on quantum computing and in making sure that quantum computer works. Quantum computers today are affected by errors. You cannot trust the end -- the results of computations.

And there are different ways to handle errors in quantum computer. What QPerfect is focusing on is quantum error correction. So algorithmic way of detecting and correcting error in quantum computers. And quantum error correction has to be embedded inside the algorithm.

So an algorithm that solves a business use case needs to be compiled by adding quantum error corrections to it and then compiled down to hardware instructions for a given quantum computer. And then executed and during the execution also needs to be an active feedback cycles in order to really now detect and correct errors in real time.

And the objective of QPerfect is to build the software stack for making that happen as efficiently as possible, especially targeting specific applications like the ones developed by BTQ and specific hardware technologies like neutral atoms quantum computers.

And to do so, QPerfect has different product lines. We have three product lines. The first one is MIMIQ, our quantum circuit emulator. It's a vendor-agnostic like technology agnostic simulator for quantum computers that is available now for commercialization, is a commercially available for user.

In the middle of the stack, we have digital twin, which is an hardware faithful emulator, built around one specific machine. It uses MIMIQ as its computational core and adds native instruction set, operational constraint, and calibration of the machine, for example, and in order to get the most faithful simulation of what actually how does an algorithm look like on a given machine.

And the first instance this is deployment in deployment development of QPerfect and the first instance would actually target quantum machine French public platform built here in Strasbourg based on neutral atom technology.

And the final in development piece is actually what joins all of this and make the compilation path possible is the quantum logic unit, or QLU for short. This is the fault tolerant execution layer. It compiles the application down to QEC encoded, quantum error correction encoded circuits, and then to the hardware schedule, so schedule the operation on the hardware.

An important point here is that each tier, each development builds on top of the one below. MIMIQ powers the digital twin and both feed through the quantum logic unit compilation stack. So for one code base, we have three different product. And I will try to get you some Q1 objectives and achievements for each of these product lines.

Next slide, please. Yeah, the first one is MIMIQ. So the headline of this quarter is that we released a new version of MIMIQ. We already talked about it in the same format 1.5 months ago.

But now the new headline is that we are releasing a new component of the MIMIQ simulation framework, which is internally we call it TensorWeaver. TensorWeaver is a new and high performance simulation engine based on matrix product states, similar to the engines that today MIMIQ now runs on the cloud.

What is new about TensorWeaver is that now it can be deployed locally. It can be installed -- does not work only on cloud-as-a-service platform, but it can be installed locally on every laptop, on every HPC center, on every workstation. And these unlock for us new customer, a new way to deploy MIMIQ to customers.

So clients that was data or workflow cannot leave, for example, their own infrastructure, now have an active way of getting MIMIQ and install it on their own premise. And for this one, we are already in talks with some prospects in South Korea and we have additional leads locally here in France.

Second achievement is actually a commercial partnership with SDT, which is a Korean company and now it's fully operational. MIMIQ is embedded in SDT QuREKA platform and live there as one of the core engines for simulations on the platform and so really this opens for QPerfect and for BTQ the for emulations the Asia-Pacific market market.

Third. On visibility, we actually run the second edition of Quantum in Practice seminar, which is a series of seminar done here by TERATEC, French organization. And we explained how MIMIQ works. We show use cases involving travel sentiments problem and the vehicle routing problems.

Working and being solved on MIMIQ on very large scale problem instances. And we had more than 85 registrations and active participations through the seminar, which is good for expanding the world and making everyone comfortable in using a new simulation framework, a new way of building quantum algorithms with MIMIQ and for MIMIQ adoption.

For context, MIMIQ remains one of the fastest -- is the fastest quantum simulation platform as confirmed by also our benchmark, but also independent benchmark. It's a universal simulator. It allows for noise models and for accurate representation of other machine.

And then next slides. And actually all this development feeds directly into the digital twin that now moved from a static representation of the hardware, only the noise of a hardware machine to a dynamic one. Because what we are trying to do is to emulate neutral atoms machine where atoms are locked in place by lasers and then pick up still by optical tweezers, moved around in free space, both close together, and then operations are done.

So these are reconfigurable platform, which is different, for example, by tipping out superconducting circuits that has static topology. Here we can really move the qubits around. And this also has good implication because the platform is more scalable.

It's easy to make qubit that has distance between themselves interact, but also is a problem for noise, for evaluating noise and for compilation, because now we also need to take into account the movement of the atoms. So concretely here atoms are shuttled. You can see also from the video between different zone, for example, storage zone, interaction zone, or readout zone.

And in the digital twin all these movements or every operation that is performed on the machine, it's evaluated also for its noise consequences and we can simulate them really what happens on the machine. The noise model for the quantum machine that we are building here in Strasbourg in the institute where I spin off on, it's been integrated in MIMIQ. And so in the digital twin, we extracted all the noise channel, including also erasure errors and the loss of particles.

And this is the foundation also of the partnership that we are having again with the institute and that we are formalizing now in this accord specific number one in order to be the formal basis on our digital twin work between us and the aQCess platform, but also on the QLU, quantum logic unit, working in perspective of executing circuits on the platform. So the video show what I told you, the digital twin executing and emulating a circuit over our aQCess architecture. And the noise model you cannot see from the video alone. It's propagated alongside the video.

So why this matters is the digital twin lets a hardware provider run their own machine in software and then understand the consequences of different architectural choices and the same for application engineers or external companies that are focused more on applications to understand how different compilation affect their algorithm and their resilience for example to noise.

Next slide. And all these developments feed in the quantum logic unit. The quantum logic unit is the compilation framework that brings application down to other instruction, now embedding quantum error correction. And so trying to make applications run fault tolerantly on other.

And as a news for this quarter is that we completed the demonstrator for the quantum logic unit. The end-to-end pipeline from really from an algorithm to the other instruction runs. We can run fault tolerant quantum circuit through hardware aware intermediate representation and down to a schedule list of instruction for the hardware. And then we close the loop by detecting and correcting error as long as the execution goes.

In this quarter, we also extended the quantum logic unit to compile arbitrary circuit. And now one of the prospect is to really applying to circuit matters to algorithms that matters, such as, for example, the one-shot signature from BTQ.

And for this, we, for example, produce our first resource estimation, estimating how long computation will take, how many qubits are needed with some simple quantum error correction codes, such as the surface code. And these numbers can drive the algorithmic development on BTQ side, for example.

The video that you can see show a random circuit with five logical qubits being executed using a surface code of distance 9. This is a quantum error correcting code that packs many physical qubits into one logical qubits and here you can see five logical qubits.

These blocks are shuttled from a loading zone into an interaction zone and then measured in gates. Operations are done between the qubits and then the qubits are measured in a readout zone. And down in the slides, you can see the pipeline of compilation that we are now using for the quantum logic unit.

So just my last point, the quantum logic unit is built as a general purpose fault tolerant compiler for neutral atom technology. And now we are trying to make the shortcut in order -- for our collaboration with BTQ in order to make algorithms such as one shot signature run as soon as possible on fault-tolerant QPUs.

And I leave the word to Philippe to explain the rest of the developments of QPerfect.

Thanks a lot, Guido. Hi, everyone. So all this presentation of our three layers to show you that we are as close as possible from FTQC mode and we are running exactly in the same speed as Google on these specific neutral atom technologies.

Another achievement we get this Q on the grants we were talking on one month ago was the Q-PLANET consortium agreement, which is now signed. So just to recap, that's a big European consortium agreement, more than 35 partners to enable a pilot line for the [G CHIP Act] and it has started May 1.

In order to do our outreach and to be sure that we can show our IP, we still every quarter propose a few publications and few papers, and they are all on our website. It is very important to work, as Guido mentioned, on noise modeling or on correlated atom loss. That's where we show our expertise and we continue also to propose patents and we will for sure disclose about the abstracts on the new one that we have been working in Q2.

Regarding the outreach, we were part of the EuRyQa Conference, which is the main consortium in Europe, really is the elite working on neutral atom platform. QPerfect is a spin-off of this in terms of technologies. The UpQuantVal project, which is a three-nation Upper Rhine project, has been presented during the Industry Day here in Strasbourg in March and we continue to see that it is very powerful in terms of consortium because these 16 partners have access to many technologies and they have more or less all the value chain and QPerfect is part of it to be presented to big corporates like BASF, Merck, and the like.

We were present as well on the Quantum Defense Forum in March. It's very important because it aligned with the BTQ post-quantum cryptography where this explanation that we have with quantum defense, quantum offense, we are starting step by step to explain to all the defense bodies, cybersecurity bodies, what happens after PQC, how you can get value from the quantum computers. With a value proposition like one-shot signatures so that's something we'll hear more and more quarter after quarter but we are starting with these different institutions to deliver a standard.

We will for a third year but for a second consecutive year part of VivaTech as a selected member of our region here in France to showcase what Guido explained to you with Quantum Logical Unit. I think it will be a major news for the VivaTech people, knowing that the VivaTech organizer were visiting our offices also last March, which is quite significant when you see that there is thousands and thousands of startup going to VivaTech.

And we continue to be one of the main player on the Quantum Week. That's an event that we organize now every year at CESQ, the European Center for Quantum Science here. And for instance, this year we were having the advantage to have big companies like Merck, Thales coming with us to present on different kind of quantum applications. So we are very glad to see this forthcoming global event, national and European, we hope, but that's more than 500 participants only on this topic, quantum computing.

Next slide, please. So I mean, our execution roadmap, this has been clear in what Guido was presenting. But one way we are working in 2026 is to go down to the hardware. So to be sure that the one-shot signature algorithm is going to be in FTQC mode as soon as possible.

For that, we are part of some strong collaboration and we have signed the noise model with aQCess, which is a quantum computer here, the only one public quantum computer in France and perhaps one of the only in Europe. So we are quite proud of this because it shows the path of the BTQ strategy to the hardware.

We are also continuing this strategy with different kind of grants. We have announced Q-PLANET already, but there will be two new ones coming in 2026. So I hope that you will hear about this next Q.

MIMIQ on premise is starting the route. Again, we are presenting it in different parts of the world, but we mentioned South Korea, France, but we are also presenting this to the Kingdom of Saudi Arabia. And we have very good answers because when you can do what quantum computing as a service can do, but on your own premise with the confidentiality and all the measures that Guido presented, it's quite significant. And we hope to announce some deal signed in the next Q.

The QLU target, it's still to run the BTQ algorithm in FTQC mode. But in the meantime, we need to progress and we need to finalize a V1. And the target that we are here is still on time. And we believe that we will have a full QLU for sales release and implementation mid-2027.

And I think that's it for us. Or do I have a next slide? Sorry. That's good. Yeah.

Thanks a lot, Philippe for this, Guido for this breakdown, and the rest of the leaders. So yeah, as you can see, super excited to see all these timelines work together and progress in parallel. And yeah, I'll just pass it over to Olivier to quickly wrap up and give a bit of a high-level outlook for the remainder of the year, and then we'll do a quick Q&A after that and wrap up.

Thanks, Matt, and thanks everyone for presenting. So as you've heard from the team, lots of progress around our three core pillars of BTQ.

As I mentioned earlier, we see strong regulatory tailwinds and deadlines coming into effect at the very, very start of next year with CNSA 2.0, which is the US standard for PQC requirements. That will be filed by the EU Cyber Resilience Act and then federal transitions.

I think 1.5 months ago, we saw the Google quantum threat horizon through neutral atom quantum computing projected to be 2029. So a lot of these planned government initiatives might bump up in time or be more proactive in terms of their planning and approach. And there is still a EU 2030 target in place for migrating technologies to PQC.

In terms of the quantum disruption that we're seeing projected across our product pipelines. QSSN is targeting the $30 trillion payments and digital money issuance. I think we've seen tons of innovation over the span of Bitcoin and digital assets. What that's really brought us fundamentally is stablecoin platforms that are being rolled out by nation states, large centralized banks and issuers, and all of those will need to be post-quantum secure and protective.

That is a huge initiative and undertaking that involves both software and hardware, and we want to make sure that we're the market leader of that. We've done a great job in terms of validating the technology with large banks and regulators within the Korean ecosystem and hope to transport that globally.

QCIM. As Sean alluded to, we've now validated significant portion of the hardware to be globally world leading in the way that it's being developed. And that's targeting a $15 trillion secure silicon for device, which targets everything from secure elements to payments, identity, IoT, telecom, defense.

So we're extremely excited about how that's progressing and hope we can hit more milestones to separate from other technologies in the space. And I think we've done a really good job with a feature set of QCIM, crypto agility, side channel attacks are just becoming more and more other attack vectors with AI acceleration and risk factors to that extent.

Very excited about what Bitcoin Quantum brings. Obviously, that's targeting this $2 trillion, $3 trillion digital asset decentralized store of value thesis. I think Bitcoin was created prior to quantum technologies and attack vectors existing. So as I've discussed at length with Chris and the team, we're excited to bring Bitcoin Quantum into the wild to showcase what quantum store of values mean.

And I think we'll have further innovation in terms of when people perceive digital decentralized stores of value, what does that mean in the quantum age and what are quantum properties applicable to progressing store of value?

And then I think it's been a -- it seems it gets more and more exciting every day for the promise of neutral atom technology and QPerfect, which targets this quantum compute platform, which is McKinsey numbers of around, $300 billion today and growing.

But as we see, neutral atoms potentially lead quantum modalities in terms of qubits and acceleration, we have market-leading simulation environments and, middleware hardware to support neutral atom developments. And we're excited to be soon showcasing our one shot signature work, which is a quantum cryptography engine that underpins some of the development there.

So, yeah, I think we touched on all of these, but towards for the remainder of '26, we'll be busy commercializing QCIM IP in the currently validated, FPGA IP. And we're in active discussions with multiple sectors on how customers in those respective sectors can basically integrate the technology over the course of its transition into silicon.

And I think in terms of QSSN, we are just basically turning on production switches to those various integrations that are ongoing at the moment. As Chris mentioned, Bitcoin Quantum will be going live in the summer. And we hope any day now to have the closing approvals for QPerfect acquisition, further integration into that and underpinning a sales force for MIMIQ and other products within the neutral atom commercialization that's underpinned by QPerfect's research team.

Awesome. Thanks, Olivier. Yeah, so quick public market overview. Yeah, we had a few more ETFs this quarter, which is great. We're really happy with the increased institutional shareholder base that's growing. And then, yeah, we have our select partners down here and looking forward to adding more partners as we get closer to commercialization for different products later this year.

And then, yeah, I guess Lonny can talk us through quickly just the working cap and the financials.

Okay, I can just go through it quickly. So as end of March, we had $12 million liquidity available. So yeah, we're confident in like the cash position. We still have a control cash burn and we're going to leverage non-dilutive funding and yeah, selectively pursue, we have the base shelf in place in case we want to fundraise.

We're in a good position right now, but we may look to raise to pursue to accelerate R&D and also pursue a selective acquisitions as we see fit and there's still a disconnect, I think, in valuation of targets of IP and companies out there. So yeah, that's the summary for the public market overview.

So yeah, we can move on to a quick Q&A session. If people want to use the chat, we'll have time to answer a couple of questions.

Okay, we have one here. Which of the four pillars will be the first to be mass commercialized and when should we see significant impact to quarterly revenue?

Yeah, I can take that. I think everything's rowing in the same direction and all teams are focused on commercialization with QCIM, QSSN, and QPerfect, testing integrated and launching with respective clients already. So I think those numbers will be changing dramatically and as larger transactions close, we'll be disclosing those numbers.

Good. Awesome. I have another one maybe for Sean here. Regarding the recent announcement on QCIM's ITRI silicon validation, can you share any key performance metrics? Additionally, is the current FPGA IP version ready for direct deployment on actual hardware boards today?

Yes. So key performance metrics, so we're talking things like cycle counts and crypto engine performance. We will be making an announcement in about a month once we have settled up and confirmed our end-to-end performance numbers for key algorithms. So stay tuned for that. What we presented today was resource utilization numbers about how large the IP is and how much memory and how many logic gates it's taking up.

So stay tuned, in a month or so we'll have an update for you. And the FPGA IP currently is in the hands of a few trusted demo partners right now who are working out the kinks. So in about, again, a month or so, I think we'll have an FPGA demo available for any partner or customer to use. And that'll be about the time where that becomes available.

And then maybe one more here we have probably for Chris. So with these major launches to mainnet coming in the next few quarters, what are the marketing plans going forward to reach institutional investors who will lead this effort?

Yes. So we've been preparing some materials to exactly for this use. So preparing, going to institutions and saying, look, you have basically a certain amount allocated to crypto assets, most, if not all, of which is vulnerable to quantum risk. We have a very palatable solution to offset that risk. So these ideas and materials have been built up over the course of the past few months and we'll be using them very shortly.

Awesome. Thanks, Chris. And then we have one. Based on your current cash position, current status of acquisitions, are you planning public offering in 2026?

Yeah, as I said, we have a base shelf in place, so we may look to raise opportunistically for, if we see opportunities in the market, like a disconnect in valuation or if we can accelerate R&D efforts. But yeah, we're confident in the current cash position to have our operations ongoing and bridge us to revenue. But yeah, we may leverage the base shelf if we're at a price where we're satisfied and we see opportunity there in the market.

Yeah, I want to be conscious of time. We're a bit over, but yeah, thanks all for attending the earnings call. And yeah, if anyone has any further questions, the e-mail is on the screen, so ir@btq.com to reach us.

Yeah, thanks, all, for attending and looking forward to chatting during the Q2 earnings call. All right, thanks all. Have a good day.

Thank you.

Thank you.

Thank you.