en.Wedoany.com Reported - Quantum eMotion Corp. (listed as QNC on the New York Stock Exchange and the TSX Venture Exchange) has released its unaudited condensed interim consolidated financial statements for the first quarter ended March 31, 2026. The Montreal-based company, which specializes in developing hardware-independent quantum random number generators (QRNG), recorded its first commercial revenue during the quarter and expanded its cryptographic product portfolio.
Financial data shows that in the first quarter of 2026, the company generated revenue of CAD 11,000 (approximately USD 8,000), with operating expenses of CAD 3.88 million (approximately USD 2.79 million). The operating loss for the quarter was CAD 3.87 million (approximately USD 2.79 million), and the net loss was CAD 3.59 million (approximately USD 2.58 million), with a loss per share of CAD 0.016. As of the end of the quarter, the company held a total of CAD 37.4 million (approximately USD 27.01 million) in cash and short-term investments. Compared to the same period last year, the first quarter of 2025 had zero revenue, operating expenses of CAD 3.34 million, and operating and net losses of CAD 3.34 million and CAD 3.35 million, respectively.
The company recognized its first early commercial revenue of CAD 10,582 (USD 7,619) in the three months ended March 31, 2026, marking its transition beyond the pure research and development phase. Operating expenses increased by 16.2% year-over-year to CAD 3.88 million, partly due to general corporate infrastructure expansion to support the recent listing transition and targeted vertical market expansion. Although the GAAP net loss widened slightly from CAD 3.35 million in the first quarter of 2025 to CAD 3.59 million, it was partially offset by net financial income of CAD 298,879 generated from the company's capital allocation investments. The company's overall liquidity position remained stable, with total cash and liquid short-term investments of CAD 37.4 million (approximately USD 27.01 million), primarily supported by the brokered LIFE financing round completed in fiscal 2025.
Following the first quarter, Quantum eMotion completed a full cross-border acquisition of California-based cybersecurity company SKV Technology Inc. in April 2026. The transaction grants the company full ownership of the enterprise-grade access solution SecureKey™ platform. Under the terms of the agreement, QeM will pay milestone-based earnout consideration of up to USD 7 million (payable in cash, stock, or a combination of both) and tiered sales-based royalties of up to USD 15 million over five years. The company plans to integrate SecureKey™ with its proprietary atomic-level QRNG chip to build end-to-end authentication tokens for enterprise IT networks, healthcare databases, and IoT devices.
In operations and research, the company advanced its collaboration with JMEM Tek, receiving an initial CAD 101,084 from a CAD 600,000 grant approved by the Natural Sciences and Engineering Research Council of Canada (NSERC), funds specifically designated for designing a quantum-safe semiconductor hardware layer. Additionally, QeM completed validation profiles for mobile-ready quantum encryption applications and is actively pitching initial proof-of-concept tests to high-end financial services and data storage providers to optimize secure encryption key generation on cloud backbones.
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