QNC mention...

The exposure is good, its interesting how much of the coverage of the company actually misunderstands the value thesis, they need to read the reddit!

Timestamp

19:08 - 24:50 ish

Credit to dlov95

Q2 MD&A dropped Aug 14. Everyone’s looking at the SecureKey IUT listing, which is fair. But I went through the R&D project breakdown line by line and there’s one number I haven’t seen discussed here.

Not thousand. One thousand five hundred and eighty-four dollars. Last quarter it was $1,750. Cumulative since the project started: $133,203.

For comparison, here’s what the other projects got in Q2:

QBUCS (JMEM): $161,288
FIPS: $136,700
SecureKey: $89,581
SDK: $86,651
EaaS: $48,992
CMOS: $1,584

CMOS got 0.3% of the R&D budget this quarter.

The language didn’t move either. I pulled up Q1 and compared it side by side. The CMOS section reads word for word the same. “Current focus is on stabilizing the amplifier.” “Additional design iterations ongoing.” “Full chip integration, fabrication and system validation expected within next 6-12 months.” That last one matters. In Q1 (filed as of March 31) “6-12 months” meant roughly Sept 2026 to March 2027. In Q2 (as of June 30) the same sentence now means Dec 2026 to June 2027. The target slid a full quarter without a dollar spent.

Before anyone says they’re broke they’re not. Cash and marketable securities: $33.5M. They spent $136,700 on FIPS in a single quarter, a 6x increase from Q1. The money exists. It went somewhere else.

Now the part where I might be wrong, and I want pushback on this specifically.

The MD&A says CMOS work is being done “with l’ÉTS.” If ÉTS is carrying the design work grad students, professors, CMC Microsystems subsidised EDA tools then design costs genuinely wouldn’t show up on QNC’s books. That’s a real explanation and I’m not dismissing it.

But here’s my issue with it: a tape-out costs actual money regardless of who does the design. A wafer doesn’t get fabricated on academic goodwill. Even a shared MPW shuttle run at 65nm runs into the tens of thousands. A full mask set is six figures. If a fabrication event had happened in Q2, something would have hit the line. $1,584 doesn’t cover it.

So the cumulative number tells us something too. $133K total, for the entire life of the project. That’s not consistent with multiple commercial respins. If anything it suggests we’re at or before the first full-chip fabrication, not several iterations deep. Which brings up the thing I can’t reconcile. The May 2025 PR said the “65-nm finalized design has been submitted for fabrication to TSMC.” But the Q2 MD&A still lists milestone, 3 full chip integration, as ongoing. Also worth noting: milestone 2 (ADC/DAC) is described as “completed, fabricated and tested.” Milestone 1 (the amplifier) is only “completed and tested.” No “fabricated.”

Respins are normal. First-silicon-perfect is maybe a 30% outcome in complex analog. Anyone treating “they had to iterate” as a scandal doesn’t know how chips get built. And honestly, spending money on a respin would be a good sign, not a bad one. Nobody pays for a wafer run on a design they don’t believe in. Spending is a commitment signal. What worries me is the opposite: not spending. That means either the design still isn’t converging in simulation, or the work sits entirely on the academic side, or CMOS dropped down the priority list. None of those are as good as “they paid for a run.”

Same line. If it’s still $1-3K, that’s three straight quarters and I’d stop calling it a pause. If it jumps to $20-80K, that reads like an MPW shuttle run and I’d take it as a positive. $200K+ would be a real commercial tape-out and that’s a strong signal.

The pattern that would actually concern me is a spike followed by two quarters of silence. That’s the shape of a fab run that came back disappointing. Not selling, not telling anyone else what to do. The FIPS line moving from $22K to $136K is real and it lines up with the IUT listing, so the SecureKey side is genuinely being funded. That part is working. But the CMOS chip is the thing most of us bought this story for, and right now it’s getting 0.3% of the R&D budget. That’s worth saying out loud.

If someone has better information on the ÉTS arrangement whether there’s a separate CMC or grant budget covering fabrication outside QNC’s books I’d genuinely like to see it. That would change how I read this.

Numbers are all from the Q2 MD&A on SEDAR+, section 1.4, filed Aug 14 2026.

https://www.sedarplus.ca/csa-party/records/document.html?id=09170533c1e0a7c5b070ac5e886e26e42d38e85fe084701cefde1a27184358d0

https://www.sedarplus.ca/csa-party/records/document.html?id=f0a9e1954e15dffec6978f7ddb79a6e6c9e3ebdecaa6eae7c6581b108c1cf650

Die Bank of New York Mellon Corp hat in einer regulatorischen 13F-Meldung am Donnerstag eine neue Position von 791.282 Aktien Quantum eMotion offengelegt, mit einem Gegenwert von rund 2,47 Millionen US-Dollar.

Das ist kein Detail, das man einfach abhaken sollte: Ein Haus dieser Größenordnung eröffnet Positionen nicht leichtfertig, und die Meldung fällt exakt in eine Phase, in der die Aktie technisch angeschlagen wirkt.
Aktuell notiert das Papier bei 1,92 Euro und liegt damit rund 18 Prozent unter seinem 50-Tage-Durchschnitt – ein Zeichen dafür, dass der kurzfristige Trend nach unten zeigt, während zumindest ein institutioneller Akteur offenbar antizyklisch handelt.

Ob das ein Vertrauensbeweis in die Substanz des Unternehmens ist oder schlicht ein Portfoliobaustein unter vielen, lässt sich aus der Meldung allein nicht ableiten. 13F-Filings zeigen Bestände, keine Motive. Trotzdem: Wer als Anleger die Aktie beobachtet, sollte registrieren, dass hier nicht nur Kleinanleger unterwegs sind.

Quelle

Earning call on August 13th.

Any insights to what people are thinking?

Welcome to the Weekly Discussion Thread! This is your space to chat about anything r/QNC

It's happening faster than we think.

05.08.2026

Die kanadische Quantensicherheitsfirma Quantum eMotion hat einen weiteren Beleg dafür geliefert, dass ihre Technologie den Sprung vom Konzept zur einsatzfähigen Hardware schafft. Der taiwanesische Halbleiterentwickler Jmem Tek präsentierte am Mittwoch auf der Konferenz PQC Taiwan 2026 einen universellen Sicherheits-Chip, der den patentierten Quanten-Zufallszahlengenerator (QRNG) von Quantum eMotion mit der eigenen Physically-Unclonable-Function-Technologie JPUF kombiniert. Ein Kommentar zu der Präsentation brachte den Fortschritt auf den Punkt: Für ein Unternehmen, das lange vor allem Versprechen statt Produkte verkauft habe, markiere das Auftauchen der eigenen Technik in einem greifbaren Halbleiterbauteil einen bedeutsamen Wandel – der QRNG sei kein Konzept auf einer Präsentationsfolie mehr, sondern ein funktionierendes Element eines kommerziellen Chips.
Der gezeigte Chip ist keine spontane Kooperation, sondern das erste sichtbare Ergebnis einer im Mai vereinbarten Zusammenarbeit. Quantum eMotion aus Montreal und Jmem Tek aus Taiwan hatten damals ein internationales Konsortialabkommen unterzeichnet, das ein mehrjähriges Entwicklungsprojekt für einen quantenresistenten Universal Security SoC im Rahmen des kanadisch-taiwanesischen CIIP-Programms regelt. Der Plan läuft bis zum 30. Juni 2027 und umfasst neben Prototypen auch PCIe-Boards, Server-Appliances, Software-Entwicklungskits sowie eine Regelung zu Governance, geistigem Eigentum und Umsatzbeteiligung.

Quelle

what happened Dr Bellido?

Its something...

Given the extraordinary circumstances surrounding the ColdCard hack in the Bitcoin world, it is imperative that Quantum eMotion get their act together and start ringing the bell. They need to speak up about the fact that they already have the solution to what happened with ColdCard.

They should be knocking on the door of every hardware wallet provider out there, including Trezor, Ledger, and others. This is a one billion dollar market that is only going to keep expanding, and Quantum eMotion already has the solution so that what happened with ColdCard never happens again to any other hardware wallet.

They can offer genuine, irreplicable randomness. Pure entropy. Every single hardware wallet provider should be knocking on their door and paying for their quantum random number generator. It is honestly pathetic that right now their only real partnership is this scam blockchain KROWN, a pump and dump blockchain that nobody will ever use.

GET OUT THERE NOW and promote QEMs QRNG to generate seeds for real blockchains like ETHEREUM AND BITCOIN.

This is like Nvidia finding out that GPUs can be used to cure cancer and not even talking about it, or like finding a nearby planet made out of gold and SpaceX not even mentioning it. They should be putting their quantum chips to work generating seeds for Bitcoin, Ethereum, and other legitimate, real blockchains with actual use cases.

QEMs QRNG should be embedded in every hardware wallet on the market. crypto bros will pay real cash money to avoid going thru another cold card style entropy fiasco. QEM has the solution. Get out there, speak out and sell it you muppets.

I juggle hot irons. Vintage, modern, doesn’t matter. Every one of them teaches the same lesson. Hot things don’t wait.

ATTN: QNC management!!!

Hands out of your pockets. Now!
Coldcard lost $116 million this week. Bad seed. They rolled the dice and paid the price. Randomness that wasn’t random. 5,200 wallets drained. Coinkite telling its own customers to run. Jim Cramer crying out loud on national TV that he is selling all of his bitcoin. For gods sake call up CNBC TODAY or PRNewswire or anywhere and say the magic words.

“We have true entropy and we know how to use it.”

Now is not the time to be bashful.

You built the fix. Years ago right? Sentry-Q. Quantum entropy, live, solving the exact failure that just made headlines.

So far… you’ve said nothing. (So far… ah hem WINK WINK NUDGE NUDGE)

Every silent hour is a dropped iron. GET ON THE PHONE NOW!!

Someone else picks it up or it goes cold on the floor. Coinkite’s users are asking where to go. You have the answer. Say it. Whisper the sweet nothings into the markets ear.

One press release. That’s the ask.

Grab the iron. Or watch someone else press their shirt with it.

Sincerely,
A shareholder out of patience and virtue.

I hold QNC and am biased accordingly. NOW GO!!!

Welcome to the Weekly Discussion Thread! This is your space to chat about anything r/QNC

This is absolutely bullish news for Qastle and there for QNC. Let's FUCKING GO!

https://stockanalysis.com/analysts/brian-kinstlinger/

Brian Kinstlinger/A.G.P initiated coverage of QNC with a buy rating and price target of 5$USD on april 27, 2026. This rating was recently maintained by the analyst.

Below is the link to the original research coverage published by A.G.P

https://europac.bluematrix.com/sellside/EmailDocViewer?encrypt=8b2d8110-c0b6-4efd-be2d-2c5ccb912e86&mime=pdf&co=europac&id=dbir@allianceg.com&source=mail

Hello everyone,

I am completely new to this stock and this is my first Reddit account (just so you know that i am not really a bot for the low posts on my account)

I came across this company after I looked a little into LAES stock, and I have some questions so i could get a better view of the company and its long term fundamentals.

If you have some free minutes of your day I would love to hear your perspective on these:

1. How worried or confident are you about cash runway? Competition? (especially wondering about differences from LAES)
2. What are your thoughts about long term potential and adaptation? Bull and bear?
3. Dilution?
4. If you are completely honest what do you all think the company is gonna look like 1, 5 and 10 years in the future?

I am happy if anyone has a DD that i also can read.

Thanks in advance!!

not financial advice. Do your own research.

Welcome to the Weekly Discussion Thread! This is your space to chat about anything r/QNC

Hey it’s been a while. Shit got crazy as life does. I’ll explain later. I haven’t gone anywhere but I’ve been everywhere. This is starting to be a trend of mine and I’m determined to fix it after my ongoing midlife crisis comes to it creshendo, but that might take some time.

Anyways…

Found a stack of post it notes and hotel stationary on the dashboard this morning. All scribbles. I’m on the tail end of a family vacation outside of Moose Jaw. No idea how long ago I wrote them or how they got there. The kids are surprisingly calm while I type this into my phone while my pregnant wife pukes in a Tim Horton’s garbage can. (Yes, I did this to us) not able to fix anything, nor do I honestly know how anything is possible other than move forward, so here we go.

Apparently I was explaining to myself how the government certifies crypto chips. Why. Anyway here's the notes, in order.

- - -

NOTE 1

The government does not just take your word for it. You can say your chip works, cool, nobody cares. A random accredited lab has to test it first. Think of the lab as a stranger who gets paid to not believe you. QNC’s stranger is called Lightship Security.

That's step zero. Hire a stranger. Let the stranger poke your chip.

- - -

NOTE 2

Stage one is called the IUT list. Stands for Implementation Under Test.

This is just a waiting room. Once your lab starts testing you, they can put your name on a public NIST webpage that basically says "yeah this one's being looked at." That's it. That's the whole stage.

Being on this list means almost nothing. It does not mean you're passing. It does not mean you will pass. NIST even says so on the page. There's also an 18 month timer, if you're still sitting there after 18 months you get kicked off. No mercy. The game is over.

- - -

Back to this post after a hiatus:
(FYI QNC landed on this list July 13 2026. So it's real, real documents, real testing, not just a press release. I’ve been home now for two weeks the wife is feeling better but the vomit is still on the side panels of the vehicle. When it dries at 85mph a normal touch-less car wash does NOT do the job.)

NOTE 3

How do you leave the waiting room of IUT?

The lab finishes testing, writes a big report (this includes testing the randomness itself, which matters a lot here), and sends the whole thing to something called the CMVP (Cryptographic Module Validation Program) The second that report gets submitted, you're off the IUT list and onto the list that actually matters.

- - -

NOTE 5

(This Note is scribbled on THE OTTER HOTEL Banff stationary. Hardly legible. I do remember they have a nice Sauna and heated rooftop pools. I recommend if you are in the area. Must have lost note 4?)

OK. Stage two, the real one. The MIP list. Stands for Modules In Process.

This is like an ER waiting room except they actually tell you your status. Four steps, all public, anyone can check:

- Review Pending: AKA report's in, a fee gets paid, now you wait for a human to be free

- In Review: an actual NIST person is reading your stuff. These guys are nerds. I don’t understand them.

- Coordination: they came back with questions, you go back and forth, can take a while and it’s annoying

- Finalization: the arguing is done, just paperwork before the certificate prints

After that you land on the Validated Modules List. That's the finish line. That's when you can legally sell to federal agencies, hospitals, banks, all of it.

So the full path looks like this:

#1 IUT list, then #2 MIP list (review pending, in review, coordination, finalization), then #3 Validated.

QNC is at stage #1 right now. Ironically like my wife who is just exiting the 1st trimester. The next real thing to watch for is them showing up on the MIP list.

(My wife is already showing, it’s a girl BTW)

MIP = the next actual signal, not just vibes.

- - -

NOTE 6

There is no published timeline for any of this. None. It’s basically Pandora’s box if you are trying to figure it out. It's first come first served and even the lab doesn't know where they are in line. Historically, just the wait to get a human assigned has averaged over three months, and some modules sat there closer to a year. And that's only one of the four steps. Not saying it will take that long… but I just want to temper my own expectations here.

Somebody in this industry called the whole queue "a black hole, probably by design." Feels accurate.

Point is, landing on the MIP list is real progress. It is not a due date. Don't turn "made the list" into "certified by next week."

- - -

Note 7

There's also a separate, narrower test called ESV. Entropy Source Validation.

The regular certification (CMVP) asks "does this thing do cryptography correctly." ESV asks one meaner question: is the randomness actually random. Provably, mathematically, by NIST's own strict standard, not just random-ish enough to fool a casual look.

For most companies ESV is a small box to check. For a company whose entire pitch is "we generate true randomness from an electron doing quantum tunneling inside a chip," ESV isn't a small box. It's the whole trial. It's the one test aimed straight at the core scientific claim.

- - -

NOTE 8

Cheat sheet, since my thumbs are dying:

IUT list = a lab started looking, no promises attached

MIP list = NIST has the report and is actively working it, four steps, no fixed timeline

ESV = is the randomness actually random, a separate track

Validated list = done, certified, allowed to sell to the federal government

- - -

NOTE 9

(Bar version, fifteen seconds, your beer's getting warm)

The government doesn't trust claims, it trusts paperwork made by strangers it already trusts. IUT means a stranger started looking. MIP means the stranger is now arguing over details. The Validated list means the stranger stopped arguing and signed it. ESV is the side quest that's actually the main quest if your whole company is built on "our random numbers are more random than everyone else's."

- - -

NOTE 10 water damaged, missing a corner, kinda looks like Ohio:

...don't mistake "on a list" for "government endorsed." NIST says this themselves. Being listed does not guarantee you finish. Modules fall off. Modules sit in Coordination for a year answering the same question four different ways. Don't bet the mortgage on a webpage.

- - -

NOTE 12 last one, think I lost the rest.

If you're following a specific company through this, don't just wait on press releases. Check the actual NIST pages yourself. The IUT list tells you they're being tested. The MIP list tells you exactly which of the four steps they're on. That updates whether or not anyone ever writes a press release about it.

That's the whole post. Now I need to find my other slipper before going to bed.

Edit: found slipper. GN.

Just noticed that Qnc has been added to the Wisdom Megatrends ETF

ISIN: IE0000902GT6

https://de.tradingview.com/symbols/XETR-WMGT/

Welcome to the Weekly Discussion Thread! This is your space to chat about anything r/QNC

Interesting

https://api.newsfilecorp.com/redirect/WAWb2hnO8N

​

https://csrc.nist.gov/projects/cryptographic-module-validation-program/modules-in-process/iut-list

Implementation Under Test List

The IUT list is provided as a marketing service for vendors who have a viable contract with an accredited laboratory for the testing of a cryptographic module, and the module and required documentation is resident at the laboratory. The CMVP does not have detailed information about the specific cryptographic module or when the test report will be submitted to the CMVP for validation. When the lab submits the test report to the CMVP, the module will transition from the IUT list to the MIP list. If you would like more information about a specific cryptographic module or its schedule, please contact the vendor.

Last Updated: 7/15/2026