Quantum eMotion Corp. (NYSE: QNC; TSXV: QNC-V) has released its unaudited condensed interim consolidated financial statements for the first quarter ended March 31, 2026. The Montreal-based developer of hardware-agnostic Quantum Random Number Generators (QRNG) highlighted its first recorded commercial revenues and an expansion of its cryptographic portfolio.
As noted by management, the company presents its financial statements in Canadian Dollars (CAD). To assist with industry-wide tracking, the table below provides the raw reported CAD figures alongside their corresponding values in United States Dollars (USD), based on the current exchange rate of $1.00 CAD = $0.72 USD.
| Amounts in $M | Q1’2026 (CAD) | Q1’2026 (USD) | Q1’2025 (CAD) | % Change (CAD) |
| Revenue | $0.011 | $0.008 | $0.000 | — |
| Operating Expenses | $3.88 | $2.79 | $3.34 | +16.2% |
| Operating Loss | ($3.87) | ($2.79) | ($3.34) | +15.9% |
| Net Loss | ($3.59) | ($2.58) | ($3.35) | +7.2% |
| Cash and Short Term Investments | $37.40 | $27.01 | $39.19 (12/31/2025) | -4.6% |
Financial Overview and Commercial Inflection
For the three months ended March 31, 2026, Quantum eMotion recognized its first early commercial revenue of $10,582 CAD ($7,619 USD), moving past its pure research-and-development phase. Operating expenses ticked up 16.2% to $3.88 million CAD, driven by an expansion of general corporate infrastructure required to support its recent listing transitions and target vertical captures.
The GAAP Net Loss widened slightly to ($3.59) million CAD, or ($0.016) per share, compared to ($3.35) million CAD in Q1 2025. This loss was partially mitigated by a significant Net Financial Income swing of $298,879 CAD, generated by higher yield returns on the company’s capital deployment allocations.
QeM’s total liquidity position remains exceptionally stable at $37.40 million CAD ($27.01 million USD) in combined cash and liquid short term investments. This cash cushion is a direct consequence of the company’s previous brokered LIFE financing rounds executed throughout fiscal year 2025, which provides a long-term operational runway.
Strategic Acquisition: California Expansion
Subsequent to the close of the first quarter, in April 2026, Quantum eMotion completed the 100% cross-border acquisition of SKV Technology Inc., a California-based cybersecurity firm.
- SecureKey™ Integration: The transaction hands QeM full ownership of the SecureKey™ platform, an enterprise-grade access solution.
- Deal Structure: Under the terms of the agreement, QeM will make milestone-based earn-out payments of up to $7.0 million (payable in cash, stock, or a combination thereof) alongside up to $15.0 million in tiered sales royalties over a five-year window. Management intends to pair SecureKey™ with its native atomic-level QRNG chiplets to build an unhackable end-to-end authentication token for corporate IT networks, healthcare databases, and IoT devices.
Operational and Research Milestones
- NSERC Semiconductor Grant: The company advanced its collaborative work with JMEM Tek, claiming its first $101,084 CAD slice of an authorized $600,000 grant from the Natural Sciences and Engineering Research Council of Canada. The funds are earmarked for designing a quantum-secure semiconductor hardware layer.
- Vertical Target Focus: QeM finalized validation profiles for its mobile-ready quantum encryption applications, actively pitching initial proof-of-concept tests to high-tier financial services and data storage providers to optimize secure cryptographic key generation over cloud backbones.
Additional details regarding this report can be found in the Quantum eMotion Q1 press release here, and the company’s official SEC Form 6-K financial filing is available here.
June 2, 2026