Quantum eMotion Corp.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The balance sheet still holds: C$38.16 million of equity, C$34.00 million in cash and short-term investments, no bank debt and a cash runway beyond four years — no substance risk is documented, and the auditor signed the 2025 accounts without qualification and without a going-concern paragraph. What remains open is the decisive operating question, and the interim report as of June 30, 2026 did not answer it but sharpened it: after nearly two decades of development, there is still no proof that this technology can be sold — C$23,232 over twelve months is not a business model, and second-quarter revenue fell back to C$1,479. Three further findings cannot be argued away: the largest expense line is the company’s own share-based pay, a substantial part of the research budget flows to an entity owned by a former director, and the newly recognized C$9.01 million purchase liability can cost real money if the technology succeeds. That is not a balance sheet or governance breach, but it is a reason to read every quarterly figure carefully. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Quantum eMotion has a documented technology, a balance sheet that was unusually clean until recently — and almost no revenue. C$23,232 over the twelve months to June 30, 2026 stands against C$8,336,705 of expenses in the first half of 2026 alone, of which C$3,991,153 was share-based payments. The interim report of August 14, 2026 changed three things: quarterly revenue fell to C$1,479, the quarterly loss hit a record C$4,736,314, and the SKV acquisition now sits on the books with a C$9,009,072 contingent consideration liability. Buying the stock means betting that partnerships eventually turn into invoices. The governance findings are part of that bet. Not investment advice.
Technology and intellectual property
Five patent families; two of them carry two granted U.S. patents each plus protection in roughly a dozen other countries, while three newer families are only pending (annual report 40-F 2025). The first 65-nanometer QRNG chip design went to fabrication in May 2025 and FIPS 140-3 validation is under way. The technology is documented, not merely asserted.
Balance sheet and funding
C$38,155,529 of equity, still no bank debt, and C$34,004,955 in cash and short-term investments as of June 30, 2026. With C$1,859,513 of cash used in operations in the second quarter of 2026, that covers more than four years. New and limiting: total liabilities rose to C$10,159,356 because the SKV acquisition now sits on the balance sheet with a C$9,009,072 contingent consideration liability.
Commercialization
The first revenue in company history arrived in the fourth quarter of 2025: C$11,171 for the year, plus C$10,582 in the first quarter of 2026 — and only C$1,479 in the second quarter of 2026, not a single dollar of it from Greybox Solutions. After nearly two decades of development, that is a beginning that most recently got smaller rather than larger.
Expense structure
The largest 2025 expense was share-based payments at C$6,833,609 — more than general and administrative, research and marketing combined (C$4,149,798). In the first half of 2026 it was C$3,991,153 of C$8,336,705. Two new lines arrived with the second quarter of 2026, both from the SKV acquisition: C$504,264 of amortization on the acquired intellectual property and a C$423,798 fair value adjustment on the purchase liability.
Governance and related parties
C$684,397 of C$1,073,747 in 2025 research expense went to Fileglobal, a director-owned company; in the first half of 2026 it was C$482,392 of C$931,482 — even though Larry Moore has not been a director since June 18, 2026. At that same annual meeting, 47.05 percent of votes cast opposed re-electing the CEO, 48.45 percent opposed director John Young, and the option plan was converted to a rolling 10 percent of shares outstanding.
Dilution
The share count rose from 135,502,838 (December 31, 2023) to 219,419,670 (June 30, 2026) — roughly 62 percent in a little over two years. The new rolling option plan was used immediately: 2,980,618 grants at a weighted average of C$4.23 in the second quarter of 2026, taking the total to 19,764,355 options plus 7,250,000 warrants. SKV milestones of up to C$7,000,000 may be settled in stock.
Worth Noting
Hook: Quantum eMotion has traded on NYSE American since February 24, 2026; on June 26, 2026 Capital Ventures International and the Susquehanna entities reported 11.0 percent — their amended filing of August 14, 2026 shows only 2.4 percent as of June 30, 2026.
Data basis: annual report 40-F for 2025 (filed March 31, 2026), interim report 6-K as of March 31, 2026 (filed May 15, 2026) and interim report 6-K as of June 30, 2026 (filed August 14, 2026); all filings through August 14, 2026 reviewed. Price as of August 17, 2026. This analysis was published on August 13, 2026 and updated on August 18, 2026 for the second quarter of 2026.
Currency note: all balance sheet and income figures are Canadian dollars under IFRS, while market capitalization is in U.S. dollars. Metrics that mix the two — such as the Altman Z-score or net current asset value per share — are deliberately not shown.
Not to be confused: Quantum eMotion (QNC) is unrelated to Quantum Corporation (QMCO) or QuantumScape (QS); the company was named Quantum Numbers Corp. until June 2021.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at QNC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.70 $ to 4.40 $ · Last price: 2.20 $ (As of: September 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/29/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Quantum eMotion Corp. QNC | 0.5 | – | -2.1 | 100.0 | -36,734.2 | – | – |
| Microsoft Corporation MSFT | 3,715.8 | 31.5 | 17.7 | 67.9 | 46.3 | 14.9 | 0.4 |
| Palantir Technologies Inc. PLTR | 460.3 | 211.8 | 163.5 | 84.8 | 46.2 | 56.2 | 5.6 |
| Oracle Corporation ORCL | 383.3 | 21.8 | 15.2 | 64.0 | 36.2 | 17.4 | -52.7 |
| Palo Alto Networks Inc PANW | 319.6 | 316.3 | 219.9 | 70.4 | -2.5 | 14.9 | 93.8 |
| Crowdstrike Holdings Inc CRWD | 261.9 | – | 594.8 | 75.2 | -2.2 | 21.7 | 115.4 |
| Fortinet Inc FTNT | 126.9 | 63.1 | 44.4 | 80.2 | 31.3 | 14.2 | 109.1 |
| Cloudflare Inc NET | 122.0 | – | 3,233.6 | 72.6 | -9.7 | 29.9 | 60.0 |
| Synopsys Inc SNPS | 80.0 | 84.3 | 22.9 | 82.9 | 10.4 | 15.1 | -14.4 |
| Median of companies shown | 261.9 | 73.7 | 44.4 | 75.2 | 10.4 | 16.2 | 32.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year C$M
Revenue Operating income Net income
| Fiscal Year | Revenue (C$M) | EBIT (C$M) | Net Income (C$M) | EPS (C$) | Operating Cash Flow (C$M) | Equity (C$M) | Total Assets (C$M) |
|---|---|---|---|---|---|---|---|
| 2016 | – | 0 | 0 | -0.02 | 0 | 1 | 1 |
| 2017 | – | -2 | -1 | -0.03 | -1 | 2 | 2 |
| 2018 | – | -1 | -1 | -0.02 | -1 | 2 | 2 |
| 2019 | – | -1 | -1 | -0.01 | -1 | 1 | 1 |
| 2020 | – | -1 | -1 | -0.01 | 0 | 0 | 1 |
| 2021 | 0 | -2 | -2 | -0.02 | -1 | 3 | 3 |
| 2022 | 0 | -2 | -3 | -0.02 | -2 | 4 | 4 |
| 2023 | 0 | -2 | -2 | -0.02 | -2 | 1 | 2 |
| 2024 | 0 | -3 | -3 | -0.02 | -2 | 1 | 2 |
| 2025 | 0 | -11 | -11 | -0.06 | -4 | 42 | 43 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (C$M) | Sales YoY (%) | Net Margin (%) | OCF (C$M) | FCF (C$M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 0.00 | -3.20 | 0 | – | – | -1 | -1 |
| 2024: Q4 | -0.01 | -16.30 | 0 | – | – | -1 | -1 |
| 2025: Q1 | -0.01 | -407.40 | 0 | – | – | -1 | -1 |
| 2025: Q2 | -0.01 | -46.20 | 0 | – | – | -1 | -1 |
| 2025: Q3 | -0.01 | -90.60 | 0 | – | – | -1 | -1 |
| 2025: Q4 | -0.01 | -162.00 | 0 | – | -35,735.50 | -1 | -1 |
| 2026: Q1 | -0.01 | 13.10 | 0 | – | -33,909.70 | -2 | -2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (C$) | EPS Range (C$) | Revenue Estimate (C$M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | – | – | 1 | – | 1 |
| 12/31/2027 | – | – | 4 | – | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Quantum eMotion verkauft keine KI, sondern Quanten-Zufallszahlen und Verschlüsselung; die Berichte belegen aber eigenen KI-Einsatz — das hauseigene Automatisierungswerkzeug QodeAI und „AI assisted development“ als Teil der Softwareentwicklung — während die einzigen Umsätze (11.171 CAD in 2025, 10.582 CAD in Q1 2026) aus Lizenzgebühren von Greybox und Krown stammen, nicht aus KI.
View the full file — quotes, sources, reviewed filings
„On January 16, 2024, QeM announced the beta release of its AI-Powered Automation System, named QodeAI, a new development tool, designed to accelerate the deployment of QeM’s main products and accelerate the deployment and adoption among customers and partners."
Am 16. Januar 2024 kündigte QeM die Beta-Freigabe seines KI-gestützten Automatisierungssystems namens QodeAI an, ein neues Entwicklungswerkzeug, das die Auslieferung der Hauptprodukte von QeM beschleunigen und die Einführung und Übernahme bei Kunden und Partnern voranbringen soll.
40-F (Exhibit 99.1, Annual Information Form) · 2026-03-31 · View SEC filing
„Research and Development directed towards software products takes many forms including: a) Broadening the Scope of Application as well as Ease of Adoption of the System Development Kit (“SDK”) b) Specialized applications – which in 2024 included Blockchain and AI assisted development c) Work on post-quantum cryptography, which includes FIPS 203, 204 and 205 realizations."
Die auf Softwareprodukte gerichtete Forschung und Entwicklung nimmt viele Formen an, darunter: a) die Erweiterung des Anwendungsbereichs und der Einführungsfreundlichkeit des Software-Entwicklungsbaukastens (SDK), b) spezialisierte Anwendungen — die 2024 Blockchain und KI-gestützte Entwicklung umfassten, c) Arbeit an Post-Quanten-Kryptografie, einschließlich der Umsetzungen von FIPS 203, 204 und 205.
40-F (Exhibit 99.1, Annual Information Form) · 2026-03-31 · View SEC filing
„On November 26, 2025, QeM and Exascale Labs Inc. announced a multi-year initiative to integrate quantum-grade cryptographic technology directly into large-scale AI compute infrastructure. The partnership brings together Exascale’s full-stack GPU platform with QeM’s QRNG hybrid technology including cryptographic modules making it a secure environment for high-density AI workloads."
Am 26. November 2025 kündigten QeM und Exascale Labs Inc. eine mehrjährige Initiative an, kryptografische Technologie in Quantenqualität direkt in großflächige KI-Recheninfrastruktur zu integrieren. Die Partnerschaft verbindet die vollständige GPU-Plattform von Exascale mit der QRNG-Hybridtechnologie von QeM einschließlich kryptografischer Module und macht sie damit zu einer sicheren Umgebung für dichte KI-Arbeitslasten.
40-F (Exhibit 99.1, Annual Information Form) · 2026-03-31 · View SEC filing
Filings Reviewed: 40-F 2026-03-31 · 6-K (Zwischenbericht zum 31.03.2026) 2026-05-15 · 6-K (SKV-Übernahme, Krown-Partnerschaft) 2026-04-17 · 6-K (Hauptversammlungsergebnisse 18.06.2026) 2026-06-22 · 6-K (NYSE-American-Erstnotiz) 2026-02-24 · 6-K (AI for Good Global Summit) 2026-07-01
Rated on August 13, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years no data
- More than 10% revenue growth is expected for the coming year 1,690.4%
- Share count grows by less than 3% a year 11.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") no data
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 37 m net cash
- Operating cash flow covers the profits of the last three years 8 m
- Return on capital at 15% or higher, or up versus two years ago -26.1%
- Insiders hold at least 10% or are net buyers 3.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 1,797.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 1,797.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -25.2%
- ROCE > 15% -26.1%
- Expected return > 10% 1,786.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Quantum eMotion Corp. engages in the development of quantum-based cryptographic solutions in Canada. It offers hardware and software products. The company provides Sentry-Q, a next generation quantum safe encryption platform, secures sensitive data across networks and applications; eFlux-Q, a cloud based entropy distribution system, delivers quantum generated entropy on demand; eCrypto-Q, builds quantum resilient; eHot-Q, enables encryption and secure key generation for real-time digital asset protection; eShield-Q, a security layer designed for modern AI and cloud environments, safeguarding cryptographic operations; eCore-Q, an electron based QRNG provides entropy source. It serves cybersecurity, internet of things, datacenters, blockchain, and cryptocurrencies; as well as healthcare, medical device and pharma, manufacturing, finance and government, and military sectors. In addition, the company develops and commercializes healthcare applications; and US cybersecurity spaces. It has a strategic alliance with Jmem Technology for the development of quantum-resilient System-on-Chip. The company was formerly known as Quantum Numbers Corp. and changed its name to Quantum eMotion Corp. in June 2021. Quantum eMotion Corp. was incorporated in 2007 and is headquartered in Montreal, Canada.
- Employees
- 17
- Headquarters
- Montreal, QC
- Address
- 2300 Alfred Nobel Boulevard, H4S 2A4 Montreal, Canada
- Phone
- 514 956 2525
- Website
- quantumemotion.com
- IPO Date
- 02/24/2026
- ISIN
- CA74767K1030
Management
| Name | Title | Birth Year |
|---|---|---|
| Edward Lawrence Moore | CTO & Chairman of the Board | – |
| Francis Bellido Ph.D. | President, CEO & Director | – |
| Marc Rousseau | CFO & Secretary | – |
| Bertrand Reulet | Chief Scientific Officer & Chairman of the SAB | – |
| Abder Benrabah | Vice President of Quality & Compliance | – |
| Klaus B. Kepper CPA | Controller & Finance Director | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.