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Buy Day today: Neutral (59) Mixed market breadth · major macro event coming up
QNC

Quantum eMotion Corp.

Technology · Software - Infrastructure · listed since 2026

2.40$ -0.8% vs. previous close Closing price · As of: Aug 13, 2026
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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.

Open questions

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 holds: C$40.96 million of equity, C$0.90 million of liabilities, no bank debt and a cash runway measured in 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: after nearly two decades of development, there is still no proof that this technology can be sold — C$21,753 over twelve months is a beginning, not a business model. Two further findings cannot be argued away: the largest expense line is the company’s own share-based pay, and a substantial part of the research budget flows to an entity owned by a director. 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, an unusually clean balance sheet — and almost no revenue. C$21,753 over the twelve months to March 31, 2026 stands against expenses that reached C$10,983,407 in 2025 alone, of which C$6,833,609 was share-based payments. Buying the stock means betting that partnerships eventually turn into invoices. The governance findings — two thirds of the research budget to a director-owned company, 47 percent of votes against the chief executive — 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$40,955,580 of equity against C$903,312 of total liabilities, no bank debt, and C$36,920,613 in cash and marketable investments as of March 31, 2026. With C$2,081,397 of cash used in operations in the first quarter of 2026, that covers several years. Funding pressure is not the near-term issue.

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. After nearly two decades of development, that is a beginning, not a proven business. The partnerships are numerous; the amounts flowing from them are not.

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 quarter of 2026 it was C$2,066,390 of C$3,598,911 in total expenses, even though not a single new option was granted in that quarter.

Governance and related parties

C$684,397 of C$1,073,747 in 2025 research expense went to Fileglobal, a director-owned company (Q1 2026: C$239,108 of C$399,305). At the annual meeting on June 18, 2026, 47.05 percent of votes cast opposed re-electing the CEO and 48.45 percent opposed director John Young. The same meeting converted the option plan to a rolling 10 percent of shares outstanding.

Dilution

The share count rose from 135,502,838 (December 31, 2023) to 219,369,670 (March 31, 2026) — roughly 62 percent in a little over two years. Add 17,133,737 options and 7,250,000 warrants. The SKV Technology acquisition may cost further shares: up to C$7,000,000 of milestone payments are payable in stock at the company’s election.

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.

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), all filings through July 1, 2026 reviewed; market data as of August 13, 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.

Read the Full Deep Dive Quantum eMotion: $11,171 of Revenue for the Whole Year — and $6.8 Million for Stock Options Quantum eMotion builds random number generators that draw their randomness from actual quantum noise — a serious technology with five patent families and granted patents in roughly a dozen countries. In the fourth quarter of 2025 the Montreal company booked the first revenue in its history: C$11,171. In that same year it recorded C$10,983,407 of expenses, including C$6,833,609 of share-based payments, by far the largest single line. Of a C$1,073,747 research budget, C$684,397 went to a company owned by a director. And at the annual meeting on June 18, 2026, 47.05 percent of votes cast opposed re-electing the chief executive. Not investment advice — just the question of who a company serves first while it still has almost no customers. Read the analysis →

Stock Watch

This analysis is as of August 13, 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: 1.90 $ to 4.40 $ · Last price: 2.40 $ (As of: August 13, 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

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.5$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -2.40%
Perf. 3M ?Price performance over the last 3 months. -13.60%
Perf. 6M ?Price performance over the last 6 months. -28.30%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). –
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -45.7%
Perf. Since Inception ?Price performance since the first available trading day (01/20/2026) — with a complete history, that is since the IPO. -28.87%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 2.50$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 2.70$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 51.9
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 72.9%

Calculated from the price history · as of 08/14/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 16.6
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. –
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -36,734.2%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -41.2%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 98.5%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.00
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. –
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 4 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. –
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 1,690.35%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. –

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. D (42 out of 100)

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

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Quantum eMotion Corp. QNC 0.5 – – – -36,734.2 – –
Microsoft Corporation MSFT 3,626.0 31.3 16.5 67.9 46.3 14.9 -3.8
Oracle Corporation ORCL 451.5 26.1 15.0 65.8 36.2 17.4 -35.3
Palantir Technologies Inc. PLTR 439.4 211.7 142.3 84.1 46.2 56.2 -2.9
Palo Alto Networks Inc PANW 322.7 360.5 135.1 72.0 -2.5 14.9 123.9
Crowdstrike Holdings Inc CRWD 227.8 – 579.8 75.1 -2.2 21.7 108.8
Fortinet Inc FTNT 119.0 65.0 41.2 80.2 31.3 14.2 108.6
Cloudflare Inc NET 114.0 – 713.5 73.3 -9.7 29.9 66.0
Synopsys Inc SNPS 78.9 94.3 28.4 82.6 10.4 15.1 -33.4
Median of companies shown 227.8 79.6 88.1 74.2 10.4 16.2 31.5

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 →

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

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (C$M)
2024: Q3 · 0.0 C$M Q3 2024: Q4 · 0.0 C$M Q4 2025: Q1 · 0.0 C$M Q1 2025: Q2 · 0.0 C$M Q2 2025: Q3 · 0.0 C$M Q3 2025: Q4 · 0.0 C$M Q4 2026: Q1 · 0.0 C$M Q1

Source: fundamental data

Quarterly Figures
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.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 3 of our scanner strategies — each hit links to the scanner.

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

AI classification

AI Rating

Uses AI

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

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.

IPO Year
2026

Data as of: August 13, 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.

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