Quantum eMotion (QeM) Announce Financial and Operating Results for the Year Ending December 31, 2023
Quantum eMotion Corp. (QNCCF) announced its financial and operational results for the year ending December 31, 2023. The company focused on advancing its Quantum Random Number Generator technology, increasing R&D expenses, securing a strong cash position, and partnering with key institutions. With a $750K private placement in March 2024, the company is well-positioned for commercialization in sectors like healthcare, defense, and finance.
Increased focus on enhancing Quantum Random Number Generator technology for security applications.
R&D expenses more than doubled, reflecting intensified efforts towards market-ready products.
Maintained a strong cash position of $1.241 million, further bolstered by a $750K private placement.
Strategic partnerships with institutions like ETS and healthcare business partners to mitigate financial risks.
Expansion into healthcare, defense, and finance sectors to address challenges posed by Quantum Computing.
Despite the reduction in SG&A expenses, there was an uptick in marketing activities.
Challenges related to Quantum Computing pose imminent threats that need to be addressed.
Montreal, Quebec--(Newsfile Corp. - May 1, 2024) - Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) is pleased to share its financial and operational achievements for the fiscal year ending December 31, 2023.
Throughout the year, the company successfully advanced its strategic initiatives, notably enhancing its Quantum Random Number Generator technology in several security applications. This progress was marked by an accelerated pace in research and development activities and forging key partnerships within the health sector and with academic institutions like ETS and the University of Sherbrooke.
Key Highlights:
Research and Development (R&D) expenses surged, more than doubling from
$277 K to$571 K, reflecting the company's intensified efforts towards creating market-ready products and applications.Selling, General, and Administrative (SG&A) expenses saw a slight reduction, despite an uptick in marketing activities aimed at raising market awareness in strategic areas.
The company maintained a strong cash position, holding
$1.24 1 million in cash or equivalents. This was further bolstered by a$750 K private placement in March 2024, securing necessary funds for the commercialization phase.
"Our careful cash management provides us with sufficient resources to complete our R&D initiatives and begin our commercialization efforts. Partnering with institutions like ETS and engaging with healthcare business partners are critical to mitigating financial risks and conserving our financial resources as we advance to the next phase," stated Marc Rousseau, CFO of QeM.
"As QeM embarks on a new chapter, focusing on sectors such as healthcare, defense, and finance, the imminent challenges posed by Quantum Computing become increasingly crucial to address. Our team is robust and expanding, and we remain steadfast in our commitment. Our financial performance is a testament to our dedication to executing our strategic plan," added Francis Bellido, CEO of QeM.
About QeM
The Company's mission is to address the growing demand for affordable hardware and software security for connected devices. QeM has become a pioneering force in classical and quantum cybersecurity solutions thanks to its patented Quantum Random Number Generator, a security solution that exploits the built-in unpredictability of quantum mechanics and promises to provide enhanced protection for high-value assets and critical systems.
The Company intends to target highly valued Financial Services, Healthcare, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Networks and Communication Systems, Secure Device Keying (IOT, Automotive, Consumer Electronics) and Quantum Cryptography.
For further information, please contact:
Francis Bellido, Chief Executive Officer
Tel: 514.956.2525
Email: info@quantumemotion.com
Website: www.quantumemotion.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Corporation's periodic reports including the annual report or in the filings made by Quantum from time to time with securities regulatory authorities.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207745
FAQ
What were Quantum eMotion's financial and operational achievements for the year ending December 31, 2023?
Quantum eMotion Corp. (QNCCF) focused on advancing its Quantum Random Number Generator technology, increasing R&D expenses, securing a strong cash position, and partnering with key institutions.
How much did R&D expenses surge by?
R&D expenses more than doubled from $277K to $571K, reflecting intensified efforts towards market-ready products.
What was the company's cash position at the end of the fiscal year?
The company maintained a strong cash position of $1.241 million, further bolstered by a $750K private placement in March 2024.
Which sectors is Quantum eMotion focusing on?
Quantum eMotion is focusing on sectors such as healthcare, defense, and finance to address challenges posed by Quantum Computing.
Who are some of the key partners of Quantum eMotion?
Quantum eMotion partnered with institutions like ETS and healthcare business partners to mitigate financial risks.
