Here are 1-3 brief analogies to describe BTQ Technologies:

• BTQ is like a Cloudflare focused on providing quantum-proof security for blockchain and digital assets.
• Think of BTQ as an 'Arm Holdings' for quantum-resistant cryptography, developing foundational software and hardware tools.

• PQScale: A scaling mechanism for lattice-based post-quantum signatures, leveraging zero-knowledge proofs to compress digital signatures for speed and cost savings.
• Keelung: A user-friendly toolkit for developing zero-knowledge proofs, featuring a domain-specific language embedded in Haskell and a compiler.
• Kenting: Hardware acceleration tailored for zero-knowledge computation applications.
• Quantum Proof-of-Work (QPoW): An energy-efficient, post-classical consensus algorithm that uses Noisy Intermediate Scale Quantum hardware to authorize blockchain transactions.
• QRiNG: A toolkit for quantum random number generation.
• Preon: A post-quantum signature scheme designed for future-proof digital security.
• QByte: A quantum risk calculator.

BTQ Technologies (symbol: BTQ) primarily sells its advanced post-quantum cryptography, blockchain, and quantum computing technologies to other companies (B2B).

The company's products, which include specialized scaling mechanisms, development toolkits for zero-knowledge proofs, hardware acceleration solutions, post-classical consensus algorithms, quantum random number generation tools, and quantum risk calculators, are designed for enterprise-level applications and integration into existing or new technological infrastructures.

Based on the provided company description, specific names of major customer companies are not disclosed. However, given the highly technical and specialized nature of its offerings, BTQ Technologies would likely target the following types of companies:

• Companies involved in the development and operation of blockchain networks and decentralized applications, particularly those seeking to enhance security against future quantum threats, improve scalability, and implement energy-efficient consensus mechanisms.
• Organizations in the cybersecurity and information security industries that require advanced cryptographic solutions, secure digital signature schemes, and quantum random number generation to protect sensitive data and secure communications.
• Technology companies, cloud service providers, and research institutions focused on quantum computing and advanced cryptographic research, especially those in need of hardware acceleration for zero-knowledge computations and tools for quantum risk assessment.

Olivier Roussy Newton, Chief Executive Officer

Olivier Roussy Newton is a technology entrepreneur with significant contributions to FinTech, Quantum Computing, and Capital Markets. He founded and served as President of HIVE Blockchain Technologies, which became the first crypto mining company to go public in 2017. He is also the founder and ex-CEO of DeFi Technologies and a co-founder of Valour Structured Products, Inc. Additionally, he founded Latent Capital, an investment fund focused on breakthrough technology in quantum computing, finance, and bioinformatics, and EV Technology Group, Inc.

Lonny Wong, Chief Financial Officer

Lonny Wong is a Chartered Professional Accountant (CPA, CA) with close to 30 years of public practice experience. He specializes in providing auditing, assurance, financial reporting, and consulting services to public companies and those looking to go public. Mr. Wong holds a Bachelor of Arts from the University of British Columbia.

Nicolas Roussy Newton, Chief Operating Officer

Nicolas Roussy Newton serves as the Chief Operating Officer of BTQ Technologies.

Chen-Mou Cheng, Chief Cryptographer

Chen-Mou Cheng is a professor at the College of Intelligent Computing, Chang Gung University, and has held associate professor positions at Kanazawa University, Osaka University, and National Taiwan University. He earned his PhD from Harvard University and specializes in computer science and cryptography, with research interests including lattice-based cryptography, post-quantum cryptography, and elliptic curve cryptography optimization.

Christopher Tam, President & Head of Innovation

Christopher Tam is a software engineer and co-founder of Zero Computing, where he leads the development of specialized cloud infrastructure. His expertise spans artificial intelligence, quantum computing, and cloud technologies. Prior to co-founding Zero Computing in 2024, he served as Head of Partnerships at BTQ.

The key risks for BTQ Technologies (BTQ) include its financial instability and lack of commercial revenue, intense competition and the potential for technological obsolescence in a rapidly evolving field, and uncertainty surrounding market adoption and regulatory mandates for its post-quantum cryptography solutions.

1. Financial Instability and Lack of Commercial Products/Revenue: BTQ Technologies is characterized as a pre-revenue company with negligible current revenue and significant ongoing losses, indicating a high cash burn rate. Its valuation is largely speculative, detached from present financial fundamentals. The company's long-term survival hinges on its ability to secure new financing and successfully transition its research into profitable commercial products before its existing funding is depleted.
2. Intense Competition and Risk of Technological Obsolescence: BTQ operates within a highly competitive landscape, facing off against major technology companies such as Google, IBM, and Microsoft, all of whom are investing heavily in quantum research and development. This environment poses a significant risk that BTQ could be outspent, out-innovated, or technologically leapfrogged by larger, more established players. Furthermore, while post-quantum cryptography (PQC) aims to resist known quantum algorithms like Shor's and Grover's, the rapidly evolving nature of quantum computing means that new algorithms could emerge, potentially rendering current PQC solutions obsolete.
3. Uncertainty in Market Adoption and Regulatory Mandates: BTQ's business model, particularly its pivot towards becoming a settlement infrastructure provider for quantum-secure stablecoin networks, relies heavily on anticipated regulatory mandates for quantum-secure settlement. The timing and scope of such mandates are uncertain, presenting significant execution and sequencing risks. There is also a risk that existing infrastructure might undergo minimal patching rather than a complete overhaul, potentially limiting BTQ's direct monetization opportunities and slowing the widespread adoption of its specialized solutions.

For BTQ Technologies (symbol: BTQ), the addressable markets for their main products and services are as follows:

• Post-Quantum Cryptography (PQC): The global post-quantum cryptography market was valued at approximately USD 310.4 million in 2024 and is projected to reach USD 9,403.4 million by 2033, growing at a Compound Annual Growth Rate (CAGR) of 45.3% from 2025-2033. North America is a significant region in this market, holding over 48.5% of the global market share in 2024.
• Zero-Knowledge Proofs (ZKP): The global Zero-Knowledge Proofs market size was USD 1.42 billion in 2024 and is projected to expand at a CAGR of 21.7% from 2025 to 2033, reaching an estimated value of USD 10.09 billion by 2033. North America leads this market, capturing approximately USD 597 million in 2024, which accounts for about 42% of the global revenue.
• Blockchain Technology: The global blockchain technology market size was valued at USD 31.18 billion in 2025 and is projected to grow to USD 577.36 billion by 2034, exhibiting a CAGR of 36.50% from 2026-2034. Another source indicates the global market size was USD 29.7 billion in 2024 and is projected to reach USD 1,012.2 billion by 2035, with a CAGR of 36.1% from 2025 to 2035. North America dominated the blockchain technology market with a market share of 43.80% in 2025.
• Quantum Random Number Generation (QRNG): The global Quantum Random Number Generator market size was USD 551.3 million in 2024 and is expected to be worth around USD 14,631.3 million by 2034, growing at a CAGR of 38.8% during the forecast period from 2025 to 2034. North America held a dominant market position, capturing more than a 38% share and USD 209.4 million in revenue in 2024. The U.S. market for QRNG was valued at USD 198.6 million in 2024 and is anticipated to reach approximately USD 4,427.1 million by 2034.
• Quantum Computing (including hardware acceleration for zero-knowledge computation and Noisy Intermediate Scale Quantum hardware for QPoW): The global quantum computing market size was valued at approximately USD 1.06 billion in 2024 and is predicted to reach around USD 17.15 billion by 2034, expanding at a CAGR of approximately 32.14% from 2025 to 2034. Another estimate places the global quantum computing market size at US$ 1.2 billion in 2024, projected to reach US$ 27.6 billion by 2035, expanding at a CAGR of 32.2% from 2025 to 2035. The global quantum hardware development market value is estimated to be around USD 500 million, with a projected CAGR of 30% over the next decade. North America dominated the quantum computing market in 2024, holding a revenue share of 41%.

BTQ Technologies (symbol: BTQ) is positioned for future revenue growth over the next 2-3 years, driven by several key factors in the rapidly evolving quantum technology and digital security landscape.

1. Growth in the Post-Quantum Cryptography (PQC) Market: The overarching driver for BTQ is the anticipated significant expansion of the post-quantum cryptography market. The quantum technology market is projected to reach over $106 billion by 2040, with quantum security identified as a fast-growing segment within it. As quantum computers advance, the imperative to secure existing cryptographic systems against quantum attacks is increasing, leading to heightened investment in PQC research and development by governments, financial institutions, and other organizations. This growing demand for quantum-resistant solutions directly underpins the need for BTQ's offerings.

2. Commercialization and Market Penetration of the Quantum Compute-in-Memory (QCIM) Chip: The commercialization of BTQ's Quantum Compute-in-Memory (QCIM) chip is expected to be a significant revenue driver. This secure element, which integrates classical and post-quantum cryptography directly into silicon, is receiving strategic support from the Australian Government's Industry Growth Program to accelerate its commercial launch. BTQ aims to move the QCIM chip from a validated test version to a production-ready platform, targeting critical sectors such as defense, finance, telecommunications, and infrastructure, in collaboration with partners like Taiwan's Industrial Technology Research Institute (ITRI) and ICTK. This product is designed to serve as a foundational hardware layer for post-quantum-ready systems, offering enhanced performance and power efficiency.

3. Expansion into New Markets and Customer Segments Through Strategic Partnerships: BTQ's strategic investment in Keypair, a Korean full-stack security company, is a key driver for market expansion and new customer acquisition. This partnership establishes co-ownership of PQC intellectual property and facilitates the joint development of hardware-rooted, post-quantum security technologies. This collaboration expands BTQ's commercial reach into Korea's critical infrastructure, including defense, energy, and financial services, through Keypair's existing at-scale deployments. Integrations with partners like Finger, Danal, and QUINSA are expected to accelerate commercial rollouts in payments, identity, and regulated institutional systems.

4. Adoption of Subscription-Based Software Products and Potential NIST Standardization of Preon: The adoption of BTQ's suite of software products, many of which are intended to operate on a subscription model, is poised to generate recurring revenue. These products include PQScale for digital signature compression, Keelung for zero-knowledge proofs, and QByte for quantum risk calculation. Furthermore, the potential NIST standardization of BTQ's Preon post-quantum signature algorithm could significantly boost its market adoption and establish BTQ as a leader in the field. Such standardization would drive demand across various industries, including finance, government, and technology, thereby securing a substantial share of the post-quantum cryptography market.

Share Issuance

• In 2022, BTQ Technologies issued subscription receipts totaling C$7,240,500 through multiple placements (C$5,085,000 on September 2, C$1,265,500 on November 10, and C$890,000 on December 5), which converted into common shares upon the closing of an acquisition.
• On February 17, 2023, the company issued 92,000,000 post-Consolidation Shares to BTQ AG shareholders as part of an acquisition that also involved changing its name from Sonora Gold & Silver Corp.
• During the nine months ended September 30, 2025, BTQ Technologies reported net proceeds from share issuances of C$37,304,195. Additionally, a C$40 million public offering was fully subscribed and closed on July 11, 2025.

Inbound Investments

• On July 11, 2025, BTQ Technologies closed a C$40 million public offering, which was led by a new fundamental long-term investor.
• BTQ Technologies received C$1 million in funding on December 18, 2025.

Outbound Investments

• On September 24, 2024, BTQ Technologies completed the acquisition of Radical Semiconductor's Processing-in-Memory Technology Portfolio to advance its Post-Quantum Cryptography capabilities.
• On January 15, 2025, the company announced the acquisition of intellectual property from Cimtech Technology Co., Ltd.
• BTQ Technologies made a strategic investment in Keypair, a South Korean security firm, on December 18, 2025, which established co-ownership of Keypair's existing and future post-quantum cryptography intellectual property.

Capital Expenditures

• Capital expenditures in the most recent quarter (Q3 2025) totaled C$0.00 million.
• The company's investing activities used C$6,282 in cash for the nine months ended September 30, 2025.