BTQ Technologies (NASDAQ:BTQ) outlined progress across its post-quantum cybersecurity, blockchain and quantum-computing software businesses during its Q2 2026 investor presentation, highlighting product-development milestones, new commercial discussions and a cash balance of C$9.73 million at quarter-end.
Chief Executive Officer Olivier Roussy Newton said the quarter was marked by validation efforts across the company’s business lines and by the closing of its acquisition of QPerfect on July 8. The acquisition gives BTQ a European Union research-and-development and commercialization center in Strasbourg, France, where QPerfect operates near the European Center for Quantum Sciences.
QSM Silicon Development Advances Toward Tapeout
Sean Hackett, BTQ’s head of product, said the QSM team had progressed from formation to a tapeout process in roughly eight months. The company’s QSM architecture is being integrated into a hardware root of trust with partner ICTK, according to Hackett.
BTQ said the integrated technology is intended to support algorithms in the CNSA 2.0 cryptography suite. Hackett said the company is conducting security analysis for a beta release of its intellectual property, adding that AI-enabled cryptanalysis research has led BTQ to take additional time evaluating the security implications for its products.
“AI is posing a meaningful threat” across the company’s cryptographic work, Hackett said, referring to recent research efforts that have used AI tools to identify potential weaknesses in cryptographic schemes.
The company hired Dr. Michael Grace, a former founder of Samsung Knox’s security team and former Android platform security leader, to help develop initiatives addressing security issues beyond BTQ’s direct silicon stack.
BTQ released preliminary performance estimates for a 55,000-gate QSM block designed to support ML-KEM, SHA-3 and AES-256. Hackett said the company believes the ability to run several cryptographic functions on the same block could provide a lower hardware footprint than separate ASIC accelerators. He cautioned that the figures were preliminary and had not yet undergone optimization.
The company said its timeline for ASIC intellectual property and standalone chips remains intact, although the beta FPGA IP release was slightly delayed to accommodate additional security work. BTQ expects to provide beta products to initial customers in the coming weeks, according to Hackett.
Quantum-Safe Payments and Blockchain Initiatives
Chris Tam, BTQ’s president and head of innovation, said the company’s QSSN quantum-safe control layer processed more than 100,000 mainnet transactions during the quarter. He said QSSN maintained a zero fallback rate, meaning transactions were processed through BTQ’s post-quantum infrastructure rather than a legacy payment route.
The company also said it was selected as core security infrastructure for a Korean won stablecoin pilot involving iM Bank and FINGER Inc. BTQ said it is working with additional Korean companies, including Danal Co., Ltd.
QSSN settlement times declined from about 35 seconds in May to 3.8 seconds by the end of the quarter, Tam said. He added that the company had broken the two-second threshold during the week of the presentation. Cost per transaction decreased by approximately one-third over the quarter, according to management.
BTQ has also opened its first commercial engagements in the United States and is pursuing opportunities in Europe and Taiwan. Tam said the company is in advanced discussions with Kaia, a layer-1 blockchain ecosystem active in the Asia-Pacific region, regarding a stablecoin application and a quantum-ready upgrade path for the broader ecosystem.
- BTQ expects to continue converting QSSN pilots into production deployments in the second half of 2026.
- The company said it is working toward potential recurring revenue from validator-node licensing if QSSN becomes integrated into a blockchain ecosystem.
- Management said it continues to work with Korea’s KISA standards body and other global standards initiatives.
On Bitcoin Quantum, BTQ’s post-quantum blockchain project, Tam said the internal audit has been completed and the resulting updates have been incorporated into its running public testnet. An external audit is underway. BTQ is targeting a mainnet launch between the third and fourth quarters of 2026.
The company is also discussing wrapped BTQ assets with custodians and market makers for potential use on networks including Ethereum and Solana. Management said these efforts are intended to support liquidity and price discovery when the network launches.
QPerfect Expands Quantum Software Offering
QPerfect Chief Executive Philippe Blot said the division’s MIMIQ quantum emulator is now commercially available through two platforms: QPerfect’s European platform running on OVHcloud and SDT’s QUREKA platform in Korea.
QPerfect plans to introduce self-hosted, air-gapped MIMIQ versions for desktop, cluster and high-performance computing users. Blot said the on-premises offering is aimed at regulated and sovereign customers that may not want to use cloud-based quantum services. The company expects commercial announcements related to the offering in the fourth quarter.
The division is also expanding cloud distribution through France-based Scaleway and is in discussions with U.S. provider Qubrid. It plans to rewrite its MIMIQ software-as-a-service platform and expects to ship the updated version by the end of the third quarter.
QPerfect is building a digital twin for the Access neutral-atom quantum-computing platform at the University of Strasbourg. Blot said a first full digital twin is targeted for year-end 2026, with the project supported by non-dilutive funding and collaborations with the university and France’s CNRS research institution.
Guido Masella, QPerfect’s chief technology officer, said the division completed an initial internal prototype of its Quantum Logic Unit software stack, which is intended to enable error correction on fault-tolerant quantum computers. QPerfect expects to deliver a blueprint for BTQ’s one-shot signature algorithm in the second quarter of 2027 and a first QLU release by the end of 2027.
Capital Position and Commercial Outlook
BTQ said it had C$9.73 million in cash at quarter-end. Management said it recently launched a C$150 million at-the-market financing program with Cantor and has used it selectively to fund operations. The company said it has roughly C$100 million remaining under its base shelf prospectus for potential acquisitions or other funding needs.
Management said QPerfect is supported in part by European grant opportunities and described the division as self-funding at present. In response to a question about QSSN revenue, Tam said the company was in deep contract negotiations and that revenue in the second half of 2026 appeared “optimistic,” though no specific revenue forecast was provided.
Roussy Newton said BTQ is in contract discussions involving MIMIQ, QSSN and QSM products and expects those opportunities to be validated and scaled in the next quarter.
About BTQ Technologies (NASDAQ:BTQ)
BTQ Technologies Corp is a technology company in the Systems Software industry.
