Quantum eMotion Corp. Reports Financial and Operational Achievements for Fiscal Year 2023

Quantum eMotion Corp. Achieves Financial and Operational Milestones in 2023

Montreal, Quebec– Quantum eMotion Corp. (TSXV: QNC) (OTCQB: QNCCF) has announced its financial and operational achievements for the fiscal year ending December 31, 2023. The company made significant progress in advancing its strategic initiatives, particularly in enhancing its Quantum Random Number Generator technology for various security applications.

One of the key highlights of the year was the substantial increase in Research and Development (R&D) expenses, which more than doubled from $277K to $571K. This surge reflects the company’s intensified efforts towards creating market-ready products and applications. Additionally, despite an uptick in marketing activities aimed at raising market awareness in strategic areas, Selling, General, and Administrative (SG&A) expenses saw a slight reduction.

Maintaining a strong cash position, Quantum eMotion Corp. held $1.241 million in cash or equivalents. This financial stability was further reinforced by a $750K private placement in March 2024, securing necessary funds for the upcoming commercialization phase.

Marc Rousseau, CFO of QeM, emphasized the importance of careful cash management in completing R&D initiatives and initiating commercialization efforts. Partnering with institutions like ETS and engaging with healthcare business partners are crucial steps in mitigating financial risks and conserving financial resources as the company moves forward.

Looking ahead, Francis Bellido, CEO of QeM, highlighted the company’s focus on sectors such as healthcare, defense, and finance, where the challenges posed by Quantum Computing are becoming increasingly critical to address. With a robust and expanding team, Quantum eMotion Corp. remains dedicated to executing its strategic plan, as evidenced by its strong financial performance.

About Quantum eMotion Corp.
Quantum eMotion Corp. aims to address the growing demand for affordable hardware and software security for connected devices. The company has become a pioneering force in classical and quantum cybersecurity solutions, thanks to its patented Quantum Random Number Generator technology. This innovative security solution leverages the unpredictability of quantum mechanics to provide enhanced protection for high-value assets and critical systems.

The company intends to target sectors such as Financial Services, Healthcare, Blockchain Applications, Cloud-Based IT Security Infrastructure, Classified Government Networks, and Communication Systems, among others.

For further information, please contact:
Francis Bellido, Chief Executive Officer
Tel: 514.956.2525
Email: [email protected]
Website: www.quantumemotion.com

Neither TSX Venture Exchange nor its Regulation Services Provider 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. Investors are advised to review the company’s periodic reports and filings with securities regulatory authorities for a comprehensive understanding of potential risks.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207745

Overall, Quantum eMotion Corp.’s achievements in 2023 demonstrate its commitment to innovation and growth in the cybersecurity sector, positioning the company as a key player in the industry.