QeM Reveals Financial and Operating Results for the Year Ending December 31, 2023

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

Key highlights of the report include a substantial increase in Research and Development (R&D) expenses, which more than doubled from $277K to $571K. This reflects Quantum eMotion Corp.’s intensified efforts towards creating market-ready products and applications. Despite this surge in R&D expenses, Selling, General, and Administrative (SG&A) expenses saw a slight reduction, showcasing the company’s efficient cost management strategies.

Moreover, Quantum eMotion Corp. maintained a strong cash position with $1.241 million in cash or equivalents. The company further secured necessary funds for the commercialization phase through a $750K private placement in March 2024.

Marc Rousseau, CFO of Quantum eMotion Corp., emphasized the importance of careful cash management in completing R&D initiatives and commencing commercialization efforts. The company’s partnerships with institutions like ETS and engagement with healthcare business partners play a crucial role in mitigating financial risks and conserving financial resources as they move forward.

Francis Bellido, CEO of Quantum eMotion Corp., highlighted the company’s commitment to addressing challenges posed by Quantum Computing as they focus on sectors such as healthcare, defense, and finance. The financial performance of the company reflects their dedication to executing their strategic plan.

Quantum eMotion Corp.’s mission is to provide affordable hardware and software security solutions for connected devices, with a focus on classical and quantum cybersecurity solutions. Their patented Quantum Random Number Generator promises enhanced protection for high-value assets and critical systems in various sectors including Financial Services, Healthcare, Blockchain Applications, and more.

For further information, interested individuals can contact Francis Bellido, Chief Executive Officer, at 514.956.2525 or via email at info@quantumemotion.com. More details about the company can be found on their website at www.quantumemotion.com.