All right. Okay. Yeah, 9:01 A.M., I think we can get started. Welcome everyone to the BTQ Technologies Q2 2026 investor presentation. Yeah, hope everyone's having a good summer so far and excited to walk you through all the exciting developments that the team's been working on today. Before we get going, I'll just read off the disclaimer as usual. This communication contains forward-looking statements which involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied herein. These statements are based on current expectations and assumptions and are subject to change. The company undertakes no obligation to update or revise them except as required by applicable law. Okay. Sounds good. Today's speakers, so probably familiar by now. We have Olivier, our Chief Executive Officer, Lonny Wong, CFO, Sean Hackett, Head of Product, Philippe Blot, CEO of the QPerfect division that's now fully integrated. We have Chris Tam, President and Head of Innovation, myself, Mathieu, Head of Corporate Development, and then Guido, who's CTO of the QPerfect division. Yeah, the agenda today, we're going to go through the key highlights that we achieved over the quarter. Then all of the business lines will provide an update on the roadmap and their outlook by product, and then we'll give a general market outlook and overview of financial and public markets. With that, I'll pass it over to Olivier to kick us off here on achievements for the quarter. Thanks, Mathieu, and thanks to everyone for joining. We've had an exciting quarter that was really marked by a lot of validation of our divisions. I'll start off with us expanding as a full stack platform, which was marked by the QPerfect acquisition that closed finally on July 8th. That gives us a full European Union R&D and commercialization center, which is located in Strasbourg, France, also home of the European Center for Quantum Sciences, where a lot of the team cross-pollinates with. We appointed Dr. Gopi Muraleedharan as our Head of Quantum Algorithms and Application Research. He's based in our Sydney office and works closely with Dr. Gavin Brennen, our Chief Quantum Officer. We were fortunate to bring on Brandt Pasco full-time as our U.S. Strategic Advisor. He has a lot of experience in government relationships and enterprises, having formerly been general counsel for In-Q-Tel, and worked extensively on cryptographic export controls and a lot of the things that we're seeing policy shift towards in terms of relevance for us as a post-quantum cryptography business. Sydney team has been growing and designated as our APAC hub. Our final QSM hires have been completed, which Sean has been doing a great job of recruiting and those teams are in San Francisco, Portland, and New York, predominantly in the U.S. In terms of product delivery, we've expanded QSSN's main net transactions over 100,000 and reduced the time from 35 seconds to 3.8 seconds and been onboarding several institutions, primarily in Korea. Our Bitcoin Quantum internal audit was just finalized. Our external audit is underway, and we hope to be shipping things quite soon into September for a launch. An important milestone was QSM and ICTK finalizing with their VIA PUF technology a few weeks ago. The first ITRI-validated FIPS 203, 204, 205 certification in TSMC 28 nanometers was done just about a week and a half ago. In terms of capital markets, we about a month ago launched a CAD 150 million ATM with Cantor that has been used selectively to fund our current operations. We also partnered and were selected for Korea's first bank-led Korean won stablecoin pilot, which QSSN is powering. MIMIQ, which is QPerfect's quantum simulator, went live with SDT in a kind of joint venture collaboration where that product in Korea is called QUREKA. SDT is one of the leading quantum computing companies in Korea. We also announced a very exciting collaboration with TIDAL PWR, a U.S.-based data center provider with about 10 gigawatts of power in their pipeline on devising quantum data center architectures that comprise of how quantum computers fit into hyperscaler and AI environments, along with the required security feature sets. We are excited for that and to provide updates as that progresses. On Wednesday, we successfully finalized our AGM with the election and appointment of all directors. This quarter is really meaningful as all of our products receive validation towards commercialization into the next quarters that we are gearing up for in terms of sales cycles. In terms of what we speak to prospective clients and people who essentially want exposure to our product roadmap, the underpinning undercurrent of why that is occurring is largely due to government mandates across the board. We have seen the government of France, the U.S., Korea, all applying their own mandates in terms of standardization protocols, and we see that being a large growth driver for our various products. Obviously, all of these sectors, payments, silicon, digital assets are largely at risk. I think one thing we have been quite excited about is the years and years of R&D footprints that we have made into our products are enabling opportunities in terms of the, I would say, real-time threat environment that new technologies are posing to the world, which I know Sean will go into in a bit more detail. You can flip the slide. In terms of BTQ as a company, what we stand for, obviously as an acronym, Building Trusted Quantum, but that is more so in terms of our product roadmap, which compromises of three divisions. From a CapEx perspective, most of our CapEx has been going into QSM, which is Quantum Compute-in-Memory, silicon networks. We want our crypto agile hardware to underpin the quantum age of the digitized world. From there, we can build products on top of that, one of which is blockchain networks. QSSN and Bitcoin Quantum, both bringing post-quantum cryptography on chain for the security of a digital money world, which we are seeing increasing adoption in. What we are very excited about with QPerfect acquisition is also quantum accelerated networks. Building the next generation of cryptography also enabled by quantum computers, which I know Guido and Philippe will go into a bit more extensively, and their standalone products that were developed at QPerfect, MIMIQ and QLU, but also OSS or one-shot signatures, which are a unique format of quantum cryptography that we think will play a pivotal role in the future of the quantum landscape. With that, I'll let Sean dive into silicon networks. Okay, great. Yep, happy to be here as always. It was only about eight months ago that we started the journey on the QSM product. We went from having no team to having a full team back in April, and now going through a tapeout. So record time from hiring a team towards hitting a silicon team's one of their most prized milestones. Huge hats off to the QSM team. If anybody out there in the audience is on my team, thank you very much for your hard work. I want to give you guys a perspective of where the market is changing around this technology, where we're at in our development process, and where our timelines are. But first, I want to sort of address an important change in the market since the time we started working on this. In the beginning, QSM had a really important design principle baked in from the start, which is to try to add crypto agility as a property of roots of trust in crypto engines on top of the already really high demand of making a performant chip and a side-channel secure chip. I think what we're starting to see is that crypto agility is taking on a brand new meaning in the age of AI. For the first time over the last couple of months, we're starting to see researchers, cryptographic researchers, begin to use AI tools to find novel attacks on cryptographic schemes. Two major results coming out of Anthropic and a team using OpenAI's Codex are finding that cryptanalysis is finding novel attacks and finding potential ways to weaken the schemes that we trust. This is completely different from the quantum threat that we've been preparing for. Originally, our crypto agility system was designed to address a fragmenting, standardizing landscape across different countries who were worried about the security of the underlying cryptography of NIST crypto. Now we're starting to see brand new ways in which that can be challenged. AI is posing a meaningful threat to the kind of work that we do, not just on the QSM side, but also on the blockchain side and all the other cryptography work that we do. This has caused us to take a beat, pause, and try to figure out exactly how we want to address the threats coming out of this world and how we can potentially use the design paradigm that we've been starting here to address these threats. Next slide, please. To help with this, I am very excited to be bringing on another key member to our team. Dr. Michael Grace is one of the original founders of the Samsung Knox security team. Before that, he was a major leader on the Android platform security team. These are two companies that have very elite platform security teams and are frequently providing state-of-the-art cybersecurity work that many of the big tech companies use to protect their secure enclaves, to protect their platforms. We think that this is an extremely important move to be making right now because the threats of quantum computing and AI together are going to compound in a way that will matter, not just to device makers, who our technology was originally gearing towards, but also to people who sit above and depend on this technology for their software and their network security. Dr. Michael Grace is going to be helping lead an effort, an initiative within our company to begin tying the advantages of QSM to different very important problems that are also worth solving above the part of our stack that we directly engineer. We are extremely excited to bring on Dr. Michael Grace, and we are excited to do great work together. Next slide, please. Onto the development updates, which I know a lot of people have been very antsy to hear about. I think one of the most important things to mention here is that we are in fact taping out the QSM architecture inside of a root of trust. Unfortunately, I am not able to show you the full diagram there on the right, but our partners over at ICTK have already done all the work to integrate our QSM engine into a full-on root of trust that is being taped out today. It will be capable of running the algorithms in the CNSA 2.0 suite. We are now conducting our security analysis and have been over the last couple of months for a beta release of our IP. As I mentioned before, AI is causing us to slow down a little bit and really consider the security of our product. We have experienced a slight delay in releasing our IP, but we think that this extra precaution is going to be worth it because the product we will be coming out with will be a very interesting one. In fact, I want to give you all a sneak peek of the performance numbers and some of the advantages from our chip. These are going to be very preliminary estimates that my team has approved for release. Please go to the next slide. What you see on screen here are some performance figures for ML-KEM, which is a NIST post-quantum algorithm, SHA-3, and AES-256, three algorithms that have very little to do with each other that are all running on the same block. Normally in a normal secure enclave, each of these things is going to be supported on a separate ASIC accelerator. One of the most important breakthroughs about our technology here is that we are achieving these performance levels in the same 55,000 gate block. This effectively opens up a new regime for cryptographic performance and support in chips that did not exist before. Compared to an embedded microcontroller that you would frequently find in a chip, like a Cortex-M4 microcontroller, we are finding that we have much better efficiency running these algorithms and are in fact meeting the standards of what you would call a crypto engine. We are running it all on the same block. Because it is so small running in the same hardware, we are actually finding that we are ending up with gate counts that are much, much smaller than ASICs that run just post-quantum. Compared to the PQ platform copro and the Adams Bridge accelerator, which you find in Caliptra, we are finding that we can hit record low footprints. Not just record low footprints, but a block that is able to add even more algorithms and even reuse the same hardware-level masking techniques that makes its side-channel secure. A completely new paradigm that we are opening up, and I want to emphasize, these are just preliminary figures. Our team has not yet taken the time to go through the optimization steps to make these figures as competitive as possible. That just leaves a lot of room for even more competitive figures to come out in the future and even more algorithmic support. This is the first time that we are releasing these figures publicly. I think we are going to expect these to improve. We are going to be expecting even more information about our side-channel security guarantees going forward. But already, we have already been seeing 1 million trace resistance on TVLA tests for AES-128 on our own in-lab test benches. Lots to be excited about here. We think that these advantages combined are going to allow us to address the widest possible amount of chips and provide the easiest upgrade path, and also stay flexible to any of the threats that AI or any other existential threat will pose to cryptography. Super excited. I will wrap up on the last slide here, with just a reminder of our timelines here. Our timelines for releasing ASIC IP and standalone chips are still intact, but we wanted to take the extra time to release our FPGA IP because of security concerns related to the new AI threat. We will be releasing our beta product imminently to some first customers, coming very soon in the next couple weeks or so. We are super excited about that. Stay tuned for when we finally begin to sign these deals and finally get the technology in the hands of people that are waiting. I want to hand it off now to Chris Tam, who can sort of expand on what I was talking about, the crypto agility, and give some updates on blockchain. Great. Thanks, Sean, and thanks everybody for tuning in today. I'll take the next two sections on QSSN and Bitcoin Quantum. First for QSSN, which is our quantum-safe control layer for regulated digital money. This is security infrastructure that lets banks and payment companies issue and settle digital money with cryptography that is built to last into the quantum era. There were three major milestones that defined this quarter. First, we were selected as a core security infrastructure for one of Korea's first Korean won stablecoin pilots. In this, we're working with companies that we've been working with extensively thus far, which is iM Bank and FINGER Inc. Second, we've achieved production scale. We've processed over 100,000 transactions on mainnet. We've had a sustained fallback rate of zero, which means that the classical legacy payment path was never used. All of the transactions were processed using the post-quantum infrastructure that we've been providing end-to-end. The third major milestone, which is what I want to draw some attention to, is the performance gains that we've been able to make over this quarter. Earlier this year, a customer's technical leadership approached us saying transaction speed was pretty much the single major blocker to any production deployment, and we got our team to work on this, and we've removed that blocker. In May, settlement took roughly 35 seconds. By the end of June, it was 11 seconds, and here we show 3.8 seconds, but as of actually this week, we've broken the two-second barrier. Settlement is down over tenfold since it was earlier this year, and we are pretty much at parity with the way that classical transactions are processed on Ethereum and EVM-type blockchains. We're seeing similar numbers across the different blockchain virtual machines that we're operating on. That was a major breakthrough for us, and similarly, cost per transaction has decreased by roughly a third over this past quarter as well. On the bottom right corner, we said earlier this year that we would be expanding our delivery beyond just Korea, and we've opened our first U.S. commercial engagements this quarter. We are very much working towards that. Next slide, please. Our go-to-market strategy is pretty much unchanged. We start with scoping proof of concepts for enterprises, and then we convert them into production deployments. You can see our footprint projects on the left here. We delivered FINGER Inc. and Goodmorning in Korea earlier this year. We're currently working with Danal Co., Ltd. and iM Bank on projects, and this pipeline is now starting to extend beyond just Korea. Again, we've scoped our first engagement in the U.S. and in Europe, and are also making inroads into Taiwan's virtual asset provider ecosystem. In Q2, the probably single highest leverage opportunity for us is that Kaia ecosystem line on the table. We are in advanced discussions to provide some pretty core post-quantum infrastructure to Kaia, which is a major layer 1 blockchain operating across the APAC region. They do a lot of work in Japan. They're in Korea. They are home to the Japanese yen, digital dollar. These discussions with Kaia are covering two major things. One is a stablecoin application on that chain using QSSN, and the second is providing a quantum-ready upgrade path for the entire ecosystem. This is a fairly large moment for us. No public blockchain thus far has engaged a commercial partner to deliver on its post-quantum migration. This would be a first and very attractive opportunity for us because it provides us with some nice leverage. We are able to engage on an ecosystem level through this Kaia channel, and that allows us to provide solutions to every issuer and every application on that chain, instead of having us to go sell to each one of those one at a time. This is demonstrating that our revenue side advisory and integration stream is working well, and this would open up the opportunity for validator node licensing and transaction fee captures in the future. Next slide, please. For the second half of this year, you can expect three things from us, which is to continue to expand and convert and standardize. We will continue to expand across the Korean banking and fintech ecosystem into Taiwan, which is now where a lot of quantum readiness and crypto agility is sitting at the center of the financial regulators' guidance, and into the U.S. and European stablecoin issuers. We will be continuing to convert these pilots into production projects, with iM Bank, and notably this Kaia ecosystem engagement that we are inching towards production on. Landing our first recurring revenue from the validator node licensing that would come after QSSN has been integrated as a core part of that ecosystem. For standardization, we are continuing to work with KISA, which is the Korean standards committee for cryptography, and sort of replicating this across different standards initiatives that we are working on across the world. Next slide, please. Turning to Bitcoin Quantum, this is our quantum safe digital gold. A store of value network that was built on Bitcoin's original design with all the post-quantum cryptography swapped in for all the vulnerable classical cryptography. This quarter featured a large sort of movement towards main net deployment, which is first getting our internal audit completed. We ran through this through several months with internal contractors, external contractors, and all of the updates and findings from that audit has been merged and is now in the current version of our test net, which is still up and running and open to public use. Through this, we have shipped a number of new releases through the past quarter, and incorporating some of the feedback and also some new features that we have seen requested from the community. We are also opening now our institutional track this quarter. We have been speaking to institutional custody, custodial providers, as well as market makers to walk through the process of launching wrapped assets. Wrapped BTQ on other liquid blockchains such as Ethereum and Solana, which would make price discovery much easier for BTQ, and would give a lot of liquidity to the underlying asset. Next slide, please. The timing for this is going well. We will be looking at a main net later this year between Q3 and Q4. None of the attention of quantum risk to blockchain is really going away. We are building off of the momentum from the advancements that Google and others have been making on developing algorithms that decrease the cost of breaking cryptography. To this extent, we have been seeing other very large institutions commit a large amount of funding and attention to securing their digital asset and securing their store of value. Galaxy committed $5 million earlier this year. MicroStrategy similarly launched a quantum risk initiative. All of this is being covered in real time. We had the Delphi Digital report earlier this year. We are continuing to see a lot of mainstream press cover these types of stories. We think with our launch later this year, it will be a very apt time to provide the first real solution to a quantum safe upgrade to Bitcoin. The second half for, or I think, next slide, please. Great. Yeah, so for the second half of this, we will be shipping main net later this year. We will be issuing a wrapped asset and focusing on ways to realize price discovery across liquid spot markets, across centralized exchanges, decentralized exchanges, with market-making relationships, all in place by the time we launch and continuing to build those relationships over the course of the remainder of the second half of this year. With this, I will hand it off back to Olivier. Yep. Thanks, Chris, for that. Yeah, just wanted to give a bit of a preface on kind of I think how important we feel about QPerfect as a company. It was, I think it was over a year in terms of government approvals. Just kind of highly sensitive kind of quantum-related stuff. But glad we got that behind us. We are seeing a lot of adoption, which we have announced of MIMIQ, and I think we see kind of the MIMIQ as kind of the corollary for a lot of institutions and enterprises to basically access quantum computing. Barriers to entry for quantum computing hardware still remain quite hard, quite large. CAD 10, CAD 20, CAD 50 million a piece with depreciation of that equipment being very quick, a matter of months. Without that, I would say killer kind of AI-like GPU complex as of now, I think that will change quite quickly. With MIMIQ, we have a product that can be accessed into the cloud, and really kind of revolutionize the way enterprises access it. We have been working with a lot of institutions on using it for cyber risk identification across their enterprises and coming up with more novel solutions. So very excited to kind of hear the team speak about that. Also their partnership with PASQAL, which is the first public neutral atom quantum computer available to the public, and a large part of the reasons why we aligned with QPerfect was due to our Chief Quantum Officer, Gavin Brennen, being a pioneer in the neutral atom space, and QPerfect really being a fully fledged neutral atom company, which we think will underpin quantum computing and also quantum-based cryptography, which we have been working on extensively. I will leave it to the team, Philippe and Guido, but could not be more excited that this is finally wrapped up and we have a great European neutral atom force within BTQ. Thanks, Olivier. On behalf of our team, of course, in Strasbourg, more than happy for your trust and support this quarter. Next slide. As we go to market, turning now to MIMIQ, which is, as Olivier was saying, our most mature product. It now runs commercially on two platforms. You have heard in July that SDT was now in production. Their platform, QUREKA, is running, and anyone in Korea can start their journey in Quantum on this platform, along with our platform in France, which run on OVHcloud, where everyone in Europe can also start their journey with our emulator. You have heard as well, but I remind here that we have the Quobly version, their emulator, called QLEO, which have been announced previously, on the NVIDIA CUDA-Q framework. On deployment, we are pushing on two fronts. First, on premises, which is a very big news for us. It is a self-hosted or air-gap version under perpetual and nod-lock license, that are going to come in three flavors. First, desktop, cluster, and HPC versions, and we are driving commercial adoption on that very hard for Q4, where we will do some announcement at SC26. With more to say on hardware partners on that progress. Second, cloud. We will be expanding distribution through additional ecosystem provider. One we are very glad to work with now in France, called Scaleway, where we will have a first webinar and preview September 16th, and one we are in discussion in the U.S. It will be our first partner in the U.S., called Qubrid, and that is something we want to fully be in production by the end of the year. We are also rewriting the MIMIQ SaaS platform from scratch, shipping end of Q3. Why it is important? Because it enable to build MIMIQ into a services-beyond MIMIQ, starting with the digital twin I will talk in a minute. Think of it as a layer. First brick, second brick, third brick, and at the end, you have a full operating system for fault-tolerant quantum algorithm. That is the plan here, and that is what we do. On production, SDT is live, and our goal is simple. We wish anyone, anywhere worldwide to be able to reach one of our platforms to start with emulation. That is the only way, as Olivier was saying, that you can benefit of really the quantum computation today. Internationally, we have also the France 2030 export program. We are operating this with two new markets, Saudi Arabia, that this summer we have been working on, where I have already met six organization and the government, and we will do Vietnam this fall. We are also in discussion in Korea with many other potential customers in quantum finance, for instance. We shouldn't forget what we do in Europe with project we have announced and discuss, Quanval at the European level, and at the French level, MaQuEst, two programs that promote quantum computing to Fortune 500. So including the new MIMIQ on-premise offering. The reason all of this matters, it's on-premises deployment opens up new market for us, the regulated one, and sovereign customers who don't want to use cloud services or our quantum as a service offering. That's very exciting. Next slide, please. Our second product line, as you have heard, is the digital twin. The headline here is public. It was announced on July 22nd. We announced QPerfect joining the Access team. As Olivier said, France first publicly accessible neutral atom platform, and targeting more than 400 qubits. It is led by the European Center for Quantum Sciences, and we are more than happy to do a digital twin of that machine, because that's really the next layer in our strategy. The twin machine using MIMIQ, reproducing it at the circuit level. It will run both on-premise and as a cloud services. Our target for this call is a first full digital twin running by year-end 2026, moving from an accurate model to a validated twin sitting right beside the physical machine. You will have the Access machine on one side, and you will have the digital twin MIMIQ on the other side, and you will be able to reach the two with your algorithm. This program is backed by the non-dilutive funding, Bpifrance, i-Lab companies that you know, which was awarded to us, and continue with the collaboration with the university and the CNRS. CNRS is the leading research institution here in France. It's also connect to a wider push that we have talked about, but has been announced and kickoff, the Q-PLANET European grant. So 15 million EUR pilot line for neutral atom chips. It is coordinated by PASQAL. We are 28 partners in this program across 11 member state, and it has been kickoff last July. I will close on this. It's time to give software, I would remind this, its place of honor, good to do material, but software makes a difference, which is a nice de-transition, I believe, for you, Guido, and what we do with QLEO and our roadmap for the second part of the year. Thank you, Philippe. Happy to be here, like every time. I will start maybe explaining what the quantum logic unit actually is, because maybe it is the least familiar of our product. A fault-tolerant quantum computer should correct its own errors, and the quantum logic unit actually is the software stack that allows that. It allows a quantum computer exactly to detect and correct error. It takes an algorithm, breaks it into logical operation, protects those operations against errors, and schedules the live computation and the live feedback on the real hardware. Recently, we hit a milestone on the quantum logic unit, where the team in Strasbourg finalized the first prototype and is now using it internally. For example, it is using it to apply on the BTQ one-shot signature algorithm. Our next milestone actually is really connected to that for Q2 2027, to deliver a blueprint of this algorithm. A design, a detailed plan on how one-shot signature would run on a fault-tolerant machine on neutral atoms, a neutral-atom quantum computer. After that, we plan to deliver a first release of QLU by the end of the year 2027, so we can start to test it on hardware. Our goal is always to use the technology of QLU to make possible to run application like one-shot signature in a quantum advantage regime, so where no classical alternative can reach. In the meantime, we have also filed two patents on fault-tolerant operation for neutral atom quantum computers. Together with BTQ in June, we published a paper on a circuit-level implementation of one-shot signatures, and a second one should follow this quarter. Next slide, please. Looking ahead for the second half of 2026, for QPerfect, we will continue working on our non-dilutive funding. We have own research and collaboration, so with University of Strasbourg and also hardware partners. We will continue our integration with BTQ Technologies and with the PQC roadmap also. First on funding, QPerfect received during the years several non-dilutive grants for several millions of non-dilutive funding, and every one of them has been won in competition. Independent reviewers examined the technologies and backed the research and development of it. We are working now on finalizing most of these grants, for example, the i-Lab Grand Prix, and on kickoff new ones, like Philippe mentioned, the Q-PLANET grant, which is part of the broader European action on building chips for neutral atoms quantum computers, and we are part of that. Second, on research, our R&D team is continuing the push to the state of the art in emulation and quantum error correction with several papers and preprints published during the 2026, the first half of 2026, especially in the last quarter. Our next milestone, recently, we started a collaboration with the Access Platform of University of Strasbourg to deliver a digital twin of the quantum computer there. Our next milestone is to deepen the relationship with the European Center for Quantum Sciences at University of Strasbourg, and we expect this to happen by the end of the year. I think this is all for the QPerfect update. Thank you all of it, and thank you back to Olivier or Mathieu. Thanks, Guido. Yeah, Olivier, you want to cover the execution? Yeah. For end of 2026, large priority is commercializing our QSM IP in various formats with everything ranging from semiconductors to data centers to defense applications, telecom. The good news is, ITRI's research institute has validated things and ICTK stuff remains on track, and we're super excited with, I think, the abundance of opportunities that the AI cybersecurity environments are presenting for what our crypto agility was built for, as Sean said. When we first thought of the QSM IP, it was really for the ability to port various post-quantum cryptography algorithms in and out as they potentially could be broken or as different countries have different standards. That has brought on a new life of meaning as we see AI threats affect software and hardware. As Chris alluded, Bitcoin Quantum going live, which I think is a great demonstration of the largest digital asset class decentralized in a quantum environment. QSSN pilots rapidly spilling over from Korea into the rest of the world. I think, like we've done in Korea, where we've worked with KISA, standards body, in terms of getting QSSN into regulatory frameworks, we'll be able to do so in Europe, the U.S., and other geographies. I don't think there's any case where digitized money and their environments are not mandated to be quantum secure, and we have a great business model to secure those. As Guido and Philippe covered, MIMIQ enabling access to quantum computing in an affordable and scalable manner by way of emulation and our expansion into QLEO and one-shot signatures are exciting. So happy to keep everyone up to speed as those things progress. Okay, great. Thanks for that, Olivier. So yeah, just quick snapshot on the position. So here we have our cash balance as of quarter end, so 9.73 million CAD. I'll have a slide on the ATM following this one. But yeah, we're pretty happy with where we're at with the ATM. With the run rate that we have, we're confident with our cash position. I think there was a few one-time expenses last quarter related to QPerfect and other endeavors. But yeah, we're really happy with the way that the ATM's been going to date. Then, yeah, so I have the breakdown on this slide. So, this is all part of the disclosures in our financials that we filed yesterday. But we just have the shares issued to date, and then the proceeds from at the market offering. We have been careful in trading in the market when opportunistic. We are happy with the performance of the program so far, and we see that as ongoing way to fund our operations and something that is good to have and obviously common in the space to be leveraged. As a reminder, it is part of our base shelf that we filed earlier. With this and the previous fundraise that we did, we have about CAD 100 million left on our base shelf if we were to look at opportunistically M&A or any other big funding needs. As of right now, we are happy with the position that we are in following the ATM and with the current cash position and run rate expenses. QPerfect, as we alluded to earlier, is relying a lot on some great grant funding opportunities in Europe, and kind of self-funding at this time. With that wraps up the presentation here, so we can move on to the Q&A section next. Please use the chat box to submit your questions. Any questions that we will not have time to cover today, here is the email, so investors@btq.tech, and we will follow up with folks individually. There is also a question about the investment. Someone asked what the total investments were constitutive on the financials that we just filed. I would just refer to the notes. A lot of that investment is our stake in ICTK, and then there was also a chunk that was the QPerfect investment prior to closing. As a reminder, QPerfect closed early July, so it would have been reflected after the Q2 filing. Hopefully that clears up that question. I will let folks submit any further questions here in the chat. Chris, I saw you answered one of the QSSN revenue questions, but do you want to give any further guidance on that? The question was, is there any revenue from QSSN yet? Can we expect any revenue in the third quarter? We are working very hard on establishing those contracts. We are in deep negotiations at this point with Kaia, for example, and with the projects that we have been doing so far. I think it is looking optimistic that we will have revenue in the second half of this year as a result of those projects. Okay, great. Thank you. Maybe one for Olivier. There is one out of the four verticals, how should we rank the monetization of opportunities, QSM, QPerfect, QSSN, Bitcoin Quantum, which is the most probable to earliest? Yeah, just the sequencing of when we expect revenue by product line, basically. Yeah. We are in contract discussions based on shipments across all MIMIQ, QSSN, QCIM. I expect all of those to be validated and scaled in the next quarter. Okay, great. Yeah, there is one, given the plans for the second half of the year, are you fully staffed to execute the plans? Yeah, I think we are super happy with the team. As we alluded to, Sean has done a great job building the QCIM team, on the R&D side for QCIM. Same with QSSN and QPerfect. Yeah, all the business lines I think of the key. I think Mathieu just dropped, but yeah. What he was saying is that we have pretty much the entire team that we need to deliver on the goals that we have set out thus far. There are some, as Sean had alluded to, some very exciting opportunities, especially relating to the unique problems that cyber offensive enable AI poses. As a result, working on silicon, we have some really, a really interesting opportunity to solve that risk, using the technology that we have. We are certainly contemplating expanding the team to capitalize on that opportunity. Sorry, everyone, I got kicked off. Back sitting here. No problem. I finished up the. Okay. Answer that you were providing. Okay. Appreciate it. I think I see other questions in the chat. I think we can answer some of those offline. Yeah, I think if there is nothing else, we can wrap it up. Yeah, thanks a lot everyone for the time today on the earnings call, and yeah, looking forward to connecting for the Q3 call, yeah, in the fall. Thanks, all. Thank you, everybody. Thanks, everyone. Bye