Quantum eMotion's Second-Quarter Revenue Works Out To C$1,479. The Accounts Are In Canadian Dollars; The NYSE American Quote Is Not.

by Arash Shirazi · August 17, 2026

Quantum Computing Correspondent, Frontier Tech Wire

Quantum eMotion Corp. furnished its interim report for the six months ended June 30, 2026 to the Securities and Exchange Commission on Friday, Aug. 14. The Montreal company builds quantum random number generators and, since February, has traded on NYSE American under the symbol QNC. Its numbers are small enough to read one by one, and three of them are worth reading carefully before the summary versions circulate: the reporting currency, the revenue line for the second quarter taken on its own, and how the acquisition it closed in April is presented.

Start with the listing, because on this beat exchange and ticker go stale fast. The company registered its common shares on NYSE American on a Form 40-F filed Jan. 22, 2026, according to the filing posted on the SEC's EDGAR system; the securities-registered table on that form lists common shares, no par value, and NYSE American as the exchange. The same document states that the common shares also trade on the TSX Venture Exchange under the symbol QNC, with additional quotations on the OTCQB market and the Frankfurt Stock Exchange. The company's first-quarter management discussion and analysis, furnished to the SEC on Form 6-K, states that the shares started trading on NYSE American on Feb. 24, 2026 and uses the symbol QNC for that listing. Stockanalysis.com's quote page for QNC shows the exchange as NYSEAMERICAN and the currency as US dollars. So a US holder owns a US-listed security, quoted in US dollars.

The accounts are not in US dollars. The Form 40-F states that, unless otherwise indicated, all dollar amounts in the registration statement are in Canadian dollars, and the interim financial statements furnished on Form 6-K are prepared in Canadian dollars. MarketScreener's Aug. 14 item on the results — which credits S&P Capital IQ as its data source — likewise reports every figure in Canadian dollars. That mismatch, a US-dollar quote sitting on a Canadian-dollar balance sheet, is not unusual for a Canadian issuer that has crossed onto a US exchange, but it is the first thing that gets dropped when a figure is retyped with a bare dollar sign.

Now the revenue. For the six months ended June 30, the company reported revenue of C$12,061 — the figure appears both in MarketScreener's item and on StockTitan's page for the same Form 6-K. The first-quarter statements filed with the SEC put three-month revenue at C$10,582, split between two partners: C$8,343 from Greybox, a 5% royalty on C$166,860 of sales, and C$2,239 from Krown, a 5% royalty on C$42,534. Subtracting one from the other is our own arithmetic, and it leaves C$1,479 for the second quarter. MarketScreener reaches the same place separately, reporting second-quarter revenue of CAD 0.001479 million. Revenue did not merely stay small in the June quarter; it was roughly one seventh of the March quarter's.

The loss ran the other way. Half-year net loss was C$8,324,643 against C$4,868,768 a year earlier, with a loss per share of C$0.038 — the figures as rendered on StockTitan's filing page, and matched to the same decimals by MarketScreener. Because the first-quarter statements on EDGAR show a net loss of C$3,588,329, against C$3,351,336 in the first quarter of 2025, our subtraction leaves roughly C$4.74 million for the June quarter alone, which is also MarketScreener's separately reported second-quarter figure. On the half, the loss widened by about 70% year over year.

Before treating a widening loss as an operating deterioration, it is worth asking what is cash and what is not. The first-quarter MD&A on EDGAR is explicit that C$2,066,390 of that quarter's C$3,588,329 loss was non-cash share-based payment — more than half of it. The same document puts general and administrative expense at C$1,240,241 against C$458,553 a year earlier, and attributes the increase primarily to additional headcount in the subsidiary to develop the US market and to higher professional fees connected to the exchange listing. Research and development was C$399,305, up from C$211,878. We could not retrieve an equivalent expense bridge for the second quarter from a primary document, so we are not attributing the June-quarter increase to any particular line. That the bridge was not retrievable is a limit on this reporting, not evidence that no bridge exists.

The treasury is harder to state cleanly than it looks. The first-quarter MD&A gives cash and marketable securities of C$36,920,613 at March 31, 2026 and C$39,190,779 at Dec. 31, 2025. The interim financial statements furnished in the same package present C$39,909,021 at March 31 — cash of C$245,551 plus investments of C$39,663,470 — and C$41,693,286 at Dec. 31. The two exhibits are evidently drawing the line around different instruments, which is a presentation difference rather than a contradiction, but it means the starting point depends on which exhibit you take. StockTitan's page for the Aug. 14 filing reports C$33,530,205 at June 30. We are deliberately not netting these into a quarterly or half-year burn rate: the March 31 figure is presented on more than one basis in the company's own exhibits, and the June 30 figure comes from an aggregator's rendering we could not check against the filing itself. Any burn number built on that pair would be arithmetic dressed as a fact.

That brings up the acquisition. Quantum eMotion completed the purchase of 100% of the issued and outstanding shares of SKV Technology Inc. on April 2, 2026, acquiring the SecureKey platform developed and commercialised by Jet Lab Technologies Inc., according to the company's own release carrying a Montreal dateline of that date. The consideration structure is disclosed in a primary document: the subsequent-events note to the first-quarter statements on EDGAR says the company will make milestone-based earn-out payments of up to C$7,000,000, payable at its election in cash, common shares or a combination, and will also pay royalties of up to C$15,000,000, subject to specified sales thresholds, on products incorporating the SecureKey technology for a term of up to five years. Combined, that is an undiscounted maximum of C$22,000,000, and it is contingent on thresholds being met.

How that acquisition landed in the June 30 balance sheet is the part we cannot stand behind, and readers should know exactly why. StockTitan's page for the Aug. 14 Form 6-K presents the transaction as recognised in those accounts as an intangible asset with an offsetting contingent liability, and puts specific amounts on both. We could not surface the Form 6-K or its exhibits on EDGAR during reporting, and MarketScreener's item — which is not derived from StockTitan, crediting S&P Capital IQ instead — carries income-statement lines only, with no balance-sheet detail. We found no other source reporting those two amounts. Because the figures rest on a single rendering that nobody else can check, we are not printing them. What can be said without them is narrow and still useful: the SKV transaction shows up in the June 30 accounts on both sides, and a summary that reports the asset without the offsetting liability is reporting half of the entry. StockTitan's own headline on that page — "widens H1 loss but adds $10M crypto IP asset" — reports the asset, and does it with a bare dollar sign on a Canadian-dollar set of books.

Two structural details matter for how a US holder receives this information at all. First, the company reports as a foreign private issuer: its annual disclosure came in on Form 40-F and its interim numbers arrive furnished on Form 6-K rather than in a Form 10-Q, so the presentation follows Canadian reporting conventions. Canadian continuous-disclosure rules require quarterly interims, so quarterly numbers do reach the SEC — but they reach it in Canadian dollars and in a package assembled for a different regulator first. Second, the revenue that exists is royalty-based: the first-quarter MD&A describes the 5% arrangement with Greybox and a Krown arrangement at 5% that the company says will rise to 10% starting in November 2026.

On the tape, stockanalysis.com's QNC page, accessed on the afternoon of Aug. 17, 2026, shows a price of $2.430 carrying the provider's own label "At close: Aug 14, 2026, 4:00 PM EDT" — that is the most recent close the provider had labelled at the time we looked, and we are reporting the label rather than asserting it is the latest session. The same page shows shares outstanding of 219.38 million; the first-quarter statements on EDGAR give 219,369,670 common shares at March 31, 2026. That price is in US dollars and every figure elsewhere in this article is in Canadian dollars. We are not converting between them, not sourcing an exchange rate, and not setting the US-dollar market value against the Canadian-dollar treasury as a ratio anywhere in this piece.

For a US reader the checkable points are these. The security is NYSE American-listed and quoted in US dollars while every figure in the interim report is Canadian. Second-quarter revenue, on our subtraction from primary first-quarter figures and on MarketScreener's independently reported figure, was C$1,479. The half-year loss widened by roughly 70% year over year, and the only expense bridge we could retrieve is the first quarter's, in which more than half the loss was a non-cash share-based payment. The SKV consideration structure is disclosed in a primary document and runs to an undiscounted maximum of C$22,000,000 contingent on thresholds. The balance-sheet effects of that acquisition are in the June 30 accounts, but we could not confirm the amounts against the filing or against a second independent source, and so have not printed them.

For anyone checking this story: every first-quarter figure, the consideration terms, the share count and the currency statement come from documents hosted on sec.gov — the exhibits to the Form 6-K furnished in May and the Form 40-F filed in January. The half-year income-statement figures are carried by two sources with different upstreams, StockTitan's rendering of the Aug. 14 Form 6-K and MarketScreener's Aug. 14 item sourced to S&P Capital IQ, and where they overlap — half-year revenue, half-year loss, loss per share, second-quarter revenue and second-quarter loss — they agree. The June 30 balance-sheet items are carried by StockTitan alone; that is why the ones this article would otherwise have used are absent from it.