Rankings Software, cloud & internet BTQ Technologies
BTQ Technologies
35
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−13
- Absolute price level and peers−9
- Liquidity, ATM and dilution−9
Strengths
- Partner validation+1
How the score is built
From 100 to 35, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.93 USD
- Median analyst target
- 6.04 USD
- Upside to median
- +213.0%
- Analysts
- 2
- Target range
- 6.01 – 6.06 USD
- 52-week change
- −75%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −13MarginOperating loss CAD 56.9m TTM with no revenue (zero in the last four quarters); Q1 2026 alone had CAD 11.6m in share-based compensation. ROE −489% is not counted again.
- −7Quality of growthRevenue fell from CAD 0.67m (2024) to 0.32m (2025) and zero TTM. The engagements are proofs of concept and MoUs; the first recurring agreement (Kaia, 30 Sep 2026) is expected to give only six-figure USD revenue in its first year.
- −5Capital allocationAcquired QPerfect for about EUR 18.6m at closing (2.0m in cash + 2.2m shares at about EUR 7.54) plus an earn-out of up to EUR 5.7m, while cash was only about CAD 9.7m; heavy share-based compensation relative to a company with no revenue.
- −4MoatPost-quantum cryptography is built on open NIST standards (ML-KEM, ML-DSA), which large tech and security companies implement for free; BTQ competes with PQShield and SandboxAQ, among others, with no documented pricing power.
Price
Today's multiples against the company's own history and its peers. · 2 findings−13 of −35
- −4Multiples vs own historyP/B 31.5 versus 31.4 (2025), 64.0 (2024) and 23.0 (2023); market cap has fallen from USD 724m (2025) to USD 398m, but equity has shrunk correspondingly, so the stock is not cheaper measured on book value.
- −9Absolute price level and peersEV about USD 392m for zero revenue (forward P/S about 70). Quantum-security peers such as Arqit (EV/Sales about 238) at least have some revenue.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−18 of −35
- −9Liquidity, ATM and dilutionCash of only 9.73m CAD as of 30 Jun 2026 against operating burn of 5.9–8.0m CAD per quarter, i.e. approx. 4 months of runway, and 2.0m EUR went to QPerfect on 1 Jul. Operations are financed via an ATM programme of 150m CAD (prospectus supplement 18 Jun 2026) and a shelf with approx. 100m CAD remaining, so ongoing dilution is certain. No explicit going-concern language found.
- −3Commercial validationAll customer relationships are PoCs and MoUs (iM Bank/Finger, MoonPay Korea 9/10-2026, ITCENGLOBAL), with no disclosed contract values; Bitcoin Quantum mainnet is not planned until late 2026.
- −2Regulation and crypto exposureThe business is concentrated on stablecoins and Bitcoin (QSSN, Bitcoin Quantum) in South Korea, where regulation of won stablecoins is still taking shape.
- −2Macro and sentimentThe stock is -81% over 52 weeks and -32% over 3 months; the QPerfect shares were issued at approx. 7.54 EUR (approx. 8.8 USD) three months ago.
- −2Short interest11.6m shares sold short: 7.9% of shares and 12.1% of free float (5.1 days to cover).
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Partner validationThree-year commercial agreement with Kaia DLT Foundation on QSSN with LINE NEXT's Unifi Wallet as one of the first users, plus a partnership with MoonPay Korea (Woori Bank in the consortium).
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Canadian company (Vancouver) with post-quantum cryptography (QSSN for stablecoins, Bitcoin Quantum, QCIM chip) and quantum emulation (QPerfect/MIMIQ); listed on Nasdaq (since Sept. 2025) and Cboe Canada, so the group is set to USA after the Nasdaq listing. Reports in CAD; amounts in the penny object are converted to USD (1 CAD = 0.705 USD). A price of USD 2.68 (9/10-2026) and 147.08m shares give a market cap of USD 394m (DKK 2,595m; Nordnet showed 2,680). The Q2 net loss, ATM sales in Q2 (number and amount) and the going concern note have not been found in the documents read; Q2 burn is from stockanalysis' quarterly figures. Insider trades have not been examined. Only 2 analysts (price target USD 7.89, probably outdated after -81% in a year).
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