Rankings Software, cloud & internet Quantum eMotion
Quantum eMotion
44
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−12
- Absolute price level and peers−9
- Quality of growth−7
Strengths
- Net cash+3
How the score is built
From 100 to 44, 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
- 1.33 CAD
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −72%
- 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−28 of −30
- −12MarginOperating loss CAD 14.7m TTM on revenue of CAD 23,000 (operating margin about −63,000%). The operating loss rose from CAD 1.6m in Q2 2025 to CAD 4.7m in Q2 2026. The loss is counted only here, not again under ROIC.
- −7Quality of growthFirst commercial revenue was only 11,000 CAD in Q1 2026 and almost zero in Q2. After many years of development the company still has no recurring product revenue; the only concrete QRNG application is a crypto token vesting (Krown).
- −5Capital allocationThe company is buying its way to revenue: SKV/SecureKey (April 2026, earn-out of up to USD 7m plus up to USD 15m in sales-based payments over 5 years) and now Plurilock for about CAD 33.8m at a premium of about 100% to the 20-day average and a secured bridge loan of CAD 2.0m to fund Plurilock's operations before closing.
- −4MoatQRNG is a market with strong competitors (ID Quantique, Quantinuum, Qrypt), and quantum-safe encryption is being standardized as open algorithms (NIST ML-KEM and others), which large tech companies build in directly. No documented pricing power or major customer agreements.
Price
Today's multiples against the company's own history and its peers. · 2 findings−13 of −35
- −4Multiples vs own historyP/B 12.9 versus 25.9 (2025) and 222 (2024), but 3.3-6.7 in 2021-23 before the quantum hype. The share price (CAD 2.24) is still about 56 times the level at the end of 2023 (CAD 0.04).
- −9Absolute price level and peersEV about CAD 458m for revenue of CAD 23,000 (P/S about 21,000). Even non-profitable quantum-security peers such as Arqit (EV/Sales about 238) have real revenue; the price rests solely on expectations.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−12 of −35
- −3Insider sellingBoard member Tullio Panarello sold approx. 100,000 shares at approx. 4.18 CAD (12/3) and approx. 202,000 at 4.09 CAD (22/5, half of his holding); Wayne Teeple sold approx. 35,000 at 4.28 CAD (29/6). Insiders are net sellers of approx. 2.0m CAD over 12 months; no purchases found.
- −4Dilution and warrantsShare count rose 22.8% over a year. From the LIFE offerings in 2025, warrants are outstanding at 1.10 CAD (up to 13.3m, expiring Feb. 2028) and 1.82 CAD (up to 8m, expiring June 2028), far below the share price. The Plurilock acquisition issues approx. 4% further new shares, and SKV earn-outs may be paid in shares.
- −3Integration and transaction riskThe Plurilock agreement (28/9-2026) requires court approval and shareholder approval; about CAD 10m in cash plus the bridge loan is taken from cash, and the company must integrate a much larger business with a management that has never run commercial operations at scale.
- −2Macro and sentimentThe stock is -44% over 3 months and approx. -64% from the February 2026 peak; it has traded well below the 50- and 200-day averages (2.71 and 3.82 CAD). The quantum theme is sentiment-driven.
Plus
Only documented strengths. · 1 finding+3 of +15
- +3Net cashCash and liquid investments 34.0m CAD as of 30 Jun 2026 and almost no debt (0.16m); operating cash flow is only approx. −2m CAD per quarter, so the cash lasts approx. 4 years before the Plurilock acquisition.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Canadian company behind quantum random number generators (QRNG chips), quantum-safe encryption and SecureKey authentication; listed on TSX Venture and since September 2026 also on NYSE American (QNC, about USD 1.58). A price of CAD 2.24 and 219.4m shares from stockanalysis 9/10-2026 give a market cap of CAD 491.5m (DKK 2,282m; Nordnet showed 2,251). The latest report is Q2 2026 (30/6) via stockanalysis; the Q2 report itself has not been read, only the Q1 report. The acquisition of Plurilock (about CAD 33.8m, 30% cash/70% shares) was signed 28/9-2026 but not completed; Plurilock's own financials, margin and loss have not been examined. The number of outstanding warrants after exercises in 2025-26 has not been verified. Insider trades are from Simply Wall St (not SEDI). No analyst coverage (forecast 404). Industry is set to the closest (QRNG hardware + cybersecurity).
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