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BTQ Technologies

BTQ.NE
11
Software - Infrastructure · Technology
Price
$4.13
-0.08 (-1.90%)
Market Cap
$585.6M
Exchange
NEO
Winston Score
11
Winston is worried
Weak fundamentals across most pillars.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Share count rising — dilution

+11.8% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 121.2M (2023) → 135.6M (2025)

§Winston Score History

The full picture

BTQ Technologies Corp. is dedicated to creating advanced computing technology focused on post-quantum cryptography, primarily for its application within blockchain and related digital systems. The company's product suite features: PQScale: A scaling solution designed for lattice-based post-quantum signatures, which utilizes zero-knowledge proofs to compress digital signatures, thereby enhancing speed and reducing costs. Keelung: A user-friendly development toolkit for zero-knowledge proofs, which includes a domain-specific language integrated into Haskell and a compiler. Kenting: Specializes in hardware acceleration specifically optimized for zero-knowledge computation tasks. Quantum Proof-of-Work (QPoW): An energy-efficient, post-classical consensus algorithm that employs Noisy Intermediate Scale Quantum (NISQ) hardware to validate blockchain transactions. Furthermore, BTQ offers: QRiNG: A toolkit for generating quantum random numbers. Preon: A foundational component for a future-proof, digitally secure post-quantum signature scheme. QByte: A tool designed to calculate quantum risks. Established in 1983, BTQ Technologies Corp. maintains its corporate headquarters in Vancouver, Canada.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-716.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$6M/ year

Rising (+105% vs prior year)

>1,000% of revenue

Investing heavily in future products and technology

Cash Runway

~11 months

C$22M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

BTQ Technologies is putting 1776% of revenue into R&D and that number is rising.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
33.2%
Modest — 33.2% gross margin
Profit after running costs
Operating Margin
-7938.9%
Losing money on operations — -7938.9%
Return on the money invested
ROCE
-79.2%
Weak — -79.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-52.7%
Shrinking sales (-52.7% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
N/A
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-4763.9%
Burning cash (-4763.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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