QNC is a Canadian cybersecurity name focused on quantum-safe cryptography, and it has a few key products which provides cyber and quantum-secure cryptography for cloud serivces. They have announced a Memorandum of Understanding (MOU) with PLUG to integrate its quantum-cybersecurity into energy-storage systems. It is still pre-revenue, funds its operations through share issuance, and they are likely in the late-development/early commerciailization phase. We think revenues could be several quarters out, if not more. The momentum is positive, but this is the same for many quantum names today. We would be fairly cautious here, given the general hype around the space, but we think there are going to be some winners in the field in the future. We would be OK with a small position, while acknowledging it is fairly speculative, and the small-cap risks involved.
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