Exhibit 99.2

Mark Roberts:

Alright I’m going to kick us off, it’s right at the top of the hour and we are going to be very efficient. We have a full agenda as you all see, and we have a lot of people here from the Company, which is great. My name is Mark Roberts, managing partner at Blue Shirt. We are thrilled to be working with EigenQ and Silicon Valley Acquisition Corp as they push this transaction to a conclusion, which will happen in Q4. Like that, I don’t want to steal your thunder, Dan.

I’ve already told everybody where the bathroom is. I have two other jobs here. One is to make sure on this next page that everyone is aware of the disclaimer that’s on the screen that you can’t read easily here, but I would encourage all of you to be familiar with this two-page disclaimer that tells you that there’s a chance we talk about forward-looking information, and if we do happen to do that, it is going to be governed by this disclaimer. This will be all filed with the SEC, and you can find that the entire presentation will be available online.

The second job that I have is to make sure that during the Q&A process we’ve allocated a certain period of time. We’re going to make sure we keep tightly to that time period so we can get through everything. And then, last but not least, we’ll have a demo for the people in the room at the conclusion of today’s presentation, as well as some refreshments. I’m going to turn it over to Dan Nash, CEO of Silicon Valley Acquisition Corp. Enjoy the event.

Dan Nash:

Thank you, thank you, Mark, and welcome everyone. And we appreciate everyone for joining us, the analysts, strategic partners, and industry experts who took the time to be here. As mentioned, I’m Dan Nash, Chairman and CEO of Silicon Valley Acquisition Corp, the Company’s SPAC partner. Our goal today is to provide a deeper understanding of the technology, commercial opportunity, and the business and financial model. You’ll hear directly from the team building the technology, the executive developing the OEM channel relationships and several industry partnerships. We want you to walk away with a framework for evaluating EigenQ as a public company.

One thing that really excites us is we believe that quantum represents a significant technology shift, one of the biggest for the next decade. But you don’t have to wait for quantum computers to be mainstreamed to identify the extraordinary commercial opportunity ahead of us. The need to secure today’s infrastructure is already emerging.

One aspect that truly attracted us to EigenQ was that no matter who wins a quantum hardware race, and I know a lot of you have opinions and whatnot, probably more sophisticated than I do, that quantum cyber is clearly a near-term opportunity. Before we get into the tech, I wanted to share why we believe EigenQ represents such a differentiated opportunity.

Turning totoday’s presenter, one particularly compelling aspect of EigenQ is a combination of scientific leadership and commercial execution. Dr. Jesse brings decades of entrepreneurial academic expertise and has authored and literally wrote the books on quantum computing and security with his colleagues here. He had the foresight almost 10 years ago to realize that quantum was coming faster than the market anticipated, and that cybersecurity was going to be the first addressable commercial opportunity. Dr. Jose Rosas brings deep cybersecurity expertise, technical leadership, and a strong commercial orientation. So the broader team combines quantum researchers, enterprise security experts, infrastructure specialists, and experienced channel executives. You’ll also hear from Bryan and Rika, who are focused on translating the technology into actual commercial opportunities through the ecosystem. For tech and product, we have Raul, Michael, and Alex, who not only bring deep technological innovation and hands-on engineering experience, but they are true experts in translating cutting-edge quantum research into practical enterprise-ready cybersecurity solutions. And they will be using tech demos as mentioned at the end. And then, importantly, we have commercial partners who took the time to be here, including Jim Mackey from HPE, to help validate from a partner perspective. It’s important to highlight again that this is not just a team of scientists developing a technology in a lab, but this is truly focused on a commercial opportunity.

A quick summary on us and a little of my background: I had previously co-founded and led Investment Banking at Cohen Capital Markets, and prior to that, 20 plus years in investment banking on more traditional IPOs and SPACs at BofA , and Wells Fargo both across 50 plus deSPAC transactions and 20 plus book runner led IPOs. Our broader team has significant traditional buy-side experience as well. We IPOed the vehicle, a $215 million vehicle in December 2025. We evaluated in a short period of time over 50 businesses.

Many from deep technology, disruptive growth sectors. We generally look for differentiated technology, enormous markets, strong management teams with potential to be category leaders.

Couple of things that, you know, there were 3 transformational themes that came together for us on EigenQ. It sits at the intersection of quantum, cybersecurity and data center infrastructure.

Quantum computing is rapidly advancing, creating extraordinary opportunities, but also fundamental security risks. Cybersecurity is already one of the most mission-critical areas of enterprise technology. And as we all witness, data center infrastructure is undergoing a massive investment cycle driven by AI, cloud computing and accelerating demand. EigenQ is unique, bringing these 3 things together through a hardware-rooted quantum safe security embedded into the infrastructure itself.

In my career there are very few companies I’ve seen positioned to benefit from three megatrends of this magnitude, and we believe EigenQ has the opportunity to become the foundational security layer for the next generation of computing infrastructure.

This is not just a bet on when a relevant quantum computer will arrive. The transition to post quantum security is already underway with NIST standards, government migration timelines and growing enterprise awareness. Large organizations cannot wait until the threat is fully realized before the coming migration. The challenge here is protecting systems and information today as the threats continue to evolve.

I’ve hit a number of these, but just to reiterate a few highlights before I hand it over to Dr. Jesse, EigenQ’s approach is differentiated by anchoring security in hardware below the traditional software layer.

The company has developed a proprietary technology and IP around quantum safe infrastructure. Its OEM integration strategy offers the potential to embed security directly into the servers and infrastructure, and we believe that combination of technology differentiation and commercial integration can create meaningful competitive advantages. We think the timing is great now. A major cybersecurity transition is beginning, driven by this technology progressing government requirements and mandates.

EigenQ aims to be the infrastructure layer itself, not just another software layer added onto the system.

As mentioned, we have deep expertise across quantum cryptography and enterprise computing. EigenQ's foresight provides a potential first mover advantage. When Dr. Jesse began his work 10 years ago, he self-funded with over $20 million of his own capital in the technology.

Mostly because at that time, if you went out to venture firms, you couldn’t, you know, raise money for quantum because it was a 2045, 2050 problem. That timeline continues to compact and contract with government mandates actually accelerating, which is very unusual in the ecosystem.

We’ll go into more detail, but they have a very scalable deployment model between OEM and distribution that provides a potential path for large scale adoption without building out a sales force or manufacturing infrastructure. The supply chain development is an important component here.

Moving from validation to commercial delivery. And finally, you know, for us financially and most importantly, the hardware sales, recurring software revenue and potential licensing create multiple opportunities for revenue and margin expansion. One thing that truly stood out for us of all the deep tech and early stage companies we saw, was the potential to scale early and rapidly, and more importantly for us, profitably. It’s not, as I said, a science experiment with assumptions that you have to make 3 to 5 years out. We can be talking about 2027 and 2028 multiples, including near-term deliverables that are very compelling to us.

And that made our investment thesis very straightforward, that you have this massive emerging market, a differentiated technology and a world-class team, established infrastructure ecosystem that provides commercial scale with attractive potential unit economics and a path to profitability.

With that, I will hand it over to Dr. Jesse. As I mentioned, what makes this story especially interesting is the scientific foundation of an innovation that he provided. He spent decades building technology businesses, working at the forefront of quantum research. He leveraged his position at University of Waterloo, one of the top universities for quantum and cybersecurity research in the world. I’ll now turn it over to him to talk more about the vision of the business.

Dr. Jesse:

Yes, thank you, Dan. I would like to tell you that when we started this quantum computers were becoming. Oh, you had a question?

Gary Mobley (StoneX):

I was just going to ask if these slides will be made available.

Dan Nash:

They will be. They're going to be filed, so we're just waiting for that.

Dr. Jesse:

Yeah, when we started this quantum computers would be the estimate was 2050, the quantum computers are growing very, very fast, and. Not only on the applications, but also on the speed, because we know about Moore’s law that is doubling the speed every 2 years. Quantum computers are almost a trillion times faster year over year. So it’s arriving much sooner, and we thought that we could have a business model that could protect the infrastructure against quantum effects while we develop quantum communications and quantum computing. And then right now, our mission is focused on being the top quantum proof and classical proof and newcoming threats to the IT ecosystem. So our mission is to make our quantum safe trust. The default security layer for critical cyber infrastructure.

And our vision is to establish EigenQ as the infrastructure leader, meaning number one in the post quantum and classical cybersecurity.

Well, we have over 50 researchers in addition to the people that we have at EigenQ. We also have over 50 research collaborators throughout the world, and I will put the map there where they are located so now I’d like to introduce our CEO Dr. Jose Rosas-Bustos.

He got his PhD in two years, when it takes 4. But he took 2 years because he had a full-time job. And he’s there on the other side. Yes. So he also has an enormous amount of patents of 9 published quantum research publications and other US patents, just in front of nine and has the multiple exits has worked at Oracle. links, software, and as a co-author of the books with me, those are we have shown here, and is with EigenQ. Before this, he was with Lake Software when he went is when we started Lakes Quantum. And then we transfer the technology from Lakes Quantum to EigenQ, and incorporate EigenQ in February 2025. So with that being said, let me pass it to the outstanding CEO here on my right hand side.

Dr. Jose:

Thank you, Dr. Jesse and Dan and everyone. Thank you for making the time today.

We’re very pleased to have you. EigenQ’s story is the story of how conventional computing and quantum actually can work together.

We are not in love with quantum because quantum is amazing. We believe that quantum actually can work together with conventional silicon. Both have a world when they excel and we are taking that approach heads on, on building the synergies around both.

What is the first applications in order to achieve the additional cybersecurity? There are 30 trillions of cybersecurity infrastructure worldwide that eventually will have to be protected. And we believe that quantum technology is a good complement to be integrated with conventional silicon to achieve that goal.

In terms of the quantum safe infrastructure that is our 1st goal. This is part of the vision that Dr. Jesse and the founders of EigenQ had have from the very beginning that what we needed to be protected first is what's the compute infrastructure.

The computing infrastructure is the part and the backbone of our economy. And if we will have new kind of generation of attack.

AI-enabled attacks and potential quantum attacks. There are 2 things that actually can protect us down the road. One is zero trust. The other one is crypto agility.

The quantum technology actually to protect on the compute infrastructure is what's the 1st one that we decided as a strategy to go to market. Nevertheless, this company has a roadmap to build the first edge quantum workloads down the road. The first way to monetize this company is to apply our knowledge in cybersecurity itself.

In order to achieve that, we decided to go through channels and being an embedded component in OEM platforms. Our strategy was not to build our brand with the end customer. It was to integrate with the ones that already dominate the compute infrastructure itself.

We are talking about HPE, Dell, and the like. And as you may have seen in some announcement that was already put into the market as of June 17, we already have a strong partnership with HPE, and the first product that we have in the market is the HPE ProLiant server.

That has already come with our technology integrated by the manufacturer itself.

I believe that the vast majority of you are aware on the pressing matters about the mandates in regards of quantum technology and quantum resistant technology to be implemented. So we have different fronts here. Some of you may come from cybersecurity.

Others of you may come from quantum itself. Quantum is becoming a priority globally as an investment from governments, but also we are seeing a pressure that comes from the quantum resistant technologies to become a priority as well. And the quantum-resistant technologies is something that.

It's a zero sum game. If we are too late, we are going to lose everything. So we don't lose anything by implementing them. The earliest that we implement is the better. If we don't implement, we are putting everything at risk.

One other thing that is that is happening in the market is the AI enabled attacks. Basically, what we are facing nowadays is a need to have better cybersecurity. This is not about quantum. It’s about our cybersecurity.

We never implemented crypto agility the right way. We never implemented zero trust platform in a multi-layered fashion, and now we're facing this multi-vector issues, and now we require urgent, urgent measures. The private sector, like Google, already have a timeline through quantum-resistant technologies. And then we have the US government and many other governments worldwide that have very strict mandates about when is the deadline for these technologies to be implemented.

The compute infrastructure that is our first target. As of 2025 is $449 billion market with $269 billion in the US server market amount and $22 billion in the US federal government.

But nevertheless, the compute infrastructure, as you may know, is a market that is growing. And the main driver is actually artificial intelligence workloads as well as hypervisors applications and the like. So it was a very, very good target for us to go into the market first by the hand that the major OEM providers. So our first goal, our first go-to-market strategy is to protect those workloads.

Just to provide a little bit of a breakdown about the different segment that this market has. Nevertheless, the National Security Defense and intelligence is the 1st, I will say, market that needs to be compliant with quantum-resistant technologies. Nowadays we’re receiving inbound.

For the adjacent industries that actually they may not be fully regulated. Nevertheless, they follow best standards and practices very closely, like financial institutions, like critical infrastructure, healthcare, and the like. And we see them as potential industry that will naturally. Grow to this business. Nevertheless, the illustrative forecast that we are presenting today relate more on the compliance piece.

So what were we discussing here? What is the form factor that we that we have designed? This technology is not trapped in any specific form factor. Nevertheless, we design, these PCIe and M.2 form factors in order for them to be integrated very easily in platforms that already exist.

Down the road, when we’re talking about in the timeframe of three or five years, our solutions are very likely to be integrated into the motherboards. But nowadays, if we want to be compliant as soon as January 2027.

The best way is to retrofit new devices. In the in the manufacture and deliver them with this technology already integrated. And that is the reason because we create these… these two form factors. The next one. So how our value chain looks like at this point. You can see on the on the left side. Imagine that you have a customer that could be an agency or a city, or let’s say government general. They already have.

They trusted providers that could be a value-added reseller that could be a system integrator and the like. And usually they have these relationships over many, many years. What we have seen in the market is that those are the ones that are conducting inventory, for example. projects on discovery about where they need to do their migration.

What we did is integrated with that. We integrated with TD SYNNEX. TD SYNNEX is one of the largest technology distributors worldwide as well with Carahsoft, and we are working with others in order to access this network of value-added resellers.

If the customer actually has a need, a purchase order or something to fulfill their needs, they go to the value-added reseller. The value-added reseller go to this network of value-added resellers, and after that will receive that purchase order, and we'll do fulfillment, with our providers and partners, that in this case could be HPE, a hardware providers and the like. And this value chain has 2 tracks. One is a commercial track and a trusted supply chain path because of national security and defense requirements.

But we are expanding. We are expanding in terms of form factors, in terms of partners, and in terms of products. So if we want to secure the compute infrastructure, we need to secure storage, we need to secure networking and compute.

But this is very lucrative about how it’s going to work down the road, because independent on the product, the distribution is going to be very, very similar.

Just as an example, and today we are going to hear directly from our dear friends from HPE. But this is a solution brief that actually you can find in hpe.com. This is basically HPE using the solution brief to inform their community about upcoming configuration that they are recommending. In this particular solution brief, they are highlighting the several industries that are going to be affected because of the quantum resistant mandates as soon as January next year, and they have identified their federal and defense critical infrastructure, financial sector and others, and they are recommending one solution so the customer can be compliant. The solution that they are recommending is us integrated with them. So basically, this is the HPE ProLiant server in the Intel Xeon processor configuration that already come with our technology integrated, providing quantum-resistant capabilities from the booting of the system all the way up on the processing. So we are talking about data address, data in transit, route of trust, public key infrastructure and the like. And you can find that in HPE.com. And as I was saying before, this is just the first one that we put in the market. We are working actively on expanding our offering.

In terms of competition and what is the role that actually EigenQ has in the market. There are many actors that are coming to the post quantum cryptography market. And it’s very interesting because we defined this focus from the very beginning.

But nowadays, we are seeing even actors that were in the pure quantum play are pivoting to enter the post-quantum cryptography market as well. Our positioning is to be an embedded component. We want to accelerate.

Our go-to-market strategy by doing integration, OEM-agnostic. And in that sense, we are very unique.

Because we are not trapped in any particular OEM partner, and we really want to accelerate deployment readiness. So in that sense, we’re very unique and we compete very well in that. The second piece is that we have a hardware component. Many of the PQC solutions.

Actually don’t have a hardware component, so that combination actually make us very unique in that particular sense. So the next one.

So we already discussed a little bit on the team. I just want to highlight the following. The science of this company, the vast majority come from the University of Waterloo.

In Canada, that is one of our major R&D centers. And every time that we have the challenge to go from science to technology, technology to product and product to commercialization, actually the company need to evolve.

So one of the reasons, because I wanted to highlight our team is because we are onboarding people that actually have been doing commercialization of technology through these channels, value-added resellers since many, many, many years. And we are very fortunate to have them in our team and helping us to mature the company into the path that we are moving forward.

In terms of our board of directors, we have our founders, and also we have independent directors that are providing advice to us in our go to public strategy, go to market strategy, strategic advice in terms of the partnership that we need to pursue and the like. And we have people like Mark Pecen in terms of intellectual property. He used to be the head of Motorola R&D.

And then he went to be the head of R&D of Research in Motion, Blackberry. He has more than 500 patents under his name, and he’s the one that advises in terms of our IP strategy.

So having said that, um…I want to introduce you to Rob. Rob is our VP of channel sales, and he has prepared a panel with two guest that actually can talk about more about our go to market strategy, or not about our particular go-to-market strategy, but about what they see into the market.

Rob Jazwinski:

Thank you, Dr. Jose. So yeah, that lays the foundation of how we kind of got here today. My name is Rob Jazwinski.

I’m the VP of channels, and what we want to do is give, let’s say the investors a little bit of background on how the channel works. So when you hear things like infrastructure and installed base and OEMs could be, you know, HPE, Jim Mackey. It could represent Intel, AMD, Cisco, Dell.

Nvidia. So where those companies do their transaction, and this is even more than your typical 80-20 rule. They go from end user to reseller to distributor, you know, to OEM, and that’s how the revenue is recognized. So just want to let everyone know that this technology channel has existed for half a century.

These distribution and resale partners have basically been the bank and the warehouse. So instead of a startup or any kind of OEM, mature brand like HPE, startup like EigenQ, nobody wants to write, you know, tens of thousands of small business loans to do their business as they try and, you know, recognize revenue. So that’s a little bit of the background on the channel so that our conversation might make a little bit more sense that this is a very mature industry and model that we’re now in the mainstream of. So…I guess what I’ll start with. You know, my guest today. My 1st guest today is Jim Mackey with HPE. And you know, Jim, we’re trying to display through, you know, let’s say, HPE’s brand and maturity and installed base, how you got wind of EigenQ, and if you could give us a little bit of your bio and background first. Absolutely. That’d help get things going.

Jim Mackey:

I’m Jim Mackey. I’m a compute specialist on the federal team for HPE. I handle civilian federal accounts, probably about 40 agencies and sub agencies throughout that.

Just focusing on our compute product, our hardware platform, and any types of software or other solutions that would align with that. And so every year I actually we have our conference, which is called Discover, and we invite our partners, customers. This year our CEO actually announced that we have partnerships with some quantum companies. So in the keynote. So one of the things I did is when I went to the show floor, I sought out these quantum partners understand how that ecosystem works and how I can, you know, adopt that solution into my current portfolio, go into my direct customers. So I actually got to meet Dr. Jose and spend a few minutes with him. Fascinated by the technology was way over my head when talking about photonics and things like that.

And I think I was still saying QPC instead of PQC at that time. I had no idea what they were talking about. So I filed that away and said, okay, I’m not quite there yet.

Week later, the federal government announced an executive order 14412.

Which actually started to accelerate the need for PQC and cybersecurity. So then I went back week ago, I said, oh, I got to reach out to these guys. So I reached out to their sales team and the partner team and said, okay, how do we partner with? And at a rapid pace, we’ve already established a cadence, a sales motion, and we have attributes already. So it’s exciting in such a short time since June.

Rob Jazwinski:

Oh that’s great. Thanks for the background there. And you know the significance of the demand. You’re working with civilian federal agencies. So I guess, can you help the, you know, the greater audience see from a project perspective, you met us in June.

And, you know, then we started going down proof of concept with products and your project. So, you know, in just a short amount of time, could you, you know, maybe elaborate on how.

Let’s say. And again, a channel is what we’re working with distribution and partners. How? Let’s see the post quantum need, but also the channel readiness that was displayed, you know. So quantum readiness is now turned into channel readiness, I guess. Could you, you know, elaborate a little bit more on that as your project started to take shape with us?

Jim Mackey:

Yeah, absolutely. I mean. We really started these kind of sales cycles and sales motions at the end of a fiscal buying season. So it was actually kind of exciting to know that they were actually interested in this technology already, when they’re kind of already well established in their product, and you know their projects that they were going to be doing this fiscal year. So their fiscal ended right at the end of September. So, but during that time we’ve already had several conversations and the Pocs starting to run.

I’ve reached out to our channel partners because I sell about 90% of my products through this same channel. You know, we could sell direct, but really it just makes sense. They have, you know, long standing relationships.

You know, they can come with multiple solutions. So I’m not just going out there on my own to try to sell my products, try to enable the channel. And when I started to enable them about EigenQ.

They were already aware of it. So kudos to their channel. They’ve done a good job of actually getting the awareness out there because I thought I was going to bring up something exciting and new, but they’re already on top of it.

I actually had a conversation a couple months back with a federal system integrator, kind of just doing the pitch because.

HPE has probably one of the strongest server security on the market, hands down. I mean you don’t do a good job marketing it. But I will tell you that, you know.

And I believe it. So to be able to strengthen the story, I mean, it was it was a natural fit for me. And so I pitched to a federal system integrator, really took to it, you know, reached out to several customers right away. They’re like, Yes, I want to help. I want to know what you’re bringing to the table.

And a week later, one of the guys from the federal system integrators in that meeting was an AI advisor. Now he’s an AI/PQC advisor. I mean, it’s amazing how fast this transition is moving into the quantum space.

Rob Jazwinski:

You know, that’s great. just for a timeline perspective, let’s say January, we start with our HPE and EigenQ better together story. We have mandates that are somewhat getting mind share like, okay, hey, I want to listen to you, but you know, HPE buying in and us being an OEM of HPE, that got the conversation going a little bit, you know, quicker in, let’s say, first two quarters of calendar this year. Now, in the last quarter. You know, let’s say going back to June, I think, Jim, you can confirm that the PQC story and the inquiries have compounded significantly. So I guess what I’m getting at is. You know, the combination of the mandates and, you know, HPE’s installed base.

Do you now see the ability where HPE could use EigenQ as a differentiator versus, let’s say, your competitors and the security landscape that was, you know, legacy software?

Jim Mackey:

Yeah, absolutely. So, you know, me being kind of the tip of the spear, right? Be able to have interaction with these federal customers.

And trying to find a reason to call. I’ve been in sales for 25 years. You know what I mean? If you have nothing to offer them, why are you calling those customers? Right? And this one, like I said, we’ve did some tests, we’ve reached out, and immediate response, immediate demand.

So it’s literally been kind of my go-to. And knowing that HPE has a strong security message.

That’s great. But this just made it stronger right? So that’s that was something for me to say, let me lead with this. Let me become that trusted advisor to those end users. And we’ve done co-marketing events, and you know, it was exciting. We had CIOs come up to the booth and take pictures of the card and send it to their techies back at their, you know, at their offices. I mean, it’s moving at such a fast rate. And I mean, I’m just, you know, went through 4 or 5 years of AI, and I thought that was, you know, you know, how quick agentic AI came to fruition. This is this is the faster rate. And even Gsa, you know, one of the large contracting vehicles within the government, but also an agency on themselves. They had a PQC day, I think, last month, or 2 months back. So that validated as well.

Rob Jazwinski:

Oh, perfect. Well, you know, I guess assuming you know your first few projects are, you know, they’ve been validated and qualified. So you know, do you think that gets us to the point as we head into 2027 CNSA 2.0, you know, or is it let’s say the installed base, the retrofit, you know, a large a large potential of, you know, revenue and interaction, but also the I guess the new servers and upgrades. Does the combination of EigenQ added to HPE now help that revenue recognition going forward?

Jim Mackey:

Yeah, absolutely. So when I talked about our security story, you know, I’ve been preaching it for years, because I, like I said, we had a strong story, but it didn’t resonate with the customers. When I talk about, well, you got to get ready for CNSA 2.0. If you know what FIPS 140-3 Level 3 is, if you know we have a secure supply chain, you know, we make our own silicon, like all these things were like differentiators for me, but didn’t make a difference for the customer. But then, you know, I started working with EigenQ and just talking about PQC in general, it became relevant, because now the whole stack, this whole solution stack makes sense to them. And that’s the exciting part about it. And then having the ability for these guys to integrate right from our factory. you know I can see like my engineers are already talking about. Well, how can I just put this as a line item on the PO? It’s about the same price as the stick of memory these days, actually. So it…That’s…I mean, I was with Veeam software, and we were one of the number one partners within HPE, and that’s how we got to market, was like just add us on your, you know, bill of materials. We’re just one small piece of the line. multi-million dollar deal, you know, and that’s… that’s how they became successful. So I see you guys doing a very, very similar business model, and it’s working, so…

Rob Jazwinski:

Great. So I guess, just given your, you know, federal and compute background and you’re you know the reseller channel, you partner with these people. Are there things you see we need to do further to demonstrate adoption or what do you see happening in the next 12, 24 months?

Jim Mackey:

So one of the keys that you guys have that really you know, got my attention was the ability to…get a product in front of a partner, system integrator, or a customer for a proof of concepts. So when I first introduced these guys to an agency within Homeland Security.

They had 2 people on the line within 5 min. They added 4 more people onto the line, and within 30 days we had a POC delivered to them, and they already started testing. I can tell you he moved on the projects out of the way for that one. And another thing they told us that day was they spent a million dollars with another company that has. Three letters invested a million dollars that last year. It was software based, and they got little to no results. So they were excited to start a hardware. PQC POC.

Rob Jazwinski:

Oh, that’s perfect. Thanks. Thanks again for the time, and you know, displaying the, I guess, the concepts to applications for those who might not be familiar with this technology channel. And you know the goal is to have that 3rd party validation. We have mature brands like HPE, Intel and AMD, you know, doing press with EigenQ. And so, you know, the next panelist I want to talk to, hopefully they can hear us. I don’t know how the remote or virtual attendees can hear us. Is there a way for them to confirm?

Chris Cyr:

Oh, I can… I can hear you just fine.

Greetings from Vancouver.

Rob Jazwinski:

Cool, perfect. We just had Jim with HPE on, and so our other virtual attendee here is Chris Cyr with Sterling Computers.

Chris, what we’re trying to do from a CTO perspective is kind of discuss what you and I talked about a few months ago on the road. And so if you want to give a little bit of your background and how you, you know, have been following quantum and the quote you said to me that I’ve plagiarized about 100 times in the last few years on software PQC, it’d be great if we could hear your background story first before I ask you a few questions.

Chris Cyr:

I’m Chris Cyr, I’m the CTO for Sterling, but I’ve been in this business for way too long, at least for almost 4 decades. But I’ve been involved in quantum since 2015.

So all the things that have been, you know, going up to this point, I’ve been actively involved in working with multiple companies, not just the cryptography, but also on the computing side. I’ve been evaluating the landscape for a very, very long time. I’m a certified quantum programmer, and you know a lot of my lot of my friends are the founders of, you know, all the brand names that you’re seeing nowadays. I’ve been involved in that. I’ve been involved in AI and machine learning since 1993. And I’ve been working in the field of robotics since about that same time. I’ve been spending a lot of time with all of the latest new technology, and I can tell you that you know, a lot of the times It’s been mostly people talking about art of the possible. Art of the possible to create capital, art of the possible to create demand generation, things like that. And what I’m spending most of my time with are companies that have what I call art of the how they have a product they actually know how to implement. They actually know how everything is supposed to work in the enterprise, and then how to be able to solve a customer’s problem. I spent a lot of time with those customers.

I represent some additional quantum cryptography companies. Some of them are software-based based on requirements from customers. But the thing that really enthralls me about EigenQ is their ability to put it into a hardware solution that is pretty much system agnostic, which is very novel in those terms. So really excited to meet you all. I hope you can hear me and I’m several hours behind, but it’s all very interesting conversations. We’re already Titanium partners with Dell. I sit on the boards for AMD and Intel and Cisco and NVIDIA, 2 boards with NVIDIA as well. So I spent a lot of time talking with executive leaders and understanding the technology involved.

Rob Jazwinski:

So that’s great background there, Chris. So, you know, from that perspective and your perspective as a CTO, you know.

I guess what makes EigenQ. You know, was it the fact that you saw our hardware root of trust? Or what got your attention when we first connected a few months ago? As far as the technology and you tracking quantum?

Chris Cyr:

Yeah, so a lot of it had to do with, well, several things, right? One is that your quantum random number generator, right? I thought that that was very intriguing. But not just the PCIe-based card, but the M.2-based card. So, if you’re able to shrink down a lot of your technology into a place that fits inside of an M.2, you know, that is a very compelling argument as you start to expand beyond the enterprise and beyond the data center, right?

So it’s not to mention, you know, you’ve got some very smart people over there and have written some books, and I’ve read them. And, you know, you’ve got the real deal. It’s not you know, you’re not pushing, you know, GPT created images of boards and simulated video of, you know, how the stuff works. You actually, you know, have something that actually works, which is which is great, especially as a CTO. And especially as someone who sells other people’s, you know, equipment and turns them into solutions, because we are the first people that the customer normally calls, there’s a problem.

Rob Jazwinski:

No, that’s good. And I’m glad you’re, you know, your evaluation of us as an emerging vendor, you know, is appreciated. I guess.

You know, what makes an EigenQ or someone, you know, for example, we’re looking at a strategic alliance and, you know, where could EigenQ complement your current, you know, OEM and cybersecurity portfolio, you know, like what you’re already selling, you hear us talk retrofit and installed base, but.

As our, you know, technology becomes more familiar with you and trusted, you know, where do you see it working in your, you know, current OEM base?

Chris Cyr:

Sure. You know, the retrofit’s great, you know, but you also have, you know, we also do a ton of federal business. Majority of our business is government and federal. And, you know, as you all know, or most of you, I hope, you know, back in June, you know, the executive order, you know, 1441 and 14413 kind of address, you know, being able to, you know, put to task to protect our nation with all of our data. And a lot of the conversations I’m having with them, with these different, you know, CISOs of these organizations are they’re not waiting until 2030, you know, and they’re definitely not waiting until 2031. They want to act on this. So you know, in order to do that, I have to evaluate systems that we can actually put into place. And then associate that with our existing customers that have, you know, already spent money on, infrastructure, compute infrastructure, and the ability to be able to protect the dollars that they’ve already spent and also plan on protecting the dollars that they’re getting ready to spend is really, really important for, you know, for us so I see a lot of it not just in terms of retrofitting the equipment, right? That goes without saying, but also using, you know, EigenQ as an additional SKU into building the solutions out when we do, you know, propose those solutions to our customers.

Rob Jazwinski:

Oh, that’s perfect. So, you know, as we’re, you know, still in a somewhat early phase, we’re going through, you know, technical validation. We’re seeing channel enablement, for example, Sterling just did their first couple quotes with us through, you know, your sales force.

Now, given that, you know, how would, I guess, your account teams, you know, start to actively position EigenQ. You know we have the support for them. So our resources are their resources.

But as far as, like, you know, customer demand signals, anything you want to share with the greater audience that you see as, you know, I mentioned earlier PQC in general, the increase of compounding. Now that we’re getting, quote, activity, Sure, resources are available to yours and your greater teams are starting to realize that. Are there any other, you know, kind of ways you think we could position with Sterling an account teams or how you see this playing out in the, you know, next 12, 24 months?

Chris Cyr:

Yeah, we have, so we’ve been actively involved with you guys, right? So, and we’ve been actively involved with you all even before the executive orders came out. So we’ve, you know, we were a little bit ahead of the steps

We have account teams that are already enabled, that already understand how to have those conversations, but we also have marketing funds from our vendor partners, our OEM vendor partners, like HPE, or you know the and Cisco and the others to be able to develop, you know, real hands-on workshops regarding, you know, this technology.

So I think, you know, that’s key. Put the technology in the hands of our customers, but also our executive briefing center in Washington, D.C, being able to leverage that to be able to bring in, I guess higher profile customers, you know, CISOs of major agencies, like the Department of Transportation or Department of Commerce, into our Washington, DC executive briefing center on Pennsylvania Avenue. To be able to have those, you know, conversations. So we’ve… we’ve lined everything up to be able to, you know, to be able to execute at a larger scale.

You know, not only within the federal government, but also within commercial and enterprise as well.

Rob Jazwinski:

No, that’s great. And that’s what we’re trying to display is over the next 12 to 24 that the channel foundation has been laid, you know, pretty well so far, but it’s going to have a nice spike as these PQC inquiries are coming in versus, you know, just the outbound we’ve been doing with, you know, the HPEs, the Intels, the, you know, AMDs and Dells, it’s…

You know, we’re starting to see everything come to fruition. And I guess, are there any other risks you think need, you know, or you see need to be resolved, or we could come in handy before we sign off?

Chris Cyr:

Well, the only thing… the only thing I think that, you know, we probably need to do is come up with additional scenarios, right, where you might have and this is where we can come in, where you have you know, vendor ecosystems, right? You might have, you know, another software-based solution doing, you know, PQC, you know, those customers are probably going to want, you know, some type of integration or… or some type of you know, fly off that it’s going to take place or something along those lines. We’re going to wind up having to, you know, facilitate that. That’s why we have our solution center to be able to, you know, dismiss a lot of the concerns of our customers. And I think there just needs to be there needs to be more discussion with our customers about what they really plan on doing. I mean, you’ve got these executive orders that created a lot of fear, uncertainty, and doom, right? But at the same point in time. You know, you’ve got a solution that you can displace a lot of that fear, and you can provide a little bit of clarity, and you can get rid of the doom, too. So, I look forward to it.

Rob Jazwinski:

No, thanks again for joining us. You know, so again, the background of my panel was, you know, an OEM federal civilian rep who’s doing projects with us, and the CTO at the VAR level, which represents the channel as I was speaking earlier from end user to VAR to distributor to OEM. So we have everything set up to scale and sustain, and I just wanted to have some good, you know, these guys have been doing this and are a lot smarter than I am. I’m basically air traffic control, so we use all of these smart people.

From Dr. Jesse, Dr. Jose to Jim and Chris, and I help all of those smart planes land safely. So anyway, that’s it for my panel. And up next is our chief product officer, Mike Johnson.

Thank you.

Mike Johnson:

Hello. I’m Mike Johnson. Almost 35 years in software development started out in real time. and I’ve done everything over the last 30 years from free off the shelf package software to cloud, and in recent years focused heavily on the quantum security businesses from Lakes quantum and EigenQ.

So today I want to talk to you about what the product actually is. So at EigenQ. We believe in one trust chain. It’s from entropy to execution. So what do we mean by that? We have 3 components to our entire stack. We have entropy identity and execution.

Those are the 3 pillars that make up the not post quantum cryptography, but the post quantum security story that we saw.

At the entropy side, basically, we use a quantum random number generator. Basically, what they call a QRNG. This is basically a photonic based chip.

That allows us to generate random number development. Random numbers form the bottom of all cryptography and encryption that we use today. So you have to have quantum entropy in order to secure the basis. If you do not, then your cryptography is bad, and then your identity will be bad.

The next level up is you have to have platform identity. That means that you have to trust the hardware that you’re running on server that you booted, as Dr. Jesse eloquently said, you have secure boot, measured boot.

Those processes as when you start up and you turn on your server has to be trusted because if you don’t have trust at that hardware level, everything that comes following on that, on the work side workload level is going to be is unknown.

If you have somebody watching your network traffic because you have broken networks, you have broken CPUs because microcode was bad. If you have any kind of thing that is in the foundation of the system you’re using, it is not valid.

Once you secure with the entropy and the cryptography, you build your identity, you can then get into execution. Now, normally we talk about workload of trust. So what do we mean by that? These are usually hypervisors, and usually these are what we call a trusted execution environment or a QTEE in our parlance because we want… we don’t want just a trusted execution. We want one.

Here in this, what we’re saying is we need to verify everything we are doing, because when we run our software today, we have to know that it’s giving us right data. It’s giving us the right output when we’re doing, say, AI training. Having to validate that where did the data come from? Is it trusted? Did it get signed by something like our identity? Do we see then when we do inference, have we actually run the workload, say, in an AI place, we have to then have the ability to say, okay.

We trusted that we had the right hardware, we had the right cryptography, we had the right data. Now we have the right answer. The other end of the inference. So that’s on the workload of trust.

Now, one of the other things that underpins all of this, and then we’ll get to the next slide, I promise, is that you have to have zero trust across all of these things. You have to trust and verify everything. So the entropy, it can’t be just coming from any random source. It can’t be coming from, say, a CPU, it can’t come necessarily from all the other mechanisms that you see in the marketplace. You have to have a trusted and a tested version of that. Our QMA card that we’ll talk and show you has that kind of trust. The platform also has to have that kind of zero trust. It has to trust the entropy. It has to verify. If it can’t, it really can’t do cryptography workloads have to trust the platform, and they have to go down through zero trust and go all the way back then.

So let’s talk about what, say, PQC Plus and the advantage that goes beyond the software that you see. Software PQC, there’s really two flavors, ML-KEM and ML-DSA. One is does key encryption and establishment, and one does signatures.

Right. With our QMA card, we’re able to provide the entropy that we need to do. So that gives us the basis for our QTPM, we anchor like you would see in a standard server using the TPM, not the QTPM gives you the identity that you need using PQC algorithms on top of that, and then the QTEE is our ability to help and assist things like Kubernetes, virtual machines, hypervisors be able to run their workloads. So at the top, once you’ve built from the bottom to the top, our products slotted in various places where we see this.

And how does that look? So the first path we have is the retrofit market. So I’m going to pass around a retrofit card just for everybody to see what one looks like up close.

Now, it has the QRNG on the left side. and it has the QTPM on the right side. So this is going into existing hardware that’s already been bought. As Jim Mackey pointed out, billions have been spent on existing hardware infrastructure. You’re not going to replace that next year. You have to have something to be able to keep that server, not only to keep your investment protected, but to make sure you have time, because there’s going to be a lot to do coming forward.

The next kind of bundle, as Rob and Jim there spoke to is that you’re going to bring new systems. So why retrofit as you’re buying it in the box? Get it in the box, and that’s going to come to market through the PQC plus OEM level. And then, lastly, I would say is that we have M.

So this means lower power. lower consumption, and it goes into servers that are in places we don’t necessarily think things like a long pipelines every so often you have servers that need to be able to transmit telemetry or share that they’re functioning, or we have leakage.

Along the way. So you have water systems where you would embed this small form factors to measure and do remote attestations from these places.

So those are the three kind of form factors we bring to market each time. Now, that’s what we’re doing today is on the quantum cybersecurity and compliance piece that we’ve been talking about. We look a little bit above beyond the horizon. We are going to do a quantum AI assisted kind of accelerator using photonics, and Dr. Jesse and Dr. Jose can speak at that at a break and talk about that a long term. That’s in 27. Once we have kind of these AI systems with photonics available.

We will want to connect them. We will be doing that through the quantum internet and through the company. And once you have quantum AI and interconnectedness, then we need to move on to being at a distributed bundle be able to take advantage of this.

That’s 29. Obviously, these are very forward looking statements. Oh, yeah. I think that brings us to Q&A session.

Dr. Jose:

So thank you, everyone. So questions.

Gary Mobley (StoneX):

Yeah, so I guess I’m curious on sort of the HP experience. So is federal civilian business that seems to have a priority today or post quantum compliance. And, you know, I’m assuming that’s primarily due to the executive order.

Jim Mackey:

For me personally, yes, because I’m civilian federal, but actually the DOW is actually is passed to…make sure they’re compliant sooner. And they bought in the agents, some of the agencies, not all of them on the civilian federal side as well.

Gary Mobley (StoneX):

Got it. So maybe there’s an opportunity beyond that when. Maybe there’s, um…you know, other mandates, maybe not at the Federal level. But you know, obviously obvious increased importance of being PQC ready in the private sector.

Dr. Jose:

So one of the things that is interesting to understand, and this is an example that I gave before is that even before the seat belts were mandatory and kids were dying into cars because nobody was using the seatbelts, you will have a six harness when you were flying a fighter. There is certain parts of national security, defense and intelligence that they demand better security, not because actually they are subject to any mandates in particular. It's just because they have to implement something that actually is safer.

So, yeah. Yes, I think it was. Yes, thanks.

Analyst:

This question is for Mike, but I’d love to get Jim’s perspective on it, too. I’m curious as you’re engaging with customers. Where’s the demand pull across the three form factors you showed us that had incurred the server or what looked like a harsh environment embedded? Yes, yes, yes, yes. Same thing for Jim.

Mike Johnson:

It started with customers needing to do confidential and all of a sudden was because they realized they needed a way to provide the upgrade and the in the and the retrofit path that they were having. So they needed. Obviously, Intel and AMD, they do a great job on their TEE environments. The chip builds in. But what they didn’t have was a way to say, and we test to this? Can we sign it, and we make the workload. Once it starts up, the cryptographically secure. That’s where it started for us. And then it kind of became a build it. If you build it, they will come. And then, as we started to explore this with those partners, we started to realize there were a lot of other places where we could go. We started to get inbound on AI. and we realized that that same confidential compute is similar to that area of the marketplace.

Analyst:

And I’ll ask you a follow up. Sure. Look at Jim’s contribution. The follow-up is to what extent are these deployments going into? Something that would be more of an R&D evaluation, understanding how things would work if they went into production versus going into production where it’s more early part of. Volume orders and what volumes are we seeing to the extent that it is that?

Dr. Jose:

So if I may on that. Yes, please. Yeah. So I think the advantage of being an OEM component is that this is not an R&D project. Actually, what customers are testing today is just basically if the same server that they bought in the past year. These new server that have these new component integrated. If there is any overhead in the performance. So basically, they’re trying to understand the performance on the applications that they’re running, but they’re not buying something new.

They’re buying the same server that they bought in the previous year. But of course the PQC is expected to have an overhead. So many of them, the way that they are testing this in their pilots is try to understand what that overhead is, because that impact the size of what you need to purchase. At the end. So if we were not an OEM component, then the track is totally different. It’s very long and requires several layers of manipulation. But since we are an OEM component, we’re really kind of like piggybacking the trusted supply chain. That is already in place

Analyst:

Okay, so if I’m buying for capacity, it would be part of that, and there would be an opportunity to do the installed base sale.

Dr. Jose:

Yes that’s already in place. Yes. Thank you. Yes.

Analyst:

Is there an end state here where this gets to be part of the motherboard where it’s soldered on, and this is a this is just a SKU. And how long do you think that will?

Dr. Jose:

So that that is an interesting question, and is coming. We’re trying to solve several issues at the same time.

So at the same way that we have this inbound in regard of the compute infrastructure, actually, at the same time we have an inbound in regards of edge devices.

UAV and critical infrastructure devices as well. So, in that case, for example, the E2 is very particular because the devices, by default is very difficult to retrofit them, especially the small devices. In the servers, there is a chance to put a card and to do a plugin, but in a very small device, actually, to have something integrated in the motherboard.

It makes way more sense. So what we’re doing in that sense is to go first for the communication tabs, but down the road.

You are going to be seeing solutions that are going be integrated in the hardware itself, or they are going to be running in components like FPGAs, MCUs, or embedded inside of the devices itself. None of them are an exclusive part. At this point, they are all running in parallel, and basically we prioritize based on the demand.

Analyst:

How important are the drivers to the device?

Dr. Jose:

So in some cases, in some cases, when you are an OEM component, it is driven by the platform. So in that sense, during the engineering integration, basically, we take care of that. But then when we’re talking about retrofit of generic platforms. Then there is a work to do into the drivers itself.

So that requires like an upgrade of the firmware, for example, in that particular case. But in the OEM embedded component, the customer. There’s no need for them, because we already did the work with the OEM.

Analyst:

So, for the hardware and software PQC. What kind of overhead is the software getting? Or I believe there’s more overhead on the software than there is on the hardware. So what kind of speed are you getting from that? And then also is there an extra layer of security? Because you are generating the entropy yourself rather than it being through a software where there may be entropy generated. But it’s mainly a PQC algorithm that is being implemented in a secure and everything. I just want to hear about the differentiation.

Dr. Jose:

Yeah, so on the overhead, I think there is going to depend on the use case, but in general, when we’re talking about communication, I believe that the overhead expected in the communication networking is very similar to a VPN.

So in that sense, if we’re talking about a new kind of encryption, a VPN will be give it or take, will give you a comparison. When we are talking about compute only, the overhead is minimal.

This is very, very marginal when we’re talking about in compute. On the other question in regards of the entropy source, that is a very interesting question, and it has to do about how you create a solution that might be in the market for the next 10, 15 years, 20 years.

So nowadays, we’re very concerned about Shor’s algorithm and quantum computer performing an attack, especially on prime number factorization. That is the main thing that we have with PQC.

But an attacker, actually, he will not using a quantum computer alone. He will use conventional compute. He will use side channel attacks, he will do quantum sensing if is available at the time, in addition to a quantum computer, and he will run Shor’s algorithm, he will run proven algorithms. And who knows who other kind of attacks he was able to perform in combination. So the PQC cipher only solves against source in a quantum computer. It doesn’t solve all the other layers that potentially come into play in that timeframe of 10, 15 years. So the only and the core, the anchor of cybersecurity is being unpredictable.

When you are having a pseudo randomness, or when you are having conventional entropy sources, eventually they may become vulnerable to side channel attacks or advanced modeling that may happen into the future.

The only thing that we know that doesn’t matter how long it takes is never going be able to be modeled. It’s a phenomenon that is quantum, because quantum is the only thing that, even with compute information is not deterministic is probabilistic.

So if you have a choice. You have to choose something based on quantum entropy will not be able to be modeled, even if it’s 10 years, 15 years, 20 years from now, because it’s based on quantum mechanics and quantum mechanics is probability and non-deterministic.

So the fact that that you implement a quantum entropy source along with all these other layers due to agility, trustless platform in a multilayer is just a better solution. It’s going to be resistant to quantum because it’s its yes, is just the right way to do cybersecurity. But also it’s going to be more resistant to whatever other multi-vector attack AI enable attack or whatever other attack you may have in the future, because you are based. This is something that actually fundamentally superior. So this was it was here. Yes. No, no, it was you.

Analyst:

Oh, me. Sure. Jim, actually.

So he described the process on how he decided to. On why you partner with EigenQ. I didn’t hear, though. If you evaluated other technology partners, can you talk about that there?

Jim Mackey:

Absolutely. So, you know, when my 25 years of IT sales. I’ve always tried to find those differentiations right? And especially when you look at the data center today.

They have partners. You can’t go in there because it’s so complex, right? Software networking security, you name it right now. AI now edge AI things like that. So yeah, I have all I think. HPE in general has a really strong ecosystem. So it does make my life easier, and some of them. Like EigenQ, actually have a stronger relationship, because they are in certain programs. In our system, in our ecosystem, that we treat them differently. So they get they can be on our paper. So, you know, we can do quotes directly. having them as just a SKU for us, you know, the way how they’re going to be integrated into our… into our motherboard, you know, or, I mean, into our… into our server. That’s…not all partners have that level of partnership as well. Yeah, I’ve I mean, I do a lot, I would say the last four years have been AI like NVIDIA, AMD, Intel, you know, from the high level, but also computer vision types of software. You know, that’s been the big one for me.

Analyst:

So because you evaluate other potential PQC alternatives.

Jim Mackie

PQC. Yes mostly it was all software. Also that was a big differentiator for me, too, because you know, when I the 1^st customer we talked to said they had trouble with a software evaluation. So that just tells me, you know, strengthen my hardware perspective.

Analyst:

How was the trouble that that customer had with the software-based?

Jim Mackie:

Yeah, they didn’t get into specifics, they just said they invested a million dollars, and they spent a year. you know, evaluating it, and they got little to no results. That’s exactly.

Analyst:

And to your knowledge, there isn’t another PQC hardware alternative out there.

Jim Mackie:

Not that I’m aware. Not in the HPE ecosystem.

Analyst:

Some opinions on who are your key PQC hardware competitor. Thank you.

Dr. Jose:

Yeah. So I think it’s like within the HPE ecosystem, I think that just to go on the on the process, you know, on selection of partners, I think what Jim was referring to is that.

When we met HPE already made public the announcement of certain companies that they enter into a partnership. Compute companies, a pure quantum computer companies and the like, and also in our case, some quantum resistant companies as well.

So, but that is a process that HPE do themselves. And at least in the ecosystem with HPE technology, we are not seeing other companies that have the same approach to be an OEM component.

What we have found in the market is that there is either certain companies that have certain components.

But they are trying to sell those components under their own brand or themselves into the market. And then we have software PQC also that also is coming into the market in the same way.

So as I was mentioning before in the comparison chart, what makes us different is being on the OEM integrated in a platform. And that process itself can take a year, a year and a half, or longer in order to be actually better than integrated with the OEM itself.

Mark Roberts:

We have to do the last one.

Analyst:

So just going to build off of this conversation on quantum entropy. So there’s a lot of urgency around Q-day, and it’s been pretty compelling to figure out what’s picked up even.

But just how do you evaluate the need for evangelism versus the inevitability of the product? If, like, a customer could think that software from a three level organization is sufficient or they’re going to opt for something like ML-KEM with software and look at a local entry source and think that might work, at least for the first year.

Dr. Jose:

I think…I think it’s a… there is a market for everyone in that sense. Like the market actually will determine the different levels of security that you may want to have. And this is the example of the six harness versus no seatbelt.

And nowadays, because of compliance, each of us actually going to a car and you need to do put your seatbelt.

The ciphers may change. Nowadays, we have the first generation of ciphers, and that are NIST-approved, and we know and we understand that there are going to be others.

that may change into the future. What is not going to change is to have crypto and to have a trustless platform as an implementation. Those are the 2 pillars that are fundamental for any kind of cybersecurity.

So what is the mistake that you can make nowadays is thinking that updating the cipher actually will provide you security.

If you don’t fix the other pieces and the other layers, you’re going to have this false sense of security.

And that’s the kind of attack that becomes more complex and multi-vector. That is the risk that actually you may face. So. I think this is one of the interviews that I was having, and they will have this very, very question. It’s like, how do you evaluate when a quantum resistant solution actually is effective? And one of the things that I must mention there is that whoever is proposing just a blind upgrade is going to drive you into a blind spot.

So you cannot skip the work. So what we’re trying to offer in our offering at EigenQ is just to make the switching cost of technology very low by taking care of the engineering piece with the OEM rather than the customer.

Because if you don’t do this with the OEM itself, the customer is the one that will have to evaluate the risk. And the customer is the one that has to become an expert in order to mitigate the potential risk.

In our approach, we’re working with the ones that build the platform, and we are having the platform along with them, so then the customer don’t have to do anymore.

Thank you. I believe that we are going to take a break. Oh, yes, we are going take a break. Okay. All right. Thank you very much. And let’s break and come back in 10 mins.

Dr. Jose:

Well, thank you, everyone. So we are going to continue with our agenda of today. So I have the privilege to work with two amazing professionals, Rika Nakazawa and Bryan Matthews.

They are driving our go to market strategies. So I will let Rika to start today to share with you and specifically, we are going to be very focused on our cybersecurity and compliance protocol and how these products and different form factors that we’re building, how we’re putting them into the market. And basically, what is the projection that we have in a global strategy itself?

So Rika, she’s going to talk about a little bit of your background, but I just want to highlight that she is one of the women in leadership in technology. She’s been more than 20 years involved in the ecosystem. And we’re talking about her experience range from Nvidia, Accenture most recently NTT and specialize in commercialization of technology.

So there is not a requirement for the officers in this organization to have a PhD or pursue a PhD. It just happens. So she is pursuing in addition to be full time doing this job, she’s pursuing a PhD as well.

So, is this kind of people that are these overachievers? So I will let her to take the stage. So Rika.

Rika Nakazawa:

Thank you very much. Thank you, Dr. Jose, and thank you for joining us today this afternoon. I notice a conspicuous absence of coffee on the table, but I assure you that in addition to the energy bars, what Bryan and myself will be sharing with you will be very energizing, and I anticipate exciting, so…I also want to thank Dr. Jose for being very specific and saying pursuing, because that is indeed what I’m doing with my PhD at the moment, but it all has to do with what Dr. Jose mentioned earlier about the role that quantum technologies are going to play within the future of heterogeneous infrastructure.

It echoes the time of when I was at NVIDIA, when NVIDIA back then, when I was there were GPUs were still just a twinkle in many gamers eyes. But the future of where things were going was certainly a large twinkle in Jensen’s eyes when I was there, and now with quantum becoming engaged into the ecosystem is what is particularly exciting. So let me share with you what we’re up to in the Growth Office. The Growth Office is responsible for the rotation across two… around two fulcrums.

The first fulcrum is really around the category and the ecosystem. And when we talk about the compute ecosystem, while compute ecosystem is a nice little package, it is much more multifarious than simply what is happening at the compute layer. And often the way that I talk about this is around data connectivity and infrastructure and then now intelligence, really creating a much more multifaceted way that we need to think about this.

So from a go to market and strategy perspective, there’s a lot of other considerations and you’ll see shortly on the next slide the complexity of the ecosystem, but also the opportunity there is to connect the dots across the ecosystem to create these constellations. The other fulcrum around which we are moving things forward is around the direct to market. So, on the category and ecosystem side, it’s about working with these high-value ecosystem partners, and certainly our pursuit is around expanding our mindshare and market share from the growth office. And in order to do that, it’s working with some of the marquee names, names that you will recognize on the next slide, and being able to demonstrate what is our relevance within that ecosystem and the incredible way that we can scale that. And that then leads to the foundations, call it the tar and the road, as it were, on the route to market, ecosystem collaborations and partnerships strategically are going to be what enables the access into the markets, not just in the area that we’re talking about today, that’s the most partially near term around the cybersecurity and quantum intersection, but certainly as it relates to our roadmap, which Dr. Jose alluded to, and I will end my section and revisiting that just so that you can get a sense of that from a full package perspective, but also the global markets. We’ve been hearing a lot about the federal mandate. We’ve been hearing a lot in the United States consumes the air in the room when it comes to geopolitics and investment in defense and intelligence. And as where we are going directionally is a 5 quantum technology company. The global markets are extremely interesting, not just from a brownfield opportunity of embedding and within existing infrastructure, but also greenfield.

And so really understanding how we do that with these, with the tar that we lay down, but also the lighthouse opportunities. So the growth offices role is to identify and design in those things that are going to yield to lighthouse projects. And that’s where the handoff happens with revenues responsible for the downstream channel and revenue and sales perspectives. And for us as well, the largest strategic motions is part of part of the game at play here.

We’ve seen already how the whole compute ecosystem has been shifting into these high investment areas, novel investment ways that these projects are coming to life. As some of you probably heard from Jensen at the latest GTC in Berlin. He said a gigawatt data center is going to cost 50 billion dollars to make.

But Europe, you better get moving fast, because every day that you waste not doing this is costing you money, because you can make $40 million annually from these data centers. And so when we think about some of these higher ticket items and where EigenQ is looking to embed into that ecosystem.

It’s really around generating those qualified opportunities that are going to be the larger ticket opportunities. And as Jim was saying, where EigenQ can be part of a much larger deal motion that’s happening, and that’s what we’re doing at EigenQ. And because of that, what you see in the middle is the bridge between the category and ecosystem and the route to market needs to be very particular around thinking about how to take some of these Aikido moves, call it, and what I mean by that is that there’s a lot of dual-use conversation that’s happening. So, the government side and the defense and intelligence side are realizing that they need to be able to tap into.

Some of the innovations that are happening in the private sector and bringing that to life. And at the same time there’s also private public partnerships, and that’s particularly relevant when we think about critical infrastructure, because while critical infrastructure is often run by private enterprise. They may be regulated or have some strong influence from the public sector side of things, or may even have a collaboration with the public sector. So for us, it’s really about accelerating these strategic programs that then lead to where the revenue muscle and machinery comes in.

I jumped ahead. I already alluded to some of the marquee brands that we are targeting. And so these are the conversations that we are opening up as it relates to the ecosystem. So the way that we try to simplify this, because there’s many different ways that you could put the light through the prism running in the diffraction of that. But the way that we’re thinking about is first order compute infrastructure. So that’s why having HPE here has been fantastic, and the ability to have that announcement. And certainly from a rinse and repeat of some of the ways that we think about the value proposition for end customers, because we don’t go to end customers, we work through our partners and through our channels.

It’s about being able to engage with other players in the ecosystem, and not just at the chip level, but you think about where storage goes or where data goes. So whether that’s in storage systems, whether that’s in networks, whether that’s at the compute. So really thinking holistically across that system design is one of the things that I bring into EigenQ because I’ve been across that having lived in Silicon Valley for 17 years, having been at places like NVIDIA, having been at systems integrators like Accenture, it’s really thinking about how all of those things come together. And related to that, data centers and cloud is its own 80 thousand pound gorilla or now around how we need to think about that ecosystem. And so that we have separate and then embedded design. Wnc. As many of you already know, they are our design partner, manufacturing partner globally. However, we know, thanks to geopolitics that there is going to be a need for us to be able to source regional or local manufacturing partners to do that alongside some of the work that we’re doing with WNC. Meanwhile, it was mentioned in the earlier panel, some of the software people, so Jim was saying, you know, there’s going to be some PQC software guys that are doing things that might need to get integrated with what we’re doing at the hardware root of trust and at the hardware level. So certainly identifying software partners that we can orchestrate this motion with is on is in our line of sight as well in the growth office.

Space and satellite. Prior to joining EigenQ at NTT. One of the areas I was focusing on was the space economy, and the space economy, the parlance there that I think is very accessible to everybody is that space is not exogenous to what we do here on Earth.

It’s an extension of compute infrastructure. Everybody’s talking about data centers in space now, and a lot of the different ways that connectivity and all of these things are converging. So data connectivity and intelligence from Earth to orbit is one of the phrases that I hear often, and we know that there’s a high level of relevance of the work that we’re doing across the entire ecosystem that will play into the investments that are escalating and accelerating in the space and satellite. And dual-use space and satellite is a perfect example of that kernel of where that comes together, because of that the level of interest that’s happening both on the private sector and the public sector. And then one of my favorite roles, I come from Accenture. I was at Capgemini or Accenture that was acquired by Capgemini. Most recently at NTT. I was within NTT Data.

The GSIs are going to be some of the ways that we do reach the end customer as it relates to what it is that we’re solving and so being able to work with and build a framework of how we go to market with the global system integrators is part of the work that the by the growth office is doing to then be able to make it much more turnkey for the Revenue Office to then be able to work around sourcing those opportunities with end customers with the GSIs. Related to that, the growth office is also responsible strategically thinking about how do we talk to the sectors in a way that is going to be relevant to them on what the need is of first-order cybersecurity and quantum what we’re doing.

But beyond that, as I’ll mention in a moment, so as it relates to doing sector demand, that’s where the industry group participation and market influence with market analysts is also something that my team is running. So we’ve been accepted into GSMA, working with GSMA, and I heard from a one source that’s been going to GS Mobile World Congress for many, many years, that Mobile World Congress in 2027 will indeed have much more elevated interest in quantum and AI, for example, we are now part of the World Economic Forum. And so the World Economic Forum invited us to attend a quantum economy day that they just had a couple of weeks ago in Geneva.

So that was very, very interesting as well. And then and then the Innovative Optical and Wireless Network, which is a consortium focused on photonics, and that is our backbone, which you hear about later from Dr. Jesse. And as you heard about Mark Pecen, Mark Pecen is leading a quantum group within ETSI, and then the market influence side. So you were a financial analyst. There’s another whole group of analysts that we are endearing ourselves to, hopefully, which are going to be the Gartners, IDCs, and so on of the world. And so we’ve been engaging with them, and we had a conversation with one analyst, and I just wanted to share this story because it was fun.

We’re all very busy, and so trying to get an hour, or even just trying to get half an hour with these industry analysts is precious. So we ran through everything with this industry analyst. And at the end of it, we thought for sure that, as often happens. Okay, hard stop, need to go. He’s sitting there, he’s saying, I could spend the next five hours talking to you guys, and that wasn’t to me, that was actually to Dr. Jose, because you could talk to Dr. Jose for 5 hours. It’s just been very interesting. We’re very pleased that Gartner has taken us on as a client, and we’ll be having a vendor briefing with them soon.

But so all of this to say that this is where we are engaging across the ecosystem, thinking about the strategy and the influence that we can have.

So the motion by which we do this is through strategic access to revenue. So on the left, the growth office, what I’m responsible for is call it the top of the funnel, really identifying where the key centers of gravity are going to be to understand how.

Where are the relationships? How do we see goal at the CISO level, but then also be able to get down to the ground level to understand what’s happening at the industry level in the operations side, and then to think about what is the design in with some of the OEM ecosystem players that we need to work with in a way that’s going to be impactful?

And right now that is focused on our PQC Plus solution. However, there is also a way to think about the maneuver of how some of that foundation is going to lead to other ways that we can scale portfolio solutions.

And once we identify what good looks like and being able to work with the GSIs or to be able to work with some of the pilots that we want to engage with end customers with the GSIs or some of the industry groups and so on, is to then identify those lighthouse opportunities.

And those lighthouse opportunities might be through pilots, they might be through strategic investments, whatever they are, those are what we hand off to the revenue office. But really shaping that and having that come to life, because whenever you have, and I’ve been advanced technology for my entire career.

It’s really hard sometimes for an industry to really grasp what good looks like, or what the art of the possible actually is. So this whole concept of lighthouse is critical, because once you can do that, if you can do that at speed in the way that we are committed to doing it in EigenQ, it starts to really light up.

Pardon the pun. What you can see on shore. And as already mentioned by Chris from the Sterling CTO, there’s a lot of fear, uncertainty and doubt, or he said doom. I’m going to steal that one. Fear, uncertainty, doom in the ecosystem. And so being able to shed the light on what is possible on the path forward, I think is extremely powerful.

This is where we handed off new here from my…esteemed colleague Bryan here shortly. So, of course, it’s not just the introductions, it’s really thinking strategically, being able to demonstrate the complete value proposition with the ecosystem. And as I said, it’s about becoming part of the heterogeneous ecosystem. I just want to thank John and Matt for listening to my spiel yesterday at Q Plus AI Conference.

Where I talked about the heterogeneous infrastructure of the future. And so this is all within that context of how do we do this in a way that’s most seamless and viable.

Speaking of that, why we are so excited about the opportunities here and why we need to be very focused from a strategy perspective in the go to market and supporting Dr. Jose is because it’s a tremendous opportunity, as you can see from the data here. And you heal from Martin as well in later on today about the= market opportunity. The data center market alone is tremendous, and it’s only growing, right? So we all know Anthropic just put out their S1 yesterday and lo and behold, they are, they’ve been just growing hand over fist, and they anticipate the growth and then the way that we’re thinking about it is, you’ve already heard, is really being very focused on where the largest opportunities are going to be some form of Pareto principle, perhaps. But we have defense and government, financial institutions and critical infrastructure. And I think critical infrastructure is such a nice way to encapsulate what is very large ecosystem, or not ecosystem, but very large sector, a combination of sectors, because it’s not just energy. You have other utilities like water, or you have nuclear.

And even data centers are critical infrastructure now in like, for example, the UK announced that data centers are national critical infrastructure. So when it comes to defense and security and intelligence, you could almost say that there’s a proxy within critical infrastructure, because in the new world order, you could take out what you see in the other sector, and we talked about M.2 in the Q&A, so thank you for raising that question as other form factors, our systems being embedded in IT/OT, and that plays into the critical infrastructure play, because you can just take out a country’s water system or energy system and handicap the ability for a national security. So what we’re doing within the growth office as well, just to carve out the data center infrastructure is huge. But there’s also a very interesting strategic play within IT/OT with so many systems that are coming online. You increase the surface area of vulnerability, and hence why the cybersecurity.

PQC Plus solution that we have is so compelling, and where Dr. Jose already alluded to the inbounds that are coming in from the critical infrastructure players and are saying, how do we do this in a way that is not going to completely disrupt our business?

Meanwhile, while we are working on the side of some of these areas as it relates to the industry is also the international markets. So the growth office is very focused on how we think about our global growth, because we need to do this at pace, but also with the resources and everything that we’ve been finding and that Dr. Jesse and Dr. Jose have been putting together from a expansion through the next few years. So, for Europe, we are looking at the largest economies, and for Asia Pacific, we’re looking at, as well the largest economies, but also those ones that have the national interest that have been investing in high performance computing. HPC has become the rubric by which you can throw in the AI as well as AI GPU as well as quantum and advanced systems. And so these markets are how we… how we’re what we’re looking at, and how we enter those are going to depend very much on working with our OEM partners, because they can give us an indicator, the leading indicator, and also give us signal to noise ratio on this, as well as the global solution integrators. And so working with them, and it doesn’t even have to actually be a global, what we’re finding is there’s going to be some local players that may be more appealing to work with because they’re just on the ground more natively there, as well as capacity and how we can come online, and the demand for quantum security, quantum AI solutions that we have. So, Europe and then Asia Pacific, we’ve already identified some strategic vectors on how we enter those markets and the way that we can land and expand.

I think everybody knows that there’s a lot of money in the Gulf countries of Saudi Arabia, UAE, Qatar, and others. And so those are in our line of sight as well, because, um.

I think that there’s a sense of, okay, what’s after AI? And how do we make sure that we’re not caught by surprise by what? What? What is what is compounding on top of AI? And then we have some of the other broader applications, as I mentioned, in conjunction with the thinking about the global markets. So I think in in summary, before I hand it to Bryan Matthews on talking about the ways that we work together and where the handoff happens around and being able to accelerate them, recognize the revenue. The ways that we’re looking to have the growth office be relevant to the strategy that we have around a solution portfolio is first order around establishing a foot footprint in cybersecurity PQC plus, and those relationships and those partnerships and the framework of go to market will serve to help us on the go-to-market motions around quantum AI. and then the quantum internet, and then our vision of what quantum computing is, which I’m sure Dr. Jesse and Dr. Jose will talk more about it during Q&A or during the break during demos. So very excited. I feel very privileged to work with such bright people just trying to keep up with my PhD candidacy on all this.

But I’m very excited for what we’re building and even more pleased to have the chance to work with a rock star like Bryan Matthews, who will be speaking next. So Bryan is the Chief Revenue Officer at EigenQ, and he has over 25 years of federal procurement, and this started when we were 10 and he has almost a decade of leading US operations, so really is able to think about how things need to be from multiple supply chain and how things come together and work together. Has an incredible deep experience in on the Federal side, and hence why he’s able to execute together with his team working on the Federal mandate initiatives and bringing in partners like HPE. And establishing those systems. And as an extremely well recognized operating product leader in the industry. Bryan, we’d like to hand it over to you. There you go.

Bryan Matthews:

Thank you, Rika. I appreciate that. I found the exchange earlier between Rob and Jim and Chris very interesting. I was going to start this and talk more about announcements that were channel ready, commercial ready with TD SYNNEX and Carahsoft in that we’re working hard to position with the OEMs. We’re working hard to position with the VARs. But you guys got to see that what that looks like in real time.

And that’s exactly why we’re implementing the strategy that we are. It’s a winning combination on how to win work.

You have to get the channel in place to leverage their scale. You have to build the relationships with the VARs and they have to be key VARs. The ones that are in the PQC space, they’re doing cybersecurity, they’re working with the federal agencies that we’re targeting.

And when you put all those things together, you come up with wins, and the first two are the pilot programs that we have were from the HPE Opportunity and Sterling.

And so, again, I found that conversation very interesting. I think that’s going to help shorten the slides up a little bit, because I don’t have to go into all of that to explain it to you. You’ve got to see it in action.

A few things to highlight on this slide. We are expanding footprints, in up through TD SYNNEX globally with TD SYNNEX Europe. And that is not completed. We’re going through the onboarding process now, and that’ll help us expand our footprint quite heavily across the globe.

And then we’re also adding TD SYNNEX Canada, and that’s in about the same location as far as it’s being built out and that’s going through the onboarding process. But now that we have TD SYNNEX and Carahsoft in the US, the process is much more streamlined.

It can take a year, but with guidance from Rob, who is a rock star, he knows that program. He knows how to put things in place, even pre-revenue speeds up the timeline with really key relationships. It’s been amazing to see how quick we’ve moved.

And again, we’ve all talked about the other list. We have other targeted OEMs that we want to work with the Dell’s, the Supermicro’s, the Intel’s, the AMD’s, Nvidia, etc.

They mentioned during the discussion, and it’s been mentioned several times that there’s 2 main opportunities here. There’s a retrofit where the existing installed base and the billions of dollars is sitting out there, and it’s not PQC compliant and to penetrate that space, again, it takes the right channel and the right channel partner, the value-added reseller.

We’re working through that process now. You have to carefully map out what the target agencies are, how much they sold in volume in the past year, two, three years, and then come up with a plan to do integration testing to make sure that your retrofit is going to work in a HPE ProLiant 10 server. And so we’re doing all of those things now to position for that work, and we think that that market sector is going to hit sooner rather than later. And then we’ve also described, you know, the full blown secure bundle HPE integrated solution. And those are coming as well. There are several interesting contracts out of the federal space that had nothing to do with PQC, but it’s a time cycle for a refresh. And those are big contracts. Those are 10 year contracts and there are tens of millions, if not hundreds of millions of dollars. We’re eyeing those very carefully, and we’re positioning with the channel and the VAR partners who are going to be pursuing that work. And in many of those cases, it’ll be the system integrators or global systems integrators.

They usually chase those big ones, and they’re usually incumbent. A lot of opportunity in both those spaces. And I’ll point out real quick. If you’re successful in retrofitting a lot of servers that are already out there. The likelihood of you retaining that work when they do a refresh, I think, is significantly increased. That’s an objective of ours as well. This is a general summary of the ecosystem, the main channel partners, we’ve already listed TD SYNNEX, DLT Solutions, if you’re not familiar with them, they’re a part of TD SYNNEX, but they specifically are a US based agency, and it can do all the things that are you need to do under that umbrella. And then Carahsoft is very interesting because, well, they’re not as big as TD SYNNEX. They do have a very specific that spoken of Fed focus and they’re aggressive in that space.

Oem platform again. You saw a perfect example today of why you need to partner with the Oems, the HPE, the intels, the AMDs. They bring a lot of synergy, they have customers. They know what solutions are being sold and why, what use cases. All that information feeds back in us so we can come up with a way to try to get a pro-performance unit, or what we call a pilot project, in their hands.

And then again, we mentioned the VARs, Sterling’s on there. SHI, some of the system integrators are on there, CDW.

WWT, Vibrant, those are all VARs that we’re working very closely with, have NDAs in place and are working through our pilot program as we speak.

Let’s talk a little bit about the pilot program. It’s been very well received. It turns out the federal government likes free stuff. But free toys.

But what we’re doing is being very strategic about what equipment we invest in.

And we make sure that before we send out a pilot, we have a sponsor for the pilot. We have criteria established to demonstrate success once it’s gone through the program. We then deploy the server, guide them through that initial setup and configuration, including any need to have someone on site. And then once they prove that out, we request written documentation so that we can then use that as a use case. And in some cases, these pilot projects are also getting interest from the agencies to sponsor what’s called an ATO, or Authorization to Operate. And that’s a really important piece for us to have in play.

That process is difficult, if not impossible, to do on your own. Once you have a sponsor and somebody says, “This technology works, we need it across government sectors. We need it in other divisions within, let’s say, the Department of Homeland Security,” just as an example, they will help you get through that process. And then from there, it’s a floodgate. They approve the technology, and then our hope is they place an order.

We’ve also structured our pilot programs such that they can buy the actual demo unit from us and retain licensing and ownership of it, and that sounds easy, but there are some difficult things in play there. You have to make sure you pay attention.

To date, we’ve had at least...I don’t know, Rob, 75, more than 75 inquiries into the pilot program.

Rob:

Oh, yeah.

Bryan Matthews:

We’re going back through and tightening the requirements, really looking at what the deployment footprint looks like, the use case. If we’re successful in one, can we roll that out to others? One other question someone asked was about the M.2. We’re getting a lot of requests for the M.2 in the edge device space. It’s usually DoD clients and Department of Homeland Security. It’s going to be interesting to see how that goes and what devices they want to deploy those in.

Rob Jazwinski:

And Bryan, if I could add real quick, so we had Chris on earlier and we haven’t gone public with this yet because it’s not at that testing and validation stage, but Sterling, I think their partner advisory board, he’s the reseller, or Sterling is. He’s their point of contact. So you mentioned NVIDIA, Cisco, Intel, AMD, HPE, Dell. One of the things where Chris was calling from is Cisco’s Partner Summit, and while we aren’t listening to the minutiae level, they’re now testing with Cisco based on Intel and AMD wanting that partner to start testing there, and Cisco has their own PQC development team. Those are things that you wouldn’t hear, and I didn’t want to get into the minutiae, but when Bryan mentioned how many partners are doing this, they’re also starting to expand it to other OEMs because they see the applications across the network. Sorry about that.

Bryan Matthews

No, thanks. I should also mention as part of the pilot program, we’re targeting federal labs. We’re targeting TD SYNNEX itself. It has what they call cyber ranges. They have two in the U.S. And so those devices can be sent there and used over and over and over again as the VARs bring their clients into that environment and showcase our products. We get a lot of exposure for an investment or allocation of one of our pilot units.

The important takeaway here is that not all of our VARs are created equal. In this illustrative example, the top 15 VARs do 60% of sales for HPE. And so, again, you have to be strategic. We do not have unlimited resources. We have a very aggressive team, and they know how to navigate this. They know how to ask the right questions. And those are the ones that you put your time and energy into developing relationships with, identifying who within the VARs are their key salespeople, incentivizing them, and making sure that they have training and all those materials and things. We’ve been working to make sure that we can fully support the onboarding of a new one and then from there, it’s a rinse-and-repeat process. This is kind of illustrated here by the channel flywheel, we’ll call it. You get a new VAR into the system, you get them engaged in conversation, you get them under NDA, you provide the training, support, and materials, and then next thing you know, they’re out selling your solution into the channel. And our success has been very good there. Overall, it lowers the customer acquisition burden, creates a faster procurement path, and provides multiple expansion vectors. I should highlight here too that under TD SYNNEX, under Carahsoft, and the VARs themselves, they all have really powerful contracts. They’re members of the GSA contract vehicle, which allows a federal agency to purchase equipment just like you would on Amazon over the internet. They don’t have to go out for bid. Otherwise, you have VARs that have very specialized small-business set-aside contracts, and those can be really good avenues to get in, do fast work, and make a sale with the agencies. And then I’ll say, third, the systems integrators also have very large IDIQs. It’s called an Indefinite Delivery/Indefinite Quantity contract. Those are usually long contracts, potentially 10 years in duration.

And those contracts don’t necessarily have everything defined within them regarding what the government is going to ask for. But if something like PQC comes along, contractors don’t like to do a lot of contract work, and so they’ll write a modification to say, “We’re going to implement this PQC retrofit,” or purchase new equipment through the IDIQ contract. We’re working really hard to develop those relationships as well and determine which ones are the right fit. And just in summary, the procurement path is established, the platform ecosystem has expanded, and it’s expanded rapidly as we speak. The partner engine is fully engaged, it’s operational, and validation is tied to purchase within our PoP program, or pilot program.

Dr. Jose:

Thank you, Bryan.

Yeah, yes.

Thank you. Thank you, Rika. Thank you, Bryan. Now I’m going to invite Alex and John. They are going to do a panel for us, and they’re going to focus on compliance, mandates, and cybersecurity trends in general. Alex is our CISO, our Chief Information Security Officer. I will let him speak about his background, and John is a very seasoned, globally recognized expert in cybersecurity, especially on the federal side and also in the civilian side. I’ll let John introduce himself as well. Alex, please take over.

Alexander Truskovsky:

Thank you. Hi, everyone. Welcome to the threat and mandates segment. I’m Alex Truskovsky.

I’m EigenQ’s CISO. I’ve been in the post-quantum cryptography space for 11 years. I did some early work on some of the standardization of post-quantum cryptography. More recently, I worked at Amazon Web Services, and just before leaving and joining EigenQ, I helped launch support for post-quantum digital signatures within the AWS Private CA public service. And I’m joined by John.

John Petrie:

Yes, I’m John Petrie. I came from NTT, before that IBM, and before that financial services, though I won’t name the company.

Before that, public communications and Sprint. All of those were security positions.

Also, I’ve been the CEO of NTT’s U.S. security division twice. The first time to bring it on board and establish our presence in the U.S. The second was to close it down and move it to our operating company and get an anchor production.

I’ve crossed paths with Rika several years ago. I’ve got 30-plus years of experience, maybe closer to 40 now. Semi-retired for the third time. We’re going to talk a little bit about what it means to a CISO, what this solution set means to a CISO, and why it’s going to become important over the next probably 18 months or so. With that, we’ll get started.

Alexander Truskovsky:

We’ll unpack a little bit more about the threat and the mandate. And again, here we’re looking at it from the perspective of what organizations and how they should be thinking about migration. Cryptography is built into all modern infrastructure. Quantum computing changes some of the assumptions that it relies on, and replacing cryptography takes time. We’re going to look at the threat, today’s security pressures, and the mandates shaping what organizations need to do. Quantum computing affects cryptography in two different ways. With symmetric cryptography, such as AES, quantum search reduces the effective security margin. This matters, but it can largely be addressed by using larger key sizes. Public-key cryptography, on the other hand, is a much bigger problem.

A cryptographically relevant quantum computer could break widely used RSA and ECC algorithms. These algorithms are used not just for encryption, but for key establishment and authentication, including digital signatures. The problem goes way beyond encryption here. It affects certificates, authentication, device identity, software, firmware updates, and the roots of trust that systems rely on. The key and trust relationships between those systems also have to change.

Public-key cryptography is everywhere: servers, network equipment, applications, embedded systems, long-lived devices, you name it.

A single business service may depend on several layers.

Now, post-quantum cryptography gives us algorithms designed to resist both conventional and quantum-computing attacks.

They run on conventional computers. Standardization here matters because systems have to work together. Both ends of a connection, along with certificates, software, and devices, need common algorithms and protocols.

You should not assume that today’s standards are the last algorithms that we will deploy. NIST has finalized the first set of PQC algorithms, but it continues to evaluate additional options. That is why crypto agility really matters. Systems need a controlled way to change algorithms, keys, certificates, and related components as standards and threats evolve.

We still cannot give a defensible date for a cryptographically relevant quantum computer. What is changing is the planning horizon. Google Cloud targets full PQC migration by 2029, and Microsoft says it is accelerating critical product and service migrations to PQC by 2029 as well. There are no guarantees today, but they show that major technology providers are moving their migration timelines earlier. This matters now for two reasons: Long-lived data can be collected today and decrypted later. Systems bought today may also remain in service after the cryptographic environment changes. Organizations need enough time to make the transition without disrupting operations. John, the recent PHP vulnerabilities and AI-agent attacks on websites tell a CISO something about today’s priorities.

How do you keep quantum preparation moving at the same time?

John Petrie:

Obviously a CISO and their staff have a pretty busy day today, mostly fighting fires. In the case of the PHP vulnerability in software, I think this may be the first time we’ve seen the swarming of AI agents attacking a vulnerability globally almost at the same time and in synchronization. Think about that and reflect forward to quantum and the ability to accelerate those attacks using quantum algorithms.

From an operator standpoint, I would really like to have a capable hardware solution that’s going to help me defend against that. Number one, but not rely on software capabilities where you have to continually swap them out and upgrade them.

A Microsoft model, for example, not to bash Microsoft, but at the end of the day, every time you turn around, you’ve got a Tuesday full of monthly updates that need to be applied. It would really be good from an operator’s perspective if we had hardware that was already functional and ready to go for PQC purposes. It’s important to look at this in the proper context from an operator’s perspective.

In the case of architectural design, several of the speakers today have talked about zero trust, and certainly Dr. Jose has spent a lot of time discussing it. Three years ago, actually now four years ago, NTT itself, full disclosure, created an architectural design clearly based on zero-trust principles. In that architecture, there was a process designed and integrated with that architecture for solution updates. One of the key components, even five years ago, was quantum. What were we going to do? What was the strategy going to be?

In that particular case, we had to integrate what was, at the time, still largely unknown into the architectural design. Why am I spending time on this? The point is that as you move forward with a program, it doesn’t matter what industry you’re in or necessarily what size organization you are, but certainly major Fortune 500 and global Fortune 500 companies have the ability to integrate a PQC implementation strategy directly into their zero-trust architecture. You do it from an architectural foundation. That means you also take advantage, which I’ll talk about a little more in a few minutes, of the existing lifecycle, lifecycle management process for your hardware and software acquisitions.

And that’s going to become extremely important moving forward. Within the current OEM structure, that really becomes what I would consider a game changer from a security perspective. I think when you look at the overall security programs across industry, again, it doesn’t matter which sector you’re talking about. Every one of them has regulatory requirements on the security side. As a CISO, we have to manage those from top to bottom across the entire lifecycle.

And as we talk about PQC, hardware versus software, I think my colleagues would agree that from an implementation standpoint, it is preferable to have it at the hardware layer. The software layer has its own unique challenges. So, back to PHP. This is really the initial example of swarming AI agents being directed against infrastructure. And that’s something we’re going to have to address. From a quantum perspective, it has to be integrated into the overall security program.

Alexander Truskovsky:

Thank you, John. Governments are turning quantum concerns into migration and procurement milestones. The dates on this slide apply to different systems, but all of them require planning and purchasing decisions well before the final deadlines. Well, John, which government milestones matter first? Who has to meet them? And what should organizations take away from them today?

John Petrie:

I’ve seen a similar chart about three years ago. Back then, the dates being discussed were more like 2050 and 2042. And at the time, at virtually every security conference I attended with fellow CISOs, we started looking at those timelines and recognizing they were simply unrealistic.

We began assessing, at least from a global CISO perspective, what the different requirements were across geographic regions and countries, and how those requirements would affect us. Then, when the United States issued its directive, as we’ve discussed, that really began focusing industry, particularly defense-support industries, to move forward very quickly. And when Rika talks about critical infrastructure, that’s become much broader than the traditional five-year view of critical infrastructure. It’s completely different today.

Boiling all of this down, the most important requirement now is really to begin planning and incorporating into your architecture what quantum readiness is going to look like for your company.

I think, at least fundamentally, that implementing PQC, or becoming quantum ready, involves a couple of areas that matter significantly from a regulatory and compliance standpoint. One is data sovereignty.

It’s all about the data. Where you store that sovereign data and how you communicate it in a quantum-secure environment will be somewhat different from how it’s handled today. You have to evaluate each regulatory requirement and determine how you’re going to address it in the near term. And by near term, I mean between now and January 2027, which is right around the corner.

Europe is somewhat different because from a compliance, privacy, and security standpoint, it already has very strict regulations in place. What they’ve done, however, is require a named owner within each corporate headquarters who is responsible for PQC. They’ve also implemented a concept called a cryptographic bill of materials. Everybody knows what a bill of materials is. In the U.S., we’ve been discussing SBOMs for roughly a decade and still haven’t fully completed the process. Europe is now applying a similar concept specifically to cryptography.

That’s potentially going to be a game changer for doing business in Europe, particularly for companies outside the European Union.

They’ve also established deadlines whereby, by December 31, 2030, organizations must meet high-risk mandate requirements, and full migration must be completed for high-risk use cases and critical infrastructure and what exactly falls into that category will be very important from an EU perspective.

Those are some of the key differences between the regulations and the approaches being taken. One other point I’d like to bring up, just from an awareness perspective, is that unlike the EU approach, which relies on legislative mandates and hard regulatory enforcement with specific deadlines for member states, NATO has approached quantum readiness as a joint military capability.

If you’re interested in geopolitical issues, whether that’s Ukraine, Russia, Iran, or elsewhere, and you start examining the requirements NATO is placing on member nations, particularly around hardware acquisitions influenced by major technology upgrades, you can see the potential implications under Article 5.

And if you know anything about modern warfare, that becomes a very big deal if adversaries begin using quantum-enabled capabilities to conduct cyberattacks.

Moving forward, that’s something that keeps many of us in the CISO world awake at night because nobody wants to be involved in a cybersecurity conflict scenario. I bring that up as another area of concern and another reason why software-only PQC solutions are generally less desirable from a CISO’s perspective as hardware-based approaches become increasingly important.

Alexander Truskovsky:

The mandates give organizations dates, but management needs to know what has actually changed. A system may support PQC without using it in production. Migration can also leave dependent systems unable to communicate. The transition has to preserve interoperability, security, and normal operations. John, what does meaningful progress towards quantum readiness look like when operations have to continue? How should organizations demonstrate compliance along the way?

John Petrie:

Again, let’s talk. differences between enterprise. Fortune global Fortune 500 versus small medium business. Okay. When you, when you make that distinction, you’re talking about very mature and fairly sophisticated. enterprises, that. implement things based on standards processes. When we talk about having to deal with regulatory requirements and compliance, most every company is going to have things like a SOC 2 SAS 70, those kinds of certificate related compliance vehicles that they’re mandated by country to have those certificates in place and those reviews happening most of the time annually.

One of the things that that at least CISOs and Cios have to be considering is how are they going to implement those privacy standards, evidence collection areas around quantum implementation. I’m going to come back to a couple of statements I made previously that integrating that with your overall architecture design and being coming a project and a program versus a reaction to a sort of a tax scenario is something that you have to consider one from a dollar amount or no funding amount, budgetary amounts, but also to take advantage of the lifecycle management capabilities, and I’ll talk a little bit more about that in a second. All of those things become important. And then when you talk technically as it relates to protecting the keys themselves and those kinds of things, there are certain places within the infrastructure of a corporation or an entity that you have to take a look at from a programmatic perspective and when the best time is to implement that rather than responding in a firefighting mode.

Those kinds of things have to be directed and implemented at the leadership level. Every leader has to understand what.

Quantum and PQC and the cryptographic models that you’re using inside your environment. And frankly, that’s a boring topic for CISO to talk about to a CEO who’s more concerned with people like Rika and Bryan about revenue generation. No. We could talk about those things later, but I think that answers the question.

Alexander Truskovsky:

Thank you, John. So not every system will follow the same upgrade path, right? Some modern platforms can be upgraded in software. Some existing systems can be retrofitted.

Some legacy equipment will need to be replaced because it cannot support the required cryptography or a safe upgrade path. That means a buying decision is not about getting PQC everywhere. It’s about closing the gap that matter. So, John, who? When our existing platforms are great enough? And when do customers need more infrastructure or expertise? What evidence should they require from their vendors?

John Petrie:

I think the 1st question we have to ask all our vendors is, you know, what are they doing? Around PQC. What? What are they implementing? Especially if you’re talking about. Bob services, especially when you’re talking about Cisco or Juniper or what…pick the vendor name that’s provided your edge devices, your data centers. What are they doing to become PQC ready based on the mandates back to the second topic we talked about, you know, what are they doing to meet those requirements? Because. Every corporation that is in existence today has to leverage their partners to do part of their work. They have to they have to ensure that they meet certain requirements. When you talk about certificates, SOC 2 sets of those kinds of things. Those vendors are also part of the assessment, part of the review and part of the mandate that you know defines what the capabilities are, what your risks are, and certainly, you know, where you stand as it relates to certifications. Having met all the requirements? Examples of identifying gaps and risks are very important. The embedded systems, hardware-backed device and identity, key protection, all of those things become really, really important from both relying on the vendors to do their fair share, but also how that’s integrated with the overall architecture design. Come back to the architectural design, because that becomes really important when you’re making these large decisions about when you’re going to implement a refit or complete overhaul or getting rid of your technology debt, all those become important from an architectural design perspective.

I think those are very important decisions, depending on where a company is at in their life cycle. For example, when they get ready to make.

Most companies do one-third, one-third, one-third about replacement for endpoints, for example. When they’re getting ready to do that, where is the discussion about? When you’re going to implement PQC. Right? When are you going to make cryptographic changes? It should probably be part of that discussion. So CISOs are now being brought into the lifecycle discussion at the procurement level.

They are having more and more input in how those systems are going to be acquired through the procurement process. Also, how they’re going to implement it, and what stage of the life cycle it’s going to happen at. That also talks to the ability to make the decision on what’s the upgraded path. And we’ve talked a couple of times about refit.

No. If we stick to these dates, in fact, not each country is going to stick to, including the EU, we are going to have to make really big decisions right now of how to retrofit our existing capability because corporations are not going to spend 5, 6 million dollars on full scale shifted lift. We’re not going to replace every single endpoint. We’re not going to replace our data servers.

We’re going to do this in some kind of measure roadmap plan of implementation. This becomes really important from a…refit perspective and a hardware perspective and a solution to get us through the next. 18 months. Most of the life cycles are based on the three-year programmatic budget implementation. We’re going to have to figure out a way to do that. So having a solution. EigenQ to do refit. They have the ability to put a board in place. I think is something that the CISO is going to really take a hard look at.

I think that answered the question.

Alexander Truskovsky:

Thank you, John. The quantum and novel cybersecurity threats.

It’s not just about replacing encryption algorithms.

It affects public key trust across key certificates, identity design software. And the same time organizations still have to handle vulnerabilities that are arriving today. Mandates create deadlines, but practical question is whether organizations can show progress while keeping system interoperable and operating. Some platforms will be upgraded, some retrofitted, and some will have to be replaced. I will now pass back to Dan to continue with the business model and financial framework. Thank you.

Thank you, Alex. Thank you, John.

Dan Nash:

We now all have the opportunity to hear about our technology products and commercialization strategy. I want to bring those pieces together to talk a little bit about the financial model. What's particularly encouraging is the progress we've made on the commercial ecosystem.

We first started spending time with EigenQ. What really stood out for us, was the quality of commercial partners they established. HPE, TD SYNNEX, Intel, AMD, WNC. Including academic papers with Cisco and others was really powerful vertically at the stage. As we go on and talk about the illustrative model going forward.

It's a combination driven by management's market analysis, but also a lot driven by direct feedback from channel participants driving the assumptions below. Importantly, there are several potential opportunities we discussed and we're talking about that are not embedded in the illustrative financial model.

While they're not presenting today. I also want to recognize a couple of key members in the finance organization. Natan, the audit chair is a long time senior executive from Deloitte, who brings extensive financial experience, strategic and public company experience.

Cris, an experienced financial professional who has served as a controller at local startups brings hands-on expertise in accounting, financial reporting, and scaling finance operations. Together, they bring a strong combination of institutional experience, hands-on operating expertise as EigenQ prepares to be a public company.

The Company is developing its permanent CFO leadership structure. It expects to make an announcement soon. Deloitte is supporting their public company readiness. The objective is to build a disciplined finance organization capable of supporting growth, timely reporting, and transparent communications.

I'll try to get through this efficiently, given the long day, but I wanted to talk about some specific business model and financial highlights. We touched on this already, but the market opportunity is massive, and it's mandate driven. What this means is the illustrative assumptions imply a very fine market penetration rate to achieve the company's goals. It's an enormous installed base with the new equipment ecosystem. The growth of AI, data center spending creates a powerful tailwind.

At the same time, government and enterprise security requirements are driving a transition towards post quantum cryptography.

Of note, the illustrative assumption that we're showing are driven by our current relationship of HPE and the ProLiant servers, leveraging Intel and AMD driving the plan. EigenQ doesn't need to capture a large percentage of the third market to build a meaningful business, but it's implied is a low single digit penetration. That's HPE government business in the US for ProLiant servers.

We're addressing this enormous infrastructure market at precisely the time that these cybersecurity requirements are undergoing a fundamental transition. You don't need massive market penetration to create a very large opportunity.

Another key aspect that we want to point out on the model is a scalable capital-light approach. HPE And other OEMs already sell the servers. The distributors already connect to those products as resellers and VARs already serve government and enterprise customers.

EigenQ is working to integrate its secure technology into these established procurement and deployment channels that creates potential for tremendous operating leverage as sales sit.

Of note. EigenQ is leveraging the infrastructure and sales ecosystem that already exists and not planning to build it itself.

I mentioned this earlier, but the attractive business model and unit economics were a key attribute that attracted us here. There’s a high dollar purchases with strong margins leading to additional requirements of land-and-expand strategy strong unit economics for hardware, which I’ll discuss on the next page. What truly differentiating this company for us is not just the scale of the opportunity, the near-term path to profitability, and the capital-efficient model paired with these strong unit economics.

We’ll talk a little bit more on the next pages as well, but there’s a recurring revenue opportunity and expanding margins. In addition to the original hardware deployment. There’s service contracts ongoing after the first couple of years, and then there’s potential, as discussed of different future revenue models not implied in the model, but from OEM licensing and royalty agreements and other paths to partner with the ecosystem and customers we’ve talked about.

We don’t think about the hardware sales as just an entry point and not necessarily the end of the revenue relationship.

And as discussed, there’s significant operating leverage here. Dr. Jesse and Dr. Jose have built a very cost efficient business focused on profitability from day one. They invested significant amount of their own capital, and they leveraged that ecosystem at Waterloo to build one of the strongest networks of quantum and cyber researchers in the world.

Moving on tounit economics.

Walk through this as an illustrative example of a government purchase in the US. The end customer may pay for a bundle $80,000. And in this example, approximately $30,000 would be allocated to OEM channel economics. Of EigenQ's $50,000 in revenue, approximately $16,000 represents deployment and fulfillment costs.

This leaves $34,000, representing a 68% contribution margin,

And incrementally that, as you see in the middle of the page is phase two, there will be an expectation of a bundle of software for, in some cases, one or even two years. There's an annual fee of approximately 10–12% of the $50,000

and that would be ongoing. Additionally, as mentioned, there’s a third potential revenue stream coming from IP licensing included as royalties. This is a contribution margin illustration and not the company’s GAAP gross margin. Actual economics will depend on the product mix channel agreements, pricing, fulfillment costs, revenue recognition.

Initial illustrative example shows and as documented in the filing in our last filing, over 80% for PQC bundles, with the rest primarily driven by retrofit units.

And federal commercial deployments. Commercial deployments will have different economics, as this example than Federal.

What’s really attractive here is the potential to capture significant value at the initial deployment with additional revenue opportunities over the life cycle of the product.

Right. Moving to the financials. I’ll pause here for a moment. And I said, we’ll provide this this deck when it’s filed shortly, but wanted to share an update on the illustrative financial targets for the next couple of years.

An important thesis, which you've heard a lot today, is that the commercial thesis, as we've been involved here, is developing more favorably than originally anticipated. EigenQ's base revenue model was developed primarily around the TD SYNNEX distribution and HPE relationships.

Incorporating what management believes are conservative penetration assumptions for HPE's U.S. government server business.

It’s developing that model, EigenQ has continued to expand its strategic relationships, distribution channels, and product opportunities, creating potential incremental revenue sources beyond the original model.

Additionally, we believe that there’s potential upside to the penetration rates assumed in the future.

Now, that said, Federal agencies are progressing more slowly than anticipated through post quantum cryptography readiness, budgeting, testing, and procurement.

The Government Accountability Office’s October report, which we referenced earlier was a good summary of where we are with the post-quantum transitions. Of the 24 federal agencies reviewed, not one had completed 3 key readiness practices, and 23 had not begun PQC testing under this GAO frame. The government recognizes the urgency, but agencies are still working through the preparation required at large scale procurement begins. Just yesterday, the Office of the Department of War Chief Information Officer reiterated the acceleration needed for both on the migration.

That’s an important distinction for EigenQ. The market isn’t going away. They’re well positioned in the competitive landscape. The buying cycle is taking longer to start. We’re seeing deployments shift from Q4 into 2027. Meanwhile, our channel relationships, product opportunities and overall commercial positioning are developing more favorably than we originally anticipated.

As a result, management expects 2027 revenue to be heavily weighted towards the second half of the year with approximately 75% in the second half of 2027.

The key variable is the time for customer procurement and not the size of the opportunity. We see growing channel participation, expanding product portfolio and additional potential commercial announcements. Management believes the original revenue outlook achievable, with potential for outside in government and enterprise PQC spending. Now to hit on a couple key attributes by year. 2026, as mentioned, was a big year for validation preparation. The emphasis here was on product revenue, proof of concept engagements, OEM integration, channel development, and government procurement processes. As referenced, there’s a number of pilots in process, which began in Q3, and you know, I think Jose can discuss in more detail, but it takes approximately 6 to 18 months from pilot to delivery. These timelines can vary, but I think that’s an important aspect to know as a company makes further announcements with future OEM partners and others.

As you think about the timing to implement and scale new opportunities with their core opportunity launching in Q3 of this year. Delivery in those orders of manufacturing, can take roughly 10 to 12 weeks to procure. With that timing, that timeline short, depending on your breakdown.

2027 is a commercial inflection year. The management illustrative target of 120 to 155 million in revenue weighted towards the second half of the year. Growth is expected to come primarily from PQC Plus bundles and a small contribution from PCIe retrofit shipments.

Federal and regulated markets are expected to represent the large majority of this segment in 2027 model targets with positive adjusted EBITDA in the second half of 2027.

2028 will be a year we scale with illustrative targets of 270 to 330 million. We discussed before, but the anticipation is that implies mid-single digit adoption from HPE’s Us. Government business.

And by 2028, we’ve discussed a number of potential upsides to that number. Gross margins, adjusted EBITDA margins should start to approach longer-term targets and continued operating leverage as a distribution model scales.

The last thing I’d iterate is this financial model is informed directly from our partners, which made us incredibly excited and comfortable with with the estimates within their model on a relative basis. Obviously, there’s risk involving moving so quickly from pre-revenue into the scale that they have. But as you’ve heard from a lot of partners tonight, their commercial focus and vision from their partners has driven us incredible comfort. With that, I’ll hand it over to Martin to talk about our investment thesis and the transaction.

Martin Zinny:

Thanks, Dan, and thank you all for spending the afternoon with us. By way of background. I’m the CFO of Silicon Valley Acquisition Corp. spent over 20 years as an analyst and portfolio manager at Fidelity, Point72, Whale Rock Capital, and Millennium. I have many friends on both the buy side and sell side, so I’m sure we know a lot of people in common. And I’m very familiar with the important role that each of you guys play in the ecosystem, having been a big user of the product.

This afternoon I’m going to walk through our thesis and then talk a bit about the transaction valuation, and then the recent private financing.

On our thesis, I think we would all agree on the importance of management in any investment decision. In my experience, exceptional outcomes almost always start with exceptional people.

Jesse is not only one of the most respected voices in quantum and a published author in the field, but he’s also a proven operator. Lakes Software, his first company, holds significant market share in its segments and generates the kind of free cash flow that allowed him to personally invest tens of millions of dollars into EigenQ over the past decade. The discipline, commercial mindset, and operating rigor that built Lakes Software are the same principles that underpin EigenQ today.

We are equally impressed with Jose. He combines deep technical expertise with real commercial instincts, which is a rare combination in this sector.

He completed his four-year PhD in two years while working full-time at EigenQ and helping build the company into what it is today.

He was Jesse’s top student and handpicked CEO to lead this business forward. And as you’ve seen today, the broader management team is cut from the same thread. Deeply technical, commercially minded, and highly execution focused. Please seek them out after these presentations.

When I evaluate early stage growth companies, I generally look for 3 things, large, high growth markets, incredible path to profitability and a model that can scale quickly. EigenQ checks all three boxes, and the company is positioned to benefit from a generational shift in technology, and what many view as a hardware super cycle.

Let me break down the thesis a little more specifically. First, st the current level of technological advancement, including quantum computing, introduces unprecedented cybersecurity risk. And every day we hear about a new incident.

We believe hardware-based solutions will be essential. Software alone will not be enough.

EigenQ is uniquely positioned to be in this quantum safety infrastructure.

Second, quantum is real, and demand, as you know, is mandated, not speculative. EigenQ does not need a quantum computer to arrive on a particular date. It simply needs agencies and enterprises to meet deadlines that are already set.

That is the key difference between the quantum computing peers: they largely sell research and services, while EigenQ sells hardware that customers are being told they need to buy.

Third, EigenQ is built to scale and scale efficiently given its asset-light business model. The company compares favorably to quantum peers, cybersecurity peers, and embedded component peers, often with a clearer commercialization path and stronger unit economics.

Let me talk about optionality. As an investor, I always loved finding companies with optionality and multiple ways to win, and EigenQ fits this model. At a high level over the next 3 to 5 years, and really 10 years and beyond, EigenQ is levered to 3 massive secular trends:

Cybersecurity, AI and quantum, both in terms of the compute infrastructure required and the need to secure the data flowing through it. That’s the first example of optionality. Digging into the business model, the assumptions that Dan described today focus exclusively on HPE servers sold to the US government.

But the channel geographic and product optionality is enormous, some of which Rika and others touched on in their presentations. To frame this, think about other potential large OEM partners or other areas within compute infrastructure they can penetrate (the retrofit market, networking, space and satellite, mobile communications, etc. The geographic opportunity in Europe and Asia, and different components and form factors also discussed earlier. None of this is in the model that you saw today. That’s the second example of optionality.

The third example is future growth opportunities, which were touched on a little bit earlier and I don’t want to take away from Jose to Jesse’s closing comments, but we believe EigenQ is building a defining quantum platform.

Today, the company leads in quantum cyber and quantum security. Over the coming years, the roadmap extends to quantum AI, quantum internet, and ultimately quantum computing. Again, none of this is in the numbers. But taken together, we hope you see that EigenQ has meaningful near-term optionality and even greater long-term upside. None of this is required for the base case to work.

EigenQ’s 3 billion dollar entry valuation represents an attractive starting point, given it’s a discount to quantum and cybersecurity peers, as well as other tech companies with embedded hardware and software components.

There is no perfect public comp so we benchmarked against a deliberately constructed blend of peers across relevant sectors.

Even on the conservative adoption assumptions that Dan discussed, EigenQ screens favorably on prospective 2027 and 2028 revenue multiples, assuming adoption and order fulfillment scales as anticipated.

And if adoption outperforms the base case, the model delivers substantial operating leverage, creating clear potential for valuation upside. But revenue is only half the story. After studying companies for more than 20 years, I’ve consistently seen that stock price performance ultimately follows earnings and cash flow. That combination, high growth paired with a credible near-term path to profitability is what first attracted us to EigenQ and what continues to reinforce our conviction.

Unlike many emerging quantum companies that require heavy ongoing capital investment, EigenQ’s asset-light model is built to deliver attractive margins, strong cash conversion, and limited reliance on future financings. As a result, the company screens favorably not only on revenue multiples, but also on 2027 and 2028 EBITDA and post CapEx EBITDA metrics across the broader peer universe in all cases, subject to validation, and assuming the accuracy of the company’s prospective financial model.

And finally, the company has entered into a $45 million private financing, a portion of which has closed with the balance to close contemporaneously with the listing, all of which is expected to fund the company through a projected path to profitability.

Now, some closing thoughts. Let me quickly summarize one, EigenQ sits at the intersection of 3 powerful secular trends, cybersecurity, AI, and quantum. Two, demand is mandated, not speculative. Three, the business model is asset light channel-driven and EBITDA positive in 2027 and on the conservative case, and four, at roughly 10 times illustrative 2028 revenue, we believe the valuation reflects the core business alone. None of the optionality I walked through earlier in the company is in the company’s projections for the multiple. That is all upside.

To close, this combination of growth, profitability, and capital efficiency creates a compelling risk-reward profile from current levels. EigenQ is a rare case where the technology, the team, the business model, and the valuation all align.

Thank you for joining us today. I’ll open up the questions not only to my section, but to the other sections that you saw today.

Gary Mobley (StoneX):

2026 is characterized as the year of validation. Is that specific to procurement? by the customers of validation supply chain, or is that technology validations? The technology been validated that it works properly.

Dr. Jose:

I can take that. As I mentioned before, in the funnel of innovation, when we go from science, technology, product and commercialization, actually there is different phases of validation. I think that is a very good question to try to. drill down what validation actually means. I will say on 2025, the company was in in full process of going from science to technology.

into product. And the best thing of that is the certifications, like the NIST certification, for example, for part of the products and the like, that is basically the validation of the technology and the validation of certain products. 2026, on the other hand, is the validation of the product market fit and the commercialization itself. And that’s involved channel enablement, procurement, value chain, and actually how you take a product to scale. That means closing the partnership from the manufacturer to all the distribution channels. Then we are ready to meet the demand that we expect on 2027.

Analyst question:

Is there some kind of a, sorry, raise my hand. Is there some kind of installed base figure roughly now of the pilots that are out there? Are there any numbers you can throw us.

Dr. Jose:

I think in the in the last S-4 we disclosed that 53 pilots that were already in place. And as of today, I think we have an additional inbound already on that. One of the things that I want to mention is that. And this is happening in the last six weeks that the money has just been increasing. I don’t know, would you refer that to install?

Analyst question:

There are multiple machines in each pilot, I would think, correct?

Dr. Jose:

I think if we talk about the numbers, like out of there. I think what we can refer to is that the installed base in several parts of the government like the installed base. In that sense, the current installation base and the renewal cycle globally is 16.5 million units. The global compute infrastructure, I believe on the US itself, I will venture that we’re talking about maybe 20 million units in the last two years.

Because it’s an accumulation of certain devices that will include compute infrastructure, edge devices, routers, networking, and the like, not only servers, when we’re talking about the… I will have ventured to say on those numbers in terms of our pilots and what is the impact of those pilots, I think as I don’t know if we have any numbers that we can disclose today. I don’t know if it’s disclosed. I would say that the It’s about a 50-50 split with actual like HPE servers or other branded servers, and then cards that we ship that they apply into their server infrastructure. So there’s both, and it’s probably. 50 50. 40, 60, some under. Okay.

Dan Nash:

And maybe just one clarifying point on the financials without giving specifics that are not public at this time, but the original analysis that was provided in the disclosures was a tops down approach based off their channel partners and a percentage of market share.

Obviously, as we get a number of testing pilots and as mentioned earlier, 60% of the volume goes through the top VARs and they’re all in process of testing. There is the company is consolidating a bottoms up forecast based off actual pilots and the probability of those turning into sales and the specific timing of those sales. And that initial analysis, which is involved improving in real time. The company is still very comfortable from that bottoms up, you know, per VAR, per end-user analysis of the original estimates with, as mentioned, you know, some exciting potential opportunities.

Dr. Jose:

Another way to see that is like what. give it or take. What is the number of units that the company need to sell to meet the numbers of the illustrative case. That is the other way around. In that case, I don’t know if you want to.

Dan Nash:

it’s, based off the numbers we gave. There’s an implied number of units for 2027, for example, between 2,000 and 2,500.

A very small percentage of the whole universe out there. It gives you an idea of what the company needs to achieve in terms of commercial goals for this illustrative case. The other is I would  reference what Jim said earlier is those concepts, the amount of conversations has really accelerated now that the new fiscal year has started. That’s when the new projects begin. That’s when they’re going to have to allocate time and resources for pilots. This next 6 months.

Analyst:

My question is really it’s an extension of John’s. It’s really more Tarika and Dave, and it’s. It’s really about the slides that you showed that had all the potential archives that were trying to convert to engage with us. And the question is this. Who are the most likely conversions that we should expect to see? In the coming 2 to 4 quarters, based on the conversation and outreach you’re having now. And how soon from getting them to sign to getting them to be productive in revenue meaning levels.

Dr. Jose:

I think that is a very is a very good questions. And what I will say is that the pressure comes from the customers. And the customers we have different two major trends on the customer. We have the ones that need to meet regulation and we have the ones that are looking for security itself. What we have seen as an inbound is, for example, on the financial sector. And the financial sector triggers a certain kind of value-added resellers, and it triggers also certain kind of system integrators that have a footprint in that specific industry. So that what I will say that is becoming a priority. And also, as we will disclose as well, critical infrastructure. The interesting part of this is that within the Growth Office, we are able to sense the market internationally. The US has very particular trends that that that places like the UK and Europe in general, the priorities seems to be driven by different fundamental factors.

So if in the US. We’re talking about national security, defense and intelligence, in other parts, we might be talking about financial sector and in other parts of the world, we might be talking about critical infrastructure. It depends because the drivers are different.

Maybe ask more specifically. And Jim, maybe you need to close your chat. About Dell and. Some of the other big server makers so that we’ve got greater coverage across global 2000.

Jim Mackie:

I can give an honest perspective, even with Dell right now, right? So I had an advantage, I felt. over this market. But my enthusiasm and excitement is not translating yet in the customer space, right? Because it’s an education process. I can tell you in the West. 45 days, I’ve seen bids from that go on my desk and they’re typically. Dell, you know, because I it’s like a Dell or equivalent, because, you know, I compete against them quite often. But I, you know. They’re actually putting in verbiage around PQC. that I’ve never seen right? So that to me is encouraging. That means a the customers are doing research and going, Okay, we need to do this right? We need to put this in our new requirements for our next bids, but also, it might be our partners that are actually there’s a Q&A session that happens. A lot of them are going, Hey, well, what about PQC? Are you doing anything? And now, and they’re starting to generate that, you know, that demand as well for the requirements.

Tome, that was extremely encouraging when I saw that they’re actually putting that in the requirement.

Rika:

I was just going to chime in. Thank you for the question. I think we can’t give specifics right now on the targets where the conversations are at the moment. It’s confidential information at this point, but as we as we did with HPE.

as they materialize, you will hear soon enough, I think, on those things. I will say this, that one of the key large players that we’ve been working with did say when I first reached out to you guys in August.

PQC was sort of this thing that was over here, and we spoke when I spoke to this person, I would say, beginning end of September, just within a few weeks, there was an anxiousness in their voice.

Say, this was something that was over here. Now it’s right in my line of sight of something that I need to address.

And it’s not just them, but even at the conference that John and Matt were both at Q Plus AI over the past couple of days, I spoke in the ICT area, which has historically been the more busy area. But when I went on stage and I was like, oh, this is.

Good group of people, because John and Matt were in the audience, of course, and I heard that the over… there was an overflow or like it was very, very busy up in the PQC, which was on the third floor.

I think that and you’ve heard from the other speakers is that I think there’s this this greater sense of urgency that’s been accelerating. And so we could have taken a gander at the timelines of this 2 months ago, and we would be off the mark addressing it now. So we shall see. But we are. We’ve been making great progress with the ecosystem strategy around this. That’s what I will say.

Dr. Jose:

Great. Thank you. Any other question? Yes, please.

Analyst: Could you touch on the current revenue opportunity? And then what upside you think you could have. It’s not trading and pricing. It’s how you feel about, I think the assumption was a 90% right.

Thank you.

Dr. Jose:

I mean, you know, the 6,000 and then maybe I don’t know if you want to.

Dan Nash:

Yeah, I think that’s a customer specific question. I do think the expectation is a pretty high attachment rate. Once you land hardware on any type of deployment. And I think there’s actually 2 ways to think about that, too, because a number of these deployments, especially within the government services, there’s multiple locations, and if there’s a land and expand.

The first deployment. I’ll give a generic example might be a 5 million dollar build out, but there might be 8 sites that we’re having discussions concurrently. So winning that initial deployment is powerful. I think the expectation is the software licensing that will follow for at least the next 5 years. It’s going to have a very large attachment rate. I don’t know if you have a specific there

Dr. Jose:

is a especially kind of like, you know, on the federal, like, switching OEM brands is not something that you can do very easily because of the. the support and the relationships and the like. So the fact that we are an embedded component, and we are agnostic to the OEM, and we are in ongoing conversations with different OEMs, actually provide us a way to be a very sticky a solution in that sense. One of the facts that that we took into consideration on the illustrative percentages is what is the average that we observe in similar cybersecurity solutions that are deploying this platform.

It was basically a benchmark of a comparable in the potential renewal cycle.

Are there any other questions?

Analyst:

Yes. Just a few.

Why isn’t integrating with firewall providers part of the roadmap here?

Dr. Jose:

The way that we see ourselves is actually be able to provide in the whole ecosystem of the compute infrastructure and alternative solution that is quantum resistant as long as it’s an OEM. In that sense, networking is part of our target, the same as storage.

The fact that we started just with the compute is just because it was the low-hanging fruit in that sense. But for sure, we are working already with networking OEM providers and also with the storage providers, and actually within HPE itself.

We are working to try to expand into that vertical. The end goal is to have a quantum resistant full stack. And for that you we either integrate with other providers, or we ingrain ourselves as an embedded component in the other parts of the value chain.

Jim Mackie:

I’ve already been in conversations with my Juniper counterparts, so I don’t know if you’re familiar with the Juniper acquisition with so I’ve been working closer with them, and they’ve asked for, you know, the PQC solution. They’re getting there.

We want to protect all parts of the data center, right? And that’s so you’re going to see that very natural transition into areas outside of just traditional compute. Like they said, edge networking.

Analyst:

I think Dan, you had said that…he had made some sort of inference to federal agencies are progressing slower than expected. Did I hear that correctly? And that’s with respect to calendar 26?

Dan Nash:

It's with respect to calendar 2026 and the progression in the early quarters of 2027. I guess the big takeaway there was the progress and the momentum.

We’d anticipated, but the timeline from testing to purchase. It’s top of mind in that GAO report highlighted that 23 of 24 agencies have not begun testing . And then you saw the Department of War the next day put out something saying the importance of what’s going on, and that we need to accelerate.

It’s generally favorable. But I think the biggest question is the timing, not the amount of share, and if anything to the point on the competitive landscape that Jose we spoke to, we’re not seeing a lot, not to say, no competition, but well situated for our product offer.

Martin Zinny:

And part of that is also driven by they have to inventory everything that they have. And so that process is just taking a little longer than they expected.

Dr. Jose:

Just so we have qualified on this report. This report actually was open to the public in October. But this is the accountability, Government Accountability Office report. And it’s in regards of an audit. The audit was as of September 2025. Basically, the report is saying that as of September 2025, these 24 agencies have not completed the task that they supposed to. But this is, even though the report is 2026, it’s about the previous year. So that is the qualifier. But nevertheless is it was a clear indication that actually it would require a huge ramp up. And this is what we are seeing now in the market. What we are seeing now is a run, but chasing the January 2027 mandate.

Analyst:

And then I think the board of directors slide looked like there was majority the minority of independent directors. Is that correct?

Dr. Jesse:

Majority independent.

Dr. Jose:

Yes. And any other questions? Good. All right. So thank you. Thank you.

Dr. Jesse:

Thanks, everybody.

Before you leave, let me thank everybody. Thank you very much for attending. We are very honored that you took the time and the attention. Questions were really pointed and on the right direction. We are very, very, very happy with that. We’re grateful. Thank you. I appreciate it.

As I mentioned in the beginning, there are some appetizers and snacks you want to stick around, and there’s a tech demo on site. Thank you very much. Thank you.