QSE Announces Fiscal 2025 Year End Filing

Executive Summary

• QSE filed its audited FY 2025 financial statements and MD&A, providing a full view of the company’s performance for the year ended September 30, 2025.
• The filing highlights a business transformation: new CEO Ted Carefoot, launch of a subscription model, acquisition of Cloud Codes generating revenue, and attainment of CyberSecure Canada Level 1 & 2 certifications.
• Management indicates sufficient capital raised to fund FY 2026 growth initiatives, including further user acquisition and product expansion.

Key Details

• Audited financial statements and MD&A for FY 2025 are now available on QSE’s SEDAR+ profile.
• Leadership change: Ted Carefoot appointed Chief Executive Officer; background includes senior technology roles at Electronic Arts and Disney Online Studies Canada.
• Product & revenue updates: Launched a subscription offering for encrypted, quantum‑resilient cloud storage; acquired Cloud Codes from Plurilock Security Inc., which immediately contributed revenue.
• Security certifications: Received third‑party Level 1 and Level 2 validation under CyberSecure Canada.
• Capital position: Raised sufficient capital to support expansion and development needs (details of the financing not disclosed in this release).
• Filing was delayed beyond the original target due to extended auditor review, including valuation of the Cloud Codes SSO technology; no disagreements with auditors were reported.

Notable Quotes

• “During fiscal 2025, QSE experienced a transformation of its business operations… The Company expects to build on its success in fiscal 2026…” – Ted Carefoot, CEO.