Revenue Growth
Total revenue for Q1 2026 was approximately $480,000 versus $296,000 in Q1 2025, a year-over-year increase of approximately 62%.
ARR Expansion
Annual recurring revenue (ARR) rose to $1.9 million from $1.2 million a year ago (≈+58%) and increased from $1.8 million in Q4 (≈+5.6% sequential).
Technology Milestone — Quantum-Resistant Platform
Launched the PrivacyKey quantum-resistant biometric authentication platform (dual-layer approach: quantum-resistant algorithms + cryptographic key sharding) and added digital ID + verifiable credentials support — positioned as a differentiated, market-ready capability with immediate enterprise interest including discussions with a large global bank.
High-Quality Pipeline of POCs
Company is engaged in roughly 20 active proof-of-concepts (POCs) with top-tier enterprises across retail, banking, fintech, crypto, industrial, chip manufacturing and healthcare; nearly half of top pipeline accounts were sourced via channel partners (Formula5, MajorKey).
Cost Reduction Initiative
Targeted operating expense reductions started in Q2 2026 expected to yield approximately $3.5 million in annualized savings, improving burn efficiency going forward.
Bridge Financing and Improved Cash Burn
Secured $4.2 million in Bridge Loan Financing in late April 2026 to extend runway; cash used in operating activities improved to ~$3.4 million in Q1 from ~$5.4 million in Q1 2025 (≈-37% year-over-year).
Adjusted EBITDA Improvement
Adjusted EBITDA loss improved to $3.4 million in Q1 2026 from $3.9 million in Q1 2025, an improvement of $0.5 million (≈12.8% improvement year-over-year).
Increase in Booked ARR Signed (bARR)
Gross bARR signed in Q1 was $0.08 million versus $0.01 million in Q1 last year (a large percentage increase though small in absolute dollars), and Q1 cARR represented 38% of reported bARR with UAC comprising the remaining 62%.