01 Communique Provides Update on Business Developments and Second Quarter Fiscal 2024 Results

01 Communique Laboratory Inc. (TSXV:ONE)(OTC PINK:OONEF), a pioneer in enterprise-level cybersecurity for the quantum computing era, reported its second quarter fiscal 2024 results, ending April 30, 2024. The highlighted results reveal a continued focus on quantum-safe technologies and reduced operational losses.

CEO Andrew Cheung noted increased attention on quantum-safety in tech fields like AI and cryptocurrencies. NIST's final recommendation on Post-Quantum Cryptography (PQC), expected later this year, is anticipated to align with 01 Communique's IronCAP PQC engine. The company recorded a quarterly loss of $68,638, a reduction from $187,292 in 2023. Excluding non-cash expenses, the adjusted loss lowered to $28,508 from $123,091 in 2023.

The company ended the quarter with $175,830 in cash, and decreased ongoing cash operating expenses to $128,240 from $240,239 in 2023. Despite a drop in revenue to $106,220, impacted by the weak Japanese Yen, cost reductions and strategic partnerships are expected to move operations towards profitability. The company has also granted stock options to directors and executives, enhancing their vested interest in the company's growth.