01 Communique Reports Q3 Fiscal 2024 Financial Results and Business Developments

TORONTO, ON / ACCESSWIRE / September 19, 2024 / 01 Communique Laboratory Inc. (TSXV:ONE)(OTC PINK:OONEF), a leader in post-quantum computing cybersecurity, has released its third quarter fiscal 2024 results, ending July 31, 2024. CEO Andrew Cheung highlighted the integration of NIST's newly announced Post-Quantum Cryptography standards into the company's IronCAP PQC engine, ensuring customers remain ahead in the PQC market. The company anticipates further standards from NIST, driven by increased focus on quantum safety.

Financially, the company's loss for the quarter was $40,173, a marked improvement from $119,652 in the previous year. On an adjusted non-cash basis, the loss was near breakeven at $5,891. Revenue rose to $126,103, up from $106,197, mainly from recurring subscription fees. Cash operating expenses reduced significantly, positioning the company towards profitability.

Product development and SG&A expenses also saw reductions, with development expenses at $34,538 and SG&A at $86,860. The company managed to decrease overall product development costs by completing various projects and utilizing third-party contractors.

A conference call is scheduled for today at 10:00 AM EST to discuss these results and future business prospects for IronCAP™ and IronCAP X™.