atreus57
Oct 15, 8:56 PM
$LAES — the
$4 bull case: CASH + COMMERCIALIZATION.
~
$463M cash/equivalents, including restricted cash, at Sept. 30, 2026. Approximately
$2 per basic economic share before liabilities, spending commitments and future burn.
9M revenue grew 65% to
$16.3M. 42 prospective customers/partners are evaluating QS7001 and QVault TPM. Management estimates a
$100M+ PQC pipeline—commercial opportunity, not booked orders.
October’s targeted QS7001 V1 hardware evaluation report is the next technical milestone; full certification remains ahead.
At ~231M basic economic shares,
$4 implies ~
$924M equity value. That valuation requires ~
$461M of net business/investment value beyond reported gross cash, after accounting for liabilities, commitments and burn.
The bullish route: certification progress, production orders and profitable scale. Substantial cash gives LAES time to build that value.
$IONQ $QBTS
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