Quantum Cyber N.V. (QUCY) Insider, 13F Hedge Fund & Politician Buy/Sell Thermometer

Per the Roarable RQD rating, QUCY scores 35 out of 100, graded D- and labeled "Roarable Sell — Vulnerable Balance Sheet & Flow." The five pillars are:

• Fundamental Cash Engine (8 / 20): Per the RQD rating, ROIC is -35% and FCF yield is -13.84%. For a prospective investor, this pillar signals that the business is not currently generating returns on capital or positive free cash flow, so any valuation rests on future cash generation that the source data does not demonstrate.
• Whale 13F Flow (10 / 20): Per the RQD rating, this pillar reflects institutional accumulation and options positioning. The source data does not itemize the underlying 13F holdings, so the magnitude of this flow cannot be assessed beyond the score.
• Insider Conviction (3 / 20): Per the RQD rating, this is the weakest pillar and reflects SEC Form 4 and Congressional PTR cluster flow. A low score here means insider and disclosed-trade signals offer little confirmation of conviction in the stock.
• Macro Regime Fit (6 / 20): Per the RQD rating, beta is 1.0 with sector sensitivity. The stock is assessed as moving in line with the market, without a defensive or asymmetric macro profile.
• Forensic Balance Sheet (8 / 20): Per the RQD rating, Altman Z is 2.5, Piotroski F is 3/9, and Debt/Equity is 0.5. These readings point to a balance sheet that is neither clearly distressed nor robust, with weak internal financial-health indicators.

Taken together, the RQD framework frames QUCY as a speculative, cash-consuming issuer where the investment case depends on a turnaround in cash generation. Upside drivers would require evidence of narrowing losses and improving flow; valuation tradeoffs are severe given negative returns and cash burn; and the equity-financing catalyst noted below suggests ongoing dilution risk.

Per the SEC financials, revenue declined from $0.9M in FY 2024 to $0.5M in FY 2025, while net loss narrowed from $-21.6M to $-16.2M. Per the market data, gross margin is 72.6%, while operating and net margins are both -60%. Per the Roarable RQD rating, ROIC is -35%, and the forensic balance sheet pillar reports an Altman Z-Score of 2.5, a Piotroski F-Score of 3/9, and Debt/Equity of 0.5. Cash and debt balances are not available in source data for either period.

• $100 Million ATM Equity Program: Two headlines report the launch and filing of a $100 million at-the-market share offering, with one noting shares were down pre-bell. This is a dilution-relevant catalyst.
• Senior Defense Talent / Strategic Program Coverage: A Benzinga headline ties QUCY and peers to senior defense talent recruitment amid a strategic program.
• Quantum Antenna Technology Presentation: Stock Titan reports QUCY was invited to present quantum antenna technology at a quantum sensing convening.
• Market Wire Coverage: Yahoo Finance UK, Barchart.com, and marketscreener.com items are general market-action coverage with no additional fundamental detail in the source data.

Risk watch items: dilution from the ATM program, negative operating momentum, and reliance on future technology milestones. Per the Butterfly Supply-Chain Graph, the supply-chain field is NONE and there are no proprietary signals.

Per the Butterfly Supply-Chain Graph, the supply chain is NONE, with no butterfly links and no proprietary signals. Not available in source data for upstream or downstream dependencies, sector correlations, or second-order bottlenecks. An investor should note that the absence of mapped links means this analysis cannot identify ripple effects from the source data alone.

• What are the company's specific products, clinical or commercial milestones, and customers? The profile gives only a sector label.
• What are cash and debt balances for FY 2025 and FY 2024, and what is the runway at the current cash burn rate?
• What are the terms, size utilization, and dilution impact of the $100 million ATM equity program?
• Who are the institutional and insider holders, and what is the direction of their recent activity?
• What drove the decline in revenue from $0.9M to $0.5M, and what is management's guidance?