Quantum Xchange Grows Headcount By 60% To Meet Global Demand For Its Leading Quantum-Safe Key Management System
In August 2024, the National Institute of Standards and Technology (NIST) formalized the world's first PQC standards, providing organizations with a framework to secure systems and data against future quantum threats – or the day when quantum computers will be powerful enough to break common encryption protocols, such as RSA and AES. Given the complexity and unpredictability of this migration and for immediate protection against Harvest Now, Decrypt Later (HNDL) attacks, NIST has urged organizations to begin transitioning their systems immediately to the PQC standards. As a result, the quantum security market is projected to reach $6.7 billion by 2032.
Quantum Xchange has strengthened its leadership team with key appointments across corporate disciplines. Antonio Sanchez has joined as Chief Strategy Officer, bringing decades of experience in enterprise cybersecurity having held various leadership roles in product management, marketing, and technical sales at Dell, Symantec, Forcepoint, Alert Logic, and Fortra. He is responsible for the development and execution of the company's overall go-to-market strategy and brand positioning.
Sanchez is joined by Christina Hausman, Vice President of Product Growth, who comes to Quantum Xchange from Cisco Systems, where she spent more than two decades helping grow the security business from a handful of products to more than 20 technologies covering Security Services Edge (SSE/SASE), workload and data center security, network and endpoint security, Data Loss Prevention (DLP), compliance, SIEM and security management. At Quantum Xchange she oversees the revenue growth and retention strategies for the company's flagship product, Phio TX.
Also coming off a successful tenure with Cisco is Eden Taylor, Vice President of Partner Alliances, where she is responsible for developing channel partner strategies, direct sales, and building stakeholder relationships with leading networking and communications vendors.
In addition, Quantum Xchange has appointed Andrey Vovk, Vice President of Engineering to ensure its offerings and product roadmap are deeply aligned with customer needs and regulatory requirements. Vovk has a proven, 30-year track record in quality product delivery and building high-performing engineering teams at security companies including InforMax, Fidelis, and Bricata. Galit Miller joins Vovk and other members of the engineering team as Director of Frontend Engineering. Both report to Gene Savchuk, Chief Product Officer and inventor of Phio TX.
'It's an exciting time for Quantum Xchange and these strategic hires illustrate how we are prepared to meet the moment to unlock new opportunities and deliver even greater value to our stakeholders,' said Eddy Zervigon, CEO of Quantum Xchange. 'There's no easier way to ensure your legacy encryption is immediately quantum-safe, while simultaneously practicing crypto-agility and quantum readiness. Phio TX is a true game changer.'
Phio TX works with an organization's existing infrastructure to send a second symmetric key out-of-band, independently from the encrypted data path. These ephemeral key pairs are dynamically generated in-memory and deleted after use. The solution is FIPS 203 and FIPS 140-3 validated and utilizes NIST Entropy Source Validation for unpredictable randomness, secure data transmission, and eavesdropping prevention. To learn more, download the product guide.
About Quantum Xchange
Quantum Xchange protects confidential and classified data from advances in computing and everyday cybersecurity risks. Its award-winning key management platform, Phio TX empowers organizations to bring existing IT infrastructures into the post-quantum era easily and affordably with an innovative, secure, and flexible architecture. Commercial enterprises and government agencies can leverage trusted standards for quantum-safe protection, embrace crypto-agility, and establish a cryptographic center of excellence with no network or application downtime and no performance degradation. To learn more visit QuantumXC.com.
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Conference Call Information Further details are provided in the presentation for Helix's quarterly teleconference to review its second quarter 2025 results (see the Investor Relations page of Helix's website, The teleconference is scheduled for Thursday, July 24, 2025, at 9:00 a.m. Central Time. Investors and other interested parties wishing to participate in the teleconference should dial 1-800-715-9871 within the United States and 1-646-307-1963 outside the United States. The passcode is "Staffeldt." A live webcast of the teleconference will be available in a listen-only mode on the Investor Relations section of Helix's website. A replay of the webcast will be available on Helix's website shortly after the completion of the event. About Helix Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations. Our services are key in supporting a global energy transition by maximizing production of existing oil and gas reserves, decommissioning end-of-life oil and gas fields and supporting renewable energy developments. For more information about Helix, please visit our website at Non-GAAP Financial Measures Management evaluates operating performance and financial condition using certain non-GAAP measures, primarily EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt. We define EBITDA as earnings before income taxes, net interest expense, net other income or expense, and depreciation and amortization expense. Non-cash impairment losses on goodwill and other long-lived assets are also added back if applicable. To arrive at our measure of Adjusted EBITDA, we exclude gains or losses on disposition of assets, acquisition and integration costs, gains or losses related to convertible senior notes, the change in fair value of contingent consideration, and the general provision (release) for current expected credit losses, if any. We define Free Cash Flow as cash flows from operating activities less capital expenditures, net of proceeds from asset sales and insurance recoveries (related to property and equipment), if any. Net Debt is calculated as long-term debt including current maturities of long-term debt less cash and cash equivalents and restricted cash. We use EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt to monitor and facilitate internal evaluation of the performance of our business operations, to facilitate external comparison of our business results to those of others in our industry, to analyze and evaluate financial and strategic planning decisions regarding future investments and acquisitions, to plan and evaluate operating budgets, and in certain cases, to report our results to the holders of our debt as required by our debt covenants. We believe that our measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt provide useful information to the public regarding our operating performance and ability to service debt and fund capital expenditures and may help our investors understand and compare our results to other companies that have different financing, capital and tax structures. Other companies may calculate their measures of EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt differently from the way we do, which may limit their usefulness as comparative measures. EBITDA, Adjusted EBITDA, Free Cash Flow and Net Debt should not be considered in isolation or as a substitute for, but instead are supplemental to, income from operations, net income, cash flows from operating activities, or other income or cash flow data prepared in accordance with GAAP. Users of this financial information should consider the types of events and transactions that are excluded from these measures. See reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. We have not provided reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures due to the challenges and impracticability with estimating some of the items without unreasonable effort, which amounts could be significant. Forward-Looking Statements This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, any statements regarding: our plans, strategies and objectives for future operations; any projections of financial items including projections as to guidance and other outlook information; future operations expenditures; our ability to enter into, renew and/or perform commercial contracts; the spot market; our current work continuing; visibility and future utilization; our protocols and plans; future economic or political conditions; energy transition or energy security; our spending and cost management efforts and our ability to manage changes; oil price volatility and its effects and results; our ability to identify, effect and integrate mergers, acquisitions, joint ventures or other transactions, including the integration of the Alliance acquisition and any subsequently identified legacy issues with respect thereto; developments; any financing transactions or arrangements or our ability to enter into such transactions or arrangements; our sustainability initiatives; our share repurchase program or execution; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements, including but not limited to market conditions and the demand for our services; volatility of oil and natural gas prices; complexities of global political and economic developments, including tariffs; results from mergers, acquisitions, joint ventures or similar transactions; results from acquired properties; our ability to secure and realize backlog; the performance of contracts by customers, suppliers and other counterparties; actions by governmental and regulatory authorities; operating hazards and delays, which include delays in delivery, chartering or customer acceptance of assets or terms of their acceptance; the effectiveness of our sustainability initiatives and disclosures; human capital management issues; geologic risks; and other risks described from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our most recently filed Annual Report on Form 10-K, which are available free of charge on the SEC's website at We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by law. HELIX ENERGY SOLUTIONS GROUP, INC. Comparative Condensed Consolidated Statements of Cash Flows Six Months Ended (in thousands) 6/30/2025 6/30/2024 (unaudited) Cash flows from operating activities: Net income $ 474 $ 6,002 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 87,871 89,824 Deferred recertification and dry dock costs (33,931 ) (20,330 ) Payment of earnout consideration - (58,300 ) Losses related to convertible senior notes - 20,922 Working capital and other (55,105 ) 14,202 Net cash provided by (used in) operating activities (691 ) 52,320 Cash flows from investing activities: Capital expenditures (8,958 ) (7,594 ) Proceeds from insurance recoveries - 363 Net cash used in investing activities (8,958 ) (7,231 ) Cash flows from financing activities: Repayments of long-term debt (4,537 ) (65,042 ) Repurchases of common stock (30,214 ) (10,189 ) Payment of earnout consideration - (26,700 ) Other financing activities (6,029 ) 405 Net cash used in financing activities (40,780 ) (101,526 ) Effect of exchange rate changes on cash and cash equivalents 2,142 (688 ) Net decrease in cash and cash equivalents (48,287 ) (57,125 ) Cash and cash equivalents: Balance, beginning of year 368,030 332,191 Balance, end of period $ 319,743 $ 275,066 Reconciliation of Non-GAAP Measures Three Months Ended Six Months Ended (in thousands, unaudited) 6/30/2025 6/30/2024 3/31/2025 6/30/2025 6/30/2024 Reconciliation from Net Income (Loss) to Adjusted EBITDA: Net income (loss) $ (2,598 ) $ 32,289 $ 3,072 $ 474 $ 6,002 Adjustments: Income tax provision (benefit) (5,997 ) 14,725 453 (5,544 ) 13,027 Net interest expense 5,875 5,891 5,706 11,581 11,368 Other (income) expense, net (437 ) 382 357 (80 ) 2,598 Depreciation and amortization 45,389 43,471 42,482 87,871 89,824 EBITDA 42,232 96,758 52,070 94,302 122,819 Adjustments: Loss on disposition of assets, net - - - - 150 General provision for (release of) current expected credit losses 198 137 (85 ) 113 (6 ) Losses related to convertible senior notes - - - - 20,922 Adjusted EBITDA $ 42,430 $ 96,895 $ 51,985 $ 94,415 $ 143,885 Free Cash Flow: Cash flows from operating activities $ (17,133 ) $ (12,164 ) $ 16,442 $ (691 ) $ 52,320 Less: Capital expenditures, net of proceeds from asset sales and insurance recoveries (4,470 ) (3,989 ) (4,488 ) (8,958 ) (7,231 ) Free Cash Flow $ (21,603 ) $ (16,153 ) $ 11,954 $ (9,649 ) $ 45,089 Net Debt: Long-term debt including current maturities $ 311,612 $ 318,629 $ 311,109 $ 311,612 $ 318,629 Less: Cash and cash equivalents (319,743 ) (275,066 ) (369,987 ) (319,743 ) (275,066 ) Net Debt $ (8,131 ) $ 43,563 $ (58,878 ) $ (8,131 ) $ 43,563 Expand
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