White Diamond Research issued a negative assessment of Quantum Cyber (QUCY) in its latest report. The research firm claims that Quantum Cyber’s stock is under pressure due to “troubled operations and a fully diluted share count of 500 million.”
According to the report, investors face an extremely serious dilution risk. White Diamond Research noted that the preferred shares held by CEO David Lazar could be converted into 477 million common shares at approximately $0.013 per share. This, the firm argued, creates a significant dilution risk for existing investors.
“The Quantum Cyber website lacks a professional look”
White Diamond Research claimed that while Quantum Cyber was promoted through its connections to the drone industry, the company’s drone-related operations were weak. The report highlighted the company’s licensing agreement with BP United, noting that BP United’s website was broken, incomplete, and that prices for some drone products appeared as $0.
White Diamond Research also suggested that QUCY’s initiative called “Project Lightshift” was suspicious. The report stated that the project appeared to be newly fabricated and that there were serious doubts as to whether it actually existed.
Although Quantum Cyber’s name includes terms like “Quantum” and “Cyber” that evoke recent popular industries, White Diamond Research states that the company does not present a clear and consistent business model spanning the fields of quantum computing, cybersecurity, and drones. It was reported that the company previously operated in the molecular diagnostics sector under the name Mainz Biomed (MYNZ) and completely changed its name and business model to become Quantum Cyber in March 2026.
In the report, it was calculated that Quantum Cyber’s fully diluted market capitalization, based on its current share price, has reached approximately $750 million. White Diamond Research, however, argued that the company’s core operations are weak and that shareholders could face a serious risk of value loss.
The firm claimed that QUCY is structured in a way that could allow insiders to sell hundreds of millions of shares—which they acquired at very low cost—onto the market. They warned that a sharp decline could occur for current investors, particularly if CEO David Lazar were to sell his shares.
Following the report, Quantum Cyber shares fell by approximately 6 percent in morning trading to $1.54.
