Static Fair
September is becoming a month of finding ourselves.
Just not philosophically. We have enough paperwork for that.
August ended with assumptions, September started with a little more certainty, and this week mostly confirmed that the useful thing to do now is consolidate the position and choose carefully what comes next. Some things remain slower than we want.
Quite a few others don't.
Structure
The remaining administrative and financial sequence continues, albeit with parts of it dependent on external processes outside our direct control. Accounts remain within the clarified October route, expert review is approaching conclusion, and the associated PCS confirmation, obligations and resulting share issue are being worked through in sequence.
We are not particularly interested in inventing another deadline while somebody else's clock is running. We are interested in completing the position properly, maintaining stakeholder confidence throughout, and deciding what the resulting structure should actually support. That includes one small consideration with potentially rather large consequences:
Depending on international regulations and applicable control mechanisms around the upcoming pilot projects, we may ultimately migrate the core registration toward our established US vertical. Geography: another engineering variable.
Product
Mk-X continues through the updated iteration architecture, now between Stage II: The Core and the eventual Stage III electronics integration. The production-first work gave us the material foundation. Current development translates that into the physical module through:
Substrate + electrodes
Compression architecture
Mk-X mechanical integration
Rectification + reference circuitry next
Reproducible validation
Or, considerably shorter:
Material → Core → Integration → Pilot.
The Manufacturing Technology Centre engagement has meanwhile moved through internal processing toward project kick-off. We deliberately aren't jumping into the work earlier simply because we can; the ramp-up should follow the engineering and wider position rather than outrun either.
The MTC remains an important control instance in our developing 2027 pilot and validation architecture, alongside the longer R&D/KTP direction. Reality before acceleration. Repeatability before scale.
We keep our belief long-term, it will work out.
Equity Tracks
Which also means the cap table should stop being a moving target. Once PCS confirmation, accounts and the resulting share issue are concluded, we'll illustrate the actual position rather than another provisional one.
Current expectation:
80% — retained core equity
15% — angels & investors
5% — team benefits
Complete → Reconcile → Issue → Illustrate.
R&D Focus
Current work is about reproducing the observed behaviour and better understanding the relationship between crystal structure, mechanical loading, geometry and electromechanical response in frequency context before translating it into subsequent material and mechanical iterations.
Our University of Birmingham MSc collaboration is meanwhile reaching the other end of the research cycle.
The principal student offboarding is now mostly concluded, with working outputs spanning engineering-document intelligence, evidence handling, validation and supporting software rather than simply academic reports. So in alphabetical order and with optimism for the future: Beauty, Gayathri, Shree and Sankalp, thank you.
We wish all four of them the very best for what comes next, and there is plenty of room to continue the R&D and software-development angle together going forward, where interests, timing and the systems themselves make it possible.
Research programmes ending is normal. Useful collaborations surviving them is better.
Research → System → Public Testing → Validation → Commercialisation.
Ecosystem
September has also been unusually good at showing us where KCM increasingly fits.
Rather than compressing that into “ecosystem engagement,” there are some actual places on the calendar:
SPIE Sensors + Imaging 2026, Edinburgh: participation next week through the Innovate UK ecosystem, covering sensing, imaging, photonics, quantum, future space and national-security applications. Particularly relevant is the overlap around Photonics and Quantum for Future Space and the UK's longer-term space-photonics technology direction.
Future Aero Festival, Munich Airport: ahead in December, bringing aerospace companies, investors and technology demonstration together. We'll participate selectively where it contributes to product, deployment or manufacturing rather than simply filling the calendar.
World Economic Forum: September's Too Hot to Ignore: The Technologies Cooling a Hotter World, our Strategic Intelligence participation continues to put the materials work alongside energy systems, resilient infrastructure and emerging technologies rather than treating the crystal in isolation.
UK National Quantum Technologies Showcase 2026: still ahead, and increasingly relevant as our own work begins touching adjacent questions around materials, sensing, electronics and integration.
See you there.
Operations
This is probably where the month actually lives.
Accounts: expert review and October completion route.
PCS: confirmation pending within the wider sequence.
Obligations: reconciliation and completion remain active.
Equity: final illustration after accounts, confirmation and issuance.
Mk-X: Stage II → Stage III transition + MTC: moving toward kick-off.
UoB: principal student offboarding mostly concluded; continuation paths opening.
R&D: reproduce the lattice-orientation behaviour and translate it into our stack.
Pilots: regulatory, jurisdictional and control architecture under consideration.
Ecosystem: Edinburgh next; Quantum, aerospace and dual-use work ahead.
Not everything moves at the same speed.
Apparently companies don't either.
Outlook
September was never intended to become another reinvention. It is becoming a month of finding ourselves in the rather more useful sense: deciding what belongs together, what deserves continuation, where the technology should live, who should participate in its value, and which opportunities actually help us build it. There are external constraints we cannot accelerate by enthusiasm. There are stakeholder obligations we won't pretend disappear because those constraints are external.
And then there is the company itself, which rather keeps moving anyway. The only way past is trough.
Mk-X. Manufacturing. Research. Software. Pilots. People.
August asked us to make reality catch up with ambition.
September is giving us a slightly different job:
Find what fits. Build what lasts.
Static fair.
Energy. Time. The Future.
— The KCM Team 🚀
