The Luxembourg companies around Q Cyber and their finances

analysisQ Cyber Technologies S.à r.l. is a separate company from the Israeli Q Cyber Technologies Ltd. According to Luxembourg register publications summarised by a company-data aggregator, it was registered on 8 January 2016 (register number B203124) with capital of €12,500, OSY Technologies as shareholder and Eran Gorev, Yuval Somekh and K. Wilson as managers. A publication of May 2019 lists its legal form as société à responsabilité limitée and its name as Q Cyber Technologies; on 20 August 2019 Charline de Maigret and "Shalev Holy", the spelling under which Shalev Hulio appears in Luxembourg and UK records, became managers while Gorev and Kevin Wilson left, and Somekh was again listed as a manager on 10 September 2019. Aggregator summaries also list under OSY a word mark "Q Cyber Technologies" (16 May 2017) and a word-figurative mark "Q" (20 October 2016), together with OSY's shareholding in Q Cyber Technologies; the trade mark registers themselves were not retained. ^{1 2}

analysisNSO Group told the authors of a 2021 NGO report that the Luxembourg company acts as commercial distributor for the group companies' products: it signs contracts, issues invoices and receives payments from group customers, which form the basis of its reported income, but it does not export group products and has not sought an export licence in Luxembourg. The report, quoting the company's accounts, gives its net turnover from the sale and distribution of computer equipment and services as USD 24,738,462 in 2016, USD 82,651,201 in 2017, USD 169,214,909 in 2018 and USD 229,839,361 in 2019. Luxembourg business press reported in August 2022, based on financial filings, that NSO had booked most of its sales over the previous two years in Luxembourg; only the article's headline and summary were retained. ^{3 4}

analysisRounded figures summarised by a Luxembourg company-data site from Q Cyber Technologies S.à r.l.'s filed accounts show net income of $9.28 million for 2022, $10.1 million for 2023, $7.98 million for 2024 and $7.66 million for 2025, with equity falling from $27.3 million in 2022 to $10.4 million in 2023 and $4.89 million in 2024 before rising to $6.04 million in 2025. OSY's 2024 accounts record dividends from Q Cyber Technologies S.à r.l. of USD 13,500,000 in 2024 and USD 27,000,000 in 2023, which Luxembourg press reported together as $40.5 million, and a short-term loan owed by OSY to the Luxembourg Q Cyber with a principal of USD 163,680,016 at the end of 2024 (USD 197,840,966 a year earlier), drawable up to USD 300,000,000 and extended in June 2023 to 30 June 2025. ^{5 6}

analysisAccording to a company-data aggregator's summary of the Luxembourg register, OSY Technologies S.à r.l. is registered under number B184226 (European unique identifier LURCSL.B184226) with LEI 222100KKW3GGPGATJ296, at 44 rue de la Vallée, L-2661 Luxembourg, under NACE code 64.99, other financial service activities; the register number also appears in Q Cyber's own Israeli filings and in OSY's accounts. Register publications listed by the same aggregator, dated by publication rather than by decision, record Asher Levy as a manager from 17 September 2020 until 4 January 2022; the departures of Gerhard Schmidt on 25 August 2021, Stephen Peel on 13 September 2021, Mickael Betito and Stefan Kowski on 20 September 2021 and Yuval Somekh on 4 November 2021; Anthony Levy from 7 December 2021; Omri Lavie from 23 February 2023, when five managers left, joined by Anthony Levy on 17 March 2023; a notice of 30 October 2025 removing Lavie's entry as manager and naming Anthony Michael Levy as manager; and David M. Friedman as manager and member of the executive board in a notice of 30 December 2025. ¹

analysisOSY's 2024 accounts show negative equity of USD 272,166,845 and a 2024 loss of USD 2,809,165; a term loan of USD 114,548,695 owed to NorthPole Newco, originally a USD 258,549,810 on-loan of the term-loan proceeds made on 18 March 2019; and four full-time-equivalent staff. They omit details of companies in which OSY holds at least 20% as "seriously prejudicial" to them, while putting the fair market value of its subsidiaries at USD 842,000,000 under an internal valuation of November 2020. A company-data site summarising the filed accounts shows rounded net income of $3.9 million for 2021, -$9.39 million for 2022, $7.4 million for 2023 and -$2.81 million for 2024, with equity between -$267 million and -$277 million each year. ^{2 3 4}

analysisThe same accounts record a USD 94,000,000 promissory note at 4% issued on 1 December 2014 by IOTA Holdings to its former shareholder in connection with the acquisition of IOTA's subsidiaries, which OSY paid to IOTA's former shareholder in 2015, acquiring the former shareholder's rights under the note, so that OSY carries it as a loan to IOTA (principal USD 116,063,116 at the end of 2024); a revolving credit facility of up to USD 2,000,000 at 3% to Gideon Cyber Systems LLC under an agreement of 31 January 2022 effective from 31 August 2021 (principal USD 1,802,000), listed among other debtors rather than affiliated undertakings and without any description of Gideon's business; and a facility to Westbridge Technologies, Inc. with a principal of USD 1,589,854. They also record pledges to Wilmington Trust (London) Limited over OSY's interests in Westbridge (8 April 2019, New York law), over OSY itself granted by NorthPole Newco (8 April 2019), over the shares OSY holds in an unnamed affiliated undertaking (17 May 2022, Israeli law) and over its shares in Iota Holdings (17 May 2022, Cypriot law); the Israeli-law pledge does not name the company, but Q Cyber Technologies Ltd is the Israeli company that OSY is recorded as owning. NorthPole Newco's accounts add a first-ranking pledge of all OSY shares to Wilmington Trust as collateral agent under an agreement of 14 March 2019. ^{3 2}

analysisNorthPole Newco's 2024 accounts, filed on 29 July 2025, show amounts owed to credit institutions of USD 713,118,477 (USD 638,678,345 a year earlier) within total creditors of USD 746,156,153, a 2024 loss of USD 79,516,731.27 carried to an accumulated deficit of USD 322,449,975.86, term-loan principal of USD 440,073,128 with accrued interest of USD 177,532,472, and its 100% holding in OSY at a book value of USD 550,885,976 against an internal November 2020 valuation of USD 873,963,000. They record a forbearance agreement of 31 December 2021 among Westbridge and NorthPole Newco as borrowers, the lenders and Wilmington Trust as collateral agent, under which the lenders agreed not to enforce after certain events of default; the borrowers agreed a forbearance fee of USD 23,823,127, and in January 2022 NorthPole Newco paid USD 924,303 to end a currency swap with Jefferies Structured Credit LLC. ¹

analysisA Luxembourg company-data site summarising NorthPole Newco's accounts shows net losses of $45.6 million for 2021, $37 million for 2022, $86.8 million for 2023 and $79.5 million for 2024, with equity falling from $208 million in 2021 to $4.35 million in 2024. Luxembourg press in April 2026 described the 2024 accounts as showing bank debt of $713 million at NorthPole Newco and negative equity at OSY, which it gave as €272 million; OSY's accounts state USD 272,166,845. ^{2 3}

analysisTriangle Holdings and Square 2 stood above OSY in the holding chain. According to the 2021 NGO report, which states the chain from Luxembourg register publications, after transactions in April 2019 Triangle owned 31.4% of Square 2 and NorthPole Holdco 68.6%, and Square 2 owned NorthPole Bidco, which owned NorthPole Newco, which owned OSY Technologies, the owner of both Q Cyber companies; the earlier and later steps are traced on the 2014 and 2019 pages. ¹

analysisTriangle Holdings SA is registered in Luxembourg under number B192115 with LEI 54930042RZ0X284GK323, as a holding company, according to aggregator summaries; a register notice records that its registered office moved on 4 July 2023 from 2 rue Edward Steichen to 15 boulevard Friedrich Wilhelm Raiffeisen, the address company-data sites still gave in October 2026. A company-data site summarising its accounts shows equity of $273 million for 2019 and 2020 and negative equity of $4.32 million for 2022, with a 2022 net loss of $4.57 million. ^{2 3 4}

analysisUK branch registrations of Triangle Holdings and Square 2, as summarised by a company-data aggregator, record petitions to wind up on 2 May 2024, without naming the petitioner. Winding-up orders followed on 30 May 2024 and liquidators were appointed in June 2024; progress reports in a winding up by the court were published in 2025 and 2026. These concern the UK establishments of the two Luxembourg companies, which continued to file accounts in Luxembourg, Square 2 most recently for 2023 in October 2026. ^{4 5}

analysisLuxembourg press reported in April 2026 that at least seven NSO-affiliated entities remained active or had recently been active in the register, all at 44 rue de la Vallée: Dufresne Holding (B275054), NorthPole Newco (B230411), OSY Technologies (B184226), the Luxembourg Q Cyber Technologies, NorthPole Bidco, Triangle Holdings (B192115) and Square 2. Triangle's own register notice of July 2023 gives a different registered office. ⁶