Arqit Quantum Inc. reports revenue, renew contracts, cost reduction, new partnerships, market validation, and growing demand.
From GlobeNewswire: 2024-05-20 07:00:00
Arqit Quantum Inc. reported $119,000 in revenue for the six-month period ending March 31, 2024. The company renewed contracts with nine existing customers, with potential for larger revenue opportunities in the future. A cost reduction initiative is expected to reduce operating costs to $1.8 million per month. Cash position stands at $21.3 million. After the period ended, Arqit won a seven-figure multi-year contract with a government customer in the EMEA region. The company has also made progress in positive evaluation of its technology by major government organizations. Arqit announced an integration of its software with Intel for post-quantum cryptography solutions, and new partners for its TradeSecure™ offering to facilitate liquidity in the supply chain finance market. Telecom Italia Sparkle conducted a successful quantum-safe VPN test, setting the stage for a large-scale commercial launch. Arqit announced additional OEM and reseller relationships, bringing total partnerships to three OEMs and 12 resellers. The company received two Global Mobility awards for Outstanding Mobile Technology and Best Mobile Security Solution at Mobile World Congress. Following a failed sale process, Arqit discontinued its satellite construction program and is now solely focused on selling its SKA Software. Arqit has commenced a cost reduction initiative, including significant headcount reductions, expected to decrease monthly operating costs by 40% to $1.8 million. Cash position as of March 31, 2024, stands at $21.3 million, with $17.5 million remaining available for issuance under the company’s equity offering program. Arqit received a $0.9 million equity subscription from D2BW Limited, an entity controlled by the company’s founders. Market awareness of the need for Post Quantum Cryptography is growing, with Arqit’s technology being well-received and selected by several important OEM partners and customers. Key industry validations include an Intel white paper on the integration of Arqit’s SKA technology, a positive research note from Industrial Data Corporation, and recognition of suitability by the GSMA conference publisher for the mobile phone industry. Around a third of respondents are actively implementing or planning to implement post-quantum cryptography in the next twelve months, indicating a growing market demand for Arqit’s solutions.
Read more at GlobeNewswire:: Arqit Quantum Inc. Announces Financial and Operational