Arqit is an innovative developer and provider of quantum-based encryption services based on its expertise in the combined fields of quantum cryptography and satellite technology.

Its stated ambition is to use transformational quantum encryption technology to keep safe the data of governments, enterprises and citizens. Online sales target every vertical, with direct sales in initial specific sectors: telcos, defence, automation, and financial services.

The company has assembled a Management Team that is rich in technology skills and contacts with top-level decision takers in leading companies and government bodies. Its shares have been traded on Nasdaq since September 2021, ticker ARQQ

17 May 2022

H1’22 results: delivery on contracts and initial $12.3m revenue stream

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Specialist in quantum-encrypted and satellite-based cybersecurity, Arqit Quantum Inc., reported H1 ‘22 revenue of US$12.3m comprising: US$5.3m from four Quantum Cloud^TM contracts, including Virgin Orbit and AUCloud, and US$7.0m from project work for the European Space Agency.

The period-end cash position was US$82.2m (on 30 September 2021 it was US$86.9m). The adjusted operating loss for the period was US$14.4m (US$5.5m a year earlier), with 1.85033m warrants exercised realising cash of US$21.3m.

Arqit established the milestone of deployment of QuantumCloud^TM as a commercially-viable offering during the course of H1 22 as outlined in the go-to-market strategy: for governments and major corporations, selected Channel Partners, and subsequently for open access via a Platform-as-a-Service.

We maintain our FY22 forecast of revenue of US$32m. Valuations in the cybersecurity sector have recently contracted 30% from 20.8x revenue to 14.7x. Applying this adjustment to our benchmarked valuation indicates a fair value EV / share of US$26.0 (previously US$37.5).

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