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

03 Feb 2022

'Transformational’ FY21 results

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It is worth reiterating the huge scale of the market opportunity Arqit Quantum addresses. Coincident with the accelerating global deployment of data (including the arrival of 5G, Internet-of-Things and emergence of Network-as-a-Service - NaaS1), Public Key Infrastructure (PKI), the foundation of critical data encryption, is crumbling. Its demise is already within the horizon of effective quantum computing-based solutions.

Hence, the market opportunity for the provision of ‘unbreakable’ quantum-based data encryption and protection is enormous: estimated to reach US$230bn by 2025.

As founder and CEO David Williams noted, FY21 was “transformational for Arqit”, a year which saw full commercial launch of Arqit’s QuantumCloudTM, in July, and over US$130m of contracts signed with governments and major corporations including BT Group, Sumitomo, Northrop Grumman, Dentons (UK), Juniper Networks and Babcock.

In this note we detail Arqit Quantum’s unique proposition, and derive an early EV fair value of US$4.51bn or US$37.5 per share.

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