Arqit Quantum Inc
NASDAQ:ARQQ
Arqit Quantum Inc
Arqit Quantum, Inc. engages in the supply of quantum encryption platform-as-a-Service which makes the communications links of any networked device secure against current and future forms of attack. The firm supplies quantum encryption platform-as-a-service, which makes the communications links of networked device secure against the attacks. The Company’s product, QuantumCloud, enables devices to download a lightweight software agent, which creates keys in partnership with another device. QuantumCloud able to create limitless volumes of keys in limitless group sizes and regulates the secure entrance and exit of a device in a group.
Arqit Quantum, Inc. engages in the supply of quantum encryption platform-as-a-Service which makes the communications links of any networked device secure against current and future forms of attack. The firm supplies quantum encryption platform-as-a-service, which makes the communications links of networked device secure against the attacks. The Company’s product, QuantumCloud, enables devices to download a lightweight software agent, which creates keys in partnership with another device. QuantumCloud able to create limitless volumes of keys in limitless group sizes and regulates the secure entrance and exit of a device in a group.
Revenue Drop: Revenue for the first half of fiscal 2023 was $2.6 million, down sharply from $12.3 million in the prior year, impacted by a pivot to a new go-to-market strategy.
Strategic Pivot: The company shifted to selling through major global technology channel partners, generating first revenues from this approach just three months after launch and seeing growing momentum.
Cost Reductions: Arqit implemented a cost reduction program, cutting 20 positions and reducing monthly operating costs from $4.6 million to $3.2 million starting July.
Satellite Business Sale: Arqit is exploring the sale of its satellite business to focus on software, with potential buyers already granted data room access.
Cash Position: The company ended the period with $41.5 million in cash and expects its current cash runway to extend well into 2024, possibly further if the satellite business is sold.
