Business
Arqit Quantum Inc. Announces Financial and Operational Results for the First Half of Fiscal Year 2023
$2.6 million of revenue and other operating income for the six month period First cloud platform revenues generated through previously announced channel
About this update from Arqit Quantum Inc.
[{"type":"text","content":"$2.6 million of revenue and other operating income for the six month period First cloud platform revenues generated through previously announced channel partnership Significant cost reduction initiative actioned Adviser retained in connection with potential sale of satellite division LONDON, May 17, 2023 (GLOBE NEWSWIRE) -- Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) (“Arqit”), a global leader in post quantum encryption technology, today announced its operational and financial results for the six months ended 31 March 2023. Recent Operational Highlights In December 2022, Arqit launched a pivot in go-to-market strategy to selling our cloud delivered QuantumCloud™ platform as a service (“PaaS\") through channel partnerships rather than a previous emphasis on direct enterprise license sales. The first half of fiscal year 2023 has been focussed on the establishment and activation of these channel partnerships. Arqit generated initial revenues through a channel partnership during the first half of fiscal year 2023 which, combined with significant new business enquiries through our channel partners, has provided support for the merits of the pivot in go-to-market strategy.Arqit is continuing to engage with customers on enterprise license sales in the government and defence sectors where customers prefer not to use cloud services, but the sales cycle in government and defence has proven to be lengthy.In order to optimise the ease of consumption for customers, Arqit is focussed on the sale of specialised applications of its QuantumCloud™ PaaS for specific vertical market opportunities. The first two applications which are available to customers are: Arqit NetworkSecure™ which provides a symmetric key agreement upgrade for firewalls and has already been integrated with the products of two market leading firewall vendors. Arqit TradeSecure™ which provides a symmetric key agreement upgrade for digital assets used by banks for international payments and for use in global trade finance. Arqit intends to launch further applications for specific uses cases in the near term. Arqit’s QuantumCloud™ PaaS product is also generally available for license by systems integrators and developers to incorporate into their own applications and use cases. In December 2022 Arqit announced that through innovation in the delivery of its products, quantum satellit...