Business
Arqit Quantum Inc. Announces Financial and Operational Results for the Fiscal Year Ended 30 September 2021
Successful full commercial launch immediately prior to 2021 fiscal year end. Billings commenced in Q4 of fiscal 2021. Sales pipeline growing and identified
About this update from Arqit Quantum Inc.
[{"type":"text","content":"\n\nSuccessful full commercial launch immediately prior to 2021 fiscal year end.\n\n\nBillings commenced in Q4 of fiscal 2021.\n\n\nSales pipeline growing and identified opportunities moving through sales cycle.\n\n\nBusiness momentum in keeping with management expectations.\n\n\n LONDON--(BUSINESS WIRE)--\nArqit Quantum Inc (NASDAQ: ARQQ, ARQQW), a global leader in quantum encryption technology, today announces its financial results for the fiscal year ended 30 September 2021. The financial results follow closely on the closing of Arqit’s NASDAQ listing on 7 September 2021.\n\nDavid Williams, Arqit’s Founder, Chairman and CEO, commented: “Our 2021 fiscal year was transformational for Arqit. We launched our business after four years in development, during which time we refined transformational technology that solves the current problems of public key encryption and the larger near-term threat posed to everyone by the arrival of full-scale quantum computers.\n\nThe Company’s listing on NASDAQ in September provided Arqit with sufficient capital to fund our business plan and launch full commercial service following a period of testing and live integration into operational environments since July. Customer billings commenced as expected in the fourth quarter. Over $130m of revenue contracts were announced with a cohort of significant global corporations and governments. These events have had a profound effect in accelerating marketing and draws significant difference between Arqit and aspiring competitors.\n\nWhilst our potential market is every connected device in the world, we are focusing initially on a channel strategy designed to deliver early revenues in defence, financial services, telecoms and IoT. We have now secured a significant number of contracts and partnership agreements across these core areas of focus. Our success to date, combined with our growing pipeline of revenue opportunities, gives us confidence that we are tracking to our half-year plan as expected.\n\nIt is now apparent that the governments and large enterprises of the world are very focussed on understanding and mitigating the quantum threat. We have demonstrated that alternative approaches are not adequate and are finding strong global demand for our unique solution.”\n\nFiscal Year 2021 Operational highlights\n\n\nQuantumCloud™ Release 1.0 launched in Ju...