Arqit Registers $7.2M In QuantumCloud Revenue For FY22; Provides Technology Update

  • Arqit Quantum Inc ARQQ reported FY22 revenue and other operating income of $20 million compared to $48 thousand in the fiscal year 2021.
  • The increase was primarily due to the continued ramp-up of Arqit's commercial operations.
  • Other operating income of $12.8 million resulted from Arqit's project contract with the European Space Agency.
  • QuantumCloud revenue totaled $7.2 million for the period from 5 contracts, including Virgin Orbit and AUCloud, representing the vast majority of such revenue.
  • Operating loss narrowed sharply to $(52.1) million versus a loss of $(172.6) million the prior year. EPS was $0.53.
  • The company recorded a non-cash profit of $117.394 million for the year ended September 30, 2022, due to a change in fair value of warrants.
  • Arqit Quantum held $48.97 million in cash and equivalents and used $(26.92) million in operating cash flow during the year.
  • On December 13, Arqit Quantum agreed to preload its QuantumCloud software on selected Dell Technologies Inc DELL hardware devices, enabling Dell to sell the combined hardware and software as a single SKU to address existing and new customer needs.
  • The initial target market is the U.S. Federal Government, including the Department of Defense (DoD), the Federal Civilian Agencies, and the Intelligence Community. 
  • Dell sales teams will be able to offer Arqit QuantumCloud software, and Arqit sales teams will be able to offer Dell hardware and services in their sales portfolios. 
  • Arqit Founder, Chair, and CEO David Williams said, "We are honored to work with Dell, the leader in providing intrinsically secure infrastructure and devices, comprehensive threat detection and response, data protection, and cyber recovery to government customers."
  • The company also announced separately today that, as a result of further innovation in its technology, it no longer needs to build or operate quantum satellites.
  • Price Action: ARQQ shares closed lower by 4.73% at $6.25 on Tuesday.
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