For the fiscal year ending on September 30, 2022, Arqit reported revenue of about $20 million comprised of $7.2 million from five contracts to use their QuantumCloud and Other Income comprised of $12.8 million in project contract revenue from the European Space Agency. Administrative expenses were $72.2 million for a Operating Loss of $52.1 million for the fiscal year. In comparison, for fiscal year 2021, they had revenue of $48 thousand, administrative expenses of $14.6 million, and an operating loss of $172.6 million. The company also announced that it had various partnerships on-going with Fortinet, Amazon Web Services Partner Network, Dell Technologies, Traxpay GmBH, Sovereign Cloud Australia Pty Ltd, and Nine23 Ltd.

Of particular note are their items included in their SEC 20-F form and press releases. First, they have decided that they will no longer need to use satellites in its QuantumCloud encryption offering. They concluded that the terrestrial symmetric key agreement technology that they have been working on provides encryption keys is as strong as a satellite based solution so there was no need to continue working on satellite technology. The company plans to sell the satellite hardware and IP it had previously developed and focus on its engineering resources on its terrestrial solution.

The company also announced that it had an independent review of the security of its encryption keys performed by the University of Surrey, a GCHQ UK National Cyber Security Centre Accredited Centre of Excellence for Cyber Security and their symmetric key approach was validated by the University team.

Finally, the company disclosed that the U.S. Securities and Exchange Commission (SEC) was making a fact-finding inquiry into the SPAC merger between Arqit and Centricus Acquisition Corp and the company is cooperating with the investigation.

Additional information about Arqit’s financial results and updated technical strategy can be found in their financial results press release here, a technology update press release here, and a Form 20-F SEC filing here. Other press releases announcing their partnerships with Fortinet can be seen here, with Dell Technologies here, with Traxpay here, and with Amazon Web Services (AWS) here.

December 15, 2022