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Arqit Quantum Inc (NASDAQ: ARQQ) reported revenue and other operating income of $20 million for fiscal 2022, compared with $48,000 for fiscal 2021.
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This increase is primarily due to Arqit’s continued increase in commercial activity.
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Other operating income of $12.8 million is from Arqit’s project contract with the European Space Agency.
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QuantumCloud’s revenues totaled $7.2 million over the term from five contracts, including Virgin Orbit and AUCloud, making up the majority of such revenues.
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Operating loss narrowed significantly to ($52.1 million) compared to a loss of ($172.6 million) in the prior year. EPS was $0.53.
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The company recorded a non-cash gain of $117.39 million for the fiscal year ended September 30, 2022 due to changes in the fair value of its warrants.
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Arqit Quantum had cash and equivalents of $48.97 million and used operating cash flow of $26.92 million during the year.
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On December 13th, Arqit Quantum agreed to preload its QuantumCloud software on select devices. Dell Technologies, Inc. (NYSE: DELL) Hardware Devices allow Dell to sell a combination of hardware and software in one SKU to meet the needs of existing and new customers.
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The initial target market is the US federal government, including the Department of Defense (DoD), federal civilian agencies, and intelligence agencies.
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Dell sales team can offer Arqit QuantumCloud software and Arqit sales team can offer Dell hardware and services in their sales portfolio.
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Arqit founder, chairman and CEO David Williams said:
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The company also separately announced today that it no longer needs to build or operate quantum satellites as a result of further innovations in technology.
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Price action: ARQQ shares fell 4.73% to close at $6.25 on Tuesday.
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