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6-K: Report of foreign private issuer (related to financial reporting)

SEC announcement ·  May 20 19:40
Summary by Futu AI
Arqit Quantum Inc., a leader in quantum safe encryption, announced its financial and operational results for the first half of the fiscal year 2024 on May 20, 2024. The company reported $119,000 in revenue for the six months ending March 31, 2024, with some deals expected to close in the first half slipping to the second half of the fiscal year. Arqit also reported renewals or contract extensions with nine existing customers, suggesting potential for future revenue growth. A significant multi-year contract with a government customer in the EMEA region was awarded after the period end. Arqit has rebranded its flagship product to SKA Platform™, reflecting its pure software technology stack. The company has discontinued its satellite construction program, focusing solely on its software solutions and has commenced a cost reduction initiative expected to reduce operating costs to $1.8 million per month. Arqit's cash position stood at $21.3 million at the end of the period. The company's shares are traded on Nasdaq under the symbols ARQQ and ARQQW.
Arqit Quantum Inc., a leader in quantum safe encryption, announced its financial and operational results for the first half of the fiscal year 2024 on May 20, 2024. The company reported $119,000 in revenue for the six months ending March 31, 2024, with some deals expected to close in the first half slipping to the second half of the fiscal year. Arqit also reported renewals or contract extensions with nine existing customers, suggesting potential for future revenue growth. A significant multi-year contract with a government customer in the EMEA region was awarded after the period end. Arqit has rebranded its flagship product to SKA Platform™, reflecting its pure software technology stack. The company has discontinued its satellite construction program, focusing solely on its software solutions and has commenced a cost reduction initiative expected to reduce operating costs to $1.8 million per month. Arqit's cash position stood at $21.3 million at the end of the period. The company's shares are traded on Nasdaq under the symbols ARQQ and ARQQW.
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