Arqit Quantum Inc. reported financial results for fiscal year 2024, with revenue decreasing to $0.3 million from $0.6 million in FY2023. The company recorded a net loss of $54.6 million, compared to a loss of $70.4 million in the previous year. Operating expenses decreased significantly to $23.2 million from $55.2 million, reflecting cost reduction measures and lower professional fees.The company continued its strategic transition to a Platform as a Service business model through channel partnerships. During the year, Arqit discontinued its satellite division and fully impaired related assets, resulting in a $30.6 million loss from discontinued operations. The company maintained a solid balance sheet with $18.7 million in cash and cash equivalents as of September 30, 2024.Arqit strengthened its market position by signing new channel partnerships and completing strategic financings, including a $13.6 million registered direct offering in September 2024. The company's SKA-Platform™ technology received validation through collaborations with major technology companies, including Intel, and the company signed its first annual recurring revenue license near the end of fiscal year 2024.

Arqit Quantum Inc. reported financial results for fiscal year 2024, with revenue decreasing to $0.3 million from $0.6 million in FY2023. The company recorded a net loss of $54.6 million, compared to a loss of $70.4 million in the previous year. Operating expenses decreased significantly to $23.2 million from $55.2 million, reflecting cost reduction measures and lower professional fees.The company continued its strategic transition to a Platform as a Service business model through channel partnerships. During the year, Arqit discontinued its satellite division and fully impaired related assets, resulting in a $30.6 million loss from discontinued operations. The company maintained a solid balance sheet with $18.7 million in cash and cash equivalents as of September 30, 2024.Arqit strengthened its market position by signing new channel partnerships and completing strategic financings, including a $13.6 million registered direct offering in September 2024. The company's SKA-Platform™ technology received validation through collaborations with major technology companies, including Intel, and the company signed its first annual recurring revenue license near the end of fiscal year 2024.