Recent Insider Transactions Derivative • 19h
Independent Director exercised options to buy US$1.5m worth of stock. On the 3rd of June, Carlo Calabria exercised options to buy 120k shares at a strike price of around US$2.50, costing a total of US$300k. This transaction amounted to 108% of their direct individual holding at the time of the trade. Since March 2026, Carlo's direct individual holding has increased from 108.17k shares to 110.92k. Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Live News • May 24
Arqit Quantum Adds New Contracts and Product Launch as Net Loss Rises in H1 2026 Arqit Quantum reported first-half fiscal 2026 revenue of $623,000, supported by 11 new revenue-generating contracts across telecommunications, defense, and financial services.
The company launched its Encryption Intelligence product, signed its first contract for it, and expanded partnerships with Intel, 6WIND, RAD, Sparkle, and Colt Technology.
A defense sector partner renewed and increased its contract by nearly 90%, while Arqit reported a higher net loss of $33.0 million and raised about $18 million in gross proceeds through an at-the-market equity program.
The mix of new contracts, a product launch, and expanded partnerships indicates that Arqit is working to build commercial traction in post-quantum cryptography while continuing to invest in growth.
At the same time, the larger net loss and use of equity financing highlight ongoing execution risk, potential dilution for existing shareholders, and the importance of monitoring how effectively new contracts contribute to a more balanced financial profile. New Risk • May 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$43m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-US$43m free cash flow). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$23m net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Significant insider selling over the past 3 months (US$103k sold). Revenue is less than US$5m (US$1.2m revenue). Reported Earnings • May 23
First half 2026 earnings: EPS and revenues miss analyst expectations First half 2026 results: US$1.99 loss per share (further deteriorated from US$1.35 loss in 1H 2025). Net loss: US$33.1m (loss widened 92% from 1H 2025). Revenue missed analyst estimates by 42%. Earnings per share (EPS) also missed analyst estimates by 155%. Revenue is forecast to grow 119% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. New Risk • May 22
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$30m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$30m free cash flow). Revenue is less than US$1m (US$530k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$20m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Significant insider selling over the past 3 months (US$103k sold). Announcement • May 11
Arqit Quantum Inc. to Report First Half, 2026 Results on May 21, 2026 Arqit Quantum Inc. announced that they will report first half, 2026 results on May 21, 2026 Announcement • Apr 12
Arqit Quantum Inc. Provides Earnings Guidance for First Half Ended 31 March 2026 Arqit Quantum Inc. provided earnings guidance for first half ended 31 March 2026 . For the period the company expects revenue for the first half period ended 31 March 2026 of approximately $620,000 to $630,000. This compares to $67,000 for the same period in fiscal year 2025 and $530,000 for the full 2025 fiscal period. Growth in revenue for the first half of fiscal year 2026 versus the comparable period in fiscal year 2025 resulted from but was not limited to: revenue recognition associated with delivery under contracts signed prior to the commencement of the period; and revenue recognition associated with three new contracts signed in the period. Recent Insider Transactions • Apr 09
CEO & Director recently sold US$103k worth of stock On the 6th of April, Andrew Leaver sold around 8k shares on-market at roughly US$13.51 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Andrew's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Feb 22
Chief Financial Officer notifies of intention to sell stock Nicholas Pointon intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of February. If the sale is conducted around the recent share price of US$17.00, it would amount to US$58k. As of today, Nicholas currently holds no shares directly (This sale likely refers to shares that have not yet been received). Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Jan 22
Arqit Launches Encryption Intelligence: Automated Cryptographic Discovery for Post-Quantum Migration and Compliance Arqit announced the full commercial launch of Encryption Intelligence (EI), a product that delivers a complete cryptographic inventory, alongside continuous discovery and risk prioritisation to help enterprises plan and execute migration to post-quantum cryptography (PQC) efficiently and with minimal disruption. Migration to quantum-safe encryption will be the biggest IT transformation of the coming decade. Encryption Intelligence gives deep awareness of encryption dependencies to enable an efficient and effective PQC migration programme. This is particularly important as many organizations lack a complete and accurate view of their existing cryptographic dependencies. Legacy algorithms and deprecated protocols frequently persist for years after they should have been retired, especially across cloud services, acquired systems, operational technology and long-lived infrastructure. What Encryption Intelligence Delivers: Excover obsolete or weak encryption in real time across networks, applications and cloud services. Accelerate Secure Migration: Gain the insight to inform the roadmap required to replace legacy encryption and future-proof organization against emerging and quantum threats. Stay Secure, Always: Continuously monitor and optimise encryption landscape to ensure lasting protection and compliance. The focus on discovery and prioritisation is emblematic of a broader shift in regulatory and advisory thinking. National and international bodies increasingly emphasise cryptographic discovery and inventory as the first practical step towards post-quantum readiness. Arqit has been selected by the UK National Cyber Security Centre (NCSC) to participate in its Post-Quantum Cryptography Pilot under the Assured Cyber Security Consultancy Scheme. The programme validates the strength of Arqit's discovery and migration planning methodology, and its effectiveness at helping organizations understand their current cryptographic exposure. Announcement • Jan 14
Arqit Quantum Inc. Executes Settlement Agreement to Resolve Federal Class Action Lawsuit On January 9, 2026, Arqit Quantum Inc. (the “Company”) and counsel for the plaintiffs in the previously disclosed putative class action lawsuit filed against the Company and certain of the Company’s directors in the United States District Court for the Eastern District of New York (the “Court”) (Case No. 1:22-cv-02604) (the “Federal Action”) executed a settlement agreement that will resolve the Federal Action for $7 million, which has been submitted to the Court for further documentation and approval. Assuming Court approval of the settlement, the Company will seek dismissal of the previously disclosed putative class action lawsuit that was filed against the Company and certain of its directors in the Supreme Court of the State of New York (the “State Court”) (Index No. 153555/2023) (the “State Court Action”), which has been stayed per order of the State Court pending final adjudication of the Federal Action because the State Court Action falls entirely within the settlement classes of the Federal Action. Announcement • Jan 13
Arqit Quantum Inc. has filed a Follow-on Equity Offering in the amount of $125 million. Arqit Quantum Inc. has filed a Follow-on Equity Offering in the amount of $125 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Recent Insider Transactions Derivative • Jan 04
CEO & Director notifies of intention to sell stock Andrew Leaver intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 2nd of January. If the sale is conducted around the recent share price of US$22.86, it would amount to US$191k. As of today, Andrew currently holds no shares directly (This sale likely refers to shares that have not yet been received). Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Dec 19
Consensus revenue estimates decrease by 59%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from US$6.01m to US$2.48m. EPS estimate increased from -US$1.65 to -US$1.52 per share. Software industry in the US expected to see average net income growth of 20% next year. Consensus price target of US$60.00 unchanged from last update. Share price fell 10% to US$25.49 over the past week. Recent Insider Transactions Derivative • Dec 12
CEO & Director notifies of intention to sell stock Andrew Leaver intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of December. If the sale is conducted around the recent share price of US$28.13, it would amount to US$96k. As of today, Andrew currently holds no shares directly (This sale likely refers to shares that have not yet been received). Company insiders have collectively sold US$21m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Dec 09
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: US$2.57 loss per share. Net loss: US$35.4m (loss widened 48% from FY 2024). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 33%. Announcement • Dec 09
Arqit Quantum Inc. Provides Earnings Guidance for the Fiscal Year 2026 Arqit Quantum Inc. provided earnings guidance for the fiscal year 2026. For the period, the company expected to generate revenues of approximately $1.2 million in fiscal year 2026. New Risk • Dec 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$26m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m (US$241k revenue). Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (US$25m net loss next year). Shareholders have been diluted in the past year (22% increase in shares outstanding). Significant insider selling over the past 3 months (US$34m sold). Announcement • Dec 04
Arqit and Sparkle achieve quantum-resistant encryption at the speed of light Arqit Quantum Inc. and Sparkle demonstrated quantum-resilient data transmission across Sparkle’s optical network in Greece. The proof of concept (POC), implemented over Sparkle metropolitan optical ring in Athens, shows how Arqit’s encryption technology can be embedded directly into the optical transport layer, protecting high-capacity networks against future quantum threats without impacting performance.Sparkle validated that sensitive data can be secured at the physical network layer without compromising performance. Following the deployment of Arqit’s technology, end-to-end encryption was successfully applied to multi-100G optical links. This demonstrated that quantum-resistant protection can be delivered at the speed of light, ensuring ultra-secure data transmission without compromising performance. Key Highlights: Optical-Layer Quantum-Safe Encryption: Sparkle’s Quantum-Safe over Internet (QSI) solution operates directly on optical transponders, integrating Arqit SKA-Platform™ encryption into the physical layer (L1).High-Capacity and Scalable: supports multi-100G optical links and scales with growing network demands.No physical changes to optical hardware: offers a practical, ready-to-deploy solution that doesn’t require expensive optical hardware changes. The quantum-safe symmetric encryption key was injected from VM and universal CPE appliances, connected to ETSI14 Interface and managed via the Orchestration platform. Announcement • Dec 01
Arqit Quantum Inc. to Report Fiscal Year 2025 Results on Dec 09, 2025 Arqit Quantum Inc. announced that they will report fiscal year 2025 results on Dec 09, 2025 Recent Insider Transactions • Nov 13
Key Executive recently bought US$14m worth of stock On the 10th of November, Manfredi D’Ovidio bought around 300k shares on-market at roughly US$45.47 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Manfredi has been a net seller over the last 12 months, reducing personal holdings by US$21m. Recent Insider Transactions • Oct 22
Key Executive recently sold US$34m worth of stock On the 16th of October, Manfredi D’Ovidio sold around 600k shares on-market at roughly US$57.42 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Manfredi's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Oct 15
Independent Chairman notifies of intention to sell stock Garth Ritchie intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of October. If the sale is conducted around the recent share price of US$57.39, it would amount to US$831k. Since December 2024, Garth has owned 131.69k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Major Estimate Revision • Oct 14
Consensus revenue estimates decrease by 11%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from US$600.0k to US$540.0k. EPS estimate increased from -US$1.68 to -US$1.65 per share. Software industry in the US expected to see average net income growth of 24% next year. Consensus price target up from US$52.00 to US$60.00. Share price rose 5.3% to US$58.16 over the past week. Announcement • Oct 10
Arqit Quantum Inc. Provides Preliminary Earnings Guidance for the Second Half and Full Fiscal Year Ended 30 September 2025 Arqit Quantum Inc. provided preliminary earnings guidance for the second half and full fiscal year ended 30 September 2025 . For the second half, the management expects the Company to report revenue of approximately $460,000 to $470,000.
For the full fiscal year ended 30 September 2025 revenue is expected to be $525,000 to $535,000. Growth in revenue for fiscal year 2025 versus fiscal year 2024 resulted from but was not limited to: revenue recognition of new contracts signed in the fiscal year; and commencement in March 2025 of revenue recognition under a previously announced multi-year enterprise license contract in the EMEA region for a government end user, signed prior to the end of the 2024 fiscal year. Major Estimate Revision • Sep 19
Consensus revenue estimates fall by 45% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$1.10m to US$600.0k. Forecast losses increased from -US$3.22 to -US$3.27 per share. Software industry in the US expected to see average net income growth of 24% next year. Consensus price target of US$52.00 unchanged from last update. Share price rose 24% to US$41.73 over the past week. Announcement • Aug 29
Arqit Quantum Inc., Annual General Meeting, Sep 11, 2025 Arqit Quantum Inc., Annual General Meeting, Sep 11, 2025. Location: 5 old broad street, ec2n 1dw, united kingdom, london United Kingdom Recent Insider Transactions • Aug 28
Key Executive recently sold US$7.2m worth of stock On the 19th of August, Manfredi D’Ovidio sold around 104k shares on-market at roughly US$69.40 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Manfredi's only on-market trade for the last 12 months. Announcement • Jul 30
Arqit Quantum Inc. Launches Quantum-Safe Ska Edge Controller to Secure Deployed Military Operations Arqit Quantum Inc. announced the launch of SKA Edge Controller (SKA-EC), a ruggedised, quantum-safe Symmetric Key Agreement (SKA) communications platform designed to meet the needs of forward-deployed defense operations. The system enables rapid setup of secure, scalable command and control (C2) nodes in contested, disconnected and high-threat environments without the constraints of traditional encryption infrastructure. SKA-EC extends Arqit's SKA-Platform™? to the tactical edge. It enables distributed and mobile force elements to operate securely and independently using small form-factor hardware appliances including BioDigitalPC®? cards, COTS servers or virtualised cloud nodes. By dynamically generating symmetric encryption keys across trusted endpoints, SKA-EC eliminates the operational risks of pre-shared keys (PSKs) and the complexity of Public Key Infrastructure (PKI), offering a crypto-agile, zero trust ready solution built for high-tempo environments. Designed specifically to support modern defense operations, SKA-EC enables: Quantum-safe security at the edge, ensuring future-proof protection against nation-state and quantum threats. Rapid deployment of secure force elements across remote, mobile or cloud environments. Distributed, scalable architecture supporting independent or interconnected C2 nodes. Resilience in contested environments, including disconnected or bandwidth-constrained operations. SWaP efficiency, reducing the cost, size, weight and logistics overhead of traditional cryptographic systems. Compliance with NSA, NIST, CSNA 2.0 and FIPS 140-3 standards, ensuring readiness for mission-critical deployments. SKA-EC supports a wide range of military use cases from mobile HQs and deployed force elements, to command links for autonomous platforms and unmanned aerial or ground vehicles enabling agile mission architectures without compromising on security or performance. SKA-EC is available now to government and defense partners. Reported Earnings • May 23
First half 2025 earnings released: US$1.35 loss per share (vs US$2.48 loss in 1H 2024) First half 2025 results: US$1.35 loss per share. Net loss: US$17.3m (loss widened 7.2% from 1H 2024). Revenue is forecast to grow 156% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Software industry in the US. Announcement • May 22
Arqit Quantum Inc. Approves Board Changes Arqit Quantum Inc. approved the following changes to the composition of the board, which were effective as of 20 May: Nick Pointon stepped down from the board but will continue in his role as Chief Financial Officer, Chief Executive Officer Andy Leaver was appointed to the board as a director, and existing director Garth Ritchie was appointed as Chairman of the Board. Announcement • May 13
Arqit Quantum Inc. to Report First Half, 2025 Results on May 22, 2025 Arqit Quantum Inc. announced that they will report first half, 2025 results on May 22, 2025 Announcement • Apr 28
Arqit Delivers Quantum-Safe Protection Enhanced by Confidential Computing Arqit Quantum Inc. announced the delivery of quantum-safe protection enhanced by confidential computing; data protection that helps ensure no third party, not even the cloud provider, can access a customer's encryption keys or workloads, even when distributed across multiple hosts. Powered by Intel Trust Domain Extensions (Intel TDX) and Arqit NetworkSecure this solution strengthens the security of Arqit's quantum-resistant crypto key delivery system. With the right approach, organizations can now overcome long-standing cloud security challenges: gaining full control over encryption keys, securing data in transit, enabling trusted collaboration, and reducing the cost and complexity of additional hardware. Protecting sensitive data in the cloud has always depended on placing trust in infrastructure providers despite the theoretical risk that they could access encryption keys or data as it moved between environments. This risk is now addressed. With Arqit NetworkSecure running inside a Trusted Domain (TD) created by Intel TDX, encryption keys are: Generated inside the Intel TDX enclave; Visible only to the TD owner; Rotated frequently; Protected with quantum-safe encryption between enclaves. Even Arqit and Intel are outside the trust boundary. This architecture provides advanced data sovereignty by design. In the Intel TDX environment, each TD is encrypted and isolated from other software, the hypervisor, and the infrastructure host. Arqit's software operates inside this confidential VM, generating and managing encryption keys that never leave the TD. Keys are used to secure communications between TD. Keys are used to securing communications between TD. Keys are use to secure communications between TD. Key platforms are used to secure communications betweenTD across hosts, enabling safe, symmetric data flows without exposing any secrets to the infrastructure. Use Cases: Network Security for Telcos Telcos deploying Network-as-a-Service (NaaS) or virtual RAN (vRAN) on white-box hardware face new security demands. Arqit NetworkSecure can now run inside an Intel TDX trust domain on these platforms, designed to keep traffic encryption and key management isolated and quantum-safe. Remote attestation helps verify the environment hasn't been tampered with. Enterprise Edge & AI Workloads: Large enterprises moving sensitive workloads between on-prem environments and the cloud need strong isolation and secure communication. Arqit and Intel TDX isolate the workload and secure the channel using symmetric keys, all without exposing processes inside TD to the cloud or the infrastructure provider. Virtual Hardware Security Modules (HSMs), organizations can now deploy Arqit's symmetric key platform inside TD as a "virtual HSM" - cutting costs while meeting the highest security standards for cryptographic operations. Secure Collaboration Across Domains: In sectors like defence, finance, and public services, data collaboration often involves multiple parties. Using secure enclaves and Arqit's ephemeral key model, organizations can now enable secure, privacy-preserving analytics across trusted domains. Confidential computing can elevate security to the next level. Security enhancements include: Infrastructure that meets the highest bar; Zero key access for operators; Quantum-safe encryption as standard; Hardware-based trust anchors; Attestation independent of the provider's infrastructure; Verified isolation through TD attestation. This level of assurance is especially vital in regulated industries like finance, defence, and national infrastructure. Announcement • Apr 17
Arqit Appoints Jonathan Nguyen-Duy as New Chief Technology Officer Arqit Quantum Inc. announced the appointment of Jonathan Nguyen-Duy as Chief Technology Officer (CTO). He joins Arqit with an extensive background in cybersecurity in both the enterprise and federal sectors. Jonathan brings a wealth of experience in developing and scaling advanced security solutions for global enterprises and critical infrastructure providers. With a track record of leading innovation in cryptographic security, cloud technologies, and network defence, he will play a pivotal role in advancing Arqit's mission to protect the world’s data from current and future cyber threats. Prior to joining Arqit, Jonathan held senior technical leadership roles at Intel and Fortinet where he led teams in developing cutting-edge security technologies. Before that, he was Security CTO at Verizon, leading strategic partnerships and the Cyber Intelligence Center. Announcement • Apr 06
Arqit Quantum Inc. Provides Earnings Guidance for the First Half Period Ended 31 March 2025 Arqit Quantum Inc. provided earnings guidance for the first half period ended 31 March 2025. For the period, the management expects the Company to report revenue of approximately $18,000 to $67,000 as of 31 March 2025. Announcement • Jan 18
Arqit Quantum Inc. has filed a Follow-on Equity Offering in the amount of $75 million. Arqit Quantum Inc. has filed a Follow-on Equity Offering in the amount of $75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Price Target Changed • Dec 13
Price target decreased by 79% to US$27.00 Down from US$126, the current price target is provided by 1 analyst. New target price is 14% above last closing price of US$23.70. Stock is up 85% over the past year. The company is forecast to post a net loss per share of US$1.39 next year compared to a net loss per share of US$4.74 last year. Price Target Changed • Dec 06
Price target decreased by 8.2% to US$129 Down from US$140, the current price target is an average from 2 analysts. New target price is 463% above last closing price of US$22.84. Stock is up 84% over the past year. The company is forecast to post a net loss per share of US$1.39 next year compared to a net loss per share of US$10.79 last year. New Risk • Dec 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$37m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$37m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Shareholders have been substantially diluted in the past year (87% increase in shares outstanding). Revenue is less than US$1m (US$685k revenue). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$19m net loss next year). Announcement • Dec 04
Arqit Quantum Inc. Appoints Nicola Barbiero as Class I Independent Director On November 26, 2024, the board of directors of Arqit Quantum Inc. appointed Nicola Barbiero as a Class I independent director. Mr. Barbiero has nearly two decades of experience in investment management and financial operations. From 2013 to 2020, he held the positions of CFO and CIO at Solidarietà Veneto, one of Italy’s largest pension schemes, and in 2020 he joined the Heritage Group as Investment Director. Mr. Barbiero holds a Master’s degree in Economics and Finance from Ca’ Foscari University of Venice. Major Estimate Revision • Dec 03
Consensus revenue estimates fall by 84% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$2.77m to US$440.0k. Forecast losses increased from -US$4.25 to -US$4.52 per share. Software industry in the US expected to see average net income growth of 18% next year. Consensus price target reaffirmed at US$140. Share price rose 57% to US$26.96 over the past week. Announcement • Nov 27
Arqit Quantum Inc. to Report Fiscal Year 2024 Results on Dec 05, 2024 Arqit Quantum Inc. announced that they will report fiscal year 2024 results on Dec 05, 2024 New Risk • Oct 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 76% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Shareholders have been substantially diluted in the past year (76% increase in shares outstanding). Revenue is less than US$1m (US$740k revenue). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$21m net loss next year). Market cap is less than US$100m (US$44.4m market cap). Announcement • Oct 01
Arqit Quantum Inc. has filed a Follow-on Equity Offering in the amount of $13.6 million. Arqit Quantum Inc. has filed a Follow-on Equity Offering in the amount of $13.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,440,000
Price\Range: $2.5
Discount Per Security: $0 Announcement • Sep 29
Arqit Quantum Inc. Announces Chief Executive Officer Changes Arqit Quantum Inc. announced a leadership transition. Andy Leaver, a seasoned software company executive and Operating Partner from Notion Capital, has been appointed as Chief Executive Officer, effective immediately. Co-Founder and current CEO David Williams will step down from his role as CEO. Mr. Williams’ entrepreneurial spirit was a driving force behind the development of Arqit’s symmetric key cryptography technology; the establishment of the company and key government, financial and partnership relationships. His contribution has been vital in bringing the company to its current stage of development. Mr. Leaver brings a wealth of experience to the Chief Executive role having held senior executive roles at leading software companies including: Ariba, Bazaarvoice, Hortonworks, SuccessFactors and Workday as well as having been an adviser to several successful private software scale ups (e.g. OnFido). He has expertise in driving sustainable revenue growth and scaling businesses. He is an Operating Partner at Notion Capital, a leading European venture capital firm and early backer of Arqit. Mr. Leaver will act independently of Notion Capital in his role as CEO and at the direction of the Board of Directors. He has been advising Arqit on its go-to-market strategy as a consultant for the last six months so assumes his new role with understanding of the challenges and opportunities in front of the company. Announcement • Sep 28
Arqit Quantum Inc. Announces Board Changes Arqit Quantum Inc. announced a leadership transition. Andy Leaver, a seasoned software company executive and Operating Partner from Notion Capital, has been appointed as a member of the Board of Directors, effective immediately. Co-Founder and current CEO David Williams will step down from his role as a member of the Board of Directors. Mr. Williams’ entrepreneurial spirit was a driving force behind the development of Arqit’s symmetric key cryptography technology; the establishment of the company and key government, financial and partnership relationships. His contribution has been vital in bringing the company to its current stage of development. Mr. Leaver brings a wealth of experience to the Chief Executive role having held senior executive roles at leading software companies including: Ariba, Bazaarvoice, Hortonworks, SuccessFactors and Workday as well as having been an adviser to several successful private software scale ups (e.g. OnFido). He has expertise in driving sustainable revenue growth and scaling businesses. He is an Operating Partner at Notion Capital, a leading European venture capital firm and early backer of Arqit. Mr. Leaver will act independently of Notion Capital in his role as CEO and at the direction of the Board of Directors. He has been advising Arqit on its go-to-market strategy as a consultant for the last six months so assumes his new role with understanding of the challenges and opportunities in front of the company. New Risk • Sep 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$46m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m (US$740k revenue). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$21m net loss next year). Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Market cap is less than US$100m (US$42.7m market cap). Announcement • Sep 20
Arqit Quantum Determines to Effect 25:1 Reverse Share Split to Regain Compliance with Nasdaq’s Minimum Bid Price Requirement, Effective September 25, 2024 Arqit Quantum Inc. (the ‘Company’) announced that, following approval by the Company’s shareholders at its annual general meeting held on September 18, 2024, the Company’s Board of Directors has determined to effect a 25:1 reverse share split (the ‘25:1 Reverse Share Split’). Accordingly, the authorized share capital of the Company will be consolidated as follows: from USD 50,000 divided into 469,000,001 ordinary shares of a par value of USD 0.0001 each and 30,999,999 preference shares of a par value of USD 0.0001 each, to USD 50,000 divided into 18,760,000 ordinary shares of a par value of USD 0.000004 each and 1,240,000 preference shares of a par value of USD 0.000004 each. The ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol ‘ARQQ’ and will begin trading on a split-adjusted basis on September 25, 2024. The new CUSIP for the ordinary shares will be G0567U 127. By implementing the 25:1 Reverse Share Split, the Company expects to regain compliance with Nasdaq’s minimum USD 1.00 bid price per share requirement. The Company was first notified by Nasdaq of its failure to maintain a minimum bid price of USD 1.00 per share for 30 consecutive trading days under Nasdaq Listing Rule 5550(a)(2) on October 19, 2023, and was given 180 calendar days, until April 16, 2024, to regain compliance. On April 18, 2024, the Company received an extension of another 180-calendar-day compliance period until October 14, 2024, to regain compliance. Announcement • Aug 28
Arqit Quantum Inc., Annual General Meeting, Sep 18, 2024 Arqit Quantum Inc., Annual General Meeting, Sep 18, 2024. Location: 5 old broad street, london, ec2n 1dw united kingdom, United States Major Estimate Revision • May 30
Consensus estimates of losses per share improve by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$2.64m to US$2.77m. EPS estimate increased from -US$0.19 per share to -US$0.17 per share. Software industry in the US expected to see average net income growth of 21% next year. Consensus price target of US$5.60 unchanged from last update. Share price was steady at US$0.40 over the past week. Reported Earnings • May 21
First half 2024 earnings released: US$0.099 loss per share (vs US$0.17 loss in 1H 2023) First half 2024 results: US$0.099 loss per share (improved from US$0.17 loss in 1H 2023). Net loss: US$16.1m (loss narrowed 26% from 1H 2023). Major Estimate Revision • May 16
Consensus revenue estimates fall by 87% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$20.0m to US$2.64m. Forecast losses increased from -US$0.12 to -US$0.19 per share. Software industry in the US expected to see average net income growth of 25% next year. Consensus price target up from US$6.10 to US$9.20. Share price fell 3.7% to US$0.39 over the past week. Announcement • May 08
Arqit Quantum Inc. to Report First Half, 2024 Results on May 20, 2024 Arqit Quantum Inc. announced that they will report first half, 2024 results on May 20, 2024 New Risk • Apr 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$89.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (US$640k revenue). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$49m). Currently unprofitable and not forecast to become profitable next year (US$19m net loss next year). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (US$89.8m market cap). Announcement • Dec 07
Babcock Develops Communications and Control Technology in Partnership with Arqit Babcock International Group (Babcock) developed a technology with the capability of controlling single or entire fleets of vehicles in a defence environment. Babcock demonstrated its SwarmCore technology, an advanced software system made up of multiple networks, at the UK Ministry of Defence's BattleLab site last week in Dorset. The project was created in collaboration with Arqit, a leader in quantum-safe encryption and supported by the UK's national innovation agency, Innovate UK. Fundamentally, SwarmCore, which is ready to be tested in the military environment, can be used to control single or entire fleets of vehicles such as drones. It can be operated either fully autonomously or by remote human control at a safe distance from the battlefield. One of the key benefits of SwarmCore and its integration with Arqit's Symmetric Key Agreement Platform is its ability to receive and transmit data in a safe and secure way in a decentralised manner. In a defence environment, this would mean if a single vehicle as part of a fleet was either hacked or attacked - the rest of the fleet could continue its mission instructions with no single asset ever being a point of failure. With the integration of Arqit's encryption technology, information carried on encrypted keys to and from assets will benefit from robust protection against cyber-attacks. Babcock Chief Engineering and Technology Officer, Brad Yelland, said combining both autonomous systems with advanced software that can deal with potential cyber threats could be a game changer in the modern defence landscape. Major Estimate Revision • Nov 28
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$25.0m to US$20.0m. Forecast losses increased from -US$0.09 to -US$0.12 per share. Software industry in the US expected to see average net income growth of 16% next year. Consensus price target down from US$4.00 to US$3.00. Share price fell 12% to US$0.51 over the past week. Reported Earnings • Nov 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: US$0.56 loss per share (down from US$0.44 profit in FY 2022). Net loss: US$73.9m (down 238% from profit in FY 2022). Revenue missed analyst estimates by 86%. Earnings per share (EPS) also missed analyst estimates by 73%. Announcement • Nov 22
Arqit Quantum Inc. Announces Board Resignations Arqit Quantum Inc. announced that on November 13, 2023, Lt General VeraLinn Jamieson and General Stephen Wilson resigned from the Company’s Board of Directors and all committees thereof. Lt General Jamieson and General Wilson intend to pursue other commitments and their resignations from the Board are not the result of any disagreement with the Company or the Board. Announcement • Nov 17
Arqit Quantum Inc. to Report Fiscal Year 2023 Results on Nov 21, 2023 Arqit Quantum Inc. announced that they will report fiscal year 2023 results on Nov 21, 2023 New Risk • Oct 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$93.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$51m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$28m net loss next year). Revenue is less than US$5m (US$1.9m revenue). Market cap is less than US$100m (US$93.6m market cap). Major Estimate Revision • Sep 28
Consensus revenue estimates fall by 58% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$12.0m to US$4.99m. Forecast losses increased from -US$0.26 to -US$0.31 per share. Software industry in the US expected to see average net income growth of 15% next year. Consensus price target down from US$6.00 to US$4.00. Share price fell 9.0% to US$0.52 over the past week. New Risk • Sep 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 68% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$51m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$17m net loss next year). Revenue is less than US$5m (US$1.9m revenue). Announcement • Sep 06
Arqit Quantum Inc. Launches Integrated Solution for Quantum-Safe VPN Communications Arqit Quantum Inc. announced the availability of the integrated solution for quantum-safe VPN communications. Arqit's QuantumCloud is the world's first fully scalable cloud-based symmetric key agreement platform, capable of creating zero trust quantum-safe encryption keys at any device. By integrating QuantumCloud with Juniper Networks vSRX Virtual Firewall, the resulting solution enables quantum-safe encrypted connectivity between customer locations, keeping data safe both at rest and in transit. Arqit's Quantum Cloud uses unique symmetric key agreement software to provide quantum-safe keys which are used by Juniper SRX devices during the formation of secure tunnels. Juniper's vSRX Virtual Firewall supports the ETSI 014 standard and RFC8784 for IPsec, resulting in the first GA product supporting flexibility and scalability in generating and using symmetric keys from various sources, including Arqit's symmetric keys. Announcement • Aug 09
Arqit Quantum Inc., Annual General Meeting, Sep 07, 2023 Arqit Quantum Inc., Annual General Meeting, Sep 07, 2023, at 14:00 Coordinated Universal Time. Location: Nova North, Floor 7, 11 Bressenden Place London United Kingdom Agenda: To elect two Class II directors who are currently serving on Arqit's Board of Directors;and to consider other matters. Announcement • May 04
Arqit Quantum Inc. to Report First Half, 2023 Results on May 17, 2023 Arqit Quantum Inc. announced that they will report first half, 2023 results on May 17, 2023 Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$1.22, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 44x in the Software industry in the US. Total loss to shareholders of 92% over the past year. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to US$1.02, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 42x in the Software industry in the US. Total loss to shareholders of 93% over the past year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to US$2.77, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 47x in the Software industry in the US. Total loss to shareholders of 81% over the past year. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to US$2.08, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 43x in the Software industry in the US. Total loss to shareholders of 87% over the past year. Board Change • Jan 05
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Vice Chairman & Senior Independent Director Manfredi D’Ovidio was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment deteriorated over the past week After last week's 21% share price decline to US$3.00, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 42x in the Software industry in the US. Total loss to shareholders of 84% over the past year. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 32% share price decline to US$4.22, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 42x in the Software industry in the US. Total loss to shareholders of 81% over the past year. Announcement • Dec 16
Arqit Quantum Inc. Appoints Tracey Pretorius as Senior Vice President Cyber Security Strategy Arqit Quantum Inc. announced that Tracey Pretorius has joined the company as SVP Cyber Security Strategy. Tracey was a partner at Google driving product engineering efforts across their Consumer Trust organisation. Prior to that, she had an 18 year career at Microsoft Corporation where she held various senior positions and led global efforts to help customers benefit from a partner network that delivers world-class cloud and AI solutions. Tracey has extensive experience in cloud and cybersecurity strategy, incident response and corporate communications. Announcement • Dec 03
Arqit Quantum Inc. to Report Q4, 2022 Results on Dec 14, 2022 Arqit Quantum Inc. announced that they will report Q4, 2022 results on Dec 14, 2022 Price Target Changed • Nov 16
Price target decreased to US$16.00 Down from US$26.75, the current price target is an average from 4 analysts. New target price is 104% above last closing price of US$7.86. Stock is down 67% over the past year. The company is forecast to post earnings per share of US$0.31 next year compared to a net loss per share of US$3.98 last year. Announcement • Aug 09
Arqit Quantum Inc., Annual General Meeting, Sep 07, 2022 Arqit Quantum Inc., Annual General Meeting, Sep 07, 2022, at 12:00 US Eastern Standard Time. Location: 251 18th Street Arlington Virginia United States Agenda: To elect three Class I directors who are currently serving on Arqit’s Board of Directors; and to transact any other business that may properly be considered at the meeting or any adjournment of the meeting. Announcement • Jul 16
Arqit Quantum Inc. and Blue Bear Successfully Demonstrates Quantum Safe Military Drones Arqit Quantum Inc. and Blue Bear Systems Research Ltd. announced the successful demonstration of a quantum safe communication channel to secure data transmissions?—powered by Arqit’s QuantumCloud technology hosted on Blue Bear’s Smart Connect™ device, an ‘inter-swarm’ autonomy brain that tasks multiple uncrewed systems to deliver collaborative multi-domain missions. This is the first time C4ISR quantum safe communications with rotating symmetric keys has been enabled using a lightweight software protocol for small drones. On 29 June and 12 July 2022, Blue Bear simulated and flew mock ISR (Information Surveillance and Reconnaissance) missions using their ATAK-hosted Centurion™ mission system for C2 (Command and Control) of a drone using full symmetric encryption of task and target data secured by Arqit’s symmetric key agreement platform. During the mission, image data of potential targets was encrypted and relayed securely using Arqit’s quantum safe communications tunnel. Additionally, through active authorization of endpoints and frequent rotation of symmetric keys, the attack surface area was limited and perfect secrecy of the data was achieved. The combined Arqit and Blue Bear’s quantum safe communication solution is scalable. It can be applied to any data transmission path between operators, mission systems and crewed/uncrewed vehicles. The solution can be used on any open or closed network in C2 of air, land or sea borne systems and is agnostic of the communication bearers (e.g. point-to-point datalinks, mesh datalinks, 5G, SATCOM, fibre and optical links). Announcement • Jun 13
Johnson Fistel, LLP Announces Class Action Lawsuit Has Commenced on Behalf of Investors of Arqit Quantum, Inc Johnson Fistel, LLP announced that a class action lawsuit has commenced on behalf of investors of Arqit Quantum Inc. The class action is on behalf of shareholders who purchased Arqit securities between September 7, 2021 and April 18, 2022, inclusive (the “Class Period”). To serve as lead plaintiff in this class action, investor must move the Court no later than July 5, 2022. According to the lawsuit, defendants throughout the Class Period and in the Proxy Statement issued in connection to the Merger made false and/or misleading statements and/or failed to disclose: (1) Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards of for telecommunications; (2) British cybersecurity officials questioned the viability of Arqit’s proposed encryption technology in a meeting in 2020; (3) the British government was not an Arqit customer but, rather, providing grants to Arqit; (4) Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; and (5) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. A lead plaintiff will act on behalf of all other class members in directing the Arqit class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Arqit class action lawsuit is not dependent upon serving as lead plaintiff. Announcement • May 08
Rosen Law Firm Files Class Action Lawsuit on Behalf of Purchasers of the Securities of Arqit Quantum Inc. Between September 7, 2021 and April 18, 2022 Rosen Law Firm filed class action lawsuit on behalf of purchasers of the securities of Arqit Quantum Inc. between September 7, 2021 and April 18, 2022, both dates inclusive (the “Class Period”); and/or all holders of Centricus securities as of the record date for the special meeting of shareholders held on August 31, 2021 to consider approval of the merger between Arqit and Centricus and entitled to vote on the Merger. The lawsuit seeks to recover damages for Arqit investors under the federal securities laws. According to the lawsuit, defendants throughout the Class Period and in the Proxy Statement issued in connection to the Merger made false and/or misleading statements and/or failed to disclose: Arqit’s proposed encryption technology would require widespread adoption of new protocols and standards of for telecommunications; British cybersecurity officials questioned the viability of Arqit’s proposed encryption technology in a meeting in 2020; the British government was not an Arqit customer but, rather, providing grants to Arqit; Arqit had little more than an early-stage prototype of its encryption system at the time of the Merger; and as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.