Arqit Quantum Inc - ARQQ STOCK NEWS

Arqit Quantum Inc. and Advanced International Electronic Equipment Company have announced a license agreement for Arqit's Symmetric Key Agreement Platform, QuantumCloud™. This partnership will provide enhanced levels of resilience, security, and privacy across open and closed networks, protecting against cyber threats. QuantumCloud™ is a crypto agile platform that creates encryption keys at any endpoint, removing the risks associated with key distribution. The agreement will strengthen AIEE's existing services in data protection and network infrastructure management.

An international consortium has completed the world's first quantum-secure cross-border electronic trade document transaction, paving the way for cheaper, simpler, and faster international trade. The successful pilot utilized electronic trade documents, including an electronic bill of lading and a digital promissory note, reconciled using a Distributed Ledger in both the UK and Singapore. The TradeTrust framework and Arqit's quantum notary technology were used to ensure document security. The shipment was tracked using IoT technology and its condition was monitored throughout the journey. A tamper-resistant digital record of the goods was minted onto an NFT using Kadena blockchain technology.

Arqit Quantum Inc. announces its operational and financial results for the six months ended 31 March 2023. The company generated $2.6 million in revenue and other operating income. It launched a pivot in go-to-market strategy, focusing on selling its QuantumCloud™ platform as a service through channel partnerships. Arqit is considering the sale of its satellite division. It undertook a significant cost reduction initiative, resulting in a 30% decrease in monthly operating costs. The company had $41.5 million of cash and cash equivalents as of 31 March 2023.

Arqit Quantum Inc. has partnered with the Centre for Digital Trade and Innovation (C4DTI) to enhance digital trade security. This collaboration, guided by the International Chamber of Commerce (ICC) UK, aims to create interoperable trade solutions while ensuring compliance with the Model Law on Electronic Transferable Records (MLETR). Arqit, a leader in quantum-safe encryption technology, will contribute by developing solutions that facilitate secure digital trading processes, thus potentially lowering transaction costs. The C4DTI seeks to accelerate the digitalisation of trade in the UK, with support from the Tees Valley Combined Authority. Arqit’s TradeSecure® technology is central to this initiative, addressing the growing cybersecurity threats and enhancing the integrity of digital trade.

Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) announced a definitive securities purchase agreement to sell 10 million ordinary shares and warrants to purchase 7.5 million shares at a combined price of $2.00. The gross proceeds are expected to be around $20 million, intended to enhance international customer service and support growth from channel partnerships. The offering is set to close on or about February 22, 2023. The warrants will be exercisable at the same price and expire five years from issuance. H.C. Wainwright & Co. acts as the placement agent.

Arqit Quantum Inc. (NASDAQ: ARQQ, ARQQW) announced the appointment of Tracey Pretorius as SVP Cyber Security Strategy on December 15, 2022. Pretorius, formerly a partner at Google and with an 18-year tenure at Microsoft, brings extensive experience in cloud and cybersecurity strategy. CEO David Williams highlighted her role in managing partnerships, especially following recent integrations with three hyperscale vendors. The company focuses on quantum-safe encryption through its product QuantumCloud™, targeting every connected device and aiming to secure communications against future attacks.

Arqit Quantum Inc. (Nasdaq: ARQQ, ARQQW) reported $20 million in revenue for FY 2022, a significant increase from $48,000 in FY 2021. Key highlights include the development of QuantumCloud™ software, which eliminates the need for satellite infrastructure, and partnerships with industry leaders like Fortinet and AWS to enhance market reach. The company anticipates positive impacts on future financial results from innovation and new channel partnerships. However, administrative expenses surged to $72.2 million, affecting overall profitability.