Arqit Quantum (ARQQ) has released an update.
Arqit Quantum Inc., a leader in quantum safe encryption technology, has reported a modest revenue of $119,000 for the first half of FY2024, with significant contract renewals and a new government contract poised to boost future earnings. The company is streamlining its operations, expecting to cut monthly operating costs to $1.8 million, while maintaining a healthy cash position of $21.3 million. Amidst these financial maneuvers, Arqit continues to innovate, as evidenced by a joint quantum-safe encryption solution with Intel and growing adoption in the telecommunications sector.
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