Arqit is a quantum encryption technology company that initially aimed to use satellites for quantum key distribution (QKD). Although they have shifted away from satellite-based QKD in favor of terrestrial solutions, they previously partnered with the European Space Agency (ESA) for the development of the QKDSat satellite. Arqit provides quantum-safe encryption solutions designed to protect data from current and future cyber threats, including those posed by quantum computers, and has collaborated with organizations such as BT, Northrop Grumman, and the UK Space Agency. Associated keywords include quantum encryption, key distribution, cybersecurity, and satellite communications.
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Arqit's operating loss was $34.6 million, compared with a $14,300,000 loss for the six months to 2022-03-31.
Before deciding to sell its partially built quantum encryption satellite, Arqit had lined up a 2024 launch with Virgin Orbit.
Arqit recorded $2,600,000 in total income for the six months ended 2023-03-31, primarily from funds provided by the European Space Agency, compared with $12,300,000 for the corresponding prior-year period.
Multiple law firms have filed class action lawsuits over Arqit's business projections, including a 2023-05-06 filing by Rosen Law Firm in the U.S. District Court for the Eastern District of New York (1:22-cv-02604, Glick v. Arqit Quantum Inc. et al.).
Arqit's space division includes a quantum encryption satellite being built by Redwire that is partly funded by the European Space Agency.
The U.S. Securities and Exchange Commission launched a fact-finding inquiry into Arqit's 2021 SPAC merger, which Virgin Orbit had also invested in.
As of 2023-05-17, Arqit is the largest unsecured creditor identified to date in Virgin Orbit’s Chapter 11 bankruptcy process with a $10,000,000 claim.
Arqit’s shares reached a high of $37.41 in December 2021.
Arqit’s shares closed at $5.15 on 2022-12-14, which was 17% lower than the previous trading day.
Arqit recorded $7,200,000 in revenue for its fiscal year 2022.
Arqit is cooperating with the SEC investigation by voluntarily producing documents.
Arqit’s decision to stop building a space-based quantum encryption network does not affect the construction of the satellite Qinetiq/Redwire is building under the ESA-funded contract.
Arqit launched commercial operations in 2022.
Arqit recorded $20,000,000 in fiscal year 2022 when including other income, including funds from the European Space Agency.
Arqit had previously arranged for Virgin Orbit to launch the satellite in 2023.
ESA is working with U.K.-based Arqit on quantum encryption technologies for Arqit’s planned satellite system.
The European Space Agency has a public–private partnership with Arqit and invested in Arqit’s first satellite, which is being developed by a pan-European team including Austria, Belgium, Canada, and the Czech Republic.
Virgin Orbit is slated to launch the first low Earth orbit satellites for British quantum-technology encryption startup Arqit in 2023.
Arqit aims to raise $400,000,000 to develop a quantum technology encryption network.
Seraphim Space Investment Trust plans to acquire Seraphim Capital’s stakes in Spire Global, Arqit, Iceye, and D-orbit once each firm’s separate fundraising activities close 2021.