Arqit Quantum Inc. announced its financial results for the first half of fiscal year 2025, reporting revenue of $67,000, a decrease from $119,000 in the comparable period of 2024. The company's operating loss for H1 FY2025 was $17.8 million, compared to a loss of $16.6 million in H1 FY2024.
Administrative expenses for the period increased to $18 million from $16.8 million in the prior year, primarily due to unfavorable foreign exchange movements, which offset reductions in headcount and property costs. As of March 31, 2025, Arqit held $24.8 million in cash and cash equivalents.
The company demonstrated strong cost control, reducing headcount from 170 employees in March 2023 to 72 by March 2025, and cutting monthly budgeted operating costs by 40% to approximately $1.8 million starting July 2024. Management anticipates a revenue 'ramp' in the second half of fiscal year 2025, driven by new contracts in defense and telecom.
In related news, Arqit Quantum Inc. approved changes to its board of directors, effective May 20, 2025. Nick Pointon stepped down from the board but continues as Chief Financial Officer, while CEO Andy Leaver was appointed as a director. Additionally, existing director Garth Ritchie was appointed as Chairman of the Board.
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