RTTNews | Dec 16, 2021 09:43AM EST

09:42 Thursday, December 16, 2021 (RTTNews.com) - Shares of Arqit Quantum Inc., (ARQQ), a U.K.-based quantum encryption technology company are up 3 percent following announcements of results of operational and financial performance for the first fiscal year ended 30 September, 2021.

Arqit that supplies quantum encryption Platform-as-a-Service had a full commercial launch immediately prior to 2021 fiscal year end and billings commenced only in Q4 of fiscal 2021. Arqit's Nasdaq listing was on 7 September 2021.

Post the commercial launch in September, the company has been able to sign contracts inter alia with BT Group, Sumitomo, Northrop Grumman, Dentons (London), Juniper Networks, Babcock, Blue Bear Systems Research Ltd and NEOM.

The company claims that the business momentum is in keeping with management expectations. For the fiscal year 2022, the company expects that the identified contract opportunities, both in terms of the number of opportunities and the cumulative dollar volume of opportunities, would continue to grow.

For the fiscal year, the company posted a loss before tax of $271.7 million and adjusted loss before tax of $15.6 million. It had cash and cash equivalents of $86.9 million.

Shares of Arqit Quantum are currently trading at $16.70, up $0.55 or 3.41 percent from the previous close.

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