Arqit Quantum FY QuantumCloud Sales $639.97K Down From $7.21M YoY, Company Ends FY23 With Cash And Equivalents Worth $44.5M
Portfolio Pulse from Benzinga Newsdesk
Arqit Quantum (NASDAQ:ARQQ) experienced a significant decrease in QuantumCloud sales, reporting $639.97K for FY23, down from $7.21M in the previous year. The company concluded the fiscal year with $44.5M in cash and equivalents.
November 21, 2023 | 11:12 am
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Arqit Quantum's QuantumCloud sales fell sharply to $639.97K, a 91.13% decrease from the previous year's $7.21M, ending FY23 with $44.5M in cash and equivalents.
The substantial drop in sales for Arqit Quantum's QuantumCloud service is likely to be viewed negatively by investors, as it indicates a significant reduction in revenue from this product line. This could lead to bearish sentiment in the short term, impacting the stock price negatively.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100