H1 ’22 results: delivery on contracts and initial US$12.3m revenue stream
The period-end cash position was US$82.2m (on 30 September 2021 it was US$86.9m). The adjusted operating loss for the period was US$14.4m (US$5.5m a year earlier), with 1.85033m warrants exercised realising cash of US$21.3m.Arqit established the milestone of deployment of QuantumCloudTM as a commercially-viable offering during the course of H1 22 as outlined in the go-to-market strategy: for governments and major corporations, selected Channel Partners, and subsequently for open access via a Platform-as-a-Service.
We maintain our FY22 forecast of revenue of US$32m. Valuations in the cybersecurity sector have recently contracted 30% from 20.8x revenue to 14.7x. Applying this adjustment to our benchmarked valuation indicates a fair value EV / share of US$26.0 (previously US$37.5).
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