Nihal Choksi's questions to Arqit Quantum (ARQQ) leadership • Q4 2022
Question
Nihal Choksi of Northland Capital Markets inquired about the history of the Dell and AWS relationships, their inclusion in the prior $740 million pipeline, changes in the price-versus-volume outlook, the fiscal 2022 exit ARR for QuantumCloud, and the nature of the $7.2 million in QuantumCloud revenue. He also asked about the strategy behind the $50 million ATM filing and the company's current cash burn rate.
Answer
Founder, Chairman and CEO David Williams stated the partner relationships began roughly 18 months prior but accelerated significantly after the company's security proof was published in May 2022. He confirmed they were part of the initial pipeline, but visibility on pricing and volume has improved dramatically, shifting the model from enterprise licenses to a more favorable annual recurring revenue (ARR) structure. Williams clarified the $7.2 million in FY22 QuantumCloud revenue was mainly from term-based enterprise licenses. He declined to provide an exit ARR or cash burn rate, describing the ATM filing as standard financial housekeeping with no immediate plans for use.