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    Nihal Choksi

    Managing Director and Senior Research Analyst at Northland Capital Markets

    Nehal Chokshi is a Managing Director and Senior Research Analyst at Northland Capital Markets, with a primary focus on infrastructure and application software in the technology sector. He covers a range of publicly traded technology companies, having issued 498 ratings across 28 stocks including notable names like Salesforce (CRM) and Quantum (QMCO), and maintains a price target met ratio of 62.88% with an average recommendation return of 22.6%. Chokshi began his equity research career after six years in the tech industry and founded his own research firm before joining Northland in March 2020, building over 17 years of sell-side experience. He holds a B.S. from Columbia University, an MSE from the University of Michigan, an MBA from the University of Rochester, and maintains FINRA SIE, Series 7, Series 86/87, and Series 63 licenses.

    Nihal Choksi's questions to Arqit Quantum (ARQQ) leadership

    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.

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