ARQQ Nasdaq Services-Prepackaged Software Financials FY2020βFY2025
Arqit Quantum Inc. had $0.5M of revenue in fiscal 2025, up 80.9% on the year before. Over five years, revenue changed +9.8% a year on average.
Hi! I read Arqit Quantum Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+80.9%
Yes. Sales grew 80.9% last year.
Does it make a profit?
β6,668.5%
No. It lost money last year.
Does profit turn into cash?
β5,582.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 7
Mixed. It passes 4 of 7 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Arqit Quantum Inc. had $0.5M of revenue in fiscal 2025, up 80.9% on the year before. Over five years, revenue changed +9.8% a year on average. Its operating margin was β7,271.5%, up 1,918.6Β pts: of every 100 in sales, about β7,272 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Arqit Quantum Inc. lost $35.3M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$29.6M in fiscal 2025, β5,582.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $2.9M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.9M
9 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 13, 2026 | Andrew LeaverChief Executive Officer | Sold | 2,573 | $16.40 | $0.0M | Form 4 |
| Oct 6, 2026 | Garth RitchieDirector | Sold | 118 | $24.19 | $0.0M | Form 4 |
| Oct 6, 2026 | Paul FeenanChief Revenue Officer | Sold | 504 | $24.19 | $0.0M | Form 4 |
| Oct 6, 2026 | Patrick WillcocksGeneral Counsel | Sold | 555 | $24.19 | $0.0M | Form 4 |
| Oct 6, 2026 | Nicholas William NilanGeneral Manager-US | Sold | 493 | $24.19 | $0.0M | Form 4 |
| Oct 6, 2026 | Ben Simon WilderChief Operating Officer | Sold | 218 | $24.19 | $0.0M | Form 4 |
| Oct 6, 2026 | Andrew LeaverChief Executive Officer | Sold | 2,398 | $24.19 | $0.1M | Form 4 |
| Oct 5, 2026 | Nicholas William NilanGeneral Manager-US | Sold | 522 | $23.78 | $0.0M | Form 4 |
| Oct 5, 2026 | Ben Simon WilderChief Operating Officer | Sold | 233 | $23.78 | $0.0M | Form 4 |
| Oct 5, 2026 | Paul FeenanChief Revenue Officer | Sold | 533 | $23.78 | $0.0M | Form 4 |
| Oct 5, 2026 | Andrew LeaverChief Executive Officer | Sold | 2,535 | $23.78 | $0.1M | Form 4 |
| Oct 5, 2026 | Patrick WillcocksGeneral Counsel | Sold | 588 | $23.78 | $0.0M | Form 4 |
| Oct 5, 2026 | Garth RitchieDirector | Sold | 127 | $23.78 | $0.0M | Form 4 |
| Oct 2, 2026 | Andrew LeaverChief Executive Officer | Sold | 2,818 | $24.47 | $0.1M | Form 4 |
| Oct 2, 2026 | Nicholas William NilanGeneral Manager-US | Sold | 494 | $24.47 | $0.0M | Form 4 |
| Oct 2, 2026 | Patrick WillcocksGeneral Counsel | Sold | 557 | $24.47 | $0.0M | Form 4 |
| Oct 2, 2026 | Garth RitchieDirector | Sold | 81 | $24.47 | $0.0M | Form 4 |
| Oct 2, 2026 | Paul FeenanChief Revenue Officer | Sold | 506 | $24.47 | $0.0M | Form 4 |
| Oct 2, 2026 | Ben Simon WilderChief Operating Officer | Sold | 221 | $24.47 | $0.0M | Form 4 |
| Jul 2, 2026 | Ben Simon WilderChief Operating Officer | Sold | 769 | $25.20 | $0.0M | Form 4 |
| Jul 2, 2026 | Paul FeenanChief Revenue Officer | Sold | 1,834 | $25.20 | $0.0M | Form 4 |
| Jul 2, 2026 | Patrick WillcocksGeneral Counsel | Sold | 2,009 | $25.20 | $0.1M | Form 4 |
| Jul 2, 2026 | Andrew LeaverChief Executive Officer | Sold | 9,893 | $25.20 | $0.2M | Form 4 |
| Jul 2, 2026 | Garth RitchieDirector | Sold | 439 | $25.20 | $0.0M | Form 4 |
| Jul 1, 2026 | d'Ovidio Manfredi LefebvreDirector | Sold | 32,422 | $30.24 | $1.0M | Form 4 |
| Jun 30, 2026 | Patrick WillcocksGeneral Counsel | Sold | 4,000 | $29.48 | $0.1M | Form 4 |
| Jun 30, 2026 | d'Ovidio Manfredi LefebvreDirector | Sold | 22,022 | $30.07 | $0.7M | Form 4 |
| Jun 22, 2026 | Jennifer BersChief Revenue Officer | Sold | 8,288 | $21.42 | $0.2M | Form 4 |
| Apr 20, 2026 | Nicholas PointonChief Financial Officer | Sold | 435 | $15.87 | $0.0M | Form 4 |
| Apr 6, 2026 | Andrew LeaverChief Executive Officer | Sold | 7,595 | $13.51 | $0.1M | Form 4 |
| Apr 2, 2026 | Patrick WillcocksGeneral Counsel | Sold | 1,790 | $13.32 | $0.0M | Form 4 |
| Apr 2, 2026 | Nicholas PointonChief Financial Officer | Sold | 1,709 | $13.32 | $0.0M | Form 4 |
| Apr 2, 2026 | Paul FeenanChief Revenue Officer | Sold | 1,632 | $13.32 | $0.0M | Form 4 |
| Apr 2, 2026 | Garth RitchieDirector | Sold | 512 | $13.25 | $0.0M | Form 4 |
| Apr 2, 2026 | Ben Simon WilderChief Operating Officer | Sold | 683 | $13.31 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Arqit Quantum Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $87.0M | $49.0M | $44.5M | $18.7M | $37.0M |
| Interest coverage | β160.1x | β288.5x | β206.5x | β120.7x | β802.9x |
| Current ratio | 5.3x | 2.4x | 3.2x | 1.9x | 2.7x |
| Quick ratio | 5.3x | 2.4x | 3.2x | 1.9x | 2.7x |
| Total assets | $114M | $124M | $99.8M | $26.7M | $42.9M |
| Total liabilities | $148M | $45.3M | $33.1M | $14.9M | $15.6M |
| Shareholders' equity | β$33.8M | $78.6M | $66.7M | $11.8M | $27.2M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Arqit Quantum Inc. passes 4 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 4 / 7 | 2 / 7 | 3 / 7 | 4 / 7 |
| Accruals ratio | 8.8% | β402.0% | 77.3% | β37.3% | β35.9% | β16.6% |
| Altman Z'' | β5.83 | β14.02 | β5.35 | β7.13 | β44.41 | β28.81 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $0.3M | $0.0M | $7.2M | $0.6M | $0.3M | $0.5M |
| Net interest income | $0.3M | β$0.1M | β | β | β | β |
| Provision for credit losses | β | β | β | β | $0.2M | β |
| Operating income | β$0.8M | β$173M | β$63.8M | β$58.6M | β$26.9M | β$38.5M |
| Interest expense | $0.4M | $1.1M | $0.2M | $0.3M | $0.2M | $0.0M |
| Pretax income | β$1.1M | β$272M | $53.4M | β$48.2M | β$26.2M | β$37.6M |
| Income tax | β$0.6M | β | β | β$0.1M | β | β$2.2M |
| Net income | β$0.5M | β$271M | $65.1M | β$74.5M | β$56.8M | β$35.3M |
| Net income to common | β$0.5M | β$271M | β | β | β | β |
| Diluted EPS | β$0.01 | β$3.98 | $13.34 | β$14.17 | β$11.23 | β$2.56 |
| Diluted shares | 0.06B | 0.07B | 0.00B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||
| Cash from operations | β$1.3M | β$24.0M | β$26.7M | β$32.8M | β$34.1M | β$29.6M |
| Capital expenditure | $0.0M | $0.2M | $2.4M | $0.7M | $0.0M | $0.0M |
| Free cash flow | β$1.4M | β$24.3M | β$29.1M | β$33.5M | β$34.1M | β$29.6M |
| Depreciation and amortization | $0.0M | $0.1M | β | β | β | β |
| Stock-based compensation | $0.1M | $0.2M | $21.7M | $18.3M | β$0.7M | $5.7M |
| Balance sheet | ||||||
| Cash and short-term investments | $0.2M | $87.0M | $49.0M | $44.5M | $18.7M | $37.0M |
| Total debt | $5.5M | β | β | β | β | β |
| Current assets | $0.5M | $90.3M | $56.6M | $86.3M | $23.7M | $40.0M |
| Current liabilities | $7.8M | $17.1M | $23.8M | $26.8M | $12.2M | $14.9M |
| Property and equipment, net | $0.0M | $0.2M | $2.2M | $2.0M | $0.3M | $0.1M |
| Intangible assets | $8.8M | $18.2M | $40.3M | $3.4M | $1.9M | $2.1M |
| Total assets | $9.3M | $114M | $124M | $99.8M | $26.7M | $42.9M |
| Total liabilities | $8.4M | $148M | $45.3M | $33.1M | $14.9M | $15.6M |
| Shareholders' equity | $0.9M | β$33.8M | $78.6M | $66.7M | $11.8M | $27.2M |
| Margins | ||||||
| Operating margin | β243.6% | β359,502.1% | β884.2% | β9,162.8% | β9,190.1% | β7,271.5% |
| EBITDA margin | β242.2% | β359,392.5% | β | β | β | β |
| Net margin | β155.3% | β565,300.8% | 902.3% | β11,644.8% | β19,391.8% | β6,668.5% |
| FCF margin | β409.8% | β50,537.5% | β403.4% | β5,240.2% | β11,649.1% | β5,582.3% |
| Net interest share of revenue | 100.0% | β208.1% | β | β | β | β |
| Returns | ||||||
| Return on capital | β10.3% | β | β | β | β | β |
| Return on capital employed | β55.2% | β178.5% | β63.7% | β80.4% | β185.4% | β137.9% |
| Return on equity | β55.4% | β | 291.1% | β102.6% | β144.8% | β181.0% |
| Return on assets | β5.5% | β441.1% | 54.8% | β66.6% | β89.8% | β101.6% |
| Return on tangible equity | β | β | 170.1% | β117.8% | β575.1% | β140.7% |
| Growth | ||||||
| Revenue growth | β | β85.5% | 14,925.0% | β91.1% | β54.2% | 80.9% |
| Net income growth | β | β | β | β214.5% | β | β |
| EPS growth | β | β | β | β206.2% | β | β |
| Share count change | β | 15.3% | β92.9% | 7.8% | β3.8% | 172.5% |
| Financial health | ||||||
| Debt / equity | 5.9x | β | β | β | β | β |
| Interest coverage | β2.1x | β160.1x | β288.5x | β206.5x | β120.7x | β802.9x |
| Current ratio | 0.1x | 5.3x | 2.4x | 3.2x | 1.9x | 2.7x |
| Quick ratio | 0.1x | 5.3x | 2.4x | 3.2x | 1.9x | 2.7x |
| Capital allocation | ||||||
| Capex / revenue | 7.8% | 464.6% | 32.9% | 111.3% | 2.0% | 6.2% |
| Stock comp / revenue | 36.7% | 345.8% | 301.5% | 2,851.9% | β228.7% | 1,070.9% |
| Quality scores | ||||||
| Piotroski F-score | β | 2.0 | 4.0 | 2.0 | 3.0 | 4.0 |
| Altman Z'' | β5.8 | β14.0 | β5.4 | β7.1 | β44.4 | β28.8 |
| Accruals ratio | 8.8% | β402.0% | 77.3% | β37.3% | β35.9% | β16.6% |
Source: SEC EDGAR XBRL filings (CIK 0001859690). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
