Arqit Abandons Plans for Quantum Encryption Satellite Constellation

Parabolic Arc - Arqit Quatum announced it was abandoning plans to launch quantum encryption satellites because they are no longer necessary while reporting that the company received $20 million in revenue and other operating income for fiscal year 2022.

“As we separately announced today, innovation in the delivery of replicated randomness to data centres globally has eliminated the need for satellite distribution within our tech stack. This development is not only expected to have a positive impact on Arqit’s future financial results, it allowed us to reconsider our role in building satellites for third parties, particularly government and military customers,” said Arqit Founder, Chairman and CEO David Williams.

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Dec 20, 2022