Arqit Quantum Inc (ARQQ) 2023 Q4 法說會逐字稿

On today's call, we will be referring to the press release issued this morning that details the company's fiscal year-end 2023 results, which can be downloaded from the company's website at arqit.uk. At the end of the company's prepared remarks, there will be a question-and-answer period for selected equity research analysts. (Operator Instructions)

在今天的電話會議上，我們將參考今天早上發布的新聞稿，其中詳細介紹了該公司 2023 財年末的業績，該業績可從該公司網站 arqit.uk 下載。在公司準備好的發言結束時，將為選定的股票研究分析師提供問答時間。 （操作員說明）

Finally, a recording of the call will be available on the Investors section of the company's website later today. Please note that this webcast includes forward-looking statements, statements about the company's beliefs and expectations containing words such as may, will, could, believe, expect, anticipate and similar expressions of forward-looking statements and are based on assumptions and beliefs as of today.

最後，今天稍晚將在公司網站的投資者部分提供電話會議錄音。請注意，本網路廣播包括前瞻性陳述、有關公司信念和期望的陳述，其中包含可能、將、能夠、相信、期望、預期等詞語以及前瞻性陳述的類似表達，並且基於截至目前的假設和信念今天。

The company encourages you to review the Safe harbor statements, risk factors and other disclaimers contained in today's press release as well as in the company's filings with the Securities and Exchange Commission, which identify specific risk factors that may cause actual results or events to differ materially from those described in our forward-looking statements.

本公司鼓勵您查看今天的新聞稿以及公司向美國證券交易委員會提交的文件中包含的安全港聲明、風險因素和其他免責聲明，其中確定了可能導致實際結果或事件出現重大差異的特定風險因素來自我們前瞻性陳述中所描述的內容。

The company does not undertake to publicly update or revise any forward-looking statements after this webcast. The company also notes that on this call, we may be discussing non-IFRS financial information. The company is providing that information as a supplement to information prepared in accordance with International Financial Reporting Centers or IFRS. You can find a reconciliation of these metrics to the company's reported IFRS results in the reconciliation tables provided in today's earnings release.

該公司不承諾在本次網路廣播後公開更新或修改任何前瞻性陳述。該公司還指出，在這次電話會議上，我們可能會討論非國際財務報告準則的財務資訊。該公司提供該資訊作為根據國際財務報告中心或國際財務報告準則準備的資訊的補充。您可以在今天的收益發布中提供的調節表中找到這些指標與公司報告的 IFRS 結果的調節表。

And now I'll turn the call over to David Williams, the company's Founder, Chairman and Chief Executive Officer. David?

現在我將把電話轉給公司創辦人、董事長兼執行長戴維威廉斯 (David Williams)。大衛？

Thank you for joining our fiscal year 2023 earnings call. The year was one of the evolution growth and challenges for Arqit. Our reported revenues were modest, but that said, much progress has been made in deepening and broadening the foundation for future success, particularly in the expansion of our channel partnerships and specialized applications.

感謝您參加我們的 2023 財年財報電話會議。對 Arqit 來說，這一年是發展和挑戰的一年。我們報告的收入雖然不大，但在深化和拓寬未來成功的基礎方面已經取得了很大進展，特別是在擴大我們的通路合作夥伴關係和專業應用方面。

Since our strategic pivot in December 2022, to focus on an exclusively software product sold through sales channel partners. There has been encouraging commercial progress in building OEM integrations and distribution partnerships. It takes considerable time for these partnerships to become productive and so revenue growth from these channels is at an early stage. We hope to see an inflection point in fiscal 2024 as those channel partners sales initiatives begin to mature.

自 2022 年 12 月以來，我們的策略重點是專注於透過銷售通路合作夥伴銷售的獨家軟體產品。在建立 OEM 整合和分銷合作夥伴關係方面取得了令人鼓舞的商業進展。這些合作夥伴關係需要相當長的時間才能發揮作用，因此這些管道的收入成長尚處於早期階段。隨著這些通路合作夥伴的銷售計畫開始成熟，我們希望在 2024 財年看到一個轉折點。

During 2023 we worked hard on the execution of that new strategy through integrations of our software with OEMs and the creation of distributor and reseller channel partnerships. This was a pivot away from a focus previously on direct enterprise sales of a previous product, which involves hardware. Changing our go-to-market strategy, combined with the pace of activating our new sales channels, results in limited revenues from our products. However, progress in establishing those OEM integrations and channels convinces us that the strategy is correct.

2023 年，我們透過將我們的軟體與 OEM 整合以及建立經銷商和經銷商通路合作夥伴關係，努力執行這項新策略。這與先前的產品（涉及硬體）的直接企業銷售的重點有所不同。改變我們的市場策略，加上啟動新銷售管道的步伐，導致我們產品的收入有限。然而，在建立這些 OEM 整合和管道方面取得的進展使我們相信該策略是正確的。

Beyond the headline revenue result, there is evidence of material progress in broadening and deepening our business foundations, specifically the growth in our channel partnerships, the development of the suite of specialized applications of our core Symmetric Key Agreement product and the green shoots of revenue contract activity. There is evidence, for example, in the White House national security memorandum of May 4, 2022, and the activity that followed the government and commercial organizations are moving forward with the switch to new forms of encryption.

除了整體收入結果之外，還有證據表明我們在擴大和深化業務基礎方面取得了實質進展，特別是我們的通路合作夥伴關係的成長、我們核心對稱金鑰協定產品的專門應用程式套件的開發以及收入合約的萌芽活動。例如，2022 年 5 月 4 日的白宮國家安全備忘錄中有證據表明，政府和商業組織隨後的活動正在向新形式的加密方式的轉變邁進。

We also believe that our product is compliant with relevant standards laid down by the NSA, in the USA for national security agency commercial solutions for classified symmetric key management, which has relevance in most markets.

我們也相信，我們的產品符合美國國家安全局為國家安全機構機密對稱金鑰管理商業解決方案所製定的相關標準，這在大多數市場都有相關性。

When we announced our new go-to-market strategy in December 2022, we named five partners at that time. As of today, we have 15 channel partners, including leading technology, OEMs, distributors, and resellers. These channel partners provide Arqit with access to different industry verticals such as security and financial services and telecoms, and in many cases, our partners offer global market reach.

當我們在 2022 年 12 月宣布新的上市策略時，我們當時指定了五名合作夥伴。截至目前，我們擁有 15 個通路合作夥伴，包括領先技術、OEM、經銷商和經銷商。這些通路合作夥伴為 Arqit 提供了進入不同垂直行業的機會，例如安全、金融服務和電信，在許多情況下，我們的合作夥伴提供全球市場覆蓋範圍。

Each new channel partner relationship is further validation by leading market participants at the efficacy of Arqit's symmetric key agreement platform. Each of these relationships offers distribution leverage to Arqit, which create sales opportunities and reduces Arqit's need for significant direct sales force.

每個新的通路合作夥伴關係都得到領先市場參與者對 Arqit 對稱金鑰協定平台功效的進一步驗證。這些關係中的每一個都為 Arqit 提供了分銷槓桿，從而創造了銷售機會並減少了 Arqit 對大量直銷人員的需求。

In turn Arqit provides it's general partners with a differentiated encryption service to offer to their customers that addresses issues with today's encryption architecture and also those presented by the advent of quantum computing. Our differentiated product offering represents incremental sales opportunities for our partners. We now focus on translating these partnerships into meaningful revenue growth.

反過來，Arqit 為其普通合作夥伴提供差異化的加密服務，以解決當今加密架構以及量子運算出現帶來的問題。我們提供的差異化產品為我們的合作夥伴帶來了增量銷售機會。我們現在專注於將這些合作夥伴關係轉化為有意義的收入成長。

Each of our channel partnerships are at different stages of activation. Some advanced such as Juniper Networks, where an integrated Juniper office solution has been released for general availability. Others are earlier stage with additional channel education occurring.

我們的每個通路夥伴都處於不同的啟動階段。瞻博網路等先進企業已發布整合的瞻博網路辦公室解決方案並全面上市。其他人處於早期階段，正在進行額外的管道教育。

In the fiscal year, we generated revenue through six of our channel partners. Whilst the revenue is modest, the increase from sales through two channels in the first half of 2023 to sales through six different channels for the full year is positive momentum. Arqit's foundational product offering, included QuantumCloud, a platform as a service for those customers who prefer a multi-tenanted solution and the quantum cloud, private instance, for those customers who require private control of their own tech stack.

在本財年，我們透過六個通路合作夥伴創造了收入。雖然收入不大，但從 2023 年上半年兩個通路的銷售成長到全年六個不同管道的銷售，這是積極的勢頭。 Arqit 的基礎產品包括 QuantumCloud（為喜歡多租用戶解決方案的客戶提供的平台即服務）和量子雲（私有實例），為那些需要私人控制自己的技術堆疊的客戶提供。

To encourage ease of adoption and to address specific industry verticals, Arqit then undertook the productization of some specialized applications of the quantum cloud symmetric key agreement platform. Specifically, we created and announced in fiscal 2023 Arqit's NetworkSecure to address network security via firewalls, routers, and other networking devices, also Arqit TradeSecure, which addresses digital trade finance and Arqit WalletSecure to address financial transaction compliance and security.

為了鼓勵易於採用並解決特定的垂直行業問題，Arqit 隨後對量子雲對稱金鑰協議平台的一些專業應用進行了產品化。具體來說，我們在2023 財年創建並宣布了Arqit NetworkSecure，以透過防火牆、路由器和其他網路設備解決網路安全問題，也創建了Arqit TradeSecure，解決數位貿易融資問題；Arqit WalletSecure 解決金融交易合規性和安全問題。

We're pleased to say that we now have strong partners for each of these specialized applications. Arqit NetworkSecure is embedded into certain firewall offerings of Juniper Networks and Fortinet with integration work with other similar companies underway. We're pleased to say the first sales of NetworkSecure enabled firewalls of both channel partners have been executed. We believe this is a significant market opportunity for the company in both the commercial and government markets.

我們很高興地說，我們現在在這些專業應用程式中都有強大的合作夥伴。 Arqit NetworkSecure 已嵌入 Juniper Networks 和 Fortinet 的某些防火牆產品中，並且與其他類似公司的整合工作正在進行中。我們很高興地宣布，兩個通路合作夥伴的啟用 NetworkSecure 的防火牆的首次銷售已經完成。我們相信這對公司在商業和政府市場都是一個重要的市場機會。

As distributors and resellers of Juniper and Fortinet firewalls who are our partners such as Carahsoft and exclusive networks become fully activated, we expect commercialization of Arqit NetworkSecure to gain more traction. The TradeSecure product has benefited from regulatory progress this year. The Electronic Trade Documents Act came into force in the United Kingdom in September 2023, and permits the use of legally recognized digital trade documentation.

隨著 Carahsoft 等我們的合作夥伴 Juniper 和 Fortinet 防火牆的分銷商和經銷商以及獨家網路的全面激活，我們預計 Arqit NetworkSecure 的商業化將獲得更多關注。 TradeSecure 產品受益於今年的監管進展。 《電子貿易文件法》於 2023 年 9 月在英國生效，允許使用法律認可的數位貿易文件。

Digital trade documentation offers benefits to importers of lower administrative costs, faster payments for exports and lower capital allocation for banks. The supply chain finance market is a large and growing markets, and digital transformation is accelerating now as a result of legal clarity.

數位貿易文件為進口商帶來了更低的管理成本、更快的出口付款以及更低的銀行資本配置等好處。供應鏈金融市場是一個龐大且不斷成長的市場，由於法律的明確性，數位轉型正在加速。

Arqit believes that TradeSecure is the only digital trade documentation product, which is fully compliant with EDTA and provides the added benefits of symmetric key agreements, encryption. Arqit's first channel partner to bring TradeSecure to market is Traxpay. Currently the first trade finance transactions under the Electronic Trade Documents Act using TradeSecure are progressing. We expect to announce them shortly.

Arqit 認為，TradeSecure 是唯一的數位貿易文件產品，完全符合 EDTA 並提供對稱金鑰協定和加密的附加優勢。 Arqit 將 TradeSecure 推向市場的第一個通路合作夥伴是 Traxpay。目前，根據《電子貿易文件法》，使用 TradeSecure 進行的第一筆貿易融資交易正在進行中。我們預計很快就會宣布它們。

Arqit has identified and is in discussion with additional potential supply chain finance and banking channel partners to bring TradeSecure to market. WalletSecure, which provides compliance, analytics and digital asset security is our newest specialized application and is targeted towards the financial services industry. WalletSecure will be offered as part of the existing product offering of a major global financial services company. We expect to announce that arrangement in the near term and have this product offering come online in fiscal 2024.

Arqit 已確定並正在與其他潛在的供應鏈金融和銀行通路合作夥伴進行討論，以將 TradeSecure 推向市場。 WalletSecure 提供合規性、分析和數位資產安全性，是我們最新的專業應用程序，面向金融服務業。 WalletSecure 將作為一家大型全球金融服務公司現有產品的一部分提供。我們預計在短期內宣布這項安排，並在 2024 財年推出產品。

For fiscal 2023, we generated revenue from all of our product offerings that were available to the market being QuantumCloud [paz] QuantumCloud private instance NetworkSecure and TradeSecure . In the case of QuantumCloud private instance, and NetworkSecure, we have made multiple sales of these products. Again, while the number of revenue transactions is modest, sales across all of our available products is encouraging.

2023 財年，我們從市場上可用的所有產品中產生了收入，包括 QuantumCloud [paz] QuantumCloud 私有實例 NetworkSecure 和 TradeSecure 。就 QuantumCloud 私有實例和 NetworkSecure 而言，我們已經多次銷售這些產品。同樣，雖然收入交易數量不大，但我們所有可用產品的銷售都令人鼓舞。

To provide Arqit with additional runway to progress the commercialization of its products, we took significant actions in 2023 to improve our capital position and lower our operating costs. The company undertook two offerings of common stock and also place stock through an at-the-market placement program. We raised $47.7 million in gross proceeds from those offerings during the period. Our cash balance at the end of fiscal year 2023 was $44.5 million. We announced with our first-half results and successfully executed a cost reduction action and benefits, which became evident started in July.

為了為 Arqit 提供額外的跑道以推進其產品的商業化，我們在 2023 年採取了重大行動，以改善我們的資本狀況並降低我們的營運成本。該公司進行了兩次普通股發行，並透過市場配售計畫配售股票。在此期間，我們從這些發行中籌集了 4770 萬美元的總收益。截至 2023 財年末，我們的現金餘額為 4,450 萬美元。我們公佈了上半年業績，並成功執行了成本削減行動和效益，這一點從 7 月開始就顯現出來。

Nick will discuss more about this in a moment.

尼克稍後將對此進行更多討論。

Taking cost actions which included reducing headcount, are difficult decisions. However, for the stability of the business, they would the correct decisions and give Arqit the best job to realize the value we see at our groundbreaking symmetric key agreement platform. We believe that the opportunity which our product addresses merits additional patients as we work to further activate our channel partnerships and sign new such relationships. Our product develops stronger, simpler encryption in a manner that Arqit believes meets the requirements of the White House's national security memorandum-10, which called for the adoption of enhanced encryption and advocates for symmetric key solutions.

採取包括減少員工人數在內的成本行動是個艱難的決定。然而，為了業務的穩定性，他們會做出正確的決定，並為 Arqit 提供最好的工作，以實現我們在突破性的對稱金鑰協定平台上看到的價值。我們相信，隨著我們努力進一步啟動我們的通路合作夥伴關係並簽署新的此類關係，我們的產品所帶來的機會值得更多患者使用。我們的產品以 Arqit 認為符合白宮國家安全備忘錄 10 的要求的方式開發了更強大、更簡單的加密，該備忘錄呼籲採用增強型加密並倡導對稱金鑰解決方案。

Significant technology companies share our view and have become partners. Furthermore, we believe we are unique in having such a solution available today that is compatible with existing protocols and standards and is easy to implement. We believe that we made meaningful progress with the business in 2023, and we're optimistic that our channel partnerships will deliver further improvement in 2024.

重要的科技公司分享我們的觀點並成為合作夥伴。此外，我們相信我們今天擁有這樣一個解決方案，它與現有協議和標準兼容並且易於實施，是獨一無二的。我們相信，我們的業務在 2023 年取得了有意義的進展，我們樂觀地認為我們的通路合作夥伴關係將在 2024 年取得進一步改善。

With that, let me turn the call over to Nick Pointon, our CFO for his remarks on our financials. Nick?

接下來，讓我將電話轉給我們的財務長尼克波因頓 (Nick Pointon)，請他對我們的財務狀況發表評論。缺口？

Thank you, David. We announced early in the fiscal year that Arqit was exploring transactions to sell or otherwise monetize its satellite under construction. The satellite was part of our original technology. As we previously stated, through innovation, our technology stack no longer requires a satellite component and it is now entirely software based using terrestrial classic computing technology. We have reclassified intangible assets and project development costs related to the satellite and have presented them as discontinued operations according to IFRS 5. Our fiscal 2023 results and 2022 comparisons reflect this new classification.

謝謝你，大衛。我們在本財年年初宣布，Arqit 正在探索出售其正在建造衛星或以其他方式貨幣化的交易。這顆衛星是我們原創技術的一部分。正如我們之前所說，透過創新，我們的技術堆疊不再需要衛星組件，現在完全基於使用地面經典計算技術的軟體。我們對與衛星相關的無形資產和專案開發成本進行了重新分類，並根據 IFRS 5 將其列為已終止經營業務。我們的 2023 財年業績和 2022 財年的比較反映了這一新分類。

For the 12-month period ended September 30, 2023, we generated $5.6 million in revenue and other operating income from discontinued operations. For the comparable period In 2022, we generated $20 million. Revenue from our QuantumCloud products for the period totaled $639,968 generated by seven contracts representing revenue through six different channel partners.

截至 2023 年 9 月 30 日的 12 個月期間，我們從已終止業務中產生了 560 萬美元的收入和其他營運收入。 2022 年同期，我們創造了 2,000 萬美元的收入。我們的 QuantumCloud 產品在此期間的收入總計 639,968 美元，由七個合約產生，代表透過六個不同管道合作夥伴的收入。

As David noted earlier, we generated revenue from all four products currently available for sale, including multiple sales of QuantumCloud private instance, and NetworkSecure. The balance of the fiscal year 2023 revenue was from other operating income from discontinued operations specifically from our contract with the European Space Agency associated with the satellite development.

正如 David 先前指出的，我們從目前可供銷售的所有四種產品中獲得了收入，包括 QuantumCloud 私有實例和 NetworkSecure 的多次銷售。 2023 財年收入的餘額來自已終止營運的其他營運收入，特別是來自我們與歐洲太空總署與衛星開發相關的合約。

Future, other operating income from our East contract is uncertain. For fiscal year 2022 revenue and other operating income from discontinued operations was $20.0 million, of which $7.2 million was revenue from our QuantumCloud product and $12.8 million from our contract with the European Space Agency.

未來，我們東部合約的其他營業收入尚不確定。 2022 財年，來自已終止業務的收入和其他營業收入為 2000 萬美元，其中 720 萬美元來自我們的 QuantumCloud 產品，1,280 萬美元來自我們與歐洲航太局的合約。

Revenue from our symmetric key agreement products for the period was highly concentrated as $4.7 million of $7.2 million or 65% was from the direct sale of one enterprise license contract with Virgin Orbit. The direct sale of enterprise licenses is no longer our primary focus as results of our pivots in our go-to-market strategy.

在此期間，我們的對稱金鑰協議產品收入高度集中，其中 720 萬美元中有 470 萬美元，即 65% 來自直接銷售與 Virgin Orbit 的一份企業授權合約。由於我們轉向市場策略，直接銷售企業許可證不再是我們的主要關注點。

The year over year decline in revenue from our QuantumCloud product reflects the refocusing of our sales efforts through OEMs, distributors, and resellers. It was a step back to move forward. The 2023 versus 2022 decline in operating income from our East contract reflects slower development of the satellite as we contemplated selling or otherwise monetizing the assets. Discussing -- discussions regarding possible transactions associated with the assets are ongoing, but there can be no assurance that the transaction is consummated.

我們的 QuantumCloud 產品營收年減反映了我們透過 OEM、經銷商和經銷商重新調整銷售工作重點。這是退一步才能前進。 2023 年與 2022 年相比，我們東部合約的營業收入有所下降，反映出衛星開發速度放緩，因為我們考慮出售或以其他方式將資產貨幣化。討論－有關與資產相關的可能交易的討論正在進行中，但不能保證交易已經完成。

Administrative expenses equate to operating costs for those more familiar with US GAAP. For fiscal year 2023, our administrative expenses were $55.2 million versus $71.0 million for fiscal year 2022. Lower share-based compensation and foreign exchange loss were the largest drivers of the variance between periods. We announced a cost saving initiative in May along with our H1 results. A significant component of the cost actions was a reduction in headcount. Our headcount at the end of H1 was 170 employees. As of September 30, it was 147. We began to realize the benefits of our cost-saving initiative in July. We have continued to review all areas and functions in pursuit of increased operational and cost efficiency.

對於那些更熟悉美國公認會計準則的人來說，管理費用相當於營運成本。 2023 財年，我們的管理費用為 5,520 萬美元，而 2022 財年為 7,100 萬美元。較低的股權激勵和外匯損失是造成各期間差異的最大因素。我們在 5 月宣布了一項成本節約計劃以及上半年業績。成本行動的一個重要部分是減少員工人數。上半年末我們的員工人數為 170 名。截至 9 月 30 日，該數字為 147。我們從 7 月開始意識到成本節約計劃的好處。我們繼續審查所有領域和職能，以提高營運和成本效率。

Administrative expenses for the fiscal year 2023 includes a $14.1 million noncash charge for share-based compensation versus $21.7 million charge, for fiscal year 2022. Operating loss for the fiscal year was $84.4 million versus a loss of $63.8 million, fiscal year 2022.

2023 財年的管理費用包括 1,410 萬美元的股權激勵非現金費用，而 2022 財年的費用為 2,170 萬美元。該財年的營運虧損為 8,440 萬美元，而 2022 財年的虧損為 6,380 萬美元。

The variance in operating loss between periods primarily reflects lower revenue and a reclassification of other operating income as profit from discontinued operations, combined with a $12.3 million impairment on trade receivables and contract assets associated with the Virgin Orbit bankruptcy and $17.6 million impairment associated with satellite project development costs.

各期間營業虧損的差異主要反映了收入下降和其他營業收入重新分類為已終止經營業務的利潤，加上與維珍軌道破產相關的貿易應收帳款和合約資產減值1​​,230 萬美元，以及與衛星計畫相關的1,760 萬美元減損開發成本。

We generated a loss before tax from continuing operations of $73.9 million. However, we generated an adjusted loss before tax of $84.7 million, which in management's view reflects the underlying business performance once non-cash change in warrant value is deducted from loss before tax.

我們的持續經營稅前虧損為 7,390 萬美元。然而，我們產生了 8,470 萬美元的調整後稅前虧損，管理層認為這反映了從稅前虧損中扣除認股權證價值非現金變化後的基本業務績效。

For fiscal year 2022, we generated a profit before tax from continuing operations of $53.4 million and an adjusted loss before tax of $64.0 million. We raised $47.7 million in gross proceeds from the sale of common stock during fiscal year 2023. We issued shares in two registered direct offerings, one in February and one in September. We also placed shares directly into the market through an at-the-market issuance program. As a result, we ended the period with a cash balance of $44.5 million versus a cash balance of $48.9 million as of fiscal year end September 30, 2022.

2022 財年，我們的持續經營稅前利潤為 5,340 萬美元，調整後稅前虧損為 6,400 萬美元。 2023 財年，我們透過出售普通股籌集了 4,770 萬美元的總收益。我們透過兩次註冊直接發行發行了股票，一次在 2 月，一次在 9 月。我們也透過市場發行計畫將股票直接投放市場。因此，截至本財年，我們的現金餘額為 4,450 萬美元，而截至 2022 年 9 月 30 日的財年現金餘額為 4,890 萬美元。

With that, I turn the call back to David.

說完，我把電話轉回給大衛。

Thank you, Nick. As I noted at the opening our top line performance was modest. Activation go-to-market channel partnerships with large OEMs, distributor and reseller partners does take some time. There is most certainly in our view, a market for our product and it has strong efficacy. We must now get our channels to a tipping point and we do see reasons for optimism in sales across our product offering, sales across channel partners and momentum across geographies. We're working hard with our partners to perfect sales strategies, which will benefit all parties. We hope investors can appreciate the uniqueness of our technology and market opportunity and demonstrate patience with Arqit as we strive to deliver success.

謝謝你，尼克。正如我在開幕時指出的那樣，我們的營收表現並不理想。啟動與大型原始設備製造商、經銷商和經銷商合作夥伴的進入市場通路合作夥伴關係確實需要一些時間。我們認為，我們的產品絕對有市場，而且功效很強。我們現在必須讓我們的通路達到一個轉折點，我們確實看到了對我們的產品銷售、通路合作夥伴的銷售以及跨地區的勢頭感到樂觀的理由。我們正在與合作夥伴一起努力完善銷售策略，這將使各方受益。我們希望投資者能夠欣賞我們技術的獨特性和市場機會，並在我們努力取得成功的過程中對 Arqit 表現出耐心。

I now hand the call back over to the operator Q&A.

我現在將電話轉回接線生問答。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Scott Buck, H.C. Wainwright.

巴克 (Scott Buck)，H.C.溫賴特。

Hi, good morning, everybody. Thank you for taking my questions.

嗨，大家早安。感謝您回答我的問題。

David, I'm curious how are you thinking about the anticipated ramp in revenue in '24 as these relationships mature versus your current cash balance? I mean, do you have enough runway to get you at least meaningfully closer towards operating breakeven?

大衛，我很好奇，隨著這些關係的成熟，與您目前的現金餘額相比，您如何看待 24 年預計的收入成長？我的意思是，你是否有足夠的跑道讓你至少有意義地接近損益兩平？

Hello, Scott. Thank you for your question. We have confidence that the scale of our channel partnerships and the increasing maturity of those partnerships does offer us the ability to get towards cash flow breakeven within a relatively modest time period. We're therefore reasonably confident that the amount of runway that we currently have gives us a degree of comfort that we're satisfied with.

你好，斯科特。謝謝你的問題。我們相信，我們通路夥伴關係的規模和這些合作夥伴關係的日益成熟確實使我們有能力在相對適度的時間內實現現金流收支平衡。因此，我們有理由相信，我們目前擁有的跑道數量能夠讓我們感到滿意的舒適度。

Great, that's helpful. And then I wanted to ask you have a good base of channel partners in place now. Are you still having meaningful discussions with other potential partners? Could we see announcements over the next few months on that end.

太好了，很有幫助。然後我想問你們現在擁有良好的通路夥伴基礎。您還在與其他潛在合作夥伴進行有意義的討論嗎？我們能否在未來幾個月看到這方面的公告？

Yes, we are working hard with several very large technology companies who are similar OEMs with a detailed software integration work in progress and go-to-market strategies under discussion. I'm hopeful that these partnerships will quite soon come to fruition and they would be announceable in the short term.

是的，我們正在與幾家非常大的科技公司努力合作，這些公司是類似的 OEM，正在進行詳細的軟體整合工作，並正在討論進入市場的策略。我希望這些合作關係很快就能取得成果，並在短期內公佈。

Great, that's helpful. And then last one for me, on the on the satellite business, are there other potential strategic opportunities besides just an outright sale that could help you partially monetize those assets?

太好了，很有幫助。最後一個問題是關於衛星業務，除了直接出售之外，還有其他潛在的策略機會可以幫助您將這些資產部分貨幣化嗎？

We are working and have been for quite some time with a number of potential partners who have expressed an interest in cooperating with us to monetize that satellite technology. It can't be certain that deals will come to fruition, but we are working very hard with a group of organizations that offers some potential for us to generate an elegant outcome for that project.

我們正在與許多潛在合作夥伴合作，並且已經合作了相當長一段時間，他們表示有興趣與我們合作，將衛星技術貨幣化。無法確定交易是否會取得成果，但我們正在與一組組織非常努力地合作，這些組織為我們提供了一些潛力，為該專案帶來了美好的成果。

Great. I appreciate the added color there, guys. Thanks for the time.

偉大的。夥計們，我很欣賞那裡添加的顏色。謝謝你的時間。

Thank you, Scott.

謝謝你，斯科特。

(Operator Instructions) At this time I'm not seeing any further questions.

（操作員說明） 目前我沒有看到任何進一步的問題。

I'll turn the call back over to David Williams for closing remarks. Please go ahead.

我將把電話轉回大衛威廉斯做總結發言。請繼續。

Thank you, operator, and thank you, everyone, for joining the call. We look forward to speaking with our investors and analysts again following the close of our next fiscal half-year results and we are anticipating bringing forward some new investor events in the near term to share deeper information about our progress. Thank you all very much.

謝謝接線員，也謝謝大家加入通話。我們期待在下一財年半年度業績結束後再次與投資者和分析師交談，並預計在短期內舉辦一些新的投資者活動，以分享有關我們進展的更深入資訊。非常感謝大家。

Thank you, ladies, and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

謝謝女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。