Arqit Quantum Inc (ARQQ) 2025 Q4 法說會逐字稿

On today's call, we will be referencing to the press release issued this morning that details the company's full fiscal year 2025 results, which can be downloaded from the company's website at arquakegroup.com. At the end of the company's prepared remarks, there'll be a question-and-answer period for selected equity research analysts. Please note that those selected equity research analysts that would like to ask a question in the Q&A session will need to dial into the call rather than joining through the webcast link. Finally, a recording of the call will be available on the investors section of the company's website later today.

在今天的電話會議上，我們將提及今天上午發布的新聞稿，其中詳細介紹了公司2025財年的完整業績，該新聞稿可從公司網站arquakegroup.com下載。在公司發言結束後，將安排問答環節，供部分股票研究分析師提問。請注意，希望在問答環節提問的指定股票研究分析師需要撥打電話接入會議，而不是透過網路直播連結加入。最後，電話會議的錄音將於今天晚些時候在公司網站的投資者關係部分提供。

Please note that this webcast includes forward-looking statements about the company's beliefs and expectations concerning words such as may, well, could, believe, expect, anticipate, and similar expressions are forward-looking statements and are based on assumptions and beliefs as of today.

請注意，本次網路直播包含有關公司信念和預期的前瞻性陳述，其中涉及「可能」、「良好」、「可以」、「相信」、「預期」、「預期」等詞語及類似表達，這些均為前瞻性陳述，並基於截至今日的假設和信念。

The company encourages you to review the safe harbor statements, risk factors, and other disclaimers contained in today's press release, as well in the company's filings with the Securities and Exchange Commission, which identifies specific risk factors that may cause actual results or events to differ materially from those described in our forward-looking statements. The company does not undertake to publicly update or revise any forward-looking statements after this webcast.

本公司鼓勵您仔細閱讀今天新聞稿中的安全港聲明、風險因素和其他免責聲明，以及公司向美國證券交易委員會提交的文件，其中列出了可能導致實際結果或事件與我們前瞻性聲明中描述的結果或事件存在重大差異的具體風險因素。本公司不承諾在本次網路直播後公開更新或修改任何前瞻性聲明。

And now I'd like to turn the call over to Andy Lever, the company's Chief Executive Officer. Andy.

現在我想把電話交給公司執行長安迪·利弗。安迪。

Thank you, and thank you for joining our fiscal year 2025 earnings call. From my vantage point, fiscal 2025 was a year of building momentum. The issue which Arqit's products and services addressed, specifically the current weaknesses in encryption, And the future threat posed by quantum computers moved up the risk register of enterprises and governments around the world. It was a year of building momentum for the company as well. Momentum in prospective customer engagements across our key markets, momentum in revenue, and momentum in contracted backlog coming into fiscal year 2026.

謝謝，也謝謝各位參加我們2025財年業績電話會議。在我看來，2025 財年是積蓄力量的一年。Arqit 的產品和服務所解決的問題，特別是加密技術的當前弱點，以及量子電腦帶來的未來威脅，已經提升了世界各地企業和政府的風險評估等級。對公司而言，這也是累積發展動能的一年。進入 2026 財年，我們在主要市場中潛在客戶互動勢頭強勁，營收成長勢頭強勁，已簽約訂單積壓量也保持強勁增長。

Fiscal year 2025 was also a year of broadening our product and service footprint. Our acquisition of Arqit's encryption intelligence product and risk advisory services broadens our engagement with current and prospective customers to address the migration journey to a post-quantum cryptographic posture from beginning to end. Innovative collaborations with Intel and Sparkle broaden our product solution sets to include confidential computing, which is an exciting emerging market opportunity, and quantum secure communications across the optical transport layer.

2025 財年也是我們擴大產品和服務覆蓋範圍的一年。我們收購 Arqit 的加密智慧產品和風險諮詢服務，擴大了我們與現有客戶和潛在客戶的合作範圍，以幫助他們從頭到尾應對向後量子加密狀態的遷移之旅。與英特爾和 Sparkle 的創新合作擴展了我們的產品解決方案集，使其包含機密運算（這是一個令人興奮的新興市場機會）以及跨光傳輸層的量子安全通訊。

Finally, the year was marked by further building upon past successes, specifically replicating past successes in the telecom network sector and defense sectors with additional contract wins. The need for enhanced cryptography is ever increasing, particularly with each new announcement of advances in quantum computing capability. Organisations are increasingly aware of the need to address the issue. We've seen a change in the market from awareness of the issue to action to address. The level of action is uneven across and within market segments.

最後，這一年以在過去成功的基礎上繼續發展為標誌，尤其是在電信網路領域和國防領域，透過贏得更多合同，複製了過去的成功。隨著量子運算能力的不斷進步，對增強型密碼技術的需求也日益增長。各組織越來越意識到解決這個問題的必要性。我們已經看到市場從意識到這個問題轉變為採取行動來解決它。不同市場區隔領域之間以及同一市場區隔領域內的行動力度都不均衡。

However, it is no longer a question of if organizations need to upgrade their cryptographic posture, but when they will upgrade their posture. Arqit recently was invited to present to a leading US securities industry regulatory organization about the rise of quantum computing and the threat it poses to cybersecurity for the financial industry. One of the most interesting questions posed was, what can we as a regulatory body do to support and encourage a transition to post quantum security? From Arqit's perspective, the invitation to present and the question asked demonstrated the increasing urgency which is being felt across key market sectors to move to a post-quantum encryption posture.

然而，現在的問題不再是組織是否需要升級其加密策略，而是它們何時升級其加密策略。Arqit 最近受邀向美國一家領先的證券業監管機構介紹量子運算的興起及其對金融業網路安全的威脅。其中一個最有趣的問題是，作為一個監管機構，我們能做些什麼來支持和鼓勵向後量子安全過渡？從 Arqit 的角度來看，受邀進行演講以及提出的問題表明，各個主要市場領域越來越迫切地需要轉向後量子加密狀態。

Many governments, security agencies and regulatory bodies across the globe are mandating or encouraging the migration to post-quantum cryptography. Some are even imposing deadlines. Top-down pressure plus increased awareness of the issue at the CTO or CISO level within organizations is driving increased action to address the issue.

全球許多政府、安全機構和監管機構都在強製或鼓勵向後量子密碼學過渡。有些人甚至設定了最後期限。自上而下的壓力，加上組織內部首席技術官或首席資訊安全官層面對該問題的認識不斷提高，正在推動採取更多行動來解決該問題。

As a result of this market trend, after it's marketing programs and announced successes, we have seen increased activity with prospective customers. The first step with prospective customers is a demonstration and test engagement. In the first three months of this fiscal year, we've already signed 12 demonstration and test engagements. The pace of engagements is running well ahead of fiscal 2025. We believe this is the best barometer of building market migration towards a post-quantum cybersecurity preparedness. And it signals increasing awareness of Arqit's symmetric key agreement encryption platform as a compelling solution.

由於這一市場趨勢，在進行行銷活動並宣布取得成功後，我們看到潛在客戶的活動增加。與潛在客戶的第一步是進行演示和測試互動。在本財政年度的前三個月，我們已經簽署了 12 項示範和測試項目。專案進度遠超 2025 財年的預期。我們認為這是衡量市場向後量子時代網路安全準備轉型的最佳晴雨表。這表明人們越來越意識到 Arqit 的對稱密鑰協商加密平台是一個極具吸引力的解決方案。

We have a proven solution to address the weaknesses of today's encryption and the threat posed by quantum computers. However, we recognize that as an organization that wants to migrate to a post quantum encryption posture needs to understand its current cryptographic landscape, its risk exposure, before it can take steps to upgrade its encryption architecture. We lacked an important capability, namely risk advisory tools to help organizations take the first important step to understand its risk. In May, we acquired Arqit's product portfolio, IP and innovations team specializing in encryption risk advisory and AI analytics. [Arqit] encryption intelligence risk analysis tools, which we acquired, give organizations complete visibility into all encryption technologies in use across the network, automatically identifying weak points and vulnerabilities, including those susceptible to quantum attacks.

我們擁有成熟的解決方案，可以解決當前加密技術的弱點以及量子電腦帶來的威脅。然而，我們認識到，想要遷移到後量子加密狀態的組織需要了解其當前的加密環境和風險敞口，然後才能採取措施升級其加密架構。我們缺乏一項重要的能力，即風險諮詢工具，以幫助組織踏出了解自身風險的第一步。今年五月，我們收購了Arqit的產品組合、智慧財產權以及專注於加密風險諮詢和人工智慧分析的創新團隊。我們收購的[Arqit]加密智慧風險分析工具，能夠讓企業全面了解網路中所有正在使用的加密技術，自動識別弱點和漏洞，包括易受量子攻擊的漏洞。

The encryption intelligence risk analysis tools offer CISOs and CTOs an on-ramp for their post-quantum migration. They cannot cannot address issues which they cannot see. Encryption intelligence shines a light on the problem. While a revenue opportunity in and of itself, encryption intelligence is also a sales lead generator for our symmetric key encryption solutions.

加密智慧風險分析工具為資訊安全長 (CISO) 和技術長 (CTO) 提供了後量子時代遷移的途徑。他們無法解決他們看不到的問題。加密情報揭露了這個問題。加密情報本身就是一個獲利機會，同時也是我們的對稱金鑰加密解決方案的銷售線索產生器。

Our encryption intelligence product combined with Arqit's quantum encryption technology delivers a comprehensive proposition to identify and mitigate cyber risk exposure from both current and future quantum threats. Arqit can help organizations detect, protect, and comply. What I mean by that is, firstly, we can help organizations detect their cryptographic risk exposure through the use of encryption intelligence.

我們的加密智慧產品與 Arqit 的量子加密技術相結合，提供了一個全面的解決方案，可以識別和減輕當前和未來量子威脅帶來的網路風險。Arqit可以幫助組織偵測、保護和合規性。我的意思是，首先，我們可以利用加密情報來幫助組織偵測其加密風險敞口。

Secondly, we can help organizations enhance and protect their networks and IT infrastructure through use of our Quantum Safe symmetric key agreement encryption solutions. And thirdly, organizations can migrate to a post-quantum encryption posture that is compliant with cybersecurity guidance from leading governmental agencies and trade groups, as our encryption intelligence tools map against leading security agency recommendations, and our encryption solutions meet all such recommendations. Including the National Security Agency's commercial solutions for classified symmetric key management requirements.

其次，我們可以透過使用我們的 Quantum Safe 對稱金鑰來協商加密解決方案，幫助組織增強和保護其網路和 IT 基礎架構。第三，組織可以遷移到符合領先政府機構和行業協會網路安全指南的後量子加密狀態，因為我們的加密智慧工具與領先安全機構的建議相對應，而我們的加密解決方案滿足所有這些建議。其中包括美國國家安全局針對機密對稱金鑰管理需求提供的商業解決方案。

While a concise marketing phrase, detect, protect and comply, captures the essence of what we do and the value proposition which we offer customers, adding encryption intelligence to our portfolio is an important broadening of our offering to assist clients in their end to end migrations.

雖然「偵測、保護和合規」這句簡潔的行銷口號概括了我們工作的本質以及我們為客戶提供的價值主張，但將加密智慧添加到我們的產品組合中，是對我們產品的重要擴展，可以幫助客戶完成端到端遷移。

Another important point to add, broadening of our product portfolio was the announcement of our collaboration with Intel to bring symmetric key cryptography into the trusted domain created by Intel's TDX enclave. What that means to the less technically inclined is workloads in our, AR can move between on-premise and cloud environments which are secure and confidential, hence it is called confidential computing. The security of workloads in process and transit is of vital importance to CTOs and CISOs. Confidential computing is increasing in importance. It is an element of the rise in market focus on trust and data sovereignty. Trust and sovereignty are the words we hear regularly in our engagements with existing and prospective customers.

另一點需要補充的是，我們擴大了產品組合，並宣布與英特爾合作，將對稱金鑰加密引入英特爾 TDX 安全區域創建的可信任域。對於不太懂技術的人來說，這意味著我們的 AR 工作負載可以在安全保密的本地和雲端環境之間移動，因此稱為保密運算。對於首席技術長和首席資訊安全長來說，處理和傳輸中的工作負載的安全性至關重要。保密計算的重要性日益凸顯。這是市場日益關注信任和數據主權的體現。信任和主權是我們與現有客戶和潛在客戶溝通時經常聽到的字詞。

Data sovereignty is the concept that data is subject to the laws of the country or region where it was generated. It's an issue which is complicated by the continued movement of data and workloads to the cloud, which are often transnational. This is a particularly important issue in the European Union. Recent materials announced by Deutsche Telekom, British Telecom and Orange focus on their sovereign cloud or network architecture initiatives. Arqit's collaborative solution with Intel and its Intel TDX has significant applicability to the trust and sovereignty issues confronted by organizations seeking to comply with data sovereignty laws.

資料主權是指資料應受其產生所在國家或地區的法律管轄的概念。隨著資料和工作負載不斷向雲端遷移，這個問題變得更加複雜，因為這些資料和工作負載通常是跨國的。這在歐盟是一個特別重要的議題。德國電信、英國電信和 Orange 最近發布的資料重點介紹了他們的自主雲端或網路架構計劃。Arqit 與英特爾及其 Intel TDX 的合作解決方案，對於尋求遵守資料主權法律的組織所面臨的信任和主權問題具有重要的適用性。

We expect to have additional announcements about offerings and go to market strategies targeted at the confidential computing and data sovereignty market in this fiscal year. Arqit believes this market represents meaningful opportunity for the company, and we have a strong partner in Intel with whom to attack it.

我們預計在本財年內將發布更多關於針對機密運算和資料主權市場的產品和服務以及市場推廣策略的公告。Arqit 認為這個市場對公司而言有著重要的發展機遇，而我們還有英特爾這樣強大的合作夥伴可以共同開拓這個市場。

While we have broadened our product offering with encryption intelligence and our activities with Intel, we remain focused on building on our recent successes, specifically in the telecom and government and defense markets. In the telecom market, we signed a three-year contract with Sparkle, a tier one network operator, enabling it to offer a quantum secure network as a service. Building upon our relationship, we just recently announced in partnership with Sparkle that it had demonstrated embedding Arqit's encryption technology directly into the optical transport layer, validating that sensitive data could be secured at the physical network layer without compromising performance. This demonstration opens the door for additional quantum secure product offerings for network end users.

雖然我們透過加密智慧和與英特爾的合作拓展了產品範圍，但我們仍然專注於鞏固我們最近的成功，尤其是在電信、政府和國防市場。在電信市場，我們與一級網路營運商 Sparkle 簽署了一份為期三年的合同，使其能夠提供量子安全網路即服務。基於我們之間的關係，我們最近與 Sparkle 合作宣布，已成功將 Arqit 的加密技術直接嵌入到光傳輸層中，驗證了在不影響效能的情況下，敏感資料可以在實體網路層得到保護。此次演示為面向網路終端用戶提供更多量子安全產品打開了大門。

In addition to activities with Sparkle, Arqit signed additional license agreements or contracts with RSG Telecom and its affiliate Fabric Networks. Our engagement with prospective large telecom network operators is strong. We expect to replicate our success with Sparkle, RSG and Fabric with other network operators, as we have the blueprint which should shorten implementation times for prospective customers.

除了與 Sparkle 開展合作外，Arqit 還與 RSG Telecom 及其附屬公司 Fabric Networks 簽署了額外的授權協議或合約。我們與潛在的大型電信網路營運商的溝通非常順暢。我們希望將我們在 Sparkle、RSG 和 Fabric 方面的成功經驗複製到其他網路營運商身上，因為我們擁有可以縮短潛在客戶實施時間的藍圖。

Likewise, in defense, whether militaries or defense contractors, we are built upon our recent success. Our previously announced initial Department of War contract in partnership with a large IT vendor has been a validating event. Since the announcement, we've signed several additional defense-related contracts, including one for integration into unmanned battlefield assets. There is significant opportunity in the defense market. We've undertaken multiple demonstration and test engagements, usually as part of a solution set with partners, with US and foreign military organizations and defense contractors. While sales cycles in defense can be slower than other markets, we believe that this market will represent a large percentage of our revenue over time. In that regard, we've increased and realigned our US operations and personnel to drive our efforts to capture more of this market, whether US military, national security or government.

同樣，在國防領域，無論是軍隊還是國防承包商，我們都建立在近期的成功之上。我們先前宣布與一家大型IT供應商合作獲得的美國戰爭部首份合同，已經證明了我們的實力。自宣布以來，我們又簽署了幾份與國防相關的合同，其中包括一份將技術整合到無人戰場資產中的合約。國防市場蘊藏著巨大的機會。我們進行了多次演示和測試活動，通常是作為與合作夥伴、美國和外國軍事組織以及國防承包商共同提供的解決方案的一部分。雖然國防領域的銷售週期可能比其他市場慢，但我們相信，隨著時間的推移，該市場將占我們收入的很大一部分。在這方面，我們增加了美國業務和人員，並進行了調整，以推動我們努力佔領更多美國市場，無論是美國軍方、國家安全部門或政府部門。

So circling back to my introduction, we are experiencing the market momentum to take action to address the weaknesses in today's encryption and the threat of quantum computers. Prospective customer engagements are accelerating. We broadened our product offering to provide a comprehensive solution to detect, protect, and comply. We also broadened our product offering to be a first mover in quantum secure, confidential computing and data sovereignty.

回到我最初的介紹，我們正在經歷市場動能，以採取行動解決當今加密技術的弱點和量子電腦的威脅。潛在客戶互動正在加速進行。我們擴大了產品範圍，以提供全面的解決方案，用於檢測、保護和合規。我們也擴大了產品範圍，成為量子安全、保密計算和資料主權領域的先驅。

And finally, deepen our success in key network, operator, and defense markets. Our efforts are beginning to come through in our results, which Nick will talk about in a moment. I will say we believe that fiscal 2025 represents a trough year from a revenue perspective. The company grew revenue materially in the second half of the year as compared to the first half. We ended the fiscal year with executed contracts that represent $1.2 million in revenue that could be recognized in fiscal year 2026. We expect to build upon that foundation through. 2026.

最後，進一步鞏固我們在關鍵網路、營運商和國防市場的成功。我們的努力開始在結果中得到體現，尼克稍後會談到這一點。我認為，從收入角度來看，2025 財年將是公司的低谷年。與上半年相比，該公司下半年的營收實現了顯著成長。本財年結束時，我們已簽署合同，這些合約代表著 120 萬美元的收入，可以在 2026 財年確認。我們希望在此基礎上繼續發展。2026年。

As momentum in the marketplace for quantitate solutions grow, so is our conviction. Organisations are starting the migration journey. We can assist in the assessment of risk exposure, and we offer a provably secure symmetric key encryption solution. We like our position in the marketplace to capture the demand we are building. We are excited about our prospects for 2026.

隨著市場對定量解決方案的需求不斷增長，我們的信心也日益增強。各組織正開始遷移之旅。我們可以協助評估風險敞口，並提供可證明安全的對稱金鑰加密解決方案。我們希望利用自身在市場上的地位來滿足我們正在創造的需求。我們對2026年的前景感到興奮。

Thank you, and with that, I will turn it over to our CFO Nick Pointon.

謝謝，接下來我將把發言權交給我們的財務長尼克·波因頓。

Thank you, Andy.

謝謝你，安迪。

For the fiscal year 2025, ATIT generated $530,000 in revenue as compared to $293,000 in revenue for fiscal year 2024. The variance between periods resulted primarily from the commencement in March of our previously announced multi-year contract with a customer in the Middle East.

2025 財年，ATIT 的收入為 530,000 美元，而 2024 財年的收入為 293,000 美元。各時期之間的差異主要是由於我們先前宣布的與中東客戶簽訂的多年期合約於 3 月開始生效。

In 2025, we generated revenue from seven licenses for our SKA platform and network secure solutions and professional services. This compares to 13 licenses for fiscal year 2024. While our revenue for the fiscal year is modest, our full year result does not represent the does represent a material improvement from the prior year and a material sequential improvement from the first half of fiscal year 2025 to the end of the period. Recall, our first half of 2025 revenue was $67,000 while the second half of the year saw a revenue accelerate to $463,000.

2025 年，我們透過 SKA 平台和網路安全解決方案及專業服務的七項許可證獲得了收入。相較之下，2024 財政年度發放了 13 張許可證。雖然本財年的收入並不高，但我們的全年業績並不代表…，而是代表著與上一年相比的實質改善，以及與 2025 財年上半年到期末相比的實質環比改善。回顧一下，我們 2025 年上半年的收入為 67,000 美元，而下半年的營收加速成長至 463,000 美元。

The acceleration in second half revenue benefited from, amongst other factors, commencement of revenue generation from our multi-year contract in the Middle East, which, as previously reported, had been delayed. It also reflects commencement of our multi-year contract with Sparkle. In keeping with Andy's theme of momentum, we previously reported that we ended fiscal year 2025 with $1.2 million of contractual revenue, which may be recognized in fiscal year 2026.

下半年收入加速成長得益於諸多因素，其中包括我們在中東簽訂的多年期合約開始產生收入，而此前報道稱，該合約的產生已被推遲。這也標誌著我們與 Sparkle 簽訂的多年合約正式生效。為了配合安迪關於發展勢頭的主題，我們之前曾報道，我們在 2025 財年結束時獲得了 120 萬美元的合約收入，這可能會在 2026 財年確認。

While we are still speaking in modest nominal dollar terms, the trajectory of our prospective customer discussions, licensing activity, and now revenue is all moving in a positive direction. Revenue from the Arqit SKA platform as a service and Arqit Network secure products totaled $476,000. Professional services and maintenance revenue in support of contract activity was $54,000 for the period. For fiscal year 2024, Arqit SKA platform as a service and Arqit Network Secure contracts revenue totaled $191,000 and professional services and maintenance in support of contract activity was $102,000. Our administrative expenses equate to operating costs for those more familiar with the US GAAP. Administrative expenses for fiscal year 2025 were $34.7 million versus $25.4 million for fiscal year 2024.

雖然我們目前仍以適度的名義美元金額來衡量，但我們與潛在客戶的洽談、許可活動以及現在的收入都朝著積極的方向發展。Arqit SKA 平台即服務和 Arqit Network 安全產品的收入總計為 476,000 美元。該期間，為支援合約活動而提供的專業服務和維護收入為 54,000 美元。2024 財年，Arqit SKA 平台即服務和 Arqit Network Secure 合約收入總計 191,000 美元，支援合約活動的專業服務和維護收入為 102,000 美元。對於熟悉美國通用會計準則的人來說，我們的行政費用相當於營運成本。2025 財年的行政費用為 3,470 萬美元，而 2024 財年為 2,540 萬美元。

The variance between periods was primarily due to a reduction in foreign exchange gain resulting from strengthening of the British pound against the US dollar. Employee and property costs saw material reductions year over year. Arqit's headcount as of September 30, 2025 was 91 employees, as compared to 82 as of September 30, 2024. Administrative expense for the period includes a $5.6 million non-cash credit associated with share-based compensation versus a restated $0.6 million non-cash charge for fiscal year 2024.

各時期之間的差異主要是因為英鎊對美元走強導致外匯收益減少所致。員工成本和物業成本較去年同期大幅下降。截至 2025 年 9 月 30 日，Arqit 的員工人數為 91 人，而截至 2024 年 9 月 30 日，員工人數為 82 人。該期間的管理費用包括與股份支付相關的 560 萬美元非現金收益，而 2024 財年經重述的非現金支出為 60 萬美元。

Operating loss for the period was $38.5 million versus a loss of $26.9 million for fiscal year 2024. The variance in operating loss between periods is primarily an increase in administrative expenses and recognition of an exceptional item for the outstanding class action lawsuit in the period. We previously announced that an agreement in principle has been reached regarding a settlement of the lawsuit. For the fiscal year, lost before tax from continuing operations was $36.5 million. For fiscal year 2024, loss before tax from continuing operations was $37.4 million. The variance between periods is primarily due to an improvement in county translation differences. As of September 30, 2025, the company had cash and cash equivalents of $36.9 million.

本期營業虧損為 3,850 萬美元，而 2024 財年虧損為 2,690 萬美元。各期間經營虧損的差異主要是由於管理費用增加以及確認了該期間未決集體訴訟的特殊項目。我們先前宣布，已就訴訟和解達成原則協議。本財政年度，持續經營業務稅前虧損為 3,650 萬美元。2024 財年，持續經營業務稅前虧損為 3,740 萬美元。不同時期之間的差異主要是由於縣級翻譯差異的改善所致。截至 2025 年 9 月 30 日，該公司擁有現金及現金等價物 3,690 萬美元。

With that, I turned the call back to Andy.

說完，我把電話轉回給了安迪。

Thank you, Nick.

謝謝你，尼克。

A final thought. Nick perhaps said it best when he noted that the trajectory of key measures, prospective customer engagement, signed contracts, revenue, backlog, are all moving in a positive direction. From my perspective, that is a function of the market beginning to take serious action towards migrating to a oppo. Quantum encryption posture. It's also a function of recognition that Arqit symmetric key Agreement encryption platform offers a proven solution today. We're very excited about the market for our products in fiscal 2026. The hard work of the entire Archit team is beginning to bear fruit. We expect to build upon the momentum that we experienced in 2025.

最後一點想法。尼克或許說得最好，他指出，關鍵指標（潛在客戶參與、已簽署合約、收入、積壓訂單）的軌跡都在朝著正面的方向發展。在我看來，這是市場開始認真採取行動，向OPPO品牌遷移的體現。量子加密姿態。這也反映了人們認識到 Arqit 對稱金鑰協商加密平台如今已提供了一種行之有效的解決方案。我們對2026財年的產品市場前景感到非常興奮。Archit團隊全體成員的辛勤付出開始結出果實。我們期望在2025年取得的良好勢頭基礎上繼續發展。

Thank you again. I'll hand the call back over to the operator for Q&A.

再次感謝。我將把電話轉回給接線生進行問答。

Thank you. (Operator Instruction)

謝謝。（操作說明）

Scott Buck, HC Wainwright and Company.

Scott Buck，HC Wainwright and Company。

Hi, good afternoon guys thanks for taking my questions. Andy I'm curious, is there or was there a particular catalyst, that's helping drive the the higher level of demonstrations and activity here in the last couple of months, either something external or or maybe some change in the selling process.

大家好，下午好，感謝各位回答我的問題。安迪，我很好奇，最近幾個月來，是否有某種特定的催化劑推動了這裡更高水平的演示和活動？是外部因素，還是銷售流程中的一些變化？

Hey Scott, good question, thank you. So, I kind of look, when I kind of laid out where we're seeing business, I would say kind of thematically, what you're seeing is the news flow on quantum and the advances in quantum this year -- this, calendar year 2025 have been huge, and I think when you see, some of the larger players like, sorry, like, IBM and Google, when they talk about their hybrid computers and achieving quantum supremacy, and then you also see, some of the smaller, pure players, which we see a lot by the way.

嘿，斯科特，問得好，謝謝。所以，當我梳理我們目前所看到的商業趨勢時，我會說，從主題上看，你看到的是關於量子計算的新聞以及今年（2025 年）量子計算領域的進展——這非常巨大。我認為，當你看到一些大型企業，例如 IBM 和 Google，談論他們的混合電腦和實現量子霸權時，你也會看到一些規模較小的純粹量子運算企業，順便說一句，我們經常看到這些企業。

I think their advances have got gotten people to say, hey, we can see now that quantum is moving very quick and we're still actually in the EUR quantum, so that's the first thing that they're seeing, I would say thematically. I think also then what what we're also seeing is you'll see specifically within the telecom sector is a larger awareness because of, I talked about in my notes earlier that. In some cases governments, in other cases, regulatory bodies.

我認為他們的進展讓人們意識到，嘿，我們現在可以看到量子計算發展得非常迅速，而我們實際上仍然處於歐元量子計算階段，所以這是他們首先看到的，我認為這是主題上的。我認為，我們也可以看到，尤其是在電信業，人們的意識正在不斷提高，因為我之前在筆記中提到過這一點。有些情況是政府，有些情況下是監管機構。

Saying to people, this needs to be on your risk register and this is something you need to look at, and I think that's driving a lot of organizations, starting with Telco to say, hey, we need to have a position on this and we need to understand the potential impact and how we can mitigate against that impact. So on one side, it's hugely exciting about quantum arriving in the way that it is because it's a force for good, we all know the benefits of quantum, but in a bad actor's hands now.

告訴人們，這需要列入你們的風險登記冊，這是你們需要關注的事情，我認為這正在促使許多組織，尤其是電信公司，開始意識到，我們需要對此表明立場，我們需要了解潛在的影響以及我們如何減輕這種影響。一方面，量子技術以現在的方式出現令人非常興奮，因為它是一種向善的力量，我們都知道量子技術的好處，但另一方面，它現在卻落入了壞人手中。

People are starting to be aware of what the consequences of that, of that are. I will just leave you with one other thing as well. I think it's very well publicized now, the threat of what, what's being called harvest now decrypt later, which is, people having their information hacked and stolen today to be decrypted later when quantum computing becomes in, available in a more meaningful way. If that information has a shelf life or has any sort of validity going into the future, then it puts that organization at risk. And I think people are saying, hey, we need to guard against that now rather than wait for more and more evidence in terms of the availability of quantum computers. Hopefully that helps.

人們開始意識到這樣做的後果是什麼。最後，我還要補充一點。我認為現在這種威脅已經廣為人知，這種威脅被稱為“先收集後解密”，也就是說，人們的信息今天被黑客攻擊和竊取，然後在量子計算以更有意義的方式普及後再進行解密。如果這些資訊有保質期或在未來具有任何有效性，那麼就會為該組織帶來風險。我認為人們會說，嘿，我們現在就需要防範這種情況，而不是等待量子電腦普及帶來的更多證據。希望這能有所幫助。

No, that's -- very helpful. It sounds like the market is -- coming to you guys rather than you having to change, any of your kind of internal selling procedures to -- grab more attention, which is great. I also wanted to ask about encryption intelligence.

不，那——非常有用。聽起來市場正在主動找上門來，而不是你們需要改變任何內部銷售流程來吸引更多關注，這真是太好了。我還想問一下加密情報方面的問題。

What is the sales cycle look like there versus the the legacy product I would imagine it's it's you know significantly shorter and and maybe a driver of revenue here in the near term.

與傳統產品相比，該產品的銷售週期會是什麼樣的呢？我想應該會短得多，而且可能在短期內成為收入成長的驅動因素。

Yeah, hey, I, we're really pleased with, the acquisition we made, of encryption intelligence. For us, this is something that that ability to, one, in a sales cycle, show an organization their cryptographic landscape and show where they have potential weaknesses and potential.

是的，嘿，我們對此次收購的加密情報領域非常滿意。對我們來說，這意味著在銷售週期中，能夠向組織展示他們的加密環境，並指出他們潛在的弱點和潛力所在。

Problems in their network, but also identify that against existing, regulatory body guidance, but right behind that is we obviously want organizations to use this as an ongoing tool as well to keep themselves safe against, any new attacks, so. We're seeing, starting particularly with telco operators, then leaning into this and saying, hey, this is something that we'd like to use on an ongoing basis. So we're in discussion now with a number of telco operators, not just to do an initial check on their network, but also that on an ongoing basis for them to -- use the tool.

他們的網路存在問題，同時也指出這與現有的監管機構指導方針不符，但緊隨其後的是，我們顯然希望各組織也能將其作為持續的工具，以保護自身免受任何新的攻擊。我們看到，尤其是電信業者，開始重視這項技術，並表示，嘿，這是我們想要持續使用的技術。所以我們現在正在與一些電信業者進行討論，不僅是為了對他們的網路進行初步檢查，也是為了讓他們持續使用該工具。

I like the fact now that we can be very specific about what the threat is and be, very deterministic about, what we can do to help them mitigate against that, potential attack and vulnerability. I think, this year, as I said, being the EUR quantum, we just have a lot more inbound on that side as opposed to before where we were talking about in the market. The market feels like a lot, it's a lot more educated now and he's coming to us.

我很高興現在我們可以非常具體地確定威脅是什麼，並非常確定我們可以做些什麼來幫助他們減輕潛在的攻擊和漏洞。我認為，正如我所說，今年歐元區的資金流入比之前市場上的流入要多得多。市場感覺很大，現在的市場更成熟，他正在向我們走來。

Yes, that makes sense. I'm curious, Andy, are there additional kind of bolt on or tuck in opportunities similar to that asset purchase you made back in May that might make sense to, I don't know, either bring in some additional revenue or expand, the potential customer footprint?

是的，這很有道理。安迪，我很好奇，除了你五月收購的那項資產之外，是否還有其他類似的附加或整合機會，比如說，可以帶來一些額外的收入或擴大潛在客戶群？

Yeah, that's a really good question, and I talked about what we're seeing particularly with, data sovereignty and confidential compute, and I think those two areas are really coming to the fore now, particularly as you think about. A lot of organizations are now thinking about, in that kind of detect, protect, comply, where is my data going, how do I need to think about complying against local regulation, and then how do I protect it?

是的，這是一個很好的問題，我談到了我們目前看到的，特別是資料主權和機密計算方面的問題，我認為這兩個領域現在真的越來越受到重視，尤其是在你思考的時候。現在很多組織都在思考，在偵測、保護、合規的過程中，我的資料會流向哪裡，我該如何考慮遵守當地法規，以及我該如何保護它？

So anyone that sits on the periphery of. Really de detect, protect, comply around, data sovereignty and confidential compute would be great tuck-ins for us. I think anything around particular tech components of that would be interesting. And we've looked at a few different areas already in terms of people that are delivering components of it but are obviously missing the deep intellectual property that we have around the quantum safe part of it as well. So absolutely, we've been looking in the market.

所以任何處於邊緣地位的人。真正做到檢測、保護、遵守相關規定、資料主權和機密運算對我們來說將是很好的補充。我認為任何圍繞特定技術組件的研究都會很有趣。我們已經考察了一些不同的領域，包括那些提供相關組件的人員，但顯然他們也缺乏我們在量子安全部分所擁有的深厚智慧財產權。當然，我們一直在市場上尋找機會。

Great. And then if I can squeeze one more in, and this is probably for Nick, curious, should we anticipate any change in OE for fiscal 26, or can you support, the anticipated growth in the business with this kind of current level of OpEx spend?

偉大的。如果我能再擠出一個時間問你，這可能是問 Nick 的，我很好奇，我們是否應該預期 2026 財年的營運支出會有任何變化，或者在目前的營運支出水平下，你能否支持業務的預期增長？

Yes, so, our, we are, our plan is very much to maintain the cost control that we -- benefited from in FY24, and to keep at the sorry, '25 and to keep the same level in FY26, so $2.5 million per month is our is our sort of target, maximum cash spend per month, and that we anticipating ahead and we believe we can deliver the year ahead within those constraints.

是的，所以，我們的計劃是保持我們在 2024 財年所受益的成本控制，並保持在 2025 財年，在 2026 財年保持同樣的水平，因此每月 250 萬美元是我們的目標，也就是每月最高現金支出，我們預計未來一年我們能夠做到這一點，並且我們相信我們可以在這些限制條件下實現目標。

Perfect well I appreciate the added color, guys.

太好了，我很喜歡這些新增的色彩。

Thank you for the time.

感謝您抽出時間。

Thank you, Scott.

謝謝你，斯科特。

Thank you One moment for our next question.

謝謝。請稍等片刻，我們下一個問題。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Hey gentlemen, congrats on all the great progress here. Maybe Andy, for you to start with, can we just touch on competition? It seems like 6-12 months ago there was really nobody, the traditional security vendors talking about post quantum security, and, now I hear them upgrading their algorithms and whatnot. So curious, is that just mainly software-based competition or just curious if you could touch on the competitive dynamics.

各位先生，祝賀你們取得的巨大進展。安迪，或許我們可以先從你開始，談談競爭問題？似乎在 6-12 個月前，幾乎沒有人，也就是傳統的安全廠商，在談論後量子安全，現在我聽到他們在升級他們的演算法等等。我很好奇，這主要只是基於軟體的競爭，還是您也能談談競爭動態？

Yeah, sure, I mean, I think to, in line with what we're seeing in interest and activity within the market, of course there's going to be people that are going to look at this as something that they want to lean into as well. So we absolutely see a few a few different competing ideas in terms of how people view this and how they want to deliver it.

是的，當然，我的意思是，我認為，根據我們目前在市場上看到的興趣和活躍度，肯定會有人把這看作是他們想要投入其中的事情。所以，我們確實看到了一些不同的、相互競爭的想法，這些想法關乎人們如何看待這件事以及他們希望如何實現它。

I, just to kind of shine the spotlight back on us for a second, we've been at this for over five years, we've got 25 patents, we spend a lot of money deeply thinking about this problem and believe that we've got something very unique and. Just to kind of quote a phrase, the gold standard was always symmetric key agreements which have been used for a long time by governments, military, federal defense, etc. Because that's what they trust and having a pure software solution that allows you to model that without hardware, without having to think about distributing keys, and also the fact that it's not mathematical, anything that mathematical, obviously a quantum computer eats up very easily. We believe that we've got something that's very light, very flexible, goes all the way to the edge of a network and extends itself into those kind of data sovereignty and also, trusted domain conversations that we've been having.

我想稍微把焦點重新集中到我們身上，我們已經從事這項工作五年多了，我們擁有 25 項專利，我們投入了大量資金深入思考這個問題，並且相信我們擁有非常獨特的東西。簡單來說，黃金標準一直是對稱金鑰協議，政府、軍隊、聯邦國防部等機構長期以來一直使用這種協議。因為他們信任這種協議，而純軟體解決方案無需硬體即可模擬這種協議，無需考慮密鑰分發，而且它不涉及數學運算——任何涉及數學運算的東西，顯然都會被量子電腦輕鬆處理。我們相信我們擁有非常輕巧、非常靈活的產品，可以延伸到網路邊緣，並擴展到我們一直在進行的關於資料主權和可信任域的對話中。

So, hey, I, I'm sure there are people that will come along with slightly different views, we just want to make sure that we make it as frictionless and easy as possible in what we're doing and that's what we'll just keep building on.

所以，嘿，我確信會有人持有略有不同的觀點，我們只是想確保我們所做的一切盡可能地順暢便捷，而這正是我們將繼續努力的方向。

Perfect. Great answer. And then, Andy, also for you, just if you look at the success lately, it seems like it's been telco and government. I'm curious, can you just talk about the corporate side? Seems like this is something financial organizations and a variety of different kind of corporate American companies should be looking at.

完美的。回答得很好。還有，安迪，對你來說，如果你看看最近的成功案例，似乎都是電信公司和政府部門的成功。我很好奇，您能只談談公司方面的工作嗎？這似乎是金融機構和各種不同類型的美國企業都應該關注的問題。

Yeah, hey, that's a really good question, Troy, and we, so it, I kind of feel like it's building a bit like the OSI stack if people know what that is, kind of, from the physical level upwards as I talked about optical transport layers and things like that. The very basics are, hey, let's protect the actual fundamentals of how things are connected together. And I feel like now we're getting into the kind of more operational layers, I feel like anybody that that is regulated, is critical infrastructure, is heavy in intellectual property, of people that are starting to talk to us and.

是的，嘿，Troy，這真是個好問題。我覺得它有點像 OSI 堆疊，如果人們知道它是什麼的話，就像我剛才談到的光傳輸層之類的東西一樣，從物理層面向上建構。最基本的原則是，我們要保護事物之間連結的根本要素。我覺得現在我們正在進入一個更偏向營運層面的領域，我覺得任何受監管的、關鍵基礎設施的、涉及大量智慧財產權的，那些開始和我們交談的人。

I mentioned that we'd done a briefing to a regulatory body in my prepared remarks and, you can see that now they're building their guidance saying, hey, this is obviously a threat to, regulated, financial industries. They're the ones we're talking to at the moment, so we're seeing the people that are actually operating some of the infrastructure are thinking about how to protect that and also to protect against bad actors. And then anybody that's doing anything that's rich in IP that they've got long development cycles, so you could think about farmers, life sciences, chemicals companies, they're the people that want to protect their IP as well because obviously if there's a harvest now decrypt later, that's got a long shelf life because they're years into development of that.

我在準備好的演講稿中提到，我們已經向監管機構做了簡報，你們可以看到，他們現在正在製定指導方針，指出這顯然對受監管的金融業構成了威脅。我們目前正在與他們進行溝通，因此我們看到，實際運作部分基礎設施的人員正在思考如何保護這些基礎設施，以及如何防範不良行為者。此外，任何從事知識產權豐富且研發週期較長的行業，例如農民、生命科學、化學公司等，都希望保護自己的智慧財產權，因為很明顯，如果現在收穫，以後再解密，那麼這項技術就有很長的保質期，因為他們已經為此投入了多年的研發。

So those are the industries we're -- seeing coming along next and, starting to have conversations with them. The secure compute really leans into financial services as well, obviously being a regulated industry, so we see those kind of going hand in glove really. Hopefully that makes sense.

所以，這些就是我們接下來要關注的產業，我們將開始與他們展開對話。安全運算也確實與金融服務密切相關，因為金融服務顯然是一個受監管的行業，所以我們看到這兩者確實密不可分。希望我解釋清楚了。

Perfect.

完美的。

Thank you, Andy, Nick, keep up the good work, guys.

謝謝安迪和尼克，夥計們，繼續加油！

Thank you so much.

太感謝了。

Thank you. And there are no more questions in the queue, I would like to turn the call back over to Andy for closing remarks. Please go ahead.

謝謝。現在隊列中沒有其他問題了，我想把電話交還給安迪，讓他做總結發言。請繼續。

Thank you, and again, everybody, thank you for joining us today. We look forward to speaking with you again, following the close of our 2026 1st half results. We really appreciate your interest in the company, thank you again for your attendance.

謝謝大家，再次感謝各位今天蒞臨。我們期待在公佈 2026 年上半年業績後再次與您交流。我們非常感謝您對本公司的關注，再次感謝您的蒞臨。

Thank you ladies and gentlemen. This concludes today's conference.

謝謝各位女士、先生。今天的會議到此結束。

Thank you for your participation. You may now disconnect. Speakers, please stand by for your debrief.

感謝您的參與。您現在可以斷開連線了。各位發言人，請稍候片刻，我們將進行報告。