Arqit Quantum Inc (ARQQ) 2026 Q2 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 first half of fiscal year 2026 results, which can be downloaded from the company's website at arqitgroup.com. At the end of company's prepared remarks, it will be a question-and-answer period for selected equity research analysts. Please noted that those selected equity research analyst that would like to ask a question in the Q&A section, will ned to dial-in to the call rather than joining through the webcast link.

在今天的電話會議中，我們將引用今早發布的新聞稿，其中詳述公司 2026 會計年度上半年業績；該新聞稿可於公司網站 arqitgroup.com 下載。在公司預先準備的發言結束後，將進入由部分受邀股票研究分析師參與的問答環節。請注意，獲選且希望在問答環節提問的股票研究分析師，需撥號加入本次電話會議，而非透過網路直播連結加入。

Finally 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 will, could, believe, expect, anticipate and similar expressions are forward-looking statements and are based on assumptions and beliefs as of today.

最後，本次電話會議的錄音將於今日稍晚在公司網站的投資人專區提供。請注意，本次網路直播包含前瞻性陳述。關於公司信念與預期的陳述，若包含例如 will、could、believe、expect、anticipate 等字眼及類似表述，均屬前瞻性陳述，並係基於截至今日的假設與信念。

The company encourages you to review the safe harbor statements, risk factors and other disclaimers contained in today's press release as well as 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.

公司鼓勵各位查閱今日新聞稿中所載的安全港聲明、風險因素及其他免責聲明，以及公司向美國證券交易委員會（SEC）提交的文件；其中列示可能導致實際結果或事件與我們前瞻性陳述所描述者出現重大差異的特定風險因素。

The company does not undertake to publicly update or revise any forward-looking statements after this webcast. And now I'd like to turn the call over to Andy Leaver, the company's Chief Executive Officer. Andy?

公司在本次網路直播後不承擔公開更新或修訂任何前瞻性陳述之義務。現在我想把電話會議交給公司執行長 Andy Leaver。Andy？

Thank you and thank you for joining our first half of fiscal year 2026 earnings call. When we spoke in December, reflecting on fiscal year 2025, I said that 2025 has been a year of momentum in the realization of the need for enhanced cybersecurity to address the coming threat to data security posed by quantum computers at scale.

謝謝，也感謝各位參加我們 2026 會計年度上半年財報電話會議。我們在 12 月談到 2025 會計年度回顧時，我曾表示 2025 年是推動動能的一年，市場逐步認知到需要強化資安，以因應量子電腦規模化後對資料安全所帶來的威脅。

Governments were taking their concerns public, some mandating road maps to enhance cryptographic postures for governmental agencies and encouraging enterprises to take action as well. I noted that from Arqit conversations with governments and enterprises, it was no longer a question of if organizations need to upgrade their cryptographic security posture, but when they will upgrade their posture. What has become clear in the first half of our current fiscal year is that when is becoming now.

各國政府正將其關切公開化，有些甚至要求政府機關制定強化密碼防護態勢的路線圖，並鼓勵企業也採取行動。我指出，從 Arqit 與政府及企業的對話來看，問題已不再是組織是否需要升級其密碼安全態勢，而是何時會升級。在我們本會計年度上半年更清楚的是，「何時」正在變成「現在」。

While that in my view while that is my view based on our deep understanding of the threat, let me cite the view of some leading players in the quantum and security space. Google has been aligned with the U.S. National Institute for Standards and Technology, or NIST, timeline for migration to post-quantum cryptography, which calls for the deprecation, meaning the marking for removal of unsafe cryptography by 2030 and complete disallowance by 2035. On March 23, Google advised that cryptographic systems migrate by 2029.

雖然這是我基於對威脅的深入理解所形成的看法，但讓我引用一些量子與資安領域領先業者的觀點。Google 一直與美國國家標準與技術研究院（NIST）的後量子密碼遷移時程保持一致；該時程要求在 2030 年前淘汰（即標記為移除）不安全的密碼技術，並在 2035 年前全面禁止使用。3 月 23 日，Google 建議密碼系統應於 2029 年前完成遷移。

Google's accelerated timeline was the result of research, which it published that demonstrated quantum computers will be able to break elliptical cur ve cryptography, the kind of cryptography that protects things like crypto wallets with 20x fewer qubits engaged than previously projected. That moves the time frame from 2035 to by 2029. That is a serious migration timeline compression.

Google 加速時程的原因，是其發布的研究顯示：量子電腦在投入的量子位元（qubits）數量僅為先前預估的 1/20 的情況下，即可破解橢圓曲線密碼（elliptical cur ve cryptography），也就是用來保護加密錢包等事物的那類密碼技術。這使得時間框架從 2035 年提前到 2029 年前。這是一次嚴重的遷移時程壓縮。

Also, Cloudflare, on April 7, it pulled forward its advice to migrate by 2029 as well. Cloudflare's revision was based on Google's published research, but also research published by Oratomic on March 30. Oratomic concluded that by leveraging advantage in high-rate quantum error correcting codes, efficient logical instruction sets and circuit design, Shor's algorithm can be executed at cryptographically relevant scales with as few as 10,000 reconfigurable atomic qubits.

此外，Cloudflare 於 4 月 7 日也將其建議提前至 2029 年前完成遷移。Cloudflare 的修訂是基於 Google 已發布的研究，同時也參考了 Oratomic 於 3 月 30 日發布的研究。Oratomic 的結論是：透過在高碼率量子錯誤更正碼、有效的邏輯指令集與電路設計方面的優勢，Shor 演算法可在與密碼學相關的規模下執行，而所需僅約 10,000 個可重新配置的原子量子位元。

That is a shockingly low estimate of the computational resources needed to crack RSA. And finally, IonQ on its May 6 earnings call, CEO, Niccolo de Masi stated, based on our public road map, we expect to achieve the logical qubit count required to challenge RSA 2048 encryption and the 2028 to 2029 window.

這是對破解 RSA 所需計算資源的一個令人震驚地低的估計。最後，IonQ 在其 5 月 6 日的財報電話會議上，執行長 Niccolo de Masi 表示：根據我們公開的路線圖，我們預期在 2028 至 2029 年的時間窗內，達到挑戰 RSA 2048 加密所需的邏輯量子位元數。

If IonQ is correct, migration to a post-quantum security posture by 2029 may be too late. The urgency to migrate to post-quantum cryptography is heightened by two factors.

如果 IonQ 的判斷正確，那麼在 2029 年前才遷移至後量子安全態勢可能已經太晚。遷移至後量子密碼的急迫性，因兩項因素而提高。

Firstly, protecting your existing data against Harvest Now Decrypt Later attacks. Any data that is stolen today, even if protected with current encryption technology is vulnerable to exposure when a quantum computer sets to work on a later date.

第一，保護你現有資料免於「先收割、後解密」（Harvest Now, Decrypt Later）攻擊。任何今天被竊取的資料，即使以現行加密技術保護，仍可能在未來某日量子電腦投入運作時面臨曝光風險。

Any data that is sensitive or has a shelf life should be secured with post-quantum encryption now. Secondly, migrating to post-quantum cryptography involves analysis, planning and execution across the entire data and communication architecture of an organization, which requires time.

任何敏感或具有保存期限的資料，都應立即以後量子加密加以保護。第二，遷移至後量子密碼需要對組織整體資料與通訊架構進行分析、規劃與執行，這需要時間。

If Google, Cloudflare and IonQ are correct, and we think they are, then time is of the essence. Arqit's product set is well positioned to enable an end-to-end migration to a post-quantum cryptographic security posture from assessing the current risk inherent in an organization's network architecture to implementing software-based post-quantum cryptographic solutions, which are compliant with NIST and NSA standards.

如果 Google、Cloudflare 與 IonQ 的判斷正確——而我們也認為確實如此——那麼時間至關重要。Arqit 的產品組合已做好充分準備，可支援端到端遷移至後量子密碼安全態勢：從評估組織網路架構中固有的現行風險，到導入符合 NIST 與 NSA 標準的軟體式後量子密碼解決方案。

Our encryption intelligence risk analysis tool gives organizations complete visibility into all encryption technologies and use across the network, automatically identifying weak points and vulnerabilities, including those susceptible to quantum attacks. This is a critical step in developing our migration strategy.

我們的加密智慧風險分析工具，能讓組織全面掌握網路中所有加密技術及其使用情況，自動辨識薄弱環節與弱點，包括那些易受量子攻擊影響者。這是制定遷移策略的關鍵一步。

Understanding why encryption is in use, where and what it is protecting allows CSOs and CTOs to scope their risk and develop a game plan to upgrade to post quantum cryptography. Our software based post-quantum encryption solutions allow organizations to upgrade now, protecting against Harvest Now, Decrypt Later attacks and when quantum computers arrive at scale. Our solutions are cryptographically agile, which gives CISOs and CTOs flexibility to mix and match PQAs, that's Post-Quantum Algorithms and symmetric key cryptography.

了解為何使用加密、在何處使用，以及其所保護的內容，可讓資安長（CSO）與技術長（CTO）界定風險範圍，並制定升級至後量子密碼的行動計畫。我們的軟體式後量子加密解決方案，讓組織可以立即升級，防範「先收割、後解密」攻擊，並在量子電腦規模化到來時持續受保護。我們的解決方案具備密碼敏捷性（cryptographically agile），使資訊安全長（CISO）與技術長（CTO）能彈性混搭 PQA（即後量子演算法，Post-Quantum Algorithms）與對稱金鑰密碼。

Being software-based and lightweight, our encryption solutions can be flexibly deployed at any level of the network architecture from servers down to small edge devices. No new hardware devices are required, and it can be implemented quickly with completed deployments in as few as a couple of days.

由於採用軟體化且輕量化設計，我們的加密解決方案可在網路架構的任何層級彈性部署，從伺服器一路到小型邊緣裝置皆可。不需要新增任何硬體設備，且可快速導入，最短可在短短數天內完成部署。

So leading industry players are now saying the time for post-quantum cryptography is here, Arqit is saying we have the products to meet that need. Where do we stand in capturing growing market demand for post-quantum migration? We acquired our encryption intelligence product in 2025 and announced commercial rollout in January of this year. We are actively directly marketing the solution to end customers.

因此，產業領先業者現在都在說：後量子密碼的時代已經到來；Arqit 則表示：我們已具備能滿足此需求的產品。那麼，我們在掌握後量子遷移日益成長的市場需求方面，進展如何？我們於 2025 年收購了加密智慧產品，並於今年 1 月宣布商業化推出。我們正積極直接向終端客戶行銷該解決方案。

A marketing campaign targeting approximately 450 organizations in process and engagement to date has been strong. On May 18, Arqit executed its first encryption intelligence contract supporting PQC migration planning. On May 19, Arqit signed its first partnership agreement with a European specialist cybersecurity provider for Arqit's encryption intelligence solution.

針對約 450 家組織的行銷活動，目前流程與互動的成效一直很強勁。5 月 18 日，Arqit 執行了首份支援 PQC 遷移規劃的加密智慧合約。5 月 19 日，Arqit 與一家歐洲專業資安供應商簽署了首份針對 Arqit 加密智慧解決方案的合作夥伴協議。

Feedback about our encryption intelligence product has been favorable and the breadth of prospective customer engagement has been highly encouraging. The product delivers high utility for organizations, giving deep network encryption visibility and risk assessment, a critical first step for CISOs and CTOs on their PQC migration journey.

市場對我們的加密情報產品回饋良好，且潛在客戶參與的廣度令人非常振奮。該產品為組織帶來高度效用，提供深度的網路加密可視性與風險評估，這是 CISO 與 CTO 在其 PQC 遷移旅程中的關鍵第一步。

Based on the pipeline of sales opportunities, we expect additional contract wins during the balance of the fiscal year. Our software-based encryption solutions led by our NetworkSecure product is gaining traction. Sparkle, a Tier 1 Italian network operator, licensed our product to create a Quantum Secure Network as a Service. It is seeing take-up of this offering most notably with the financial institution. This is important for several reasons.

根據銷售機會管線，我們預期在本財政年度剩餘期間將再取得更多合約勝利。以 NetworkSecure 產品為主的我們軟體式加密解決方案正逐步獲得市場動能。義大利一級網路營運商 Sparkle 授權我們的產品，用以打造「量子安全網路即服務」。該服務的採用情況正在增加，尤以金融機構最為顯著。這在多個層面都很重要。

One, it demonstrates the efficacy of our encryption in a real-world use case, securing critical data and communication in transit. Two, it demonstrates the applicability of our cryptographic solutions for the financial service industry, which we believe is a significant market opportunity.

第一，它證明我們的加密在真實世界使用情境中的效能，能保護傳輸中的關鍵資料與通訊。第二，它證明我們的密碼解決方案適用於金融服務產業，而我們認為這是一個重大的市場機會。

And three, and finally take up of Sparkle's Network-as-a-Service offering means consumption of its volume-defined license with Arqit. We wish Sparkle much success and would welcome Sparkle's need to upsize its license.

第三，也是最後一點，Sparkle 的「網路即服務」方案被採用，意味著其與 Arqit 的按用量定義授權將產生用量消耗。我們祝 Sparkle 業務進展順利，也樂見 Sparkle 有需要擴大其授權規模。

And we expect that to be the case as Sparkle just yesterday announced the commercial availability of its Quantum-Safe Interconnect, which is secured by Arqit across 20 Equinix International Business Exchange data centers in Europe, the Americas and Asia, where Equinix managed solutions are offered. Sparkle's Quantum-Safe Internet is now available to enterprises, carriers and hyperscalers seeking quantum-safe protection for their cross-site VPNs, hybrid infrastructures and distributed multi-cloud environments.

我們預期確實會如此，因為 Sparkle 就在昨天宣布其 Quantum-Safe Interconnect 已正式商用上線；該服務由 Arqit 提供安全防護，覆蓋歐洲、美洲與亞洲共 20 座 Equinix International Business Exchange 資料中心，並在這些地點提供 Equinix 託管式解決方案。Sparkle 的 Quantum-Safe Internet 現已提供給企業、電信業者與超大規模雲端業者（hyperscalers），以滿足其對跨站點 VPN、混合式基礎架構與分散式多雲環境之量子安全防護需求。

Sparkle indicated that they expect to expand the offering across the broader Equinix ecosystem. To paraphrase, Joe Crawford, VP of Equinix Managed Services, it is innovative integration of next-generation security directly into the environment where dense ecosystem of customers build and scale their digital infrastructure. This is an exciting development for Sparkle and Arqit.

Sparkle 表示，他們預期將把該服務擴展至更廣泛的 Equinix 生態系。借用 Equinix 託管服務副總裁 Joe Crawford 的說法，這是將下一代安全性直接整合到客戶密集生態系所建置並擴展其數位基礎架構的環境中的創新整合。這對 Sparkle 與 Arqit 而言都是令人振奮的進展。

In regard to other telecom network operators, recently Arqit teamed with Colt Technology to deliver a quantum secure wide area network to help protect A&K Travel Group from the future risk presented by quantum computers, including the threat presented by Harvest Now, Decrypt Later. A&K owns a portfolio of premier travel brands, including Abercrombie & Kent, Crystal and Cox & Kings.

就其他電信網路營運商而言，Arqit 近期與 Colt Technology 合作，提供量子安全廣域網路，以協助保護 A&K Travel Group 免於量子電腦帶來的未來風險，包括「先收集、後解密（Harvest Now, Decrypt Later）」的威脅。A&K 擁有多個頂級旅遊品牌組合，包括 Abercrombie & Kent、Crystal 與 Cox & Kings。

A&K's brands provide travel adventures in more than 100 countries across the world and rely on a secure global network to keep customers, employees and travel partners connected.

A&K 旗下品牌在全球超過 100 個國家提供旅遊探險服務，並仰賴安全的全球網路，讓客戶、員工與旅遊合作夥伴保持連線。

Colt and Arqit will now keep A&K Travel Group customers on the customers' data and communications protected from the quantum threat. Large telecommunications networks are a significant opportunity for our encryption solutions, and we engaged in late-stage dialogue and demonstrations with several, including one in the U.S. However, our encryption solutions are broadly applicable beyond Tier 1 telecommunications networks. The lightweight software nature of our product allows deployment of all layers of a network and almost any device regardless of size or power.

Colt 與 Arqit 現在將協助確保 A&K Travel Group 客戶的資料與通訊免受量子威脅。大型電信網路對我們的加密解決方案而言是重要機會，我們已與多家業者進行後期階段的對話與展示，其中包括一家美國業者。然而，我們的加密解決方案不僅適用於一級電信網路。我們產品的輕量化軟體特性，使其可部署於網路的各個層級，並幾乎可在任何裝置上運行，不受尺寸或功耗限制。

Our solution is also crypto agile in that it can be mixed and matched with other cryptographic modalities, including post-quantum algorithms. The flexibility of our software encryption solutions has been manifested in our activities with defense organizations. Implementations range from a defense contractor securing communications of a government's defense research network to a defense contractor securing tactical control of drone platforms for a European Ministry of Defense from large networks to small devices.

我們的解決方案也具備密碼敏捷性（crypto agile），可與其他密碼機制混搭使用，包括後量子演算法。我們軟體加密解決方案的彈性，已在我們與國防組織的合作活動中展現。其實作範圍從某國防承包商為政府國防研究網路的通訊提供安全防護，到某國防承包商為歐洲某國國防部的無人機平台戰術控制提供安全防護，涵蓋從大型網路到小型裝置。

It takes time to win contracts in the government and defense space. That said, we are making tangible progress. We believe the renewal and upsizing of our largest US defense-related contract is imminent, further establishing a track record which we can build upon. Also on May 1, a partner, which is a leading technology and innovation solution provider to the aerospace and defense industry, renewed and upsized its contract with Arqit by almost 90%.

在政府與國防領域贏得合約需要時間。儘管如此，我們正取得具體進展。我們相信，我們最大的一筆美國國防相關合約即將完成續約並擴大規模，進一步建立可供我們持續累積的實績。此外，在 5 月 1 日，一家合作夥伴（其為航太與國防產業領先的技術與創新解決方案供應商）與 Arqit 續約並將合約規模擴大近 90%。

Together, we bid into contract opportunities to military organizations with a heavy emphasis on Europe. Our opportunity set in the government and defense market is the strongest it has ever been. The breadth of demonstration in bid activity is significant. We expect further progress in this key target market and expect to see further results in the second half of the fiscal year.

我們與其共同投標軍事組織的合約機會，重點聚焦歐洲。我們在政府與國防市場的機會組合，已達到歷來最強。投標活動中的展示範圍相當廣泛。我們預期在這個關鍵目標市場將取得進一步進展，並預期在本財政年度下半年看到更多成果。

We continue to grow our go-to-market partnerships. During the first half of the fiscal year and more recently, we've added three new partnerships to grow our opportunities in the telecommunications market and just this week, signed our first partnership agreement for Arqit's encryption intelligence solution. Specifically, we announced a strategic collaboration with 6WIND to deliver highly scalable quantum-safe encrypted virtual private network or VPN business services.

我們持續擴大我們的市場推進（go-to-market）合作夥伴關係。在本財政年度上半年以及近期，我們新增了三項合作夥伴關係，以擴大我們在電信市場的機會；而就在本週，我們也簽署了 Arqit 加密情報解決方案的首份合作夥伴協議。具體而言，我們宣布與 6WIND 展開策略合作，提供高度可擴展的量子安全加密虛擬私人網路（VPN）商務服務。

6WIND products enable telecom service providers and enterprises to build and manage efficient, scalable, secure and sustainable networks.

6WIND 的產品使電信服務供應商與企業能夠建置並管理高效率、可擴展、安全且永續的網路。

Secondly, a strategic collaboration with RAD to deliver a joint quantum-safe encryption solution for telcos, enabling them to offer quantum-safe business services such as site-to-site and site-to-cloud VPNs as well as data center interconnect or DCI. RAD is a global leader in networking edge solutions.

第二，我們與 RAD 展開策略合作，為電信業者提供聯合的量子安全加密解決方案，使其能提供量子安全的商務服務，例如站點對站點與站點對雲端的 VPN，以及資料中心互連（DCI）。RAD 是網路邊緣解決方案的全球領導者。

Further, Arqit was selected to join the Tomorrow Street portfolio as a scale-up partner, a joint venture between Vodafone Group and Technoport, Luxembourg's national tech incubator, Tomorrow Street's ecosystem brings together innovative young companies and scale technology solutions across Vodafone's global ecosystem. Arqit is the first quantum security company to join the portfolio.

此外，Arqit 獲選加入 Tomorrow Street 投資組合，成為其擴張型（scale-up）合作夥伴；Tomorrow Street 是 Vodafone Group 與盧森堡國家級科技育成器 Technoport 的合資企業，其生態系匯聚創新新創公司，並在 Vodafone 的全球生態系中擴展技術解決方案。Arqit 是首家加入該投資組合的量子安全公司。

And finally, on May 19, Arqit signed a partnership agreement with a European specialist cybersecurity provider for Arqit's encryption intelligence product. Our product will be the cornerstone of strategic PQC migration activities within financial services.

最後，在 5 月 19 日，Arqit 與一家歐洲專業資安供應商簽署合作夥伴協議，用於 Arqit 的加密情報產品。我們的產品將成為金融服務領域策略性 PQC 遷移活動的基石。

Go-to-market partnerships drive product awareness and are an important source for lead and bid generation. They are a force multiplier for Arqit. We expect to see revenue opportunities come through these partnerships. From my vantage point, the important vectors for success are converging. Those vectors are market need, the right products and customer traction.

市場推進合作夥伴關係能提升產品能見度，並且是商機線索與投標機會產生的重要來源。它們是 Arqit 的力量倍增器。我們預期將透過這些合作夥伴關係看到營收機會。以我的觀點來看，成功的關鍵向量正在匯聚。這些向量包括市場需求、正確的產品，以及客戶採用動能。

The need to migrate to a post-quantum cryptographic security posture has significantly increased with rapid advancement in quantum computing.

隨著量子運算快速進展，遷移至後量子密碼（post-quantum）安全態勢的需求已顯著增加。

Leading industry players are now sounding the alarm. We are no longer the modest voice raising awareness, big industry voices are in full cry. We have the right products to enable CISOs and CTOs to understand their current cryptographic security posture and upgrade quantum-safe encryption. We are seeing product take-up in our key markets of telecommunications and government and defense.

產業領先者如今正敲響警鐘。我們不再是那個溫和地提高認知的聲音，產業巨頭的聲量已全面高漲。我們擁有合適的產品，協助 CISO 與 CTO 了解其目前的密碼安全態勢，並升級至量子安全加密。我們正看到在電信以及政府與國防等關鍵市場的產品採用增加。

Circling back to my remarks from our fiscal year-end 2025 earnings call, the key message was that the momentum was building in the market and for the company in 2025. The first half of fiscal year 2026 has seen a continuation and amplification of momentum. We're excited about the building demand for post-quantum cryptography, and we believe in the products and solutions which we offer. With continued focus and hard work, I expect our up and to the right momentum to continue. With that, let me turn the call over to Nick Pointon.

回到我們在 2025 會計年度年終財報電話會議上的發言，關鍵訊息是：2025 年市場與公司都正在累積動能。2026 會計年度上半年，我們看到這股動能延續並進一步放大。我們對後量子密碼學日益增長的需求感到振奮，也對我們所提供的產品與解決方案充滿信心。在持續專注與努力之下，我預期我們「一路向上」的動能將會延續。接下來，我把電話交給 Nick Pointon。

Thank you, Andy. For the first half of fiscal year 2026, Arqit generated $623,000 in revenue as compared to $67,000 in revenue for the similar period in fiscal year 2025. The variance between periods resulted from revenue under a contract with the customer in the Middle East that commenced late in the first half of fiscal year 2025 and revenue under 11 contracts in the period versus 6 in the first half of fiscal year 2025.

謝謝你，Andy。在 2026 會計年度上半年，Arqit 產生營收 62.3 萬美元，相較於 2025 會計年度同期營收 6.7 萬美元。兩期間差異主要來自：與中東客戶的一份合約（於 2025 會計年度上半年後期開始）所認列的營收，以及本期來自 11 份合約的營收（相較 2025 會計年度上半年為 6 份）。

Revenue for the period represents the second consecutive reporting period of growth. With a small dataset, it gives credence to Andy's comments when we reported in fiscal year 2025 results that our revenue had troughed as of March 2025 and our expectation is for growth going forward.

本期營收代表連續第二個報告期間的成長。雖然資料樣本仍小，但這也印證了 Andy 在我們公布 2025 會計年度業績時的評論：截至 2025 年 3 月，我們的營收已觸底，並預期未來將持續成長。

As I noted, we executed under 11 contracts in the period. For comparison, we executed under seven for fiscal year 2025. 2 of the 11 contracts have or are expected to imminently renew and be upsized. 3 of our 11 contracts were in the telecom sector and 8 for government, defense and enterprise organizations.

如我所提到的，我們在本期執行了 11 份合約。作為比較，我們在 2025 會計年度執行了 7 份。11 份合約中有 2 份已續約或預期將在近期續約並擴大規模。

Our administrative expenses equates to operating costs for those more familiar with US GAAP. Administrative expenses for the first half of fiscal year 2026 rose from $20.2 million for the six months ended March 31, 2025, to $33.9 million for the six months ended March 31, 2026.

我們的行政費用，對於較熟悉美國通用會計準則（US GAAP）的人而言，相當於營運成本。2026 會計年度上半年行政費用，從截至 2025 年 3 月 31 日止六個月的 2,020 萬美元，上升至截至 2026 年 3 月 31 日止六個月的 3,390 萬美元。

The variance between periods resulted from an increase in employee-related costs and share-based compensation stemming from a higher head count during the period partially offset by a decrease in property costs as a result of the termination of Arqit's previous office lease arrangements and a decrease in foreign exchange expenses.

兩期間差異主要來自員工相關成本與股份基礎給付費用增加（源於本期人員編制較高）；部分被不動產成本下降所抵銷（因終止 Arqit 先前的辦公室租賃安排），以及外匯費用下降。

Administrative expenses for the period includes a $12.7 million noncash charge associated with share-based compensation versus $872,000 charge for the comparable period in 2025. Operating loss for the period was $33.7 million versus a loss of $20 million for the first half of fiscal year 2025.

本期行政費用包含與股份基礎給付相關的 1,270 萬美元非現金費用，相較之下，2025 年同期為 87.2 萬美元。本期營業虧損為 3,370 萬美元，而 2025 會計年度上半年虧損為 2,000 萬美元。

The variance in operating loss between periods primarily reflects higher revenue more than offset by an increase in administrative expenses for the period. For the period, loss before tax from continuing operations was $33.1 million. For the first half of fiscal year 2025, loss before tax from continuing operations was $19.5 million. The variance between periods is primarily due to increased administrative expenses and lower finance income.

兩期間營業虧損差異主要反映：雖然營收較高，但被本期行政費用增加所抵銷且超過。本期持續營業單位稅前虧損為 3,310 萬美元。2025 會計年度上半年持續營業單位稅前虧損為 1,950 萬美元。兩期間差異主要由行政費用增加以及財務收益降低所致。

As of a 31 March, the company had cash and cash equivalents of $28.9 million. However, our cash balance as of May 20 was $35.9 million. In addition, there are in-the-money warrants outstanding with an exercise expiration of September 2026, which we expect will exercise and provide approximately $13.5 million of additional liquidity to the company.

截至 3 月 31 日，公司持有現金及約當現金 2,890 萬美元。然而，截至 5 月 20 日，我們的現金餘額為 3,590 萬美元。此外，尚有處於價內（in-the-money）的認股權證未行使，其行使期限至 2026 年 9 月；我們預期將被行使，並為公司提供約 1,350 萬美元的額外流動性。

On a personal note, this is my last earnings call with Arqit, as I will be stepping down as CFO at the end of the month. It has been my pleasure working with the Arqit team for the past five years and building the business, which I believe has a bright future.

就我個人而言，這將是我在 Arqit 的最後一次財報電話會議，因為我將於本月底卸任財務長（CFO）。過去五年能與 Arqit 團隊共事並打造這項業務，是我的榮幸；我相信公司前景光明。

Rob Russell will be stepping into the CFO role. Rob is a seasoned finance executive with deep expertise spanning investment banking, private equity and SaaS scale-ups and more recently served as Chief Financial and Operating Officer at Virtualstock where he played a central role in the company's successful exit in 2025.

Rob Russell 將接任財務長一職。Rob 是一位資深財務主管，具備橫跨投資銀行、私募股權與 SaaS 規模化成長等領域的深厚專業；近期他擔任 Virtualstock 的財務與營運長（Chief Financial and Operating Officer），並在公司於 2025 年成功退出（exit）中扮演核心角色。

Rob began full time as CFO on May 1, following two months working part time to ensure continuity ahead of assuming the CFO role. I'm confident that this measured transition leads the company's financial stewardship in excellent hands.

Rob 已於 5 月 1 日起全職擔任財務長；在正式接任前，他先以兼職方式工作兩個月，以確保交接的連續性。我相信這樣審慎的過渡安排，能讓公司的財務治理交由非常可靠的團隊掌舵。

With that, I will hand the call back to Andy.

接下來，我把電話交回給 Andy。

Thank you, Nick. On behalf of the company and Board, I would like to thank you for your service. You've been instrumental in building the infrastructure which every company needs to operate and succeed. It's largely the behind-the-scenes work, which is critical and efficient to creating a successful organization. We wish you well in your future endeavors.

謝謝你，Nick。我謹代表公司與董事會，感謝你所做的貢獻。你在建立每家公司營運與成功所需的基礎架構方面，發揮了關鍵作用。這些多半是幕後工作，但對打造成功的組織而言既關鍵又高效率。祝福你未來一切順利。

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

再次感謝。現在我把電話交回給接線員，進行問答環節。

(Operator Instructions)

（接線員指示）

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Hey, gentlemen, congrats on all the momentum. Maybe start off here with the one for Andy. I'd just be curious for your thoughts on the sense of urgency around kind of Q-Day and just relating that to the slowness that it seems that we've seen in the adoption currently? Any thoughts would be helpful.

嗨，各位先生，恭喜動能持續增強。也許先從 Andy 的問題開始。我想請教你對於所謂 Q-Day 的緊迫感有何看法，以及這與目前看起來採用進度偏慢之間的關聯？任何想法都很有幫助。

Yes. Thanks, Troy, and thanks for joining the call. Appreciate the question. So I think as I mentioned in my opening comments, we are seeing obviously some of the very big players in the market, so notably Google, Cloudflare are all pulling forward their predictions of cryptographically-relevant Quantum Computers becoming available.

是的。謝謝你，Troy，也謝謝你加入這通電話會議。感謝你的提問。我想如同我在開場所提到的，我們確實看到市場上一些非常大型的參與者——尤其是 Google、Cloudflare——都在把「具備密碼學相關能力的量子電腦」可用時間點的預測往前調。

And Likewise, at the same time, we've seen the estimates of the number of qubits required to break Shor's algorithm is coming down also at the same time. Hence, the revision of those timelines coming forward, I think what's really interesting is today, which literally has happened just before our earnings call is, we've seen people like the Wall Street Journal and others reporting that the US government is taking an active interest in investment into quantum companies.

同時，我們也看到：要用 Shor 演算法破解所需的量子位元（qubits）數量估計也在下降。因此，相關時間表被修正並提前。我認為更有意思的是，就在今天——真的就在我們財報電話會議開始前——我們看到《華爾街日報》等媒體報導，美國政府正積極關注並投入對量子公司的投資。

If rumors are to be believed, it's kind of in the region of $2 billion. To me, I see that as are we now looking at Quantum Computing being almost like national infrastructure and the strategic importance of that. And at the same time, aligning that with the needs for organizations, be they defense, public sector or commercial to actually be ready for the long talked about Q-Day, which looks like it's getting closer and closer.

如果傳聞屬實，規模大約在 20 億美元左右。對我而言，這代表我們是否正把量子運算視為近似國家基礎建設，以及其戰略重要性。同時，也要把這點與各類組織（無論是國防、公共部門或商業）為長期被討論的 Q-Day 做好準備的需求對齊；而 Q-Day 看起來正越來越近。

I believe now, and you'll see from our encryption intelligence tool, we now have the ability to quantify where are your weaknesses, what are the threats and what do you need to do urgently to really remedy some of that, but also lay out a timeline to move to a full Quantum Secure landscape in an organization.

我現在相信——你也會從我們的加密情報工具中看到——我們已具備量化能力：你的弱點在哪裡、威脅是什麼，以及你需要緊急採取哪些行動來真正補強其中一部分；同時也能規劃一條時間路線，協助組織邁向完整的量子安全（Quantum Secure）環境。

I think right now, I liken it a little bit to the original build-out of the Internet. So you're seeing a lot of the infrastructure providers. So we just talked about people like Equinix, infrastructure provider, telcos, which provide the cabling. The ground-up security, Quantum Security of infrastructure is happening. And at the same time, defense regulated industries and also IP-rich industries are also leaning into this thinking that they need to get going.

我認為就目前而言，我把它有點類比為網際網路最初的建置擴張。所以你會看到很多基礎設施供應商。所以我們剛才談到像 Equinix 這類的基礎設施供應商、提供佈線的電信業者。從地基往上做的安全性、也就是基礎設施的量子安全正在發生。同時，受國防監管的產業以及 IP 資產豐富的產業也正投入其中，認為他們需要開始行動。

So as I said in my comments, I feel I really feel like last year was the year of Quantum, this is year of Quantum Security. It actually just feel like the year of Quantum Security.

所以如同我在評論中所說，我覺得、我真的覺得去年是量子的一年，而今年是量子安全的一年。它確實就像是量子安全的一年。

Yes, interesting. I agree with you on the sense of urgency and it just feels like we need to have an inflection at some point, right, for all these governments and telcos and corporations are going to get kind of quantum ready. But what are your thoughts on like the milestones or the catalysts that we need to walk through investors in the near term here?

是的，很有意思。我同意你對緊迫感的看法，感覺我們在某個時間點必須出現一個拐點，對吧，因為這些政府、電信業者和企業都會需要某種程度上做好量子準備。但你對於近期我們需要帶投資人走過的里程碑或催化劑，有什麼想法？

Can you just repeat the last bit? I missed the very last bit of the question.

你可以把最後那一段再重複一次嗎？我漏聽了問題最後那一小段。

Yes. The milestones that we need to kind of watch to really see when this catalyst, when this inflection is going to come in near term. I mean I'm assuming it's just the technical milestones that continue to happen from the quantum companies, but your thoughts on kind of the next catalyst for you guys.

好的。就是我們需要關注哪些里程碑，才能真正看出這個催化劑、這個拐點在近期何時會出現。我的意思是，我猜應該就是量子公司持續達成的技術里程碑，但也想聽聽你們對下一個催化劑的看法。

Yes. I think just to comment on the quantum availability side. I don't believe that there's going to be a day where somebody says, Hey, we've broken, using Shor's algorithm, we've broken existing encryption. That could be any time in the next two years according to what Cloudflare and Google are talking about or kind of in that time frame.

是的。我想先就量子可用性這一面做個評論。我不認為會有某一天有人說：嘿，我們用 Shor 演算法破解了現有的加密。根據 Cloudflare 和 Google 的說法，這可能在未來兩年內的任何時間發生，或大致在那個時間範圍內。

I think for us, it's this recognition. I think a lot of people thought for a while, hey, this is this is like just moving to a new form of encryption and hey, we just kind of move on. You think about the previous way that we're securing things with certificate, it was built for a different age. It was built for a very different level of compute power, memory, storage, et cetera.

我認為對我們而言，關鍵在於這種認知。我想很多人一度以為，嘿，這就只是換成一種新的加密形式，然後我們就繼續往前走。你想想我們過去用憑證來保護事物的方式，那是為不同的年代打造的。它是為非常不同等級的運算能力、記憶體、儲存等條件所設計的。

And I don't think people quite understand that it's a bigger job, especially with the amount of data that's machine generated now. So that's why we made a thing talking there about all the way from center to the edge. You think about how many edge devices there are now, which are producing masses of data. I think for us, when we use encryption intelligence to say, where do you start and how do you ensure that you are safe on the perimeter working into the core and then how do you allow to plan to make sure you can migrate the whole organization.

而我不認為大家完全理解這其實是一項更大的工程，尤其是在如今機器生成資料量這麼大的情況下。所以我們才會提到從中心到邊緣的整個範圍。你想想現在有多少邊緣裝置，正在產生海量資料。我認為對我們而言，當我們用加密情報來判斷：你從哪裡開始、如何確保你在邊界是安全的並逐步往核心推進，以及如何制定計畫以確保你能遷移整個組織。

I'm not sat here now saying, is my local supermarket worried about being quantum safe. They will be eventually, but I think that urgency is definitely, like I said, in the more defense, public sector, infrastructure providers. Those are the ones that are feeling it today and feeling kind of the need to get on top of that.

我現在不會坐在這裡說：我家附近的超市是否在擔心量子安全。他們終究會擔心，但我認為那種緊迫感確實如我所說，主要在國防、公部門、基礎設施供應商等領域。這些是今天就感受到壓力、也感受到需要把這件事掌握住的族群。

All right. Makes sense. And then one other question or it's probably a multipoint question. Just on finances here. So the warrants that you just talked about, $13 million you raise, just what's the share count that's going to come with that?

好。有道理。然後還有一個問題，或可能是多點式的問題。關於財務方面。你剛提到的那些認股權證，你們募得了 1,300 萬美元，那會對應帶來多少股數？

Are there other warrants outstanding, excuse me? And can you just talk about your cash position and the cash burn would be awesome.

另外還有其他未行使的認股權證嗎，不好意思？也請談談你們的現金部位以及現金消耗情況，那就太好了。

Well, let me turn to Nick first to start that question, and I'm sure Rob got some thoughts on that as well.

好，我先請 Nick 回答這個問題的開頭，我相信 Rob 也會有一些想法。

So I think I'll just hand over the cash part of that answer to Rob while we look at the warrants.

我想我先把關於現金的那部分回答交給 Rob，同時我們來看一下認股權證。

Great. Thanks, Nick, and thanks for the question, Troy. So as Nick said earlier, we closed the half year with $29 million of cash in the bank. Today, we have in excess of $35 million that translates to more than 14 months of runway and then add on top of that, the $13.5 million worth of warrants, which you've mentioned that heavily in the money, and they expire in September, so before the fiscal year-end.

很好。謝謝你，Nick，也謝謝你的提問，Troy。如 Nick 先前所說，我們在上半年結束時，銀行帳上現金為 2,900 萬美元。截至今天，我們的現金超過 3,500 萬美元，這相當於超過 14 個月的資金跑道；此外再加上你提到的 1,350 萬美元認股權證，其目前深度價內，且於 9 月到期，也就是在財政年度結束之前。

So what does all of that translate to, we feel very comfortable with our cash position. We believe it gives us more than enough cash to meet our commercial objectives, especially in a market that we believe is moving towards us for the reasons that Andy has outlined.

那這一切代表什麼？我們對自身的現金部位感到非常安心。我們相信這能提供我們綽綽有餘的現金來達成商業目標，尤其是在我們認為市場正因 Andy 所概述的原因而朝向我們移動的情況下。

Just real quick.

我很快補充一下。

I wish I missed the warrants. Yeah. Yeah. Thank you.

我剛剛好像漏聽了認股權證的部分。對。對。謝謝。

Sorry, Just jump in. So the on the the warrants that expired in September '26, that equates to 5.4 million shares according to the table.

抱歉，我插一句。所以，於 2026 年 9 月到期的那些認股權證，根據表格換算相當於 540 萬股。

Okay, Any other outstanding warrants?

好的，還有其他未到期的認股權證嗎？

There are other outstanding warrants. I think these are covered in the 20-F in some detail, and expire over the next 2 further years. The last one is expiring in September '28.

還有其他未到期的認股權證。我想這些在 20-F 裡有相當詳細的說明，並會在接下來另外兩年內到期。最後一批將於 2028 年 9 月到期。

Okay, all right, good luck guys.

好的，好，祝你們好運，各位。

Thanks, Roy.

謝謝，Roy。

(Operator Instructions) And this does conclude the question-and-answer session of today's program. I'd like to hand the program back to Andy Leaver for any further remarks.

(接線員指示) 今天節目的問答環節到此結束。我想把節目交回給 Andy Leaver，請他做進一步的結語。

Hey, than you, Jonathan. And again, thank you, everybody, on the call for joining us today, or if you're listening on replay. We look forward to speaking with you again following the close of our 2026 fiscal year. Thank you.

嘿，謝謝你，Jonathan。再次感謝今天參與電話會議的各位，或是正在收聽重播的各位。我們期待在 2026 財政年度結束後再次與各位交流。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝各位女士、先生參與今天的電話會議。本節目到此結束。您現在可以掛線。祝您有美好的一天。