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Arqit Quantum Trading Suspended Due to Volatility.
ByAinvest
Friday, Dec 6, 2024 10:51 am ET1min read
Arqit Quantum trading halted due to volatility trading pause. The company reported FY24 revenue of $293,000, a decrease from $640,000 last year. The trading halt aims to stabilize the stock price. Arqit Quantum has secured key contracts and strengthened its board with a new director.
In a recent development, Arqit Quantum Inc. (ARQQ) experienced a trading halt due to heightened volatility in the market. This pause comes amidst the company reporting a decrease in annual revenue and securing key contracts, as well as strengthening its board with a new director [1].As of the six months ended 31 March 2024, Arqit Quantum reported $119,000 in revenue, a decrease from $640,000 in the previous year [4]. Despite this decline, the company has managed to secure nine contract renewals and extensions, representing revenue from small engagements with potential for larger opportunities in the future [4].
The trading halt aims to stabilize the stock price, which has been affected by volatility in the market. Investors can practice and explore trading ARQQ stock methods without risking real money on virtual paper trading platforms [2].
Arqit Quantum's recent financial report also highlighted the company's significant award notification and cost reduction initiative, which is expected to reduce operating costs to $1.8 million per month [4]. The company's cash position at the end of the period stood at $21.3 million [4].
Despite the recent decline in revenue, Arqit Quantum remains optimistic about its future prospects. The company's rebranding of its flagship product from QuantumCloud™ to SKA Platform™ better reflects its offering as a pure software tech stack [4].
Sources:
[1] https://www.nasdaq.com/articles/arqit-quantum-trading-halted-volatility-trading-pause
[2] https://www.webull.com/quote/nasdaq-arqq
[3] https://www.tipranks.com/news/the-fly/arqit-quantum-trading-halted-volatility-trading-pause-4
[4] https://ir.arqit.uk/news-events/press-releases/detail/91/arqit-quantum-inc-announces-financial-and-operational
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