Arqit Quantum Inc.
ARQQ, ARQQW · Services-Prepackaged Software · EDGAR filings ↗
Reference price $21.42 — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
F39Early-stage post-quantum encryption company with collapsing revenue and deeply negative margins, sustained only by periodic capital raises.
Strengths
- Cash of ~$37M (Sept 2025) stated sufficient for ~12 months and current ratio 1.94
- Operating loss narrowed year over year ($36.4M vs $68.0M)
Risks
- Bottom-1% net margin (-186%), operating margin (-84%) and FCF margin; revenue fell 54% (1.5th pct)
- Unproven commercialization, ongoing cash burn and dependence on future capital with ROE -4.6
Notable findings
- No interest coverageInterest coverage -110.72 (cannot cover interest)
- Net lossNet loss (net margin -18628.3%)
- Cash burnNegative free cash flow (-34.1M)
- Revenue declineRevenue -54.2% YoY
- Insider sellingInsider selling — 8 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$371,278, last 6mo) Form 4 ↗
Key metrics
Operating margin
-8426.6%
Net margin
-18628.3%
Return on equity
-461.8%
Return on assets
-204.3%
Revenue growth (QoQ)
-54.2%
Interest coverage
-110.7×
Current ratio
1.9×
Free cash flow
-$34M
Tangible book value
$12M
Cash & investments
$19M
Cash runway
2q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Bers Jennifer | Option exercise | 15K | — |
| 2026-06-22 | Bers Jennifer | Sell | 8.3K | $21.42 |
| 2026-06-05 | Ritchie Garth | Option exercise | 74K | $2.50 |
| 2026-06-03 | Calabria Carlo | Option exercise | 120K | $2.50 |
| 2026-05-07 | Lefebvre d'Ovidio Manfredi | Option exercise | 1.1K | — |
| 2026-05-07 | Ritchie Garth | Option exercise | 1.9K | — |
| 2026-05-06 | Lefebvre d'Ovidio Manfredi | Option exercise | 1.5K | — |
| 2026-05-06 | Calabria Carlo | Option exercise | 1.7K | — |
| 2026-04-20 | Pointon Nicholas | Option exercise | 3.1K | $0.00 |
| 2026-04-20 | Pointon Nicholas | Sell | 435 | $15.87 |
| 2026-04-06 | Leaver Andrew | Sell | 7.6K | $13.51 |
| 2026-04-02 | Pointon Nicholas | Sell | 1.7K | $13.32 |
| 2026-04-02 | Feenan Paul | Sell | 1.6K | $13.32 |
| 2026-04-02 | Ritchie Garth | Sell | 512 | $13.25 |
| 2026-04-02 | Wilder Ben Simon | Sell | 683 | $13.31 |
| 2026-04-02 | Willcocks Patrick | Sell | 1.8K | $13.32 |
| 2026-04-01 | Pointon Nicholas | Option exercise | 824 | — |
| 2026-04-01 | Ritchie Garth | Option exercise | 250 | — |
| 2026-04-01 | Ritchie Garth | Option exercise | 50 | — |
| 2026-04-01 | Ritchie Garth | Option exercise | 250 | — |
| 2026-04-01 | Ritchie Garth | Option exercise | 501 | — |
| 2026-04-01 | Wilder Ben Simon | Option exercise | 833 | — |
| 2026-04-01 | Wilder Ben Simon | Option exercise | 500 | — |
| 2026-04-01 | Willcocks Patrick | Option exercise | 2.1K | — |
| 2026-04-01 | Willcocks Patrick | Option exercise | 116 | — |
| 2026-04-01 | Willcocks Patrick | Option exercise | 448 | — |
| 2026-04-01 | Willcocks Patrick | Option exercise | 916 | — |
| 2026-04-01 | Leaver Andrew | Option exercise | 16K | — |
| 2026-04-01 | Calabria Carlo | Option exercise | 50 | — |
| 2026-04-01 | Calabria Carlo | Option exercise | 250 | — |
| 2026-04-01 | Calabria Carlo | Option exercise | 250 | — |
| 2026-04-01 | Calabria Carlo | Option exercise | 501 | — |
| 2026-04-01 | Feenan Paul | Option exercise | 1.7K | — |
| 2026-04-01 | Feenan Paul | Option exercise | 122 | — |
| 2026-04-01 | Feenan Paul | Option exercise | 966 | — |
| 2026-04-01 | Feenan Paul | Option exercise | 472 | — |
| 2026-04-01 | Lefebvre d'Ovidio Manfredi | Option exercise | 50 | — |
| 2026-04-01 | Lefebvre d'Ovidio Manfredi | Option exercise | 501 | — |
| 2026-04-01 | Lefebvre d'Ovidio Manfredi | Option exercise | 3.6K | — |
| 2026-04-01 | Lefebvre d'Ovidio Manfredi | Option exercise | 250 | — |
| 2026-04-01 | Pointon Nicholas | Option exercise | 403 | — |
| 2026-04-01 | Pointon Nicholas | Option exercise | 2.1K | — |
| 2026-04-01 | Pointon Nicholas | Option exercise | 104 | — |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2025-12-09 | 2025-09-30 | 0001104659-25-119500 ↗ |
| 20-F | 2024-12-05 | 2024-09-30 | 0001558370-24-016028 ↗ |
| 20-F | 2023-11-21 | 2023-09-30 | 0001558370-23-019267 ↗ |
| 20-F | 2022-12-14 | 2022-09-30 | 0001558370-22-018615 ↗ |
| 20-F | 2021-12-16 | 2021-09-30 | 0001104659-21-150276 ↗ |
| 20-F | 2021-09-10 | 2021-09-01 | 0001104659-21-114717 ↗ |