Why Are Arqit Quantum Shares Trading Higher Premarket?

• Quantum encryption technology firm Arqit Quantum Inc (NASDAQ:ARQQ) announced its financial results for the fiscal year ended 30 September.
• Arqit raised $96 million from its September Nasdaq IPO and SPAC merger with Centricus Acquisition Corp. It held $86.9 million in cash and equivalents.
• Arqit reported an adjusted loss before tax of $15.6 million.
• David Williams, Chair and CEO, said: "Our 2021 fiscal year was transformational for Arqit. We launched our business after four years in development, during which time we refined transformational technology that solves the current problems of public-key encryption and the larger near-term threat posed to everyone by the arrival of full-scale quantum computers.
• The Company's listing on NASDAQ in September provided Arqit with sufficient capital to fund our business plan and launch full commercial service following a period of testing and live integration into operational environments since July. Customer billings commenced as expected in the fourth quarter. Over $130m of revenue contracts were announced with a cohort of significant global corporations and governments."
• Price Action: ARQQ shares traded higher by 6.19% at $17.15 in the premarket session on the last check Thursday.