Document and Entity Information
Document and Entity Information | 6 Months Ended |
Mar. 31, 2024 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Arqit Quantum Inc. |
Entity Central Index Key | 0001859690 |
Document Type | 6-K |
Document Period End Date | Mar. 31, 2024 |
Amendment Flag | false |
Current Fiscal Year End Date | --09-30 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Consolidated Statement of Comprehensive Income | ||
Revenue | $ 119 | $ 19 |
Administrative expenses | (16,757) | (25,383) |
Operating loss | (16,638) | (25,364) |
Change in fair value of warrants | (1) | 12,910 |
Finance costs | (140) | (169) |
Finance income | 674 | |
Loss before tax | (16,105) | (12,623) |
Loss from continuing operations | (16,105) | (12,623) |
Discontinued operation | ||
Loss from discontinued operation, net of tax | (31,567) | (9,213) |
Loss for the period | (47,672) | (21,836) |
Items that may be reclassified to profit or loss | ||
Currency translation differences | (2,848) | (2,503) |
Total comprehensive loss for the year attributable to equity holders | (50,520) | (24,339) |
Total comprehensive loss for the year attributable to equity holders arises from: | ||
Continuing operations | (18,953) | (15,126) |
Discontinued operations | (31,567) | (9,213) |
Total comprehensive loss for the year attributable to equity holders | $ (50,520) | $ (24,339) |
Earnings per ordinary share from continuing operations attributable to equity holders | ||
Basic earnings per share, continuing operations | $ (0.09926) | $ (0.10064) |
Diluted earnings per share, continuing operations | (0.09926) | (0.10064) |
Earnings per ordinary share for the loss attributable to equity holders | ||
Basic earnings per share | (0.29383) | (0.17409) |
Diluted earnings per share | $ (0.29383) | $ (0.17409) |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Financial Position - USD ($) | Mar. 31, 2024 | Sep. 30, 2023 |
Non-current assets | ||
Property, plant and equipment | $ 1,530,000 | $ 1,963,000 |
Right of use asset | 5,428,000 | 6,141,000 |
Intangible assets | 3,738,000 | 3,414,000 |
Fixed asset investments | 32,000 | 30,000 |
Trade and other receivables | 1,952,000 | 1,888,000 |
Total non-current assets | 12,680,000 | 13,436,000 |
Current assets | ||
Trade and other receivables | 7,796,000 | 3,217,000 |
Cash and cash equivalents | 21,328,000 | 44,455,000 |
Assets classified as held for sale | 0 | 38,677,000 |
Total current assets | 29,124,000 | 86,349,000 |
Total assets | 41,804,000 | 99,785,000 |
Current liabilities | ||
Trade and other payables | 14,745,000 | 18,831,000 |
Lease liabilities | 2,436,000 | 2,118,000 |
Liabilities classified as held for sale | 0 | 5,869,000 |
Total current liabilities | 17,181,000 | 26,818,000 |
Non-current liabilities | ||
Trade and other payables | 4,041,000 | 24,000 |
Lease liabilities | 5,243,000 | 6,284,000 |
Warrants liability | 8,000 | 6,000 |
Total non-current liabilities | 9,292,000 | 6,314,000 |
Total liabilities | 26,473,000 | 33,132,000 |
Net assets | 15,331,000 | 66,653,000 |
EQUITY | ||
Share capital | 16,631 | 16,355 |
Share premium | 137,021,000 | 137,021,000 |
Other reserves | 166,804,000 | 166,804,000 |
Foreign currency translation reserve | (1,058,000) | 1,790,000 |
Share-based payment reserve | 37,752,000 | 38,555,000 |
Retained earnings | (325,205,000) | (277,533,000) |
Total Equity | $ 15,331,000 | $ 66,653,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Share Capital | Share premium | Other Reserves | Foreign currency translation | Share option reserve | Retained Earnings | Total |
Balance at beginning of period at Sep. 30, 2022 | $ 12 | $ 92,306 | $ 166,804 | $ 3,357 | $ 23,216 | $ (207,139) | $ 78,556 |
Loss for the period | (21,836) | (21,836) | |||||
Other comprehensive income | (2,503) | (2,503) | |||||
Total comprehensive loss for the year attributable to equity holders | (2,503) | (21,836) | (24,339) | ||||
Issuance of ordinary shares | 1 | 16,889 | 16,890 | ||||
Transactions with owners in their capacity as owners: | |||||||
Share option charge (credit) | 9,056 | 9,056 | |||||
Balance at end of period at Mar. 31, 2023 | 13 | 109,195 | 166,804 | 854 | 32,272 | (228,975) | 80,163 |
Balance at beginning of period at Sep. 30, 2023 | 16 | 137,021 | 166,804 | 1,790 | 38,555 | (277,533) | 66,653 |
Loss for the period | (47,672) | (47,672) | |||||
Other comprehensive income | (2,848) | (2,848) | |||||
Total comprehensive loss for the year attributable to equity holders | (2,848) | (47,672) | (50,520) | ||||
Issuance of ordinary shares | 1 | 1 | |||||
Transactions with owners in their capacity as owners: | |||||||
Share option charge (credit) | (803) | (803) | |||||
Balance at end of period at Mar. 31, 2024 | $ 17 | $ 137,021 | $ 166,804 | $ (1,058) | $ 37,752 | $ (325,205) | $ 15,331 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Cash used in operations | $ (22,655) | $ (9,356) |
Net cash used in operating activities | (22,655) | (9,356) |
Cash flows from investing activities | ||
Interest received | 674 | |
Capital expenditure on property, plant and equipment | (6) | (207) |
Capital expenditure on intangibles | (1,068) | (16,930) |
Net cash used in investing activities | (400) | (17,137) |
Cash flows from financing activities | ||
Proceeds from issue of shares, net of issue costs | 19,788 | |
Payments of lease liabilities | (284) | (558) |
Payments of interest portion of lease liabilities | (37) | (99) |
Proceeds from government grants | 416 | 508 |
Net cash generated from financing activities | 95 | 19,639 |
Net decrease in cash and cash equivalents | (22,960) | (6,854) |
Cash and cash equivalents at beginning of period | 44,455 | 48,966 |
Foreign exchange on cash and cash equivalents | (167) | (608) |
Cash and cash equivalents at end of period | $ 21,328 | $ 41,504 |
General information and signifi
General information and significant accounting policies | 6 Months Ended |
Mar. 31, 2024 | |
General information and significant accounting policies | |
General information and significant accounting policies | 1. General information and significant accounting policies General information Arqit Quantum Inc. (the “Company”) is a Cayman Islands exempted limited liability company with registered number 374857. The address of its registered office and its principal place of trading is c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. These condensed consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The principal activity of the Group is provision of cybersecurity services. Basis of preparation These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, including IAS 34 ‘Interim Financial Reporting’. They do not include all of the information required in annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended September 30, 2023. The report of the auditors on those financial statements was unqualified. The comparative balance sheet figures for the year ended September 30, 2023, were derived from the audited consolidated financial statements. The unaudited condensed consolidated financial statements have been presented in United States Dollars “USD” which is also the Group’s functional currency. All values are rounded to the nearest units (USD '000), except when otherwise indicated. Information on the accounting policies applied can be found in the Group’s latest annual audited financial statements. The unaudited condensed consolidated interim financial statements are prepared on the historical cost basis, other than investor warrants held at fair value through profit or loss. Going Concern The directors have adopted the going concern basis in preparing these condensed consolidated financial statements. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant available information about the current and future position of the Group. As part of their assessment, the Directors have also taken into account the ability to raise additional funding whilst maintaining sufficient cash resources to meet all commitments. The Group has prepared detailed forecasts considering the impact of the current economic and political climate and uncertainties and strong cost control measures are in place. The forecasts show that the Group will be able to grow according to its plans and that it can continue to operate for the foreseeable period. Based on the above, the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future, such that they will be able to realize their assets and discharge their liabilities in the normal course of business for a period of at least 12 months from the date of signing these consolidated condensed financial statements, and beyond. Therefore, the financial statements are prepared on the going concern basis. 1. General information and significant accounting policies (continued) Use of judgments and estimates The preparation of the unaudited condensed consolidated interim financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. Measurement of fair values A number of the Group’s accounting policies require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a senior finance team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the chief financial officer. The senior finance team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the senior finance team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues are reported to the Group audit committee. 1. General information and significant accounting policies (continued) Use of judgments and estimates (continued) Measurement of fair values (continued) When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and ● Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. New and amended standards adopted by the Group There have been no new or amended standards adopted by the Group for the first time during the interim period. Operating segments The Group operates within one operating segment, being the provision of cybersecurity services. |
Revenue
Revenue | 6 Months Ended |
Mar. 31, 2024 | |
Revenue | |
Revenue | 2. Revenue The Group’s operations and main revenue streams are those described in the last annual financial statements. The Group’s revenue is derived from contracts with customers. Disaggregation of revenue In the following table, revenue is disaggregated by primary geographical market and service line. Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Quantum Cloud – provision of services 119 19 Geographical markets UK 119 19 119 19 2. Revenue (continued) Contract balances The following table provides information about receivables, contract assets and contract liabilities with customers. 31 March 30 September 2024 2023 $'000 $'000 Receivables, which are included in trade and other receivables 1,128 939 Contract assets 40 334 Contract liabilities 30 18 The contract assets primarily relate to the Group’s rights to consideration for work completed but not billed at the reporting date on services provided. The contracts are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. The contract liabilities primarily relate to the advance consideration received from customers for services where revenue is recognized over time. The full amount of $18 thousand recognized in contract liabilities at the beginning of the period has been recognized as revenue in the six months ended 31 March 2024. The amount of revenue recognized in the six months ended 31 March 2024 from performance obligations satisfied (or partially satisfied) in previous periods is $nil. |
Expenses by Nature
Expenses by Nature | 6 Months Ended |
Mar. 31, 2024 | |
Expenses by Nature | |
Expenses by Nature | 3. Expenses by Nature Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Employee benefit expense and other staff costs 12,006 15,098 Capitalised within intangible assets — (3,149) Legal and professional 1,874 4,828 Foreign exchange (3,979) (7,712) Property costs 1,134 1,360 Share based compensation (293) 8,350 Depreciation 497 469 Amortisation 1,078 693 Other expenses 4,440 5,446 Total administrative expenses 16,757 25,383 |
Discontinued operations and ass
Discontinued operations and assets held for sale | 6 Months Ended |
Mar. 31, 2024 | |
Discontinued operations and assets held for sale | |
Discontinued operations and assets held for sale | 4. Discontinued operations and assets held for sale In May 2023, Arqit announced that it was selling its satellite division consisting of satellite assets under construction, patents, customer contracts and an engineering team. Following that announcement, the satellite division was reported as discontinued operations and classified as a disposal group held for sale in the 2023 annual financial statements. During the six months ended March 31, 2024, Arqit was unsuccessful in its efforts to identify a buyer for the satellite division and/or related IP, and as a result determined that its satellite assets were no longer considered as held for sale as at 31 March 2024. At 30 September 2023, the carrying amount of assets classified as held for sale is $38.7 million, with liabilities directly associated with assets classified as held for sale of $5.9 million. The assets of the satellite division have been fully impaired as at 31 March 2024. The comparative condensed consolidated statement of profit or loss and OCI has been re-presented to show the discontinued operation separately from continuing operations. The impact on the statement of comprehensive income is as below: Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Administrative expenses 916 (420) Impairment loss 34,065 9,633 Tax credit (3,414) — Loss from discontinued operation, net of tax 31,567 9,213 The net cash flows associated with the discontinued operations are as follow: Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Net cash (used)/generated in/from operating activities (2,232) 3,644 Net cash used in investing activities — — Net cash used in financing activities — — Net cash flows for the period (2,232) 3,644 There is no impact from the discontinued operation on the financial position of the Group at 31 March 2024. |
Intangible fixed assets
Intangible fixed assets | 6 Months Ended |
Mar. 31, 2024 | |
Intangible fixed assets | |
Intangible fixed assets | 5. Intangible fixed assets 31 March 2024 $'000 Cost At 1 October 2023 3,503 Additions 1,068 Reclassified to discontinued operations (423) Foreign exchange on translation (177) At 31 March 2024 3,971 Amortisation At 1 October 2023 (89) Charge (144) At 31 March 2024 (233) Net Book Value At 31 March 2024 3,738 At 31 September 2023 3,414 Amortisation on intangible assets is calculated under the straight-line method over their estimated useful lives of between 3 – 10 years. An impairment test was performed for the period ended March 31, 2024, which considered the value of existing contracts and forecasted revenues. No impairment was deemed necessary. |
Trade and other receivables
Trade and other receivables | 6 Months Ended |
Mar. 31, 2024 | |
Trade and other receivables. | |
Trade and other receivables | 6. Trade and other receivables 31 March 30 September 2024 2023 $'000 $'000 Current assets Trade debtors 1,168 1,273 Other debtors 4,408 164 Prepayments and accrued income 2,220 1,780 Total 7,796 3,217 Non-current Other debtors 1,952 1,888 The carrying amount of financial assets recorded at amortised costs in the financial statements approximate their fair value. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. |
Trade and other payables
Trade and other payables | 6 Months Ended |
Mar. 31, 2024 | |
Trade and other payables | |
Trade and other payables | 7. Trade and other payables 31 March 30 September 2024 2023 $'000 $'000 Current liabilities Trade payables 8,199 11,788 Other tax and social security 1,533 1,471 Other creditors 752 733 Accruals 4,231 4,821 Deferred income 30 18 Total 14,745 18,831 Trade payables and accruals relate to amounts payable at the balance sheet date for services received during the period. The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe. The carrying amount of financial liabilities recorded at amortised costs in the financial statements approximate their fair value. 31 March 30 September 2024 2023 $'000 $'000 Non-current Liabilities Deferred government grants — 24 Other payables 4,041 — 4,041 24 |
Share capital
Share capital | 6 Months Ended |
Mar. 31, 2024 | |
Share capital | |
Share capital | 8. Share capital As of March 31, 2024, the total number of ordinary shares of the Company outstanding is 166,314,238 with a par value of $0.0001. Number of ordinary Share capital shares $ September 30, 2023 – par value $0.0001 163,554,269 16,355 EMI exercised 1,579,900 158 Grants vested 1,180,069 118 March 31, 2024 – par value $0.0001 166,314,238 16,631 |
Reserves
Reserves | 6 Months Ended |
Mar. 31, 2024 | |
Reserves | |
Reserves | 9. Reserves Share premium Includes the difference in price between the par value of shares, and the total price the Group received for those shares, net of expenses. Foreign currency translation reserve Includes other comprehensive income relating to the translation of subsidiaries into the presentational currency of the group. Share based payment reserve Cumulative charges in respect of share options issued. Retained earnings Includes cumulative profit and loss and all other net gains and losses and transactions with owners (e.g. dividends) not recognized elsewhere. Other reserves Other reserve includes the IFRS 2 deemed acquisition cost and other reserves assumed as part of the reverse acquisition. |
Post balance sheet events
Post balance sheet events | 6 Months Ended |
Mar. 31, 2024 | |
Post balance sheet events | |
Post balance sheet events | 10. Post balance sheet events D2BW Limited, an existing shareholder beneficially owned by Arqit’s Founder, Chairman and Chief Executive Officer, David Williams, and Founder and Chief Technology Officer, David Bestwick purchased 1,241,379 ordinary shares from Arqit, with total gross proceeds to Arqit prior to the deduction of expenses of approximately $900,000. The purchase price per share was $0.725, which was the closing price of Arqit’s ordinary shares as reported by Nasdaq on 28 March 2024. No warrants were granted in connection with the purchase. The transaction closed on 15 April 2024. |
General information and signi_2
General information and significant accounting policies (Policies) | 6 Months Ended |
Mar. 31, 2024 | |
General information and significant accounting policies | |
General information | General information Arqit Quantum Inc. (the “Company”) is a Cayman Islands exempted limited liability company with registered number 374857. The address of its registered office and its principal place of trading is c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. These condensed consolidated financial statements comprise the Company and its subsidiaries (together referred to as the “Group”). The principal activity of the Group is provision of cybersecurity services. |
Basis of preparation | Basis of preparation These unaudited condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB, including IAS 34 ‘Interim Financial Reporting’. They do not include all of the information required in annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended September 30, 2023. The report of the auditors on those financial statements was unqualified. The comparative balance sheet figures for the year ended September 30, 2023, were derived from the audited consolidated financial statements. The unaudited condensed consolidated financial statements have been presented in United States Dollars “USD” which is also the Group’s functional currency. All values are rounded to the nearest units (USD '000), except when otherwise indicated. Information on the accounting policies applied can be found in the Group’s latest annual audited financial statements. The unaudited condensed consolidated interim financial statements are prepared on the historical cost basis, other than investor warrants held at fair value through profit or loss. |
Going Concern | Going Concern The directors have adopted the going concern basis in preparing these condensed consolidated financial statements. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant available information about the current and future position of the Group. As part of their assessment, the Directors have also taken into account the ability to raise additional funding whilst maintaining sufficient cash resources to meet all commitments. The Group has prepared detailed forecasts considering the impact of the current economic and political climate and uncertainties and strong cost control measures are in place. The forecasts show that the Group will be able to grow according to its plans and that it can continue to operate for the foreseeable period. Based on the above, the Directors have a reasonable expectation that the Group will have adequate resources to continue in operational existence for the foreseeable future, such that they will be able to realize their assets and discharge their liabilities in the normal course of business for a period of at least 12 months from the date of signing these consolidated condensed financial statements, and beyond. Therefore, the financial statements are prepared on the going concern basis. |
Use of judgments and estimates | Use of judgments and estimates The preparation of the unaudited condensed consolidated interim financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Actual results may differ from these estimates. The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. Measurement of fair values A number of the Group’s accounting policies require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This includes a senior finance team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values, and reports directly to the chief financial officer. The senior finance team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then the senior finance team assesses the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of the Accounting Standards, including the level in the fair value hierarchy in which the valuations should be classified. Significant valuation issues are reported to the Group audit committee. Use of judgments and estimates (continued) Measurement of fair values (continued) When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; ● Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and ● Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). If the inputs used to measure the fair value of an asset or a liability are categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. |
New and amended standards adopted by the Group | New and amended standards adopted by the Group There have been no new or amended standards adopted by the Group for the first time during the interim period. |
Operating Segments | Operating segments The Group operates within one operating segment, being the provision of cybersecurity services. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Revenue | |
Schedule of revenue | Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Quantum Cloud – provision of services 119 19 Geographical markets UK 119 19 119 19 |
Schedule of receivables, contract assets and contract liabilities | 31 March 30 September 2024 2023 $'000 $'000 Receivables, which are included in trade and other receivables 1,128 939 Contract assets 40 334 Contract liabilities 30 18 |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Expenses by Nature | |
Summary of expenses by Nature | Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Employee benefit expense and other staff costs 12,006 15,098 Capitalised within intangible assets — (3,149) Legal and professional 1,874 4,828 Foreign exchange (3,979) (7,712) Property costs 1,134 1,360 Share based compensation (293) 8,350 Depreciation 497 469 Amortisation 1,078 693 Other expenses 4,440 5,446 Total administrative expenses 16,757 25,383 |
Discontinued operations and a_2
Discontinued operations and assets held for sale (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Discontinued operations and assets held for sale | |
Schedule of impact of discontinued operations on the statement of comprehensive income | The impact on the statement of comprehensive income is as below: Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Administrative expenses 916 (420) Impairment loss 34,065 9,633 Tax credit (3,414) — Loss from discontinued operation, net of tax 31,567 9,213 |
Schedule of net cash flows associated with discontinuing operations | The net cash flows associated with the discontinued operations are as follow: Period ended Period ended 31 March 31 March 2024 2023 $'000 $'000 Net cash (used)/generated in/from operating activities (2,232) 3,644 Net cash used in investing activities — — Net cash used in financing activities — — Net cash flows for the period (2,232) 3,644 |
Intangible fixed assets (Tables
Intangible fixed assets (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Intangible fixed assets | |
Summary of intangible fixed assets | 31 March 2024 $'000 Cost At 1 October 2023 3,503 Additions 1,068 Reclassified to discontinued operations (423) Foreign exchange on translation (177) At 31 March 2024 3,971 Amortisation At 1 October 2023 (89) Charge (144) At 31 March 2024 (233) Net Book Value At 31 March 2024 3,738 At 31 September 2023 3,414 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Trade and other receivables. | |
Schedule of trade and other receivables | 31 March 30 September 2024 2023 $'000 $'000 Current assets Trade debtors 1,168 1,273 Other debtors 4,408 164 Prepayments and accrued income 2,220 1,780 Total 7,796 3,217 Non-current Other debtors 1,952 1,888 |
Trade and other payables (Table
Trade and other payables (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Trade and other payables | |
Schedule of trade and other current payables | 31 March 30 September 2024 2023 $'000 $'000 Current liabilities Trade payables 8,199 11,788 Other tax and social security 1,533 1,471 Other creditors 752 733 Accruals 4,231 4,821 Deferred income 30 18 Total 14,745 18,831 |
Schedule of trade and other non-current payables | 31 March 30 September 2024 2023 $'000 $'000 Non-current Liabilities Deferred government grants — 24 Other payables 4,041 — 4,041 24 |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Mar. 31, 2024 | |
Share capital | |
Summary of Share capital | Number of ordinary Share capital shares $ September 30, 2023 – par value $0.0001 163,554,269 16,355 EMI exercised 1,579,900 158 Grants vested 1,180,069 118 March 31, 2024 – par value $0.0001 166,314,238 16,631 |
General information and signi_3
General information and significant accounting policies - Going Concern (Details) | 6 Months Ended |
Mar. 31, 2024 segment | |
General information and significant accounting policies | |
Number of operating segment | 1 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from provision of services | $ 119 | $ 19 |
United Kingdom | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from provision of services | 119 | 19 |
Quantum Cloud | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue from provision of services | $ 119 | $ 19 |
Revenue - Contract balances (De
Revenue - Contract balances (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Revenue | ||
Receivables, which are included in trade and other receivables | $ 1,128 | $ 939 |
Contract assets | 40 | 334 |
Contract liabilities | 30 | $ 18 |
Revenue that was included in contract liability balance at beginning of period | 18 | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | $ 0 |
Expenses by Nature (Details)
Expenses by Nature (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Expenses by Nature | ||
Employee benefit expense and other staff costs | $ 12,006 | $ 15,098 |
Capitalised within intangible assets | (3,149) | |
Legal and professional | 1,874 | 4,828 |
Foreign exchange | (3,979) | (7,712) |
Property costs | 1,134 | 1,360 |
Share based compensation | (293) | 8,350 |
Depreciation | 497 | 469 |
Amortisation | 1,078 | 693 |
Other expenses | 4,440 | 5,446 |
Total administrative expenses | $ 16,757 | $ 25,383 |
Discontinued operations and a_3
Discontinued operations and assets held for sale (Details) - USD ($) | Mar. 31, 2024 | Sep. 30, 2023 |
Discontinued operations and assets held for sale | ||
Assets classified as held for sale | $ 0 | $ 38,677,000 |
Liabilities classified as held for sale | $ 0 | $ 5,869,000 |
Discontinued operations and a_4
Discontinued operations and assets held for sale - Additional information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Loss from discontinued operation, net of tax | $ 31,567 | $ 9,213 |
Discontinued operations | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Administrative expenses | 916 | (420) |
Impairment loss | 34,065 | 9,633 |
Tax credit | (3,414) | |
Loss from discontinued operation, net of tax | $ 31,567 | $ 9,213 |
Discontinued operations and a_5
Discontinued operations and assets held for sale - Net cash flows associated with discontinued operations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Discontinued operations and assets held for sale | ||
Net cash (used)/generated in/from operating activities | $ (2,232) | $ 3,644 |
Net cash flows for the period | $ (2,232) | $ 3,644 |
Intangible fixed assets (Detail
Intangible fixed assets (Details) $ in Thousands | 6 Months Ended |
Mar. 31, 2024 USD ($) | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | $ 3,414 |
Ending balance | 3,738 |
Impairment loss on intangible assets | $ 0 |
Minimum | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Estimated useful lives, intangible assets | 3 years |
Maximum | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Estimated useful lives, intangible assets | 10 years |
Cost | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | $ 3,503 |
Additions | 1,068 |
Reclassified to discontinued operations | (423) |
Foreign exchange on translation | (177) |
Ending balance | 3,971 |
Amortisation | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |
Beginning balance | (89) |
Charge | (144) |
Ending balance | $ (233) |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Sep. 30, 2023 |
Current assets | ||
Trade debtors | $ 1,168 | $ 1,273 |
Other debtors | 4,408 | 164 |
Prepayments and accrued income | 2,220 | 1,780 |
Total | 7,796 | 3,217 |
Non-current Assets | ||
Other debtors | 1,952 | 1,888 |
Total non-current Assets | $ 1,952 | $ 1,888 |
Trade and other payables (Detai
Trade and other payables (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Trade and other payables | ||
Trade payables | $ 8,199 | $ 11,788 |
Other tax and social security | 1,533 | 1,471 |
Other creditors | 752 | 733 |
Accruals | 4,231 | 4,821 |
Deferred income | 30 | 18 |
Total trade and other current payables | 14,745 | 18,831 |
Non-current Liabilities | ||
Deferred government grants | 24 | |
Other payables | 4,041 | |
Total trade and other non-current payables | 4,041 | $ 24 |
Deferred income recognised during the period | $ 18 |
Share capital (Details)
Share capital (Details) - USD ($) | 6 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | |
Disclosure of classes of share capital [line items] | ||
Number of shares outstanding | 166,314,238 | 163,554,269 |
Number of shares issued | ||
Number of shares outstanding at beginning of period | 163,554,269 | |
EMI exercised (in shares) | 1,579,900 | |
Grants vested (in shares) | 1,180,069 | |
Number of shares outstanding at end of period | 166,314,238 | |
Share capital | ||
Share capital at beginning of period | $ 16,355 | |
EMI exercised | 158 | |
Grants vested | 118 | |
Share capital at end of period | $ 16,631 | |
Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Number of shares outstanding | 166,314,238 | |
Par value per share | $ 0.0001 | $ 0.0001 |
Number of shares issued | ||
Number of shares outstanding at end of period | 166,314,238 |
Post balance sheet events (Deta
Post balance sheet events (Details) - USD ($) | 6 Months Ended | |
Apr. 15, 2024 | Mar. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Proceeds from issuing shares | $ 19,788,000 | |
Major ordinary share transactions | Entities beneficially owned by CEO and CTO | D2BWL Limited | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of warrants granted | 0 | |
Major ordinary share transactions | Entities beneficially owned by CEO and CTO | Ordinary shares | D2BWL Limited | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of shares sold | 1,241,379 | |
Proceeds from issuing shares | $ 900,000 | |
Issue of equity, price per share | $ 0.725 |