Why Arqit Quantum Inc. (ARQQ) stock went down after good gains on Friday?

Arqit Quantum Inc. (ARQQ) shares plunged 6.12% in after-hours on Friday, December 17, 2021, and closed the daily trading at $18.70. However, in the regular trading session of Friday, ARQQ’s stock gained 21.98%. The stock volume remained 1.32 million shares. ARQQ shares have moved down 3.86% in the past week. Over the past three months, the stock has lost 20.13%, while over the past six months, it has soared 101.11%.

Let’s see what are the latest news about the company?

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ARQQ latest news

On December 16, 2021, Arqit Quantum Inc (ARQQ, ARQQW), announced its financial results for the fiscal year ended 30 September 2021.

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FY 2021 financial highlights

  • ARQQ revenue was $47,910 in FY 2021 compared to nil for the year ended September 30, 2020.
  • Total administrative expenses were $14,559,321 for the year ended September 30, 2021 compared to $2,772,642 for FY 2020.
  • It suffered a net loss of $271,729,101 in FY 2021 compared to a net loss of $568,319 in FY 2020.
  • As of September 30, 2021, Arqqit had cash and cash equivalents of $86.9 million.

ARQQ agreement with NEOM

On December 08, 2021, Arqit Quantum Inc. (ARQQ)) and NEOM Tech signed a Memorandum of Understanding (MOU) to build and trial the ‘Cognitive City’ quantum security system.

According to the agreement, both organizations will develop a new software capable of defending cognitive cities against cyber-attacks from the most advanced computers to emerge in the coming years.

ARQQ shareholders affirmed their commitment

On October 04, 2021, the former shareholders of Arqit Limited (ARQQ) and Centricus Heritage, LLC, the sponsor of Centricus Acquisition Corp., voluntarily entered into new lock-up agreements with the Company to signal their long-term support of the Company. The former shareholders of Arqit Limited and Centricus Heritage, LLC originally entered into lock-ups with the Company upon the closing of the Company’s business combination with Centricus Acquisition Corp. and Arqit Limited on September 3, 2021.

ARQQ technology agreement with Juniper Networks

On September 15, 2021, Arqit Quantum Inc. (ARQQ) and Juniper Networks, a leader in secure, AI-driven networks, signed a ‘Technology Alliance Partner Connect’ agreement to explore network security technology that will protect against quantum security threats.

Juniper and Arqit will work together to explore and test the application of quantum security technologies, including Arqit’s innovative platform QuantumCloud™, to networks.

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Well, the recent financial results are not impressive at all but Arqit stock still went up in the regular trading session on Friday, and later it declined in the after-hours session. Let’s see how it performs in the coming trading sessions on Monday?

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