Arqit Quantum Inc.
ARQQ Technology Software Infrastructure
Arqit Quantum Inc.’s revenue for fiscal 2025 (year ended September 2025) was $530,000.00, up 80.9% from fiscal 2024.
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Arqit Quantum Inc. (ARQQ) Beneish M-score
Arqit Quantum Inc.'s Beneish M-score for fiscal 2025 is −3.04; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.04 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.34 | — | 0.31 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.61 | — | 0.25 | |
| Sales growth index | 1.81 | — | 1.61 | |
| Depreciation index | 1.08 | — | 0.12 | |
| SG&A index | 0.75 | — | −0.13 | |
| Total accruals to total assets | (0.14) | — | −0.64 | |
| Leverage index | 0.76 | — | −0.25 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.04 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KDK Kodiak AI, Inc. compare | −16.9× |
| TLS Telos Corporation compare | −5.0× |
| ARQQ Arqit Quantum Inc. | −3.0× |
| PSFE Paysafe Limited compare | −2.9× |
| IMXI INTERNATIONAL MONEY EXPRESS, INC. compare | −2.6× |
| BKKT Bakkt Holdings, Inc. compare | 0.5× |
| XNET Xunlei Limited compare | 3.5× |
| SUPX SuperX AI Technology Limited compare | 48.1× |
| MOVE Corvex, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI