We have three types of income at Nu Quantum, being:

1. Grant income
2. Contract income (similar to NRE), and
3. Product sales

Our income will be based on grants and contract income throughout the Series A period, and we will start selling products and getting income from them from Series B onwards, enabled by our Series A developments.

Here we will outline the assumptions in our revenue model per period.

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Period to-date

Grants & contracts

To date, we have been the most successful quantum institution in the UK for grant income winning ~£3.5M in grant funding between FY2021 and FY 2024. We have also won two R&D contracts for a total contract bookings of $11M: one from the UK National Quantum Computing Centre (NQCC) and National Security Strategic Investment Fund (NSSIF), and another with Innovate UK with Cisco as end-user.

More details available on the Current Grants & Contracts page.

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Series A period (2025, 2026, 2027)

• Expected revenue recognised in the period ~$25M
• Total bookings expected $30-115M
• Nu Quantum expects to receive acquisition opportunities in this period.

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Grants

• In February 2024, the UK Government announced a new Quantum Strategy with £2.5BN of funding behind it. This capital is about to start being deployed in April 2025. The two main Missions it revolves around are Quantum Computing and Quantum Networking at scale, hence we expect to access significant grant opportunities through it.
• We have forecasted winning five more grants over the period from FY 2025 to FY 2028, for a total of circa $5.5M. The technology streams will be QEC, Integrated Photonics, and QPI.
• Two of these grants will cover projects to integrate our QPI technology with 2 different QPU vendors

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Government Testbed Contracts

• We anticipate winning the second half of the 4x1 Quantum Networking Testbed contract with the UK’s National Quantum Computing Centre, for a value of circa $8M in 2025.
  • We anticipate winning an upgrade contract (4x1 → 4x10) within 2027, for a value of circa $18M
• We anticipate winning a new 4x1 Quantum Networking Testbed contract with a Government outside of the UK, for a value of circa $16M

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QPI Integration Contracts with QPU Companies

• We anticipate winning 3x contracts for the integration of our QPI technology, with 3 different QPU players.
  • Two of them will be PoC grants (mentioned above), for a value of ~$500k, in 2025 and 2026
  • One will be a revenue-bearing contract with a QPU player of circa $1.5M, in 2027

QNU Integration Contracts with Datacenter Companies

• We will sell 2x QNUs to classical computing and datacenter players, as well as an upgrade to the first one, each contract for $2.5M, in 2026 and 2027.
  • The QNU system will come with a Test Harness which allows companies to test photonic routing and Hong-ou-Mandel Experiments.

Product: Distributed Quantum Computing Systems

Sold jointly with a QPU player, where Nu Quantum provides the networking infrastructure and retains 40% of the value of the contract.

• We anticipate winning one such contract for a 4xN Distributed Quantum Computing System in 2027, for a value of $60M (Nu Quantum retains $24M).

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Series B period (2028, 2029, 2030)

• Expected revenue recognised in the period $150-330M
• Total bookings expected $300-600M
• Nu Quantum expects to receive acquisition opportunities in this period.

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Government Testbed Contracts

• 4x new accounts for the delivery of 4x10 and 10x10 Quantum Networking Testbeds with Governments world-wide, of value $35M and $55M respectively, booked in 2028, 2029 and 2030.
• 4x upgrades to existing accounts for $18M and $20M (from 4x1→ 4x10, from 4x10→ 10x10)

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QPI Integration Contracts with QPU Companies

• We anticipate winning 3x new contracts for the integration of our QPI technology, with 3 different QPU players, all revenue-bearing contracts of circa $1.5M

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QNU Integration Contracts with Datacenter Companies

• We will sell 3x QNUs to new classical computing and datacenter accounts, as well as upgrades to 3x previous contracts, each contract for $2.5M.

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Product: Distributed Quantum Computing Systems  (DQCS)

Sold jointly with a QPU player, where Nu Quantum provides the networking infrastructure and retains 40% of the value of the contract.

• Within this period, we will enable the sale of 3 generations of these computing systems:
  • 10xN (NISQ)
    • Available from 2028 (deployment 2029)
    • $80M total contract value
      • $32M is Nu Quantum revenue
    • 3 new accounts and 1 upgrade in the period
  • 100xN (FTQC)
    • Available from 2029 (deployment 2030)
    • $200M total contract value
      • $80M is Nu Quantum revenue
    • 2 new accounts and 1 upgrade in the period
  • 1000xN (FTQC)
    • Available from 2030 (deployment 2031)
    • $500M total contract value
      • $200M is Nu Quantum revenue
    • 1 new accounts and 1 upgrade in the period
• Each of the above systems has an upgrade path with some indicative pricing included in our model (80-90% of full price)
• We expect to win a total of 6 new contracts in this period

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Series C period (2030, 2031, 2032)

From 2029/2030, we will enable ‘market take-off’ - the sale of truly modular, networked, Fault Tolerant machines hosted in commercial Cloud and Enterprise Datacentres.

In this period, we will be deploying mostly 1000xN Distributed Quantum Computing Machines, valued at circa $500M, where Nu Quantum revenue is 40% of that, i.e. $200M.

These will be Fault Tolerant Quantum Computing machines capable of tackling industry problems.

Nu Quantum will prepare for an IPO event in this period.

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You will be able to find our detailed revenue model and financial model in our post-NDA dataroom.

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