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2. Revenue
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Year ended 30 |
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Year ended 30 |
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Year ended 30 |
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September |
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September |
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September |
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2022 |
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2021 |
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2020 |
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$'000 |
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$'000 |
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$'000 |
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Quantum Cloud – provision of services |
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7,212 |
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48 |
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— |
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Geographical markets |
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UK |
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359 |
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48 |
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— |
Other |
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6,853 |
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— |
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— |
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7,212 |
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48 |
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— |
Revenue with a total of 5 (2021: 1) customers is recognized over time. Revenue from 2 (2021; nill) customers represents more than 10% of total revenues.
Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer.
The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies.
Type of product/service |
Nature and timing of satisfaction of performance obligations |
Revenue recognition policies |
QuantumCloud perpetual license |
Customer can benefit from the license when it is delivered. The license is separately identifiable from other goods or services.
License provides a right for customer to use the Company’s Intellectual Property.
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Revenue is recognised when the license is delivered to and accepted by the customer.
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Maintenance and support |
Services are provided to the customer over the contract term. |
Revenue is recognized over time as the services are provided. |
Professional services |
Statements of work including details and timings are agreed with the customer at contract inception. They can typically be amended during the performance of the services if agreed by both parties. |
Revenue is recognised over time as the services are provided. The stage of completion for determining the amount of revenue to recognise is assessed based on statements of work performed which are approved by both parties. |
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