Technology Adoption Risk: Arqit's novel symmetric key agreement technology may not achieve widespread industry or government adoption, or alternative quantum-safe solutions could emerge as preferred standards, limiting market penetration and revenue growth.

Competition Risk: The quantum-safe cryptography market is nascent but rapidly attracting new entrants, including well-funded startups and established cybersecurity firms, which could intensify competition, erode market share, and pressure pricing.

Market Development Risk: The overall market for quantum-safe cryptography is still evolving, and potential customers may be slow to recognize the urgency or value of implementing Arqit's solutions, leading to slower than anticipated sales cycles and revenue generation.