Good afternoon, It was a good year for Archer and a transformative one. This year we doubled down on our strategy to build an industry-leading materials technology company, while welcoming many new shareholders excited by the scale of opportunity that our innovative deep tech offers.
Strategic investment in deep tech with global impact
Archer has a healthy cash balance, having ended the financial year in a strong position financially with just over $8 million, and no Company debt. This cash at hand allows Archer to accelerate the development of its innovative deep tech and continue to grow the Company.
Archer is an early-stage company in its growth and development phase, so you will find that we recorded a net loss for the financial year and negligible revenue. This is because we invested capital into the development of our assets – for example, the technologies in our patents – to work towards their commercialisation.
A summary of Archer’s financial performance can be found on Page 7 of the Annual Report.
Joining forces with an industry giant
We have aimed to create value for our shareholders through the rapid de-risking of our technologies, establishment of global partnerships, and gaining access to almost half a billion dollars’ worth of Tier 1 infrastructure and resources needed to successfully build and commercialise our innovative deep tech.
Our most significant transaction during the year was the collaboration agreement with IBM. Archer is the first Australian Company building a quantum computing qubit processor to join the global IBM Q Network. We have already begun accessing IBM’s quantum computing expertise and resources, and open-source Qiskit software.
A summary of Archer’s key operational activities, including the development of its 12CQ qubit processor chip, can be found on Pages 9-23 of the Annual Report.
Success in 2021 and the years ahead
We are re-shaping the Company for many years to come, with a long-term vision to build technologies that have the potential to drive the emergence and growth of entire industries. We believe this will enable us to maximise value for our shareholders and have a long-term positive impact on the Company.
We will look to grow our business by consolidating and expanding on our deep tech resources and simplifying our commercialisation pathways. In parallel, we will continue the divestment of our remaining exploration projects in a disciplined way to maximise the value of these assets as we continue to shift our portfolio towards deep tech.
To keep up with the rate and pace of our Company development, we will grow the Archer team by increasing our hiring of technology focussed roles, recruiting highly talented and skilled people with the relevant skills to work in world-class technology development facilities and operate state-of-art nanotechnology.
I want to take this opportunity to thank our shareholders for their continued support, trust, and confidence. In the year ahead, I look forward to providing opportunities for our shareholders to meet with the talented Archer team and to visit some of the amazing facilities we work in to build our technology.
Dr Mohammad Choucair, FRACI FRSN GAICD
Chief Executive Officer
Archer Materials Limited (ASX:AXE)