In the rapidly advancing field of quantum computing, Archer Materials (ASX: AXE) has managed to make groundbreaking progress. The Australian semiconductor company has been pushing the boundaries of quantum coherence times and making significant strides towards commercialising their qubit processor technology without the hype or overspending.
Quantum coherence time, a critical metric in quantum computing, measures the duration during which a quantum system remains in a superposition state before decohering. Longer coherence times are crucial for performing more complex calculations on quantum computers. These quantum computers are currently limited to a handful of tech giants that house them in special facilities and are costly to run due to their need to maintain bizzare conditions, at absolute zero (-273°C).
“During the Quarter, the Archer team showed that the electrons in the specially prepared qubit material can hold quantum information for over 230 nanoseconds (coherence time) at room temperature,” said Archer Chairman, Greg English.
“Long quantum coherence times are crucial for qubit materials in quantum computing, giving the qubit more time to complete sophisticated calculations.”
While many prominent players in the quantum computing industry have been vocal about their achievements and investments, Archer has opted for a different approach – focusing on prudent cash management and efficient development.
Archer Materials trades on the ASX with a market capitalisation of around $137 million, while their year to date net operating cash outflows were just $3 million, almost all of which was R&D related.
Archer Materials revealed that they have surpassed all previous records in quantum coherence times for their qubit processor, where no other similar nanomaterial has been shown to achieve such long-lived electron spin coherence at room temperature.
“The team used a combination of treatment techniques to create the qubit material with a long coherence time at room temperature,” said English.
“The team increased coherence time while maintaining the intrinsic metallic-like character of the qubit material, which was a great outcome.”
Archer’s conservative cash management practices have also contributed to their success with $23.3 million of cash available and no debt. By wisely allocating their resources, the Company has been able to focus on research, development, and optimisation of their qubit processor without the need to raise capital.
Rather than seeking funds from shareholders to fund growth, Archer has focused on forming strategic partnerships with select semiconductor fabs and quantum technology leaders.
“Archer joined the World Economic Forum and became the first Australian company to partner with the World Economic Forum’s Centre for the Fourth Industrial Revolution, opening several potential collaborative opportunities for Archer,” added English.
Partnerships like these and those with global semiconductor players like TSMC and GlobalFoundries have provided access to valuable expertise and resources, allowing Archer to accelerate their research and development initiatives without giving up control over their intellectual property.
Conor Murphy is the Marketing Coordinator at TradersCircle
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