Atos, a pioneer in quantum computing, is struggling with a significant debt pile and has announced a refinancing plan to reduce its gross debt by €2.4bn. The company targets a BB credit profile by 2026 and aims to generate €11.4bn in revenue by 2027. Atos offers the Quantum Learning Machine (QLM), a high-performing quantum simulator, and Qaptiva, a service that helps businesses implement quantum computing technology. The company predicts worldwide customer spending for quantum computing will grow to $8.6 billion in 2027.
Atos’s Financial Struggles and Refinancing Plan
Atos, a French multinational information technology service and consulting company, is grappling with a significant debt burden of €4.94 billion. Over the past year, the company’s stock value has plummeted by more than 80%. Of the total debt, €500 million is due by November, with an additional €3.15 billion due by the end of next year.
In an attempt to manage this financial crisis, Atos has announced a refinancing plan. The company stated that it requires €600 million to fund its operations over 2024 and 2025. This funding will be sourced from debt and/or equity provided by existing stakeholders or third-party investors. Additionally, Atos has secured a new €300 million revolving credit facility and €300 million in additional bank guarantee lines.
The refinancing plan is a part of Atos’s broader strategy to achieve a BB credit profile by 2026, a significant improvement from its current B- rating. This strategy involves reducing the company’s financial leverage (net debt-to-EBITA ratio) to below 3x by the end of 2025 and below 2x by the end of 2026. This would imply a gross debt reduction of €2.4 billion. The remaining debt maturities will be extended by five years.
Quantum Computing
Atos is a pioneer in the field of quantum computing, an emerging technology that leverages the principles of quantum mechanics to solve complex problems that are beyond the capabilities of conventional computers. Quantum computers promise to significantly enhance computing power, enabling the simulation of intricate systems in seconds—a task that would take traditional supercomputers thousands of years.
Quantum computing has the potential to revolutionize digital capabilities across various sectors, including molecular dynamics, physics, pharmaceuticals, autonomous vehicles, supply chains, financial services, and cybersecurity, among others. According to IDC, worldwide customer spending on quantum computing is projected to reach $8.6 billion by 2027.
Atos’s Quantum Solutions
Atos offers a range of quantum solutions that allow users to experiment and develop applications. One of these solutions is the Quantum Learning Machine (QLM), a comprehensive programming development platform and a high-performing quantum simulator. Available in many countries, the Atos QLM enhances and accelerates research programs across various sectors, providing customers with unparalleled capabilities for exploring and developing quantum solutions.
Another solution offered by Atos is myQLM, a freeware Python package that allows for easy integration and collaboration with other tools and systems. This package is a versatile and accessible solution for working with quantum computing applications.
Q-score: A Quantum Metrics Reference
Atos has also introduced Q-score, a groundbreaking quantum metrics reference that measures the efficiency of executing representative quantum applications. This innovative metric focuses on a system’s effectiveness in tackling real-life problems rather than its theoretical or physical performance.
Atos’s Quantum Learning Machine (QLM)
The Atos Quantum Learning Machine (QLM) is a complete on-premises environment with a powerful dedicated hardware infrastructure. Researchers, engineers, and students can develop and experiment with quantum software. The QLM software simulates physical noise for a closer-to-reality hardware quantum environment sensitive to different physics effects. It provides predefined models that allow tuning to simulate specific hardware, and it also allows advanced users to define noisy gates to get better-suited noisy simulation results.
Atos has also introduced the Quantum Learning Machine Enhanced (QLM E), a new range of GPU-accelerated Quantum Learning Machines. QLM E offers acceleration up to 12 times to simulate variational algorithms that are particularly well-suited for Noisy Intermediate Scale Quantum (NISQ) devices. These devices will be the first quantum accelerators to be commercialized in the next few years and are expected to apply computation capabilities beyond the reach of even the most powerful existing computers to solve complex, real-life problems.
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