That year, the firm won major contracts with semiconductor and networking customers, including multi-year deals with unnamed multi-billion-dollar US companies.

However, its annual loss widened to £11.04m as the post-quantum cryptography specialist expanded its workforce and invested in product development.

Revenue rose from £355,680 in 2024 to £2,262,534 in the calendar year ending 2025.

Losses increased from £8.36m to £11.04m, which directors attributed to investment in staff, tooling and product development.

Headcount rose 29 per cent, from an average of 62 employees to 80, in the 12 months reporting period.

Gross profit was £1.27m, after £995,138 in cost of sales—giving a gross margin of roughly 56 per cent.

In 2024, it reported £355,680 turnover and no stated cost of sales in the excerpt.

PQShield is a cybersecurity company based in Banbury Road, Summertown, that specialises in post-quantum cryptography.

It provides quantum-resistant software and hardware solutions to protect sensitive data and digital infrastructure from future attacks by powerful quantum computers.

The company started in 2018 as a spin-out from the University of Oxford by leading cryptographers and researchers.

Its team helps shape official international post-quantum cryptography standards, including work with the National Institute of Standards and Technology.

Among the contracts it has include with Lockheed Martin, to provide post-quantum solutions for global defence and aerospace.

PQShield is officially designated as an Assured Cyber Security Consultancy provider for PQC by the UK’s National Cyber Security Centre.

Earlier this year, it was listed by the Sunday Times as the second fastest growing tech firm in the south east of England.

It was beaten to the top spot by Toob, a Portsmouth-based fibre broadband provider, which had growth at 165 per cent.

Ali Kaafarani, founder and chief executive of PQShield, said: “To be recognised as one of the fastest-growing tech firms in Britain is a testament to our collective mission: ensuring that the world’s digital backbone remains secure in the quantum era.

“This growth allows us to invest even more deeply in the research and engineering that our customers depend on.”

Also earlier this year, PQShield was named as Entrepreneur UK’s 100 Startups to Watch.

Last year, PQShield was a finalist in three Network Computing Awards categories—Data Protection Product of the Year, Innovation of the Year, and One to Watch Product—for PQCryptoLib.

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