QEMU on Windows wont boot Arch VM image: has anyone gotten this to work?

I used the following wiki article to backup an Arch to a disk image. It works perfectly with qemu-system-x86_64 on my Arch system and a Slackware box. However, I am having trouble running the image with qemu-system-x86_64 on windows. It gets stuck at

Booting from hard disk...

I have tried converting the image file to qcow2, again it works on Slackware and Arch but not Windows. I can get qemu to run Arch Live Disk and chroot into the Arch install but no luck booting:

C:\Program Files\qemu\qemu-system-x86_64.exe" -m 2048 -boot d -cdrom "D:\archlinux-2018.04.01-x86_64.iso" -hda "D:\arch-vm-backup-2018-05-09.qcow2`

Any help would be greatly appreciated.