Infleqtion Inc (INFQ) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to Infleqtion Second Quarter 2026 Earnings Conference Call.

下午好，歡迎參加 Infleqtion 2026 年第二季財報電話會議。

Thank you for joining us today. My name is Marcus Kuperschmidt, Head of Investor Relations and Strategic Finance. Before we begin, I would like to remind you that this conference call will include forward-looking statements, including statements regarding our future financial condition, business strategy, and plans and objectives of management for future operations, and all other statements that are not statements of historical fact. These statements. Are subject to risks, uncertainties and assumptions that could cause actual results to differ materially. These factors are detailed in the earnings press release we issued today and other filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2025, which are available on our website at ir.inflection.com. We undertake no obligation to revise or update any forward-looking statements except as required by law.

感謝各位今天加入我們。我叫 Marcus Kuperschmidt，擔任投資人關係與策略財務主管。在開始之前，我想提醒各位，本次電話會議將包含前瞻性陳述，包括關於我們未來財務狀況、業務策略，以及管理層對未來營運之計畫與目標的陳述，並包含所有非歷史事實的其他陳述。這些陳述。可能受到風險、不確定性與假設的影響，導致實際結果出現重大差異。相關因素已詳載於我們今日發布的財報新聞稿及向美國證券交易委員會（SEC）提交的其他文件中，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年報；上述文件可於我們的網站 ir.inflection.com 查閱。除法律要求外，我們不承擔修訂或更新任何前瞻性陳述之義務。

During today's call, we will also reference certain non-GAAP financial measures. We use these measures because we believe they provide additional insight into the underlying operating performance of the business. This non-GAAP financial information should not be considered in isolation or as a substitute for GAAP results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and in our SEC filings.

在今天的電話會議中，我們也會提及若干非 GAAP 財務衡量指標。我們使用這些指標，因為我們相信它們能就業務的基礎營運表現提供額外洞見。此等非 GAAP 財務資訊不應被孤立地看待，亦不應作為 GAAP 結果的替代。GAAP 與非 GAAP 指標之間的調節表可見於今日新聞稿及我們的 SEC 申報文件中。

Joining me today are Matt Kinsella, our Chief Executive Officer Pranav Gokhale, our Chief Technology Officer and General Manager of Quantum Computing and Elon Hart, our Chief Financial Officer. Following our prepared remarks, we will open the call for questions. A replay of this call will be posted on our Investor Relations website, along with our earnings press release and presentation materials. With that, I'll turn the call over to Matt.

今天與我一同出席的有：我們的執行長 Matt Kinsella、我們的技術長暨量子運算總經理 Pranav Gokhale，以及我們的財務長 Elon Hart。在我們的準備發言結束後，將開放提問。本次電話會議的重播將發布於我們的投資人關係網站，並附上我們的財報新聞稿與簡報資料。接下來，我把電話交給 Matt。

Thank you, Marcus, and good afternoon, everyone. Whether you've been with us since we became public or you're dialing in for the first time, welcome and thank you for your interest and inflection.

謝謝你，Marcus，各位下午好。無論各位是自我們上市以來一路相伴，或是第一次撥入參與，歡迎各位，也感謝各位對 Inflection 的關注與興趣。

Last quarter, I summarized Q1 in one word, momentum. This quarter, the word is acceleration. And by that, I mean the market is moving faster and the opportunities in front of us are becoming more concrete.

上一季，我用一個詞總結第一季：動能。這一季，這個詞是：加速。我的意思是，市場正在更快地前進，而我們面前的機會也正變得更加具體。

So today, I'll start with a quick reminder of who we are. Then I'll summarize the quarter and explain what has changed in the market and why I believe Inflection is well positioned. Pranav will cover our progress across computing and sensing. I'll return to discuss how we are growing the company and our outlook for the balance of the year. And Alon will then review the financial results in more detail, and then we'll move on to Q&A. So just a quick refresher on Inflection. We are a neutral atom quantum company building quantum computers. Sensing systems and software all on one platform. Nature gives us our qubits in the form of atoms and our job is to turn those atoms into working systems by controlling them with light and integrating the hardware and the software around them. Because our products share the same core capabilities, progress in one area strengthens all of the others.

因此今天，我會先簡要提醒各位我們是誰。接著我會總結本季表現，並說明市場發生了哪些變化，以及為何我相信 Inflection 已做好有利布局。Pranav 將說明我們在運算與感測兩方面的進展。之後我會回來談談我們如何推動公司成長，以及對今年剩餘期間的展望。接著 Alon 會更詳細地回顧財務結果，然後我們進入問答。先快速回顧一下 Inflection。我們是一家中性原子量子公司，打造量子電腦。感測系統與軟體，全部建構在同一個平台上。自然以原子的形式提供我們的量子位元，而我們的工作是透過光來控制這些原子，並將其周邊的硬體與軟體整合起來，把原子轉化為可運作的系統。由於我們的產品共享相同的核心能力，在某一領域的進展會強化其他所有領域。

We are the only company in the quantum industry combining this breadth of products on a single platform, giving us multiple paths to commercial value, all neutral atoms all the time.

我們是量子產業中唯一一家在單一平台上結合如此廣泛產品的公司，讓我們擁有多條通往商業價值的路徑——始終如一，全部都是中性原子。

All right, so now that we aren't strangers anymore, let's move on to the quarter.

好，既然我們已不再陌生，就讓我們進入本季內容。

Our second quarter results and the progress announced since quarter end show how much we have accomplished. We delivered record revenue of $12.6 million, up 116% year-on-year. And are raising our full year 2026 revenue outlook to approximately $43 million. Our visibility is also improving as customers commit to larger systems and the market increasingly validates the road map that we laid out and have been executing to.

我們第二季的業績，以及季末以來宣布的進展，展現了我們完成了多少成果。我們創下 1,260 萬美元的營收新高，年增 116%。並將 2026 全年營收展望上調至約 4,300 萬美元。隨著客戶承諾採購更大型的系統，以及市場日益驗證我們所提出並持續執行的路線圖，我們的能見度也在提升。

We secured a contracted fault-tolerant system sale and strengthened our position in quantum space and energy. The picture is clear, revenue is growing, our platform is being deployed. And the opportunities in front of us are expanding. One of the clearest signs of acceleration is what governments are doing.

我們取得一筆已簽約的容錯系統銷售，並強化了我們在量子太空與能源領域的地位。情勢很清楚：營收正在成長，我們的平台正在部署。而我們面前的機會也在擴大。加速最明顯的跡象之一，是各國政府正在採取的行動。

The past quarter, they began putting dates and dollars behind Quantum. And as you will see, inflection was at the center of all of this.

在過去一季，他們開始為量子計畫訂出時間表並投入資金。而如各位將看到的，Inflection 正處於這一切的核心。

In May, the Department of Commerce signed a letter of intent providing for up to $100 million in proposed funding for inflection.

在 5 月，商務部簽署了一份意向書，內容包含對 Inflection 提供最高達 1 億美元的擬議資金支持。

In June. President Trump signed a quantum executive order that assigned federal agencies specific actions and deadlines across computing, sensing and the domestic quantum supply chain.

在 6 月。川普總統簽署了一項量子行政命令，要求聯邦機構在運算、感測以及國內量子供應鏈等方面採取具體行動並設定期限。

Quickly following the executive order in July, the Department of Energy selected Inflection for three Genesis Mission projects across both computing and sensing. Those projects bring our computing and sensing capabilities together with government and commercial partners. That same shift is underway internationally. The United Kingdom is back in quantum with up to GBP2 billion in government investment.

在 7 月緊接著該行政命令之後，能源部在運算與感測兩個領域的 Genesis Mission 專案中，選定 Inflection 參與三個專案。這些專案將我們的運算與感測能力，與政府及商業夥伴結合。同樣的轉變也正在國際間發生。英國重新投入量子領域，政府投資最高可達 20 億英鎊。

We have operated there since 2014 and recently delivered the country's first and only operational 100 physical qubit quantum computer to the National Quantum Computing Center, building on our decade of quantum work in the UK. Australia has also named quantum technology one of six defense innovation priorities for the next decade with an emphasis on rapid field testing and deployment. We believe our growing team in Australia gives us a strong position as those opportunities develop. Governments are recognizing that quantum can deliver a level of precision and insight that classical technologies cannot and they are moving with urgency to put that advantage to work.

我們自 2014 年起即在當地營運，近期向國家量子運算中心交付了該國第一台、也是唯一一台可運作的 100 個實體量子位元量子電腦，延續我們在英國十年的量子工作基礎。澳洲也將量子技術列為未來十年六大國防創新優先事項之一，並強調快速的實地測試與部署。我們相信，我們在澳洲持續擴大的團隊，將使我們在這些機會發展之際具備有利位置。各國政府正認知到，量子技術能提供傳統技術無法達到的精準度與洞察力，並正以緊迫感推動落地應用以發揮此一優勢。

The commerce selection and the executive order are worth a closer look. Let me start with commerce. The headline is up to $100 million in proposed funding. That is obviously significant but just as important is how we got there. Commerce, with deep involvement from NIST, which is the National Institute of Standards and Technology, basically really smart scientists who work for the government, took a hard look at our technology and roadmap.

商務部的遴選與該行政命令值得更深入地看。我先從商務部談起。重點標題是：最高達 1 億美元的擬議資金支持。這當然很重要，但同樣重要的是我們如何走到這一步。商務部在 NIST（即美國國家標準與技術研究院）的深度參與下——基本上是一群為政府工作的非常聰明的科學家——對我們的技術與路線圖進行了嚴格審視。

Following that review, Inflection was selected as one of seven quantum computing companies for up to $100 million in proposed funding to advanced commercialization. The selection is a strong external validation of our computing technology, our team, and the direction that we are taking the company. And there's something else I think is important about commerce.

在完成該項審查後，Inflection 被選為七家量子運算公司之一，可獲最高達 1 億美元的擬議資金支持，以推進商業化。此一遴選是對我們的運算技術、團隊，以及公司發展方向的強力外部驗證。而且我認為，關於商務部還有另一點也很重要。

Historically, much of the government's work in quantum has understandably focused on advancing the science. Commerce brings a different lens. It is looking at which technologies have a credible path to commercialization and can strengthen the U.S. Technology leadership.

從歷史上看，政府在量子領域的許多工作，理所當然地一直聚焦於推進科學。商務部帶來不同的視角。它關注哪些技術具備可信的商業化路徑，並能強化美國的科技領導地位。

In many ways, it was the U.S. Government determining which quantum companies they believe will scale commercially. And want to deepen their relationship with. And that's exactly the criteria that we want inflection to be judged on.

在許多方面，這相當於美國政府在判斷他們相信哪些量子公司能在商業上擴張。並希望深化與其關係。而這正是我們希望用來評判 Inflection 是否到達拐點的標準。

The executive orders reinforce the same shift. Federal support for quantum is not new. What is new is the push to put it to work. The administration's priority is very clear: accelerate the use and commercialization of quantum. It sets real timelines for computing and sensing and brings industry directly into the work. That lines up exactly with where we've been investing and building for years.

行政命令也強化了同樣的轉變。聯邦對量子的支持並不新鮮。新的在於推動把它投入實際運用。本屆政府的優先事項非常明確：加速量子的使用與商業化。它為運算與感測設定了實際時程，並讓產業直接參與其中。這與我們多年來投資與建設的方向完全一致。

I was truly honored to be invited to the Oval Office when President Trump signed the quantum executive orders. It was a powerful moment. The message was unmistakable. The United States intends to lead in quantum. And I told President Trump that we would do everything we could to help the United States win the quantum race. We've spent years preparing for this shift. Now our job is to lead it. Inflection's advantage comes down to three things: our neutral atom technology, the complete systems and software that we build around it, and our experience deploying quantum systems. And let me take those in order.

當川普總統簽署量子行政命令時，我非常榮幸受邀前往橢圓形辦公室。那是一個震撼人心的時刻。訊息再清楚不過。美國打算在量子領域領先。我也告訴川普總統，我們將竭盡所能協助美國贏得量子競賽。我們花了多年為這個轉變做準備。現在，我們的工作是引領它。Inflection 的優勢歸結為三點：我們的中性原子技術、我們圍繞它打造的完整系統與軟體，以及我們部署量子系統的經驗。我將依序說明。

So first, neutral atoms. Neutral atoms begin with an inherent advantage. The qubits are made by nature, and therefore they are fundamentally identical. Inflection builds on that advantage with an optical system that traps, moves, and controls atoms using light. That allows us to create large atom arrays, change their geometry for different calculations, and connect qubits without locking the machine into one permanent layout. A common optical system can control many atoms. Our systems already operate on power comparable to a few household hair dryers, and that's pretty different from building a machine that needs its own power plant.

首先，中性原子。中性原子一開始就具備先天優勢。量子位元由自然生成，因此在根本上是完全一致的。Inflection 在此優勢之上，打造一套光學系統，利用光來捕捉、移動並控制原子。這讓我們能建立大型原子陣列，為不同計算改變其幾何結構，並在不把機器鎖定於單一永久佈局的情況下連接量子位元。一套共用的光學系統即可控制許多原子。我們的系統目前運作所需功率大致相當於幾支家用吹風機，這與打造一台需要自備發電廠的機器截然不同。

Ultimately, we expect a commercially useful system to fit within a few server racks. And the technologies around those atoms just keep getting better. Advances in photonics and packaging will make the overall system more capable and economical as we scale. And that gives us a more efficient path to commercial scale with a best-in-class operating profile across footprint, power and cost, which is a big reason neutral atoms are gaining momentum across the industry, and we are increasingly seeing evidence that they will be the winning modality in quantum computing.

最終，我們預期具備商業實用性的系統可容納在幾個伺服器機櫃內。而圍繞這些原子的相關技術也持續進步。光子學與封裝的進展，將在我們擴張規模時，使整體系統更強大且更具成本效益。這讓我們能以更高效率走向商業規模，並在占地、功耗與成本方面具備同級最佳的營運特性；這也是中性原子在全產業加速獲得動能的重要原因之一，而且我們愈來愈看到證據顯示，中性原子將成為量子運算的勝出路徑。

Second, technology alone is not a product. Inflection has built the complete system required to turn neutral atoms into computing and sensing products from the hardware and the controls all the way through the software, and we sell those products today. Our software connects quantum hardware with the computing environments customers already use and our teams have delivered quantum computers in the United Kingdom and Japan. And third, we know how to build and operate neutral atom systems in demanding environments. Our technology has operated on the International Space Station since 2018. We demonstrated an optical atomic clock on the Royal Navy's Excalibur submarine. We flew quantum navigation technology with BAE Systems and Kinetic, two major defence and aerospace technology companies. And we demonstrated precision timing across live fiber between Indiana and Illinois in partnership with Sephron, a global aerospace and defence technology company and our first commercial partner for Ticker. That experience gives us engineering and operating knowledge that you only get by putting systems in the field. And that's a real advantage when customers are deciding who to work with. They want partners that can actually deliver.

第二，技術本身不是產品。Inflection 已建構將中性原子轉化為運算與感測產品所需的完整系統，從硬體與控制一路到軟體，而我們今天就已在銷售這些產品。我們的軟體把量子硬體與客戶既有的運算環境連接起來，我們的團隊也已在英國與日本交付量子電腦。第三，我們知道如何在嚴苛環境中建置並運行中性原子系統。自 2018 年起，我們的技術已在國際太空站上運作。我們在英國皇家海軍的 Excalibur 潛艦上展示了光學原子鐘。我們與兩家主要國防與航太科技公司 BAE Systems 與 Kinetic 一起，進行了量子導航技術的飛行展示。我們也與 Sephron 合作，在印第安納州與伊利諾州之間的即時光纖上展示了精密授時；Sephron 是全球航太與國防科技公司，也是我們 Ticker 的第一家商業合作夥伴。這些經驗帶給我們只有把系統部署到現場才能獲得的工程與運營知識。當客戶在決定與誰合作時，這是一項真正的優勢。他們想要能真正交付成果的合作夥伴。

We have the technology and the systems knowledge and experience are ingrained across Inflection, and that is why Inflection will lead in neutral atoms.

我們具備技術，而系統知識與經驗也已深植於 Inflection 全公司，這就是 Inflection 將在中性原子領域領先的原因。

Pranav will now walk you through the progress that we made across computing and sensing during the quarter.

接下來 Pranav 將帶大家了解本季我們在運算與感測方面取得的進展。

Thanks, Matt.

謝謝，Matt。

Our progress is racing ahead faster than ever before with the extraordinary leverage unlocked by AI tooling.

在 AI 工具釋放出的非凡槓桿作用下，我們的進展比以往任何時候都更快。

In that spirit, last month, we held a company-wide hackathon supported by OpenAI, who equipped us with office hours and plenty of swag. With the help of GPT 5.6 Sol and Codex, our teams executed projects in 24 hours that would have previously taken months.

本著這種精神，上個月我們舉辦了全公司黑客松，並獲得 OpenAI 支援，他們提供了辦公時間（office hours）以及大量周邊贈品。在 GPT 5.6 Sol 與 Codex 的協助下，我們的團隊在 24 小時內完成了過去可能需要數月才能完成的專案。

In quantum computing, we're translating these advances into rapid progress toward utility-scale systems that outperform classical systems for commercially relevant applications. We remain on track to demonstrate 30 logical qubits on our scale quantum computer this year, and we're happy to update today that our logical qubit demonstrations will serve three end customers, one in finance, one in energy, and one in precision medicine.

在量子運算方面，我們正把這些進展轉化為邁向實用規模（utility-scale）系統的快速進步，讓其在具商業相關性的應用上超越傳統（classical）系統。我們仍按計畫在今年於我們的 scale 量子電腦上展示 30 個邏輯量子位元；我們也很高興今天更新，我們的邏輯量子位元展示將服務三個終端客戶，分別來自金融、能源與精準醫療。

This past quarter, we established explicit logical qubit circuits for these customer workloads. We found new AI-discovered techniques for converting our logical circuits into physical circuits, and we experimentally demonstrated the key underlying hardware operations that power our target circuits.

在剛過去的這一季，我們為這些客戶工作負載建立了明確的邏輯量子位元電路。我們發現了由 AI 探索出的新技術，用於將我們的邏輯電路轉換為物理電路，並在實驗上展示了驅動我們目標電路的關鍵底層硬體操作。

To make the final leap to 30 logical qubits, we are tracking two key characteristics. First, can our system retain high fidelity even when qubits are being dynamically reconfigured? And second, can software co-design enable us to run advanced circuits with fewer than 10 physical qubits per logical qubit rather than the hundreds or thousands that were demanded in previous proposals?

為了完成邁向 30 個邏輯量子位元的最後一躍，我們正在追蹤兩個關鍵特性。第一，即使量子位元被動態重新配置，我們的系統是否仍能維持高保真度？第二，軟體協同設計是否能讓我們以每個邏輯量子位元少於 10 個物理量子位元來運行進階電路，而不是像先前提案所要求的數百或數千個？

We are tracking progress closely across both of these characteristics. This quarter, we also announced a new experimental record for two-qubit gate fidelity with dual species, demonstrated on our scale quantum computer in Madison. Shortly thereafter, our Chief Scientist of Quantum Information, Professor Mark Soffman, co-authored a paper with University of Wisconsin colleagues proposing a novel technique for two-qubit gates that paves the path to exceeding 99.9% fidelities.

我們正密切追蹤這兩項特性的進展。本季我們也宣布了一項新的實驗紀錄：在我們位於麥迪遜的 scale 量子電腦上，以雙物種（dual species）實現兩量子位元閘保真度的新紀錄。不久之後，我們的量子資訊首席科學家 Mark Soffman 教授與威斯康辛大學的同事共同發表論文，提出一種新穎的兩量子位元閘技術，為超越 99.9% 的保真度鋪路。

In parallel to our technical progress, we are preparing to offer broader customer access to our QPUs in response to growing customer demand to run live circuits. We will communicate updates as soon as possible.

在技術進展之外，我們也正準備因應客戶對執行即時電路日益增加的需求，提供更廣泛的客戶存取我們的 QPU。我們將在可行的第一時間對外發布更新。

In Colorado, we have advanced plans to integrate our scale QPU with AI and classical HPC coprocessing alongside the partnership we announced in November with Oak Ridge National Labs Quantum Science Center. This is a step forward to enabling a hybrid classical quantum platform, which is the way we expect most customers to ultimately use our systems.

在科羅拉多州，我們已推進計畫，將我們的 scale QPU 與 AI 及傳統 HPC 協同處理（coprocessing）整合；這將與我們在 11 月宣布、與橡樹嶺國家實驗室量子科學中心（Oak Ridge National Labs Quantum Science Center）的合作並行推進。這是邁向混合式傳統—量子平台的一步，我們預期多數客戶最終將以這種方式使用我們的系統。

The Illinois Quantum and Microelectronics IQMP PARC is another exciting step. We announced last month that we are deploying a neutral atom quantum computer integrated with NVIDIA NVQLink at the IQMP. Delivery is planned for 2027 with a new architecture designed to scale through modular upgrades to more than 50 logical qubits on the path to the system's 100 logical qubit goal. We intend to make the system available over the cloud to a wide range of end customers. That brings me to what customers are doing with our technology. Useful quantum applications will not suddenly appear when the hardware arrives. They will be co-developed alongside it. Starting that work now allows customers to help shape the applications and the systems they will ultimately run on.

伊利諾伊量子與微電子 IQMP PARC 是另一個令人振奮的里程碑。我們上個月宣布，將在 IQMP 部署一台與 NVIDIA NVQLink 整合的中性原子量子電腦。預計於 2027 年交付，並採用全新架構，透過模組化升級可擴展至超過 50 個邏輯量子位，朝系統 100 個邏輯量子位的目標邁進。我們打算透過雲端向廣泛的終端客戶提供該系統。這也引出客戶正在如何使用我們的技術。有用的量子應用不會在硬體到位時突然出現。它們將與硬體同步共同開發。現在就開始這項工作，能讓客戶協助塑造應用與其最終將運行其上的系統。

To that end, on Monday, we announced a customer relationship with Eaton, a global power management leader that NVIDIA recently named among the industry leaders reshaping next-generation power infrastructure for AI.

為此，我們在週一宣布與伊頓（Eaton）建立客戶合作關係。伊頓是全球電力管理領導者，NVIDIA 近期也將其列為正在重塑 AI 次世代電力基礎設施的產業領導者之一。

Through private cloud access to our scale QPU, our Superstack compiler and our quantum software capabilities. Eaton is exploring how quantum computing can be applied to difficult energy problems alongside its work in classical AI.

透過對我們可擴展 QPU 的私有雲端存取、我們的 Superstack 編譯器以及我們的量子軟體能力。伊頓正探索量子運算如何可與其在傳統 AI 的工作並行，用於解決棘手的能源問題。

In addition to our announcement this week with Eaton, Inflection announced last month that we have been selected by the Department of Energy for three Genesis Mission projects spanning AI, nuclear applications, and quantum sensing.

除了本週與伊頓的宣布之外，Infleqtion 上個月也宣布，我們已獲美國能源部選定，參與三個 Genesis Mission 專案，涵蓋 AI、核能應用與量子感測。

We are also developing energy applications through our Chicago Quantum Innovation Center. We will have more to share this fall. At IEEE Quantum Week and Quantum World Congress in September, we will share more technical progress and partnership announcements, including an update on our 30 logical qubit development. We also plan to host a webinar this fall prior to the mid-November Supercomputing Conference with a deeper dive into our technology and roadmap. Customers are not waiting they're starting to build with us now.

我們也透過芝加哥量子創新中心開發能源應用。今年秋季我們將分享更多資訊。在 9 月的 IEEE Quantum Week 與 Quantum World Congress 上，我們將分享更多技術進展與合作夥伴公告，包括我們 30 個邏輯量子位開發的最新進度。我們也計畫在 11 月中旬的 Supercomputing Conference 之前於今年秋季舉辦網路研討會，更深入介紹我們的技術與路線圖。客戶並未等待——他們現在就開始與我們一起建置。

Let me turn to the sensing market.

接下來我談談感測市場。

Quantum sensing addresses large markets from space and navigation to spectrum and resource discovery. And Infleqtion has built the broadest quantum sensing portfolio in the industry to address these markets. This quarter, we made great progress with NASA's Jet Propulsion Laboratory, or JPL. On our quantum gravity gradiometer pathfinder program, which is moving toward deployment of the first ever quantum gravity sensor in orbit.

量子感測涵蓋從太空與導航到頻譜與資源探勘等龐大市場。Infleqtion 已建立業界最廣泛的量子感測產品組合，以因應這些市場。本季，我們與 NASA 的噴射推進實驗室（JPL）取得重大進展。在我們的量子重力梯度儀先導（pathfinder）計畫上，正朝向部署史上第一個在軌道上運行的量子重力感測器邁進。

Our teams recently visited the Einstein elevator in Germany as we prepare for prototype testing there. The facility recreates microgravity conditions, allowing us to test the system as we continue on the path toward flight.

我們的團隊近期造訪德國的「愛因斯坦電梯」（Einstein elevator），為在當地進行原型測試做準備。該設施可重現微重力條件，使我們能在持續邁向飛行任務的過程中測試系統。

At the same time, we're seeing growing interest in using this technology here on Earth and have started engaging with potential customers. Quantum gravity sensing can reveal features below the surface that conventional imaging cannot, including critical mineral deposits.

同時，我們也看到在地球上使用這項技術的興趣日益增加，並已開始與潛在客戶接洽。量子重力感測可揭示傳統成像無法呈現的地下特徵，包括關鍵礦物礦藏。

In July, Representative Jeff Hurd introduced the bipartisan Quantum Enhanced Critical Minerals Mapping Act, and Matt testified before the House Natural Resources Committee about how mobile quantum gravity systems could help identify and characterize those deposits at greater depth and resolution. Better information before drilling can reduce uncertainty and help the United States develop strategically important resources more efficiently.

7 月，眾議員 Jeff Hurd 提出跨黨派的《量子增強關鍵礦物測繪法案》（Quantum Enhanced Critical Minerals Mapping Act），Matt 也在眾議院自然資源委員會作證，說明行動式量子重力系統如何以更大的深度與解析度協助識別並刻畫這些礦藏。在鑽探前取得更佳資訊可降低不確定性，並協助美國更有效率地開發具戰略重要性的資源。

This quarter, we also extended our first mover advantage in quantum space. We announced America's Quantum Space initiative to accelerate the development and deployment of quantum-enabled capabilities for future space systems. Many commercial companies and research institutions have reached out to join, and we will host our first meeting later this year at CU Boulder.

本季，我們也進一步擴大在量子太空領域的先行者優勢。我們宣布「美國量子太空」（America's Quantum Space）倡議，以加速為未來太空系統開發與部署量子賦能能力。許多商業公司與研究機構已主動聯繫希望加入，我們將於今年稍晚在科羅拉多大學波德分校（CU Boulder）舉辦首次會議。

This quarter, we introduced quantum spectrum as the first fundamental shift in RF sensing architecture in decades. Quantum spectrum demand is growing in defense applications and we are also starting to see commercial interest. It can detect signals across a very wide range of frequencies in a compact system, giving customers new capabilities for understanding what is happening across the spectrum. Our software helps customers make sense of that information.

本季，我們推出「量子頻譜」（quantum spectrum），這是數十年來 RF 感測架構的首次根本性轉變。量子頻譜在國防應用的需求正在成長，我們也開始看到商業端的興趣。它能在緊湊的系統中偵測跨越極寬頻率範圍的訊號，為客戶提供理解整個頻譜動態的新能力。我們的軟體協助客戶解讀這些資訊。

Our quantum-inspired rapid context contract with the US Navy uses our contextual machine learning AI technology with current GPU hardware to identify what matters in large dynamic RF datasets. We are also advancing that same AI technology with additional customers, including for the US Army in GPS-denied environments and for the European Space Agency across multiple data stream types.

我們與美國海軍簽訂的量子啟發式快速情境（rapid context）合約，使用我們的情境式機器學習 AI 技術，搭配現有 GPU 硬體，在大型且動態的 RF 資料集中辨識關鍵要素。我們也正與其他客戶推進同一套 AI 技術，包括在 GPS 受限環境下為美國陸軍提供支援，以及為歐洲太空總署處理多種資料流類型。

Finally, precision timing is moving into a new phase of commercialization. Ticker is selling today, Saffron is reaching global customers through its sales channels, and we've secured a design win for satellite applications. We also plan to launch our next-generation ticker before the end of the year, expanding the performance and applications we can address. Quantum sensing is already becoming a commercial market, and inflection is built to lead it.

最後，精密授時正進入商業化的新階段。Ticker 目前已在銷售，Saffron 也透過其銷售通路觸及全球客戶，而我們已在衛星應用上取得設計導入（design win）。我們也計畫在年底前推出下一代 ticker，擴大我們可涵蓋的效能與應用範圍。量子感測已逐步成為商業市場，而 Infleqtion 已準備好引領其發展。

And with that, let me turn the call back to Matt.

接下來，我把電話交回給 Matt。

Thanks, Pranav.

謝謝你，Pranav。

We have made strong progress across both computing and sensing, and we are growing the company to keep pace with the market and with how quickly customers are choosing Inflection.

我們在運算與感測兩大領域都取得了強勁進展，並且正在擴大公司規模，以跟上市場步伐，以及客戶選擇 Infleqtion 的速度。

Since the beginning of the year, our headcount has increased by just over 25% with most of that growth in technical roles. And we don't measure success by headcount growth alone, we measure it by whether we continue to raise the caliber of the team as we grow. And we believe we've done that. We haven't only added headcount, but we've increased our talent density. And a great example of this is Dr. Joe Buck, our new Senior Vice President of Quantum Computing Systems.

自年初以來，我們的員工人數增加了略高於 25%，其中大部分成長來自技術職位。我們不僅以人數成長衡量成功，也以在成長過程中是否持續提升團隊水準來衡量。我們相信我們做到了。我們不只是增加人數，也提升了人才密度。一個很好的例子是 Joe Buck 博士，他是我們新任量子運算系統資深副總裁。

Joe is a pioneer in neutral atoms, starting with his doctoral research at Caltech. He has since spent more than 23 years developing quantum and photonic systems, including, most recently, as a senior fellow at Lockheed Martin's Advanced Technology Center.

Joe 是中性原子領域的先驅，起步於他在加州理工學院（Caltech）的博士研究。此後他投入超過 23 年開發量子與光子系統，最近則在洛克希德馬丁先進技術中心擔任資深研究員（senior fellow）。

Joe brings extensive experience leading large, technically complex engineering programs, as well as an entrepreneurial perspective from building and commercializing an optical startup that he co-founded. He understands the physics and what it takes to turn advanced technology into reliable systems, and Joe knows what it takes to win in a fast-paced environment.

Joe 在領導大型且技術高度複雜的工程計畫方面擁有豐富經驗，同時也具備創業視角——他曾共同創辦一家光學新創公司並將其商業化。他理解物理原理，也了解將先進技術轉化為可靠系統所需的一切；而且 Joe 也知道在快節奏環境中取勝需要什麼。

We are also expanding our presence in Chicago, Oxford, and Lewisville. Opening new quantum innovation facilities with significantly expanded research, development and manufacturing capacity. We have an amazing opportunity in front of us, and we are building the team and facilities to execute against it.

我們也正在擴大在芝加哥、牛津與路易斯維爾（Lewisville）的據點。啟用新的量子創新設施，大幅擴充研發與製造產能。我們面前有一個絕佳的機會，而我們正打造團隊與設施以落實執行。

Turning to our financials, we delivered record revenue of $12.6 million, up 116% year over year. That growth was entirely organic and entirely from quantum, led by strong execution on QGG.

談到財務表現，我們達成創紀錄的營收 1,260 萬美元，年增 116%。該成長完全來自內生成長，且完全來自量子業務，主要由 QGG 的強勁執行所帶動。

Our performance through the first half of the year, together with the visibility that we have today, gives us the confidence to raise our full year revenue outlook to approximately $43 million.

我們在上半年所展現的表現，加上我們目前所掌握的能見度，使我們有信心將全年營收展望上調至約 4,300 萬美元。

We also remain confident that we will reach our target of 30 logical qubits this year.

我們也仍然有信心在今年達成 30 個邏輯量子位元的目標。

Alain will now take you through the quarter and our outlook in more detail. Ilan, over to you.

接下來 Alain 將更詳細地帶大家回顧本季表現與我們的展望。Ilan，交給你。

Thank you, Matt, and good afternoon, everyone.

謝謝你，Matt，各位下午好。

I will walk you through the remaining highlights of our GAAP and non-GAAP results for Q2 2026 compared with Q2 2025.

我將帶各位回顧 2026 年第二季相較於 2025 年第二季，我們 GAAP 與非 GAAP 結果的其餘重點。

As Matt noted, we believe a record revenue of $12.6 million in Q2.

如 Matt 所提到，我們認為第二季營收創下 1,260 萬美元的紀錄。

Approximately 92% of Q2 revenue came from the United States, up roughly 10% points from the prior year period. As we have noted before, geographic mix will move with the timing and location of program award. Our second-half outlook is assuming more normalized mix. Our GAAP loss of operation was $30.6 million compared with $10.1 million in Q2 2025.

第二季約 92% 的營收來自美國，較去年同期約增加 10 個百分點。如我們先前所提，地理組合會隨著專案授予的時間點與地點而變動。我們對下半年的展望假設組合將更趨於常態化。我們的 GAAP 營業損失為 3,060 萬美元，相較 2025 年第二季為 1,010 萬美元。

The increase primarily reflects higher operating expenses as we invest in our strategy along with higher stock-based compensation.

增加主要反映我們在推動策略投資下帶來的較高營業費用，以及較高的股票基礎薪酬。

Our non-GAAP operating loss was $17 million compared with $7.3 million last year. Non-GAAP operating expenses increased by roughly $12 billion year-over-year as we invest in headcount and technology development while absorbing the incremental cost of operating as a public company. Cash generated from operation was $13.2 million compared with cash used in operation of $2.8 million in the prior year period.

我們的非 GAAP 營業損失為 1,700 萬美元，相較去年為 730 萬美元。非 GAAP 營業費用年增約 120 億美元，因我們投資於人力與技術開發，同時吸收作為上市公司營運所增加的成本。營運活動產生的現金為 1,320 萬美元，相較去年同期營運活動使用現金 280 萬美元。

Q2 included a temporary working capital benefit of approximately $27 million from payroll taxes collected but not yet remitted on stock options exercised by current and foreign employees.

第二季包含約 2,700 萬美元的暫時性營運資金利益，來自對現職與海外員工行使股票選擇權所代扣、但尚未繳交的薪資稅。

Excluding that benefit, operating cash burn was approximately $14 million. We expect to remit the $27 million in Q3, which will be reflected in our Q3 cash flow. Capital expenditure were $1.4 million. We continue to expense R&D as incurred and do not capitalize development costs. There is no change to our 2026 capital expenditure outlook for a measured step-up as we complete the planned build-out of our expanded facilities. We are also maintaining our 2026 outlook for a modest uptick in cash burn, which remain low related to peers. We are deploying capital strategically to support our long-term objectives.

若排除該項利益，營運現金消耗約為 1,400 萬美元。我們預期將於第三季繳交該 2,700 萬美元，並將反映在第三季的現金流中。資本支出為 140 萬美元。我們持續在發生時即費用化研發支出，並不將開發成本資本化。我們對 2026 年資本支出展望維持不變，預期在完成擴建設施的既定建置後，將有一個審慎的上調。我們也維持 2026 年現金消耗將小幅上升的展望，且相較同業仍屬偏低。我們正策略性地部署資本，以支持長期目標。

During Q2, we completed a strategic equity investment of approximately $3 million in Auratomic, a privately held neutral atom quantum computing company and a customer of our Quantum Cores business. The investment is intended to support potential technical and commercial collaboration.

在第二季期間，我們完成對 Auratomic 的策略性股權投資，金額約 300 萬美元；Auratomic 是一家未上市的中性原子量子運算公司，也是我們 Quantum Cores 業務的客戶。此投資旨在支持潛在的技術與商業合作。

We ended the quarter with approximately $582 million in cash equivalent and available for sale security, please note that. Inflation is approximately 225 million shares outstanding at quarter end with substantially all shares freely tradable following the satisfaction of the lock-up release condition in April.

本季末我們持有約 5.82 億美元的現金等價物及可供出售證券，請注意。通膨約為季末流通在外股數 2.25 億股；在 4 月滿足禁售期解除條件後，幾乎所有股份均可自由交易。

A brief update on the Department of Commerce transaction announced during Q2. We expect to complete the definitive agreement process later this year. Under the current structure, we expect that the up to $100 million will be recorded as other income that offset eligible operating expenses.

簡要更新一下我們在第二季宣布的商務部交易。我們預期將於今年稍晚完成最終協議流程。在目前架構下，我們預期最高達 1 億美元將列為其他收入，用以抵銷符合資格的營業費用。

Final treatment will depend on the definitive agreement and the applicable accounting review.

最終會計處理將取決於最終協議以及適用的會計審查。

Back to you, Matt.

交回給你，Matt。

Thanks, Ilan.

謝謝，Ilan。

I'd like to briefly discuss how we are thinking about the financial model at a high level beyond 2026. The recent acceleration in market activity has improved our visibility into 2027 revenue. We expect to give more details of that when we report Q3. That increased visibility gives us confidence to continue investing ahead of 2027 and we are planning for another measured increase in annual cash burn. We believe the opportunity is large and we are investing to win.

我想簡要談談我們如何在 2026 年之後、以較高層次來看待財務模型。近期市場活動加速，提升了我們對 2027 年營收的能見度。我們預期在公布第三季財報時提供更多細節。能見度提升使我們有信心在 2027 年之前持續加大投資，我們也規劃年度現金消耗將再度審慎增加。我們相信機會龐大，並正投資以取得勝利。

Our long-term view has not changed as our computing systems begin solving commercially useful. For customers and our sensing business scales, we expect revenue to grow faster than operating costs, creating meaningful operating leverage.

隨著我們的運算系統開始為客戶解決具商業價值的問題，以及我們的感測業務擴大規模，我們的長期觀點並未改變；我們預期營收成長將快於營運成本，進而創造顯著的營運槓桿。

Let me close where I began. The theme of Q2 was acceleration. The quantum market accelerated and so did Inflection. And to quote Maverick and Goose, at Inflection, we feel the need for speed. Government priorities turned into funded programs and concrete timelines, customers committed to systems and began building applications with us.

讓我回到一開始的重點作結。第二季的主題是加速。量子市場加速了，Inflection 也加速了。引用 Maverick 和 Goose 的話，在 Inflection，我們感受到對速度的渴望。政府優先事項轉化為有資金支持的計畫與具體時程，客戶承諾採購系統，並開始與我們一起建置應用。

Our priorities are clear, reach 30 logical qubits this year, grow our computing and sensing business and build the capacity to deliver at greater scale. The opportunity is becoming more concrete and so are the commitments behind it. Our job now is to execute. Marcus, back to you.

我們的優先事項很明確：今年達成 30 個邏輯量子位元、成長我們的運算與感測業務，並建立更大規模交付的產能。機會正變得更具體，其背後的承諾也同樣更具體。我們現在的工作就是執行。Marcus，交給你。

Before we open up the call for questions, a quick note on where you can find us over the next several months. We will be participating in a number of investor conferences, including Rosenblatt, Jefferies, Citi, and Piper Sandler, as well as major industry events, including IEEE Quantum Week, the Air Space and Cyber Conference, Quantum World Congress, and Supercomputing 2026. The full schedule is shown here and also available on our website.

在我們開放提問之前，先簡要說明未來幾個月大家可以在哪裡見到我們。我們將參與多場投資人會議，包括 Rosenblatt、Jefferies、Citi 與 Piper Sandler，也會參加多項重要產業活動，包括 IEEE Quantum Week、Air Space and Cyber Conference、Quantum World Congress，以及 Supercomputing 2026。完整行程如本頁所示，也可在我們的網站上查詢。

And on a later note, we will soon be launching an inflection online store with company merchandise. In the interest of transparency, we'll be sure to let you know whether hoodies outperform the rest of the apparel category.

另外，我們很快也會推出 Inflection 線上商店，販售公司周邊商品。為了透明起見，我們一定會告訴大家連帽衫是否會勝過其他服飾品類的表現。

As you may be aware, Matt and Pranab are hosting a live stream AMA on Reddit the week of the 24th. Several questions have already been submitted. So I'm going to start out now with one of those questions to kick off Q&A.

如各位所知，Matt 與 Pranab 將在 24 日當週於 Reddit 主持一場直播 AMA。目前已收到數個問題。因此我現在先從其中一個問題開始，作為 Q&A 的開場。

As a note, we will also continue taking questions on the subreddit and many other subreddits over the coming days.

補充說明一下，我們也會在接下來幾天持續在該 subreddit 以及其他許多 subreddits 接受提問。

So first question, there's been a lot of talk about the Department of Commerce selection. Can Inflection update us on what the process, what's actually like?

第一個問題：關於商務部遴選有很多討論。Inflection 能否更新一下流程實際上是怎麼進行的？

Yeah, sure. Well, thank you Internet and Reddit for that question. It has been a really intense but gratifying experience.

好的，當然可以。也謝謝網路與 Reddit 提出這個問題。這是一段非常緊湊但令人欣慰的經驗。

The Department of Commerce, which as Matt referenced, has some of the world's top physicists and engineers at NIST, went through a very intense.

商務部，如 Matt 所提到的，在 NIST 擁有一些世界頂尖的物理學家與工程師，經歷了一個非常密集的。

Session over the last previous few months to understand inflection technology roadmap with quantum computing and ask a lot of very probing questions. I probably lost a few years of my life and late nights and weekends, et cetera, but it was very much worth it because I think what we came out with was an outcome we're thrilled about, which is an LOI for $100 million to accelerate neutral atom quantum computing for the U.S. And ensure ascendancy alongside our allies. That took a lot of work, and again, it was alongside NIST's top physicists and beyond.

在過去幾個月的會議中，我們深入了解 Inflection 在中性原子量子運算方面的技術路線圖，並提出了許多非常尖銳、深入的問題。我大概因此少活了幾年，熬了很多夜、犧牲了週末等等，但這一切非常值得，因為我認為我們最終得到了一個令我們非常振奮的成果：一份金額 1 億美元的意向書（LOI），用以加速美國的中性原子量子運算，並確保我們與盟友並肩保持領先地位。這需要大量工作，而且同樣是在 NIST 的頂尖物理學家以及其他專家的共同參與下完成的。

It had some personal implications and reward for me too in the sense that I got my start in quantum at NIST. I had the privilege of growing up near the NIST lab in Maryland. And so after many years of being away from Maryland, I got to engage with a lot of the teams that I used to work with who had, as expected, some really amazing questions that helped us.

這件事對我個人也有一些影響與回報，因為我在 NIST 開始接觸量子領域。我有幸在馬里蘭州 NIST 實驗室附近長大。因此，在離開馬里蘭多年之後，我得以再次與許多我曾共事的團隊互動；不出所料，他們提出了一些非常精彩的問題，對我們很有幫助。

Solidify our own path and understand risks and what we need to do to de-risk them. And I'm feeling very confident with what we've come out of that process with this $100 million LOI would position us to win in quantum computing period and ensure that the manufacturing capabilities for that future production remain here in the US and our allies, so grateful to NIST and Congress on that process.

這幫助我們鞏固自身路徑，理解風險以及我們需要做什麼來降低風險。我對我們在這個流程中所取得的成果非常有信心；這份 1 億美元的意向書（LOI）將使我們有能力在量子運算領域勝出，並確保未來量產所需的製造能力能留在美國及我們的盟友這邊，因此非常感謝 NIST 與國會在此過程中的支持。

Great. Thanks, Pranav. Second question.

很好。謝謝你，Pranav。第二個問題。

Can Pranav help us understand the strengths and weaknesses between each modality? How can neutral atoms overcome the slower processing speeds compared to superconducting systems? What matters most?

Pranav 能否幫我們理解各種量子技術路線（modality）之間的優勢與劣勢？相較於超導系統，中性原子如何克服較慢的處理速度？最重要的是什麼？

Sure. I'll tap again into my personal background, which is when I was at NIST, I started with an internship in trapped ion systems.

當然。我再從個人背景談起：我在 NIST 時，是從受困離子（trapped ion）系統的實習開始的。

In my PhD, I worked on pulse level control of superconducting systems. And so I'm familiar with the advantages and disadvantages of both those systems. What I really liked about neutral atom was first and foremost the scalability. The number of qubits you can have in a system and inflection continues to hold a commercial record for having a 1,600 atom array and so that is just off the charts relative to other modalities.

在我的博士研究中，我做的是超導系統的脈衝層級控制。因此我熟悉這兩種系統的優缺點。我非常喜歡中性原子的第一個、也是最重要的原因是可擴展性。也就是你能在一個系統中擁有的量子位元數量；Inflection 目前仍保持商業紀錄，擁有 1,600 個原子的陣列，這相較於其他技術路線可說是遠遠領先。

It is true that neutral atoms and trapped ions are slower on a per gate basis than superconducting systems, but what really matters in end customer applications. Is not directly at a gate speed, but it's the combination of how fast are gates, but also how many gates do you need, and it turns out that every gate that you perform on the architectures and neutral atoms that we're designing pack a bigger punch than what you can do with a single gate on a superconducting system. And so when you put those things together for time to solution to solving a customer application, even though the gates are slower, the number of gates that you need is much less. And on balance, those things effectively net out.

確實，以每個閘（gate）為單位來看，中性原子與受困離子的速度比超導系統慢；但在終端客戶的應用中，真正重要的並不是單純的閘速度，而是「閘有多快」與「你需要多少個閘」的組合。事實上，在我們所設計的架構與中性原子系統中，你執行的每一個閘所帶來的效力（impact）比在超導系統上做單一閘更大。因此，當你把這些因素放在一起、以解決客戶應用的『到解（time to solution）』來看時，即使閘比較慢，但所需的閘數更少。綜合而言，這些因素大致會互相抵消。

So we feel very confident on neutral atoms being a very practical, if not the most practical pathway to getting commercial outcomes in quantum computing. And again, I also center this just in raw, do we have enough qubits to get to the.

因此我們對中性原子非常有信心，認為它是一條非常務實、甚至可能是最務實的路徑，能在量子運算中取得商業成果。而且我也會把重點放回最基本的一點：我們是否有足夠的量子位元來達到……

Crown jewels of quantum computing for commercial applications, I think neutral atom looks extremely attractive in that dimension, and that's why I kind of made the switch from trapped ion world, from superconducting world, to neutral atoms. Now, we continue to develop software under the DARPA HARC program that crosses modalities, and so we don't want to have so much tubers to believe that other modalities will never succeed. We think there's a world where even in that scenario where other modalities have success, we continue to build astounding business off of other modalities too. But in near term, I'm all in on neutral items and everyone on our team is as well. And many of our team members, like me, switched from other modalities to neutral items for the scalability.

……量子運算在商業應用上的「皇冠上的寶石」（最關鍵的能力）。我認為在這個面向上，中性原子極具吸引力；這也是我為什麼從受困離子領域、從超導領域轉向中性原子。另外，我們也在 DARPA HARC 計畫下持續開發跨技術路線的軟體，因此我們不會過度自信到認為其他技術路線永遠不會成功。我們認為即便在其他技術路線也取得成功的情境下，我們仍能在其他技術路線之上建立非常可觀的業務。但就短期而言，我完全押注在中性原子上，我們團隊的每個人也是如此。而且我們許多團隊成員跟我一樣，因為可擴展性而從其他技術路線轉向中性原子。

Thanks, Pranav. Operator, can you open it up, please, the line for Q&A?

謝謝你，Pranav。接線員，請開放問答線路，好嗎？

Of course.

當然。

(Operator Instructions)

（接線員指示）

Jesse Sobelson, BTIG. Please proceed.

Jesse Sobelson，BTIG。請開始。

Hi, everyone.

大家好。

Jesse Sobelson with US Bancorp, BTIG. Thanks for taking our questions this evening.

我是 US Bancorp、BTIG 的 Jesse Sobelson。感謝今晚回答我們的問題。

Firstly, on the increase to approximately $43 million in revenue and annual guidance, how much of that reflects the NASA-driven Q2 strength versus in the second-half improved outlook and within that outlook. Could you discuss the contribution of visibility from Ticker, including that SAF and satellite design one you mentioned and any expected timing for your initial statement there?

首先，關於營收與全年指引上調至約 4,300 萬美元，其中有多少反映了 NASA 帶動的第二季（Q2）強勁表現？相較之下，下半年展望改善又占多少？在該展望之中，能否談談來自 Ticker 的可見度所帶來的貢獻，包括你提到的那個 SAF 與衛星設計案，以及你們預期首次在那方面發表說明的時間點？

Sure, I'll take a crack on that and then, Ilan, why don't you fill in. So the increase in guidance is really a function of three things. Number one, strength in Q2. Number two, increased visibility in the form of bookings. And that is really kind of across the board. So yes, our QGG contract is a driver of that, but there are a number of other things that are embedded in that as well.

好的，我先嘗試回答，然後 Ilan 你再補充。這次上調指引主要是三個因素所致。第一，第二季（Q2）的強勁表現。第二，以訂單（bookings）形式帶來的可見度提升。而這其實是全面性的。所以沒錯，我們的 QGG 合約是其中一個驅動因素，但同時也包含了其他多項因素。

As it relates to any specifics around. Ticker or Saffron, I'll probably not comment on that level of granularity, Jesse, but I'll just say that the strength that we're seeing is broad-based. And as I mentioned at the end of the call, a lot of that is not showing up in numbers yet. And I think we'll have more to talk about as well in the future.

至於任何更具體的細節，例如 Ticker 或 Saffron，我可能不會在這麼細的層級做評論，Jesse；但我想說的是，我們看到的強勁動能是廣泛分布、來自多方面的。而且如我在電話會議結尾提到的，其中很多目前還沒有反映在數字上。我想未來我們也會有更多可以分享的內容。

Ilan, anything you'd add to that? No, I think you summarized very well.

Ilan，你有要補充的嗎？沒有，我覺得你總結得很好。

Okay, great. And then just to kind of shift gears a little bit here on the technical roadmap, there's a lot of great information today. You identified two key steps for the 30 logical qubit demonstration, which is maintaining high fidelity during dynamic reconfiguration and running advanced could define the success on those measures. And as you said that correctly, what quantitative thresholds, giving them largely derisk the move from not just 12 to 30 logical qubits later this year, but potentially derisk the move from 30 to 50 on the Illinois architecture in 2027?

好的，很好。接著稍微換個方向，談技術路線圖：今天資訊非常豐富。你指出 30 個邏輯量子位元（logical qubit）展示的兩個關鍵步驟，分別是在動態重組（dynamic reconfiguration）期間維持高保真度（high fidelity），以及執行先進的……可以界定在這些衡量指標上的成功。如你所說，若要量化來看，哪些門檻值能在很大程度上降低風險，不僅是今年稍晚從 12 提升到 30 個邏輯量子位元，也可能降低 2027 年在 Illinois 架構上從 30 提升到 50 的風險？

Yes.

是的。

Take a crack at that, then I'll add anything if I need to.

我先嘗試回答，然後如果需要我再補充。

Absolutely. On the last piece, this is a broader step forward in DRS to hundreds of qubits and those metrics are going to be valuable for very large systems with 150. So those two characteristics, the specific quantitative metric to track on the second one is called code rate, and that just means the ratio of how many physical qubits do you need per logical qubit. What we're targeting is to be under 10, and that just means that you can squeeze a lot more mileage out of the same underlying hardware if you're under 10.

當然。就最後那一點而言，這是在 DRS 方面邁向數百個量子位的更廣泛一步，而這些衡量指標對於擁有 150 的超大型系統將非常有價值。因此，這兩個特性中，第二個要追蹤的具體量化指標稱為「碼率」（code rate），意思就是每個邏輯量子位需要多少物理量子位的比率。我們的目標是低於 10，這代表若能低於 10，你就能在相同的底層硬體上榨取更多效能。

The first piece, there's many ways to track this. A characteristic that we track internally is atom retention, which is effectively when you apply a gate, what's the chance that a atom is knocked out of a trap? And we want that number to be less than about 2%. As long as it's less than about 2%, we're in good shape to have long-running computations.

第一點有很多追蹤方式。我們內部追蹤的一個特性是原子留存率（atom retention），也就是當你施加一個閘操作時，有多大機率會把一個原子從陷阱中撞出來？我們希望這個數字低於約 2%。只要低於約 2%，我們就很有把握能進行長時間運算。

Thank you.

謝謝。

Tyler Anderson, Craig-Hallum Capital Group. Please proceed.

Tyler Anderson，Craig-Hallum Capital Group。請繼續。

Hi, Gents. This is Tyler Anderson on for Richard Shannon.

嗨，各位先生。我是 Tyler Anderson，代 Richard Shannon 發言。

Thank you for taking my questions. And hello, Internet.

謝謝讓我提問。也向網路上的各位問好。

For the modular upgrade, is this just a core swap?

關於模組化升級，這只是更換核心嗎？

To increase the number of qubits, or is there anything else surrounding that core that needs to be, or could be modular as well and upgraded, not necessarily for this upgrade only, but for future upgrades with other customers?

是為了增加量子位數量，還是核心周邊也有其他需要（或也可以）模組化並升級的部分？不一定只針對這次升級，而是未來替其他客戶升級時也適用？

Yeah, Internet Tyler. So thanks for the question. Let me give a concrete example to spell out what we mean. So our logical qubit results on our scale quantum computer in Colorado, we achieved 12 logical qubits in 2025, on track for 30 this year, in 2024 hit two logical qubits.

是的，網路上的 Tyler。謝謝你的問題。我用一個具體例子來說明我們的意思。在科羅拉多的 scale 量子電腦上，我們在 2025 年達成了 12 個邏輯量子位的成果，今年目標 30 個；而在 2024 年我們達成了 2 個邏輯量子位。

That is an exemplar of this modular upgrade pathway. And specifically in 2024, the events that was made was the ability to reconfigure the layout of our qubits or atoms. Before the computation runs, but not during the computation. In 2025, we modularly added the laser systems and technologies that allowed us to rearrange those items during a program execution and not just before or after a program execution. So that's an exemplar of modularity. It means that there's upgrades that fundamentally advance the capabilities under the hood.

這就是模組化升級路徑的一個典型例子。具體來說，在 2024 年，我們做到的是能在運算開始前重新配置量子位或原子的佈局，但無法在運算進行中重新配置。到了 2025 年，我們以模組化方式新增了雷射系統與技術，使我們能在程式執行期間重新排列這些項目，而不僅僅是在程式執行前或執行後。這就是模組化的一個例子。它代表有些升級能在底層從根本上提升能力。

While retaining 99% of the same underlying base system. And in fact, if you happen to have seen our scale QPU display that we brought to GTC DC and other GTC events alongside NVIDIA's MDT Link launch that has a rearranger module shown front and center. So more broadly, the notion of modular upgrades. Is centered on the fact that our qubits are not prefabricated. We actually always have a spare capacity of qubits. So in our 114 qubit array, sorry, qubit system that we delivered 12 qubits on last year, it's actually 224 sites or atoms under the hood. And so if we want to make more mileage out of the same quantum computer. It can be as simple as taking the laser systems and swapping them out with higher power or lower noise laser systems that allow us to have access to more of the qubits that nature has given us for free.

同時保留 99% 相同的底層基礎系統。事實上，如果你看過我們帶到 GTC DC 以及其他 GTC 活動的 scale QPU 展示（與 NVIDIA 的 MDT Link 發表同場），你會看到一個 rearranger 模組被放在最顯眼的位置。更廣泛地說，模組化升級的概念是基於我們的量子位不是預先製造好的。我們實際上總是保留一些量子位的備援容量。因此，在我們交付的 114 量子位陣列——抱歉，是量子位系統——去年我們在其上實現了 12 個量子位，而底層其實是 224 個位置或原子。所以如果我們想在同一台量子電腦上榨取更多效能，可能只要把雷射系統換成更高功率或更低雜訊的雷射系統，就能讓我們使用到更多大自然免費提供的量子位。

So there's certainly some upgrades that are going to be more challenging if we want to swap out the species that might be a more challenging upgrade, but by and large, the modularity comes from the fact that our qubits are free and it's just how we control those qubits that gives rise to the types of applications we run and we can make modular swap outs of the photonics and optics that drive those qubits.

當然，如果我們想更換原子種類（species），那會是更具挑戰性的升級；但總體而言，模組化來自於我們的量子位是「免費的」，而真正決定我們能跑哪些應用的是我們如何控制這些量子位；我們可以對驅動這些量子位的光子與光學元件進行模組化替換。

Got it. That makes a lot of sense.

了解。這很有道理。

And then for the benchmarking that you've open sourced, could you just talk about how that changes your go-to-market strategy or at least how it can be leveraged within one and just any differentiation that you have in that benchmarking?

另外，關於你們開源的基準測試（benchmarking），能否談談這如何改變你們的 go-to-market 策略，或至少如何在其中被運用？以及你們在該基準測試上有任何差異化之處嗎？

Thank you.

謝謝。

Sure. So I think this is referring to the resource superstack library that we open sourced.

當然。我想這指的是我們開源的 resource superstack 函式庫。

And the best way to think about that is it's a vehicle for getting our customers ready to run circuits on our next generation machine.

最好的理解方式是：它是一個讓客戶為在我們下一代機器上執行電路做好準備的載體。

And resource estimation that we've done is extraordinarily well co-designed to our underlying hardware. There's ways to do resource estimation and compilation that are somewhat agnostic to the underlying hardware. And what we found is that for the customers that we've referenced today and will continue to reference. They want to be able to squeeze as much mileage as they can out of our next generation scale quantum computer.

而我們所做的資源估算（resource estimation）與底層硬體是高度共同設計（co-designed）的。資源估算與編譯也有一些做法是相對不依賴底層硬體的。但我們發現，對於我們今天提到、未來也會持續提到的客戶而言，他們希望能在我們下一代 scale 量子電腦上盡可能榨取最大效能。

And so that resource estimator has some specific outlets for testing things like dual species, which is a technology that inflection leads neutral atom quantum computing on. It has things like in-place entanglement, or rather, there's technical ways of describing that too, but entangling gates that don't require motion, those are some.

因此，這個資源估算器提供了一些特定的介面，用來測試例如雙物種（dual species）等項目——這是 Inflection 在中性原子量子運算上引領的技術。它也涵蓋例如原地糾纏（in-place entanglement）——或者說也有更技術性的描述方式——也就是不需要移動的糾纏閘，這些都是其中一些。

Highlights and upsides of Inflection's neutral item architecture that one can really only explore with our resource superstack, which is why we open sourced it. And then on the commercialization piece, the way we're thinking about this is a way to pour fuel on the fire of go-to-market in terms of we have so much pent-up demand, and this gives our end customers a way to start testing things while hardware access is scarcely apportioned.

這些是 Inflection 的中性原子架構的亮點與優勢，而這些內容基本上只能透過我們的 resource superstack 來深入探索，這也是我們開源它的原因。至於商業化方面，我們把它視為在 go-to-market 上「火上加油」的一種方式：我們有大量被壓抑的需求，而在硬體存取名額非常有限的情況下，這讓終端客戶能先開始測試一些東西。

Got it.

了解。

Thank you. I'll hop back in the queue.

謝謝。我回到排隊序列。

Thank you. As a reminder, it is star one to ask a question.

謝謝。提醒一下，按星號一可以提問。

Kingsley Crane, Canaccord Genuity. Please proceed.

Kingsley Crane，Canaccord Genuity。請繼續。

Kingsley, your line is unmuted on my end.

Kingsley，你那邊在我這裡已經解除靜音。

You may have lost him. Go to the next question.

你們可能失去他的連線了。請進下一個問題。

John McPeake, Rosenblatt Securities. Please proceed.

John McPeake，Rosenblatt Securities。請繼續。

All right, great. Can you hear me?

好，太好了。你們聽得到我嗎？

Yeah. Hey, John.

聽得到。嗨，John。

Great. Hey, guys. Matt, Marcus and Alon. Congrats on the execution. Ray's guide. I'm a large, by the way, for a hoodie. Thank you. All right. We'll mark you down for one. And so it's interesting. You got finance, energy, precision medicine engagements.

太好了。嗨，各位。Matt、Marcus 和 Alon。恭喜執行成果。Ray 的指引。順帶一提，我的連帽衫要大號。謝謝。好。我們會幫你記上一件。所以這很有意思。你們在金融、能源、精準醫療方面都有合作案。

I find that interesting. Is that generating any revenues for you guys to do those POCs or just to or is it just kind of making them aware?

我覺得這很有意思。你們做那些 POC 會帶來任何營收嗎？還是只是……或者只是讓他們知道你們的能力？

It is.

會的。

Yeah. Short answer is all three of those.

對。簡短回答是三者皆是。

You go first and then you go ahead and then we can fill in.

你先說，然後你接著說，之後我們再補充。

Sure. Short answer is all three of those are revenue generating.

當然。簡短回答是，這三項都能帶來營收。

Oh, nice.

喔，不錯。

And, I know this question, just qualitatively, someone has to ask it, can you give some senses to quantum versus sensing, either growth or just temperature-wise where we are these days?

另外，我知道這個問題——就定性來說，總得有人問：你能不能談談量子運算相對於量子感測的情況，不論是成長性或只是目前的熱度，我們現在大概處於什麼溫度？

I'll give you some high-level commentary on that, John. So we are seeing strength in both right now.

John，我先給你一些高層次的評論。我們目前在兩邊都看到強勁表現。

If I had to say which one I've been surprised by, I would say I've been surprised by what we're seeing under the surface on some of our quantum computing opportunities that I think will start to be more apparent in revenue over time.

如果要說哪一邊讓我意外，我會說是我們在一些量子運算機會上、在水面下看到的進展；我認為隨著時間推移，這些會在營收上變得更明顯。

And so we're seeing a lot of strength on both sides. Things are accelerating for both quantum sensing and quantum computing, but relative to maybe my expectations, I think quantum computing is coming in a little hotter than I'd expected, which is great.

所以我們在兩邊都看到很多強勁動能。量子感測與量子運算都在加速，但相較於我原本的預期，我覺得量子運算的熱度比我想像中更高一些，這很棒。

Nice. That's exciting.

很好。這很令人興奮。

Just a housekeeping item on RPO. I don't know, can we get that before the queue?

再問一個例行事項，關於 RPO。我不知道，我們能在進入提問隊列前先拿到那個數字嗎？

Yeah, so RPO is in our, it will be in our 10 queue when we publish it later on today. So RPO for Q2 went up to, $21 million, a slight increase from our Q1 RPO, and market farmers will put Q3 earnings.

可以，RPO 會在我們的 10-Q 裡，今天稍晚發布時就會揭露。所以第二季的 RPO 上升到 2,100 萬美元，較第一季的 RPO 小幅增加，而市場會在第三季財報時看到。

Okay, great. And then I have one last one on the 10 to 1 physical logical ratio that you're seeing, which is impressive for this modality.

好，太好了。最後一個問題是關於你們看到的 10 比 1 的物理對邏輯比例，對這種模態來說很令人印象深刻。

Any two qubit logical gate error, any error metrics you can talk to there, Pranav?

在兩個邏輯量子位的邏輯閘錯誤率方面，有沒有任何錯誤指標可以談談，Pranav？

Yeah, John, that's a good question.

有的，John，這是個好問題。

My instinct is we should save the answer to that for the upcoming events that we referenced, like the IAAA Quantum Week and Quantum World Congress and, of course, future earnings calls just to synchronize the numbers with other numbers that we'll put out too. But I'm glad you're paying attention to it.

我的直覺是，我們應該把這個答案留到接下來我們提到的活動上再說，例如 IAAA Quantum Week 和 Quantum World Congress，當然也包括未來的法說會，這樣可以把數字和我們也會對外發布的其他數字同步一致。不過我很高興你有在關注這點。

Very cool. All right. Thanks, guys.

很酷。好。謝謝各位。

Thank you.

謝謝。

Kingsley Crane, Canaccord Genuity. Please proceed.

Canaccord Genuity 的 Kingsley Crane。請發言。

Hi, can you hear me?

嗨，你們聽得到我嗎？

Yes. Hey, Kingsley.

聽得到。嗨，Kingsley。

Okay, great. Yeah, glad you can. I was going to make a comment on the 32, looking forward to get one. So either for Matt or Pranav, thinking about the space, there's. Both scientific progress and engineering progress needed. And so I was just hoping you could talk more about the potential for AI to accelerate innovation. You mentioned the hackathon sponsored by OpenAI, but we've also seen frontier models like that of Astra from OpenAI solving problems in quantum complexity. So just like how that could help both on the science and engineering side and if that could create any kind of tailwind.

好，太好了。對，很高興你們聽得到。我本來想先評論一下 32（的部分），也期待能拿到一台。所以不管是問 Matt 或 Pranav，從這個領域來看，這裡面需要科學進展，也需要工程進展。因此我想請你們多談談 AI 加速創新的潛力。你們提到由 OpenAI 贊助的黑客松，但我們也看到像 OpenAI 的 Astra 這類前沿模型在解決量子複雜度問題。所以想請教，這類工具如何在科學與工程兩端提供幫助，以及是否可能形成某種順風。

Thank you.

謝謝。

Yeah, Pranav, why don't you answer and then I can also take a stab.

好。Pranav，你先回答，然後我也補充一下。

Yeah, we are extremely excited about how fast things are moving thanks to AI tooling. Indeed, the OpenAI hackathon just accelerated the pace tremendously for us in terms of adoption of Codex and 5.6 whole. To give some specific examples, reference this in my remarks just a few minutes ago, but we have discovered a way to do. Operations between logical qubits more efficiently by a factor of two using an invention that actually had GBT 5.6 SOL came up with. And so a lot of the bottlenecks that used to exist on just the rate of mathematical reasoning and theory have overnight almost become no longer our bottlenecks. There's certainly an incredible role for the theorists and mathematicians at Inflection who now effectively wield armies of massive compute that turns through theorem proving and conjecture disproving, etc. At a faster rate. And then from a business positioning lens, we think this is a really exciting moment for companies like Inflection that.

是的，我們對 AI 工具帶來的快速進展感到非常興奮。確實，OpenAI 的黑客松在我們採用 Codex 和 5.6 whole（整套）方面，極大地加速了進度。舉一些具體例子，我在幾分鐘前的發言也提到：我們發現了一種方法，可以把邏輯量子位之間的操作效率提升兩倍；這個發明其實是 GBT 5.6 SOL 想出來的。因此，過去存在的許多瓶頸——例如純粹數學推理與理論推進的速度——幾乎在一夜之間就不再是我們的主要瓶頸。當然，Inflection 的理論學家與數學家仍然扮演不可或缺的角色；只是他們現在等於能動用龐大算力的「軍團」，以更快速度進行定理證明、反證猜想等等。從商業定位的角度來看，我們認為這對像 Inflection 這樣的公司而言，是一個非常令人振奮的時刻，因為我們……

Hold experimental data, which I see and we see as the bottleneck to the next generation of progress. AI can prove theorems, disprove mathematical theorems, but it's going to be limited by the amount of data it has for making real world predictions about how to build a better gate, how to get to a million logical qubits, some of the frontier capabilities that used to be extremely hard to even reason about now become something that we can pass to Codex so long as it can work with experimental data from our quantum computer and quantum sensor. So we're all in and we're positioning the work that we do to align with where AI will create value and where it's going to get pushed even forward by disproportionate advantages like experimental data. Over to Matt.

掌握實驗數據，而我們認為、也看到這正是推動下一代進展的瓶頸。AI 可以證明定理、也可以推翻數學定理，但它會受限於可用數據量，才能對如何打造更好的閘、如何達到一百萬個邏輯量子位等現實世界的建構問題做出預測。一些過去甚至很難推理的前沿能力，現在只要能結合我們量子電腦與量子感測器的實驗數據，就可以交給 Codex 來處理。所以我們全力投入，並把我們的工作定位在 AI 會創造價值的方向，同時也會因為像實驗數據這種不成比例的優勢而被進一步推動。

The only thing I'd add is if I just abstracted up one layer, the new models that we have in the hands of our quantum physicists is just sort of turning them into superhumans. And so they remain the experts on how to do the quantum physics, but they now have a tool that can help them compound their efforts. And that's H1stly, that's reflected across most people in the organization as we continue to adopt these tools, I continue to be surprised at how much more productive we all are becoming.

我唯一想補充的是，如果把層級再抽象一層來看，我們把新模型交到量子物理學家手上，某種程度上就是把他們變成「超人」。他們仍然是如何做量子物理的專家，但現在有一個工具能幫助他們把努力成倍放大。而且坦白說，隨著我們持續採用這些工具，這種情況也反映在組織裡的大多數人身上；我一直很驚訝我們所有人的生產力提升了多少。

Really helpful and insightful. And just a quick follow-up. So on additional cloud access for QPUs or hosting ISQ compute on hyperscalers, just curious if there's any more granular detail there as that could become a more durable recurring revenue stream and assuming that that's not contemplated in the guide despite some of the more recent enthusiasm. Thanks.

非常有幫助，也很有洞見。再快速追問一下：關於額外的雲端存取（QPU）或是在超大規模雲端（hyperscalers）上託管 ISQ 運算，我想知道是否有更細的資訊；因為那可能會成為更持久的經常性營收來源。我也假設即便近期更樂觀，這部分仍未納入你們的財測指引。

Why don't you go and then I can take a crack at that. I know you're answering a lot of them first this time, but there's a lot of technical questions.

你先說，然後我也來試著回答。我知道這次很多題都是你先回答，不過技術問題確實比較多。

Yeah, sure.

是的，當然。

So absolutely, we're enthused about cloud access to our quantum computers and we have been taking several steps to prepare all of our machines for cloud access. We think that there's going to for the next many years, there's going to be markets for both on-premise system sales as well as cloud access. And in that direction, there's work both in terms of setting up the cloud infrastructure, the security, which is well under way, as well as work to do new types of tooling in Superstack to account for things like user-friendly ways to do motion between atoms.

所以毫無疑問，我們對透過雲端存取我們的量子電腦感到非常振奮，並且一直在採取多項措施，讓我們所有的機器都為雲端存取做好準備。我們認為在未來很多年，市場同時會存在本地部署系統銷售以及雲端存取。朝這個方向，我們一方面在建置雲端基礎設施與安全性（目前進展順利），另一方面也在 Superstack 中開發新型工具，以因應例如讓使用者更友善地進行原子之間的移動等需求。

One of the outcomes of our ChatGPT hack day over 24 hours was some of the internal winning teams assembled great ways to do compilation for atom motion and ways to visualize it and those are going to be at the forefront of how we reach a broader set of users with tools that are unique to neutral atoms in terms of atom motion in parallel, etc. So very excited about cloud access opportunities and continuing to prepare us to open that valve up more fully.

我們在 24 小時的 ChatGPT 黑客松（hack day）其中一個成果，是一些內部獲勝團隊整理出很棒的方法，用於原子移動的編譯以及可視化；這些將會站在最前線，幫助我們以獨特於中性原子的工具（例如原子並行移動等）觸及更廣泛的使用者群。因此我們對雲端存取的機會非常興奮，並將持續做好準備，更全面地把這個閥門打開。

We are currently providing a lot of private cloud access to various customers and intend to open up more over the public cloud in the not too distant future.

我們目前正為多家客戶提供大量的私有雲存取，並打算在不久的將來透過公有雲開放更多。

Thank you so much for the time.

非常感謝您撥冗。

Thank you. As a reminder, it is star one to ask a question.

謝謝。提醒一下，若要提問請按星號 1。

Tyler Anderson, Craig-Hallum Capital Group. Please proceed.

Tyler Anderson，Craig-Hallum Capital Group。請開始。

Hi, gentlemen.

嗨，各位先生。

Thank you for taking my follow-up.

謝謝你們讓我追問。

I just wanted to touch on the design win with Saffron. I was just wondering what the potential timeline of when this could start ramping would be.

我想簡單談一下與 Saffron 的設計導入（design win）。我想請教，這項合作可能在什麼時間點開始放量（ramping）？

Thank you.

謝謝。

Well, I can talk at a high level about Saffron, Tyler. So what our relationship with them entails is sort of twofold. Number one is the distribution agreement where we work with them to sell tickers and on top of that there is technology. Partnership where we're embedding their time transfer technology into ticker and really making the two products that we each have come together as something stronger as a whole. And a good evidence of that was what we did between Illinois and Indiana showing better than picosecond synchronization between the two sites. And so there's a lot of different opportunities with them in the hopper, and I'm really bullish on what those can bring.

Tyler，我可以從較高層次談談 Saffron。我們與他們的合作關係大致包含兩個面向。第一是經銷協議，我們與他們合作銷售 tickers；此外還有技術合作夥伴關係，我們把他們的時間傳輸（time transfer）技術嵌入到 ticker 中，讓我們雙方各自的產品整合成更強的整體。一個很好的例證是我們在伊利諾伊州與印第安納州兩個站點之間所做的展示，達成優於皮秒等級的同步。因此我們與他們之間還有很多不同的機會正在醞釀中，我對這些能帶來的成果非常看好。

But I think I'll keep it at the higher level at this time in terms of what those are and when they might hit.

不過就目前而言，關於具體是哪些機會以及何時落地，我先維持在較高層次的說法。

That's fine. And then for the revenue in the second-half, is there any shape to that that we should be aware of?

了解。那麼下半年營收方面，有沒有我們需要留意的型態？

Any seasonality in the second-half.

下半年是否有任何季節性？

I would say, as we mentioned all the time, we are expecting to have the same mix between sensing and compute. We saw the same revenue growing at the same pace.

我會說，正如我們一直提到的，我們預期感測與運算之間的組合會維持相同。我們看到兩者的營收都以相同步調成長。

And in terms of seasonality, there is not really seasonality in the quantum, it's really depending on our contract award timing. And yes, sometimes you see shortcuts in quarters, but we expect H2, the second-half of this year will be similar to the 2nd year and the first half of 2006.

至於季節性，量子領域其實沒有明顯的季節性，主要取決於我們合約授予的時間點。是的，有時你會看到季度之間的波動，但我們預期今年下半年（H2）會與第 2 年以及 2006 年上半年相近。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

There are no further questions in the queue. I'd like to pass it over to Marcus for any further questions.

目前佇列中沒有其他問題。我想把時間交給 Marcus，看看是否還有其他問題。

Since we have time, I'm going to take one more from the AMA submission, Pranav.

既然我們還有時間，我打算再從 AMA 提交的問題中再挑一題，Pranav。

So the question was basically, can you explain in plain English why getting to 30 logical qubits matters and what this lets the computer do?

問題基本上是：你能用白話解釋為什麼達到 30 個邏輯量子位很重要，以及這能讓電腦做到什麼嗎？

Sure. Plain English. Essentially we want our qubits. To be as good as the bits on your computer, on your laptop, on your phone. And logical qubits are the path to making that happen. It's kind of the difference between the raw signals that your phone sends versus the actual TikTok video that your kids are watching or the Excel spreadsheet that you're downloading, hopefully Excel spreadsheet. So getting to 30 logical qubits is the stepping stone towards. Being in a state where our information on our quantum computer is as reliable or directionally as reliable as your laptop or as your server or as your phone.

當然可以。用白話說。本質上，我們希望我們的量子位能像你電腦、筆電或手機上的位元一樣可靠。而邏輯量子位就是實現這件事的途徑。這有點像你手機傳送的原始訊號，和你孩子正在看的 TikTok 影片或你下載的 Excel 試算表（希望是 Excel 試算表）之間的差別。因此，達到 30 個邏輯量子位，是邁向讓我們量子電腦上的資訊可靠性，達到或至少方向上接近你筆電、伺服器或手機的狀態的一個墊腳石。

And 30, we think is a huge step forward toward 100 logical qubits, which in turn is the point at which you start to be able to solve important problems in material science and chemistry, perhaps in AI too, that classical computers cannot solve. And for the last several. Of quantum computing, very great progress was made, but it was still without logical qubits until just a couple of years ago. If we're able to hit, and we expect to, this year, 30 logical qubits, I think that is a tremendous leap toward the next milestone of 50 and then 100 logical qubits, and that is the moment where quantum computing becomes everything we hope it will become.

而我們認為 30 是朝 100 個邏輯量子位邁進的一大步；而 100 個邏輯量子位又是你開始能解決材料科學與化學（也許也包括 AI）等重要問題、而傳統電腦無法解決的門檻。在過去幾個量子運算的階段，雖然取得了非常大的進展，但直到幾年前才真正出現邏輯量子位。如果我們能在今年達成（而且我們預期會達成）30 個邏輯量子位，我認為這將是朝下一個里程碑 50、再到 100 個邏輯量子位的巨大躍進；而那一刻，就是量子運算成為我們所期望的一切的時刻。

Well, thank you, everyone, for joining us and for all the thoughtful questions from both the analysts as well as the Reddit community. We really appreciate everyone's continued interest in Inflection, and we've got an important fall ahead of us, and we're going to remain focused on execution. And so in the meantime, have a great evening, and we'll talk to you again at the various conferences we're at this quarter as well as at our next earnings call.

各位，感謝大家參與，也感謝分析師以及 Reddit 社群提出的各種深思熟慮的問題。我們非常感謝大家持續關注 Inflection；接下來我們將迎來一個重要的秋季，我們會持續專注於執行。那麼在此先祝各位晚安，我們也會在本季參與的各場會議以及下一次財報電話會議上再與各位交流。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。

Thank you, everyone, for your participation.

謝謝各位的參與。