IONQ Inc (IONQ) 2023 Q2 法說會逐字稿

Greetings. Welcome to IonQ's second quarter 2023 earnings call. (Operator Instructions) Please note, this is conference is being recorded.

問候。歡迎參加 IonQ 2023 年第二季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

At this time, I will turn the conference over to Jordan Shapiro, Vice President, FP&A, Head of Investor Relations. Jordan, you may now begin.

這次，我將把會議交給 FP&A 副總裁、投資者關係主管 Jordan Shapiro。喬丹，你現在可以開始了。

Good afternoon, everyone, and welcome to IonQ's second quarter 2023 earnings call. My name is Jordan Shapiro and I'm the Vice President of Financial Planning and Analysis, and Head of Investor Relations here at IonQ. I am pleased to be joined on today's call by Peter Chapman, our President and Chief Executive Officer; Thomas Kramer, our Chief Financial Officer; and Dr. Jungsang Kim, our Co-Founder and Chief Technology Officer.

大家下午好，歡迎參加 IonQ 2023 年第二季度財報電話會議。我叫 Jordan Shapiro，是 IonQ 財務規劃與分析副總裁兼投資者關係主管。我很高興能夠參加今天的電話會議，我們的總裁兼首席執行官彼得·查普曼 (Peter Chapman)；托馬斯·克萊默 (Thomas Kramer)，我們的首席財務官；以及我們的聯合創始人兼首席技術官 Jungsang Kim 博士。

By now, everyone should have access to the company's second quarter 2023 earnings press release issued this afternoon, which is available on the Investor Relations section of our website at investors.ionq.com.

到目前為止，每個人都應該可以訪問該公司今天下午發布的 2023 年第二季度收益新聞稿，該新聞稿可在我們網站 Investors.ionq.com 的投資者關係部分獲取。

Please note that on today's call, management will refer to adjusted EBITDA, which is a non-GAAP financial measure. While the company believes this non-GAAP financial measure provides useful information for investors, the presentation of this information is not intended to be considered in isolation, or as a substitute for the financial information presented in accordance with GAAP. You are directed to our press release for a reconciliation of adjusted EBITDA to its closest comparable GAAP measure.

請注意，在今天的電話會議上，管理層將參考調整後的 EBITDA，這是一項非 GAAP 財務指標。雖然公司認為這一非公認會計原則財務指標為投資者提供了有用的信息，但這些信息的呈現並不旨在被孤立地考慮，也不能替代根據公認會計原則呈現的財務信息。您可以閱讀我們的新聞稿，了解調整後 EBITDA 與其最接近的可比 GAAP 指標的對賬情況。

During the call, we will discuss our business outlook and make forward-looking statements. These comments are based on management's predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

在電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。這些評論基於管理層截至目前的預測和期望。由於許多風險和不確定性，包括我們最近向 SEC 提交的文件中提到的風險和不確定性，實際事件或結果可能會存在重大差異。

Now, I will turn it over to Peter Chapman, President and CEO of IonQ. Peter?

現在，我將把它交給 IonQ 總裁兼首席執行官 Peter Chapman。彼得？

Good afternoon, everyone, and thank you for joining our second quarter 2023 earnings call. It's been another outstanding quarter here at IonQ as we continue to push ahead and further our lead over our competitors.

大家下午好，感謝您參加我們的 2023 年第二季度財報電話會議。這是 IonQ 又一個出色的季度，我們繼續前進並進一步領先於競爭對手。

We finished the quarter with $5.5 million in revenue, which was well above the high end of our guidance range of $4.1 million to $4.5 million.

本季度我們的收入為 550 萬美元，遠高於我們指導範圍 410 萬至 450 萬美元的上限。

At the same time, we built upon our momentum in the private sector by closing our first major deal designed to put, not just one, but two generations of future IonQ systems in Europe. This commercial milestone brings our year-to-date bookings to $32 million and puts us in striking range to achieve our previously stated goal of $100 million in cumulative bookings during the first three years of our commercialization efforts.

與此同時，我們通過完成第一筆重大交易，鞏固了在私營部門的發展勢頭，旨在將未來的 IonQ 系統不僅是一代，而且是兩代。這一商業里程碑使我們今年迄今為止的預訂量達到 3200 萬美元，並使我們能夠在商業化努力的前三年內實現我們之前設定的 1 億美元累計預訂量的目標。

As we'll discuss, this quarter's success gives us the confidence to once again raise the midpoint of our bookings guidance for the full year from our previous outlook of $50 million, up to $52.5 million. Our momentum here at IonQ is accelerating, with our groundbreaking technical progress driving our commercial wins.

正如我們將要討論的，本季度的成功讓我們有信心再次將全年預訂指導中值從之前的 5000 萬美元預期提高到 5250 萬美元。 IonQ 的發展勢頭正在加速，突破性的技術進步推動了我們的商業勝利。

Last quarter, we shared that our team had already accomplished our technical goal for 2023 over seven months ahead of schedule by achieving a record-breaking 29 algorithmic qubits, or AQ, on our IonQ Forte system. We have added approximately 1 AQ per month on average since going public in September 2021. With AQ 29 achieved, we are now focused on reaching AQ 35 and AQ 64.

上季度，我們表示，我們的團隊已經提前七個多月實現了 2023 年的技術目標，在我們的 IonQ Forte 系統上實現了破紀錄的 29 個算法量子位 (AQ)。自 2021 年 9 月上市以來，我們平均每月增加約 1 個 AQ。隨著 AQ 29 的實現，我們現在的重點是達到 AQ 35 和 AQ 64。

Building on that technology success, we have now closed IonQ's largest commercial deal to date. In June, we announced that we will be partnering with QuantumBasel, a Switzerland-based industry group, to bring two of our future systems to Europe. These systems will follow our technical roadmap, with the first one expected to reach AQ 35 and the second system expected to reach up to AQ 64.

在此技術成功的基礎上，我們現已完成了 IonQ 迄今為止最大的商業交易。 6 月，我們宣布將與瑞士行業集團 QuantumBasel 合作，將我們未來的兩個系統引入歐洲。這些系統將遵循我們的技術路線圖，第一個系統預計將達到 AQ 35，第二個系統預計將達到 AQ 64。

We plan to use these systems to serve European industry, government entities, and research institutes with local access to IonQ's powerful quantum systems. The beauty of this partnership is that as our first planned on-premise hardware project in Europe, we will retain some capacity on each system, allowing us to serve other prospective customers in the region from our new European data center.

我們計劃使用這些系統為歐洲工業界、政府實體和研究機構提供服務，並在本地訪問 IonQ 強大的量子系統。這種合作關係的美妙之處在於，作為我們在歐洲計劃的第一個本地硬件項目，我們將在每個系統上保留一些容量，使我們能夠通過新的歐洲數據中心為該地區的其他潛在客戶提供服務。

Our QuantumBasel partnership is significant to IonQ in a few ways. First, we noted in prior earnings calls that a large sale could create a significant boost in IonQ's near-term bookings. This is such a sale. Additionally, this partnership represents our first deal involving future IonQ systems and is a strong third-party validation of IonQ's ambitious technical roadmap.

我們與 QuantumBasel 的合作夥伴關係在幾個方面對 IonQ 具有重要意義。首先，我們在之前的財報電話會議中指出，大量銷售可能會顯著增加 IonQ 的近期預訂量。這就是這樣的銷售。此外，此次合作代表了我們涉及未來 IonQ 系統的第一筆交易，也是對 IonQ 雄心勃勃的技術路線圖的強有力的第三方驗證。

Looking forward, at AQ 64, IonQ quantum computers will be able to explore a useful computational space of 2 to the power of 64 for running quantum algorithms. In a fraction of a second, this system will be able to explore a computational space of 18 quintillion. As a reminder, a quintillion is one with 18 zeros after it.

展望未來，在 AQ 64 階段，IonQ 量子計算機將能夠探索 2 的 64 次方的有用計算空間來運行量子算法。在不到一秒的時間內，該系統將能夠探索 18 quintillion 的計算空間。提醒一下，五億是後面有 18 個零的一個。

To put that in perspective, the Frontier supercomputer at Oak Ridge National Laboratory can calculate 1.1 quintillion floating point operations per second.

客觀地說，橡樹嶺國家實驗室的 Frontier 超級計算機每秒可以計算 1.1 萬億次浮點運算。

At AQ 64, classical computers will no longer be able to fully simulate an IonQ system, and as a result, we believe these systems will enable customers to tackle certain problems that even the best classical supercomputers can't solve. We currently expect to deliver AQ 64 by the end of 2025.

在 AQ 64 中，經典計算機將不再能夠完全模擬 IonQ 系統，因此，我們相信這些系統將使客戶能夠解決即使是最好的經典超級計算機也無法解決的某些問題。我們目前預計在 2025 年底之前交付 AQ 64。

We are committed to achieving quantum advantage and believe we can reach this at AQ 64. Though the technical challenges on the road to this goal are significant, our team is pursuing more than one path to arrive at this historic milestone, which enhances our confidence in doing so.

我們致力於實現量子優勢，並相信我們可以在AQ 64 上實現這一目標。儘管實現這一目標的技術挑戰是巨大的，但我們的團隊正在尋求多種途徑來實現這一歷史性里程碑，這增強了我們的信心這樣做。

While these milestones are just around the corner, we are seeing belief in our roadmap driving tangible commercial adoption for IonQ today. We believe IonQ is the only public company today that is executing against a roadmap that can deliver these technical results and sell systems in this time period. We are seeing increased demand for IonQ systems, and we now hope to sell a number of systems over the next 18 months in various configurations based on customer needs.

雖然這些里程碑即將到來，但我們相信我們的路線圖正在推動 IonQ 的實際商業應用。我們相信 IonQ 是當今唯一一家按照能夠在這段時間內提供這些技術成果並銷售系統的路線圖執行的上市公司。我們看到對 IonQ 系統的需求不斷增加，現在我們希望在未來 18 個月內根據客戶需求銷售多種配置不同的系統。

Our guidance for this year is a probability weighted average of our pipeline, and it already accounts for the 2023 portion of these potential sales. Thomas will provide more details on our guidance later in the call.

我們今年的指導是我們管道的概率加權平均值，它已經佔了這些潛在銷售額的 2023 年部分。托馬斯將在稍後的電話會議中提供有關我們指導的更多詳細信息。

At Quantum World Congress on September 27, we will share a more detailed technical roadmap and upcoming product details. We will live stream this presentation, and I encourage anyone interested in learning more about our roadmap or accessing our upcoming systems to use the link in our press release to sign up for the broadcast.

在 9 月 27 日的量子世界大會上，我們將分享更詳細的技術路線圖和即將推出的產品細節。我們將直播本次演示，我鼓勵任何有興趣了解我們的路線圖或訪問我們即將推出的系統的人使用我們新聞稿中的鏈接註冊觀看廣播。

Additionally, we are excited to be hosting an Analyst Day from our College Park office next month with presentations that will also be live streamed via our website. Stay tuned to our Investor website for more details on registering for the Analyst Day.

此外，我們很高興下個月在我們的 College Park 辦公室舉辦分析師日活動，並通過我們的網站進行現場直播。請繼續關注我們的投資者網站，了解有關註冊分析師日的更多詳細信息。

To prepare customers to use the upcoming systems on our roadmap, we're working with forward-looking groups to help get their workforces and economies ready for quantum. As an example, we recently signed a memorandum of understanding with South Korea's Ministry of Science, or ICT, to become a core provider of quantum education for Korean students, researchers, and industry professionals.

為了讓客戶做好使用我們路線圖上即將推出的系統的準備，我們正在與具有前瞻性的團體合作，幫助他們的勞動力和經濟為量子做好準備。例如，我們最近與韓國科學部（ICT）簽署了一份諒解備忘錄，成為韓國學生、研究人員和行業專業人士量子教育的核心提供者。

We also had the honor to meet with South Korea's President to discuss how IonQ quantum computing might be able to accelerate the nation's economy. We could not be more thrilled to partner with the South Korean government on this initiative.

我們還有幸會見了韓國總統，討論了 IonQ 量子計算如何加速國家經濟發展。我們非常高興能夠與韓國政府就這一舉措進行合作。

We believe customers across the globe are partnering with IonQ, seeking access to our powerful new systems in order to prepare for the potential of our near-term AQ 64 systems.

我們相信全球各地的客戶都在與 IonQ 合作，尋求使用我們強大的新系統，以便為我們近期 AQ 64 系統的潛力做好準備。

In June, we took another step towards broad accessibility of our platform when we announced that IonQ Forte and the full power of its AQ 29 is available to all our customers worldwide via direct access. Previously, this machine was only available to select partners, but now, IonQ Forte can be accessed by any of our direct customers.

6 月，我們宣布全球所有客戶均可通過直接訪問獲得 IonQ Forte 及其 AQ 29 的全部功能，從而朝著平台的廣泛可訪問性又邁出了一步。以前，該機器僅提供給選定的合作夥伴，但現在，我們的任何直接客戶都可以使用 IonQ Forte。

Last week, we published a manuscript with our partners at Oak Ridge National Laboratory on modeling the benzene molecule. Benzene is a commonly used industrial solvent, and its molecular structure is a widely used benchmark to evaluate quantum chemistry algorithms. We believe our work with Oak Ridge represents the most accurate benzene model run on a quantum computer to date.

上週，我們與橡樹嶺國家實驗室的合作夥伴發表了一份關於苯分子建模的手稿。苯是一種常用的工業溶劑，其分子結構是評估量子化學算法的廣泛使用的基準。我們相信我們與 Oak Ridge 的合作代表了迄今為止在量子計算機上運行的最準確的苯模型。

Clearly, we have had another strong quarter as we continue to expand to additional institutions around the world. Last quarter, we delivered on our promise of AQ 29, seven months ahead of schedule. And now, we have translated that progress to phenomenal bookings growth.

顯然，隨著我們繼續向世界各地的更多機構擴張，我們又迎來了一個強勁的季度。上季度，我們提前七個月兌現了 AQ 29 的承諾。現在，我們已將這一進步轉化為驚人的預訂量增長。

We believe IonQ has a clear path to scale with buy-in from institutions and corporations around the world. We could not be more optimistic about the future of IonQ and quantum computing as a whole.

我們相信，隨著世界各地機構和企業的支持，IonQ 擁有清晰的擴展路徑。我們對 IonQ 和整個量子計算的未來感到非常樂觀。

Now, I'd like to turn over the call to Thomas for a more detailed review of the numbers. Thomas?

現在，我想將電話轉給托馬斯，讓他對這些數字進行更詳細的審查。托馬斯？

Thank you, Peter. Before we dive into our financial results, we are pleased to announce that in addition to our groundbreaking partnership with QuantumBasel, we will be opening up our first European corporate office also in Switzerland. This location will allow us to service future customers in European region and represents a major milestone in the international expansion of IonQ operations.

謝謝你，彼得。在我們深入了解我們的財務業績之前，我們很高興地宣布，除了與 QuantumBasel 建立開創性的合作夥伴關係外，我們還將在瑞士開設我們的第一個歐洲公司辦事處。該地點將使我們能夠為歐洲地區的未來客戶提供服務，並且是 IonQ 業務國際擴張的一個重要里程碑。

Now, let's walk through this quarter's financial results in more detail. As Peter mentioned, we had an excellent quarter, recognizing $5.5 million in revenue, which was above the high end of the outlook we previously provided. This reflects us being able to complete work ahead of schedule for some of our milestone-dependent revenue.

現在，讓我們更詳細地了解本季度的財務業績。正如 Peter 提到的，我們度過了一個出色的季度，實現了 550 萬美元的收入，高於我們之前提供的前景的上限。這反映出我們能夠提前完成一些依賴於里程碑的收入的工作。

We exited the quarter with $32.2 million in bookings year to date, representing excellent progress towards our newly revised expectations of between $49 million to $56 million for the full year.

本季度迄今為止，我們的預訂量為 3,220 萬美元，這表明我們在實現新修訂的全年 4,900 萬至 5,600 萬美元預期方面取得了巨大進展。

While we already increased our bookings range in June, our pipeline of new business has come into clear focus since that time. Thus, we consider it prudent to raise the range again to accurately reflect what we believe is the most likely weighted average outcome for our bookings in 2023. Given that we are still at the beginning of our commercialization phase, I want to reiterate my comments from previous earnings calls that we expect bookings to be -- continue to be lumpy for quite some time.

雖然我們在 6 月份已經增加了預訂範圍，但從那時起我們的新業務渠道就成為了明確的焦點。因此，我們認為謹慎的做法是再次提高範圍，以準確反映我們認為 2023 年預訂最有可能的加權平均結果。鑑於我們仍處於商業化階段的開始階段，我想重申我的評論之前的財報電話會議中，我們預計預訂量將在相當長的一段時間內繼續不穩定。

Moving down the income statement. For Q2 2023, our total operating costs and expenses for the second quarter were $38.6 million, up 79% from $21.5 million in the prior-year period, but well within our plan for the year.

將損益表向下移動。 2023 年第二季度，我們第二季度的總運營成本和費用為 3860 萬美元，比去年同期的 2150 萬美元增長 79%，但完全在我們今年的計劃之內。

To break this down further, our research and development costs for the second quarter were at $19.9 million, up 106% from $9.7 million in the prior-year period. Recall that we are making significant investments in R&D, and given anticipated demand, are especially focused on investing in our manufacturing capabilities to build more systems than previously anticipated in the near term.

進一步細分，我們第二季度的研發成本為 1,990 萬美元，比去年同期的 970 萬美元增長 106%。回想一下，我們正在研發方面進行大量投資，考慮到預期的需求，我們特別注重投資我們的製造能力，以在短期內構建比之前預期更多的系統。

Our sales and marketing costs in the second quarter were $3.6 million, up 68% from $2.1 million in the prior-year period. This increase was due to us growing our go-to-market functions and bringing on additional sales and support personnel as we continue our investment into our commercial efforts.

第二季度我們的銷售和營銷成本為 360 萬美元，比去年同期的 210 萬美元增長 68%。這一增長是由於我們在繼續投資商業努力的同時，擴大了市場營銷職能，並增加了銷售和支持人員。

Our general and administrative costs in the second quarter were $10.9 million, up 45% from $7.6 million in the prior-year period.

我們第二季度的一般和管理成本為 1,090 萬美元，比去年同期的 760 萬美元增長了 45%。

All of this has resulted in a net loss of $43.7 million in the second quarter, compared to $1.7 million in the prior-year period. It's important to note that these results include a non-cash loss of $15.5 million for the second quarter related to the change in fair value of our warrant liabilities. As a reminder, these warrants are sitting on our balance sheet as a result of our business combination in 2021.

所有這些導致第二季度淨虧損 4370 萬美元，而上年同期淨虧損 170 萬美元。值得注意的是，這些結果包括第二季度與我們的認股權證負債公允價值變化相關的 1550 萬美元非現金損失。提醒一下，這些認股權證由於 2021 年我們的業務合併而出現在我們的資產負債表上。

When our stock price increases, the change in fair value contributes to a steeper GAAP net loss. Conversely, when our stock price decreases, we see a lower GAAP net loss, and importantly, we find that these non-cash gains and losses are less helpful for investors looking to understand IonQ's operational performance, which is why at this stage in our growth, we believe adjusted EBITDA is a more helpful metric.

當我們的股價上漲時，公允價值的變化會導致GAAP淨虧損更大。相反，當我們的股價下跌時，我們會看到較低的GAAP 淨虧損，重要的是，我們發現這些非現金損益對於希望了解IonQ 運營業績的投資者來說幫助不大，這就是我們現階段增長的原因，我們認為調整後的 EBITDA 是一個更有用的指標。

We saw an adjusted EBITDA loss for the second quarter of $19.4 million compared to an $11.6 million loss in the prior-year period. Note that we projected an adjusted EBITDA loss for the year of $80.5 million. So accounting for this quarter's loss, we believe we are still on track to hit our prior 2023 projection.

我們看到第二季度調整後 EBITDA 虧損 1,940 萬美元，而上年同期虧損 1,160 萬美元。請注意，我們預計今年調整後的 EBITDA 虧損為 8050 萬美元。因此，考慮到本季度的虧損，我們相信我們仍有望實現之前的 2023 年預測。

Turning now to our balance sheet. Cash, cash equivalents, and investments as of June 30, 2023, were $509.2 million. We continue to believe that this cash position, which we understand to be the strongest of any public quantum pure player, positions us well to execute on our current roadmap with the current nascent industry structure.

現在轉向我們的資產負債表。截至 2023 年 6 月 30 日，現金、現金等價物和投資為 5.092 億美元。我們仍然相信，這種現金狀況（據我們所知是所有公共量子純粹參與者中最強大的）使我們能夠很好地在當前新生的行業結構中執行當前的路線圖。

Now, turning to our second quarter and full year 2023 outlook. We are pleased to increase our revenue outlook for the full year 2023 to a range of $18.9 million to $19.3 million. This represents our expectation that we will be able to accelerate delivery against milestones on some of our customer contracts throughout the year.

現在，轉向我們對 2023 年第二季度和全年的展望。我們很高興將 2023 年全年收入預期上調至 1,890 萬美元至 1,930 萬美元。這代表了我們的期望，即我們將能夠在全年加速交付一些客戶合同的里程碑。

We are also introducing third-quarter revenue guidance of between $4.8 million and $5.2 million. As we mentioned, we are increasing our bookings outlook for the full year 2023 to a range of $49 million to $56 million.

我們還推出了 480 萬美元至 520 萬美元之間的第三季度收入指導。正如我們提到的，我們將 2023 年全年的預訂前景上調至 4,900 萬美元至 5,600 萬美元。

And with that, I would like to turn the call back over to Peter.

說到這裡，我想把電話轉回給彼得。

Thank you, Thomas. And thank you to everyone who has joined us today, and of course, to the entire IonQ team around the globe who continue to push forward on our mission of a quantum future. Now, I'd like to hand the call over to our operator for Q&A.

謝謝你，托馬斯。感謝今天加入我們的所有人，當然還有全球各地的整個 IonQ 團隊，他們繼續推進我們量子未來的使命。現在，我想將電話轉交給我們的接線員進行問答。

I just like to say that, and I should have said this earlier, but I wanted to say thank you to Thomas and the rest of the management team for all their hard work. The company is executing very well. I very much look forward to the years ahead and working with this team to continue and accelerate our progress.

我只是想說，我應該早點說，但我想對托馬斯和管理團隊其他成員的辛勤工作表示感謝。該公司執行情況非常好。我非常期待未來幾年與這個團隊合作，繼續並加速我們的進步。

I'll now turn over the call for Q&A.

我現在將轉交問答電話。

(Operator Instructions) David Williams, Benchmark Company.

（操作員說明）David Williams，Benchmark 公司。

Hey, good afternoon. And congrats to Peter and Thomas and the team. You guys are doing a great job, and congrats on the progress.

嘿，下午好。祝賀彼得和托馬斯以及他的團隊。你們做得很好，祝賀你們取得的進展。

Thanks, David.

謝謝，大衛。

I guess, maybe, first, Thomas, when we think about -- you mentioned multiple potential machines in the next 18 months. How should we think about that in terms of, maybe a more realistic way to think about how many machines you could potentially sell? And what kind of revenue we should think about over the next 18 months from that?

我想，也許，首先，托馬斯，當我們想到時，您提到了未來 18 個月內多種潛在的機器。我們應該如何考慮這個問題，也許是一種更現實的方式來考慮您可能會銷售多少台機器？未來 18 個月我們應該考慮什麼樣的收入？

So we gave our guidance for this year, and we will come back to our guidance for next year on the Q4 call. But recognize that we are accelerating our sales and we're doing very well. We don't know exactly how many machines we will sell at any given point in time. What we do know is that we have a lot of inbound requests for this.

因此，我們給出了今年的指導，我們將在第四季度的電話會議上回到明年的指導。但要認識到，我們正在加速銷售，而且做得非常好。我們並不確切知道在任何給定時間點我們將銷售多少台機器。我們所知道的是，我們有很多對此的入站請求。

And we actually -- we have seen this much faster than what we thought. As you recall, when we went public, we talked mostly about access via the cloud. And we said that it would become realistic one day to be selling machines and putting them on premise. We're just seeing that happening a lot faster than what we thought.

事實上，我們看到這一點的速度比我們想像的要快得多。您還記得，當我們上市時，我們主要討論的是通過雲進行訪問。我們說過，有一天，銷售機器並將其安裝到現場將成為現實。我們只是看到這種情況發生的速度比我們想像的要快得多。

Okay. Still appreciate the help there. And then can you maybe magnify -- or excuse me, can you maybe quantify the magnitude of the interest you've had, not just on the system purchases, but maybe, just since you've released AQ 29 and the progress that you've had, I guess, over the last six months, how have you seen the inbound interest improve? And is there a way to quantify that in terms of what level of interest you're seeing?

好的。仍然感謝那裡的幫助。然後你能不能放大一下——或者對不起，你能不能量化一下你所感興趣的程度，不僅僅是對系統購買的興趣，而且也許，自從你發布了 AQ 29 以及你所取得的進展以來我想，在過去的六個月裡，您看到入境興趣有何改善？有沒有一種方法可以根據您所看到的興趣程度來量化這一點？

I guess what I would answer here is as we get closer to AQ 64, it's clear that there's a lot of interest there. As we said, we're well beyond simulation at that point. And so, customers are starting to recognize that that's going to be, what I would say is kind of quantum's ChatGPT moment, if you will, if you know what that means, people are going to wake up to quantum.

我想我在這裡要回答的是，隨著我們越來越接近 AQ 64，很明顯，人們對此很感興趣。正如我們所說，此時我們已經遠遠超出了模擬的範圍。因此，客戶開始認識到，我想說的是，這將是量子的 ChatGPT 時刻，如果你願意，如果你知道這意味著什麼，人們將會意識到量子。

So we're seeing that, and it's now -- we're starting to see that excitement come through in terms of inbound.

所以我們看到了這一點，現在我們開始看到入境方面的興奮感。

Okay. And just one last one if I can. When you're speaking with customers, is there -- if there is hesitation, what do you think causes customers to not move forward? Or what do you hear most often as a reason?

好的。如果可以的話，就只有最後一張。當您與客戶交談時，是否存在猶豫，您認為是什麼原因導致客戶無法繼續前進？或者你最常聽到的理由是什麼？

It seems like everyone would want to move this direction, but do you ever hear -- I guess, what are the negatives, or what makes somebody not want to move forward? Is it the expense, the cost, or just lift?

似乎每個人都想朝這個方向發展，但你有沒有聽說過——我想，負面因素是什麼，或者是什麼讓人們不想繼續前進？是費用、成本還是只是提升？

What I would say is it's probably like Sam Altman over at OpenAI two years before ChatGPT. There was a lot of people at that point who said that AI was never going to happen. And so, it turned out they were wrong.

我想說的是，這可能就像 ChatGPT 前兩年 OpenAI 的 Sam Altman 一樣。當時有很多人說人工智能永遠不會發生。結果證明他們錯了。

So we still have disbelievers in our industry as a large. But we continue to execute against our tech roadmap, just as what we said we were doing. And so, we will continue doing that. We're very confident in it.

因此，對於我們這個大行業來說，仍然有人不相信。但我們將繼續按照我們的技術路線圖執行，就像我們所說的那樣。因此，我們將繼續這樣做。我們對此非常有信心。

Thank you for the time. And again, congrats.

謝謝你的時間。再次恭喜。

Thank you.

謝謝。

Quinn Bolton, Needham.

奎因·博爾頓，李約瑟。

Hey, guys. I'll echo the congratulations on another strong quarter, both technically and on the sales front. I guess, Thomas, now that you've had the QuantumBasel transaction behind you for a month or two, can you walk us through how the accounting works? Is it rev rec on shipment? Is it percentage of completion because it will take a little bit of customization and it's not all delivered at one time?

大家好。我將祝賀本季度在技術和銷售方面又取得強勁表現。我想，Thomas，現在您已經完成 QuantumBasel 交易一兩個月了，您能向我們介紹一下會計工作原理嗎？發貨時有轉速記錄嗎？是完成百分比嗎，因為它需要一點定制，而且不是一次性全部交付？

And then a related question is as you sell these systems, will there be a annual service and maintenance contract that could actually represent a recurring revenue sale alongside of the hardware?

然後一個相關的問題是，當您銷售這些系統時，是否會有年度服務和維護合同，實際上可以代表與硬件一起的經常性收入銷售？

Absolutely. So while we actually haven't earned out the accounting quite yet because this will extend into several periods into the future, we have a pretty good idea of how it's going to look for the remainder of this year.

絕對地。因此，雖然我們實際上還沒有完成會計核算，因為這將延續到未來的幾個時期，但我們對今年剩餘時間的情況有一個很好的了解。

And we're actually starting up with an access contract, so that they can familiarize themselves with the power of our flavor of quantum computing before they actually have an on-prem machine. But this one will probably take a slightly different flavor of potential to complete because of us also having the opportunity to resell some of this capacity ourselves and using this as a go-to-market entry point for Europe with localized service.

我們實際上正在啟動訪問合同，以便他們可以在實際擁有本地計算機之前熟悉我們的量子計算風格的強大功能。但這可能需要稍微不同的潛力來完成，因為我們也有機會自己轉售其中一些產能，並將其作為進入歐洲市場的切入點，提供本地化服務。

But we will get back to that probably already on the next call when we can get into more details of how the recognition will work. But there will be ongoing service already today, but that will be remote. When we install the systems on-premise in Europe, we will also have ongoing maintenance and actually people on the ground there.

但是，當我們能夠詳細了解識別如何工作時，我們可能會在下一次通話中回到這一點。但今天已經有持續的服務，但那將是遠程的。當我們在歐洲本地安裝系統時，我們還將進行持續的維護，並派駐現場人員。

Perfect. And then for Peter, you guys hit AQ 29 seven months in advance. You've been advancing AQs about one per month. So hitting 35 seems like you're well on track and we've got still multiple months left in this year. So maybe even surprises on timing of AQ 35.

完美的。然後對於 Peter，你們提前 7 個月達到了 AQ 29。您每月大約提高一次 AQ。因此，達到 35 歲似乎您已經步入正軌，而且今年還剩下幾個月的時間。因此，AQ 35 的發佈時間甚至可能會令人驚訝。

But I guess as I look forward to AQ 64, that seems like it's -- where you might start to achieve quantum advantage on certain applications, it's obviously an acceleration in the AQs per month. And so, how are you feeling about hitting AQ 64 in '25? What are the biggest milestones? Is it the laser system? Is it the type of ion you're using in the ion traps? What are the biggest challenges to hitting AQ 64 in a couple of years' time? Thank you.

但我想，當我期待 AQ 64 時，你可能會開始在某些應用程序上實現量子優勢，這顯然是每月 AQ 的加速。那麼，您對在 25 年達到 AQ 64 有何感想？最大的里程碑是什麼？是激光系統嗎？這是您在離子阱中使用的離子類型嗎？幾年後達到 AQ 64 的最大挑戰是什麼？謝謝。

Well, first is we do feel quite confident about hitting it in '25. And we have here customer validation by QuantumBasel buying one of those machines, which is great.

嗯，首先我們確實對在 25 年實現這一目標非常有信心。我們在這裡得到了 QuantumBasel 客戶的驗證，他們購買了其中一台機器，這非常棒。

Just in -- there is a technical challenge. I don't want to make it sound like it's easy, but it is outback. They have taken all the various technical challenges and have multiple approaches to be able to derisk the roadmap. So outback, there's an appropriate risk analysis that's going on.

剛剛——存在技術挑戰。我不想讓它聽起來很容易，但它是內陸地區。他們應對了所有各種技術挑戰，並採用多種方法來降低路線圖的風險。因此，在內陸地區，正在進行適當的風險分析。

And we're investing in multiple different ways to do it to be able to make sure that we hit that milestone. And it is a whole range of things, everything from quality of lasers to optics, it runs a gamut. So -- but we are very confident in hitting it, just like we've done so far, hitting our roadmap into the future.

我們正在以多種不同的方式進行投資，以確保我們達到這一里程碑。這是一整套事情，從激光器的質量到光學的一切，它涵蓋了各個領域。所以，但我們非常有信心實現這一目標，就像我們迄今為止所做的那樣，實現我們未來的路線圖。

Great. Thank you.

偉大的。謝謝。

Trevor Janoskie, Goldman Sachs.

特雷弗·賈諾斯基，高盛。

Yeah. Hi, all. This is Trevor. Thanks for letting me ask some questions here, and congrats on all the progress.

是的。大家好。這是特雷弗。感謝您讓我在這裡問一些問題，並祝賀所有的進展。

So just to start with a clarification. With bookings being $28 million in the quarter, and QuantumBasel system sales equaling $28 million, does this mean there were no other bookings in the quarter? Or how should we think about this?

首先澄清一下。本季度的預訂量為 2800 萬美元，QuantumBasel 系統銷售額為 2800 萬美元，這是否意味著本季度沒有其他預訂？或者說我們應該如何思考這個問題？

It does not mean that. The reason is due to rounding and also foreign currency conversion. But it does mean, of course, that the majority of the bookings came from QuantumBasel.

但事實並非如此。原因是四捨五入和外幣換算。當然，這確實意味著大部分預訂來自 QuantumBasel。

Okay. Yeah, that makes sense. And another one on the systems. So with your QuantumBasel agreement for two systems being $28 million, I guess, we can infer about $14 million for each system, give or take. But you're also managing 50% of these systems.

好的。是的，這是有道理的。還有系統上的另一個。因此，根據你們為兩個系統簽訂的 QuantumBasel 協議為 2800 萬美元，我想我們可以推斷每個系統大約為 1400 萬美元，無論給予還是接受。但您還管理著這些系統中的 50%。

Does that mean that the ASP of a single system could be $28 million if you're not managing all of it, or any of it at all? And what could the gross margin be for a single system sale where you were not co-managing the system?

這是否意味著，如果您不管理全部或根本不管理任何系統，單個系統的平均售價可能會達到 2800 萬美元？如果您沒有共同管理該系統，那麼單個系統銷售的毛利率是多少？

That's an excellent question. I think the -- let's go backwards. The gross margin shouldn't be all that different because when you sell 100%, we aim to use the same pricing model for the second 50%.

這是一個很好的問題。我認為——讓我們倒退一下。毛利率不應有太大差異，因為當您出售 100% 時，我們的目標是對第二個 50% 使用相同的定價模型。

And when it comes to the actual pricing, there's a lot of different elements that goes into this. I mentioned already that QuantumBasel is already up and running on a remote access to our current service here in the US. And we will also have service and maintenance on the ground.

當談到實際定價時，涉及到很多不同的因素。我已經提到，QuantumBasel 已經啟動並運行在遠程訪問我們在美國的當前服務上。我們還將進行現場服務和維護。

And we prefer not to break out the specific elements and their pricing, but you're on the right ballpark. These are not cheap machines, which I think we alluded to in an earlier call when we said that we do large deals and we look forward to doing more.

我們不想透露具體的元素及其定價，但你的大致情況是正確的。這些機器並不便宜，我想我們在之前的一次電話會議中提到過，我們正在做大筆交易，並且我們期待做更多的事情。

But for Trevor, for you, we're willing to take you up with a machine at a reasonable price right now. You can drive it off the lot as we're speaking.

但對於 Trevor，對於您，我們現在願意以合理的價格為您提供一台機器。在我們說話的時候你可以把它開出停車場。

I'll just add a little bit to that is -- we have customers in the pipeline here who have different needs. And so, there's different pricing. For instance, there's companies now, which are working on quantum networking, and they have different needs, and those will be priced differently.

我只想補充一點——我們正在準備的客戶有不同的需求。因此，定價也不同。例如，現在有一些公司正在研究量子網絡，他們有不同的需求，這些需求的價格也會不同。

They're not looking for AQ 64 systems. They're looking for quantum memory to build quantum networks and the future quantum internet. So each customer is a little different, and the pricing is a little different based on what the customer wants.

他們並不是在尋找 AQ 64 系統。他們正在尋找量子存儲器來構建量子網絡和未來的量子互聯網。因此，每個客戶都略有不同，並且根據客戶的需求定價也略有不同。

Okay. And one more if I may. So are these customers that are coming to you that are interested in system sales, are they mostly considering the 35 and 64 AQ like QuantumBasel, or is there also interest in your Aria 29 as well?

好的。如果可以的話，再來一張。那麼，這些來找您的客戶是否對系統銷售感興趣，他們主要考慮的是 QuantumBasel 等 35 和 64 AQ，還是也對您的 Aria 29 感興趣？

In terms of system sales, usually these are, as you know, big ticket items that you have to run through a budget year and also a manufacturing cycle. So people are usually looking forward by at least a year. And so, they're looking at the roadmap.

就係統銷售而言，如您所知，這些通常是大件物品，您必須在預算年度和製造週期中運行。所以人們通常至少期待一年。因此，他們正在研究路線圖。

So what I would say is people very much are interested in AQ 64. They know they can't get that delivered next year. So then they're thinking, well, can I get a access to an AQ 35 system so I can get started and start programming and get my application started. But people are really -- I think, we see lots of excitement for AQ 64 systems.

所以我想說的是，人們對 AQ 64 非常感興趣。他們知道明年無法交付。然後他們就想，好吧，我能否訪問 AQ 35 系統，以便我可以開始編程並啟動我的應用程序。但我認為，人們確實對 AQ 64 系統感到非常興奮。

Awesome. Thanks for the color, guys.

驚人的。謝謝你們的顏色。

Thank you.

謝謝。

Kevin Garrigan, WestPark Capital.

凱文·加里根，西園資本。

Yeah. Hey, Peter and Tom. Let me echo my congrats on the strong results.

是的。嘿，彼得和湯姆。讓我對取得的優異成績表示祝賀。

Going off of David and Trevor's questions about customer interest. Since you launched Forte for commercial use for everyone, can you give us a sense on how many new commercial customers you signed up since, and any to point out?

繼續大衛和特雷弗關於客戶興趣的問題。自從您推出 Forte 供所有人商業使用以來，您能否告訴我們自此以來您註冊了多少新的商業客戶，以及有什麼需要指出的嗎？

Happy you asked that question. As you know, we already have commercial customers on that system since late last year, and we continue to work with several customers on it. What we also want to make sure is for everybody else to know that we're open for business and we welcome all incoming calls right after this earnings call.

很高興你問了這個問題。如您所知，自去年年底以來，我們已經在該系統上擁有了商業客戶，並且我們將繼續與多個客戶就該系統進行合作。我們還想確保其他人都知道我們正在營業，並且我們歡迎在本次財報電話會議後立即致電的所有來電。

Okay. Got it. Yeah, that makes sense. Okay. And then just as a quick follow-up. The announcement of the partnership with QuantumBasel and you guys providing two systems, can you give us an update on how things are progressing with your manufacturing facility in Seattle?

好的。知道了。是的，這是有道理的。好的。然後作為快速跟進。宣布與 QuantumBasel 建立合作夥伴關係並提供兩個系統，您能否向我們介紹一下您在西雅圖的製造工廠的最新進展情況？

Yeah, very much. So as you know, probably when you're building a factory, the very first thing you have to do is get building permits. And so, we were lucky enough to get those not too long ago. And so, construction is hot and heavy as we speak in Bothell, Washington. And we expect to see this fall the first phase of the construction come to completion. And we've already got, I think, roughly 40 people in Seattle. And so, they will start to be reporting to the Bothell office starting this fall.

是的，非常喜歡。如您所知，可能當您建造工廠時，您要做的第一件事就是獲得建築許可證。因此，我們很幸運不久前就得到了這些。因此，正如我們在華盛頓州博塞爾所說，建設工作正在緊張而繁重地進行。我們預計第一階段的建設將於今年秋天竣工。我想，我們在西雅圖已經有大約 40 名員工了。因此，他們將從今年秋天開始向博塞爾辦公室報告。

And it is -- I'll just to let you know, it's a timeline. We're hitting our timelines, and it's also on budget as well. Little did anyone know, but we're also a construction company as well. So we're visually managing building over manufacturing facility as well.

我只是想讓你知道，這是一個時間表。我們正在按時完成任務，而且也在預算之內。很少有人知道，但我們也是一家建築公司。因此，我們還對製造設施的建設進行可視化管理。

Yeah. If I might add, this is probably my 20th office build up. And I was just there a couple of weeks ago, and it's beautiful. It's very, very well done. It's orderly.

是的。如果我可以補充一下，這可能是我建立的第 20 個辦公室。幾週前我剛去過那裡，那裡很美。做得非常非常好。是有秩序的。

When I started building out offices, there was not a hard hat in sight. And now, in order to actually even have a walk through, you put on a vest, you have a nice little hard hat with IonQ logo on. It's being done very, very professionally, and we forward to the day when we can cut the ribbon.

當我開始建造辦公室時，看不到安全帽。現在，為了真正地走一遍，你穿上一件背心，戴上一頂帶有 IonQ 標誌的漂亮小安全帽。整個過程非常非常專業，我們期待著剪彩的那一天。

Yeah. We're all looking forward to that as well. Okay, great. I appreciate the color. Thanks guys.

是的。我們也都對此充滿期待。好的，太好了。我很欣賞它的顏色。多謝你們。

Likewise.

同樣地。

Thank you. At this time, we've reached the end of the question-and-answer session. And I'll turn the call over to Peter Chapman for closing remarks.

謝謝。此時，我們的問答環節已經結束了。我將把電話轉給彼得·查普曼（Peter Chapman）做結束語。

Thank you everyone for joining us this afternoon. We look forward to the exciting times ahead for IonQ and to seeing you at our Analyst Day and Quantum World Congress. Thanks everyone.

感謝大家今天下午加入我們。我們期待著 IonQ 即將迎來激動人心的時刻，並期待在我們的分析師日和量子世界大會上見到您。感謝大家。

Thank you.

謝謝。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。