IONQ Inc (IONQ) 2023 Q4 法說會逐字稿

Yes, greetings, and welcome to the INQ. Fourth Quarter and Full Year 2023 earnings call.

是的，您好，歡迎來到 INQ。2023 年第四季及全年財報電話會議。

At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and then zero on your telephone keypad. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, JORDAN Shapiro.

此時，所有參與者都處於只聽模式。正式演講後將舉行問答環節。如果有人在會議期間需要接線員協助，請按電話鍵盤上的星號，然後按零。提醒一下，本次會議正在錄製中。現在我想將會議交給主持人喬丹夏皮羅。

Thank you, Jimmy.

謝謝你，吉米。

Good afternoon, everyone, and welcome to ION Q's Fourth Quarter and Full Year 2023 earnings call. My name is Jordan Shapiro, named Vice President of Financial Planning and Analysis and Head of Investor Relations here at INQ. I'm pleased to be joined on today's call here in Seattle by Peter Chapman, ION Key's President and Chief Executive Officer, Thomas Kramer, our Chief Financial Officer in Caspian, our Vice President of Engineering, as well as Pat Tang, our Vice President of Research and Development. By now everyone should have access to the company's fourth quarter and full year 2023 earnings press release issued this afternoon, which is available on the Investor Relations section of our website at investors dot i. n. q. dot com. 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, we are directed to our press release for a reconciliation of adjusted EBITDA to its closest comparable GAAP measure.

大家下午好，歡迎參加 ION Q 的 2023 年第四季和全年財報電話會議。我叫 Jordan Shapiro，被任命為 INQ 財務規劃與分析副總裁兼投資人關係主管。我很高興能與 ION Key 總裁兼執行長 Peter Chapman、我們在里海的財務長、我們的工程副總裁 Thomas Kramer 以及我們的副總裁 Pat Tang 一起參加今天在西雅圖舉行的電話會議研究與開發。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第四季度和 2023 年全年收益新聞稿，該新聞稿可在我們網站的投資者關係部分獲取，網址為 Investors dot i。名詞q. .com。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或作為根據公認會計原則呈現的財務信息的替代品，我們請參閱我們的新聞稿將調整後的 EBITDA 與其最接近的可比較 GAAP 指標進行調整。

During the call, we will discuss our business outlook and make forward-looking statements. These comments are based on our 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 10 K that we have filed with the SEC today. We undertake no obligation to revise any statements to reflect changes that occur after this call, except as required by law.

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。這些評論是基於我們截至目前的預測和預期，由於許多風險和不確定性，包括我們今天向 SEC 提交的 10 K 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。我們沒有義務修改任何聲明以反映本次電話會議後發生的變化，除非法律要求。

Now I will turn it over to Ion Kew's CEO, Peter Chapman.

現在我將把它交給 Ion Kew 的首席執行官 Peter Chapman。

Peter?

彼得？

Thank you, Jordan. And a warm welcome to everyone on the call, including our two new Board members. We are most proud to have attracted new directors of such caliber and stature this past year 2023 was a landmark period in ION Kew's journey. It is with immense pride and enthusiasm that I announce. We've yet again closed the year on a high note and you had a strong fourth quarter, generating $6.1 million in revenue to bring our full year recognized revenue to just over 22 million, beating the upper end of our projected range. I am delighted to report that we have surpassed our annual bookings guidance, achieving 65.1 million in bookings for the year and greatly exceeding the bookings midpoint of 40 million. We said at the beginning of 2023. This accomplishment has propelled us past our ambitious target of EUR100 million in cumulative bookings within our first three years of commercialization as announced two years ago. It's a testament to the exceptional performance of both our technical and commercial teams. Thomas will walk you through the numbers in more depth. So today, I would like to tie something slightly different for our earnings call. I hope to give you a sense of how much has evolved for quantum computing in the last three years since ANQ. went public and why you should be paying close attention to A. and Q. Now specifically, I will explain think huge potential in supporting the AI industry provide insights on when we expect quantum computing to deliver commercial advantage and share how this contributes to our market opportunity in 2024 and beyond.

謝謝你，喬丹。熱烈歡迎參加電話會議的所有人，包括我們的兩位新董事會成員。我們非常自豪能夠在過去的一年中吸引到如此有才幹和地位的新董事，2023 年是 ION Kew 發展歷程中具有里程碑意義的時期。我懷著極大的自豪和熱情宣布這一消息。我們再次以高調結束了這一年，第四季度表現強勁，產生了 610 萬美元的收入，使我們的全年確認收入略高於 2200 萬美元，超過了我們預計範圍的上限。我很高興地向大家報告，我們已經超越了年度預訂指導，全年預訂量達到 6510 萬次，大大超過了 4000 萬次預訂中位數。我們在2023年初就說過了。這項成就推動我們超越了兩年前宣布的商業化頭三年累積預訂量達到 1 億歐元的雄心勃勃的目標。這證明了我們的技術和商業團隊的卓越表現。托馬斯將帶您更深入地了解這些數字。所以今天，我想在我們的財報電話會議上講一些稍微不同的內容。我希望讓您了解自 ANQ 以來的過去三年中量子計算的發展程度。公開以及為什麼你應該密切關注A. 和Q。現在具體來說，我將解釋認為支持人工智慧行業的巨大潛力，提供有關我們何時期望量子計算提供商業優勢的見解，並分享這如何為我們的市場做出貢獻2024 年及以後的機會。

Back in 1981 in his seminal lecture, simulating physics with computers. Richard Simon said these memorable words nature is classical damage. And if you want to make a simulation of nature, you better, make it Quantum mechanical. And by golly, it's a wonderful problem because it doesn't look so easy underlying his insight was a realization.

早在 1981 年，他就用電腦模擬物理進行了開創性的演講。理查德·西蒙說，這些令人難忘的話語本質上是古典的破壞。如果你想模擬自然，最好將其設為量子力學。天哪，這是一個很棒的問題，因為在他的洞察力背後，它看起來並不那麼容易實現。

I've three facts.

我有三個事實。

Number one, the real world is neither digital nor analog, but quantum, our Quantum reality deals heavily and probabilities, not just deterministic answers the natural world that is governed by quantum mechanics, which ultimately describe the behavior of everything, yes, a strange world of small particles were entanglement and super physician rule, quantum mechanics, Quantum probability and Quantum statistics in this new and exciting tools to solve high-value problems Simon's second insight was that it was difficult for digital computers to simulate anything quantum. We can see that today in action GPU with 80 gigabytes of memory continually 32 Cubix However, every time you added cubit to that simulation, you double the GPU memory required as a result to fully simulated 64 cubic, you would likely need JPY3.6 billion. We recently announced that using ion Kim Forte, we hit our 2024 technical milestone of 35 algorithmic Cubic or a to a full year early placing us beyond what can be simulated on an 80 gigabyte GPU. And with our upcoming tempo system that we expect will deliver a Q 64. We anticipate that the market for classical machines running Quantum simulation, we'll no longer be able to keep up.

第一，現實世界既不是數位的也不是模擬的，而是量子的，我們的量子現實涉及大量的機率，而不僅僅是由量子力學控制的自然世界的確定性答案，它最終描述了一切的行為，是的，一個奇怪的世界西蒙的第二個見解是，數位計算機很難模擬任何量子事物。我們可以看到，今天運行中的GPU 具有80 GB 內存，連續32 Cubix 但是，每次在模擬中添加立方體時，所需的GPU 內存就會增加一倍，從而完全模擬64 立方體，您可能需要36億日圓。我們最近宣布，使用 ion Kim Forte，我們在 2024 年達到了 35 個演算法 Cubic 的技術里程碑，或提前了一整年，使我們超越了 80 GB GPU 上的模擬範圍。隨著我們即將推出的節奏系統，我們預計將提供 Q 64。我們預計，運行量子模擬的經典機器市場將無法跟上。

Simon's third insight is if there are center problems that consume compute resources at an exponential rate and which classical computing will likely never be able to solve even with Moore's Law and the advent of both GPUs and CPUs. I will note that large language models underpinning generative AI, we're on this path. These models are starting to change the world becoming the new foundation for our interaction with AI and while so many of us have spent time using chat TPT. we might not all be aware of the enormous resources required to bring this technology to life and to operate it. Classically nCUBE customers have recently reported that to train the latest LOMs takes 30,000 servers each with eight GPUs. It takes upwards of three months and 1 billion to train a single mom. My intuition is that the main reasons for this is that human intelligence, the way our brains saying can process the world around us would be a quantum process and not a classical. If that is the case, it would take enormous compute resources to tried to replicate this quantum process with classical computers. These dramatic compute requirements explain why Sam Walton, he's now talking about the urgent need to increase the electrical output of the world so he can power more classical data centers, this line of thinking, which suggests that the only way to build the next generation of AI is to fill our planet with data isn't what you're seeing is that our need for computational power is exceeding what is now reasonable payment made this realization back in 1981. This is why I NQ fully intends to pursue the artificial intelligence smart. We expect to do this in several forms as our technology matures in the near term. You'll hear examples of how we continue to invest in applications and plant and machine learning such as predictive maintenance and computer vision.

Simon 的第三個見解是，是否存在以指數速度消耗計算資源的中心問題，而即使摩爾定律以及 GPU 和 CPU 的出現，經典計算也可能永遠無法解決這些問題。我會注意到，大型語言模型支撐著生成式人工智慧，我們正走在這條道路上。這些模型開始改變世界，成為我們與人工智慧互動的新基礎，而我們許多人花時間使用聊天 TPT。我們可能並不都知道將這項技術付諸實踐並進行操作需要大量資源。傳統的 nCUBE 客戶最近報告說，訓練最新的 LOM 需要 30,000 台伺服器，每台伺服器配備 8 個 GPU。培訓單親媽媽需要花費三個月以上的時間和十億美元。我的直覺是，造成這種情況的主要原因是人類智能，即我們的大腦處理我們周圍世界的方式，將是一個量子過程，而不是經典過程。如果是這樣的話，嘗試用經典電腦複製這個量子過程將需要大量的計算資源。這些戲劇性的計算需求解釋了為什麼薩姆·沃爾頓（Sam Walton）現在正在談論迫切需要增加世界的電力輸出，以便他可以為更多的經典數據中心供電，這種思路表明，構建下一代數據中心的唯一方法人工智慧將讓我們的星球充滿數據，這不是你所看到的，而是我們對計算能力的需求超出了現在合理的支付水平，早在 1981 年就實現了這一認識。這也是I NQ全力追求人工智慧智慧的原因。隨著我們的技術在短期內成熟，我們希望以多種形式做到這一點。您將聽到我們如何繼續投資應用程式以及工廠和機器學習（例如預測性維護和電腦視覺）的範例。

Next, we are actively exploring ways to use quantum, just supercharge Alliance, which is a fertile area.

接下來，我們正在積極探索如何利用量子，只是為聯盟增壓，這是一個沃土。

Lastly, we are looking at new ways to build strong AI for what we think of as truly intelligent machines without element. If we increasingly build our society around AI, quantum computing may be the only way or one of the only ways to power all that compute Bloomberg projects generated a market to reach a market size of 1.3 trillion within the next 10 years, replacing even a fraction of the resulting compute load would represent significant revenue for the quantum industry and a meaningful reduction in energy consumption for our planet. We need to augment today's computers with a different technology trends that will drive the next wave of innovation. And quantum computing is starting to demonstrate all the necessary pieces in short, this is why something INQ. has the potential to be one of the world's most important technology. It's also why today's leading player, Google, Amazon and Microsoft, among others are all collaborating with I. two on quantum computing in a short three years. The question on most investors' minds has changed. It is no longer if quantum computing will change the world, but exactly when it went, the answer lies where three trend lines intersect. The first trend represents progress in quantum computing hardware itself and the growth of computational power. The second trend represents progress in software development. It reduces the computational power needed to run Quantum applications. And the third trend is the reduction of cost and time to produce or quantum this intersection is one. We believe we will unlock first commercial applications for quantum computing, taking the hardware progress first, when we announced last month that we had surge from eight to 29, so an impressive eight to 35 a full year ahead of expectations. We catapulted our computers from being able to consider about 500 million simultaneous possibilities to over 34 billion today unable to share that we've actually gone beyond that and have achieved eight Q. 36 on INQ. 14. In a matter of weeks, we improved from eight to 35 to eight to 36, effectively doubling the computational space of our systems two simultaneously considering over EUR60 billion alternatives. This illustrates the exponential progress we're seeing in hardware performance at EQ. 64, we expect tempo will have a computational space, more than 500 million times that of 40 enterprise. And we'll do so with an even smaller footprint. Tempo will be built here in Seattle in the future. Our design goal is to fit our quantum computers into a single standard data center rack within that rack. We intend to network several Quantum processors for acute use together to allow access to thousands of physical Cubix with the air friction. Our goal is to increase the gate speeds by several orders of magnitude, allowing much larger quantum algorithms to run efficient 40 enterprise and fire systems use a series of bulky mirrors and lenses to direct laser beam future INQ. systems will route light using photonic integrated circuits or PICs. This technology has several significant advantages, including that we expect the size and cost of our systems to shrink and for Fidelity to improve as well. I am thrilled to announce today and we have our first picks working in a lab setting, which demonstrates that the engineering process is now possible on in queue. Last week, we shared that we've officially demonstrated the first critical milestone for photonic interconnects at 82. We can now reliably and tangle of cubit with photons to enable communication later this year, we expect to show that we can connect multiple two bits together across QBE and that those connected Cubix can be used for distributed Quantum computation. We envision connecting to QPU.s in our next-gen systems with photonic interconnects. So our first trend line and our technical roadmap for the quantum hardware will be ready for commercial applications in two to three years in quantum hardware, progress is accelerating at an impressive pace. Quantum algorithmic development is moving even faster. Despite these early signs of commercial advantage, we need to keep a close eye on developments, not just here at INQ., but the broader Quantum industry as well. Let me provide you with a few examples. Thompson machinery at Caterpillar dealers serving parts of Tennessee and Mississippi is working with INQ. on developing Quantum AI models for predictive maintenance. Together, we test the NINQ. Quantum machine learning model with detecting potential failures in the Company's fleet of bulldozers. And compared it directly to a classical model, Quattor model was more likely to detect failures. And so with more precision and promises to be economically significant in a recent collaboration with Honda Motors on image classification, our Quantum algorithm was five to six times more efficient than its classical equivalent and yielded the same accurate results. Pcg recently estimated the market for Quantum automotive solutions at upwards of 10 billion. Meanwhile, and a recent project that we will share more about, it's a forthcoming paper Quantum machine learning algorithm for chemical manufacturing would be up to 75% more efficient than a classical equivalent and demonstrated potential cost savings for users according to BCG. quantum chemistry applications would have a market size of up to 50 billion. Quantum algorithms are beginning to show advantages over their classical counterparts. That speaks to an important trend that industry insiders are noticing each day that we continue to work on Quantum. We made progress on making the algorithms more efficient. Just last month, the quantum algorithms company published research showing they can reduce a complex materials. Simulation required 1.5 trillion gates down to requiring only 410,000. That's a factor of 4 million times improvement. Putting the algorithm and near term range of quantum computers over the last several years. Algorithmic work to find ways to do more with a smaller number of Cubic is progressing at a much faster pace than the hardware itself. And this is happening across a wide variety of application areas where yesterday seemed years away suddenly is within reach due to the hard work of Quantum developers. This means that even with more sophisticated IT hardware in the pipeline for two to three years from now, it is possible that software innovation will support commercial Quantum applications even sooner. If you look at all of the work we've done with customers over the last three years and see your picture emerges, one of the particular strengths of quantum computing is machine learning. We said this years ago and now the world has the data to back it up as proof points. We have shown that Quantum and ML models are more expressive and capture the signal better in the underlying data, we have shown that we can create equivalent or better content models than classical models using less data. We have shown an ability to dramatically reduce the number of iterations required to train those models using quantum. And we are now showing that quantum computers can work with sparse data or classical computing may have limits for just one more.

最後，我們正在尋找新的方法來建立強大的人工智慧，以實現我們所認為的真正沒有元素的智慧機器。如果我們越來越多地圍繞人工智慧建立我們的社會，量子運算可能是為所有運算提供動力的唯一方法或唯一方法之一。彭博社計畫創造了一個市場，將在未來10 年內達到1.3 兆的市場規模，甚至取代其中的一小部分。由此產生的計算負載將代表量子產業的可觀收入，並顯著減少我們星球的能源消耗。我們需要用不同的技術趨勢來增強當今的計算機，從而推動下一波創新。簡而言之，量子計算開始展示所有必要的部分，這就是 INQ 的原因。有潛力成為世界上最重要的技術之一。這也是為什麼當今的領導者谷歌、亞馬遜和微軟等都在短短三年內與 I.2 就量子運算進行合作。大多數投資者心中的問題已經改變。問題不再是量子運算是否會改變世界，而是它何時改變世界，答案就在於三個趨勢線的交點。第一個趨勢代表了量子運算硬體本身的進步和運算能力的成長。第二個趨勢代表軟體開發的進步。它降低了運行量子應用程式所需的運算能力。第三個趨勢是減少生產成本和時間或量子化這個交叉點就是其中之一。我們相信，當我們上個月宣布我們的量子計算數量從8 個激增至29 個時，我們將首先實現量子計算的第一個商業應用，比預期提前了整整一年8 個到35 個，令人印象深刻。我們將電腦從能夠同時考慮大約 5 億個可能性提升到今天超過 340 億個，但我們實際上已經超越了這一水平，並且在 INQ 上實現了 8 個 Q.36。14.在幾週內，我們從 8 個改進到 35 個，再到 8 個再到 36 個，有效地將我們系統的運算空間增加了一倍，同時考慮了超過 600 億歐元的替代方案。這說明了我們在 EQ 的硬體效能方面看到的指數級進步。 64.我們預期tempo的運算空間將是40家企業的5億多倍。我們將以較小的佔地面積來實現這一目標。Tempo 未來將建在西雅圖。我們的設計目標是將我們的量子電腦安裝到該機架內的單一標準資料中心機架中。我們打算將多個量子處理器聯網以供緊急使用，從而允許透過空氣摩擦存取數千個實體 Cubix。我們的目標是將門速度提高幾個數量級，允許更大的量子演算法運行高效的 40 個企業和消防系統，使用一系列笨重的鏡子和透鏡來引導雷射光束未來的 INQ。系統將使用光子積體電路或 PIC 來路由光。這項技術有幾個顯著的優勢，包括我們預期系統的尺寸和成本會縮小，而 Fidelity 也會有所改善。我今天很高興地宣布，我們的第一批人選已經在實驗室環境中工作，這表明工程過程現在可以在隊列中進行。上週，我們宣布我們已經正式展示了光子互連的第一個關鍵里程碑：82。我們現在可以可靠地將立方位與光子糾纏在一起，以在今年稍後實現通信，我們希望證明我們可以透過QBE 將多個兩個位元連接在一起，並且這些連接的Cubix 可用於分佈式量子計算。我們設想透過光子互連連接到下一代系統中的 QPU。因此，我們的量子硬體的第一條趨勢線和技術路線圖將在兩到三年內為量子硬體的商業應用做好準備，進展正在以驚人的速度加速。量子演算法的發展速度更快。儘管存在這些商業優勢的早期跡象，但我們需要密切關注事態發展，不僅是 INQ，而且是更廣泛的量子產業。讓我給你舉幾個例子。服務於田納西州和密西西比州部分地區的卡特彼勒經銷商的 Thompson 機械正在與 INQ 合作。開發用於預測性維護的量子人工智慧模型。我們一起測試 NINQ。量子機器學習模型可偵測公司推土機車隊的潛在故障。直接與經典模型相比，Quattor 模型更有可能偵測到故障。因此，在最近與本田汽車公司在圖像分類方面的合作中，我們的量子演算法具有更高的精度，並且有望具有經濟意義，其效率比傳統演算法高五到六倍，並產生相同的準確結果。Pcg 最近估計 Quantum 汽車解決方案的市場規模將超過 100 億美元。同時，我們將更多地分享最近的一個項目，即即將發表的論文《用於化學製造的量子機器學習演算法》，其效率將比傳統的等效演算法高出75%，並且根據BCG 的說法，演算法可以為用戶節省潛在的成本。量子化學應用市場規模將高達500億。量子演算法開始顯示出相對於經典演算法的優勢。這說明了業內人士每天都在註意到的一個重要趨勢，即我們繼續致力於量子研究。我們在提高演算法效率方面取得了進展。就在上個月，量子演算法公司發表的研究表明，他們可以減少複雜的材料。模擬需要 1.5 兆個門，減少到只需要 41 萬個。這是 400 萬倍的改進。介紹過去幾年量子計算機的演算法和近期範圍。尋找用更少數量的 Cubic 做更多事情的方法的演算法工作的進展速度比硬體本身快得多。這種情況正在廣泛的應用領域中發生，由於量子開發人員的辛勤工作，昨天看來還需要幾年的時間突然變得觸手可及。這意味著，即使從現在起兩到三年內將有更複雜的 IT 硬體投入使用，軟體創新也有可能更快地支援商業量子應用。如果您查看過去三年來我們與客戶所做的所有工作並看到您的想法，您會發現量子計算的特殊優勢之一就是機器學習。我們幾年前就說過，現在世界有數據支持它作為證據。我們已經證明，量子和機器學習模型更具表現力，並且可以更好地捕獲底層資料中的訊號，我們已經證明，我們可以使用更少的資料來創建與經典模型相同或更好的內容模型。我們已經展示出能夠顯著減少使用量子訓練這些模型所需的迭代次數。我們現在正在證明量子電腦可以處理稀疏數據，或者經典計算可能還存在局限性。

The third critical trend is the increasing product maturity of quantum computing that is making them smaller, cheaper, faster to produce and more reliable with the help of U.S. Senator Maria Cantwell from the state of Washington. We recently inaugurated our Seattle manufacturing facility, which will support these product lines. We are dialed in from that facility. This afternoon, we are only a few feet away from the manufacturing floor where our first 40 enterprise systems are being assembled to fulfill rising customer demand. We are also announcing that we've already decided to increase our footprint in this Seattle facility by 50%, given how encouraged we are by the progress we're making in the demand we are anticipating.

第三個關鍵趨勢是量子運算產品日益成熟，在華盛頓州美國參議員瑪麗亞·坎特韋爾的幫助下，量子運算產品變得更小、更便宜、生產速度更快且更可靠。我們最近在西雅圖開設了製造工廠，該工廠將為這些產品線提供支援。我們是從該設施撥入的。今天下午，我們距離製造車間只有幾英尺，我們正在組裝首批 40 個企業系統，以滿足不斷增長的客戶需求。我們也宣布，考慮到我們在滿足預期需求方面所取得的進展讓我們深受鼓舞，我們已經決定將西雅圖工廠的佔地面積增加 50%。

Speaking of that demand. Last year, we announced our intention to capture to Quantum markets, computing and networking compute hardware customers today, such as quantum, Basil are looking to jumpstart their local Quantum economies with on-prem access to the latest cutting edge systems networking customers like the U.S. Air Force Research Lab are interested in communication between Quantum system regarding Quantum communication worries at a rapid advancement in quantum decryption, similar to the other algorithms we discussed tonight would put the world at significant risk. The Internet is already under attack. If you no longer tell a photo video clip or audio clip. Israel imagine a world where truth itself is under attack and nothing can be trusted. One of the reasons we're getting into networking is because we believe the world will soon need a quantum safe network.

說到這個需求。去年，我們宣布打算抓住當今的量子市場、計算和網路運算硬體客戶，例如量子，Basil 希望透過本地訪問最新的尖端系統網路客戶（例如美國）來快速啟動當地的量子經濟。空軍研究實驗室對量子系統之間的通訊感興趣，因為量子通訊擔心量子解密的快速進步，類似於我們今晚討論的其他演算法將使世界面臨重大風險。網路已經受到攻擊。如果你不再講述照片影片剪輯或音訊剪輯。以色列想像一個真理本身受到攻擊、一切不可信任的世界。我們進入網路的原因之一是我們相信世界很快就會需要一個量子安全網路。

Just last week, Apple, the world's largest consumer company, announced that it was taking preemptive steps to defend itself against impending Quantum security attacks BCG has approximated the size of the quantum security market at upwards of 80 billion. We believe that between networking and computing, these solutions will need potentially millions of pieces of hardware that's a sizable opportunity for Quanta manufactured.

就在上週，全球最大的消費公司蘋果宣布，將採取先發制人的措施，防禦即將到來的量子安全攻擊。BCG 估計量子安全市場規模高達 800 億美元以上。我們相信，在網路和運算之間，這些解決方案可能需要數百萬件硬件，這對廣達製造來說是一個巨大的機會。

On the corporate front, it is my pleasure to announce two new members of the ion cue Board of Directors. It will help us accelerate our commercialization and capture these markets. Robert Cardillo is the former Deputy Director of the US Defense Intelligence Agency and previously served as a national and intelligence adviser to President Obama driving the president's daily US intelligence briefing with 40 years of intelligence experience. Robert will play an integral role in expanding ion relationship with federal agencies, helping us to meet the unique needs of government customers. Bill Scannell is the President of Global Sales and Customer Operations at Dell, where he oversees an organization of nearly 24,000 sales team members delivering technology solutions to over 180 countries worldwide. Bill brings to ION two decades of sales experience, and we'll provide critical insights on our sales strategy, helping to strengthen our leadership and the quantum of tonnes. Ncube leadership is bolstered by our technical expertise, and we want to remind our investor audience that INQ. has a relationship with Duke University, where we have an agreement to exclusively capture royalty free. All intellectual property generated that pertains to Trapped Ion quantum computing. That agreement continues to contribute valuable IP.

在公司方面，我很高興宣布離子提示董事會的兩位新成員。它將幫助我們加速商業化並佔領這些市場。羅伯特·卡迪羅（Robert Cardillo）是美國國防情報局前副局長，此前曾擔任奧巴馬總統的國家和情報顧問，負責主持總統的每日美國情報簡報，擁有 40 年的情報經驗。羅伯特將在擴大與聯邦機構的關係方面發揮不可或缺的作用，幫助我們滿足政府客戶的獨特需求。Bill Scannell 是戴爾全球銷售和客戶營運總裁，負責管理由近 24,000 名銷售團隊成員組成的組織，為全球 180 多個國家/地區提供技術解決方案。Bill 為 ION 帶來了二十年的銷售經驗，我們將為我們的銷售策略提供重要的見解，幫助加強我們的領導地位和噸位。Ncube 的領導地位得到了我們的技術專長的支持，我們想提醒我們的投資者觀眾，INQ。與杜克大學有合作關係，我們與杜克大學達成協議，獨家收取免版稅。產生的所有智慧財產權均與俘獲離子量子計算有關。該協議將繼續貢獻寶貴的智慧財產權。

Thank you.

謝謝。

Our co-founders doctors first Midroll and Jin-Sang Kim are both professors. They do where they are. The cornerstones of the DO Quantum at the end of this quarter. John thing will transition out of his post as our CTO, and I have to turn more of his attention back to his academic duties at do we will continue to advise I into on Trapped Ion quantum computing as a scientific adviser and serve as a resource for ion cues, most senior technical executives, including Dr. Dean Caspian, our VP of Engineering, Dr. Pat Kane, our VP of Research and Development and Dr. Dave Mayfield, our VP of Production engineering.

我們的共同創辦人 First Midroll 博士和 Jin-Sang Kim 博士都是教授。他們在他們所在的地方做事。本季末 DO Quantum 的基石。約翰·泰特(John Thing) 將不再擔任我們的首席技術官，我必須將他的更多注意力轉回到他的學術職責上，我們將繼續以科學顧問的身份向我提供關於俘獲離子量子運算的建議，並作為資源大多數高級技術管理人員，包括我們的工程副總裁 Dean Caspian 博士、我們的研發副總裁 Pat Kane 博士和我們的生產工程副總裁 Dave Mayfield 博士。

In summary, we had a fantastic quarter and full year 2023 heading into 2024. INQ. is focused on supporting the AI industry using hardware, software and production improvements that bring us closer to near term commercial advantage and is ramping up to capture a sizable and growing pipeline across Quantum compute, networking and AI we've had. I would like to turn the call over to Thomas.

總而言之，在 2024 年之前，我們在 2023 年季度和全年都表現出色。詢問。專注於利用硬體、軟體和生產改進來支援人工智慧產業，使我們更接近短期商業優勢，並正在加緊努力，以佔領我們已經擁有的量子運算、網路和人工智慧領域的龐大且不斷增長的管道。我想把電話轉給湯瑪斯。

Thank you, Peter, and thank you to everyone joining us today with no further ado let's walk through this quarter's financial results in more detail. As Peter mentioned, we had an excellent quarter and until a year recognizing 6.1 million in revenue for the full year. We ended the $22 million in revenue above the high end of our updated guidance range and up 98% year over year. We ended the year with 65.1 million in bookings, which was also about the high end of our updated guidance range for 2023 and up 65% year-over-year. Given that we are still at the beginning of our commercialization phase. I want to reiterate my comment from our last earnings call, but we expect bookings to continue to build see for quite some time.

謝謝彼得，也感謝今天加入我們的所有人，讓我們更詳細地了解本季的財務表現。正如 Peter 所提到的，我們度過了一個出色的季度，直到今年全年收入才達到 610 萬美元。我們最終的收入為 2,200 萬美元，高於更新指導範圍的上限，年增 98%。截至今年年底，我們的預訂量為 6,510 萬次，這也接近我們更新的 2023 年指引範圍的上限，年增 65%。鑑於我們仍處於商業化階段的開始階段。我想重申我們上次財報電話會議上的評論，但我們預計預訂量將在相當長的一段時間內繼續增加。

Moving down the income statement for the fourth quarter of 2023, our total operating costs and expenses were 60.6 million, 121% from 27.4 million in the prior year period. For the full year 2023, that number was $179.8 million, up 86% from 96.9 million in 2020.

向下移動 2023 年第四季的損益表，我們的總營運成本和費用為 6,060 萬美元，比上年同期的 2,740 萬美元成長 121%。2023 年全年，這一數字為 1.798 億美元，比 2020 年的 9,690 萬美元成長 86%。

To debate this time further, our research and development costs for the fourth quarter were $31.6 million, up 131% from $13.7 million in the prior period. For the full year of 2023, that number was 92.3 million up 110% from a $44 million in 2022. We call that we are investing heavily in R&D and we are increasing the production of our systems to meet projected customer demand.

這次進一步討論，我們第四季的研發成本為 3,160 萬美元，比上一季的 1,370 萬美元成長了 131%。2023 年全年，這一數字為 9,230 萬，比 2022 年的 4,400 萬美元增長 110%。我們稱，我們正在大力投資研發，並正在增加系統的產量，以滿足預期的客戶需求。

Our sales and marketing costs in the fourth quarter were 7 million, up 189% from $2.4 million in the prior year period. For the full year 2023, that number was 18.3 million, up 118% from $8.4 million in the full year 2022. This increase was due to us from go-to-market function as we continue our investment in our commercialization efforts, and we expect that trend to continue as we further expand our sales initiatives.

我們第四季的銷售和行銷成本為 700 萬美元，比去年同期的 240 萬美元成長了 189%。2023 年全年，這一數字為 1,830 萬，比 2022 年全年的 840 萬美元增長 118%。這一增長是由於我們繼續對商業化工作進行投資而從進入市場職能中受益，並且我們預計隨著我們進一步擴大銷售計劃，這一趨勢將繼續下去。

Our general and administrative costs in the fourth quarter were 15.3 million, up 69% from $9.1 million in the prior year period. For the full year 2023, that number was 60.7 million, up 41% from 36 million in the full year 2022 stock-based compensation was 69.7 million for the full year 2023, up from 31.5 million in the full year 2020 to all of this resulted in a net loss of 41.9 million in the fourth quarter compared to 18.6 million in the prior year period. And the net loss of 157.8 million for the full year 2023 versus $48.5 million in 2022. It's important to note that these results include a non-cash gain of 7.6 million for the fourth quarter related to the fair value of our warrant liabilities and 19.2 million in non-cash loss for the full year 2023, we saw an adjusted EBITDA loss for the fourth quarter of $20 million compared to a $13.3 million loss in the prior year. Period and the loss of 77.7 million for the full year 23 versus $48.7 million for 2022. Note that we projected an adjusted EBITDA loss for the year of 80.5 million and have announced $77.7 million in actuals, once again beating our expectations.

第四季的一般和管理成本為 1,530 萬美元，比去年同期的 910 萬美元成長 69%。2023 年全年，這一數字為 6070 萬，比 2022 年全年的 3600 萬增長 41%。2023 年全年的股票薪酬為 6970 萬，比 2020 年全年的 3150 萬增長。第四季度淨虧損4,190 萬美元，而上年同期淨虧損1,860 萬美元。2023 年全年淨虧損為 1.578 億美元，而 2022 年淨虧損為 4,850 萬美元。值得注意的是，這些業績包括第四季度與我們的認股權證負債公允價值相關的 760 萬美元非現金收益以及 2023 年全年 1,920 萬美元的非現金損失，我們看到調整後的 EBITDA 損失為第四季虧損2,000 萬美元，而去年同期虧損1,330 萬美元。23 全年虧損 7,770 萬美元，而 2022 年虧損 4,870 萬美元。請注意，我們預計今年調整後的 EBITDA 虧損為 8,050 萬美元，而實際公佈的虧損額為 7,770 萬美元，再次超出了我們的預期。

Turning now to our balance sheet, cash, cash equivalents and investments as of December 31st, 2023, were 455.9 million. We are confident in our cash position, which positions us well to continue executing against our technical roadmap.

現在來看看我們的資產負債表，截至 2023 年 12 月 31 日，現金、現金等價物和投資為 4.559 億美元。我們對我們的現金狀況充滿信心，這使我們能夠繼續執行我們的技術路線圖。

Looking forward to a full year 2024 outlook, we are introducing the first quarter revenue target of between 6.5 and $7.5 million, and we are projecting revenue of between 37 and 41 million for the full 2024 fiscal year. Additionally, we anticipate bookings of between 70 and 90 million for 2024. We remain highly confident in our pipeline that our bookings range and knowledge is the unpredictability of US government investment in quantum, given the uncertainty of the federal government's fiscal year 2024 budget process.

展望 2024 年全年展望，我們提出第一季營收目標為 650 至 750 萬美元，預計 2024 年整個財年營收為 37 至 4,100 萬美元。此外，我們預計 2024 年的預訂量將在 7,000 至 9,000 萬之間。鑑於聯邦政府 2024 財政年度預算流程的不確定性，我們對我們的管道仍然充滿信心，我們的預訂範圍和知識是美國政府量子投資的不可預測性。

Finally, we anticipate an adjusted EBITDA loss of 110.5 million for the full year 2024 at the midpoint of our revenue guidance.

最後，我們預計 2024 年全年調整後 EBITDA 損失為 1.105 億美元（以我們收入指引的中點計算）。

And with that, I would like to turn the call back over to Peter for some closing remarks.

至此，我想將電話轉回給彼得，讓他發表一些結束語。

Thank you, Thomas. 2023 was another fantastic year for Hain Q, we exceeded expectations on both technical and financial performance. Expanded. Our Board and executive team brought our production facility online, increased its footprint to meet increasing demand and set the stage for iron cues continued growth. Quanta market is truly heating, and we believe it is only a matter of time before we hit Bon-Ton's cat GPT. moments and catalyze the next wave of oral defining company across quantum computing, networking and AI. In other words, if you think about who I am and Kew wants to be in the coming years. It's in video, Cisco and OpenEye all in one.

謝謝你，托馬斯。 2023 年對 Hain Q 來說又是精彩的一年，我們在技術和財務表現方面都超越了預期。擴大了。我們的董事會和執行團隊使我們的生產設施上線，擴大其占地面積以滿足不斷增長的需求，並為鐵桿的持續增長奠定了基礎。廣達市場確實正在升溫，我們相信我們衝擊 Bon-Ton 的貓 GPT 只是時間問題。時刻並催化量子運算、網路和人工智慧領域的下一波口頭定義公司。換句話說，如果你想想我是誰，以及邱園在未來幾年想成為什麼樣的人。它在視訊中，Cisco 和 OpenEye 合而為一。

And with that, operator, I'd like to open the line for question in queue at this time, we will be conducting a question and answer session. If you'd like to ask a question, please press star and then one on your telephone keypad. A confirmation tone will indicate your line is in the question queue, you may press star and then two, if you would like to remove your question from the queue For participants using speaker equipment. It may be necessary for you to pick up your handset before pressing the star keys. One moment, please while we poll for questions.

接線員，我想在此時打開隊列中的問題隊列，我們將進行問答環節。如果您想提問，請按下電話鍵盤上的星號，然後再按一個。確認音將表示您的線路在問題佇列中，如果您想從佇列中刪除您的問題，您可以按星號，然後按兩個 對於使用揚聲器裝置的參與者。在按星號鍵之前，您可能需要拿起聽筒。請稍等一下，我們進行投票提問。

Yes, first question comes from Joe Moore from Morgan Stanley.

是的，第一個問題來自摩根士丹利的喬摩爾。

Please, please proceed with your questions.

請繼續您的問題。

Go.

去。

Great.

偉大的。

Thank you.

謝謝。

Thanks, guys, for the report.

謝謝各位的報告。

I wonder if you could just you talked about a 60 for next year kind of braking beyond what can be done with classical simulation, like at what point will the broader world become aware that because I feel like we still we ask questions about Quantum and we still got timeframe being several years away. And I understand you think your technology gets us there quicker. But at what point can you demonstrate that capability where you might expect there to be quite a bit more kind of a pickup in investment in the quantum area.

我想知道你是否可以談論明年的60 種制動，超出了經典模擬所能完成的範圍，比如更廣泛的世界在什麼時候會意識到這一點，因為我覺得我們仍然在問有關量子的問題，我們仍然有幾年的時間框架。我理解您認為您的技術可以讓我們更快地實現這一目標。但在什麼時候你可以展示這種能力，你可能會期望量子領域的投資會出現更多的成長。

And Joe, great question. And I think it is the kind of the number one question for for investors on what's interesting, just looking at simulating our Quantum systems alone, we happened to be at a place where going between 35 now at 36 and go into 64, the number of GPUs that it would be needed to simulate what it is we're doing. And so it's kind of already that kind of proof point that says it's increasingly becoming difficult to do what it is that we're doing in a classical way. So now there's not a huge market for classical simulation of what we're doing. So it's a technical proof point, but not a business one. But I do think that them we will see within this time period when we get to 60 for a number of different applications. And we have a bunch of things that we're working on right now in terms of early work on to build applications that will take advantage of our own hardware and increasingly talking with other quantum of developers, getting them ready for having that kind of computational power. So it's timing, as I kind of mentioned today's script, you need these three things to come together. And we think it's roughly in that kind of two to three time period for all three pieces to come together were really, really starts to take off it has, as I kind of said, the Chad GPT. moment is when it really starts down. I think you'll see a telltale signs along the way, and there's some potentials for like, as I said today, the algorithmic improvements, somebody had a breakthrough on others' potentials along the way to do more with less. And that seems to be the history of the industry as well. And it seems just like it now every other day, there's somebody that comes out and announces. They've managed to optimize the hell out of one particular algorithm and now need a lot less resources. So we could have a surprise to us kind of when we're predicting the future, it's kind of difficult to do.

喬，好問題。我認為，對於投資者來說，這是一個最有趣的問題，只要看看單獨模擬我們的量子系統，我們碰巧處於從現在的 35 到 36 到 64 之間的位置，即需要GPU 來模擬我們正在做的事情。因此，這已經是一種證明點，表明我們以經典方式做的事情變得越來越困難。所以現在我們所做的事情的經典模擬市場並不大。所以這是一個技術證明點，但不是商業證明點。但我確實認為，當我們的許多不同應用程式達到 60 個時，我們將在這段時間內看到它們。我們現在正在做很多事情，在早期工作中構建應用程序，這些應用程序將利用我們自己的硬件，並越來越多地與其他開發人員交談，讓他們為擁有這種計算能力做好準備。力量。所以現在是時候了，正如我提到今天的劇本，你需要將這三件事結合在一起。我們認為，大約在兩到三個時間段內，所有這三個部分真正真正開始起飛，正如我所說的，Chad GPT。那一刻就是它真正開始下降的時候。我想你一路上會看到一些明顯的跡象，就像我今天所說的，演算法的改進有一些潛力，有人在其他人的潛力上取得了突破，以更少的資源做更多的事情。這似乎也是該行業的歷史。現在好像每隔一天就會有人出來宣布。他們已經成功地優化了一種特定的演算法，現在需要的資源少了很多。因此，當我們預測未來時，我們可能會感到驚訝，但這很難做到。

Understood. Thank you very much.

明白了。非常感謝。

Thank you.

謝謝。

The next question comes from Quinn Bolton from Needham & Company. Please proceed with your questions.

下一個問題來自 Needham & Company 的 Quinn Bolton。請繼續回答您的問題。

I thank you and congratulations on a strong finish to 23 and a nice outlook for 24.

我感謝你們，並祝賀你們在 23 強賽中取得了優異的成績，並在 24 強賽中取得了良好的前景。

I guess first, maybe for Thomas, just talk about the bookings in 20 in the fourth quarter, how diversified were those bookings, which were there any hardware components for systems in that Q4 number?

我想首先，也許對托馬斯來說，只是談談第四季度 20 的預訂，這些預訂有多多樣化，第四季度的系統有哪些硬體組件？

And then maybe a similar question, looking to the 70 to $90 million bookings guidance, can you give us a sense what's the split between hardware or system sales versus more cash or development or professional service type contracts?

然後也許是一個類似的問題，看看 7000 至 9000 萬美元的預訂指導，您能否讓我們了解硬體或系統銷售與更多現金或開發或專業服務類型合約之間的差距？

Thank you.

謝謝。

Thanks, Quinn.

謝謝，奎因。

Excellent questions. And we did not have any hardware related hardware related bookings in Q4. However, you can tell from two things that we are absolutely expecting to see that in 24. Number one, it's just a high bookings number which comes from the fact that our systems sell at a very high price, but very much worth it. And the other thing is that you can see from the range 70 to 90 is a wide range. And that's representative of the fact that our bookings are high. And so you could easily see a swing when something slips from one quarter to the other. We are not yet guiding to the difference between hardware and software and services that you should expect that our hardware will out perform in terms of the bookings way compared to the other categories.

很好的問題。第四季我們沒有任何與硬體相關的預訂。然而，從兩件事你可以看出我們絕對期待在 24 小時內看到這一點。第一，預訂量很高，這是因為我們的系統售價非常高，但非常值得。另一件事是，你可以看到從70到90的範圍是一個很寬的範圍。這表示我們的預訂量很高。因此，當某物從一個季度滑到另一個季度時，您可以輕鬆看到擺動。我們尚未介紹硬體、軟體和服務之間的差異，您應該預期我們的硬體在預訂方式方面優於其他類別。

And we're just as a clarification when we just we say hardware here, we're going to assume we mean hardware sale of systems. Of course, there is some hardware compute time in terms of of actual time. So if you look at the fourth quarter, it would be a mixture of selling time on systems and applications development. So I think what we're trying to say here is we didn't sell it. We didn't sell a system in the fourth quarter.

作為澄清，當我們在這裡說硬體時，我們假設我們指的是系統的硬體銷售。當然，就實際時間而言，還有一些硬體計算時間。因此，如果你看看第四季度，你會發現這將是系統和應用程式開發的銷售時間的混合。所以我想我們在這裡想說的是我們沒有賣掉它。我們第四季沒有銷售任何系統。

That's correct. Ultimately, we do sell compute. And when we sell a system all at once. It just is an aggregation of blocks, more compute, a one-time events.

這是正確的。最終，我們確實銷售計算。當我們一次性出售一個系統時。它只是區塊的聚合、更多的計算、一次性事件。

Got it.

知道了。

Got it.

知道了。

Okay. And then I might have missed it. I'm not sure if I'll get you to answer this question, but I'll ask it on your guiding to an EBITDA loss of 110 million, 100.5 million.

好的。然後我可能就錯過了。我不確定是否能讓你回答這個問題，但我會問你關於 EBITDA 損失 1.1 億、1.005 億的問題。

As you look forward obviously, I would expect probably as you look to 25 and beyond, revenue continues to grow.

顯然，當你展望 25 歲及以後時，我預期收入會繼續成長。

My question is, do you think EBITDA loss peaks in 2024 and search to come down in future years?

我的問題是，您認為 EBITDA 損失是否會在 2024 年達到高峰並在未來幾年內下降？

Or is it too early to call what your EBITDA loss might peak?

或者現在判斷您的 EBITDA 損失可能達到高峰是否還為時過早？

Will we look forward to coming back to you with projection for 25 on the Q4 call that what we can tell you is that we are very happy with the investments that we've made. We're sitting now in the new executive briefing room in Seattle and our we are getting ready to make more sales both domestically and internationally. And we're very pleased with how the funnel is looking.

我們是否期待在第四季度電話會議上向您提供 25 的預測，我們可以告訴您的是，我們對我們所做的投資非常滿意。我們現在坐在西雅圖新的行政簡報室裡，我們正準備在國內和國際上進行更多銷售。我們對漏斗的外觀非常滿意。

Understood.

明白了。

And just right, thank you.

正好，謝謝。

No worries.

不用擔心。

Thank you.

謝謝。

The next question comes from David Williams from Benchmark Company. You may proceed with your question statement.

下一個問題來自 Benchmark 公司的 David Williams。您可以繼續您的問題陳述。

Hey, thanks for taking the questions. And Pierre, thanks for all the great color in your script there. I guess maybe can you talk about the hurdles that you see in front of you in terms of becoming more commercial? And maybe if you could dissect that a bit and talk about where you're seeing from a government perspective. But also what are you seeing from maybe nongovernmental entities? Are you is that really beginning to pick up or are you gaining interest there from specifically kind of related to the progress you've made on your Quantum algorithmic Cubix and.

嘿，感謝您提出問題。皮埃爾，感謝你的劇本中的所有精彩色彩。我想也許您能談談您在變得更加商業化方面遇到的障礙嗎？也許您可以稍微剖析一下並從政府的角度談談您的看法。但您從非政府實體中看到了什麼？您是否真的開始了解了，或者您是否因為與您在 Quantum 演算法 Cubix 上取得的進展相關的特定方式而產生了興趣？

Yes, so in terms of kind of top of funnel. So one of our reasons we're pretty happy at the moment is some I'd say is international seems to be particularly strong, maybe even stronger than domestically in terms of government. And so so that's one area which is of strength. As we kind of mentioned in this, we're hedging a little bit because we don't know as to whether or not Congress will pass a budget build this year, so we have to see how that goes. But I would say kind of roughly at the moment when I look at from kind of top of funnel is, um, there's roughly equal interest in commercial and so on. There's heavy there heavy interest in the enterprise as well.

是的，就漏斗頂部而言。因此，我們目前非常高興的原因之一是，我想說的是，國際似乎特別強大，甚至在政府方面也比國內更強。因此，這是一個具有優勢的領域。正如我們在本文中提到的，我們進行了一些對沖，因為我們不知道國會今年是否會通過預算建設，所以我們必須看看情況如何。但我想說，目前，當我從漏斗頂部看時，嗯，對商業等方面的興趣大致相同。人們對企業也有濃厚的興趣。

Yes.

是的。

David, does that conclude all of your questions.

大衛，這是否解決了你所有的問題？

Would you have any further questions you might have?

您還有其他問題嗎？

Used was unfortunately hit mute. So I wanted to ask real quick about about Johnson and his departure from his current role, and I recognize that the transitions that happened here. But just curious if you could provide maybe a little bit more color or maybe just the thought process going forward I know that we've made it through a lot of the hurdles, but it seems like there's still a lot of work to do. And just I'm wondering if that's going to impact the business going forward?

不幸的是用過的被打成了靜音。因此，我想快速詢問有關約翰遜以及他離開目前職位的情況，我認識到這裡發生的轉變。但只是好奇你是否可以提供更多的顏色或只是前進的思考過程，我知道我們已經克服了很多障礙，但似乎還有很多工作要做。我只是想知道這是否會影響未來的業務？

Thank you.

謝謝。

That's a great question, and I'm sure that's also there's always a lot of energy in this topic. So maybe I will give you a little bit longer answer, which is some when I started here five years ago, there was Chris during saying and myself that was it. We're running on QuickBooks at the time we had a bookkeeper and it was in terms of management, it was a pretty light at the top.

這是一個很好的問題，我相信這個主題總是充滿活力。所以也許我會給你一個更長一點的答案，這是我五年前開始在這裡時的一些答案，克里斯在說，我自己就是這樣。當我們有一名簿記員時，我們正在使用 QuickBooks，就管理而言，它在頂部非常輕。

One of the questions, Joe, Chris and John saying we're professors and still are today. And so we have this relationship with UMD. and Duke, where we capture IPs that they generate at their universities through this exclusive arrangement, which is royalty free to the Company and we gave them don't quote me on it, but have about a little under, I think, a half a percent of the Company in exchange for that.

其中一個問題是，喬、克里斯和約翰說我們是教授，今天仍然是。因此我們與 UMD 建立了這種關係。和杜克大學，我們透過這種獨家安排獲取他們在大學產生的知識產權，這對公司來說是免費的，我們給了他們不要引用我的話，但我認為大約有一半以下的公司百分比作為交換。

And so at the very beginning.

一開始也是如此。

The question was how do we start the company and also keep this. This relationship does business in our arrangement we have with universities going. And so I'm just saying was going to take a sabbatical from Duke income to 80 in Q2 to help. And Chris was going to a move from University of Maryland to Duke to run what now has become the do Quantum center, and that was important to the Company because the research that's going on there, as you know, from being captured by the company, we have an economic relationship with them. So we have an interest in making sure that that works.

問題是我們如何創辦公司並保留它。這種關係符合我們與大學的安排。所以我只是說我們將在第二季將杜克大學的收入降至 80 美元以提供幫助。克里斯將從馬裡蘭大學搬到杜克大學，管理現在已經成為量子中心的地方，這對公司來說很重要，因為正如你所知，那裡正在進行的研究被公司捕獲，我們與他們有經濟關係。因此，我們有興趣確保其有效。

And then I'm just saying it was basically John saying and myself and I was the business and doing thing was the tech person. And then we started hiring the management team. We got we got, for instance, deemed to come in in 2021 to come in as VP of Engineering at that point, John thing had that role. And then John saying left that role because Dean had taken over and John thing then went and became VP of R&D. And then we hired Pat last year and then he gave up that role. And then they went over to applications. He was he was our kind of go-to guy, if you will, for whatever the open role we have in the tech. And then we've gotten now to the point where we have a full management team and some of the work that's going over at the new Quantum center is also quite demanding. And so it's just kind of we've ran to a full course here where basically you saw obviously, Chris and now John saying going back to do to run this thing and to be the professors and continue to teach and do all the things that they do and at the same time, the Company now has a complete management team. And so we're no longer in QuickBooks or now and those things. So it's at some level and somewhat as the maturity of the Company strengthening and um, is is still available. We'll still be convincing on next-generation designs and all the rest of those things with the team. And that's that's not going to that's not going to stop. So I know it's a juicy kind of tidbit for people to chew on, but dumb know, it's just the two of them are professors, say, John saying, and taken a leave of absence from Dubai to be able to come and join us. And we appreciate the time that he was here to be able to do that. But as an example, for a Q. 35, and you know, that wasn't that wasn't really John thing that was Dean and the rest of the team and they the internal engineering group was the ones that kind of really responsible for that. So and I don't want to minimize what young things participation because it's been enormous over the years, but down at the same time, we've kind of we've got a pretty good team now to be able and we have in our management team, three PhD's and the other side is that about two thirds of our staff also have a academic term, you know, on advanced academic degrees, and we strongly have their DNA in the company because in the early days. Many of the people that have been here for years now were originally students at either University of Maryland or two. And so we that continues on as well. So anyway, a long answer to probably what it should be a short question, but Perrigo.

然後我只是說這基本上是約翰說的，我自己是業務人員，做事的是技術人員。然後我們開始招募管理團隊。例如，我們認為我們將在 2021 年擔任工程副總裁，約翰·泰特 (John Thing) 就擔任過這個角色。然後約翰說離開了這個職位，因為迪恩接任了，約翰事情然後成為了研發副總裁。然後我們去年聘請了帕特，然後他放棄了這個角色。然後他們轉向應用程式。如果你願意的話，無論我們在科技領域扮演什麼開放角色，他都是我們的首選人選。現在我們已經擁有了一個完整的管理團隊，而新量子中心正在進行的一些工作也相當艱鉅。所以我們已經在這裡完成了完整的課程，基本上你可以明顯看到，克里斯和現在約翰說回去做這件事並成為教授並繼續教學並做他們所做的所有事情同時，公司現已擁有完整的管理團隊。所以我們不再使用 QuickBooks 或現在的那些東西。因此，在某種程度上，隨著公司實力的成熟，嗯，仍然是可用的。我們仍然會與團隊一起說服下一代設計以及所有其他事情。那是不會停止的。所以我知道這是一個值得人們咀嚼的有趣的花絮，但愚蠢的知道，這只是他們兩個是教授，約翰說，並且從杜拜請了假來加入我們。我們很感謝他能在這裡做到這一點。但舉個例子，對於問題 35，你知道，這不是 John 的事情，而是 Dean 和團隊的其他成員，他們是內部工程團隊，他們才是真正負責的人。那。因此，我不想最小化年輕人的參與，因為多年來它的規模很大，但同時，我們現在擁有一支相當優秀的團隊，而且我們在我們的團隊中也有能力。管理團隊中，有三名博士，另一方面，我們大約三分之二的員工也擁有高級學術學位，而且我們公司在早​​期就有很強的DNA。許多已經在這裡待了很多年的人最初都是馬裡蘭大學或兩所大學的學生。所以我們也繼續這樣做。所以無論如何，一個很長的答案可能應該是一個簡短的問題，但佩里戈。

Thanks, Mike, for that color up, you certainly have appreciated and look forward to seeing your continued success.

謝謝，麥克，你的色彩，你當然很欣賞並期待看到你繼續取得成功。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, ladies and gentlemen. Just another reminder, if you'd like to ask a question, please press star and then one, if you'd like to ask a question, please press star and then one.

謝謝你們，女士們、先生們。再次提醒，如果您想問問題，請按星號，然後按一個，如果您想問問題，請按星號，然後按一個。

The next question comes from Sherry maturely from Craig Hallum. Please proceed with your question today.

下一個問題來自克雷格·哈勒姆 (Craig Hallum) 成熟的雪莉 (Sherry)。今天請繼續回答你的問題。

This is showing that Wally, on for Richard.

這表明沃利代替了理查德。

Shannon, thanks for taking my question and congrats on the solid year guys.

香農，感謝您提出我的問題，並恭喜大家今年表現出色。

And maybe a question for Pierre.

也許還有一個問題要問皮埃爾。

In your prepared remarks, you mentioned the potential to increase the speed of Cubix by many orders of magnitude on ion traps are known to be somewhat slower than other cubit modalities. So how do you expect to be able to accomplish this? And is this with the same variance cubit, your forthcoming systems will use.

在您準備好的發言中，您提到了在離子阱上將 Cubix 的速度提高多個數量級的潛力，眾所周知，該速度比其他肘節模式要慢一些。那麼您希望如何實現這一目標呢？您即將推出的系統將使用相同的方差肘。

I'll tell you we have Pat sitting here who happens to be working on it.

我告訴你帕特坐在這裡，他正在研究這個問題。

So I'm going to let him answer right.

所以我會讓他正確回答。

So the two research past we're taking one is really optimizing the Concave schemes that we have, which, as you know, relies upon Motional most in line chain. But we also have another modality that we're looking at as well, using gains which interact electro magnetically. So that would could potentially give a real speed up, not so good times. So you're going to be hearing more of that in our forthcoming quarters about that basic research. But that's a very active research and recognize the point that you made and this has been addressed as I speak right now. And we're having very good collaborations with different tendencies to trying to attack this issue at all angles. But we're making good progress on this and going to hear more about this future quarters to come.

因此，我們過去進行的兩項研究實際上是優化我們現有的凹面方案，如您所知，這最依賴運動直線鏈。但我們也正在研究另一種模式，即使用電磁相互作用的增益。因此，這可能會帶來真正的加速，但並不是那麼美好的時光。因此，在我們接下來的幾個季度中，您將聽到更多有關基礎研究的內容。但這是一項非常活躍的研究，並認識到您提出的觀點，並且在我現在發言時已經解決了這個問題。我們與不同傾向進行了非常好的合作，試圖從各個角度解決這個問題。但我們在這方面正在取得良好進展，並將在未來幾季聽到更多有關此的資訊。

Thank you for the color on that.

謝謝你的顏色。

And then I just saw one more follow-up on what milestones do we look for in terms of progress and a timeframe for success and Quantum networking between acute Q2 use in your AQ. 64 system.

然後我剛剛看到了另一篇後續文章，內容是我們在進展和成功的時間表方面尋找哪些里程碑，以及 AQ 中急性 Q2 使用之間的量子網路。 64系統。

Once again, we'll redirect to the to the techies in the room so that they can witness?

我們將再次重定向到房間裡的技術人員，以便他們可以見證？

Yes.

是的。

So photonic interconnect is read beyond 1864, and I'm happy to report that that you've probably seen the recent press release very happy about that progress. And we are on track to finish the photonic interconnect this year. And we actually have customers very interested in this technology and it's our method of being able to scale QPU.s beyond age 64. So this is a very important technology to us and making great progress on this. And you're going to hear us we will say this, that we can complete this this year, and I expect more to come from this year's report.

因此，光子互連的閱讀時間超過了 1864 年，我很高興地向您報告，您可能已經看到最近的新聞稿，對這一進展感到非常高興。我們預計在今年完成光子互連。事實上，我們的客戶對這項技術非常感興趣，這是我們能夠將 QPU 擴展到 64 歲以上的方法。所以這對我們來說是一項非常重要的技術，並且在這方面取得了巨大的進步。你們會聽到我們會說，我們可以在今年完成這項工作，我預計今年的報告會帶來更多成果。

So just to just to add a little bit further, just to make sure people understood. So to hit a Q 64, we don't think that we need photonic interconnects to be able to make that toward. So but it is an active area. And as we said, we expect by the end of the year to see the first demonstration for that.

所以只是想進一步補充一點，只是為了確保人們理解。因此，為了實現 Q 64，我們認為我們不需要光子互連來實現這一目標。但它是一個活躍的領域。正如我們所說，我們預計到今年年底將看到首次演示。

Thank you for all that and that and that's all for me.

謝謝你所做的一切，這就是我的全部。

Your next question comes from David Williams from Benchmark Company. Please proceed with your questions.

您的下一個問題來自 Benchmark Company 的 David Williams。請繼續回答您的問題。

David, thanks for the follow-up. I would ask quickly, are those the photonic interconnects, will those be kind of system agnostic in terms of does it matter which hardware you're working on is either quantum or is it specific to the pot, the Treasure Island or your IQ systems So in principle, the architecture itself and at most, but we are using a better system, as you know.

大衛，感謝您的跟進。我很快就會問，這些是光子互連嗎？這些是否與系統無關，無論您正在使用的硬體是量子的還是特定於罐子、金銀島或您的 IQ 系統，所以原則上，最多是架構本身，但如您所知，我們正在使用更好的系統。

So the hardware that we've developed specifically for Varian that requires a special set of lasers, special optics, which is geared towards that particular wavelength. But to point in principle, the architecture can apply to different modalities.

因此，我們專門為瓦里安開發的硬體需要一組特殊的雷射、特殊的光學元件，這些都是針對特定波長的。但原則上，該架構可以適用於不同的模式。

Great, perfect.

太棒了，完美。

Thanks so much.

非常感謝。

And your next question comes from Kevin Gordon from WestPark Capital. Please proceed with your question.

您的下一個問題來自 WestPark Capital 的 Kevin Gordon。請繼續你的問題。

Kennen.

凱南.

Yes, hey, Al.

是的，嘿，艾爾。

Congrats on the progress and I apologize if any of these questions have been answered. I joined a little late. So I was wondering if you can kind of give us a sense of the new customers that they start talking to. Do they know what problems that they're trying to solve? Or is there still are a major teaching component where you have to kind of go through the process of helping them understand what they're trying to do and kind of how quantum computing can help.

恭喜您的進展，如果這些問題得到解答，我深感抱歉。我加入的有點晚了。所以我想知道您是否能讓我們了解他們開始交談的新客戶。他們知道他們要解決什麼問題嗎？或者仍然有一個主要的教學部分，你必須經歷幫助他們理解他們正在嘗試做的事情以及量子計算如何提供幫助的過程。

And so that's a that's a difficult conversation so far, complex, I guess.

所以到目前為止，這是一場困難的對話，我想很複雜。

Yes, there's probably a full spectrum of those. We're trying not to do a lot of kind of education work and POC stuff, no. So but I would say most of our customers tend to be a little more sophisticated on the overall quantum compute space range or whatever. So you see sometimes, you know, companies that have 20 or 30 customers from a wide range of things, and they're doing 100 k. engagements and those kinds of things. We don't do those things. So which I think was a time issue said we don't do the small deals. So I'm sorry that the book is some now. But having said that, sometimes we do get there's a customer that them it is early in their space. But generally, people have a pretty good idea of the problems that their businesses have and coming to us to ask, do you think that you can solve X, Y and Z? And if you look at kind of everything we've reported in terms of work with customers. We these are their pressing problems of the day. How do how do we pump? We'll build flying cars if the batteries themselves aren't can't hold a charge long enough. And that's a that's a critical question to be able to enable that business. And so I'm so these are the kinds of critical things for these things they're not people aren't generally off doing kind of raw R & D.

是的，可能有一整套。我們試著不做很多教育工作和 POC 的事情，不。所以，但我想說，我們的大多數客戶往往對整體量子計算空間範圍或其他方面更加複雜。所以你有時會看到，公司有 20 或 30 個來自各行各業的客戶，而他們的業務量達到 10 萬。訂婚之類的事。我們不做那些事。所以我認為這是一個時間問題，我們不做小額交易。所以我很抱歉這本書現在已經有一些了。但話雖如此，有時我們確實會遇到一位客戶，他們的空間還很早。但一般來說，人們對他們的企業所面臨的問題非常了解，並來找我們，你認為你能解決 X、Y 和 Z 嗎？如果你看看我們在與客戶合作方面所報告的一切。這些是他們當今面臨的迫切問題。我們如何如何幫浦？如果電池本身無法保持足夠長的電量，我們就會製造飛行汽車。這是實現該業務的關鍵問題。所以我認為這些都是對這些事情至關重要的事情，人們通常不會進行原始研發。

So hopefully you got a question.

所以希望你有一個問題。

It does.

確實如此。

Yes.

是的。

No, that's very helpful. And then just as a follow-up I was just wondering if you can kind of talk a little bit about the competitive landscape. It seems like every week every month, a new quantum computing company kind of pops up. So are you seeing any kind of increased competition in the market on the your 100%?

不，這非常有幫助。然後作為後續行動，我只是想知道你是否可以談談競爭格局。似乎每週每個月都會有一家新的量子計算公司出現。那麼您是否看到 100% 的市場競爭加劇？

Right, come first as I see it as well, too. So there seems to be a breakthrough everyday in independent like if you watch your news feed. And so if you look at the cycle to go from a breakthrough in a university setting, all the way to a finished product. You know, probably for almost every one of these Cubic technologies, you're looking at a 1 billion investment in multiple years. And so I'm trying to I think it is not only the best funded, but the fact that we're building manufacturing plants, it's just kind of way way way ahead of everyone else in this marketplace. And I have said in the past and I have no problem saying it done, which is there might be in the future other cubit modalities, which are better than INQ. And so if you ask me 10 or 15 years who might which Cubist technology might be the winner, it dumb, it might not be iron traps. But in terms of the next five years or so. We believe it will be us and we will have the advantage of a revenue stream and the ability to decide that sometime in the future, we want to look at other cubit modalities and other ways of doing things and will give us an adventure and in advance into the future. So I don't really it doesn't bother me that dumb, if somebody is off doing work, which is going to change 15 or 20 years from now, that's a that's a different time period. So so the answer is no, we're not worried about competition at the current time.

好吧，我也這麼認為，先說。因此，獨立媒體似乎每天都有突破，就像你看新聞源一樣。因此，如果你看看從大學環境中的突破一直到成品的週期。您知道，可能對於這些 Cubic 技術中的幾乎每一項，您都需要在多年內投資 10 億美元。因此，我正在努力，我認為這不僅是資金最充足的，而且事實上我們正在建造製造工廠，它遠遠領先於這個市場上的其他所有人。我過去說過，而且我毫無疑問地說它已經完成了，未來可能會有其他比 INQ 更好的肘節模式。因此，如果你問我 10 或 15 年內誰可能會哪種立體派技術成為贏家，我很愚蠢，這可能不是鐵陷阱。但就未來五年左右而言。我們相信這將是我們，我們將擁有收入流的優勢，並且有能力決定在未來的某個時候，我們想要考慮其他肘節模式和其他做事方式，並將給我們帶來冒險和提前進入未來。所以我真的不知道，如果有人離開工作，15 或 20 年後情況會發生變化，那是一個不同的時間段，這不會讓我感到那麼愚蠢。所以答案是否定的，我們目前並不擔心競爭。

Yes.

是的。

Got it.

知道了。

Got it.

知道了。

Okay.

好的。

Perfect.

完美的。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, we have reached the end of the question and answer session. I'd now like to hand over the call to Peter Chapman for closing remarks.

謝謝。女士們、先生們，問答環節已經結束。現在我想將會議轉交給彼得·查普曼 (Peter Chapman) 致閉幕詞。

Thank you, sir.

謝謝你，先生。

Well, I want to thank everyone for joining our call today and of course, thank our team for all their hard work and our shareholders for their support. And we look forward to speaking with you soon and up and updating the entire financial community on our next earnings call. Thank you, everyone.

好吧，我要感謝大家今天加入我們的電話會議，當然，也要感謝我們團隊的辛勤工作和股東的支持。我們期待盡快與您交談，並在下一次財報電話會議上向整個金融界通報最新情況。謝謝大家。

Thank you very much. This concludes today's conference.

非常感謝。今天的會議到此結束。

You may disconnect your lines at this time, and thank you very much for your participation it?

此時您可能會斷開您的線路，非常感謝您的參與嗎？

No, no, no, no, all right.

不，不，不，不，好吧。

Yes.

是的。