IONQ Inc (IONQ) 2024 Q2 法說會逐字稿

Greetings and welcome to IONQ second quarter 2024 for earnings calls. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 IONQ 2024 年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Jordan Shapiro. Please go ahead, sir.

現在我想將會議交給主持人喬丹夏皮羅。請繼續，先生。

Good afternoon, everyone, and welcome to IONQ second quarter 2024 for 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 INOQ.

大家下午好，歡迎參加 IONQ 2024 年第二季財報電話會議。我叫 Jordan Shapiro，是 INOQ 財務規劃與分析副總裁兼投資人關係主管。

I'm pleased to be joined on today's call by Peter Chapman, INOQ, President and Chief Executive Officer, Thomas Kramer, our Chief Financial Officer, and Dr. Dean Kassmann, our Senior Vice President of Engineering and Technology.

我很高興邀請 INOQ 總裁兼執行長 Peter Chapman、我們的財務長 Thomas Kramer 以及我們的工程和技術高級副總裁 Dean Kassmann 博士參加今天的電話會議。

By now everyone should have access to the company's second quarter 2024 earnings press release issued this afternoon, which is available on the Investor Relations section of our website at investors.ionq.com.

現在，每個人都應該可以訪問該公司今天下午發布的 2024 年第二季度收益新聞稿，該新聞稿可在我們網站的投資者關係部分找到，網址為 Investors.ionq.com。

Please note that in 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，在今天的電話會議中，管理層將提及調整後的 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，您將被定向到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 beliefs as of today, and actual events or results could differ materially from the outlook and other forward-looking statements due to a number of risks and uncertainties, including those mentioned in our 10-Q filing with the SEC this week. 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。這些評論基於我們截至目前的信念，由於存在許多風險和不確定性，包括我們今年向SEC 提交的10-Q 報告中提到的風險和不確定性，實際事件或結果可能與前景和其他前瞻性陳述存在重大差異。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 Peter Chapman, President and CEO of IONQ. Peter?

現在我將把它交給 IONQ 總裁兼執行長 Peter Chapman。彼得？

Thanks, Jordan, and thank you to everyone joining today's call. There are a lot of exciting announcements to share today we will discuss our recent technical breakthroughs that we believe bring the quantum era closer than it has ever been, and our compelling commercial momentum that demonstrates how we're working with customers let's dive straight in.

謝謝喬丹，也謝謝參加今天電話會議的所有人。今天有很多令人興奮的公告要分享，我們將討論我們最近的技術突破，我們相信這些突破使量子時代比以往任何時候都更接近，以及我們引人注目的商業勢頭，展示了我們如何與客戶合作，讓我們直接進入。

First, I'm excited to say that we have once again exceeded the high end of our revenue range for the quarter, delivering $11.4 million in recognized revenue, which was well above the range of $7.6 million to $9.2 million for the quarter.

首先，我很高興地說，我們再次超出了本季收入範圍的上限，實現了 1,140 萬美元的確認收入，遠高於本季 760 萬美元至 920 萬美元的範圍。

We also booked $9 million this quarter, and we're very confident about meeting our bookings goal for the year. Thomas will discuss our financials in more depth. You have likely heard there is a space race in quantum computing, but what does that really mean, it's a race between different companies, cubit modalities and countries to produce a quantum computer that can outperform classical computing.

本季我們也預訂了 900 萬美元，我們對實現今年的預訂目標非常有信心。湯瑪斯將更深入地討論我們的財務狀況。您可能聽說過量子運算領域存在一場太空競賽，但這真正意味著什麼呢？

The technical problem that the devils the industry is noise or fidelity is Qubits. This noise can come from the Qubits themselves, the environment for any hardware like the control electronics and interact with the Qubits.

困擾該產業的技術問題是雜訊或保真度，這就是量子比特。這種雜訊可能來自量子位元本身、控制電子設備等任何硬體的環境以及與量子位元互動的環境。

Key to the accuracy of a quantum computer is you increase the fidelity of its Qubits and their ability to run more computational gates and larger applications when any company can achieve enough fidelity and run their applications in a production environment, significant application revenue can start.

量子電腦準確性的關鍵是提高其量子位元的保真度及其運行更多計算閘和更大應用程式的能力，當任何公司能夠實現足夠的保真度並在生產環境中運行其應用程式時，就可以開始獲得可觀的應用程式收入。

With this context, I'm excited to announce that INOQ has achieved a two Qubits native gates fidelity of 99.9% or three 9s in barium, we chose to move to barium because science suggests it enables higher facilities than new turbines and the better the native gate fidelity, the less error correction in all forms is required.

在此背景下，我很高興地宣布，INOQ 已經實現了99.9% 的兩個量子位元本機門保真度或鋇中的三個9，我們選擇轉向鋇，因為科學表明它可以實現比新渦輪機較高的設施，本機門保真度較好門保真度越高，所需的所有形式的糾錯就越少。

So today's announcement is an important milestone towards even better gate fidelity's ahead to get to better gate fidelity beyond native gate fidelity, other techniques are required. In the past, you've heard us describe quantum error correction, the technique of using additional Qubits group together to correct each other and produce more reliable results.

因此，今天的公告是邁向更好的門保真度的一個重要里程碑，要獲得超越本機門保真度的更好的門保真度，需要其他技術。在過去，您已經聽過我們描述量子糾錯，這是一種使用額外的量子位元組來相互修正並產生更可靠結果的技術。

Error correction is promising, but particularly on non-trapped Ion platforms requires a large volume of Qubits, think tens, hundreds or even thousands of physical cubit per error corrected cubit. It also requires many extra gates is overhead ratio, which is correlated with the native fidelity of the Qubits. So error correction is out of reach for meaningful use in the quantum industry today.

糾錯很有希望，但特別是在非捕獲離子平台上，需要大量的量子位，每糾錯立方位需要數十、數百甚至數千個物理立方位。它還需要許多額外的閘門開銷比率，這與量子位元的本機保真度有關。因此，糾錯在當今的量子產業中無法實現有意義的用途。

Another technique you've heard about from us is error mitigation, which uses software techniques to improve results without generally requiring additional human error mitigation is commonly used by the quantum computing companies, but poses difficulties for scaling, given that is often incurs ever increasing sampling costs that can lengthen the time to solution.

您從我們這裡聽說的另一種技術是錯誤緩解，它使用軟體技術來改進結果，通常不需要額外的人為錯誤緩解，是量子計算公司常用的，但由於經常會導致不斷增加的採樣，因此給擴展帶來了困難可能會延長解決時間的成本。

Today, I am thrilled to announce IONQ cues invented a new industry-first partial error correction techniques for an important class of Quantum gates used with many different applications. The technique which reduces the errors for Clifford case within circuits, offers the potential to supercharge the accuracy of near term quantum computers, bringing us much closer to commercial advantage.

今天，我很高興地宣布 IONQcues 發明了一種新的業界首創的部分糾錯技術，適用於與許多不同應用一起使用的一類重要的量子閘。這項技術可以減少電路中 Clifford 情況下的錯誤，有可能提高近期量子電腦的準確性，使我們更接近商業優勢。

This Clifford error reduction technique allows for more accurate Quantum algorithms for requires a ratio of only about three physical Qubit for one or reduced Qubit and a modest doubling of gates in the algorithm is used. We plan to offer this feature in our IONQ tempo systems with a combination of hardware and software improvements.

這種 Clifford 誤差減少技術允許更準確的量子演算法，因為一個或減少的量子位元只需要大約三個物理量子位元的比率，並且在演算法中使用適度的雙倍閘。我們計劃結合硬體和軟體改進，在 IONQ 節奏系統中提供此功能。

We believe that we can extend our achievement of three 9s to production systems in 2025 and bring that to five 9s in 2025 and six nines in 2026 using error correction. This, along with a combination of much larger numbers of visits from qubits and improved gait speeds gives us more confidence about near term quantum applications and application revenue for IONQ.

我們相信，透過糾錯，我們可以在 2025 年將三個 9 的成就擴展到生產系統，並在 2025 年實現五個 9，到 2026 年實現六個 9。再加上大量的量子位元存取和改進的步態速度，讓我們對 IONQ 的近期量子應用和應用收入更有信心。

For some time now, we have been investigating applications where we can deliver significant value and generate significant revenue. At our next earnings call, we will discuss the first of these application areas. While this has been a tremendous quarter for IONQ's technical development, it has been equally exciting on the commercial side of the business.

一段時間以來，我們一直在研究可以提供顯著價值並產生顯著收入的應用程式。在下一次財報電話會議上，我們將討論第一個應用領域。雖然本季對於 IONQ 的技術發展來說是一個巨大的季度，但在業務的商業方面也同樣令人興奮。

First, I am delighted to announce that ARILS the Applied Research Laboratory for intelligence and security selected IONQ through a competitive bidding process to design to quantum networking node systems for blind quantum computing line.

首先，我很高興地宣布，ARILS 智慧與安全應用研究實驗室透過競標過程選擇了 IONQ 來設計盲量子運算線的量子網路節點系統。

Quantum computing is a process where quantum computers remain blind to what information is being processed through them and is a key achievement target for the US national security apparatus in fiscal 2023 and 2024 for Congress funded this research for a total of $40 million. The initial phase of the contract is a $5.7 million award for the design of the quantum computers based on IONQ trapped Ion processors.

量子計算是一個量子電腦對通過其處理的資訊仍然視而不見的過程，是美國國家安全機構在2023 財年和2024 財年的一項關鍵成就目標，因為國會為這項研究提供了總計4000 萬美元的資助。該合約的第一階段是 570 萬美元，用於設計基於 IONQ 捕獲離子處理器的量子電腦。

We expect to complete this work by the end of this year in the next phase of the project, our wireless plans to have two systems built based on the initial IONQ design. We feel confident on our bookings guidance for the year, and we're working on several large additional sales for hardware and otherwise, in addition to the wireless agreements, what makes us confident is the strength of our repeat customers and our sales team's focus in closing larger multiyear deals.

我們預計在今年年底前在專案的下一階段完成這項工作，我們的無線計劃基於最初的 IONQ 設計構建兩個系統。我們對今年的預訂指導充滿信心，並且我們正在致力於硬體和其他方面的幾項大型額外銷售，除了無線協議之外，讓我們充滿信心的是我們回頭客的實力以及我們銷售團隊的重點完成較大的多年期交易。

Next, we have started final assembly of our first forte enterprise system at QuantumBasel, and we now have officially begun construction of two more 40 enterprise systems in our Seattle, Washington manufacturing facility.

接下來，我們已開始在 QuantumBasel 進行第一個 Forte 企業系統的組裝，現在我們已正式開始在華盛頓州西雅圖製造工廠建造另外兩個 40 個企業系統。

Our investment in our manufacturing is already paying off now enabling us to build multiple production systems at a time while not tying up significant engineering resources. I am also pleased to announce that we've extended our contracts with AWS to continue to offer our world-class quantum computers in Amazon bracket.

我們對製造的投資現在已經得到回報，使我們能夠一次建造多個生產系統，同時不會佔用大量的工程資源。我還很高興地宣布，我們已經延長了與 AWS 的合同，以繼續在 Amazon 支架上提供我們世界一流的量子電腦。

So quantum computing, service of AWS to developers everywhere want to leverage the power of quantum computing alongside the AWS contract extension, we have launched an exciting new cloud feature set that includes 24/7 global operations, a new and improved queuing engine and exclusive reservation windows. These features make it easier than ever for our customers to benefit from ion use cutting edge quantum computers.

因此，AWS 為世界各地的開發人員提供的量子運算服務希望利用量子運算的力量以及AWS 合約延期，我們推出了令人興奮的新雲端功能集，其中包括24/7 全球營運、全新改進的排隊引擎和獨家預訂視窗。這些功能使我們的客戶比以往任何時候都更容易從離子使用的尖端量子電腦中受益。

In summary, this quarter has been another strong success for INQ. We have proven that our barium cubit technology can achieve three 9's of Fidelity. We have developed in the industry changing partial error correction technique for error reduction that could bring production applications for quantum even sooner.

總而言之，本季是 INQ 的另一個巨大成功。我們已經證明，我們的鋇肘技術可以實現三個 9 的保真度。我們開發了產業內改變的部分糾錯技術來減少誤差，可以更快實現量子的生產應用。

We have factored those advancements into an aggressive new roadmap for continued leadership in the industry. And we are working with customers like Arlo's and AWS to build the next generation of Quantum networking and quantum computing applications.

我們已將這些進步納入積極的新路線圖，以繼續保持行業領先地位。我們正在與 Arlo 和 AWS 等客戶合作建立下一代量子網路和量子運算應用程式。

And with that, I'd like to pass the call over to Thomas.

說到這裡，我想把電話轉給湯瑪斯。

Thank you, Peter. It's truly been an exciting quarter on the technical and commercial front, and our financials are no exception. Let's walk through this quarter's financial results in more detail. As Peter mentioned, we had a strong revenue quarter recognizing $11.4 million, which is above the high end of the range we previously provided.

謝謝你，彼得。在科技和商業方面，這確實是一個令人興奮的季度，我們的財務也不例外。讓我們更詳細地了解本季的財務表現。正如 Peter 所提到的，我們季度營收強勁，達到 1,140 萬美元，高於我們之前提供的區間上限。

This overperformance was primarily due to our ability to make more progress than previously anticipated on some of our contracts that use percentage of completion revenue recognition. We also booked $9 million of sales contracts in the second quarter.

這種超額表現主要是因為我們能夠在一些使用完工收入確認百分比的合約上取得比先前預期更多的進展。我們還在第二季預訂了 900 萬美元的銷售合約。

As we have mentioned in prior earnings calls, we anticipate lumpiness in our bookings since it is difficult to predict quarter to quarter or even in some cases, year to year exactly when a particular sale will materialize. We remain confident in our bookings target for the year.

正如我們在先前的財報電話會議中提到的那樣，我們預計預訂量會出現波動，因為很難準確預測每季甚至在某些情況下逐年具體銷售何時實現。我們對今年的預訂目標仍然充滿信心。

Moving down the income statement for Q2 2024. Our total operating costs and expenses for the second quarter were $60.3 million, up 56% from $38.6 million in the prior year period, but within our plan for the year to break this down further, our research and development costs for the second quarter were $31.2 million up 57% from $19.9 million in the prior year period.

下移 2024 年第二季損益表。我們第二季的總營運成本和費用為 6,030 萬美元，比去年同期的 3,860 萬美元增長 56%，但在我們今年進一步細分的計劃中，我們第二季的研發成本為 31.2 美元百萬美元，較去年同期的1,990 萬美元成長57%。

Recall that we are investing heavily in R&D and given the anticipated demand of building more systems than previously projected this year. Our sales and marketing costs in the second quarter were $6.1 million, up 72% from $3.6 million in the prior year period. This increase was due to us growing both our marketing and our sales teams as we continue investing into our commercial efforts.

回想一下，我們在研發方面投入了大量資金，並且考慮到今年建造的系統的預期需求比之前預計的要多。第二季我們的銷售和行銷成本為 610 萬美元，比去年同期的 360 萬美元成長 72%。這一成長是由於我們在繼續投資商業努力的同時不斷壯大我們的行銷和銷售團隊。

Our general and administrative costs in the second quarter were $13.1 million, up 19% from $10.9 million in the prior year period. These increases were primarily driven by an increase of $1.9 million in payroll-related expenses.

第二季的一般和管理成本為 1,310 萬美元，比去年同期的 1,090 萬美元成長 19%。這些增長主要是由於工資相關費用增加了 190 萬美元。

All of this resulted in a net loss of $37.6 million in the second quarter compared to $43.7 million in the prior year period. Accounting for warrants is confusing to many this is why we have always pointed out the impact to have on our results.

所有這些導致第二季淨虧損 3,760 萬美元，而去年同期淨虧損 4,370 萬美元。認股權證的會計處理讓許多人感到困惑，這就是為什麼我們總是指出對我們結果的影響。

These current 2024 Q2 results include a noncash gain of $6.6 million for the second quarter related to the fair value of our warrant liabilities. These results also include growth in stock-based compensation expense related to our headcount growth, which was $21 million for the second quarter compared to $11.3 million in the prior year period.

目前的 2024 年第二季業績包括第二季與我們的認股權證負債公允價值相關的 660 萬美元非現金收益。這些業績還包括與員工人數成長相關的股票薪酬支出的成長，第二季為 2,100 萬美元，而去年同期為 1,130 萬美元。

We saw an adjusted EBITDA loss for the second quarter of $23.7 million compared to a $19.4 million loss in the prior year period. We continue to project an adjusted EBITDA loss for the year of $110.5 million.

我們看到第二季調整後 EBITDA 虧損 2,370 萬美元，而去年同期虧損 1,940 萬美元。我們繼續預計今年調整後的 EBITDA 虧損為 1.105 億美元。

Turning now to our balance sheet, cash, cash equivalents and investments as of June 30, 2024, $402 million. We continue to believe this cash position is the strongest of any publicly traded company focused exclusively on full-stack quantum computing.

現在來看看我們的資產負債表，截至 2024 年 6 月 30 日，現金、現金等價物和投資為 4.02 億美元。我們仍然相信，這種現金狀況是所有專注於全端量子運算的上市公司中最強的。

Importantly, while we have increased, I think use run rate in recent years. We are offsetting this by beginning to collect on large payments from IONQ's cues customers, including those who have purchased full system. Our run rate increases are largely related to employee costs as we have worked rapidly to bring the best quantum talent in the world to IONQ.

重要的是，雖然我們有所增加，但我認為近年來的使用率。我們正在透過開始向 IONQ 的提示客戶（包括那些購買了完整系統的客戶）收取大筆付款來抵消這一影響。我們的運作率成長很大程度上與員工成本有關，因為我們迅速努力將世界上最好的量子人才引入 IONQ。

It is also worth mentioning that a significant portion of our investment in setting up manufacturing is now behind us. We increasingly look to focus on conservative spending and ramping up sales of large deals.

另外值得一提的是，我們用於建立製造的投資的很大一部分現在已經過去了。我們越來越注重保守支出並提高大宗交易的銷售額。

Now turning to our financial outlook. We are pleased to announce that we will be raising our revenue guidance for the full year 2024 to range of $38 million and $42 million, reflecting increased confidence in our progress on our percentage of completion contracts. We currently expect revenue for the third quarter of between $9 million and $12 million. We remain confident in our 2024 bookings guidance of between $75 million and $95 million.

現在轉向我們的財務前景。我們很高興地宣布，我們將把 2024 年全年的收入指導上調至 3800 萬美元至 4200 萬美元，這反映出我們對完成合約百分比進展的信心增強。我們目前預計第三季的營收將在 900 萬美元至 1,200 萬美元之間。我們對 2024 年 7500 萬至 9500 萬美元的預訂指導仍然充滿信心。

Back to you, Peter.

回到你身上，彼得。

Thank you, Thomas. IONQs has yet again pushed the boundaries of the quantum computing industry this quarter, bringing us even closer to the Quantum era. Our technical team demonstrated our highest cubit fidelity's, yet introduced a paradigm-shifting technique for error reduction and unveiled an aggressive new roadmap to continue our technical leadership.

謝謝你，托馬斯。本季度，IONQs 再次突破了量子運算產業的界限，讓我們更接近量子時代。我們的技術團隊展示了最高的肘保真度，同時引入了一種減少錯誤的範式轉換技術，並公佈了積極的新路線圖，以繼續我們的技術領先地位。

Commercially our exciting new work with customers like Arlo is in AWS, gives us increased confidence, not just in meeting our bookings targets for the year, but also in the long term potential of our quantum computing and quantum networking products.

在商業上，我們與像Arlo 這樣的客戶在AWS 上進行的令人興奮的新合作，讓我們更有信心，不僅對實現今年的預訂目標，而且對我們的量子計算和量子網絡產品的長期潛力也充滿信心。

Financially, we greatly exceeded the high end of our revenue range for the quarter and posted a solid $9 million in bookings that we believe will propel us towards our goals for the year to build on our strong position in the quantum market, we will pursue strategic partnerships and other opportunities strengthening our ecosystem and benefiting our customers, shareholders and other stakeholders. We look forward to a great Q3 and the rest of the year ahead with our team, our customers, our partners and our investors.

在財務上，我們大大超出了本季度收入範圍的高端，並發布了900 萬美元的穩定預訂量，我們相信這將推動我們實現今年的目標，以鞏固我們在量子市場的強勢地位，我們將追求策略目標合作夥伴關係和其他機會加強我們的生態系統並使我們的客戶、股東和其他利害關係人受益。我們期待與我們的團隊、客戶、合作夥伴和投資者一起在第三季和未來一年取得出色的業績。

With that, I would like to turn it over to the operator for our question and answer session.

有了這個，我想把它交給接線員來進行我們的問答環節。

(Operator Instructions)

（操作員說明）

David Williams, The Benchmark Company.

大衛威廉斯，基準公司。

Hey, good afternoon. Thanks for letting me ask a question and congrats on the really strong progress here. Maybe I'll take that, Peter. Maybe first, if I may first, can you give maybe just a little more color on that the partial air mitigation scheme that you mentioned earlier, how does that maybe change your road map?

嘿，下午好。感謝您讓我提出問題，並祝賀這裡的巨大進展。也許我會接受，彼得。也許首先，如果我可以首先，您能否為您之前提到的部分空氣緩解方案提供更多的信息，這可能會如何改變您的路線圖？

And is this an innovation that you had seen and have been working towards? Or is this something that maybe has developed as you work towards other air mitigation? Just trying to understand the innovation here and how we should think about this type of development going forward.

這是您已經看到並一直在努力的創新嗎？或者這是否是您在致力於其他空氣緩解措施時發展起來的？只是想了解這裡的創新以及我們應該如何思考未來的這種發展。

And I will tag-team this one. I have been here with me as well. So Dan, I'll let you talk about the technology and maybe I'll take the business.

我將標記這一組。我也曾在這裡陪過我。所以丹，我會讓你談談技術，也許我會接受業務。

Yeah. So right now, this is something that we've been working on for a while, right? We've been building up our air collection team and the experts that we have, they're kind of just continued hiring and trying to build out that part of our research and kind of development team from a technical perspective, this is a technique that has been talked about before in terms of high-level approaches where you're not trying to achieve full fault tolerance.

是的。所以現在，這是我們已經努力了一段時間的事情，對嗎？我們一直在建立我們的空氣收集團隊和我們擁有的專家，他們只是繼續招聘並試圖從技術角度建立我們的研究和開發團隊的這一部分，這是一種技術之前已經討論過高級方法，您並不試圖實現完全的容錯。

But instead you're trying to target those parts of the system in those gates that are causing the most problems. This technique targets, what are called Clifford gates, which are comprised of many different applications that make it many different circuits that are used to solve different applications.

但相反，您要嘗試針對那些導致最多問題的門中的系統部分。該技術的目標是所謂的克利福德門，它由許多不同的應用組成，從而形成許多不同的電路，用於解決不同的應用。

And so the Clifford gates are one of the noisier skates and many quantum computers. And so this technique allows us to reduce the most noisy part of those circuits so that you can end up with basically better results at the end of the day.

因此，克利福德門是噪音較大的溜冰鞋和許多量子電腦之一。因此，這項技術使我們能夠減少這些電路中最吵雜的部分，以便您最終可以獲得基本上更好的結果。

And so it's going to factor into the way we think about approaching applications, the kind of applications that are accessible. So what this at the end of the day does is make a larger set of applications reachable earlier than we would have earlier talked to.

因此，它將影響我們考慮處理應用程式的方式，即可存取的應用程式類型。因此，這最終的作用是讓更多的應用程式比我們之前討論的更早訪問。

And I'll just add to add a little bit to it, which is this plus many of the other things that we have going really starting to give us confidence in kind of the timeframe for meaningful applications and actual revenue, significant revenue generation.

我只想補充一點，加上我們要做的許多其他事情，真正開始讓我們對有意義的應用程式和實際收入、顯著收入產生的時間框架充滿信心。

And frankly speaking, I think up to at this point, it's in some early four and significant investments in applications and some companies started application development 10 years ago, even though there wasn't quantum computers yet.

坦白說，我認為到目前為止，它已經在應用程式方面進行了一些早期的四筆重大投資，一些公司在 10 年前就開始了應用程式開發，儘管當時還沒有量子電腦。

So this is kind of, I think, a significant milestone for us in terms of getting to confidence that now is the time for application development, and we'll talk about the first kind of large application at the next earnings call.

因此，我認為，這對我們來說是一個重要的里程碑，讓我們相信現在是應用程式開發的時機，我們將在下一次財報電話會議上討論第一個大型應用程式。

Great. Thanks so much for the good color there. And I guess maybe secondly, on the wireless contract, I noticed in the press release it seemed like the works a few different figures there. And just hoping you could help me understand exactly what the what those mean. I saw $5.7 million and $12 million and even $40 million. So just help me understand what the what each one of those figures represent, please?

偉大的。非常感謝那裡的好顏色。我想也許其次，在無線合約上，我注意到在新聞稿中似乎有一些不同的數字。只是希望你能幫助我準確地理解這些意義。我看到了 570 萬美元、1200 萬美元甚至 4000 萬美元。請幫我理解這些數字代表什麼？

Yes. No, I'm happy to give you the color on that on first, even before diving into this, I think the one of the most important things is we've opened up another branch of the government to be to customer and we like our existing customers.

是的。不，我很高興首先向您介紹這一點，即使在深入探討這一點之前，我認為最重要的事情之一是我們已經向客戶開放了另一個政府部門，我們喜歡我們的現有客戶。

We hope that this is not a one and done, but a multiyear relationship that continues into the future. So we're excited to have our list of the intelligence community as a customer, and we look forward to many years, working with them.

我們希望這不是一勞永逸，而是持續到未來的多年關係。因此，我們很高興能將情報界的名單作為客戶，並期待與他們合作多年。

As to this particular contract on in fiscal '23 and '24. Progress so far has funded this project for $40 million. And so we have won the first phase of the contract. It's a multi-phase contract for $5.7 million and the remaining $40 million is expected to largely go to the construction of the hardware and we expect by the end of this year to win the next phase of this of an additional $12 million.

至於這個特定的合同，將在 23 財年和 24 財年簽訂。迄今為止，該項目已取得進展，並已獲得 4000 萬美元的資助。這樣我們就贏得了第一階段的合約。這是一份價值 570 萬美元的多階段合同，剩餘的 4000 萬美元預計將主要用於硬體建設，我們預計到今年年底將贏得下一階段的額外 1200 萬美元。

So in fiscal 24, we expect the earliest contract to contribute roughly $17.5 million towards our bookings goal for the year and the risk to the remaining of it, it will show up in '25.

因此，在 24 財年，我們預計最早的合約將為我們今年的預訂目標貢獻約 1,750 萬美元，而其餘部分的風險將在 25 財年顯現。

Okay, perfect. Great. And thanks for the help there. And then maybe just lastly, you've made some really tremendous progress here over the last several quarters and lots of moving pieces here. But I guess if you were going to kind of boil down your progress and where you are today relative to where we were maybe 12 months ago, how do you think about that progress?

好的，完美。偉大的。感謝您的幫助。也許最後，在過去的幾個季度裡，你們已經取得了一些真正巨大的進步，並且有很多令人感動的事情。但我想，如果您要總結一下您的進展以及您今天相對於 12 個月前的情況，您如何看待這項進展？

And where are we in the pathways to real quantum from where you sit today, maybe not just for IONQ, but just broadly, how do you think about it you?

從您今天的位置來看，我們在通往真正量子的道路上處於什麼位置，也許不僅僅是 IONQ，而是廣泛而言，您對此有何看法？

Well, I think in lots of companies that are just dying to. There's been lots of interesting progress across lots of different modalities. We do continue to believe we look at many of the other companies that are modalities and technologies.

嗯，我認為很多公司都渴望這樣做。許多不同的模式都取得了許多有趣的進展。我們仍然相信我們會關注許多其他模式和技術公司。

We think that many of them still have a number of some kind of technical things to overcome before kind of getting to them to have a place of great success. We do think as we know, as we always look that we think that IONQ is in good position for that.

我們認為，他們中的許多人在獲得巨大成功之前仍然需要克服一些技術問題。正如我們所知道的那樣，我們確實認為 IONQ 在這方面處於有利位置。

And you know, we're going to be getting to a new phase of the business, which is generating revenue from applications rather than generating hardware sales. And that's kind of the next exciting phase that we're about to start to invest in and hopefully see our return on.

你知道，我們將進入業務的新階段，即透過應用程式產生收入，而不是產生硬體銷售。這就是我們即將開始投資的下一個令人興奮的階段，並希望看到我們的回報。

So it's just the I think it's a part where everyone's been waiting to be honest, which is when do we start to transition from and kind of these early sales to something which is much more significant on. And I think the other side, too, if you look at our what we said we were going to do in terms of both technical and financial from the IPO.

所以說實話，我認為這是每個人都在等待的部分，也就是我們什麼時候開始從這些早期銷售過渡到更重要的事情。我認為另一面也是如此，如果你看看我們所說的我們將在首次公開募股的技術和財務方面做的事情。

We are hitting out of the park once again that we continue to be in our original estimates. So we are starting to build quite a significant track record. We're on our we're on our ways to go to breaking through I think a mental barrier, which would be the $100 million mark in sales and had we not gone public via [SPAC], we would be thinking about going public with those kinds of sales, just as you know, to a more normal IPO process. So I think that's a significant milestone for the Company as well.

我們再次超出了我們最初的估計。因此，我們開始建立相當重要的業績記錄。我們正在努力突破我認為的一個心理障礙，即銷售額將達到 1 億美元大關，如果我們沒有通過 [SPAC] 上市，我們會考慮以正如你所知，這些類型的銷售是為了更正常的IPO流程。所以我認為這對公司來說也是一個重要的里程碑。

Thanks very much for the insights. Certainly appreciate it.

非常感謝您的見解。當然很欣賞。

Always a pleasure.

總是一種樂趣。

Quinn Bolton, Needham & Co.

奎因·博爾頓，李約瑟公司

Let me add my congratulations on the financial and technical milestones, especially hitting that 99.9% to two cubic gate fidelity. Wanted to start, just maybe you could talk to that the updated roadmap. I think you published that back in late June.

讓我對財務和技術里程碑表示祝賀，特別是達到 99.9% 的兩立方門保真度。想開始，也許你可以談談更新的路線圖。我想你早在六月下旬就發表過這篇文章了。

You're kind of what are the key milestones now on the updated technology road map? Are you still targeting tempo for delivery in '25? Is that still expected to be based on barium qubits. It's just what are the highlights of the updated technical roadmap in undertake?

您想知道更新後的技術路線圖上現在的關鍵里程碑是什麼？您還在以 25 年的交付節奏為目標嗎？預計仍將基於鋇量子位元嗎？那麼此次更新的技術路線圖有哪些亮點呢？

Yes, Dean, do you want to take --

是的，Dean，你想接受嗎？--

So right now, our technical road map road map remains the same. We're still targeting AQ 64 in Tempo. It's still planning or looking at barium as the qubits species. So all of those pieces are there, right? So what we're starting to unveil is a little bit more detail about some of the component benchmarks and other things that are going to kind of enable those a few benchmarks and numbers that we've talked about in terms of our native to human capabilities, our cubit counts, et cetera. But right now, our roadmap remains strong and our progress remains strong.

所以現在，我們的技術路線圖保持不變。我們的目標仍然是 Tempo 中的 AQ 64。它仍在計劃或考慮將鋇作為量子位元種類。那麼所有這些部分都在那裡，對嗎？因此，我們開始公佈的是一些組件基準測試的更多細節，以及其他一些東西，這些基準測試和數字將有助於實現我們在人類本機能力方面討論過的一些基準測試和數字。肘數，等等。但目前，我們的路線圖仍然強勁，我們的進展仍然強勁。

And if you've seen not only in this particular announcement today, we have gotten to 99.9% in barium, right? So that's that significant. The other thing is you've seen, I believe some images of 64 IONS loaded in and a system as well. So these are all small milestones are in are along the way to getting to tempo. And so we're just kind of showing the progress along the way. Yes, but the answer is yes, we're on track for delivering in '25 on the first manufactured systems for tempo.

如果您不僅在今天的這一特定公告中看到，我們的鋇含量已達到 99.9%，對吧？所以這很重要。另一件事是你已經看到了，我相信加載了一些 64 IONS 的圖像和一個系統。因此，這些都是在達到節奏的過程中所經歷的小里程碑。所以我們只是展示一路走來的進展。是的，但答案是肯定的，我們預計在 25 年交付第一批製造的節奏系統。

Perfect. And then on the error correction, some announcements from this week, I guess, can you give us some sense what percent of gates in a typical circuit and there's probably no typical circuit, but I don't have how frequently use or Clifford gates.

完美的。然後關於糾錯，我想，本週發布的一些公告，您能給我們一些關於典型電路中門的百分比的信息嗎？

Are those 10% of the gates, 50% of the gates? And can you take the techniques to improve on the -- or to perform error correction on Clifford gates, can you use similar techniques on other commonly used gates in quantum circuits?

是10%的門還是50%的門？你能採用這些技術來改進——或者對克利福德閘進行糾錯嗎？

Great question. And so the Clifford gates are classes or class of gates that come. We use here, a lot of other companies use as well. And so they're highly applicable to many different applications. A lot of the variation of circuits chemistry circuits are comprised of large sub blocks of Clifford gates.

很好的問題。因此，克利福德門是即將到來的門的類別或類別。我們在這裡使用，很多其他公司也使用。因此它們非常適用於許多不同的應用。電路化學電路的許多變化都是由克利福德門的大子塊組成的。

And so these kind of noise reduction techniques allow us to be able to target really the key pieces of those circuits to be able to reduce the overall noise and improve the overall results. And so the beauty of this is a as a stepping stone.

因此，這些降噪技術使我們能夠真正針對這些電路的關鍵部分，從而降低整體雜訊並改善整體結果。因此，它的美妙之處在於它可以作為墊腳石。

There's another class of gates that we will have to address noise on and those are called T gates. But our overall philosophy is that any noise reduction helps before the industry reaches full fault tolerance, which is still, we believe years away, but there's a lot of other building blocks besides just to error correcting codes required for full mining.

我們必須解決另一類閘的噪音問題，這些閘稱為 T 閘。但我們的整體理念是，在行業達到完全容錯能力之前，任何降噪都會有所幫助，我們相信這仍然需要數年時間，但除了完全挖掘所需的糾錯代碼之外，還有很多其他構建塊。

And so as we move forward, these are the kind of innovations that accelerate both in hardware and software. The capabilities to be able to kind of is, as Peter said, supercharge the systems to be able to deliver value sooner.

因此，隨著我們不斷前進，這些創新會在硬體和軟體方面加速發展。正如彼得所說，這種能力可以增強系統的能力，使其能夠更快地交付價值。

Perfect. Thank you.

完美的。謝謝。

Kevin Garrigan, WestPark Capital.

凱文·加里根，西園資本。

Yes, Hi all. Let me echo my congrats on all the progress and congrats on the results to start. I'm just kind of wondering if you can give a little more color on the ARLIS contract, how many were in the bidding process where they all different quantum computing architectures, anything else you can kind of provide there?

是的，大家好。讓我對所有進展表示祝賀，並對開始的結果表示祝賀。我只是想知道您是否可以對 ARLIS 合約提供更多信息，有多少在投標過程中，它們都是不同的量子計算架構，您還可以提供什麼其他信息嗎？

I'm not sure we know exactly. I mean, financially, they didn't send us the responses to the RFPs. So but I it is my belief system that there was a number of other companies in different modalities that competed for and so on. But I don't to be honest, I don't know what the companies exactly were on and obviously, no, nothing about there of what it is they proposed. So but it was an open bid and we went against everyone else.

我不確定我們是否確切知道。我的意思是，在財務上，他們沒有向我們發送對 RFP 的回應。所以，但我的信念是，還有許多其他公司以不同的方式參與競爭，等等。但說實話，我不知道這些公司到底在做什麼，顯然，不，對他們的提議一無所知。所以，這是一次公開投標，我們與其他所有人競爭。

Okay, got it. And then, Peter, you had mentioned earlier opens up another government Avenue. I'm just kind of wondering if you can give us some color on the commercial and enterprise side of things, have you start to see an increase in commercial and enterprise customers looking to adopt quantum computing?

好的，明白了。然後，彼得，你之前提到開闢了另一條政府大道。我只是想知道您是否可以給我們一些關於商業和企業方面的信息，您是否開始看到希望採用量子計算的商業和企業客戶有所增加？

A very, very much so this is on and I guess there's a couple of different things we see. We see two different kind of things customers are interested in. One is a quantum networking and one is quantum computing or application development. It's a little confusing because both of them require quantum computers on one is the with the purpose of doing networking and communication and the other one is doing as an interest in applications, but both acquired food systems.

非常非常如此，我想我們看到了一些不同的事情。我們看到客戶感興趣的兩種不同類型的事物。一種是量子網絡，一種是量子計算或應用程式開發。這有點令人困惑，因為它們都需要量子計算機，其中一個是為了進行網路和通信，另一個是為了對應用程式感興趣，但兩者都獲得了食品系統。

So that part of it can be confusing when, for instance, when we are talking about Forte, enterprise sales. Those are largely customers interested in compute, not networking. So the ARLS is a case where we're building systems, but now for their primary interest is networking. And so we also see some increased interest in the applications in the compute space as well. As I mentioned, we'll talk about the first of those coming up in the next earnings call.

因此，當我們談論 Forte（企業銷售）時，這部分可能會令人困惑。這些客戶主要是對計算感興趣，而不是網路。因此，ARLS 是我們正在建立系統的案例，但現在他們的主要興趣是網路。因此，我們也看到人們對計算領域的應用程式越來越感興趣。正如我所提到的，我們將討論下一次財報電話會議中出現的第一個問題。

Okay, perfect. I appreciate the color. Thank you.

好的，完美。我很欣賞它的顏色。謝謝。

Joe Moore, Morgan Stanley.

喬摩爾，摩根士丹利。

I think yes, along the same lines. I mean, you've gotten so many federal opportunities between the Air Force, the Navy now or less. Can you kind of talk about if there's a common thread why you keep winning those opportunities. And you said it's a competitive bidding process. What are the criteria you think that's getting you selected ahead of other quantum opportunities?

我想是的，同樣的道理。我的意思是，現在或更少，你在空軍、海軍之間獲得了很多聯邦機會。您能談談是否有共同的線索為什麼您不斷贏得這些機會。你說這是一個競爭性的投標過程。您認為是什麼標準讓您在其他量子機會之前被選中？

So that's a complex question and I do think that there's some from a number of things. We have mean, I think a good product and the fact that the error rates are the best in the industry on kind of in general, IONQ trapping. Is there early winner here for that that certainly helps compare to some of the other modalities out there.

所以這是一個複雜的問題，我確實認為有很多原因。我們的意思是，我認為這是一個很好的產品，事實上，在 IONQ 陷印方面，錯誤率是業內最好的。這裡是否有早期的贏家，這肯定有助於與其他一些方式進行比較。

But then even within the ion traps. I think we're winning partially because we've got a good sales force and a good sales plan. And two were from what I can see from all the published data is that I can see signing IONQ is winning on the sales front. And so that's a it's got to be a mixture of Freeman, her sales team and the products that we have. So I think customers in the know are liking what we're doing.

但即使在離子陷阱內。我認為我們獲勝的部分原因是我們擁有一支優秀的銷售團隊和良好的銷售計劃。從所有已發布的數據中我可以看到的兩件事是，我可以看到簽約 IONQ 在銷售方面取得了勝利。所以這必須是弗里曼、她的銷售團隊和我們擁有的產品的結合。所以我認為知情的客戶喜歡我們正在做的事情。

I can speak a little bit in the success criteria that the ARLIS customer was looking for in the competitive process involved technical capability in terms of the system that included the ability to optically connect systems across a distance, our investment in our iconic networking and capabilities and the experimental results and things that we've achieved to date were a feather in our cap.

我可以談談ARLIS客戶在競爭過程中尋求的成功標準，涉及系統方面的技術能力，包括遠距離光學連接系統的能力、我們對標誌性網絡和功能的投資以及實驗結果和我們迄今為止所取得的成就是我們的驕傲。

They're also looking for a proven track record in delivering and providing systems to customers. We have that track record. So when we were scored at the end of the day, the customer basically scored us high in many of the technical and kind of programmatic requirements that they were looking for in terms of what they're shooting for. And so it goes to speak to the track record that we've been building and investing in both on the technology side as well as on the Company side.

他們還在尋找在向客戶交付和提供系統方面的良好記錄。我們有這樣的記錄。因此，當我們在一天結束時進行評分時，客戶基本上在他們正在尋找的許多技術和程序要求方面給我們打了高分。因此，這說明了我們在技術方面和公司方面一直在建立和投資的記錄。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions)

（操作員說明）

At this stage, there seems to be no further questions. I will now turn the conference call back to Peter Chapman for closing remarks. Please go ahead.

在這個階段，似乎沒有更多的問題了。現在我將把電話會議轉回給彼得·查普曼（Peter Chapman）做總結發言。請繼續。

I wanted to thank everyone for joining us today and for your support and for all the great questions. Finally, I want to thank the entire IONQ team for their continued diligent work that contributed to such a meaningful quarter for us, both technically and commercially. And it continues to fuel everything that we look forward to in the future. So thanks again, everyone for joining, and we look forward to talking to you at the next earnings call.

我要感謝大家今天加入我們，感謝你們的支持和提出的所有重要問題。最後，我要感謝整個 IONQ 團隊的持續辛勤工作，為我們帶來了科技和商業上如此有意義的季度。它繼續為我們未來所期待的一切提供動力。再次感謝大家的加入，我們期待在下次財報電話會議上與您交談。

Thank you. So ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。