IONQ Inc (IONQ) 2024 Q3 法說會逐字稿

Greetings and welcome to I US third quarter, 2024 earnings conference call. (Operators Instructions). I would now like to turn the conference over to your host, Jordan Shapiro. Thank you. You may begin.

您好，歡迎參加 I 美國 2024 年第三季財報電話會議。（操作員說明）。現在我想將會議交給主持人喬丹夏皮羅。謝謝。你可以開始了。

Good afternoon, everyone and welcome to IONQ's third quarter, 2024 earnings call. My name is Jordan Shapiro and I'm the Vice President of Financial Planning and Analysis and Head of Investor Relations here at IONQ. I am pleased to be joined on today's call by Peter Chapman. IONQ's President and Chief Executive Officer, Thomas Kramer, our Chief Financial Officer and Dr. Dean Kasman, our Senior Vice President of Engineering and Technology.

大家下午好，歡迎參加 IONQ 2024 年第三季財報電話會議。我叫 Jordan Shapiro，是 IONQ 財務規劃與分析副總裁兼投資人關係主管。我很高興彼得·查普曼參加今天的電話會議。IONQ 的總裁兼執行長、財務長 Thomas Kramer 和工程與技術資深副總裁 Dean Kasman 博士。

By now, everyone should have access to the company's third quarter, 2024 earnings press release issued this afternoon, which is available on the investor relations section of our website at investors.IONQ.com. Please note that on today's call management will refer to Justa 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 to its closest comparable GAAP measure. During the call, we will discuss our business outlook and make forward-looking statements. These comments are based on our beliefs as of today, 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.

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 2024 年第三季度收益新聞稿，該新聞稿可在我們網站 Investors.IONQ.com 的投資者關係部分獲取。請注意，在今天的電話會議中，管理層將參考 Justa，這是一項非 GAAP 財務指標。雖然該公司認為這項非公認會計準則財務指標為投資者提供了有用的信息。此資訊的呈現並非旨在被孤立地考慮或作為根據 GAAP 呈現的財務資訊的替代品，您將被引導至我們的新聞稿以調整至其最接近的可比較 GAAP 衡量標準的調整。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為止的信念，由於存在許多風險和不確定性，包括我們本周向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。除非法律要求，否則我們沒有義務修改任何聲明以反映本次電話會議後所發生的變更。

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 for joining today's earnings call. We have a lot to talk about. So let's dive in on the financial front. We are leading the industry with our commercial trajectory.

感謝喬丹，也感謝大家參加今天的財報電話會議。我們有很多話要談。那麼讓我們深入探討財務方面的問題。我們的商業軌跡處於行業領先地位。

In the third quarter, we exceeded our expected range on revenue raising our annual revenue guidance and brought in 63.5 million of new contract bookings.

第三季度，我們的收入超出了預期範圍，提高了年度收入指引，並帶來了 6,350 萬份新合約預訂。

We are making game changing announcements on the development of quantum applications with astrazeneca and insis.

我們正在就阿斯特捷利康和 insis 的量子應用開發做出改變遊戲規則的公告。

We have solidified our push into quantum networking via our recent contracts less than a year after announcing our networking initiative and we are sharing the news of our acquisition of Cubba Tech, a leader in the quantum networking industry.

在宣布我們的網路計劃不到一年後，我們透過最近的合約鞏固了對量子網路的推進，並且我們正在分享我們收購量子網路行業領導者 Cubba Tech 的消息。

What's more, we will share some details of our rapidly developing technical progress and the manufacturing partnerships that are driving it.

此外，我們將分享我們快速發展的技術進步以及推動這一進步的製造合作夥伴關係的一些細節。

So in more detail, we once again exceeded the high end of our revenue range for the quarter, delivering $12.4 million in recognized revenue compared to our range of $9 million to $12 million for the quarter.

因此，更詳細地說，我們再次超出了本季收入範圍的上限，確認收入為 1,240 萬美元，而本季的收入範圍為 900 萬美元至 1,200 萬美元。

This also represents IONQ more than doubling our third quarter revenue year over year.

這也代表 IONQ 第三季營收年增了一倍多。

With that in mind, we are raising our revenue guidance for the full year 2024 and fourth quarter to a range of 38.5 million and 42.5 million.

考慮到這一點，我們將 2024 年全年和第四季的營收指引上調至 3,850 萬美元至 4,250 萬美元。

We announced a new $54.5 million contract with our existing customer, the United States Air Force Research Lab as well as a $9 million renewal with the University of Maryland. This brings IONQ year-to-date bookings for 2024 to $72.8 million within close range of our target guidance for the year of $75 million to $95 million.

我們宣布與現有客戶美國空軍研究實驗室簽訂了一份 5450 萬美元的新合同，並與馬裡蘭大學續簽了 900 萬美元的合同。這使得 IONQ 2024 年迄今的預訂量達到 7,280 萬美元，非常接近我們今年 7,500 萬至 9,500 萬美元的目標指引。

Given our sales progress to date. We now believe that we will come in closer to the high end of the bookings guidance range and of course, our booking success will set us up for continued success next year in growing our revenue IONQ has exceeded its original bookings targets for each of the past three years since we have been publicly traded, raising or beating our bookings or revenue expectations 12 times out of our 13 earnings calls including today.

鑑於我們迄今為止的銷售進展。我們現在相信，我們將更接近預訂指導範圍的高端，當然，我們的預訂成功將為我們明年在收入增長方面繼續取得成功奠定基礎。年以來，在包括今天在內的13 次財報電話會議中，有12 次提高或超出了我們的預訂或收入預期。

Meanwhile, we are on track to roughly double the company's recognized revenue for the 3rd year in a row.

同時，我們也有望連續第三年將公司的確認收入翻倍。

Our annual revenue has exceeded the high end of our guidance range every year.

我們的年收入每年都超過指導範圍的上限。

In short, one can no longer ignore the scale of IONQ's commercial success. The investment thesis for IONQ is our potential for high growth and we keep delivering on that promise.

簡而言之，人們不能再忽視 IONQ 的商業成功規模。IONQ 的投資主題是我們高成長的潛力，我們將繼續兌現這項承諾。

Thomas will discuss our financials in more depth.

湯瑪斯將更深入地討論我們的財務狀況。

Everyone, investors and customers alike want to know when previously impossible tasks can be addressed by quantum applications.

每個人、投資者和客戶都想知道量子應用何時可以解決以前不可能的任務。

The answer is at the convergence of powerful enough quantum computers, a matching application and ability to manufacture the hardware at scale in the quantum world. There are two camps where schools have thought on this topic.

答案在於足夠強大的量子電腦的融合，以及在量子世界中大規模製造硬體的配對應用程式和能力。學校有兩個陣營思考過這個主題。

One camp believes you need near perfection before value can be unlocked if they are correct. Sadly, quantum is still a long way off. The naysayers belong to this camp, but their numbers are dwindling every day.

一個陣營認為，如果他們是對的，你需要接近完美才能釋放價值。遺憾的是，距離量子化還有很長的路要走。反對者屬於這個陣營，但他們的數量每天都在減少。

The other camp which IONQ and others belong to believe today's early noisy quantum computers can provide value even before they are perfected.

IONQ 和其他人所屬的另一個陣營相信，當今早期的嘈雜量子電腦甚至在完善之前就可以提供價值。

And if we are right, it gives us a significant advantage by generating early meaningful cash collection as we work towards perfection.

如果我們是對的，那麼當我們努力追求完美時，它會透過儘早產生有意義的現金回收來為我們帶來顯著的優勢。

About 18 months ago, I challenged our teams to answer a critical question. I told them, 'I don't care about theoretical algorithms with limited practical applicability. I don't care about the academic argument about quantum supremacy. '

大約 18 個月前，我請我們的團隊回答一個關鍵問題。我告訴他們，『我不關心實際適用性有限的理論演算法。我不關心關於量子霸權的學術爭論。'

Instead, I asked them, 'what are the applications that have the potential to disrupt multibillion dollar industries?'

相反，我問他們，“有哪些應用程式有可能顛覆價值數十億美元的行業？”

The team has since identified several application areas where we believe commercial value will be first realized and aligned with our next generation hardware and IONQ's production capability.

此後，團隊確定了幾個應用領域，我們相信這些領域將首先實現商業價值，並與我們的下一代硬體和 IONQ 的生產能力保持一致。

We then reached out to industry partners to understand the value of these applications to their respective industries.

然後，我們聯繫了行業合作夥伴，以了解這些應用程式對其各自行業的價值。

Today marks a seminal moment in the quantum industry. As we announced the first two application areas, biopharmaceutical drug discovery and computer aided simulations for the engineering and manufacturing industries in the global biopharmaceutical industry. I am excited to announce the creation of a new quantum application development center in collaboration with Astrazeneca, IONQ will be leveraging the power of our quantum experts and Astrazeneca's world class scientists to develop applications in their innovation bioventure hub in Gothenburg, Sweden in the computer aided engineering industry. IONQQ has joined forces with Ansis to accelerate simulation, expand high fidelity design exploration and reduce product development timelines enabling faster market entry for more innovative products. The partnership is aimed at making simulation accessible to both quantum experts and nonexperts by allowing seamless integration between ANSA software and IONQ computers to reach our aggressive sales goals. We have always planned on growing application revenue.

今天標誌著量子產業的一個開創性時刻。正如我們宣布的前兩個應用領域，生物製藥藥物發現和全球生物製藥行業工程和製造業的電腦輔助模擬。我很高興地宣布與阿斯特捷利康合作創建一個新的量子應用開發中心，IONQ 將利用我們的量子專家和阿斯特捷利康世界一流科學家的力量，在其位於瑞典哥德堡的創新生物創業中心開發電腦輔助應用程序工程行業。IONQQ 與 Ansis 聯手加速模擬、擴大高保真設計探索並縮短產品開發時間，從而使更多創新產品更快進入市場。此次合作的目的是透過允許 ANSA 軟體和 IONQ 計算機之間的無縫集成，讓量子專家和非專家都可以進行模擬，以實現我們雄心勃勃的銷售目標。我們一直在計劃增加應用程式收入。

We expect these applications to drive demand for new systems in production but also for us to share in the up to $2 trillion economic value that mckinsey projects will be unlocked by 2035.

我們預計這些應用程式將推動生產中對新系統的需求，同時也讓我們分享麥肯錫預計到 2035 年將釋放的高達 2 兆美元的經濟價值。

We've reached an incredibly impactful point and we could not be more excited to partner with astrazeneca and ansis to bring production grade quantum applications to their respective industries.

我們已經達到了一個令人難以置信的影響力點，我們非常高興與阿斯特捷利康和 ansis 合作，將生產級量子應用引入各自的行業。

I can't tell you how much personally, I am excited about these applications.

我無法告訴你我個人對這些應用程式有多興奮。

Now switching our focus to quantum networking.

現在將我們的注意力轉向量子網路。

We believe that IONQ is the only quantum computing company that has an inherent advantage in the quantum networking market. Contributing to our early leadership specifically, we have always relied upon networking as part of our architecture to scale our quantum computers, quantum networking and quantum computing for IONQ are highly synergistic.

我們認為IONQ是唯一一家在量子網路市場具有先天優勢的量子運算公司。我們一直依靠網路作為架構的一部分來擴展我們的量子計算機，這對我們早期的領導地位做出了具體貢獻，IONQ 的量子網路和量子計算具有高度的協同性。

Our recent wins of a $54.5 million contract with Air Pharrell and our $5.7 million contract with the applied research Laboratory for Intelligence and Security or our list are examples of our quantum networking investments paying off at more than $60 million. We believe these two sales alone have catapulted IONQ to become a leading player in the quantum networking industry to expand on that leadership. Today, we are excited to announce that we have signed a definitive agreement to acquire Cubba Tech, a leading Vista California based quantum networking company.

我們最近贏得了與 Air Pharrell 簽訂的價值 5450 萬美元的合同，以及與智能與安全應用研究實驗室簽訂的價值 570 萬美元的合同，這些都是我們量子網絡投資回報超過 6000 萬美元的例子。我們相信，僅這兩項銷售就已使 IONQ 成為量子網路產業的領導企業，並進一步擴大其領導地位。今天，我們很高興地宣布，我們已經簽署了收購 Cubba Tech 的最終協議，Cubba Tech 是一家位於加州 Vis​​ta 的領先量子網路公司。

The combination of Cubba Tech and IONQ will allow us to continue our momentum in quantum networking. By the addition of Cubba Tech's 118 us and international granted patents.

Cubba Tech 和 IONQ 的結合將使我們能夠繼續在量子網路領域保持發展勢頭。加上 Cubba Tech 的 118 項美國和國際授權專利。

I expect that the quantum networking products will continue to strongly drive sales and to be the first product group that is cash flow positive quantum networking is a large and rapidly growing opportunity. With mckinsey estimating that quantum communication will become a $36 billion market by 2040 quantum networking like classical networking hardware is also expected to require several orders of magnitude more physical hardware than quantum computing to build the infrastructure for the quantum internet.

我預計量子網路產品將繼續強勁推動銷售，並成為第一個現金流為正的產品組。麥肯錫估計，到 2040 年，量子通訊將成為一個價值 360 億美元的市場，與經典網路硬體一樣，量子網路也預計需要比量子運算多幾個數量級的實體硬體來建立量子網路的基礎設施。

This is another element of the networking market where IONQ is particularly well suited given the investments we have made over the past years to scale up our production manufacturing capabilities.

鑑於我們過去幾年為擴大生產製造能力而進行的投資，這是 IONQ 特別適合的網路市場的另一個要素。

The IONQ technical team also demonstrated ion to ion entanglement. The second of four significant milestones required to develop photonic interconnects and significantly scale our system capacity.

IONQ技術團隊也示範了離子間糾纏。發展光子互連和顯著擴展我們的系統容量所需的四個重要里程碑中的第二個。

While we are thrilled with our technical progress in quantum networking, we're even more thrilled to join forces with Cubba Tech and leverage their quantum networking expertise.

雖然我們對量子網路的技術進步感到興奮，但我們更高興能與 Cubba Tech 聯手並利用他們的量子網路專業知識。

Lastly, on the technology front, we are happy to announce two new agreements for critical components of future systems. Starting with IONQ tempo.

最後，在技術方面，我們很高興宣布兩項針對未來系統關鍵組件的新協議。從 IONQ 節奏開始。

Number one, we announced a partnership with NKT Photonics, a subsidiary of Hamamatsu Photonics to develop next generation laser systems for our trapped ion computers and networking equipment. The arrangement will begin with NKT photonics developing and delivering three innovative prototype optical subsystems to us in 2025 designed to improve the performance size, weight and power of our upcoming data center ready quantum computers.

第一，我們宣布與 Hamamatsu Photonics 的子公司 NKT Photonics 合作，為我們的俘獲離子電腦和網路設備開發下一代雷射系統。該安排將從 NKT photonics 開始，到 2025 年開發並向我們提供三個創新原型光學子系統，旨在提高我們即將推出的資料中心就緒量子電腦的性能、尺寸、重量和功率。

Number two. Today, I am also pleased to announce a new partnership with IMAC a world renowned innovation hub in nano electronics and digital technologies to develop photonic integrated circuits and chip scale ion trap technology. With these ground breaking technology, IONQ aims to reduce overall hardware system size and cost increase cubic count and improve system performance and scale the developments of this quarter are nothing short of groundbreaking and position IONQ to be the preeminent player in the quantum industry in the near term. And for many years to come, many of you already know IONQ as a leading quantum computing company.

第二。今天，我還很高興地宣布與世界著名的奈米電子和數位技術創新中心 IMAC 建立新的合作關係，共同開發光子積體電路和晶片級離子阱技術。憑藉這些突破性技術，IONQ 旨在減少整體硬體系統尺寸和成本，增加立方數，提高系統性能和規模。 。在未來的許多年裡，你們中的許多人已經知道 IONQ 是一家領先的量子運算公司。

With today's announcements, we believe that we are now the leading company at the intersection of quantum computing and networking.

透過今天的公告，我們相信我們現在是量子運算和網路交叉領域的領先公司。

And in the future, you will likely also know us as a software application company.

將來，您可能也會知道我們是一家軟體應用公司。

Our commercial track record has launched in IONQ towards the rarified echelon of rapidly growing young technology companies by achieving nine figures in bookings in record time.

我們的商業記錄已在 IONQ 中邁入快速發展的年輕科技公司的精英梯隊，在創紀錄的時間內實現了九位數的預訂量。

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

說到這裡，我想把電話轉給湯瑪斯。

Thank you, Peter. It has truly been an exciting quarter on the applications in commercial front and our financials are no exception. Let's walk through this quarter's financial results in more detail.

謝謝你，彼得。對於商業領域的應用來說，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。

As Peter mentioned, we had a strong revenue quarter recognizing $12.4 million which is above the high end of the range we previously provided. 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.

正如 Peter 所提到的，我們的季度收入強勁，達到 1,240 萬美元，高於我們之前提供的範圍的上限。這種超額表現主要是因為我們能夠在一些使用完工百分比收入確認的合約上取得比之前預期更多的進展。

We also booked $63.5 million of sales in the third quarter. 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.

第三季我們也實現了 6,350 萬美元的銷售額。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，因為很難逐季度進行預測，甚至在某些情況下逐年進行預測。確切地說，當特定銷售實現時，我們對今年的預訂目標仍然充滿信心。

Moving down the income statement, our total operating costs and expenses for the third quarter were $65.5 million. Up 36% from $48.3 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 third quarter were $33.2 million. Up 35% from $24.6 million in the prior year period.

從損益表往下看，我們第三季的總營運成本和費用為 6,550 萬美元。較上年同期的 4,830 萬美元成長 36%。但在我們今年進一步細分的計畫中，我們第三季的研發成本為 3,320 萬美元。較上年同期的 2,460 萬美元成長 35%。

We call that we are investing heavily in R&D and growing our R&D headcount to support our road map and customer commitments.

我們稱，我們正在大力投資研發並增加研發人員數量，以支持我們的路線圖和客戶承諾。

Our sales and marketing costs in the third quarter were $6.6 million up 31% from $5 million in the prior year period. This increase was due to our growing both our marketing and our sales teams as we continue investing into our commercial efforts.

第三季我們的銷售和行銷成本為 660 萬美元，比去年同期的 500 萬美元成長 31%。這一成長是由於我們在繼續投資於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 third quarter were $14.3 million. Up 3% from $13.9 million in the prior year period. These increases were primarily driven by an increase in payroll related expenses.

第三季的一般管理費用為 1,430 萬美元。較上年同期的 1,390 萬美元成長 3%。這些增長主要是由於工資相關費用的增加所致。

All of this resulted in a net loss of $52.5 million in the third quarter compared to $44.8 million in the prior year period.

所有這些導致第三季淨虧損 5,250 萬美元，而去年同期淨虧損 4,480 萬美元。

Accounting for warrants can be confusing. So we've always pointed out the impact they have on our results. This Q3 loss includes a non cash loss of $3.9 million for the third quarter related to the fair value of our warrant liabilities.

認股權證的會計處理可能會令人困惑。所以我們總是指出它們對我們結果的影響。第三季虧損包括第三季與我們的認股權證負債公允價值相關的 390 萬美元非現金虧損。

These results also include growth in stock based compensation expense related to our head count growth which was $24.6 million for the third quarter compared to $17 million for the prior year period.

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，第三季為 2,460 萬美元，而去年同期為 1,700 萬美元。

We saw an adjusted EBITDA loss for the third quarter of $23.7 million compared to a $22.4 million loss in the prior year period.

我們看到第三季調整後 EBITDA 虧損 2,370 萬美元，而去年同期虧損 2,240 萬美元。

We continue to project an adjusted EBITDA loss for the year of $110.5 million.

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 equivalent and investment as of September 30th, 2024 were $382.8 million. We continue to believe this cash position is the strongest of any publicly traded company focused on full stack computing.

現在轉向我們的資產負債表，截至 2024 年 9 月 30 日，現金、現金等價物和投資為 3.828 億美元。我們仍然相信，這種現金狀況是所有專注於全端運算的上市公司中最強的。

Importantly, while we have increased IONQ's run rate in recent years, we are offsetting this by beginning to collect large payments from IONQ's customers, including those who have purchased systems.

重要的是，雖然我們近年來提高了 IONQ 的運作率，但我們正在透過開始向 IONQ 客戶（包括那些購買了系統的客戶）收取大筆付款來抵消這一影響。

Our run rate increases are largely related to employee costs as we have worked rapidly to bring the best quantum talent to IONQ.

我們的運作率成長很大程度上與員工成本有關，因為我們迅速努力為 IONQ 帶來最好的量子人才。

It is also worth mentioning that a significant portion of our investment in setting up manufacturing is no behind us.

另外值得一提的是，我們在建立製造業的投資有很大一部分是在我們後面。

IONQ's board and management team are focused on being the leading business in both the rapidly expanding quantum computing and quantum networking segments. Our corporate goals in the coming years are profitable growth, positive free cash flow and commercial quantum market leadership.

IONQ 的董事會和管理團隊致力於成為快速擴張的量子運算和量子網路領域的領導者。我們未來幾年的企業目標是獲利成長、正自由現金流和商業量子市場領導地位。

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 a range of $38.5 million to $42.5 million. Reflecting our confidence and our progress on our percentage of completion based contracts.

現在轉向我們的財務前景，我們很高興地宣布，我們將把 2024 年全年的收入指引提高到 3,850 萬美元至 4,250 萬美元。反映了我們對基於合約的完成百分比的信心和進展。

We currently expect revenue for the fourth quarter of between $7.1 million and $11.1 million. We remain confident in our 2024 bookings guidance of between $75 million and $95 million.

我們目前預計第四季的營收將在 710 萬美元至 1,110 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, as we have evidenced since IPO, we are our customer wins and our fantastic third quarter IONQ is demonstrably leading the commercialization of quantum computing and quantum networking. Worldwide. The quarter's bookings were on par with our entire last year of bookings combined.

謝謝你，Thomas，正如我們自 IPO 以來所證明的那樣，我們贏得了客戶，我們出色的第三季 IONQ 明顯引領了量子運算和量子網路的商業化。全世界。本季的預訂量與我們去年全年的預訂量總和持平。

We are making great strides with our collaborations with Astrazeneca and Insis to break new ground in applications.

我們與阿斯特捷利康和 Insis 的合作取得了長足的進步，在應用領域取得了新的突破。

And we furthered our leadership position in quantum networking demonstrated by our $54.5 million cornerstone deal with a AFRL as well as our achievement of the second milestone on our path to implementing Platonic interconnects.

我們與 AFRL 達成 5,450 萬美元的基石協議，以及實現柏拉圖式互連之路上的第二個里程碑，進一步鞏固了我們在量子網路領域的領導地位。

We look forward to a strong close of the year and updating you all again on our fourth quarter call in February.

我們期待今年的圓滿結束，並在二月的第四季電話會議上再次向大家通報最新情況。

With that, I'd 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。

Thank you. At this time, we'll be conducting a question and answer session. (Operators Instructions). One moment please, While we poll for questions, our first question comes from David Williams with the benchmark company. Please proceed with your question.

謝謝。此時，我們將進行問答環節。（操作員說明）。請稍等一下，當我們投票提問時，我們的第一個問題來自基準公司的 David Williams。請繼續你的問題。

Hey, good afternoon, everyone. And thanks for taking my question. Lots of lots of really interesting and exciting things going on. It's hard to find a place to start, but maybe First Peter, can you speak to just the Cubba Tech acquisition, what that technology brings and how does that kind of merge Serg specifically with what you've been doing internally?

嘿，大家下午好。感謝您提出我的問題。有很多非常有趣和令人興奮的事情正在發生。很難找到一個開始的地方，但也許首先彼得，你能談談 Cubba Tech 的收購嗎？

Yeah, I'd be happy David. Several things here. One is that as we've kind of talked about it in the past, the way that IONQ will get to scale is by photonically networking, our quantum computers together and Cubba Tech is doing something similar, not exactly the same but they have the same kind of rough skill sets in terms of people. The other side is it gives us another product line as well to go after in you know, it's a new market for us. So it's both complementary and also expands the TAM that we can go after.

是的，我會很高興大衛。這裡有幾件事。一是正如我們過去討論過的那樣，IONQ 實現規模化的方式是透過光子網絡，我們的量子電腦和 Cubba Tech 正在做類似的事情，不完全相同，但他們有相同的東西就人而言，這是一種粗糙的技能​​。另一方面，它也為我們提供了另一條產品線，因為你知道，這對我們來說是一個新市場。所以它既是互補的，也擴展了我們可以追求的 TAM。

Okay. Fantastic. And, and just kind of thinking about you have the networking efforts now and you also have the computing side. How do you think about the sensing pillar in terms of quantum? And and is that an area we should anticipate that you might be looking to enter at some point?

好的。極好的。而且，想想你現在有網路工作，你也有計算方面。您如何看待量子方面的感測支柱？我們應該預見到您可能會在某個時候進入這個領域嗎？

Yes. So one of the nice things is that often sensing requires quantum networking, you'll be able to transport the quantum information. So again, it's, it's enables an another pieces of infrastructure in the three different markets that kind of makes up quantum it's quantum sensing quantum networking and quantum computing.

是的。因此，好處之一是感測通常需要量子網絡，您將能夠傳輸量子資訊。所以，它再次在三個不同的市場中啟用了另一種基礎設施，構成了量子，即量子感測、量子網路和量子運算。

Sure. Okay. And then just one last one, if I may, you know, you've talked about applications this quarter and before you alluded to it and, you know, we've seen before other application or other areas where you partnered with, with manufacturers or different industries work on a specific problem. Can you talk maybe about how this application develops over time and how you think about that relative to maybe the one off things you've done in the past.

當然。好的。最後一個，如果可以的話，你知道，你已經在本季度討論過應用程序，在你提到它之前，你知道，我們之前已經看到過你與製造商合作的其他應用程序或其他領域或不同業界致力於解決特定問題。您能否談談這個應用程式如何隨著時間的推移而發展，以及您如何看待它相對於您過去所做的一次性事情。

You've kind of, you expressed actually at the core of it, a lot of times we've worked with companies sometimes, you know, for a one off or maybe an R&D kind of project. We largely put an end to those about 18 months ago. And so we said, okay, it's time to rent now really to focus on the applications that will be the first applications that we put into production.

實際上，您在核心方面表示，很多時候我們有時會與公司合作，進行一次性專案或研發類專案。大約 18 個月前，我們基本上結束了這些情況。所以我們說，好吧，現在是時候租用真正關注的應用程序，這將是我們投入生產的第一個應用程式。

And so we didn't want to get started on the application software, you know, when we had the hardware done, we want the software to come along at exactly the same time as when the hardware is ready to run those applications. So we're timing those two things together. What the two announcements that are today with both Insis and Astrazeneca is the beginnings of working on those applications. We've been working on the prototype for these applications for the last, I don't know, six or eight months or so. So it's not, we're not starting at square one, but it's not completed either. So that's kind of the, the major difference. I would put Hyundai maybe into the third, camp as well, which is, you know, our engagements there, are now moving into what can we do that actually helps them in a production sense as, as well.

因此，我們不想開始應用程式軟體，你知道，當我們完成硬體時，我們希望軟體與硬體準備好運行這些應用程式同時出現。所以我們將這兩件事放在一起。Insis 和阿斯特捷利康今天發布的兩項聲明標誌著這些應用程式工作的開始。在過去（我不知道）大約六到八個月的時間裡，我們一直在為這些應用程式開發原型。所以事實並非如此，我們不是從第一方開始，但它也還沒完成。這就是主要的區別。我也可能會把現代汽車納入第三個陣營，你知道，我們在那裡的參與現在正在轉向我們能做些什麼，這實際上也可以在生產意義上幫助他們。

Thanks so much for the call. Certainly appreciate it.

非常感謝您的來電。當然很欣賞。

Our next question comes from Richard Shannon with Craig Hallam. Please proceed with your question.

我們的下一個問題來自理查德·香農和克雷格·哈勒姆。請繼續你的問題。

Hi, guys. This is Tyler Anderson on for Richard Shannon. Congratulations on the quarter and M&A I'm very surprised. It's amazing.

嗨，大家好。這是理查德·香農的泰勒·安德森。恭喜本季和併購，我感到非常驚訝。太棒了。

Thank you for taking my questions. I was wondering, does the hardware from Cubba Tech require distillation or node to node swap operations? And then also will the chip scale ion trap from the IMAC partnership be used within the AFRL contract?

感謝您回答我的問題。我想知道，Cubba Tech 的硬體是否需要蒸餾或節點到節點交換操作？那麼 IMAC 合作夥伴提供的晶片級離子阱是否也會在 AFRL 合約中使用呢？

And then could you describe the price of the Cubba Tech acquisition and expected incremental OpEx?

那麼您能否描述一下 Cubba Tech 收購的價格以及預期的增量營運支出？

Okay. I'll start. This is Dean. There's a lot to unpack in your question. The, the first piece is with regards to the technology in regards to the, the swap and other things that we expect to need to use to basically generate two trap entanglement or two QP entanglement that is not part of the fundamental technology stack that we have with the Q, the tech and the QKD work that they have. There is similarity though associated with the milestone that we just actually announced with our Photonic Interconnects in terms of like the Bell state analyzer and the photon entanglement. And so there is analogies between the work that we're doing with the photonic interconnect as well as what's being done in those quantum networks. And so there's parallel technology, some of it in the component technology is one and the same. But right now they're operating at different frequencies. And so what we need to do for our photonic interconnect is fundamentally different than what you would need is currently being done as state of the art in many of the QKD solutions.

好的。我開始吧。這是迪恩。你的問題中有很多東西需要解開。第一部分是關於交換和其他東西的技術，我們期望使用這些技術來基本上產生兩個陷阱糾纏或兩個 QP 糾纏，這不屬於我們擁有的基本技術堆疊的一部分憑藉他們擁有的Q、技術和QKD工作。儘管與我們剛剛宣布的光子互連里程碑有關，但在貝爾態分析器和光子糾纏方面存在相似之處。因此，我們在光子互連方面所做的工作與在這些量子網路中所做的工作之間存在著類比。因此存在並行技術，其中一些組件技術是相同的。但現在它們以不同的頻率運作。因此，我們需要為光子互連做的事情與您目前在許多 QKD 解決方案中作為最先進技術所做的事情根本不同。

Your second question was associated with IMAC and some of the pick development and its relationship to our AFRL work.

你的第二個問題與 IMAC 和一些選秀開發及其與我們 AFRL 工作的關係有關。

The overall AFRL work is focused on development of our, in particular, the most recent large item was first associated with frequency conversion. So this goes back actually to relate to the Cubba Tech acquisition where we're looking at conversion of wavelengths from barium and other computing frequencies down to telecom frequencies to be able to push the entanglement over long distances. The second piece of that is the I would say photonic switching that work there, the prototypes there. And then the third is really component ruggedization.

AFRL 的整體工作重點是我們的開發，特別是最近的大型專案首先與變頻相關。因此，這實際上可以追溯到 Cubba Tech 的收購，我們正在研究將波長從鋇和其他計算頻率轉換為電信頻率，以便能夠在長距離上推動糾纏。第二部分是我想說的光子交換在那裡工作，那裡的原型。第三個是真正的組件加固。

The IMEC work has the potential to play in all of those areas but not in the near term, but instead in far term. So as we think about our technology stack, as we think about putting optics down on to chip scale devices, that is where we expect to see that none of the activities right now within the period of performance of our current AFRL contract.

IMEC 的工作有潛力在所有這些領域發揮作用，但不是短期的，而是長期的。因此，當我們考慮我們的技術堆疊時，當我們考慮將光學元件安裝到晶片級設備上時，我們預計在我們目前 AFRL 合約的履行期內不會出現任何活動。

And then there was one other question which is price.

然後還有一個問題，就是價格。

Oh yeah, So the consideration for the acquisition is $22 million which we have funded in cash from a balance sheet. The the details are laid out in the quarterly disclosures. We evaluate the size and determine that the cash comit is manageable relative to the size of our cash position and we plan to close the transaction in the next six months.

哦，是的，所以收購的代價是 2200 萬美元，我們從資產負債表中以現金提供資金。詳細資訊在季度披露中列出。我們評估了規模，並確定現金委員會相對於我們的現金部位規模是可以管理的，我們計劃在未來六個月內完成交易。

And I'll just add one other little piece, which is that the Cubba Tech purchase also given their existing contracts, they have a relationship with real world Telcos.

我只想補充一點，那就是 Cubba Tech 的收購也考慮到了他們現有的合同，他們與現實世界的電信公司有關係。

And so it kind of moves our efforts out of the laboratory and now starting allows us to start to test in the in the field, so to speak.

因此，這在某種程度上將我們的努力從實驗室中轉移出來，現在開始允許我們開始在現場進行測試，可以這麼說。

Great questions, by the way.

順便說一句，很好的問題。

Awesome. Thank you guys. And then one more for me, could you quantitatively quantitatively frame the near-term government spending opportunity on a national and an international level? And then where is your strength across the different types of opportunities as far as application computation and networking? And what is the size of those different buckets?

驚人的。謝謝你們。對我來說，您能否在國家和國際層面上定量地界定近期政府支出機會？那麼就應用程式運算和網路而言，您在不同類型的機會中的優勢在哪裡？這些不同桶的大小是多少？

We might need another whole meeting, I think to, to get through that with that question.

我認為我們可能需要另一次完整的會議來解決這個問題。

Sorry.

對不起。

I think maybe what we could probably best point you to is to some of the work that, you know, the BCG's and the Mckinsey's of the world. In terms of what the expected markets are for those things, Clearly, you know, we have one of the things that I think most proud of at IONQ is we've kind of told the market even from the day, first day of the IPO, what it is we're going to do and we just do it, we keep on doing it and exceeding it. So it's actually not much of a secret. We've been saying it since the first day of the IPO.

我想也許我們最能向您介紹的就是 BCG 和麥肯錫的一些作品。就這些東西的預期市場而言，顯然，你知道，我認為 IONQ 最值得自豪的一件事是，我們甚至從 IPO 的第一天就告訴了市場，我們要做的就是去做，我們繼續做並超越它。所以這其實不是什麼秘密。從 IPO 的第一天起我們就一直這麼說。

And then maybe just a little bit shorter. How would you weigh your focus between government and commercial monies moving forward with all of these acquisitions and the telco involvement?

然後可能會短一點。在所有這些收購和電信公司的參與中，您將如何權衡政府資金和商業資金之間的關注？

Well, in the, in the near term, it's been you know, a good portion which is towards government, but, you know, the beginnings now of these application projects, you know, now it's switching is starting to switch over to enterprise and, you know, that's always been the plan. If you again, if you go back to the very beginning of the IPO, you'll see that. We said, hey, it's really going to start to take off as soon as we can start to bring these applications online.

嗯，在短期內，你知道，很大一部分是針對政府的，但是，你知道，這些應用程式專案現在已經開始，你知道，現在它開始轉向企業， ，你知道，這一直是計劃。如果你再回到首次公開募股的一開始，你就會看到這一點。我們說，嘿，一旦我們開始將這些應用程式上線，它就真的會開始起飛。

Awesome. Thank you guys and congratulations again.

驚人的。謝謝你們，再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

(Operators Instructions).

（操作員說明）。

One moment please, While we pull for questions, Our next question comes from Sharry Miwalli with Needham and Company. Please proceed with your question.

請稍等，當我們提問時，我們的下一個問題來自尼達姆公司的莎莉·米瓦利 (Sharry Miwalli)。請繼續你的問題。

This is Sharry Miwalli, dialing it for Quinn Bolton. First off. Congrats on an exciting quarter locked on pack year.

我是莎莉·米瓦利 (Sharry Miwalli)，撥打奎因·博爾頓 (Quinn Bolton) 的電話。首先。恭喜您在包年中度過了一個令人興奮的季度。

Earlier in the year, you guys announce a major milestone in photonic interconnects and now with the partnership with the NKT Photonics, it's clear IONQ is making solid work on the photonics front. I just want to touch on how NKT photonics systems will support the commercialization of IONQ's computers.

今年早些時候，你們宣布了光子互連領域的一個重要里程碑，現在透過與 NKT Photonics 的合作，很明顯 IONQ 正在光子學領域做出紮實的工作。我只想談談 NKT 光子系統將如何支援 IONQ 計算機的商業化。

I want you to take it. (Inaudible Language)

我要你接受它。（聽不清楚的語言）

First from the technology perspective and Peter can take it from the business perspective on the technology side. NKT has a different kind of different sets of different lasers and there's different laser technology diode lasers, pulse lasers, fiber based lasers. And so what we're looking for from a technology perspective in our laser kind of vendors and suppliers are robust lasers that operate at the frequencies and the wavelengths that we're interested in and lasers that simply just work, right. And so part of this represents us both trying to put in place larger scale manufacturing and larger scale kind of supplier agreements as well as trying to down select to technology partners that can provide the wave the wavelengths that we need, the cost points that we need and the robustness and stability that we need for really 24/7 operation of the systems.

首先從技術角度來看，Peter可以從技術方面的業務角度來看。NKT 擁有不同種類、不同組的不同雷射器，並且有不同的雷射技術二極體雷射、脈衝雷射、光纖雷射。因此，從技術角度來看，我們在雷射類型的供應商中尋找的是功能強大的雷射器，能夠在我們感興趣的頻率和波長下運行，並且雷射器能夠正常工作，對吧。因此，這部分代表我們既試圖實施更大規模的製造和更大規模的供應商協議，也試圖減少選擇能夠提供我們需要的波長、我們需要的成本點的技術合作夥伴以及系統真正24/7 運行所需的穩健性和穩定性。

And, and I'll just add this a little bit on the business which being kind of hinted at, which is, you know, it's the, the question of, of the cost of these systems, lasers are a significant portion of our overall cost. So when we sat down and said, look, we're going to be moving to production one of the pieces to be able to reduce the cost, also reduce the size. So this is investments that you see in both of these announcements today, both with IMAC and also with NKT of us actually, working towards that promise.

而且，我只是在業務上添加一點點，這有點暗示，你知道，這是這些系統成本的問題，雷射是我們整體成本的重要組成部分。因此，當我們坐下來說，看，我們將轉向生產其中一件產品，以便能夠降低成本，同時縮小尺寸。因此，您今天在這兩項公告中都看到了投資，無論是 IMAC 還是我們的 NKT，都在努力實現這項承諾。

Great, great, thanks for all that. And then maybe on OpEx, you guys announced a number of new partnerships and awards this quarter and earlier in the prepared remarks, you guys talked about expanding the team to support all this growth. So just curious on how we should think about OpEx going forward and then maybe talk about how much the team needs to expand to support all this growth.

太好了，太好了，謝謝你所做的一切。然後，也許在營運支出上，你們在本季度宣布了一些新的合作夥伴關係和獎項，在準備好的演講中，你們談到了擴大團隊以支持所有這些成長。因此，我們只是好奇我們應該如何考慮未來的營運支出，然後也許會討論團隊需要擴展多少來支援所有這些成長。

Well, I think that where we are on OpEx for the rest of the year is already laid out in what we have discussed earlier. We're not making any change to OpEx right now and we will be discussing the OpEx for next year on the Q4 call, which I look forward to seeing everybody call into as well. What we are focusing is we've done, we've gone through rapid growth and it's time for us to think about growth where it really matters and start making sure that we are always investing in only the places that matter and that we refund capital to areas where they can be the most best used.

嗯，我認為我們在今年剩餘時間的營運支出狀況已經在我們之前討論過的內容中列出了。我們目前不會對營運支出進行任何更改，我們將在第四季度的電話會議上討論明年的營運支出，我期待看到大家也參與其中。我們關注的是我們已經完成了，我們已經經歷了快速增長，現在是我們思考真正重要的增長的時候了，並開始確保我們始終只投資於重要的地方，並退還資本到可以最充分利用它們的領域。

Awesome. Yeah. Thanks for all the color and congrats on the exciting quarter.

驚人的。是的。感謝所有的色彩，並祝賀這個令人興奮的季度。

Thank you.

謝謝。

We have reached the end of the question and answer session. I'd now like to turn the call back over to Peter Chapman for closing comments.

我們的問答環節已經結束。我現在想將電話轉回給彼得·查普曼以徵求結束意見。

Thank you. I want to thank everyone for joining us today for your support and for all the questions. Finally, I want to thank the entire IONQ team for the continued diligent work that contributed to such a meaningful quarter for us technically and commercially and that continues to fuel everything we look forward to in the future. Thanks everyone.

謝謝。我要感謝今天加入我們的大家的支持和提出的所有問題。最後，我要感謝整個 IONQ 團隊的持續辛勤工作，他們為我們在技術和商業上創造瞭如此有意義的季度，並繼續為我們未來所期待的一切提供動力。謝謝大家。

This concludes today's conference. You may disconnect your lines at this time and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。