IONQ Inc (IONQ) 2025 Q1 法說會逐字稿

Hello, and welcome to the IonQ first-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加 IonQ 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to our host today, Jessica Hocken Allen. Ma'am, please go ahead.

現在，我想將會議交給今天的主持人傑西卡·霍肯·艾倫 (Jessica Hocken Allen)。女士，請繼續。

Good afternoon, everyone, and welcome to IonQ's first-quarter 2025 earnings call. My name is Jessica Hocken Allen, and I am a member of the Investor Relations team here at IonQ. I'm pleased to be joined on today's call by Niccolo de Masi, IonQ's Chief Executive Officer; Peter Chapman, our Executive Chairman; Thomas Kramer, our Chief Financial Officer; Jordan Shapiro, our President and General Manager of Quantum Networking; and Dean Kassmann, our Senior Vice President of Engineering & Technology.

大家下午好，歡迎參加 IonQ 2025 年第一季財報電話會議。我叫 Jessica Hocken Allen，是 IonQ 投資人關係團隊的成員。我很高興 IonQ 執行長 Niccolo de Masi 參加今天的電話會議；我們的執行主席 Peter Chapman；我們的財務長 Thomas Kramer；我們的量子網路總裁兼總經理 Jordan Shapiro；以及我們的工程與技術高級副總裁 Dean Kassmann。

By now, everyone should have access to the company's first-quarter 2025 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 the adjusted EBITDA, which is a non-GAAP financial measure.

現在，每個人都應該可以看到該公司今天下午發布的 2025 年第一季收益新聞稿，該新聞稿可在我們網站的投資者關係部分（網址為 investors.ionq.com）上找到。請注意，在今天的電話會議上，管理層將參考調整後的 EBITDA，這是一個非 GAAP 財務指標。

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.

雖然公司認為該非公認會計準則財務指標為投資者提供了有用的信息，但該信息的呈現並非旨在單獨考慮或替代按照公認會計準則呈現的財務信息。請直接參閱我們的新聞稿，以了解調整後的 EBITDA 與最接近的可比較 GAAP 指標之間的對帳情況。

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-Q 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今天的預測和期望。由於存在許多風險和不確定因素，包括我們今天向美國證券交易委員會提交的 10-Q 報告中提到的風險和不確定因素，實際事件或結果可能會存在重大差異。除非法律要求，否則我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。

Now I will turn it over to Peter Chapman, Executive Chairman of IonQ.

現在我將把時間交給 IonQ 執行主席 Peter Chapman。

I'd like to begin today's call by covering some of the high-level themes. First, allow me to say that I've been delighted with the seamless transition to Niccolo as our CEO. We have been able to divide and conquer this quarter to accomplish a tremendous amount, precisely as I had hoped and our Board envisaged.

我想透過討論一些高層主題來開始今天的電話會議。首先，請允許我說，我很高興看到尼科洛順利擔任我們的執行長。本季度，我們能夠分工合作，完成大量工作，正如我所希望和董事會所設想的那樣。

I am delighted -- I was delighted to represent IonQ in both Japan and Korea for World Quantum Day. We signed an MOU with G-QuAT, a division of AIST in Japan, to work towards bringing our quantum compute to this great new market. We also signed an MOU to begin an exciting partnership with Toyota Tsusho and with Intellian, in Korea, to begin work on quantum networking in space. At NVIDIA's GTC, we showcased progress with AstraZeneca and Ansys, where we demonstrated a 12% simulation time improvement using their engineering design software.

我很高興——我很高興能夠代表 IonQ 在日本和韓國參加世界量子日。我們與日本 AIST 的一個部門 G-QuAT 簽署了一份諒解備忘錄，致力於將我們的量子計算推向這個偉大的新市場。我們還簽署了一份諒解備忘錄，與豐田通商和韓國 Intellian 建立令人興奮的合作夥伴關係，進行太空量子網路研究。在 NVIDIA 的 GTC 上，我們展示了與阿斯特捷利康和 Ansys 合作的進展，使用他們的工程設計軟體，我們證明了模擬時間提高了 12%。

IonQ's path to tens of thousands and ultimately millions of qubits is to photonically interconnect qubits across a network to run applications across multiple QPUs, acting as one large single quantum computer. This has been our plan since the company's inception. Quantum computers offer potentially game-changing solutions to many of today's largest problems.

IonQ 實現數萬乃至數百萬量子比特的目標，是透過網路以光子方式互連量子比特，從而在多個 QPU 上運行應用程序，充當一台大型量子電腦。這是我們自公司成立以來的計劃。量子電腦為當今許多最大的問題提供了可能改變遊戲規則的解決方案。

But like many new technologies, there is a dark side, too. With a large enough quantum computer, one of the earliest known quantum applications is factoring prime numbers. Factoring prime numbers, or more specifically, the difficulty for classical computers to do so is the basis for much of today's technical infrastructure to encrypt data widely used to secure the internet and other digital systems.

但與許多新技術一樣，它也存在著陰暗的一面。在擁有足夠大的量子電腦的情況下，最早已知的量子應用之一就是分解素數。分解素數，或者更具體地說，經典電腦很難分解素數，這是當今許多技術基礎設施的基礎，用於加密廣泛用於保護互聯網和其他數位系統的資料。

Computers are used as the books and records for modern life, and quantum computers will put that all at risk. As we work towards building such a quantum computer, we have the responsibility to provide solutions to protect society from the negative aspects of quantum.

電腦是現代生活的書籍和記錄，而量子電腦將使這一切面臨風險。在我們致力於建構這樣一台量子電腦的過程中，我們有責任提供解決方案來保護社會免受量子負面影響。

With our previous acquisitions of Entangled Networks, Qubitekk and a majority stake of ID Quantique, we announced our intention to be the leading player in quantum networks and to build the next generation of the internet that is quantum-safe. Our interest in distributed quantum computing using photonic interconnects is highly synergistic with our plans for quantum networking and the quantum internet. And our interest in quantum networking is highly synergistic with quantum computing.

透過先前對 Entangled Networks、Qubitekk 和 ID Quantique 多數股權的收購，我們宣布了成為量子網路領先者並建立下一代量子安全的互聯網的意圖。我們對使用光子互連進行分散式量子計算的興趣與我們對量子網路和量子互聯網的計劃高度協同。我們對量子網路的興趣與量子運算高度協同。

To build the next generation of the internet, all the same pieces of hardware need to be developed, from building inter-satellite communications, from satellite to the ground, frequency-down conversion to a commercial fiber across the ground, routed by quantum optical switches to their final destination and, in military applications, all the way over the air to drones on a battlefield. This is our vision.

為了建構下一代互聯網，需要開發所有相同的硬件，從建立衛星間通信，從衛星到地面，頻率下變頻到地面的商業光纖，通過量子光開關路由到最終目的地，以及在軍事應用中，通過空中傳輸到戰場上的無人機。這是我們的願景。

Under Niccolo's leadership, we have today decisively accelerated our quantum computing road map as well as our capabilities to create the quantum internet. IonQ's architecture and ecosystem allow unique synergies with today's addition of what I believe is the world's leading quantum memory solution.

在尼科洛的領導下，我們今天果斷加速了我們的量子計算路線圖以及創建量子互聯網的能力。IonQ 的架構和生態系統與今天新增的我認為是世界領先的量子儲存解決方案產生了獨特的協同效應。

I am proud of the pace at which Niccolo has commenced his tenure as CEO and his ability to bring out the best of our leadership, the Board and, indeed, IonQ as a rapidly growing public company. It's with this context that I will give the floor over to Niccolo to discuss today's latest announcements.

我為 Niccolo 擔任執行長的步伐以及他激發我們領導層、董事會以及 IonQ 作為一家快速發展的上市公司的最佳表現的能力感到自豪。基於此背景，我將請尼可洛討論今天的最新公告。

Thank you, Peter, and thank you all for joining us today. Let me begin by saying I've had a fantastic first 70 days at IonQ. I want to sincerely thank all of our shareholders, customers and team members for their warm welcome and enthusiastic support. I've now completed my listening tour of all stakeholders, and I'm pleased with the reinforcement of our technical and commercial priorities this has provided.

謝謝你，彼得，也謝謝大家今天加入我們。首先我要說的是，我在 IonQ 度過了非常愉快的前 70 天。我要衷心感謝所有股東、客戶和團隊成員的熱情歡迎和熱情支持。我現在已經完成了對所有利害關係人的傾聽之旅，我很高興看到這加強了我們的技術和商業優先事項。

In short, IonQ is focused on being the leading quantum computing and networking company. Our top two priorities in 2025 are delivering on revenue expectations for the year and delivering #AQ 64. We have some amazing people at IonQ globally in all functions, but particularly our physicists and engineers, who have worked hard on our systems and are now reaching the inflection point they have always envisioned.

簡而言之，IonQ 致力於成為領先的量子運算和網路公司。我們 2025 年的兩大優先事項是實現全年收入預期和實現 #AQ 64。IonQ 在全球各個職能部門都擁有一些出色的人才，尤其是我們的物理學家和工程師，他們在我們的系統上付出了辛勤的努力，現在已經達到了他們一直設想的轉折點。

We will always prioritize and ensure that, at all times, the world's greatest quantum talent makes its home at IonQ. I want to warmly welcome our newest colleagues in Geneva, Switzerland, and Seoul, South Korea, at ID Quantique. We closed our purchase of our majority stake on April 30, and we are excited to have the ID Quantique pioneers and leading practitioners of quantum networking, headed up by Gregoire Ribordy, as part of the IonQ family.

我們將始終優先考慮並確保世界上最偉大的量子人才始終在 IonQ 定居。我熱烈歡迎 ID Quantique 位於瑞士日內瓦和韓國首爾的新同事。我們於 4 月 30 日完成了多數股權的收購，我們很高興能夠讓以 Gregoire Ribordy 為首的 ID Quantique 先驅和量子網路領先實踐者成為 IonQ 家族的一部分。

In order to coordinate our road map and global quantum internet strategy, we today congratulate our colleague, Jordan Shapiro, on his promotion to become IonQ's first President and General Manager of Quantum Networking. Jordan has been instrumental in both our Qubitekk and ID Quantique acquisitions, and we look forward to his continued strategic contributions to our growth.

為了協調我們的路線圖和全球量子網路策略，我們今天恭喜我們的同事 Jordan Shapiro 晉升為 IonQ 首任總裁兼量子網路總經理。喬丹在我們對 Qubitekk 和 ID Quantique 的收購中發揮了重要作用，我們期待他繼續為我們的發展做出戰略貢獻。

We are indeed in the business of quantum and believe that running applications and delivering commercial advantage for our customers is our North Star. As many of you have seen, we've had a busy quarter expanding our ecosystem and delivering on yet more global firsts.

我們確實從事量子業務，並相信運行應用程式並為我們的客戶提供商業優勢是我們的北極星。正如你們許多人所看到的，我們度過了一個忙碌的季度，擴大了我們的生態系統並實現了更多全球首創。

Peter outlined our expanding traction in Asia this quarter. I would add to these achievements our selection by DARPA for its Quantum Benchmarking Initiative. We are all proud that in Q1 we sold a Forte Enterprise system to EPB of Chattanooga, Tennessee. EPB and its visionary CEO, David Wade, have been pioneers of bringing new technologies to their constituents. Most well-known perhaps is their blisteringly fast fiber, which was well ahead of its time and continues to provide the local economy with a foundation for growth.

彼得概述了我們本季在亞洲不斷擴大的影響力。除了這些成就之外，我還想補充一點，我們被 DARPA 選為量子基準測試計畫參與者。我們非常自豪，在第一季我們向田納西州查塔努加的 EPB 出售了一套 Forte Enterprise 系統。EPB 及其富有遠見的執行長 David Wade 一直是向選民提供新技術的先驅。最著名的或許是其速度極快的纖維，這種纖維遠遠領先於時代，並繼續為當地經濟提供成長基礎。

EPB already has a quantum network powered by our Qubitekk team. Last month, EPB purchased half of the compute capacity of a Forte Enterprise system for $22 million, bringing our latest quantum computer to their city and customers. This makes EPB the first commercial customer with both a quantum network and computer.

EPB 已經擁有由我們的 Qubitekk 團隊提供支援的量子網路。上個月，EPB 以 2,200 萬美元的價格購買了 Forte Enterprise 系統一半的運算能力，將我們最新的量子電腦帶給他們的城市和客戶。這使得 EPB 成為第一個同時擁有量子網路和電腦的商業客戶。

We look forward to working with EPB and their broader ecosystem, including Oak Ridge National Laboratory, to pioneer energy grid distribution optimization as well as support entrepreneurs building their start-ups in Chattanooga on IonQ's quantum computer and quantum network.

我們期待與 EPB 及其更廣泛的生態系統（包括橡樹嶺國家實驗室）合作，開創能源電網分配優化，並支持企業家在 IonQ 的量子電腦和量子網路上在查塔努加建立新創公司。

We celebrated National Quantum Day at the New York Stock Exchange last month and unveiled two quantum machine learning breakthroughs from our applications teams for the industrial AI sector. Our own internal research in quantum AI is showing very encouraging signs of improving prediction accuracy in large language models as well as using quantum data analysis with sports data to highlight performance gaps.

上個月，我們在紐約證券交易所慶祝了國家量子日，並公佈了我們的應用團隊在工業人工智慧領域的兩項量子機器學習突破。我們自己在量子人工智慧方面的內部研究顯示出非常令人鼓舞的跡象，即提高大型語言模型的預測準確性，並使用體育數據的量子數據分析來突出性能差距。

Today, we're also proud to announce two exciting acquisitions that accelerate our commercial quantum computing road map, extend our leadership in quantum networking, and position IonQ to play a key role in creating the quantum internet. I consider today's acquisitions to fundamentally evolve the chessboard in quantum even more in our favor, increasing IonQ's leadership in the business of quantum.

今天，我們也自豪地宣布兩項令人興奮的收購，這將加速我們的商業量子運算路線圖，擴大我們在量子網路領域的領導地位，並使 IonQ 在創建量子互聯網方面發揮關鍵作用。我認為今天的收購將從根本上改變量子棋盤，使其更有利於我們，增強 IonQ 在量子業務中的領導地位。

We laid out a road map when we went public to become the leader in quantum computing by scaling our systems using our unique quantum network-to-multi-core architecture. Our organic investments in this interconnect led to our AFRL contract last year and expansion worldwide in quantum networking, buying Qubitekk and ID Quantique.

我們在上市時制定了路線圖，透過使用我們獨特的量子網路到多核心架構擴展我們的系統，成為量子運算領域的領導者。我們在該互連領域的有機投資促成了我們去年與 AFRL 簽訂合同，並在全球範圍內拓展了量子網絡，收購了 Qubitekk 和 ID Quantique。

We're delighted today to announce the proposed acquisition of Boston-based Lightsynq. Lightsynq's founders built the first-ever quantum repeater capable of extending the range of quantum networks, a key technology enabling the quantum internet. Lightsynq's core mission is to use this same memory technology to build the world's best quantum interconnects that link IonQ's quantum processors at high speed.

今天我們很高興地宣布擬收購總部位於波士頓的 Lightsynq。Lightsynq 的創始人建造了第一個能夠擴展量子網路範圍的量子中繼器，這是實現量子互聯網的關鍵技術。Lightsynq 的核心使命是使用相同的記憶體技術來建立世界上最好的量子互連，以高速連接 IonQ 的量子處理器。

Lightsynq was spun out of Harvard University Research and AWS by its remarkable co-founders, Mihir Bhaskar, Bart Machielse, and David Levonian. The team is deeply impressive and will make an immediate contribution towards achieving our technical milestones by its quantum memory IP expertise and architecture. Lightsynq owns or controls over 25 patents and patent applications, which will add to IonQ's robust patent portfolio upon closing of the transaction.

Lightsynq 由其傑出的聯合創始人 Mihir Bhaskar、Bart Machielse 和 David Levonian 從哈佛大學研究中心和 AWS 分離出來。該團隊令人印象深刻，並將透過其量子記憶體 IP 專業知識和架構為實現我們的技術里程碑做出直接貢獻。Lightsynq 擁有或控制超過 25 項專利和專利申請，交易完成後，這些專利和專利申請將增強 IonQ 強大的專利組合。

A key synergy for IonQ is that Lightsynq's technology is expected to accelerate IonQ's existing photonic interconnect activities and enable our commercial systems to scale to tens of thousands and eventually millions of qubits. The Lightsynq architecture is uniquely powerful and will underwrite our quantum computing leadership for decades to come.

IonQ 的一個關鍵協同效應是，Lightsynq 的技術有望加速 IonQ 現有的光子互連活動，並使我們的商業系統擴展到數萬個甚至數百萬個量子位元。Lightsynq 架構具有獨特的強大功能，並將在未來幾十年內鞏固我們的量子運算領導地位。

The parallels are strong. So I would not be surprised if in the fullness of time Lightsynq becomes as accretive for IonQ as Mellanox has been for NVIDIA. Equally exciting and importantly, LightSynq's technology will also power the future quantum internet by allowing repeaters to ultimately be spaced over 100 kilometers apart. Last year, a pioneering paper of theirs was published, demonstrating over 1-second storage time and over 35 kilometers of deployed fiber.

相似之處非常明顯。因此，如果隨著時間的推移，Lightsynq 對 IonQ 的增值作用就像 Mellanox 對 NVIDIA 的增值作用一樣，我不會感到驚訝。同樣令人興奮且重要的是，LightSynq 的技術也將為未來的量子網路提供動力，使中繼器最終能夠相距 100 多公里。去年，他們發表了一篇開創性的論文，展示了超過 1 秒的儲存時間和超過 35 公里的部署光纖。

Our commitment to creating the quantum internet underlies our second announcement today. As Peter previewed in his opening remarks, today we unveiled the continued expansion of our networking vision to incorporate the most vulnerable portions of our world's modern communications. Our Qubitekk team members began forging a path for us in this direction organically once they formally became part of IonQ. Peter signed a pioneering MOU with Intellian last month to begin work on quantum key distribution, also known as QKD, in space.

我們致力於創建量子互聯網，這是我們今天發布的第二份聲明的基礎。正如彼得在開幕詞中預告的那樣，今天我們公佈了我們網路願景的持續擴展，以納入我們世界現代通訊中最脆弱的部分。一旦正式成為 IonQ 的一部分，我們的 Qubitekk 團隊成員就開始有機地為我們開闢這條方向的道路。上個月，彼得與 Intellian 簽署了一份開創性的諒解備忘錄，開始在太空中進行量子金鑰分發（也稱為 QKD）工作。

Having seen the tremendous reception from our government agencies, researchers, and commercial customers, we recognize the need to accelerate our quantum computing capabilities in the vital frontier of satellite communications. China has announced progress on QKD in space, and it is imperative for economic and national security that we lead in all dimensions, theaters and segments of quantum networking.

在看到來自政府機構、研究人員和商業客戶的熱烈歡迎後，我們認識到需要在衛星通訊這一重要前沿加速我們的量子運算能力。中國宣佈在太空量子金鑰分發（QKD）方面取得進展，為了經濟和國家安全，我們必須在量子網路的各個維度、領域和領域保持領先地位。

To accelerate our organic plans for quantum networking and someday also quantum computing in space, we announced the planned acquisition of Colorado-based signals platform, Capella. This acquisition will bring IonQ a platform of capabilities for signals, communications payloads, and top-secret contracting expertise. Capella's well-known leader, Frank Backes, will head up IonQ's quantum space initiatives as well as bring an injection of top secret-cleared personnel, a facility security clearance and strong three-letter agency relationships around the globe.

為了加速我們的量子網路和未來太空量子運算的有機計劃，我們宣布計劃收購位於科羅拉多的訊號平台 Capella。此次收購將為 IonQ 帶來一個集訊號、通訊有效載荷和絕密承包專業知識於一體的能力平台。Capella 的著名領導人 Frank Backes 將領導 IonQ 的量子空間計劃，並帶來一群經過最高機密審查的人員、設施安全審查以及全球範圍內強大的三字母代理關係。

IonQ systems are already leading the world in manufacturability in cloud access. Today's expansion brings IonQ new growth vectors for our customers to benefit from as well as complementary expertise and world-class team members. I couldn't be more proud of our team's effort in my first 70 days and the speed at which we've been able to bring these unique networking and computing accelerants into the fold.

IonQ 系統在雲端存取的可製造性方面已經處於世界領先地位。今天的擴張為 IonQ 帶來了新的成長載體，使我們的客戶受益，同時也帶來了互補的專業知識和世界一流的團隊成員。我對我們團隊在我任職後的前 70 天所做的努力以及我們能夠以如此快的速度將這些獨特的網絡和計算加速器帶入團隊感到無比自豪。

Moving on now to Q1 financials at a high level. We're pleased to have delivered a solid quarter and start to 2025, above the midpoint of our revenue guidance range for Q1. Thomas will cover our results in detail and our guidance in a few minutes, but I'll say upfront that the geopolitics of our age are a net benefit to IonQ.

現在讓我們來看看第一季的財務狀況。我們很高興在 2025 年第一季取得了穩健的業績，並且超過了第一季營收預期範圍的中點。湯瑪斯將在幾分鐘內詳細介紹我們的成果和指導，但我要先說的是，我們這個時代的地緣政治對 IonQ 來說是淨收益。

We ended the quarter with just shy of $700 million in cash equivalents. We have a fortress balance sheet and are investing to win and truly become the leader of quantum. Our investments are not only to accelerate our quantum computing and quantum internet road maps, but to ensure that IonQ is the only ecosystem any customer needs in the business of quantum. Every commercial customer, researcher, student and government lab that learns on IonQ, we expect will stay on IonQ.

本季末，我們的現金等價物略低於 7 億美元。我們擁有穩固的資產負債表，並正在進行投資以贏得勝利，真正成為量子領域的領導者。我們的投資不僅是為了加速我們的量子運算和量子網路路線圖，而且是為了確保 IonQ 是任何客戶在量子業務中需要的唯一生態系統。我們希望每一個在 IonQ 上學習的商業客戶、研究人員、學生和政府實驗室都會繼續使用 IonQ。

Our early mover advantage will compound as our ecosystem breadth and depth grows relentlessly. I look forward to updating you later in the year as we close and integrate today's acquisitions. Whether on the ground or in space, IonQ solutions are poised to be there and lead. We believe our now near-boundless photonic interconnect scalability provides IonQ customers with the winning quantum computing and internet ecosystem, not just this decade, but we expect for the entire 21st century.

隨著我們的生態系統廣度和深度不斷成長，我們的先發優勢將會不斷增強。我期待在今年稍後我們完成並整合今天的收購後向您報告最新情況。無論是在地面還是在太空，IonQ 解決方案都已做好準備並發揮引領作用。我們相信，我們現在幾乎無限的光子互連可擴展性將為 IonQ 客戶提供成功的量子運算和互聯網生態系統，不僅是本十年，而且我們預計整個 21 世紀。

I am pleased to now hand you over to my colleague, Jordan Shapiro, to say a few words about our quantum networking plans.

現在我很高興將時間交給我的同事喬丹夏皮羅 (Jordan Shapiro)，請他簡要介紹一下我們的量子網路計劃。

Thank you, Niccolo. I look forward to taking on a larger role in shaping the future of IonQ and the quantum industry as a whole. We have a fundamental strength in quantum networking at IonQ, being the only quantum computing company that planned on utilizing it to scale from day one, which has led to a clear advantage as we recognize the early commercial potential of this field.

謝謝你，尼可洛。我期待在塑造 IonQ 和整個量子產業的未來方面發揮更大的作用。IonQ 在量子網​​路方面擁有根本優勢，我們是唯一一家從第一天起就計劃利用量子網路進行擴展的量子運算公司，這為我們帶來了明顯的優勢，因為我們認識到了該領域的早期商業潛力。

Quantum networking will naturally be the foundation of the quantum internet, which will be a watershed achievement in creating a worldwide ultra-secure communications grid. We've made several crucial acquisitions of some of the most advanced quantum networking companies in the world. First, Entangled Networks; followed by Qubitekk; then a majority stake in IDQ; now, Lightsynq and Capella.

量子網路自然會成為量子網路的基礎，這將成為創建全球超安全通訊網格的分水嶺式成就。我們對世界上一些最先進的量子網路公司進行了幾次重要的收購。第一，糾纏網絡；其次是 Qubitekk；然後是 IDQ 的多數股權；現在，是Lightsynq和Capella。

I was involved in the conception and execution of each acquisition. Now I am excited to take the next steps towards the quantum internet by connecting our customers' quantum computers and data centers together to transmit secure communications and allow for massively powerful blind quantum and distributed compute.

我參與了每次收購的構思和執行。現在，我很高興邁向量子互聯網的下一步，將我們客戶的量子電腦和資料中心連接在一起，傳輸安全通信，並實現強大的盲量子和分散式運算。

Now, I'd like to hand the call over to our CFO, Thomas Kramer.

現在，我想將電話交給我們的財務長托馬斯·克萊默。

Thank you, Jordan, Peter, and Niccolo. It has been a truly exciting quarter on the commercial front, and our financials are no exception. Let's walk through this quarter's financial results in more detail. As Niccolo mentioned, we had a solid quarter. Recognizing revenue of $7.6 million beats the midpoint of the guidance we previously provided.

謝謝你，喬丹、彼得和尼可洛。從商業角度來看，這是一個真正令人興奮的季度，我們的財務狀況也不例外。讓我們更詳細地了解本季的財務表現。正如 Niccolo 所提到的，我們本季表現穩健。確認 760 萬美元的收入超過了我們之前提供的指導的中點。

Moving down the income statement, our total operating costs and expenses for the first quarter were $83.2 million, up 38% from $60.5 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 first quarter were $40 million, up 23% from $32.4 million in the prior year period.

順著損益表往下看，我們第一季的總營運成本和費用為 8,320 萬美元，比去年同期的 6,050 萬美元成長了 38%，但在我們年度計畫之內。進一步細分，我們第一季的研發成本為 4,000 萬美元，比去年同期的 3,240 萬美元成長了 23%。

Recall that we are investing heavily in R&D and growing our R&D head count to support our road map and customer commitments. Our sales and marketing costs in the first quarter were $8.6 million, up 28% from $6.7 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。我們第一季的銷售和行銷成本為 860 萬美元，比去年同期的 670 萬美元成長了 28%。這一成長是由於我們繼續投資於商業活動，同時擴大了行銷和銷售團隊。

Our general and administrative costs in the first quarter were $23.8 million, up 70% from $14 million in the prior year period. These increases were primarily driven by an increase in payroll-related expenses. All of this resulted in a net loss of $32.3 million in the first quarter, compared to $40 million net loss in the prior year period.

我們第一季的一般及行政費用為 2,380 萬美元，較去年同期的 1,400 萬美元成長 70%。這些增長主要是由於工資相關費用的增加所致。所有這些因素導致第一季淨虧損 3,230 萬美元，而去年同期淨虧損為 4,000 萬美元。

Accounting for warrants can be confusing. So we have always pointed out the impact they have on our results. This Q1 loss includes a noncash gain of $38.5 million for the first quarter related to the fair value of warrant liabilities. This is a pure accounting artifact that is not representative of the operating performance of our business. These results also include growth in stock-based compensation expense related to our head count growth, which was $33.3 million for the first quarter, compared to $22.1 million in the prior year period.

認股權證的會計處理可能會令人困惑。因此我們一直指出它們對我們的結果的影響。第一季的虧損包括與認股權證負債公允價值相關的第一季 3,850 萬美元的非現金收益。這是一個純粹的會計產物，並不代表我們業務的經營績效。這些結果還包括與員工人數成長相關的股票薪酬費用的成長，第一季為 3,330 萬美元，而去年同期為 2,210 萬美元。

We saw an adjusted EBITDA loss for the first quarter of $35.8 million, compared to a $27 million loss in the prior year period. As Niccolo mentioned, we are making additional investments to accelerate our road map as well as entering new segments of the market, and we expect to continue to invest in the ecosystems that support our customers.

第一季調整後的 EBITDA 虧損為 3,580 萬美元，而去年同期的虧損為 2,700 萬美元。正如 Niccolo 所提到的，我們正在進行額外投資，以加速我們的路線圖並進入新的市場領域，我們希望繼續投資於支持我們客戶的生態系統。

Given our expansion, we are also prioritizing bringing acquired entities up to US public company reporting standards. All of this means we expect to see an increase to our cost basis for the year. We envision this increasing our adjusted EBITDA loss previously projected at $120 million by approximately 35%.

鑑於我們的擴張，我們也優先考慮使收購的實體達到美國上市公司報告標準。所有這些都意味著我們預計今年的成本基礎將會增加。我們預計這將使我們先前預計的 1.2 億美元調整後 EBITDA 損失增加約 35%。

Turning now to our balance sheet. Cash, cash equivalents, and investments as of March 31 were $697.1 million. Continuing on to our financial outlook. We are reaffirming our revenue guidance for the full-year 2025 and expect revenue for the second quarter of between $16 million and $18 million.

現在來看我們的資產負債表。截至 3 月 31 日的現金、現金等價物和投資為 6.971 億美元。延續我們的財務展望。我們重申 2025 年全年營收預期，預計第二季營收在 1,600 萬美元至 1,800 萬美元之間。

Back to you, Niccolo.

回到你身邊，尼可洛。

Thanks, Thomas. We at IonQ have begun 2025 with strong momentum. To recap, we announced a fantastic accelerant to both our quantum networking and quantum computing road maps, the proposed acquisition of Boston-based Lightsynq, whose quantum memory is leading globally and whose team are almost all Harvard researchers.

謝謝，托馬斯。IonQ 以強勁勢頭開啟了 2025 年。總而言之，我們宣布了一項對量子網路和量子運算路線圖具有極好推動作用的計劃，即收購總部位於波士頓的 Lightsynq，該公司的量子記憶體在全球處於領先地位，其團隊幾乎全部由哈佛大學的研究人員組成。

We announced the proposed acquisition of Colorado-based Capella, bringing IonQ a platform of capabilities for QKD in space, top-secret contracting expertise and building the quantum internet. We've successfully sold another cutting-edge Forte Enterprise system, which will be used to establish the first quantum computing and networking hub in partnership with EPB.

我們宣布了對總部位於科羅拉多州的 Capella 公司的收購計劃，這將為 IonQ 帶來一個太空 QKD 能力平台、絕密承包專業知識和構建量子互聯網的能力。我們成功銷售了另一套尖端的 Forte Enterprise 系統，該系統將用於與 EPB 合作建立第一個量子計算和網路中心。

And we have moved on to the first stage of DARPA's Quantum Benchmarking Initiative. Forte Enterprise now offers global access and increased quantum computing capacity through AWS, empowering customers with real-world business-oriented solutions.

我們已經進入 DARPA 量子基準測試計畫的第一階段。Forte Enterprise 現在透過 AWS 提供全球存取和增強的量子運算能力，為客戶提供實際業務的解決方案。

Our technical excellence shined at NVIDIA's GTC, where our collaboration with Ansys outperformed classical methods for real-world applications, while our AstraZeneca partnership advances drug discovery, demonstrating quantum's impact in multibillion-dollar markets.

我們的技術優勢在 NVIDIA 的 GTC 上大放異彩，我們與 Ansys 的合作在實際應用中超越了傳統方法，而我們與阿斯特捷利康的合作則推動了藥物研發，展示了量子對數十億美元市場的影響。

Closing our acquisition of ID Quantique solidifies our global dominance in quantum networking. I'm privileged to lead IonQ with the support of our talented team as we advance the quantum revolution and our commercialization leadership.

完成對 ID Quantique 的收購鞏固了我們在量子網路領域的全球主導地位。我很榮幸能夠在我們優秀團隊的支持下領導 IonQ 推進量子革命和商業化領導地位。

I'm also highly confident the acquisitions announced today will evolve the chessboard of quantum significantly even more in IonQ's favor, ensuring our long-term leadership in both quantum computing and creating the quantum internet. IonQ now benefits from an accelerated path to tens of thousands of qubits and a clear path to millions of qubits. Long-distance quantum repeaters allow the quantum internet to be built.

我也非常有信心，今天宣布的收購將使量子棋盤更有利於 IonQ，確保我們在量子計算和創建量子互聯網方面的長期領導地位。IonQ 現在受益於一條通往數萬量子位元的加速路徑和一條通往數百萬量子位元的清晰路徑。長距離量子中繼器使得量子網路得以建立。

Operator, please hand the call over now for Q&A.

接線員，請立即轉交電話供問答。

(Operator Instructions) David Williams, Benchmark.

（操作員指示）大衛威廉斯，基準。

Thanks for taking my questions and congratulations on all of the success here this quarter for the entire team there. Maybe first, if we're kind of thinking about these acquisitions that you've made and that you're -- the recent acquisitions, but also the ones that you've just closed, can you maybe give us any update in terms of the revenues we should expect from that or maybe any of the cost structure that we should think about for our models there?

感謝您回答我的問題，並祝賀本季整個團隊取得的所有成功。首先，如果我們考慮一下您所做的這些收購，以及您最近的收購，還有您剛剛完成的收購，您能否向我們提供一些關於我們預期從中獲得的收入的最新消息，或者我們應該考慮的關於那裡的模型的成本結構？

So we believe that all of these moves that we have made will fundamentally strengthen our ability to grow our revenue into the future in manners that are similar to what you've already seen. And we will also believe that we are going to do this in a manner that is accretive. We have good gross margins.

因此，我們相信，我們採取的所有這些舉措將從根本上增強我們未來增加收入的能力，其方式與你們已經看到的類似。我們也相信，我們將以一種增值的方式做到這一點。我們的毛利率很好。

In an interim period, of course, when we make investments, we will have to continue to fund them, in some cases, when they have expenses that exceed revenues. But at the same time, this is a relatively modest amount compared to these three great companies that we have announced that we will be acquiring.

當然，在過渡時期，當我們進行投資時，我們必須繼續為其提供資金，在某些情況下，當他們的支出超過收入時。但同時，與我們宣布將要收購的三家大公司相比，這個金額相對較小。

We did say on the previous call that the revenue guidance for the year included organic and inorganic sources, but we expect that these will be fundamental to delivering revenue into the future as well.

我們確實在上次電話會議上說過，今年的收入預期包括有機和無機來源，但我們預計這些對於未來的收入產生也至關重要。

Great. Thanks. Appreciate the color there. And then maybe secondly, if you can just kind of help me understand the quantum internet and how you maybe envision that playing out longer term into the future.

偉大的。謝謝。欣賞那裡的色彩。其次，如果您能幫助我了解量子互聯網，以及您如何設想它在未來的長期發展。

Yeah, so a major piece today we've got at the moment, EPB in Chattanooga and also with SK Telecom, there's existing networks, quantum networks, which are being used commercially. The problem with those networks, if you will, is that they didn't have a repeater. They don't have the technology at the moment to go more than roughly 20 miles. And then after 20 miles, due to signal loss, then what you need to do is to build a repeater. That's where the quantum memory comes in.

是的，今天我們的主要成果是，目前查塔努加的 EPB 以及 SK Telecom 的現有網路、量子網路正在投入商業使用。如果你願意的話，這些網路的問題在於它們沒有中繼器。目前，他們的技術還不足以讓他們行駛超過 20 英里。然後 20 英里之後，由於訊號丟失，您需要做的就是建立一個中繼器。這就是量子記憶的用武之地。

So the quantum memory from Lightsynq will allow us to build networks that extend over great distances. Like, as an example, our hope would be to connect up Chattanooga to Oak Ridge National Labs. That's about 100 miles away. So with today's technology, you would need roughly four repeaters, five repeaters to be able to hit that distance. Lightsynq suddenly will allow that to happen in the near future. So that was a critical piece of the puzzle.

因此，Lightsynq 的量子記憶體將使我們能夠建立遠距離網路。舉個例子，我們希望將查塔努加與橡樹嶺國家實驗室連接起來。距離大約 100 英里。因此，以現今的技術，大約需要四個中繼器、五個中繼器才能達到那個距離。Lightsynq 將在不久的將來突然允許這種情況發生。所以這是難題的關鍵部分。

The other one is in the other acquisition, which is space-based. So ultimately what you need to do, and you're seeing this now in China and also the EU has announced a project to start to build this as well, which is to build quantum networks in space from satellite to satellite and ultimately from satellite to ground station. And so with -- and protecting that with a QKD network as well. And with the acquisition of Capella, it gives us an environment, if you will, to be able to get the hardware working there.

另外一個是在另一項收購中，它是基於太空的。所以最終你需要做的是，你現在在中國看到了這一點，而且歐盟也宣布了一個開始建造的項目，即在太空中建立從衛星到衛星，最終從衛星到地面站的量子網路。因此——並使用 QKD 網路來保護它。透過收購 Capella，我們能夠獲得一個環境，​​讓硬體在那裡運作。

Obviously, in space, it's in a very different environment than in your average data center. So it's a harsh environment and making sure -- and Capella has the experience for building hardware that works in that environment. And with the goal ultimately to take our experience there and then to sell it to other communication satellite companies that want to protect their communication infrastructure.

顯然，太空中的環境與一般資料中心的環境非常不同。所以這是一個惡劣的環境，要確保——Capella 擁有製造能夠在這種環境下工作的硬體的經驗。我們的最終目標是將我們的經驗出售給想要保護其通訊基礎設施的其他通訊衛星公司。

So in some sense, the ID Quantiqe gave us access to real-world environments in South Korea, with SK Telecom. With Qubitekk, it gave us access to EPB's network in a real-world environment. And now with Capella giving us access to real-world environment in space. And so all these things -- it's one thing to get it working in a lab. It's another thing to get it working in a busy city with trucks driving over your fiber and all the rest of that. So all these things are about building out the capability and making sure they work in the real world.

因此從某種意義上說，ID Quantiqe 讓我們能夠與 SK Telecom 一起訪問韓國的真實環境。借助 Qubitekk，我們可以在真實環境中存取 EPB 的網路。現在，Capella 讓我們能夠接觸到太空中的真實環境。所以所有這些事情——在實驗室裡讓它們運作起來是一回事。在繁忙的城市中，卡車在你的光纖上行駛等等，讓它工作又是另一回事。所以所有這些事情都是為了增強能力並確保它們在現實世界中發揮作用。

Great. Thanks so much for the help and all the color. And best of luck on the quarter.

偉大的。非常感謝您的幫助和所有的顏色。祝本季好運。

Quinn Bolton, Needham.

奎因·博爾頓，尼德姆。

This is Shadi on for Quinn. Thanks for taking my questions and congrats on all the exciting announcements. Starting with the Lightsynq announcement, you guys highlighted the importance of quantum repeaters, but just curious if there was any other technology or IP that drove the acquisition.

這是 Shadi 代替 Quinn 上場。感謝您回答我的問題，並祝賀所有令人興奮的公告。從 Lightsynq 公告開始，你們就強調了量子中繼器的重要性，但只是好奇是否有其他技術或 IP 推動了這項收購。

There's actually multiple aspects here, which is we said it was synergistic to the quantum compute side. And the things that we've done with photonic interconnects before required two photons to come together at exactly the same time. And with this, with quantum memory, it allows the photon to be held for some period of time and to be matched up with the other photon to be able to do entanglement.

這裡實際上有多個方面，我們說它與量子計算方面有協同作用。我們之前利用光子互連所做的事情需要兩個光子同時到達一起。有了它，有了量子記憶，光子就可以被保存一段時間，並與其他光子匹配，從而實現糾纏。

And so this will -- also not only for quantum repeaters, but also for our compute strategy and doing distributed quantum computing. So it will increase the throughput of the connectivity of the systems and the error rates that we get therein. And so it's significant kind of from both sides of the house, both from the quantum networking and also for the quantum compute side.

因此，這不僅適用於量子中繼器，也適用於我們的計算策略和分散式量子運算。因此它將增加系統連接的吞吐量以及其中的錯誤率。因此，從量子網路和量子計算兩方面來說，這都具有重要意義。

I'd say it's all sides of the house. It works on the ground. It works above the ground. It helps our computing road map. It helps our quantum internet road map. So it's really quite a remarkable synergistic fit for us.

我想說的是房子的各個側面。它在地面上工作。它在地面上工作。它有助於我們的計算路線圖。它有助於我們的量子網路路線圖。所以這對我們來說確實是一個非常顯著的綜效。

Got it. Yeah, lots of interesting stuff there. And then my follow up is on the development with EPB. It sounds like the two of you had an established quantum network, which ultimately led to the development of the quantum center. So just curious, like, if you can quantify the number of quantum networks you currently have? And then if you're able to talk about who or how many different providers these networks span?

知道了。是的，那裡有很多有趣的東西。然後我的後續工作是與 EPB 一起開發。聽起來你們兩人已經建立了量子網絡，最後促成了量子中心的發展。所以只是好奇，您是否可以量化您目前擁有的量子網路的數量？然後，您能否談談這些網路涵蓋了哪些提供者或多少個不同的提供者？

Yeah. This is Jordan. We, today, have four quantum networks, including via our acquisition of ID Quantique. And these are serving defense, the US Air Force, that we're building. They're serving EPB in the enterprise and energy sector. They're serving SK Telecom and Singtel in South Korea and Singapore, respectively, both in the telecom sector. So a diverse set of customers and a diverse set of use cases building on top of these quantum networks.

是的。這是喬丹。今天，我們擁有四個量子網絡，其中包括透過收購 ID Quantique。這些正在為我們正在建造的美國空軍提供國防服務。他們為企業和能源領域的環保署提供服務。他們分別為韓國的 SK Telecom 和新加坡的 Singtel 提供服務，兩家公司都屬於電信業。因此，在這些量子網路之上建構了多樣化的客戶和多樣化的用例。

And those are commercial quantum aspects. Obviously, the company itself has other quantum networkings up and running internally as well.

這些都是商業量子麵向。顯然，該公司本身內部也建立了並運作其他量子網路。

Awesome. Thanks for all the color, and congrats on the progress.

驚人的。感謝所有的色彩，並祝賀取得的進展。

Tyler Anderson, Craig-Hallum Capital.

泰勒安德森（Tyler Anderson），Craig-Hallum Capital。

This is Tyler Anderson on for Richard Shannon. So I know Lightsynq has really good diamond quality and error correction capabilities, and I believe they can connect to neutral atoms and ion traps. Could you highlight which modalities they're able to connect to and for which capability you plan on integrating your PICs for? Is this a frequency conversion? And then with the error correction capability with your capabilities, is this going to be a Gen 2 device when it comes out?

這是泰勒安德森 (Tyler Anderson) 為理查德香農 (Richard Shannon) 所做的報導。所以我知道 Lightsynq 具有非常好的鑽石質量和糾錯能力，我相信它們可以連接到中性原子和離子阱。您能否重點介紹它們能夠連接哪些模式以及您計劃將 PIC 整合到哪些功能中？這是變頻嗎？然後，憑藉你們的糾錯能力，這款裝置推出後會成為第二代裝置嗎？

Great question. This is Dean Kassmann. The diamond kind of memory is based off of diamond silicon vacancies. Those vacancies have long coherence times, which is what makes them kind of attractive for both the computing as well as the networking side. They have been able to mature that technology over the last, I would say, three to five years to where they have been, as you said, been able to look at integrations with multiple modalities.

好問題。我是 Dean Kassmann。鑽石型記憶體是基於鑽石矽空位而形成的。這些空缺具有較長的相干時間，這使得它們對於計算和網路方面都具有吸引力。我想說，在過去的三到五年裡，他們已經能夠使這項技術更加成熟，正如您所說，他們已經能夠研究多種模式的整合。

So any modality that needs a photon to be able to transmit over fiber, the overall quantum memory can be used with. And so there is a frequency conversion component to make that work, but the frequency conversion technology that they have is very well matured, very robust, and it's very [performant].

因此，任何需要光子通過光纖傳輸的模式都可以使用整體量子記憶體。因此，有一個頻率轉換組件來實現這一點，但他們擁有的頻率轉換技術非常成熟，非常強大，而且非常[表演者]。

And so at this point, we're looking to leverage both the frequency conversion technology as well as the core quantum memory capabilities into all of our product work: our computing, our photonic interconnects, as well as the networking side.

因此，此時此刻，我們希望將頻率轉換技術以及核心量子儲存功能運用到我們所有的產品工作中：我們的運算、我們的光子互連以及網路方面。

And if you remember, last year at AFRL, we won a contract to go do frequency conversion piece and also the optical switch; so just other pieces of the story. And those two were -- one of the things that we said we would do with that is to make it work with multiple modalities. So obviously, with [Ion's], our modality, but also other modalities as well.

如果你還記得的話，去年在 AFRL，我們贏得了一份合同，負責頻率轉換部件和光開關；這只是故事的其他部分。這兩個是——我們說過要做的事情之一就是讓它以多種模式工作。顯然，除了 [Ion's] 之外，還有我們的模式，以及其他模式。

All I would add to that is you raised a strategic question, obviously, behind, I guess, the question upfront, which is Lightsynq's stand-alone business plan is obviously probably different than what it is as part of IonQ. So we're going to be prioritizing, of course, our machines and our technical road map. I think it's sort of priority one, two will be that. Priority three or four, we'll discuss whether or not we want partnerships with other modalities.

我想補充的是，你提出了一個策略問題，顯然，我想，這個問題的背後是前面提到的問題，那就是 Lightsynq 的獨立商業計劃顯然可能與它作為 IonQ 的一部分有所不同。因此，我們當然會優先考慮我們的機器和技術路線圖。我認為這是第一、二要務。對於第三或第四個優先事項，我們將討論是否希望與其他模式建立合作關係。

But most interestingly with Lightsynq beyond our own quantum computing road map is, of course, some of their existing customer partnerships on the networking side and quantum internet side. And a number of those are confidential, but you should assume that they run into the same sorts of customers that Jordan just mentioned a few seconds ago with ID Quantique.

但最有趣的是，Lightsynq 除了我們自己的量子運算路線圖之外，當然還有他們在網路方面和量子網路方面的一些現有客戶合作夥伴關係。其中一些是保密的，但你應該假設他們遇到的客戶與喬丹幾秒鐘前提到的 ID Quantique 的客戶是一樣的。

They also run into some of the three-letter agency players from Capella. So really quite happy with the strategic flexibility we're getting from this deal as well as the optionality and acceleration we're getting from them as well.

他們還遇到了一些來自 Capella 的三字母經紀公司球員。因此，我們對從這筆交易中獲得的策略靈活性以及從他們那裡獲得的選擇性和加速性感到非常高興。

Awesome. And then just very quickly, so I can ask a follow up, is this going to be a Gen 1 or 2 device for a repeater?

驚人的。然後很快，我可以問一個後續問題，這將是第一代還是第二代中繼器設備？

I'm not right now ready to kind of speak to the kind of the generation of the hardware, right? We have to go through integration activity of their technology with ours. We already have worked internally. And so it's not something I'm speaking to at the moment.

我現在還沒準備好談論硬體的這一代，對嗎？我們必須將他們的技術與我們的技術整合。我們已經在內部開展工作了。所以這不是我現在要談論的事情。

How are you defining a Gen 1 and Gen 2?

您如何定義第一代和第二代？

Error correction. Can you guys hear me? Error correction?

錯誤更正。你們聽得到我說話嗎？糾錯？

Understood. I think we're still communicate that larger product component and the different generations in our upcoming discussion on our networking road map.

明白了。我認為我們仍將在即將舉行的網路路線圖討論中傳達更大的產品組件和不同世代產品的訊息。

Great. And then could you highlight how Capella's signals improve your platform? And just noting, I've seen deployments with IDQ in the EU. I'm not sure if you highlighted that one as well, but I believe those are ground stations. And then just noting that the hearing today highlighted the need for these space capabilities, could you describe the size and the growth of the space-based network opportunity?

偉大的。然後您能否強調一下 Capella 的訊號如何改善您的平台？需要指出的是，我已經看到 IDQ 在歐盟的部署。我不確定您是否也強調了這一點，但我相信那些是地面站。然後注意到今天的聽證會強調了這些太空能力的必要性，您能否描述一下太空網路機會的規模和成長？

This is Jordan. We'll defer to kind of how we described last quarter, the networking opportunity, which we believe and McKinsey believes, if you read the recent McKinsey report on quantum networking, it's just as large as quantum compute. And so we expect some of that to be land-based, some of that to be space-based.

這是喬丹。我們將遵循上個季度所描述的網路機會，我們相信這一點，麥肯錫也相信，如果你閱讀麥肯錫最近關於量子網路的報告，你會發現它與量子計算一樣大。因此，我們預計其中一些將是陸基的，有些將是太空基的。

And I'll just add a little bit, too, which is Capella has an application today which is revenue-generating. And it's commercial, but it's also military. And the military side would like to have secure communications. That would be an added benefit to their capability.

我還要補充一點，那就是 Capella 今天有一個可以創造收入的應用程式。它不僅具有商業用途，而且具有軍事用途。軍方也希望擁有安全的通訊。這將為他們的能力帶來額外的好處。

So our first kind of -- not only will this give us an access to an environment to get the hardware to work in space, but it will also give us our first application and first customers to actually validate this real-world application that's revenue-generating.

因此，我們的第一種——這不僅讓我們能夠進入一個讓硬體在太空中工作的環境，而且還將為我們帶來第一個應用程式和第一批客戶，以真正驗證這個能夠產生收入的現實世界應用程式。

I think you're spot on that the geopolitics of today's world favor everything IonQ is doing, right? People need sovereign systems. They need local systems. And that's true across all oceans, with all friendly governments that we're working with. Lightsynq is going to help, by the way, our business, I think, from my perspective, as you defined it, throughout Gen 1 and Gen 2, right? They're going to be an integral part of our scaling system henceforth. And you can assume that there is a detailed integrated tentacle road map that exists behind the scenes and we'll be revealing more of in due course.

我認為您說得對，當今世界的地緣政治有利於 IonQ 所做的一切，對嗎？人們需要主權體系。他們需要本地系統。這對於跨越所有海洋、與我們合作的所有友好政府來說都是如此。順便說一句，我認為，從我的角度來看，Lightsynq 將幫助我們的業務，正如您所定義的，貫穿第一代和第二代，對嗎？從今以後，它們將成為我們擴展系統的一個組成部分。並且您可以假設在幕後存在一個詳細的綜合觸手路線圖，我們將在適當的時候透露更多資訊。

Awesome. Thanks you, guys. I'm going to hop back in the queue.

驚人的。謝謝你們。我要重新回到佇列中。

(Operator Instructions) Alex Platt, D.A. Davidson.

（操作員指示）Alex Platt，D.A.戴維森。

Yeah, thanks for taking my question. And congrats, Jordan, on the new role. So I just had two. I guess, first, just any updates you could sort of give us on Tempo and around the technical road map.

是的，感謝您回答我的問題。恭喜喬丹獲得新職位。所以我只吃了兩個。我想，首先，您能否向我們提供有關 Tempo 和技術路線圖的任何更新資訊。

This is Dean. So the Tempo design and development is continuing. Right now, we're actively working on our performance metrics that Niccolo alluded to at the very beginning of the call, our definite work on AQ and Fidelity to try to hit those internal targets on those platforms. We're going through engineering design and build of the Tempo system. And right now, we're on target for our current delivery plans that we have out there in the market.

這是迪恩。因此，Tempo 的設計和開發仍在繼續。目前，我們正在積極致力於 Niccolo 在電話會議一開始就提到的績效指標，我們在 AQ 和 Fidelity 上的具體工作是為了嘗試在這些平台上實現這些內部目標。我們正在進行 Tempo 系統的工程設計和建置。目前，我們正按照現有市場交付計畫進行。

Okay. Great -- that was great. Thank you. And then I guess, just secondly, if you could just maybe expand more on the Lightsynq and Capella acquisitions, maybe how they help accelerate the timeline on some of your sort of longer-term ambitions beyond what you've already mentioned. I mean, quantum networking and internet, I guess, should we view this as you splitting focus on that and quantum computing or I guess, is like the networking and internet side maybe the largest opportunity that's sort of achievable in the near term, and that's sort of where the majority of focus is right now?

好的。太好了——太棒了。謝謝。其次，我想，如果您可以進一步詳細說明 Lightsynq 和 Capella 的收購情況，也許可以談談它們如何幫助您加快實現一些超出您已經提到的長期目標的時間表。我的意思是，量子網路和互聯網，我想，我們是否應該將其視為您對量子計算和量子網路的關注，或者我想，網路和互聯網方面可能是短期內可以實現的最大機會，也是目前主要關注的領域？

Alex, this is Jordan, and thanks for the kind words and for the question. The story here is everything is coming together and converging, which is the interesting thing about these acquisitions. The synergies are between compute and networking on ground, in space, right? And that is this vision of the quantum internet that we're working towards.

亞歷克斯，我是喬​​丹，謝謝你的善意和提問。這裡的故事是一切都在匯聚和融合，這就是這些收購的有趣之處。協同作用是在地面和太空的計算和網路之間進行的，對嗎？這就是我們正在努力實現的量子網路願景。

So it's this idea that you can connect your quantum computers and have the compute technology, have the repeaters to take those over large distances, to take them into space as needed. And that's the story that we're looking towards. And it's a balance between both compute and networking, which we view to be incredibly strong markets, and we're making headway in both.

所以這個想法是你可以連接你的量子電腦並擁有計算技術，使用中繼器將它們帶到很遠的距離，並根據需要將它們帶入太空。這就是我們所期待的故事。這是計算和網路之間的平衡，我們認為這兩個市場非常強大，而且我們在這兩個領域都取得了進展。

And I'll have to admit, it's a little confusing, and we maybe haven't done a great job at this. Last year, we announced that we were doing quantum networking, but it required two quantum computers to be built. We announced it as a networking project, but we actually built two quantum computers to network the two quantum computers together.

我必須承認，這確實有點令人困惑，而且我們在這方面可能做得還不夠好。去年，我們宣布正在進行量子網路研究，但這需要建造兩台量子電腦。我們宣布這是一個網路項目，但實際上我們建造了兩台量子計算機，將兩台量子電腦連網在一起。

So you're busily pushing the compute side so that you can do the networking. And so networking, in this case, sometimes means distributed quantum computing across multiple QPUs, or in QKD, where you don't need a quantum computer at either end and you're doing key distribution, right? And so sometimes we talk about it and we might not give enough detail that says we'll put it under the label of networking, but actually it requires us to build a quantum computer sometimes, depending on the customer.

因此，您正忙於推動運算方面，以便能夠進行網路連線。因此，在這種情況下，網路有時意味著跨多個 QPU 的分散式量子計算，或者在 QKD 中，您不需要兩端的量子計算機，而是進行金鑰分發，對嗎？因此，有時我們會談論它，但我們可能不會提供足夠的細節，說我們會把它放在網路的標籤下，但實際上它有時需要我們建造一台量子計算機，這取決於客戶。

So all I'd add to that is, look, I mean, the business' focus on quantum computing remains, right? So we're determined to be the ultimate ecosystem there. We've expanded our ecosystem to do quantum networking, obviously, organically and inorganically. As Jordan mentioned, the quantum internet requires pretty much all the pieces that we've assembled, right? So you need the nodes to be computers.

所以我想補充的是，你看，我的意思是，企業對量子運算的關注仍然存在，對嗎？因此，我們決心打造那裡的終極生態系統。顯然，我們已經以有機和無機的方式擴展了我們的生態系統來實現量子網路。正如喬丹所提到的，量子網路需要我們組裝的幾乎所有零件，對嗎？所以你需要的節點是計算機。

You need repeaters to have any kind of distance between the nodes. You need QKD to be able to actually send information securely. And of course, you need to be able to do that as an integrated communications network on the ground and in the heavens. And so we continue to lead in our breadth and depth of quantum as a business, and we see growing opportunities in computing and growing opportunities in networking, both short term, medium term, and long term.

您需要中繼器來保持節點之間的任意距離。您需要 QKD 才能真正安全地發送訊息。當然，你需要能夠透過地面和天上的綜合通訊網路來實現這一點。因此，我們繼續在量子業務的廣度和深度上保持領先地位，我們看到計算領域和網路領域的機會都在不斷增長，無論是短期、中期還是長期。

That was great. Thanks, guys, and congrats on the quarter.

那很棒。謝謝大家，恭喜本季取得佳績。

Tyler Anderson, Craig-Hallum Capital.

泰勒安德森（Tyler Anderson），Craig-Hallum Capital。

Thanks for taking my follow up again. The pulled-in acquisition of IDQ, does that benefit your guidance for the year? I recall it was September.

感謝您再次關注我的後續問題。對 IDQ 的收購是否對您今年的業績預期有幫助？我記得那是九月。

Sorry. Can you repeat that?

對不起。你能重複一遍嗎？

I recall the latest date was September.

我記得最新的日期是九月。

So our guidance for the year has included both organic and inorganic growth. We continue to think that we have abilities to both outperform over time, but also that what we're doing right now is fundamentally making us stronger for what's going to be 2026 revenue picture.

因此，我們今年的指導包括有機成長和無機成長。我們仍然認為，我們有能力隨著時間的推移而取得優異表現，而且我們現在所做的一切都將從根本上讓我們更加強大，以迎接 2026 年的收入前景。

This is Jordan. I'd just add, September was our latest date that we thought the acquisition closed, and we had kind of baked in in our internal estimates as a weighted average of what we expect a company like IDQ to contribute. And so this is always basically to plan for IonQ.

這是喬丹。我想補充一點，我們認為 9 月是收購完成的最後日期，並且我們在內部估計中已經將其作為對 IDQ 等公司貢獻的加權平均值。所以這基本上都是為 IonQ 所做的規劃。

Okay. And then the -- I may have heard you wrong on this, so correct me if I'm wrong, but did I hear that EPB purchased half of the computing power. Is that correct? It would just be nice to know and I have a follow up. And so then -- so with that -- and we're talking about the quantum network and they're purchasing a computer. So then would that be another computer to be purchased to be connected over the network? And if so, do you have a timeline on that?

好的。然後——我可能聽錯了，如果我錯了請糾正我，但我聽說 EPB 購買了一半的計算能力。對嗎？我很高興知道這一點，並且我會跟進。那麼——就這樣——我們正在談論量子網絡，他們正在購買一台電腦。那麼是否需要購買另一台電腦來透過網路連線？如果是的話，您有時間表嗎？

So you have, insightfully, to have a quantum network for quantum computing, not QKD, you need to have two. So Chattanooga now has one, and it would be nice if somebody else had a second one within distance of Chattanooga, within distance now within repeaters. Up until today, that distance had to be roughly 20 miles. But now it could be several hundred miles away.

因此，你需要有洞察力地建立一個用於量子計算的量子網絡，而不是 QKD，你需要兩個。查塔努加現在有一個，如果其他人能在距離查塔努加不遠的地方，在中繼器距離之內，再建一個，那就太好了。直到今天，這個距離大約是 20 英里。但現在它可能在幾百英里之外。

So I don't have a timeline for that. But clearly, I think there's lots of people, and us included, who would like to see the United States have a demonstration of a quantum network using quantum computing and doing distributed quantum computing. And so both locally and nationally and many government agencies, I think, would like to see that.

所以我沒有這個時間表。但顯然，我認為有很多人，包括我們在內，都希望看到美國展示使用量子運算和進行分散式量子運算的量子網路。因此，我認為，無論是地方還是國家，許多政府機構都希望看到這一點。

China has already made great progress there, both in space and in the ground, and we're in the middle of doing catch-up. So we don't have an announcement today, but it's a great insight. Just like anything else, to do quantum networking for compute, you need to have a computer at either end. So having one phone is not useful; two phones is very useful.

中國在太空和地面領域已經取得了巨大進步，而我們正在迎頭趕上。所以我們今天沒有公告，但這是一個很好的見解。就像其他事情一樣，要進行量子網路運算，你需要在兩端各有一台電腦。所以只有一部手機是沒用的；兩部手機非常有用。

Tyler, this is Thomas. What this also does is that it's part of our distributed data center strategy. It means that we can service our customers from our data center in College Park, Maryland, or in Seattle, or we can now also do it out of Tennessee. This gives us additional failover support and capacity.

泰勒，這是托馬斯。這也是我們的分散式資料中心策略的一部分。這意味著我們可以從位於馬裡蘭州學院公園或西雅圖的資料中心為客戶提供服務，或者我們現在也可以在田納西州以外的地方提供服務。這為我們提供了額外的故障轉移支援和容量。

And we have been traditionally constrained on capacity because we have not had enough compute available for customers. So it's exciting to be able to bring on, not only here, but also in Basel, to bring on new systems.

由於我們沒有足夠的運算能力供客戶使用，因此我們的容量一直受到限制。因此，能夠不僅在這裡，而且在巴塞爾引入新系統是令人興奮的。

Great. And then just one last follow up and I'll let you guys be. So for this quantum network opportunity, would you agree that this is going to be mainly labs, academics, and critical infrastructure to start before we seek broader adoption?

偉大的。然後只需最後一次跟進，我就讓你們休息一下。那麼，對於這個量子網路機會，您是否同意在我們尋求更廣泛的應用之前，這將主要由實驗室、學術界和關鍵基礎設施來啟動？

I'll jump in on that one. No, we're now starting to see some of the leading companies in the world to start seriously looking at building networks with QKD to secure them. As you saw in my introductory note is as we get closer to breaking encryption, this will become something that everyone will have to do.

我會加入這個。不，我們現在開始看到世界上一些領先的公司開始認真考慮使用 QKD 建立網路來保護網路。正如你在我的介紹中看到的，隨著我們越來越接近破解加密，這將成為每個人都必須做的事情。

And so the -- and what we have seen, and we're not very good at this as a species, is sometimes being able to predict how quickly something pops into existence. I don't think many people expected OpenAI to do what they did, and suddenly it was here. And so my guess is that there will be a breakthrough in breaking encryption, and then everyone will go: oh my gosh, what am I going to do?

所以——我們所看到的，以及作為一個物種，我們在這方面做得併不好，有時能夠預測某種事物出現的速度。我認為很多人沒想到 OpenAI 會做出這樣的事，但突然間它就出現了。所以我猜測，解密技術將會突破，然後每個人都會說：天哪，我該怎麼辦？

So leading companies now are starting to invest in kind of building out a quantum network. And so we see great potential there.

因此，領先的公司現在開始投資建立量子網路。因此，我們看到了那裡巨大的潛力。

And Tyler, this is Jordan. Of the four deployments of quantum networks that I mentioned, three of those are enterprise. So that should give you some impression of it.

泰勒，這是喬丹。在我提到的四個量子網路部署中，有三個是企業部署。這應該能給你一些印象。

Look, just in general, we're not in the business of sort of theory and R&D here on its own for the sake of it, right? So everything we do here is commercial. Everything we do here has customer demand. We announced significant contracts. We announce what we can. Obviously, we don't announce what we can't and what is confidential or protected for national security reasons or otherwise.

你看，總的來說，我們並不是為了理論和研發而單獨從事這種業務，對吧？所以我們在這裡所做的一切都是商業性的。我們在這裡所做的一切都是為了滿足客戶的需求。我們宣布了重要合約。我們宣布我們能宣布的事情。顯然，我們不會公佈我們不能公佈的信息，也不會公佈因國家安全或其他原因而屬於機密或受保護的信息。

But I think it's safe to say that what we're building at IonQ doesn't exist anywhere else, even though pieces might. We've stitched this together rapidly as a whole, as an intact vision. And we're a big enough company to pursue all of these growth vectors in parallel, right? So nothing's the exclusion of anything else, and it's not splitting focus. It's all an integrated whole here. And the company's headcount has obviously grown from about 35 people when I first met Peter to around about 800 today, right?

但我認為可以肯定地說，我們在 IonQ 構建的東西在其他任何地方都不存在，儘管有些部分可能存在。我們迅速地將其拼湊成一個整體，一個完整的願景。而且我們的公司規模夠大，可以同時追求所有這些成長目標，對嗎？因此，沒有什麼可以排除其他任何事物，而且這也不是分散焦點。這裡一切都是一個整體。而公司的員工人數顯然已經從我第一次見到彼得時的 35 人增加到今天的 800 人左右，對嗎？

And so as our balance sheet grows and our headcount grows, of course, the vision has expanded a long way. But we're excited about the inbound interest that we receive, and we're also of course watching moves of big tech companies and bigger tech companies alike as they watch what we are building here turn into a reality that will pressure core business lines for some of them and create new markets for all of us that we intend to lead in.

因此，隨著我們的資產負債表的成長和員工人數的增加，我們的願景當然也得到了很大的擴展。但是，我們對收到的關注感到非常興奮，當然，我們也在關注大型科技公司和更大的科技公司的舉動，因為他們看到我們在這裡構建的東西變成了現實，這將對其中一些公司的核心業務線施加壓力，並為我們所有人創造我們打算引領的新市場。

Awesome. Well, thank you, guys. I'm very happy we're saying repeater on the call. Congratulations on everything, and congratulations, Jordan.

驚人的。好吧，謝謝大家。我很高興我們在通話中提到了中繼器。祝賀一切，祝賀喬丹。

Thank you. We'll see you at the next launch.

謝謝。我們將在下次發表會上見到您。

Looking forward to it.

非常期待。

And this concludes our question-and-answer session. I would like to turn the conference back over to Niccolo de Masi for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Niccolo de Masi 並請他作最後發言。

Thank you. Well, let me to thank everyone for joining us on our call today. And of course, I want to thank our team for all of their hard work and our shareholders for their support. We look forward to speaking with you soon and updating the entire financial community on our next earnings call. Thank you, and have a good afternoon.

謝謝。好吧，讓我感謝大家今天參加我們的電話會議。當然，我要感謝我們團隊的辛勤工作以及股東的支持。我們期待很快與您交談，並在下次收益電話會議上向整個金融界通報最新情況。謝謝，祝您下午愉快。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。