IONQ Inc (IONQ) 2025 Q3 法說會逐字稿

Good afternoon and welcome to the IonQ 3rd quarter 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press star, then 2. Please note this event is being recorded.

下午好，歡迎參加 IonQ 2025 年第三季財報電話會議。所有參與者將處於唯讀模式。如果您需要協助，請按星號鍵，然後按 0，向會議專家發出訊號。今天的演講結束後，將有機會提問。若要提問，您可以按星號鍵，然後按電話鍵盤上的 1 鍵。若要撤回您的問題，請按星號，然後按 2。請注意，本次活動正在錄影。

I would now like to turn the conference over to Hanley Donofrio, head of investor relations. Please go ahead.

現在我將把會議交給投資者關係主管漢利·多諾弗里奧。請繼續。

Good afternoon, everyone and welcome to IonQ 3rd quarter 2025 earnings call. My name is Hanley Donofrio, and I'm head of investor relations here at IonQ. I'm pleased to be joined on today's call by Niccolo de Masi, IonQ's Chairman and Chief Executive Officer; Thomas Kramer, our Chief Financial Officer; Jordan Shapiro, our President and General Manager of Quantum Networking; Frank Backes, President of Capella; and Dean Kassmann, our Senior Vice President of Engineering and Technology.

各位下午好，歡迎參加 IonQ 2025 年第三季財報電話會議。我叫漢利‧多諾弗里奧，我是 IonQ 的投資人關係主管。今天我很高興與 IonQ 董事長兼執行長 Niccolo de Masi、財務長 Thomas Kramer、量子網路總裁兼總經理 Jordan Shapiro、Capella 總裁 Frank Backes 以及工程和技術高級副總裁 Dean Kassmann 一起參加電話會議。

By now everyone should have access to the company's 3rd quarter 2025 earnings press release issued this afternoon, which is available on the SEC's website and on the investor relations section of our website at investors. IONQ .com. Please note that on today's call, management will refer to non-GAAP financial measures. While the company believes these non-GAAP financial measures provide 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.

現在，所有人都應該可以查閱公司今天下午發布的 2025 年第三季財報新聞稿，該新聞稿可在 SEC 網站和我們網站的投資者關係部分查閱。IONQ.com。請注意，在今天的電話會議上，管理階層將提及非GAAP財務指標。雖然公司認為這些非GAAP財務指標為投資者提供了有用的信息，但這些信息的列示不應被孤立地看待，也不應被視為替代按照GAAP列示的財務信息。

You are directed to a press release for a reconciliation of adjusted EBITA and adjusted EPS to the closest comparable GAAP measures.

請參閱新聞稿，了解調整後 EBITA 和調整後 EPS 與最接近的可比較 GAAP 指標的調整。

During the call, we will discuss our business outlook and make forward-looking statements, including those regarding our guidance for 2025. These comments are based on our predictions and expectations as of today and are not guarantees of future performance. Actual events or results could differ materially due to a number of risks and uncertainties. Therefore, we should not put undue reliance on those statements.

在電話會議中，我們將討論我們的業務前景並發表前瞻性聲明，包括有關我們 2025 年業績指引的聲明。這些評論是基於我們截至目前為止的預測和預期，並不保證未來的表現。由於諸多風險和不確定因素，實際事件或結果可能與預期有重大差異。因此，我們不應過度依賴這些說法。

We refer you to our recent SEC filings, including our annual report on Form 10K for the year end of December 31, 2024, and our quarterly reports on Form 10Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025 for a more detailed discussion of those risks and uncertainties. We undertake no obligation to revise any statements to reflect changes that occur after this call, except as required by law.

有關這些風險和不確定性的更詳細討論，請參閱我們最近向美國證券交易委員會提交的文件，包括截至 2024 年 12 月 31 日的年度報告（表格 10-K）以及截至 2025 年 3 月 31 日、2025 年 6 月 30 日和 2025 年 9 月 31 日的季度報告表（30-Q30 日和 2025 年 9 月 30 日）。除法律另有規定外，我們不承擔任何義務修改任何聲明以反映本次通話後發生的變更。

Now, I will turn it over to Nicola Demasi, Chairman and CEO of IonQ.

現在，我將把發言權交給 IonQ 的董事長兼執行長 Nicola Demasi。

Thank you all for joining us.

感謝各位的參與。

2025 will be remembered as a transformative quarter for IN.

2025 年將作為 IN 的一個變革性季度而被銘記。

Not only because we so significantly exceeded the high end of our revenue guidance, but because of our tremendous symphony of technical progress, talent attraction, and successful expansion of our vision to lead globally in the business of quantum.

這不僅是因為我們大幅超過了收入預期的上限，更是因為我們在技術進步、人才吸引和成功擴展願景方面取得了巨大成功，從而在全球量子業務領域佔據領先地位。

I will leave my colleague to provide details. However, as most listeners will have seen in our earnings press release a few minutes ago, I delivered its largest quarterly revenue beat ever, delivering results 37% above the high end of our guidance.

我會讓我的同事來提供詳細資訊。然而，正如大多數聽眾幾分鐘前在我們的獲利新聞稿中看到的那樣，我宣佈公司季度營收實現了有史以來最大的超預期，比我們預期的上限高出 37%。

Putting this in perspective, we grew revenue year on year by 222%. A truly impressive number that demonstrates our commercial traction.

從這個角度來看，我們的營收年增了 222%。這是一個令人印象深刻的數字，充分展現了我們的商業實力。

Our company's growth trajectory is clear, and we have only just scratched the surface of the enormous opportunities we are pursuing.

我們公司的發展軌跡很清晰，而我們目前所追求的巨大機會還只是冰山一角。

During the quarter, we announced that our AQ 64 tempo system was up and running 3 months ahead of schedule, fulfilling our technical goal for the year.

本季度，我們宣布我們的 AQ 64 tempo 系統提前 3 個月投入運行，實現了我們今年的技術目標。

We closed our acquisition of Oxford Ionics and raised $1 billion at a 25% premium to the previous day's closing price.

我們完成了對 Oxford Ionics 的收購，並以比前一天收盤價溢價 25% 的價格籌集了 10 億美元。

We created IONQ Federal and appointed a leadership team consisting of senior security cleared personnel, including executive Chairman Robert Cordilla, former director of the National Geospatial Intelligence Agency for President Trump.

我們創建了 IONQ Federal，並任命了一個由高級安全許可人員組成的領導團隊，其中包括執行主席羅伯特·科迪拉，他曾擔任川普總統的國家地理空間情報局局長。

We are truly honored that General J. Raymond joined our board of directors. General Raymond is the only 4-star general since 1,947 to have served as a 4 star in two services and was the founder of the space force at President Trump's direction in his first term.

我們非常榮幸雷蒙德將軍加入我們的董事會。雷蒙德將軍是自 1947 年以來唯一一位在兩個軍種都擔任過四星上將的將軍，並且是川普總統在其第一任期內指示成立的太空部隊的創始人。

These leaders are emblematic of the incredible talent we are attracting across the organization, and their decision to join us is a testament to our commanding market position and bright future.

這些領導者是我們公司吸引到的優秀人才的縮影，他們選擇加入我們，證明了我們強大的市場地位和光明的前景。

I'm proud of our clear quantum advantage use cases so far this year.

我為我們今年迄今取得的清晰的量子優勢應用案例感到自豪。

We demonstrated faster computational engineering work with AMSIs in March and hybrid quantum AI applications in April.

我們在 3 月展示了利用 AMSI 實現更快的計算工程工作，並在 4 月展示了混合量子 AI 應用實現更快的計算工程工作。

In June, in partnership with Nvidia, Amazon, and AstraZeneca, we demonstrated the world's first 20X quantum speed up in computational drug development.

今年 6 月，我們與英偉達、亞馬遜和阿斯特捷利康合作，展示了世界上首次在計算藥物開發方面實現 20 倍量子加速。

Our 4D system has routinely demonstrated quantum advantage and in this case performed nearly a month of classical computational work in just 36 hours.

我們的 4D 系統已經經常展現出量子優勢，在這種情況下，它僅用 36 小時就完成了近一個月的經典計算工作。

Our newest system, which we unveiled at our analyst Day on September 12th, is called Tempo.

我們在 9 月 12 日的分析師日上發布了我們最新的系統，名為 Tempo。

Public benchmarks show Tempo has a compute space 36 quadrillion times larger than the leading commercial superconducting system in the market.

公開基準測試表明，Tempo 的運算空間比市場上領先的商用超導系統大 36 千萬億倍。

We are proud that Tempo is scheduled to ship in 2026 and has a computational space approximately $260 million times larger than our current fully commercialized forte system.

我們很自豪地宣布，Tempo 計劃於 2026 年交付，其計算空間比我們目前完全商業化的 forte 系統大約大 2.6 億美元。

Following our expansion to networking in the second half of 2024, on the first half of 2025, we acquired the world leading quantum sensing company Vector Atomic.

繼我們在 2024 年下半年拓展網路業務之後，在 2025 年上半年，我們收購了世界領先的量子感測公司 Vector Atomic。

(inaudible) has been a fantastic addition to our capabilities for golden dome-like projects and vital commercial solutions such as Next Generation GPS.

（聽不清楚）大大增強了我們開發類似金色圓頂專案和提供下一代 GPS 等重要商業解決方案的能力。

Our new colleagues led by CEO Dr. Jamil (inaudible) are a wonderful cultural fit and already have multiple program of record contracts with important US government agencies.

我們新來的同事，在執行長賈米爾博士（聽不清楚）的帶領下，與我們的企業文化非常契合，並且已經與美國重要的政府機構簽訂了多項正式的合約。

Quantum sensing is relevant to our networking, cybersecurity, and computing product families, and we are confident it will accelerate growth for IN around the world.

量子感測與我們的網路、網路安全和運算產品系列息息相關，我們相信它將加速IN在全球的成長。

I'm pleased to report that we're proving out synergies as expected across many of our product families globally.

我很高興地報告，正如預期的那樣，我們在全球許多產品系列中都實現了協同效應。

I has a truly unique ability to land and expand in quantum computing, quantum networking, quantum sensing, and quantum cybersecurity.

我擁有在量子運算、量子網路、量子感測和量子網路安全領域落地和發展的獨特能力。

Our strategy is to expand our technical lead in each quantum product family and connect our products together to provide unique solutions to allied sovereigns and major multinationals alike.

我們的策略是擴大我們在每個量子產品系列中的技​​術領先優勢，並將我們的產品連接起來，為盟國和大型跨國公司提供獨特的解決方案。

We are investing our ecosystem's breadth and depth by partnerships that we believe will underpin long-term annuity-like customer relationships.

我們正在透過建立合作夥伴關係來拓展和深化我們的生態系統，我們相信這將為建立長期的、類似年金的客戶關係奠定基礎。

As we have demonstrated and as I said in our analyst day, we are in it to win it and we keep our commitments. We are continually on the lookout for talent and IP that will allow us to accelerate the progress we make on our technical road maps.

正如我們已經證明的，也正如我在分析師日上所說，我們志在必得，並且我們信守承諾。我們一直在尋找能夠幫助我們加快技術路線圖進展的人才和智慧財產權。

Time matters and we view ourselves as an increasingly indispensable partner in defense and economic security for the US and NATO in the coming years.

時間至關重要，我們認為在未來幾年裡，我們將成為美國和北約在國防和經濟安全方面越來越不可或缺的合作夥伴。

With over 1,100 patents pending and granted, we are proud of how our IP moat has expanded 30X since our first IPO.

我們擁有超過 1100 項正在申請和已獲批准的專利，自我們首次 IPO 以來，我們的智慧財產權護城河擴大了 30 倍，我們為此感到自豪。

Our team has put in tremendous effort this quarter and year as we have deepened our commitments to both fundamental research and commercial leadership.

本季和本年度，我們的團隊付出了巨大的努力，深化了我們對基礎研究和商業領導的承諾。

After the quarter ended, we delivered three exciting milestones strengthening our balance sheet by selling $2 billion of common stock at $93 per share, demonstrating the world record 2 cubit gauge fidelity of 99.99% or 49, and closing our acquisition of Vector atomic.

季度結束後，我們實現了三個令人興奮的里程碑：透過以每股 93 美元的價格出售 20 億美元的普通股來加強我們的資產負債表；展示了 2 立方比特規保真度達到 99.99% 或 49 的世界紀錄；以及完成了對 Vector atomic 的收購。

Our 4 9s of fidelity for 2 cubit gates is a particularly momentous and historic achievement.

我們以 4 個 9 的精度完成了 2 肘尺門的測量，這是一項意義非凡且具有歷史意義的成就。

We are the first company in history that can proudly say that all of our key technical milestones have been achieved, and we are now focused on only engineering scaling to achieve full false tolerance.

我們是歷史上第一家可以自豪地說所有關鍵技術里程碑都已實現的公司，現在我們只專注於工程擴展，以實現完全的容錯。

With our well established semiconductor fabrication approach, the course is clear for us to deliver each generation of our systems.

憑藉我們成熟的半導體製造工藝，我們交付每一代系統的道路都很清晰。

You'll hear more on this from my colleague Chris Ballance in a couple of minutes.

幾分鐘後，我的同事克里斯·巴蘭斯將對此進行更詳細的介紹。

It is clear that INQ has begun to enjoy compounding benefits from our scale and momentum advantages, entrenching our position as the dominant force in quantum and the only complete quantum platform solution.

很明顯，INQ 已經開始享受規模和發展勢頭帶來的複合收益，鞏固了我們作為量子領域主導力量和唯一完整量子平台解決方案的地位。

Before I close, allow me to clarify for stakeholders, new and old, what true condo computing actually is.

在結束之前，請容許我向新舊利害關係人澄清一下，真正的公寓計算究竟是什麼。

While numerous companies, public and private, have added the word quantum to their corporate name for decades, we can confidently state that in almost every case beyond IQ, this is just a branding attempt.

幾十年來，許多公共和私營公司都在公司名稱中添加了「量子」一詞，但我們可以肯定地說，除了 IQ 之外，幾乎所有情況下這都只是品牌推廣的嘗試。

Terms like quantum inspired, quantum annealing, or analog quantum simulators all represent toy machines compared to the real deal, which is universal, fully entangled, gate-based quantum computing.

與真正的量子計算（即通用的、完全糾纏的、基於閘的量子計算）相比，量子啟發式、量子退火或模擬量子模擬器等術語都只是玩具機器。

Our co-founder Chris Monroe, kicked off the field of gate-based quantum computing with the demonstration of the world's first quantum gate in 1,995, and our team has been at the forefront of quantum computing ever since.

我們的共同創辦人 Chris Monroe 於 1995 年展示了世界上第一個量子閘門，開啟了基於閘的量子運算領域，從那時起，我們的團隊就一直處於量子運算的前沿。

Only a universal quantum computer like those we have shipped and continued to accelerate building at IN offers actual commercial quantum advantage.

只有像我們在IN公司已經交付並持續加速建造的那種通用量子電腦才能提供真正的商業量子優勢。

Plenty of analog quantum simulators exist in one form or another. They are quite easy to build compared with a true entangled general purpose gate model quantum computer.

各種形式的模擬量子模擬器有很多。與真正的糾纏通用閘模型量子電腦相比，它們很容易建造。

However, to fully simulate the complexity and range of possibilities enabled by 100 truly entangled qubits in our tempo system would require billions of high-end GPUs and consume more power than all of the world's power stations combined.

然而，要完全模擬我們 tempo 系統中 100 個真正糾纏的量子位元所帶來的複雜性和各種可能性，需要數十億個高階 GPU，並且消耗的電力將超過全世界所有發電站的總和。

Indeed, as we showed at our analyst Day in September, Temple has 36 quadrillion times more computational space than our closest competitors' best machines.

事實上，正如我們在 9 月的分析師日上所展示的那樣，Temple 的運算空間比我們最接近的競爭對手最好的機器多 36 千萬億倍。

The volume of simulation equivalent GPUs can be expected to become even more astronomical as we release our 256 qubit and 10,000 qubit systems in subsequent generations.

隨著我們陸續發布 256 量子位元和 10,000 量子位元系統，模擬等效 GPU 的數量預計將會變得更加龐大。

Looking beyond that, as we laid out on June 9, IONQ is targeting 1,600 log qubits in 2028 and 80,000 in 2030. As a point of comparison, a leading competitor's roadmap released one day after ours targets only 2000 modular qubits by 2033.

展望未來，正如我們在 6 月 9 日所闡述的，IONQ 的目標是在 2028 年實現 1,600 log 量子比特，在 2030 年實現 80,000 log 量子位元。作為對比，我們的領先競爭對手在我們發布路線圖的第二天發布的路線圖，其目標僅為到 2033 年實現 2000 個模組化量子位元。

This is 5 years behind us, and with an architecture that will cost 1 to 2 orders of magnitude more for equivalent compute power 5 years later.

這已經是五年前的事了，五年後，要達到相同的運算能力，採用這種架構的成本將高出 1 到 2 個數量級。

We showcased our industry leading bill of materials for our 80,000 modular qubit machines on September 12. Global supply chain experts AT Kearney have validated our bill of materials for $2 million cubic machines to be sub $30 million in 2025. No other company will be able to come close to these unit economics.

9 月 12 日，我們展示了我們 80,000 模組化量子比特機器的領先業界的物料清單。全球供應鏈專家 AT Kearney 已驗證，到 2025 年，價值 200 萬美元的立方體機器的物料清單成本將低於 3,000 萬美元。其他任何公司都無法達到這樣的單位經濟效益。

Anyone can say they're doing something quantum when they absolutely are not. For the avoidance of doubt, software running on simulators or any classical machines can always be branded with the word quantum.

任何人都可以聲稱自己在做量子力學方面的工作，但實際上他們根本沒有。為避免歧義，運行在模擬器或任何經典機器上的軟體都可以貼上「量子」一詞的標籤。

However, doing so, of course, does not mean true entanglement and quantum advantage is in operation.

當然，這樣做並不意味著真正的糾纏和量子優勢就實現了。

No one can come close to approaching what IM software running on our universal gate-based true entanglement generating tempo quantum computers can offer.

沒有任何軟體能夠接近運行在我們通用的基於閘門的真正糾纏生成節奏量子電腦上的 IM 軟體所能提供的功能。

The hardware needs to be quantum and the software needs to be quantum in order for the results to be quantum.

要獲得量子化的結果，硬體和軟體都必須是量子化的。

We believe we're the clear leader in quantum computing, further differentiated by our capabilities in quantum networking, quantum sensing, and quantum cybersecurity.

我們相信，我們在量子運算領域是絕對的領導者，我們在量子網路、量子感測和量子網路安全方面的能力進一步增強了我們的差異化優勢。

This leadership enables IONQ to offer quantum computing far sooner and at a far lower cost than others.

憑藉這一領先地位，IONQ 能夠比其他公司更快地提供量子運算服務，並且成本更低。

Our focus now is on translating our clear technical advantages and differentiating capabilities into value for shareholders.

我們現在的重點是將我們明顯的技術優勢和差異化能力轉化為股東價值。

Quantum is now, as you have seen, Q3 was another strong pioneering and record-breaking quarter at IONQ.

正如你所看到的，量子領域現在正處於第三季度，這是IONQ又一個強勁的開創性季度，並打破了多項紀錄。

We look forward to Q4 and 2026 with confidence.

我們對第四季和2026年充滿信心。

I am delighted with how our leadership team is evolving.

我對我們領導團隊的發展變化感到非常滿意。

And hit the ground running as COO and CFO, benefiting from his knowledge of the company gained in his prior role as our lead independent director and audit committee chair.

他迅速進入首席營運長和財務長的角色，並受益於他之前擔任首席獨立董事和審計委員會主席期間積累的公司知識。

Doctor Chris Ballance, founder of Oxford Ionics, has become INQ's first President of quantum computing.

牛津離子公司創辦人克里斯·巴蘭斯博士已成為INQ的首位量子計算總裁。

Dr. Marco Pistoia, who until last quarter was global head of quantum computing at JPMorgan, has assumed the role of CEO of IONQ Italia as we continue to deepen our investments in EMEA.

上個季度之前擔任摩根大通量子計算全球主管的馬可·皮斯托亞博士，已出任 IONQ Italia 首席執行官，我們將繼續深化在歐洲、中東和非洲地區的投資。

And Dina Costa was appointed as chief corporate affairs and government relations officer, bringing more than 3 decades of experience in technology, defense, and public service.

迪娜·科斯塔被任命為首席企業事務和政府關係官，她在技術、國防和公共服務領域擁有超過 30 年的經驗。

I am delighted to introduce everyone now to Dr. Chris Ballance, President of quantum computing, to provide more detail on our quantum computing milestones this quarter.

現在我很高興向大家介紹量子計算總裁克里斯·巴蘭斯博士，他將詳細介紹我們本季在量子計算方面取得的里程碑式進展。

Thank you, Nicolo.

謝謝你，尼可洛。

Let me begin by saying it's a privilege to be part of our youth at this critical infection point.

首先我想說，在這個疫情爆發的關鍵時刻，能夠成為我們青年世代的一份子，我感到非常榮幸。

Since closing the Oxford Ionics acquisition, our priority has been swift and purposeful integration.

自從完成 Oxford Ionics 的收購以來，我們的首要任務一直是迅速且有目的地進行整合。

We've already unified our world-class engineering teams and are now executing as a single focused entity which deliver on our technology roadmap.

我們已經整合了世界一流的工程團隊，現在正作為一個專注的整體執行我們的技術路線圖。

As outlined on our analyst Day in September, the oxindanacs electronic qubit Control ETC architecture is actively being integrated into the Ion cube 256 qubit machine and will be demonstrated in 2026.

正如我們在 9 月的分析師日上概述的那樣，oxindanacs 電子量子位元控制 ETC 架構正在積極地整合到 Ion cube 256 量子位元機器中，並將於 2026 年進行演示。

In parallel, our scheduled system deliveries for Forte Enterprise and Tempo remain on track as planned.

同時，我們為 Forte Enterprise 和 Tempo 制定的系統交付計劃仍按計劃進行。

The beautiful thing about electronic cube control is that it fits seamlessly with classical computing workflows and our present electronic world.

電子立方體控制的妙處在於，它能夠與傳統的電腦工作流程和我們當今的電子世界無縫銜接。

EQC uniquely underpins our ability to become the world's first mass market quantum computing company in history.

EQC 為我們成為史上第一家面向大眾市場的量子運算公司奠定了獨特的基礎。

As Niccolo highlighted, we're proud to have delivered a record-breaking algorithmic qubit score AQ of 64 on tempo, our fifth-generation quantum computer, which expanded our computational space by approximately $260 million times.

正如尼科洛所強調的那樣，我們很自豪地宣布，我們的第五代量子電腦 Tempo 的演算法量子位元得分 AQ 達到了創紀錄的 64，這使我們的計算空間擴大了約 2.6 億美元。

Hand in hand with that announcement, we're also very excited to achieve the historic world record 99.99%, 2 cubic gate performance this quarter.

同時，我們也非常興奮地宣布，本季我們將實現歷史性的 99.99% 的 2 立方門性能世界紀錄。

We're rapidly building on that performance to execute our rover out to $2 million physical qubits in 2030, making us the only company who has hit their qubit performance target for full false tolerance scale quantum compute platforms.

我們正在迅速提升這項效能，目標是在 2030 年實現價值 200 萬美元的實體量子位元，這將使我們成為唯一一家實現全容錯規模量子運算平台量子位元效能目標的公司。

What's even more exciting is that we achieve this performance in a chip-based platform that can be scaled by the existing semiconductor industry supply chains which enables our rapid scaling.

更令人興奮的是，我們在一個基於晶片的平台上實現了這種性能，該平台可以透過現有的半導體產業供應鏈進行擴展，從而使我們能夠快速擴展。

With 99.99% 2 cubic gate performance, we realized fewer errors per operation and therefore require fewer physical cubits to operate large scale commercial systems.

憑藉 99.99% 的 2 立方門性能，我們實現了每次操作更少的錯誤，因此運行大規模商業系統所需的實體立方比特更少。

With these high performing qubits, we also unlock more complex algorithms that simply will never be tackled by lower performance systems.

借助這些高效能量子位元，我們還可以實現性能較低的系統永遠無法處理的更複雜的演算法。

What drew me to Iron ube is our comprehensive full stack approach. Our unique ability to network systems together is, in the long run, the key to true scalability in quantum computing.

Ironube吸引我的地方在於其全面的全端解決方案。從長遠來看，我們將系統聯網的獨特能力是量子運算真正可擴展性的關鍵。

To expand on the progress you're making in that critical capability, I'll turn it over to Jordan Shapiro, President of quantum Networking, sensing and Security.

為了進一步闡述你們在這項關鍵能力上的進展，我將把發言權交給量子網路、感測和安全總裁 Jordan Shapiro。

Thank you, Chris.

謝謝你，克里斯。

Just as our acquisition of Oxford Ionics has greatly accelerated the timeline of our computing milestones, the integration of Vector Atomic has vastly expanded the potential and TAM of our networking, sensing, and security product family.

正如我們收購 Oxford Ionics 大大加快了我們在運算領域的里程碑進程一樣，Vector Atomic 的整合也大大擴展了我們網路、感測和安全產品系列的潛力和市場規模。

Uniting world class sensing capabilities with our pioneering infrastructure for long range quantum connectivity allows INQ to bid on some of the most important cybersecurity infrastructure projects of the future.

INQ 將世界一流的感測能力與我們開創性的遠端量子連接基礎設施相結合，使其能夠參與未來一些最重要的網路安全基礎設施項目的競標。

Indeed, we have more than $1 billion of proposals in progress that leverage the strength of our unique quantum platform offering.

事實上，我們有超過 10 億美元的項目正在進行中，這些項目都充分利用了我們獨特的量子平台產品的優勢。

Vector atomics, precision inertial sensors, and clocks have demonstrated state of the art performance on land, at sea, in the air, and in space, with equipment having been deployed on the US Department of War's X-37b orbital test vehicle.

向量原子、精密慣性感測器和時鐘已在陸地、海洋、空中和太空中展現出最先進的性能，相關設備已部署在美國戰爭部的 X-37b 軌道測試飛行器上。

We are now working to integrate this positioning, navigation, and timing technology onto our own satellites and will soon fly more products from the INQ portfolio, including quantum key distribution systems, to pioneer global quantum secure communications networks.

我們現在正努力將這種定位、導航和授時技術整合到我們自己的衛星上，並將很快發射更多來自 INQ 產品組合的產品，包括量子金鑰分發系統，以開創全球量子安全通訊網路。

We are also making QKD, post quantum cryptography, and secure networking advancements on the ground.

我們也正在實際應用中推動量子金鑰分發、後量子密碼學和安全網路技術的發展。

We are proud to be collaborating on the first city-wide dedicated quantum network in Geneva, Switzerland as part of a landmark public-private initiative, which includes CERN, Rolex, the Swiss government, and academic institutions.

我們很榮幸能參與瑞士日內瓦首個全市專用量子網路的建設，這是一項具有里程碑意義的公私合作計畫的一部分，該計畫的參與者包括歐洲核子研究中心、勞力士、瑞士政府和學術機構。

The network will securely link institutions across the region and deploy INQ's quantum key distribution and quantum detection systems, demonstrating our security capabilities in action while also leveraging hundreds of miles of existing fiber optic infrastructure.

該網路將安全地連接該地區的各個機構，並部署 INQ 的量子金鑰分發和量子偵測系統，在實際應用中展示我們的安全能力，同時利用數百英里的現有光纖基礎設施。

This is just another example of IQ driving awareness of quantum potential while enabling real world quantum secure communications today.

這再次證明了 IQ 能夠提高人們對量子潛力的認識，同時實現當今現實世界中的量子安全通訊。

Now I'd like to hand the call over to Inder Singh, IONQ CFO and COO.

現在我想把電話交給 IONQ 的財務長兼營運長 Inder Singh。

Thank you to Niccolo and the entire team here. Let me just begin by saying that my first two months as CFO and COO has really been incredibly exciting.

感謝Niccolo和這裡的全體團隊成員。首先我想說的是，我擔任財務長兼營運長的頭兩個月真的非常令人興奮。

Of course, before this role I was involved with IM on the board, as Nicola mentioned, but it's an entirely different experience being part of this amazing leadership team.

當然，正如尼古拉所提到的那樣，在此之前我曾在IM董事會任職，但成為這個優秀領導團隊的一員，完全是另一種不同的體驗。

At a critical point in the industry as well as the platform that we've established.

在產業和我們所建立的平台都處於關鍵時刻之際。

Niccolo's strategy of building the world's first quantum platform company is is what we are now reporting on and executing towards.

我們現在正在報導和執行的是尼科洛打造世界首家量子平台公司的策略。

A year ago we were proud to be speaking with you about our breakthroughs in quantum computing in which we still maintain a 5+ year lead over others.

一年前，我們很自豪地向大家介紹我們在量子運算領域的突破，我們至今仍保持著比其他公司 5 年以上的領先優勢。

And have just announced our 5th generation machine.

我們剛剛發布了第五代產品。

To remind you, our competitors seem to still be working on their second generation machines.

提醒一下，我們的競爭對手似乎仍在研發第二代機器。

Today we're proud to be speaking with you as the world's first quantum platform company.

今天，我們很榮幸能以全球首家量子平台公司的身份與大家交流。

And today The results we're going to be sharing demonstrate execution of that strategy.

今天，我們將分享的成果將證明這項策略的執行情況。

We are the market's only full stack quantum platform company.

我們是市場上唯一一家全端量子平台公司。

On our financial results for the 3rd quarter, I'm very pleased to say that we had a very strong quarter, as Niccolo mentioned.

關於我們第三季的財務業績，我很高興地說，正如尼科洛所提到的，我們這一季表現非常強勁。

We achieved record revenues of $39.9 million representing year on year growth of 222%.

我們實現了創紀錄的 3,990 萬美元收入，年增 222%。

These revenues exceeded even the high end of our own guidance by 37%.

這些收入甚至比我們自己預期的上限高出 37%。

We achieve this by continuing the leadership in quantum computing and rapidly expanding into quantum networking, quantum sensing. And quantum cybersecurity.

我們透過在量子計算領域保持領先地位並迅速擴展到量子網路和量子感測領域來實現這一目標。以及量子網路安全。

We have led and continue to lead in quantum computing with our record breaking 4 9s fidelity and 64 algorithmic qubits.

我們在量子計算領域一直處於領先地位，並將繼續保持領先地位，我們擁有破紀錄的 4 個 9 的保真度和 64 個演算法量子比特。

We have now added world class quantum cybersecurity.

我們現在新增了世界一流的量子網路安全技術。

As well as the world's best quantum atomic clocks.

以及世界上最好的量子原子鐘。

And the world's most advanced quantum sensing technologies.

以及世界上最先進的量子感測技術。

As a result, our commercial opportunities have also grown alongside the platform we have built, as Nicola mentioned.

因此，正如尼古拉所提到的，隨著我們建立的平台的發展，我們的商業機會也隨之增長。

We can now capture larger solutions-based contracts and continue our land and expand strategy.

現在我們可以承接更大的解決方案型合同，並繼續推進我們的土地開發和擴張策略。

As Niccolo puts it, we are the GBP800 gorilla of quantum.

正如尼科洛所說，我們是量子領域的巨無霸，身價高達 800 英鎊。

Able to address the opportunities that require a quantum solution. This lies at the heart of the work we announced with the US Department of Energy in Q3.

能夠把握需要量子解決方案的機會。這正是我們在第三季宣布與美國能源部合作的核心內容。

And the future solutions we can now develop in partnership with them.

以及我們現在可以與他們合作開發的未來解決方案。

It also uniquely positions INQ to pursue large scale contract opportunities like the US government's Golden Dome initiative.

這也使 INQ 擁有獨特的優勢，可以爭取像美國政府的「金頂」計畫這樣的大型合約機會。

The capability we have in our opinion.

我們認為我們具備這樣的能力。

Uniquely differentiates us in the quantum market.

這使我們在量子市場中脫穎而出。

With the ability to now pursue potentially 3 digit million dollars dollar opportunities.

現在有能力去追求可能價值數千萬美元的機會。

I'm also pleased to report that our business is increasingly international.

我很高興地報告，我們的業務正日益國際化。

In the most recent quarter, our business was approximately 70% US and 30% international, contrasted with a year ago when it was almost all US based.

最近一個季度，我們的業務約 70% 來自美國，30% 來自國際，而一年前我們的業務幾乎全部來自美國。

We expect to continue to expand our global footprint.

我們預計將繼續擴大我們的全球商業版圖。

And as we move ahead, we are looking at potential opportunities around the world, including in example countries, Australia, Italy, the Nordics, South Korea, India, Japan, and many others.

展望未來，我們將著眼於世界各地的潛在機遇，例如澳洲、義大利、北歐國家、韓國、印度、日本等眾多國家。

In Q3, we had an adjusted EBITDA loss of $48.9 million.

第三季度，我們調整後的 EBITDA 虧損為 4,890 萬美元。

On this non-GAAP basis, our biggest spend continues to be on research and development, which lies at the heart of our solutions.

以非GAAP準則計算，我們最大的支出仍是研發，而研發正是我們解決方案的核心。

This nearly doubled on a year on year basis, and we will continue to invest to maintain and expand our innovation leadership.

這一數字幾乎比前一年翻了一番，我們將繼續投資以保持和擴大我們的創新領先地位。

These investments allow us to hire and retain the world's best quantum talent and IQ.

這些投資使我們能夠招募和留住世界上最好的量子技術人才和高智商人才。

We are investing in engineering, in research, in production, and in go to market.

我們正在投資工程、研發、生產和市場推廣。

We believe we can both land and expand by embedding ourselves and our solutions with our customers as well as take on the obvious opportunity to address cross sell opportunities of our products across our customer base.

我們相信，透過將我們自身和我們的解決方案融入客戶中，我們既可以站穩腳跟，也可以擴大規模；同時，我們也可以抓住顯而易見的機會，在我們的客戶群中實現我們產品的交叉銷售。

In 2025.

2025年。

GA operating expenses were $208.7 million including research and development spend of $66.3 million.

通用汽車的營運支出為 2.087 億美元，其中包括 6,630 萬美元的研發支出。

Sales and marketing spend of $14.4 million and G&A of $82.5 million accounted for the rest.

銷售及行銷支出 1,440 萬美元，一般及行政費用 8,250 萬美元，佔剩餘部分。

The gas spend includes non-operational items such as acquisition-related costs, as well as some non-cash costs such as SBC stock-based compensation.

天然氣支出包括非經營性項目，例如收購相關成本，以及一些非現金成本，例如 SBC 股票選擇權補償。

For the quarter, stock-based compensation accounted for $72.9 million driven primarily by incentives to attract and retain the world-class talent we are putting together.

本季度，股票選擇權激勵支出為 7,290 萬美元，主要目的是激勵公司吸引和留住我們正在組建的世界一流人才。

The details for this are also available in our press release.

相關詳情請參閱我們的新聞稿。

And will be available in our 10 will be filed, which will be filed shortly.

並將於近期提交的 10 份文件中提供。

GAAP EPS in the quarter was a loss of $3.58.

本季GAAP每股虧損3.58美元。

The biggest item in the GAAP EPS is related to the mark to market we are required to do each quarter.

GAAP EPS 中最大的項目與我們每季必須進行的市值計價有關。

This is associated with the warrants outstanding.

這與未執行的認股權證有關。

And for context in 23.

以及第 23 點的背景資訊。

This cost alone amounted to an EPS impact of minus 2.99.

光是這項成本就對每股收益造成了 -2.99 的影響。

Dollars.

美元。

Again, for context, our stock price, as our stock price rises, so do these non-cash, non-operating warrant expenses.

再說明一下，我們的股價上漲，這些非現金、非經營性認股權證支出也會隨之增加。

Other one-time expenses, such as the previously mentioned acquisition costs accounted for for a remainder. And if you adjust for the sort of non-operating expenses, Our adjusted EPS.

其他一次性支出，如前面提到的購置成本，計入剩餘部分。如果根據非經營性支出進行調整，我們的調整後每股收益為：

Was a loss of $0.17.

虧損0.17美元。

We believe this latter adjusted EPS number is more representative of the business' ongoing operating performance.

我們認為，後一個調整後的每股盈餘數字更能代表公司持續的經營績效。

And therefore we have introduced this metric.

因此，我們引入了這項指標。

Turning now to our balance sheet.

現在來看我們的資產負債表。

Cash equivalents, and investments as of September 30, 2025 for $1.5 billion.

截至 2025 年 9 月 30 日，現金等價物及投資為 15 億美元。

In October we closed an additional $2 billion capital raise.

10月我們完成了額外的20億美元融資。

Which brings our pro forma cash balance to $3.5 billion as of October 14th.

截至10月14日，我們的備考現金餘額為35億美元。

With no debt on our balance sheet and the $3.5 billion.

我們資產負債表上沒有債務，擁有 35 億美元。

Solidifies IONQ as the most well capitalized pure play quantum provider in the world.

鞏固了 IONQ 作為全球資金最雄厚的純量子計算服務提供者的地位。

This financial firepower provides us with the ability to continue to invest in our market leading position.

雄厚的財力使我們能夠繼續投資，鞏固我們的市場領先地位。

And we intend to keep doing that.

我們打算繼續這樣做。

Turning to my role as Chief Operating Officer, I'm also working very closely with Niccolo and the rest of the leadership team on ensuring that our company Infrastructure and processes also scale as our unique quantum platform delivers for our customers. We are committed to operational excellence across the business.

作為首席營運官，我也與尼科洛和領導團隊的其他成員密切合作，以確保隨著我們獨特的量子平台為客戶帶來效益，我們公司的基礎設施和流程也能隨之擴展。我們致力於在整個業務範圍內實現卓越營運。

And just as an example, we are rapidly developing a unified procurement strategy to tighten lead times.

舉例來說，我們正在迅速制定統一的採購策略，以縮短交貨週期。

Bring us resiliency and generate cost benefits as we scale.

幫助我們提高韌性，並在規模擴大的過程中創造成本效益。

With our investment in Oxford Ionics and starting in particular with our 256-qubit quantum chip that Chris talked about, we can now begin to leverage the existing semiconductor ecosystem and the silicon design capabilities.

透過我們對 Oxford Ionics 的投資，特別是從 Chris 提到的 256 量子位元量子晶片開始，我們現在可以開始利用現有的半導體生態系統和矽設計能力。

By doing this, we can benefit from established foundries and mature nodes at these foundries, which also provides us with supply chain resilience as well as lower cost infrastructure.

透過這樣做，我們可以受益於成熟的代工廠和這些代工廠中成熟的節點，不僅可以增強供應鏈的韌性，還能降低基礎設施的成本。

Our quantum platform helps deliver the best price.

我們的量子平台有助於實現最優價格。

The most miniaturization.

極致的小型化。

The easiest deplorability.

最簡單的可悲之處。

And the lowest energy requirements.

而且能耗最低。

In our view, this platform approach combined with our world class engineering deployment teams.

我們認為，這種平台方法結合我們世界一流的工程部署團隊。

Enables us to deeply embed our solutions.

這使我們能夠將解決方案深度嵌入到系統中。

Into the most critical workflows at our customers.

融入我們客戶最關鍵的工作流程。

We believe this approach creates a stickiness with our customers.

我們相信這種方法能夠增強客戶黏著度。

Which further deepens as we build quantum applications in partnership with them.

隨著我們與他們合作開發量子應用，這種合作將進一步加深。

To solve their most difficult challenges.

解決他們面臨的最棘手的挑戰。

You net it all out for you.

你把所有結果都算出來了。

We are creating a quantum ecosystem.

我們正在創建一個量子生態系統。

And we will continue investing to grow our lead and deepen our competitive boat.

我們將持續投資，擴大領先優勢，增強競爭力。

Let me conclude my comments with our financial guidance for FY 2025.

最後，我想以我們對2025財年的財務預期作為我發言的結尾。

As I mentioned earlier, we achieved a record breaking quarter in Q3.

正如我之前提到的，我們在第三季取得了破紀錄的業績。

And as I said earlier also, we are investing in the business, so I'm happy to say that we now expect our Q4 revenues to be even stronger than Q3.

正如我之前所說，我們正在對業務進行投資，所以我很高興地宣布，我們現在預計第四季度的收入將比第三季更加強勁。

This breaks the seasonality we have seen in this company in prior years.

這打破了該公司往年所呈現的季節性波動法則。

With that, I'm pleased to say that we are increasing our full year 2025 revenue guidance to a new range of $106 million to $110 million.

因此，我很高興地宣布，我們將 2025 年全年營收預期上調至 1.06 億美元至 1.1 億美元。

We are also reaffirming our projections for EBITDA to be in the range of $206million to $216 million.

我們也重申了 EBITDA 的預測，即在 2.06 億美元至 2.16 億美元之間。

Which has a midpoint consistent with what we said last quarter.

這與上個季度我們所說的中點一致。

As Nicola began in his opening remarks.

正如尼古拉在開場白中所說。

We are vertically integrated with decades of engineering breakthroughs behind us.

我們是一家垂直整合型企業，背後擁有數十年的工程突破經驗。

And we believe decades more to come.

我們相信未來幾十年還會繼續如此。

With that operator you can please now open up for Q&A.

現在您可以透過該操作員開啟問答環節。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster.

謝謝。現在開始問答環節。若要提問，您可以按下電話鍵盤上的 1，然後再按 1。如果您正在使用免持通話，請在按任何按鍵之前拿起聽筒。若要撤回您的問題，請按星號，然後按 2。此時，我們將稍作停頓，整理一下我們的人員名單。

Our first question comes from Craig Ellis of B Riley Securities. Please go ahead.

我們的第一個問題來自 B Riley Securities 的 Craig Ellis。請繼續。

Operator, maybe we can move to the next caller while Craig dials back in again.

接線生，或許我們可以先接聽下一位來電者，等克雷格重新撥打電話。

Absolutely. Our next question comes from Quinn Bolton of Needham & Company LLC.

絕對地。下一個問題來自 Needham & Company LLC 的 Quinn Bolton。

Please go ahead.

請繼續。

Hey guys, congratulations on the nice results and the significant upside to guidance. I guess I wanted to start there with the revenue upside in the quarter and and Nico, can you give us some sense, how much of that came from the core quantum computing business? How much might have been spread across the security sensing and networking business, just trying to get a sense for how the business may be diversifying under your quantum platform strategy.

各位，恭喜你們取得如此佳績，業績預期也將大幅提升。我想先談談本季的營收成長情況，Nico，你能大概說說其中有多少來自核心量子運算業務嗎？有多少資金可能分散到安全感測和網路業務？我只是想了解一下，在您的量子平台策略下，業務可能會如何多元化發展。

Yeah, I would say sort of diversifying. I mean, thank you for your question, of course.

是的，我覺得這算是多元化發展吧。當然，謝謝你的提問。

I would say that we are now getting into the capability of selling solutions. That's really important. That lies at the heart of what the future of this company is, and that's largely with what Niccolo started putting in place earlier this year. So all of the products being under one roof allows us to be a one stop shop. With integrated solutions all the way from sensing to network security, I mean, think about quantum security and the relevance of something like that today when potentially encryption could be at risk a few years down the road. So what's resonating for us, to be H1st, which is what you're seeing the results, is the cumulative effect of having the solutions around security which are here and now. The solutions around recurring revenue streams and subscription type revenues that we didn't have in the past, frankly, and we now enjoy in the platform and also to your point, building on the continuing momentum in quantum computing. I'm happy to say that quantum computing's momentum continues in the same way that it has for the last 4 years. So we have a very ambitious but also very focused and targeted and in Chris' team resourced effort to maintain our technological computing leadership. The point you should take away is every other company is talking about computing. They're talking about how many cubits, and we wish them well, of course. At the same time, we have our 5th generation machine available now, our 6th machine coming next year.

我認為我們現在已經具備了銷售解決方案的能力。這真的很重要。這正是這家公司未來發展的核心所在，而這很大程度上要歸功於尼可洛今年稍早開始著手實施的各項措施。所有產品都集中在一個屋簷下，這使我們能夠成為一站式商店。從傳感到網路安全，我們提供了全方位的整合解決方案。我的意思是，想想量子安全，以及在幾年後加密技術可能面臨風險的情況下，這種技術在當今的意義。所以，對我們來說，成為 H1st 的關鍵在於，正如你所看到的，現在就擁有安全解決方案所帶來的累積效應。坦白說，我們過去沒有圍繞經常性收入來源和訂閱型收入的解決方案，而現在我們在平台上享受到了這些解決方案，而且正如您所說，這也得益於量子計算的持續發展勢頭。我很高興地說，量子計算的發展勢頭與過去四年一樣，仍在持續。因此，我們在 Chris 的團隊中投入了大量資源，制定了一項雄心勃勃但又目標明確、有針對性的工作，以保持我們在技術運算領域的領先地位。你應該明白的是，其他所有公司都在談論計算。他們在討論有多少肘尺，我們當然祝他們好運。同時，我們的第五代機器現已上市，第六代機器將於明年推出。

So we're not standing still on that. The momentum continues and we are now benefiting from sort of all of these things coming together in a platform company that no other company can match. And so I think the results that you're seeing reflect. Our ability to actually open more doors, talk about solutions instead of selling an individual product. Talk about selling security to protect networks today when every network is threatened by hackers. Virtually everything that is classical from a security standpoint, and you know this, is really not enough anymore. Jordan talked about our capabilities here. The sensing businesses that we have are super relevant.

所以，我們在這方面不會停滯不前。這種勢頭仍在繼續，我們現在正受益於所有這些因素匯聚成一個平台型公司，這是其他任何公司都無法比擬的。所以我認為你看到的結果反映了這一點。我們有能力真正打開更多的大門，討論解決方案而不是推銷單一產品。如今，每個網路都受到駭客威脅，我們卻還在談論銷售網路安全產品來保護網路安全。從安全角度來看，幾乎所有傳統的安全措施（你也知道這一點）都已經遠遠不夠了。喬丹談到了我們在這裡的能力。我們擁有的感測業務非常重要。

Because you've heard of GPS spoofing, no doubt, and you think about atomic clocks, PNT, position navigation timing, the ability for us to put that in place with incredible accuracy is something that we believe no other company can offer. So I think that you're seeing the results of everything, but yes, to answer your question directly, we've got great momentum on our computing business. We're not stopping. We're going to have the most number of cubits next year and in 5 years from now.

毫無疑問，您一定聽說過 GPS 欺騙，而且您還會想到原子鐘、PNT（定位導航授時）等技術，我們能夠以驚人的精度實現這些技術，我們相信這是其他任何公司都無法提供的。所以我覺得你現在看到了所有努力的成果，但是，是的，直接回答你的問題，我們的計算業務發展勢頭強勁。我們不會停止。明年以及未來五年，我們的肘尺數量將達到最多。

A follow-up question just it looks like the DARPABI program should be getting close to announcing the Stage B selection. I think many investors view that as a potential point of validation for those companies selected. I just wonder if you could make general comments. How are you feeling about that down selection process and your level of confidence going into that that process.

還有一個後續問題，看起來 DARPABI 專案應該快要公佈 B 階段的遴選結果了。我認為許多投資者將此視為對這些入選公司的一種潛在驗證。我只是想問您是否可以發表一些總體看法。你對這個篩選過程有什麼感覺？你對這個過程的信心如何？

Thank you.

謝謝。

Thanks, Quinn. This is Dean Cassman. So the IONQ team, which was a performer under QBI as well as the Oxford team, have both gotten immensely positive feedback from the DARPA team, and we can't say anything yet until the DARPA, leadership announces kind of the performers that are moving to Stage B, but we're very happy with the technical work and we've gotten very positive technical feedback.

謝謝你，奎因。這是迪恩·卡斯曼。因此，作為 QBI 旗下表演者的 IONQ 團隊以及牛津團隊都從 DARPA 團隊獲得了非常積極的回饋。在 DARPA 領導層宣布進入 B 階段的表演者之前，我們還不能透露任何訊息，但我們對技術工作非常滿意，並且獲得了非常積極的技術反饋。

Excellent. Thanks.

出色的。謝謝。

Dean.

院長。

Okay, so we're going to TRY we're going to TRY Craig Hallam.

好的，所以我們要嘗試一下，我們要嘗試克雷格·哈勒姆。

Our next question comes from.

我們的下一個問題來自…

Craig Ellis of B Riley Securities, please go ahead.

B Riley Securities 的 Craig Ellis，請開始。

Yeah, hopefully things are working. Thanks for taking the question. Congratulations team on the execution. Nicolo, I wanted to start with a question for you, very clear that you've established a strong platform. The question is, as you work with your government partners, as you work with your commercial customers, what application areas are you seeing being most.

是的，希望一切順利。感謝您回答這個問題。恭喜團隊出色完成任務。尼可洛，我想先問你一個問題，很明顯你已經建立了一個強大的平台。問題是，在與政府合作夥伴合作以及與商業客戶合作的過程中，您發現哪些應用領域最為突出。

Most popular presently and what looks most descendant for people that are just starting to get engaged or or maybe going on to the second or 3rd round of work with your quantum capability as we look out to 2026.

目前最受歡迎的，也是最有可能成為 2026 年之前那些剛開始接觸量子能力，或者即將進入第二輪或第三輪量子能力探索的人們的後代的。

Yeah, so I'm going to answer that probably you know more broadly than simply what the government's focused on because there's a lot of overlap between customers in the commercial space and of course the government space, right?

是的，所以我的回答是，你可能對政府關注的領域有更廣泛的了解，因為商業領域的客戶和政府領域的客戶有很多重疊之處，對吧？

We've talked about things like power grid optimization. We've talked about programs like Golden Dome where we have, a number of products and, as Inder rightly put it, solutions that are hugely relevant. There's obviously a stronger INQ federal team. Both on the board and the management team, which includes people like Rick Mueller, the former IARPA director, so there's a fair amount that's obviously in the classified space given that we have a lot of classified personnel deliberately in the team and in the strategy in the defense sector, if you will, you can imagine that everything from you know logistics to maintenance to AFRL we have a contract with Usize where it's quantum networking of two computers, and that's obviously been running for about a year's time.

我們討論過諸如電網優化之類的問題。我們討論過像 Golden Dome 這樣的項目，我們有很多產品，正如 Inder 正確指出的那樣，有很多解決方案，這些都非常重要。很明顯，INQ聯邦團隊實力更強了。無論是董事會還是管理團隊，都包括像前 IARPA 主任 Rick Mueller 這樣的人，所以顯然有很多內容屬於機密領域，因為我們團隊和國防領域的戰略中特意安排了很多機密人員。你可以想像，從後勤到維護，再到 AFRL，我們與 Usize 簽訂了一份合同，內容是兩台電腦的量子網絡，而且顯然已經運行了大約一年。

I think it's safe to say that there is more that we're able to offer in the quantum realm for more agencies in their company on the planet, and we have a deliberate strategy for not just the US but what's called the five eyes. And of course NATO beyond that we're proud of the fact that we're making, considerable inroads in our investments in Europe and of course we have our President of quantum computing in the UK.

我認為可以肯定地說，我們在量子領域能夠為全球更多機構提供更多服務，而且我們不僅針對美國，還針對所謂的「五眼聯盟」制定了周密的策略。當然，北約除此之外，我們也為我們在歐洲的投資取得的顯著進展感到自豪，而且我們在英國還有一位量子計算領域的領導者。

I was the only quantum CEO at the Checkers Technology prosperity deal last month right between President Trump and Prime Minister Starmer. So I think it is safe to take away from that that we have fantastic momentum with Let's just say the classified space and ministers of many friendly and allied nations, but I think that the applications we're working on have much broader applications in the commercial sector, right? There's overlap for companies of scale in the commercial space with what the government's interested in. In fact, it is overlap, anyone that has any scale, right? Nobody wants to get hacked, H1stly, Craig, right? And things like quantum cybersecurity and QKD, they're hugely irrelevant today because people are getting hacked today.

上個月，在川普總統和史塔默首相之間舉行的 Checkers Technology 繁榮協議會議上，我是唯一一位量子技術公司的執行長。所以我認為可以肯定的是，我們在保密領域以及許多友好盟國的部長級官員中取得了巨大的進展，但我認為我們正在開發的應用在商業領域有著更廣泛的應用，對吧？商業領域中具有規模的企業與政府感興趣的領域有重疊之處。事實上，這是重疊的，任何有一定規模的人都會這樣認為，對吧？誰都不想被駭客攻擊，對吧，克雷格？而像是量子網路安全和量子金鑰分發之類的東西，如今已經完全無關緊要了，因為人們現在仍然會受到駭客攻擊。

You heard me say in the past that you can spot our quantum security customers because they're typically not in the news for data breaches, and nobody really wants to be in the news for data breaches, right?

你以前聽我說過，你可以透過資料外洩事件來辨識我們的量子安全客戶，因為他們通常不會出現在新聞中，而且沒有人真的想因為資料外洩事件而上新聞，對吧？

So we're an integral part of not just national security but national economic security as we see it, and we're an integral part of where the Fortune 500. Is planning out their road maps in the next few years, frankly, across across our business.

因此，我們不僅是國家安全的重要組成部分，而且在我們看來，我們也是國家經濟安全的重要組成部分，我們也是財富 500 強企業的重要組成部分。坦白說，他們正在規劃未來幾年我們整個業務的發展路線圖。

That's really helpful and then the follow-up is for in your prepared remarks, I think you mentioned that there were multiple 3 digit millions deals that the company was working on. I think Jordan mentioned something that might be in the billion dollar range. Can you just talk about the timing with which the company might be able to realize those? Is that something that's possible later in 2025? Is it 2026 or longer-term?

這真的很有幫助。接下來我想問的是，在您準備好的演講稿中，您提到公司正在洽談多個價值數千萬美元的交易。我認為喬丹提到過一筆可能價值十億美元的交易。您能否談談公司大概需要多長時間才能實現這些目標？2025 年稍後有可能實現嗎？是指2026年還是更長？

Thank you.

謝謝。

Thanks for the question. I think that you caught the gist of what I think we want to make sure that you all understand a solution.

謝謝你的提問。我想你們已經明白了我的意思，我們想確保你們都理解解決方案。

Is measured in very different ways than a single product, so what we are now able to do is deliver an integrated solution.

衡量標準與衡量單一產品截然不同，因此我們現在能夠提供的是整合解決方案。

To your point, how do these develop? How do they get announced? Clearly we will be sharing with you more once we are ready to. And also, as we get into early 2026, we can start talking about guidance for 26. I'm not suggesting this to be put into guidance and your financial model for tomorrow, for sure, right?

正如您所說，這些是如何發展的？它們是如何公佈的？一旦準備就緒，我們一定會與大家分享更多資訊。此外，到了 2026 年初，我們就可以開始討論 2026 年的指導方針了。我當然不是建議把這個內容納入你們明天的財務指導和財務模型中，對吧？

You need to understand though that the nature of the game has changed.

但你需要明白，遊戲的性質已經改變了。

And I think gone are the days when it's sort of like butting heads to sell a single product, and maybe our competitors are still doing that, and we risk them well. That's what makes an industry happen actually.

我認為那種為了推銷單一產品而互相較勁的日子已經一去不復返了，雖然我們的競爭對手可能還在這樣做，但我們冒著風險也要好好應對。這才是真正推動一個產業發展的因素。

We're not standing still. We're just putting together the platform that solves real world solutions. And if you look at the DOE announcement that I referenced earlier, that's a great evidence point for you. If you think about the vision of what Golden Dome is trying to achieve.

我們並未停滯不前。我們正在建立一個能夠解決現實世界問題的平台。如果你看看我之前提到的能源部公告，那將會是一個很好的證據。如果你想想金頂教會想要實現的願景。

Classical computing cannot address it. And the products that we've developed that are both terrestrial, that are space-based as well, the sensing, these components have come together.

傳統計算方法無法解決這個問題。我們開發的地面和太空產品，以及感測技術，這些組件已經結合在一起。

With a strategy and reason, and we are now able to provide that, as Nicola said, not only for one type of a customer and one type of a solution such as Golden Dome, but also to other countries that have similar needs. So watch this space, I think 2 quarters in to this role I'm feeling great about where we are. The sort of performance that is flowing through the financials today gives me a real confidence. The fact that, as I mentioned, we have more of our revenue that is of a repeatable nature now as well that gives me near term visibility and then as the what you called it 300 or 3 digit million opportunities emerge, develop, they take a few years obviously to execute, but at the same time you have a few of those layering on and ahead of you and you're the only company positioned to strike now.

正如尼古拉所說，有了策略和理由，我們現在不僅能夠為像 Golden Dome 這樣的特定類型的客戶和特定類型的解決方案提供服務，而且還能夠為其他有類似需求的國家提供服務。所以敬請期待，我認為上任兩個季度後，我對我們目前的狀況感到非常滿意。目前財務狀況的良好表現讓我充滿信心。正如我之前提到的，我們現在有更多可重複的收入來源，這讓我對近期前景有了更清晰的認識。然後，正如你所說，那些價值 3 億美元或數億美元的機會出現、發展，顯然需要幾年時間才能實現，但與此同時，你面前也湧現出一些這樣的機遇，而你是唯一一家現在就準備抓住它們的公司。

Then it's it's a terrific opportunity for us, but I don't want you to put that into your model just yet. Let us take you through there. Let us show you the evidence of that as we go forward, but we are looking at these very types of opportunities.

那麼這對我們來說是一個絕佳的機會，但我現在還不希望你把它納入你的模型中。讓我們帶您參觀一下。接下來我們會逐步向您展示證據，但我們正在關注的正是這類機會。

Excellent thanks.

非常感謝。

Guys.

夥計們。

Our next question comes from Troy Jensen of Cantor Fitzgerald. Please go ahead.

我們的下一個問題來自 Cantor Fitzgerald 公司的 Troy Jensen。請繼續。

Hey, gentlemen, congrats on nice results.

嘿，各位先生，恭喜你們取得好成績。

Thank you.

謝謝。

Hey Chris R Niccolo, a question for you. I just want to make sure I understand the timeline of the Oxford ionics acquisition.

嗨，克里斯·R·尼科洛，有個問題想問你。我只是想確認一下我是否理解牛津離子公司收購案的時間軸。

Will the Oxford chip be in the 6th generation computer that you're launching in 206, and can you tell us just the technical stats if you're going to have the 256 cubic count and 49 Fidelity.

牛津晶片是否會出現在你們將於 2006 年推出的第六代電腦中？如果你們打算採用 256 立方數和 49 Fidelity，能否告訴我們一些技術參數？

Thank you. This is Chris Ballance.

謝謝。這是克里斯·巴蘭斯。

Yes, that's right in the 2026ch technology development roadmap, we have the 256-cubit device that's based on electronic qubit control.

是的，沒錯，在 2026ch 技術發展路線圖中，我們有基於電子量子位元控制的 256 立方位元元件。

And it's precisely in this electronic qubit control architecture that we demonstrated in a technology prototype earlier on this quarter, the 492 qubit gate fidelity.

而正是這種電子量子位元控制架構，我們在本季早期的技術原型中展示了 492 量子位元閘保真度。

Alright, perfect. And it's maybe a quick one for Ander. Can you help us out at all on just kind of OpEx trends and you know which deals haven't closed and I mean obviously it's up to the right. I get it on the OpEx but and then also share account down would be helpful for us.

好的，完美。對安德來說，這或許很快就能搞定。您能否幫我們了解營運支出趨勢，以及哪些交易尚未完成？我的意思是，這顯然取決於右側的決策。我明白營運支出方面的問題，但是共享帳戶的關閉對我們來說也很有幫助。

Yeah, look, I think that we feel very good about where we are with our products today and then now the solutions that we've been talking about.

是的，你看，我認為我們對目前的產品以及我們一直在討論的解決方案都感到非常滿意。

I would say that we are intending to continue to increase what you would want us to increase, which is R&D and innovation. That's #1.

我想說，我們打算繼續加大你們希望我們加大投入的領域，也就是研發和創新。這是第一名。

#2, we're going to invest in our go to market. We have multiple opportunities to do that. There's the land and expand, and we've demonstrated that customer after customer after customer.

第二，我們將加大對市場推廣的投入。我們有很多機會可以做到這一點。我們有土地可以擴張，而且我們已經向一個又一個客戶證明了這一點。

We have long-term relationships, as with AFRL and others who are using successive generations of our capabilities.

我們與美國空軍研究實驗室 (AFRL) 和其他使用我們一代又一代技術的機構建立了長期合作關係。

And as I think about where we are in terms of R&D and SG&A, I think that we are also ensuring that we have the right supply chain in place, the right manufacturing capability in place, the right foundries for Chris's business in place because he's using existing foundries.

當我思考我們在研發和銷售、管理及行政費用方面的位置時，我認為我們也在確保我們擁有合適的供應鏈、合適的製造能力，以及適合克里斯業務的合適鑄造廠，因為他使用的是現有的鑄造廠。

Which is amazing from a cost standpoint.

從成本角度來看，這簡直太棒了。

We're ensuring that our IT infrastructure scales, so you will see us also investing in SG&A, but that's to make sure that those don't become bottlenecks to the incredible opportunity we have to actually create solutions for our customers. And one thing that I think shouldn't get lost, and I want to, I know I said it and Nicolo has as well, we are also building applications.

我們正在確保我們的 IT 基礎設施能夠擴展，因此您會看到我們也在 SG&A 方面進行投資，但這是為了確保這些不會成為我們為客戶創造解決方案這一巨大機會的瓶頸。還有一件事我認為不應該被忽略，而且我想強調的是，我知道我說過，Nicolo 也說過，我們也在開發應用程式。

It's not just the solution itself for the infrastructure, but it's how you use it and what do you use it for. So you'll see those expenses via our investments, and I think we have the war test that we need. We'll be prudent, of course, as you would expect us to be about how we invest and where we invest more versus less. But I've given you a flavor for where we need to drive innovation to maintain the competitive vote that we already have and maybe even deepen it.

重要的不僅僅是基礎設施解決方案本身，而是你如何使用它以及你用它做什麼。所以你會透過我們的投資看到這些支出，而且我認為我們已經經受住了必要的考驗。當然，我們會像您所期望的那樣謹慎行事，在投資方式和投資方向上做出明智的選擇。但我已經向你們展示了我們需要在哪些方面推動創新，以保持我們現有的競爭優勢，甚至可能進一步增強這種優勢。

You asked aboutcount. No, I would say that directionally Shercount by your end is probably in the range of $350 million shares plus or minus.

你問的是計數。不，我認為，就你們方面而言，Shercount 的股價走勢可能在 3.5 億美元左右。

And so I think that that reflects the investments that we've made, of course, in people and in the technologies that we have. I hope that answers your question.

所以我認為這反映了我們當然在人才和技術方面的投資。希望我的回答能解答你的疑問。

That was perfect. Thanks and good luck.

完美。謝謝，祝你好運。

Thank you.

謝謝。

Our next question comes from Richard Shannon of Craig Hallam. Please go ahead.

下一個問題來自 Craig Hallam 的 Richard Shannon。請繼續。

Hi guys, this is Tyler Anderson on for Richard Shannon. Congrats on the quarter and the acquisitions and the 4 nines.

大家好，我是泰勒安德森，代理查德香農為您報道。恭喜本季業績、收購成果、連續四個九的佳績。

I, I'm wondering to what degree has the government shutdown impacted you for upcoming deals? Has this pushed anything out? And then could you double click on what you're doing with QNex and whether or not the scope of your work has changed since you've made all these acquisitions?

我想了解一下，政府停擺對你們即將進行的交易造成了多大影響？這是否對某些事情造成了影響？然後，您能否雙擊說明您在 QNex 方面所做的工作，以及自從您完成所有這些收購以來，您的工作範圍是否發生了變化？

Yeah, so let me take the first one and I'll pass this to my colleague Jordan on the next.

好的，那我先來，下一個交給我的同事喬丹。

Look, the good news is, as I said in my prepared remarks, we are increasingly part of the fabric of what matters to our nation's national security and national economic security, and I would say that's the case more broadly.

好消息是，正如我在準備好的演講稿中所說，我們越來越成為對國家安全和國家經濟安全至關重要的組成部分，而且我認為這種情況在更廣泛的範圍內也是如此。

I think there's strong support obviously in the United Kingdom for this company given that. We acquired, I would argue, the greatest quantum company that the UK has produced in history.

有鑑於此，我認為這家公司顯然在英國擁有強大的支持。我認為，我們收購了英國史上最偉大的量子科技公司。

And so you know the allied nations of the Western world are obviously determined to prevail in the quantum space race, if you will, that is playing out on a weekly, monthly, quarterly basis here.

所以你知道，西方世界的盟國顯然決心在量子空間競賽中取得勝利，這場競賽正在這裡以每週、每月、每季的速度上演。

And so you know we haven't seen any impact bottom line from The government shutdown in the US that has at least been material.

所以你知道，美國政府停擺至少還沒有對公司業績造成實質的影響。

We are highly confident that it will be continued as a priority partner on both sides of the Atlantic, and we're highly confident, as you heard from INDER, that engagement in the systematic importance of INQ continues to be up and to the right.

我們非常有信心，它將繼續作為大西洋兩岸的優先合作夥伴，正如您從 INDER 聽到的那樣，我們也非常有信心，對 INQ 系統重要性的認識將繼續上升並向好的方向發展。

Jordan, over to you on the cue.

喬丹，該你上場了。

Next. Yeah, I'll just comment first on the government side. We're tremendously confident for our current projects. We're funded and continue to work and invoice and get paid on all of our projects, not to mention you look at what's happening today.

下一個。好的，我先從政府方面談談我的看法。我們對目前的項目充滿信心。我們資金充足，所有專案都在繼續進行、開立發票並收到款項，更不用說你看看今天發生的事情了。

Just yesterday, the National Security Space Association came out with a paper. Specifically talking about Golden Dome and how programs of record are going to need to incorporate better GPS and so we are feeling very confident that our our solutions on the quantum sensing side speak specifically to those government programs now and for the long-term future.

就在昨天，國家安全航太協會發布了一份報告。具體來說，我們談到了金穹頂計畫以及相關項目將如何需要整合更好的 GPS，因此我們非常有信心，我們在量子感測方面的解決方案能夠滿足這些政府計畫當前和長遠發展的需求。

With respect to Qex, we do not have a significant relationship with that company, but we are rapidly expanding the number of quantum networks that we are engaged in. And for example, the Geneva quantum network that we mentioned this afternoon is just the latest and greatest of quantum networks that we're able to provide.

關於 Qex，我們與該公司沒有密切的合作關係，但我們正在迅速擴大我們參與的量子網路數量。例如，我們今天下午提到的日內瓦量子網絡，就是我們能夠提供的最新、最先進的量子網路。

Hey Jordan, if I may, so I'm sorry, I may have gotten muffled. I meant, the government lab.

嘿，喬丹，如果可以的話，很抱歉，我可能說話聲音有點悶。我指的是政府實驗室。

From the announcement yesterday for the $625 million.

昨天宣布的金額為 6.25 億美元。

Got you. I, we'll follow-up with you on that one perhaps.

抓到你了。我會就此事與您聯繫。

Offline, yeah, let's take that offline and go over the detail the question if that's okay.

好的，我們有線下再詳細討論這個問題，可以嗎？

Yeah, that's absolutely. And so then, has there been any shift in customer demographic since you guys have been going out and talking about your 256 cubic quantum computer?

是的，絕對是這樣。那麼，自從你們開始宣傳你們的 256 立方量子電腦以來，客戶群是否發生了任何變化？

There is incredible interest in customers in seeing the roadmap that we've laid out and our ability to then execute against it. What we're finding is what's resonating with them is that the bomb that we have, the bill of materials that we have in terms of delivering a lower cost solution. As I mentioned earlier, with greater compute power and lower energy consumption, that is the right level of mix of things that customers are looking for in terms of TCO.

客戶對我們制定的發展路線圖以及我們執行路線圖的能力表現出了極大的興趣。我們發現，真正能引起他們共鳴的是，我們擁有的炸彈，以及我們擁有的物料清單，能夠提供更低成本的解決方案。正如我之前提到的，更高的運算能力和更低的能耗，正是客戶在整體擁有成本 (TCO) 方面所追求的理想組合。

My colleague Chris can speak more specifically about the early indicators of 256 and then 10,000, and remember our journey goes all the way up to $2 million qubits.

我的同事克里斯可以更具體地談談 256 和 10,000 的早期指標，記住，我們的旅程一直持續到 200 萬美元的量子位元。

Thanks.

謝謝。

Yeah, what I'd add on to that is with this electronic qubit control platform of which the 256-qubit product is the first, we can scale far more rapidly than other technologies because we're using existing foundries.

是的，我還要補充一點，憑藉這種電子量子位元控制平台（256 量子位元產品是該平台的首款產品），我們可以比其他技術更快地擴展規模，因為我們使用的是現有的代工廠。

So we really are using these existing semiconductor supply chains, and we're at nodes that are multiple generations old.

所以我們其實是利用現有的半導體供應鏈，而且我們所使用的節點已經有好幾代歷史了。

Everyone else in the quantum space is having to build their own supply chains out of this, and this really is a differentiator that customers see, especially in how fast we can deliver on our long-term road map.

量子領域的其他所有公司都必須從中建立自己的供應鏈，而這正是客戶所看到的差異化優勢，尤其是在我們能夠多快實現長期路線圖方面。

Yeah, so I add to that is you know you heard from Inor in his prepared remarks that obviously we're growing nicely on both sides of the Atlantic now, so you can assume there's more global interest due to our scale and the fact that we are the largest quantum company in history by any measure at this point. As you heard from Inder and Chris, winning every computing revolution comes down to as much power at, a effectively affordable, accessible price as little energy requirement and space requirement as possible, right? And so everything you hear out of IQ is about driving those metrics in the right direction, right? We want the most powerful machines at the most accessible price points with the lowest energy consumption and smallest space consumption required. We also spent a lot of time on robustness, right? And one of the things we're proud at with INQ across the board from sensing, networking, and computing is that we shift and we commercialize and we have a lot of equipment and customers in the field, right? So technology readiness levels are fantastically high relative to anything else you can find on planet Earth, and it's a feedback loop that benefits our ecosystem constantly, right? So. You've heard me talk in the past about our ecosystem, and you know at the end of the day, the platform strategy for IONQ is about winning the quantum computing, race, the quantum sensing, quantum networking, and stitching that all together so that our ecosystem is unmatched. And our ecosystem is not just hardware and entangled hardware, as you heard me talk in my remarks, but it's the software and applications on top of that. And the more of it that we have in the field of customers, of course the more feedback we get and the more embedding and critical workflows as I mentioned that occurs, right? So we're viewing this as a market share land grab opportunity of customers choosing our ecosystem because not only we're winning today and we've won for the last 5 or 10 years, but they see a clear path to us being the prevailing ecosystem, right? We're not just the GBP8 girl of quantum. We see ourselves as the Nvidia of the quantum space, and I've said that before publicly, and all signs are there if you look at what we have published between June 9th with our webinar September 12th, analyst Day, and of course. Today's earnings call that we are the technical leader in our space and also the commercializing commercial leader in the space and we're very focused on the mass market commercialization of all things quantum and making the future happen sooner if not today.

是的，我還要補充一點，正如你從 Inor 的事先準備好的發言稿中聽到的，顯然我們現在在大西洋兩岸都發展良好，所以你可以認為，由於我們的規模以及我們目前是歷史上最大的量子公司（無論從哪個角度衡量），全球範圍內都出現了更多關注。正如 Inder 和 Chris 所說，贏得每一次電腦革命的關鍵在於以盡可能低的能耗和空間佔用，獲得盡可能強大的性能，同時保持價格合理、易於接受，對嗎？所以，你從智商領域聽到的一切都是為了推動這些指標朝著正確的方向發展，對吧？我們想要性能最強、價格最實惠、能耗最低、佔用空間最小的機器。我們也花了很多時間在穩健性上，對吧？在INQ的感測、網路和運算領域，我們引以為傲的一點是，我們不斷轉型，實現商業化，並且在現場擁有大量的設備和客戶，對吧？因此，相對於地球上其他任何東西而言，我們的技術準備水平都非常高，這是一個不斷有利於我們生態系統的反饋循環，對吧？所以。你以前聽我談過我們的生態系統，你也知道，歸根結底，IONQ 的平台策略是贏得量子運算競賽、量子感測、量子網絡，並將所有這些結合起來，使我們的生態系統無與倫比。正如我剛才所說，我們的生態系統不僅僅是硬體和硬體相關的組件，還包括其上的軟體和應用程式。當然，我們在客戶領域擁有的客戶越多，我們得到的回饋就越多，正如我剛才提到的，就會有更多的嵌入式和關鍵工作流程出現，對吧？因此，我們把這看作是搶佔市場份額的機會，客戶選擇我們的生態系統，不僅因為我們現在取得了成功，而且在過去的 5 年或 10 年裡也一直保持著成功，而且他們看到了我們成為主流生態系統的清晰路徑，對吧？我們不僅僅是量子領域的8磅女孩。我們把自己視為量子領域的英偉達，我之前也公開說過這一點，如果你看看我們從 6 月 9 日到 9 月 12 日的網絡研討會、分析師日以及當然還有之後發布的內容，所有跡像都表明了這一點。在今天的財報電話會議上，我們表示，我們是該領域的技術領導者，也是該領域的商業化領導者，我們非常專注於量子技術的所有產品的大眾市場商業化，並讓未來更快到來，甚至就在今天。

Our next question comes from John McPeak of Rosenblatt Securities. Please go ahead.

我們的下一個問題來自 Rosenblatt Securities 的 John McPeak。請繼續。

John, your microphone is muted.

約翰，你的麥克風已靜音。

Why don't we come back to John, operator.

我們還是把電話轉給接線生約翰吧。

All right. Once again, if you have a question, please press star, then one. Our next question comes from David Williams of benchmark. Please go ahead.

好的。再次提醒，如果您有任何疑問，請按星號，然後按數字 1。我們的下一個問題來自 benchmark 公司的 David Williams。請繼續。

Hey, good afternoon, everyone. Thanks for taking the question and congrats on the solid execution here.

大家好，下午好。感謝您回答這個問題，也祝賀您出色地完成了任務。

Maybe first just a point of clarification, Jordan, did you mentioned earlier that you all were working on your own satellite and putting some of the technology that you acquired on that satellite. Is that, did I hear that correctly?

喬丹，或許首先需要澄清一點，你之前有沒有提到你們正在研發自己的衛星，並將你們所獲得的一些技術應用到那顆衛星上？我沒聽錯吧？

That's correct.

沒錯。

Okay, excellent and what do you expect that to be in.

好的，太好了，你希望它出現在什麼地方？

Service?

服務？

We haven't put out specific timelines for the serviceability, but what I'll say is at this moment, you have flying a quantum gravimeter.

我們還沒有公佈具體的維修時間表，但我可以肯定的是，目前你們正在飛行量子重力儀。

And that is orbiting the Earth, so these technologies that we're talking about are near term for us. They are productized. They are space tested, and we are rapidly deploying technology as quickly as possible, making it available for our customers globally.

那是繞地球運行的軌道，所以我們談論的這些技術對我們來說都是近期就能實現的。它們已被產品化。這些技術已經過太空測試，我們正在以最快的速度快速部署這些技術，使其能夠服務全球客戶。

Okay, fantastic. And maybe the next one for Dane or the doctor there if you if you kind of think about what the quantinium announcement and the release of their helio system, this is still quite a ways away from what you all have talked about, especially your roadmap, but there was some nice error correctional or logical qubit ratios there. I just kind of curious how you see that and maybe any thoughts there that you might provide just on that the helio system.

好的，太棒了。也許接下來 Dane 或那位醫生會想到，如果你仔細想想 Quantinium 的公告和他們 Helio 系統的發布，這距離你們討論過的目標，特別是你們的路線圖，還有很長的路要走，但其中確實有一些不錯的糾錯或邏輯量子比特比率。我只是有點好奇你對此有何看法，以及你對 Helio 系統有何想法。

Thank you.

謝謝。

Thanks. This is Chris Ballance. So what matters for application performance is effective error rate.

謝謝。這是克里斯·巴蘭斯。因此，對應用程式效能而言，真正重要的是有效錯誤率。

So our physical qubits are now substantially higher performance than anyone else's logical qubits. So in the short-term, for the near term road map, you can take our physical cubit count.

因此，我們的實體量子位元的性能現在比任何其他人的邏輯量子位元都要高得多。因此，就短期而言，就近期路線圖而言，您可以參考我們的實際立方體計數。

As you look at other people's logical cubit accounts, but what's also important is things like scalability, liability, deployability, as Niccolo said.

正如尼科洛所說，當你查看其他人的邏輯立方體帳戶時，可擴展性、責任性和可部署性等因素也很重要。

So our systems have been on the cloud for a very long time now, and we have a lot of battle-tested experiences of landing these systems in the field.

因此，我們的系統已經在雲端運行了很長時間，我們在將這些系統部署到實際應用中累積了豐富的實戰經驗。

And with our new electronic cubi control technology, on which we've hit this record high cuber performance.

憑藉我們全新的電子立方體控制技術，我們實現了立方體機器性能的最高紀錄。

We also end up using standard chip-based semiconductor fal which allows us to make things more reliable at the same time as reducing the cost and taking things from having knobs that need to be tuned like in competitive systems to things that are baked into a semiconductor chip which allows us to mass manufacture these things while improving reliability.

我們最終也採用了標準的基於晶片的半導體故障碼，這使我們能夠在提高可靠性的同時降低成本，並將原本需要像競爭系統那樣進行調節的旋鈕式電路，轉變為集成到半導體晶片中的電路，從而使我們能夠大規模生產這些電路，同時提高可靠性。

And David, this is Jordan. Sorry I misspoke earlier. I meant to say we have a quantum gyroscope testing, not a quantum graimeter.

大衛，這是約旦。抱歉，我剛才說錯了。我的意思是，我們正在測試量子陀螺儀，而不是量子重力儀。

Thanks for that point of clarification. I have no idea what the first one was. Thanks.

感謝您澄清這一點。我完全不知道第一個是什麼。謝謝。

Our next question comes from John McPeak of Rosenblatt Securities. Please go ahead.

我們的下一個問題來自 Rosenblatt Securities 的 John McPeak。請繼續。

Had to find the mute. Sorry guys. Zoom, so Niccolo in in team congratulations. This is kind of a longer-term question your road map.

得找到靜音器。抱歉各位。Zoom，所以Niccolo在團隊中表示祝賀。這其實是一個需要長期考慮的問題，關乎你的發展規劃。

Has you surpassing the most powerful supercomputers on planet Earth by multiples within the next year or two, and I'm just trying to get a sense qualitatively at least what what could that do to revenue growth at the company and then I have a mundane near term question after that.

你們是否計劃在未來一兩年內將效能提升至地球上最強大超級電腦的數倍？我只是想至少從定性角度了解一下，這會對公司的收入成長產生什麼影響。之後，我還有一個比較實際的近期問題。

This is Dean Casman just from a technical and capability perspective that it generates a hockey stick, right? Our double exponential growth that we have in our scaling creates an absolute blossoming of applications and use cases that you know is basically unbound and so that's the simplicity. I mean the capabilities that will be unlocked. For entrepreneurs or corporations or, the promise of quantum is now, it's right around the corner. We have a roadmap to drive it and the technology that Chris talked about that underpins it and we're executing on it.

從技術和能力角度來看，迪恩·卡斯曼（Dean Casman）的這款產品確實能產生類似曲棍球棒的效果，對吧？我們在規模擴張方面實現了雙指數級增長，從而創造了應用和用例的絕對繁榮，你知道，這基本上是無限的，這就是它的簡單之處。我是指那些將被解鎖的能力。對於企業家、公司或企業而言，量子科技的承諾就在眼前，觸手可及。我們有推進該計劃的路線圖，以及克里斯提到的支撐該計劃的技術，我們正在執行該計劃。

So yeah.

是的。

Go ahead. I'm sorry, go ahead.

前進。抱歉，請繼續。

I was just going to add on to that just how far past the best supercomputers these systems go. If we look at our 2026 256 kg product, to match that in terms of raw horsepower, you need about 1,020 H100 Nvidia GPUs, and the power consumption for that will be about a billion terawatts, which is about a billion times planet Earth's total power generation capability.

我正想補充一點，這些系統的性能遠遠超過了最好的超級電腦。如果我們看看我們 2026 年推出的 256 公斤重的產品，為了在原始馬力方面與之匹敵，你需要大約 1,020 個英偉達 H100 GPU，而其功耗將達到約 10 億太瓦，這大約是地球總發電能力的 10 億倍。

So these 2026 systems aren't just going to be more powerful than the world's largest supercomputers. They're going to be more powerful than the largest supercomputers humanity will ever build, even assuming hundreds or thousands of years of classical technology progress.

所以，這些2026年的系統不僅會比世界上最大的超級電腦更強大。即使假設人類經歷了數百年甚至數千年的古典技術進步，它們也將比人類建造過的最大超級電腦還要強大。

Yeah, the exciting thing is our bill of materials grows very modestly between where we are in 206 and where we are in 2030. So look, to answer your question of revenue growth.

是的，令人興奮的是，從 2006 年到 2030 年，我們的物料清單成長幅度非常小。所以，為了回答你關於營收成長的問題。

As I mentioned, I think at the full results we'll be talking about 26 guidance and we'll give you, maybe updates to the long-term model.

正如我之前提到的，我認為在公佈最終結果時，我們將討論第 26 條指導意見，並且可能會對長期模型進行更新。

But we're obviously on the precipice of history here and we're very excited about that as a company because there are many of us that have worked at this, for our entire careers. In the case of our founder, obviously 30 years, but we're delivering on the vision and we're doing it in a practical, robust shippable, deliverable. And frankly, affordable manner, which is what it takes for this to become, a real revolution the likes of which we've seen only in the 1980s and, in the early days of computing, what you saw in the 2010s of mobile applications. I mean, you're going to see it flourishing. Of applications, ideas, and as Dean rightly said, our application roadmap that we published on June 9th on our webinar on September 12th or analyst Day is just some examples of the applications we're working on. There's going to be many more ideas that our developer partners and networks create, particularly around, I think, the quantum AI space.

但我們顯然正站在歷史的邊緣，作為一家公司，我們對此感到非常興奮，因為我們當中有許多人畢生致力於此。就我們的創辦人而言，顯然已經過去了 30 年，但我們正在實現願景，我們正在以切實可行、穩健可靠、可交付的方式實現它。坦白說，這需要一種經濟實惠的方式，才能成就一場真正的革命，就像我們在 20 世紀 80 年代、電腦發展的早期階段以及 2010 年代的行動應用時代所看到的那樣。我的意思是，你會看到它蓬勃發展。關於應用、想法，正如迪恩所說，我們在 6 月 9 日發布的應用路線圖，以及我們在 9 月 12 日的網路研討會或分析師日上展示的應用路線圖，只是我們正在開發的一些應用範例。我們的開發者合作夥伴和網路將會創造出更多想法，尤其是在量子人工智慧領域。

Sorry, you had a second question, John.

抱歉，約翰，你還有第二個問題。

Well, that's helpful. Yeah, the language in the queue on the year over year revenue growth. Mentions the acquisition of Oxford Ionics as a cause. Is that just the lawyers saying you have to say that or or is it substantive?

那很有幫助。是的，這是關於年度營收成長的討論。提到收購牛津離子公司是原因之一。這只是律師的要求，還是有實質的內容？

No, we are required to, and we do disclose the acquisitions as we have. I think that if you're a Paul John, and by the way, congrats on your new role.

不，我們有義務這樣做，而且我們也確實像我們所做的那樣披露了這些收購。我認為，如果你是保羅約翰，順便說一句，恭喜你擔任新職務。

Yes, thank you.

是的，謝謝。

I've known you for 3 decades, so the thing is that the acquisition of I by IONQ of Oxford accelerated our roadmap by 2 years plus.

我認識你三十年了，所以問題是，牛津的 IONQ 收購 I 公司使我們的發展路線圖提前了兩年多。

And for us this was getting our solutions to market faster, of course, but also leveraging the semiconductor ecosystem, and that should not be underestimated.

對我們來說，這當然意味著更快地將我們的解決方案推向市場，但同時也意味著利用半導體生態系統，這一點不容小覷。

The ability to actually leverage 128 nanometer type nodes, which are, mature nodes, lower cost available, so we're not fighting for capacity at TSMC, for example, allows us to get things done faster, scaled more quickly at lower cost. So yes, I mean the disclosures are there for all the right reasons. The point is it's already integrated. This is our road map, and to be clear, as you're thinking about 2026 revenues.

能夠真正利用 128 奈米類型的節點（這些節點已經成熟，成本更低，因此我們不必像在台積電那樣爭奪產能），使我們能夠更快地完成工作，更快地擴展規模，並降低成本。所以，是的，我的意思是，這些資訊揭露完全是出於正當的理由。關鍵是它已經整合好了。這是我們的路線圖，需要明確的是，這是關於 2026 年的收入。

Our fifth generation machine is at the heart of our 2026 as we think about it, and the 256 cubit machine, as soon as that's ready to deploy in the market, we will do so as well. So we are doing this in a way where the transition from our organic sort of development of the quantum machine that we have been perfecting up to the fifth generation seamlessly moves to the 256 and yes. The amazing stats that Chris just went through and what the potential is to unlock protein folding, sources of other chronic diseases, battery chemistry, it's limitless, and we will make sure that we maintain our focus on the most important of those applications ourselves and then work with other partners to deliver the rest. That's the ecosystem comments that we were making earlier.

我們認為，第五代機器是我們 2026 年計畫的核心，而 256 立方英尺的機器一旦準備好投放市場，我們也會立即投放。所以我們正在以一種方式進行這項工作，即從我們不斷完善的第五代量子機器的有機發展過渡到 256，是的。克里斯剛才提到的那些驚人的數據，以及它在解鎖蛋白質折疊、其他慢性疾病的根源、電池化學等方面的潛力，是無限的。我們將確保我們自己專注於其中最重要的應用，然後與其他合作夥伴一起實現其餘的應用。這就是我們之前提到的生態系統方面的問題。

Got it, Thank you.

明白了，謝謝。

This concludes the question-and-answer session. I would now like to turn the conference back over to Nicolo Demasi for Chairman and CEO for closing remarks.

問答環節到此結束。現在我謹將會議交還給董事長兼執行長尼可洛·德馬西先生，請他致閉幕詞。

As you heard, we are confident INQ is head and shoulders the leading player in quantum computing, not only because of our existing tempo systems, but our historic 99.99% fidelity and clear path to full fault tolerance, electronic cubit control systems, and record low unit economics.

正如您所聽到的，我們有信心 INQ 是量子計算領域的領先者，這不僅是因為我們現有的 tempo 系統，還因為我們歷史性的 99.99% 保真度、實現完全容錯的清晰路徑、電子立方體控制系統以及創紀錄的低單位經濟效益。

I stands alone as the only quantum platform with the breadth and depth of integrated solutions across quantum computing, quantum networking, quantum sensing, and quantum security.

I 是唯一一個在量子運算、量子網路、量子感測和量子安全領域擁有如此廣泛而深入的整合解決方案的量子平台。

We are on a clear trajectory to deliver critical quantum cybersecurity infrastructure, ultraprecise quantum navigation, and quantum timing solutions.

我們正朝著提供關鍵量子網路安全基礎設施、超精確量子導航和量子計時解決方案的目標穩步前進。

The mass market commercialization of previously unimaginable quantum computing power will always be at the heart of our mission.

將以前難以想像的量子運算能力大規模商業化，始終是我們使命的核心。

Our relentless focus is on manufacturability and driving mass market adoption of our quantum ecosystem.

我們始終專注於可製造性，並推動量子生態系統的大規模市場應用。

Software is also an increasing focus for us as we expand beyond the hardware and aim to make our leading quantum solutions the most accessible and practical for customers worldwide.

隨著我們業務拓展到硬體以外的領域，軟體也日益成為我們的關注重點，我們的目標是使我們領先的量子解決方案成為全球客戶最易於獲取和最實用的解決方案。

Real world advantage via commercial applications combined with urgent national security needs are catapulting INQ's quantum solutions into the foreground with our nation and allies.

透過商業應用帶來的實際優勢，加上迫切的國家安全需求，正推動 INQ 的量子解決方案在我國和盟國中脫穎而出。

We are the largest pure play quantum company by any measure, revenue, patents, PhDs, balance sheet, market capitalization.

無論從收入、專利、博士數量、資產負債表或市值來看，我們都是規模最大的純量子運算公司。

As IQ scales to $2 million physical qubits, we expect to ignite growth in new application ideas, use cases, and software creativity that has not been seen since the dawn of personal computing in the 1980s and 1990s or mobile computing in the 2010s. We are tremendously excited to be leading the quantum age.

隨著 IQ 擴展到價值 200 萬美元的實體量子位元，我們預計這將激發新的應用理念、用例和軟體創造力的增長，這是自 20 世紀 80 年代和 90 年代個人計算興起或 21 世紀 10 年代行動運算興起以來從未出現過的。我們非常激動能夠引領量子時代。

Thank you all for your time today and have a great week.

感謝各位今天抽出時間，祝大家一週愉快。

This conference has now concluded.

本次會議已經結束。

Thank you for attending today's presentation. You may now disconnect your lines.

感謝各位參加今天的報告會。現在您可以斷開線路了。