IONQ Inc (IONQ) 2025 Q4 法說會逐字稿

Welcome to the IONQ Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) I would now like to turn the conference over to Hanley Donofrio, Director of Investor Relations. Please go ahead.

歡迎參加IONQ 2025年第四季財報電話會議。（操作員指示）現在我將會議交給投資者關係總監漢利·多諾弗里奧。請繼續。

Good afternoon, everyone, and welcome to IONQ's fourth quarter and full year 2025 earnings call. My name is Hanley Donofrio and I'm the Investor Relations Director here at IONQ.

各位下午好，歡迎參加IONQ 2025年第四季及全年業績電話會議。我叫漢利‧多諾弗里奧，是IONQ的投資人關係總監。

I'm pleased to be joined on today's call by Niccolo de Masi, IONQ's Chairman and Chief Executive Officer; and Inder Singh, IONQ's Chief Financial Officer and Chief Operating Officer.

我很高興今天能與 IONQ 董事長兼執行長 Niccolo de Masi 以及 IONQ 財務長兼營運長 Inder Singh 一起參加電話會議。

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

現在，所有人都應該可以查閱公司今天下午發布的2025年第四季及全年財報，該財報可在SEC網站以及我們網站投資者關係頁面（investors.inq.com）上找到。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。

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. You are directed to our earnings release for a reconciliation of adjusted EBITDA and adjusted EPS to the closest comparable GAAP measures.

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。請查閱我們的獲利報告，以了解調整後 EBITDA 與調整後 EPS 與最接近的可比較 GAAP 指標的調整情況。

During the call, we'll discuss our business outlook and make forward-looking statements, including those regarding our guidance for 2026. 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，包括有關我們對 2026 年的指導意見。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 or Form-10k for the year ended December 31, 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. Now, I will turn it over to Niccolo de Masi, Chairman and CEO of IONQ.

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 2025 年 12 月 31 日的年度報告或 10-K 表格。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。現在，我將把發言權交給 IONQ 的董事長兼執行長 Niccolo de Masi。

Thank you all for joining us on today's historic call. 2025 was a highly successful and transformational year for INQ both strategically and financially. Strategically, we expanded our business from leadership in quantum computing to become the world's leading quantum platform solution and merchant supplier.

感謝各位參加今天這場具有歷史意義的電話會議。 2025年對INQ而言，無論從策略層面或財務層面，都是極為成功且具變革意義的一年。從策略上講，我們拓展了業務，從量子運算領域的領先地位發展成為世界領先的量子平台解決方案和商業供應商。

We are the first company in history capable of delivering integrated quantum solutions across computing, networking, sensing, and security in all major allied geographies. IONQ is the world's only full stack quantum platform company operating in all domains.

我們是歷史上第一家能夠在所有主要盟國地區提供涵蓋計算、網路、感測和安全的整合量子解決方案的公司。IONQ 是全球唯一一家業務遍及所有領域的全端量子平台公司。

This strategic expansion is powered by an unmatched intellectual engine as we continue to attract the world's best and brightest quantum leaders as well as the leading quantum IP portfolio. IONQ benefits from approximately 300 PhDs and 800 talented colleagues with advanced degrees, many of whom are household names in their fields.

這項策略擴張得益於我們無與倫比的智力引擎，我們不斷吸引世界上最優秀、最聰明的量子技術領導者以及領先的量子智慧財產權組合。IONQ 擁有約 300 名博士和 800 名擁有高級學位的優秀同事，其中許多人都是各自領域的家喻戶曉的人物。

Financially, we delivered a record year, not only for IONQ but a historic one for the entire quantum industry. In the third quarter of 2025, we delivered nearly as much revenue as we did in all of 2024. In the fourth quarter of 2025, we surpassed this by growing more than 50% quarter over quarter.

在財務方面，我們取得了創紀錄的一年，不僅對 IONQ 而言如此，對整個量子產業而言也是具有歷史意義的一年。2025 年第三季度，我們的營收幾乎與 2024 年全年的營收持平。2025年第四季度，我們實現了超過50%的季度環比成長，超過了預期目標。

After becoming the first public quantum company to achieve eight figures of revenue in 2024, We grew to deliver substantially more revenue in the fourth quarter of 2025 than in the entire calendar year of 2024. Strong organic growth powered our full year 2025 revenue to be over three times that of 2024.

在成為首家在 2024 年實現八位數營收的上市量子公司之後，我們在 2025 年第四季實現的營收比 2024 年全年的營收還要高得多。強勁的內生成長推動我們 2025 年全年營收達到 2024 年的三倍以上。

Commensurately strong investor interest allowed us to fortify our balance sheet with the two largest capital raises from a single investor in quantum history. Quantum is indeed now, and IONQ is confidently leading this revolution by every measure.

投資者表現出的濃厚興趣使我們能夠透過量子計算歷史上來自單一投資者的兩筆最大規模的融資來鞏固我們的資產負債表。量子時代已經到來，而IONQ在各方面都自信地引領著這場革命。

As most listeners know, late last month we announced the largest acquisition agreement in quantum history. And the first public to public planned quantum transaction ever. SkyWater is the leading quantum foundry in the world, commercially supporting not only IONQ but also more than a dozen other quantum and DoD programs.

正如大多數聽眾所知，上個月底我們宣布了量子領域史上規模最大的收購協議。以及有史以來首次公開的、有計劃的量子交易。SkyWater 是世界領先的量子晶片代工廠，不僅為 IONQ 提供商業支持，還為十幾個其他量子晶片和國防部項目提供商業支持。

By leveraging SkyWater's unique expertise and pioneering quantum semiconductor scaling within secure trusted environments. Will we be positioned to accelerate manufacturability of IONQ's entire quantum platform roadmap. However, our mission extends beyond IONQ to power the broader US quantum industry and all our global allies.

透過利用 SkyWater 的獨特專業知識，在安全可信任的環境中率先實現量子半導體擴展。我們能否加速 IONQ 整個量子平台路線圖的量產化？然而，我們的使命不僅限於 IONQ，還要為更廣泛的美國量子產業和我們所有的全球盟友提供動力。

We aim to ensure our nation's entire quantum ecosystem moves forward with speed and security. In our joint IONQ SkyWater webinar last month, we laid out the fact that IONQ is already a leading merchant supplier to the broader quantum industry.

我們的目標是確保我國整個量子生態系統快速、安全地向前發展。在上個月我們與 IONQ SkyWater 共同舉辦的網路研討會上，我們闡述了 IONQ 已經是更廣泛的量子產業的領先商業供應商。

Our precision atomic clocks, power a number of quantum computing businesses and government contractors, and we already sell our quantum networking solutions and sensors broadly. Our modality agnostic networking components are in fact designed to integrate diverse quantum devices. Ensuring seamless connectivity across the quantum industry.

我們的精密原子鐘為許多量子運算企業和政府承包商提供動力，我們的量子網路解決方案和感測器也已廣泛銷售。我們與模態無關的網路組件實際上旨在整合各種量子設備。確保量子產業的無縫連接。

Once SkyWater is part of the IONQ family, we will become the largest quantum merchant supplier in the world. With Thomas Sonderman continuing to lead SkyWater. Our focus is accelerating our nation's quantum industry, and we will continue investing to ensure the United States prevails in this geopolitical race.

一旦 SkyWater 加入 IONQ 大家庭，我們將成為全球最大的量子技術供應商。Thomas Sonderman 繼續領導 SkyWater。我們的重點是加速發展我國的量子產業，我們將繼續投資，以確保美國在這場地緣政治競賽中取得勝利。

SkyWater has already created the compartmentalization, the protocols and the IP protections that will allow customers to continue to operate within our foundry model. We are kindred spirits with everyone supporting our nation and our allies in this quantum space race of our era.

SkyWater 已經建立了相應的隔離、協議和智慧財產權保護措施，使客戶能夠繼續在我們的代工模式下運作。我們與所有支持我們國家和盟友參與這場時代量子太空競賽的人們志同道合。

Our combined company will have the capacity and capital to grow not only US quantum R&D initiatives across quantum computing, quantum networking, quantum sensing, and quantum security, but also to ensure the US quantum manufacturing scaling.

合併後的公司將有能力和資金，不僅能夠發展美國在量子運算、量子網路、量子感測和量子安全等領域的量子研發計劃，還能確保美國量子製造規模的擴大。

SkyWater helps us build an IONQ platform that customers, especially government and other mission-driven buyers, can trust and plan around irrespective of geopolitics. Together we intend to ensure the entire US quantum industry will deliver, scale, and do so onshore with trusted processes for the good of the nation.

SkyWater 協助我們建立 IONQ 平台，讓客戶（尤其是政府和其他以使命為導向的買家）可以信賴並圍繞該平台進行規劃，而無需考慮地緣政治因素。我們共同的目標是確保整個美國量子產業能夠交付成果、擴大規模，並採用值得信賴的流程在國內實現這些目標，從而造福國家。

Returning to 2025, It has been a year of tremendous accomplishments across our product families, both technically and commercially. In quantum computing IONQ demonstrated the highest performance quantum gates in any system platform and by a wide margin.

回到 2025 年，無論在技術上還是商業上，我們所有產品系列都取得了巨大的成就。在量子運算領域，IONQ 展示了所有系統平台中效能最高的量子閘門，並且遙遙領先。

99.99% two-qubit gate fidelity means we can concentrate on system architecture and scaling. In order to make smaller and cheaper systems even as they become more powerful. While other quantum computing companies are still working on perfecting their underlying qubits and gate operations, ours are based on physics that was settled 25 years ago.

99.99% 的雙量​​子位元閘保真度意味著我們可以專注於系統架構和擴充。為了製造更小更便宜、功能更強大的系統。當其他量子運算公司仍在努力完善其底層量子位元和閘操作時，我們的技術是基於 25 年前就已確定的物理學原理。

Our fidelity advantage translates into a powerful and enduring error correction advantage. I want to highlight today that our quantum computers deliver the best-timed solution on the market. For commercially relevant applications. Time to solution is how fast a customer running an algorithm gets to accurate answers that actually solve their problem.

我們在保真度方面的優勢轉化為強大而持久的錯誤修正優勢。今天我想重點強調的是，我們的量子電腦提供了市場上速度最快的解決方案。適用於商業相關應用。解決問題所需時間是指客戶在執行演算法後獲得能夠真正解決其問題的準確答案的速度。

For example, when we look at a common quantum algorithm used for signal processing, search, and factoring. IONQ is up to 1,0000x times faster than the leading superconducting system on reaching the solution.

例如，當我們觀察用於訊號處理、搜尋和因式分解的常見量子演算法時。IONQ 的解算速度比領先的超導系統快 10000 倍。

We also see a massive speed advantage in signal processing and optimization tasks with up to a 10,000x times faster solution on IONQ systems compared to superconducting. We aren't just doing theoretical work; we are solving real world problems at a speed that creates commercial utility.

我們也看到，在訊號處理和最佳化任務中，IONQ 系統比超導系統快 10,000 倍，速度優勢龐大。我們不僅僅是在做理論研究；我們正在以能夠創造商業價值的速度解決現實世界的問題。

This is how IONQ is delivering in today's competitive landscape and we're just getting started. Our near-term roadmap builds to 1,600 fault tolerant logical qubits a year. Before our competitors even get to 200. We believe we will continue to outpace competitors on commercial utility. To an accelerating extent as we unlock our application roadmap announced last fall.

這就是 IONQ 在當今競爭激烈的市場環境中取得成功的方式，而我們才剛起步。我們的近期路線圖目標是每年生產 1600 個容錯邏輯量子位元。在我們的競爭對手達到 200 之前。我們相信，在商業應用領域，我們將繼續超越競爭對手。隨著我們逐步推出去年秋季公佈的應用程式路線圖，這項進程正在加速推進。

Best of all, we deliver these advantages at a far more accessible cost for both commercial and government customers. At our analyst day in September, we shared third-party validated estimates of IONQ's full scale system cost.

最重要的是，我們以更實惠的價格為商業客戶和政府客戶提供這些優勢。在 9 月的分析師日上，我們分享了經第三方驗證的 IONQ 全套系統成本估算。

Which is 2 orders of magnitude below superconducting competitors. As stood of history, we all know that the best economics occasionally beat the best technology. But best economics and best technology is what makes markets and builds an irresistible ecosystem. This is what IONQ is poised and focused on delivering.

這比超導競爭對手低兩個數量級。從歷史來看，我們都知道，最好的經濟手段有時會勝過最好的技術。但最好的經濟模式和最好的技術才能創造市場，並建立一個不可抗拒的生態系統。這正是IONQ致力於實現的目標。

In Q4 2026, we are targeting to demonstrate an operational 256 qubit system which will be our sixth-generation machine in the market. With our world leading two-qubit gate fidelity, we expect to unlock substantial value for our customers and explore world changing applications this year.

我們計劃在 2026 年第四季展示一個可運作的 256 量子位元系統，這將是我們面向市場的第六代機器。憑藉我們世界領先的雙量子比特門保真度，我們期望今年能為客戶創造巨大價值，並探索改變世界的應用。

Last year we worked closely with dozens of customers around the world who use our quantum computers to run complex applications. A prime example is our continuing work with Ansys and Synopsys as we pursue a mutual goal of commercializing quantum in the engineering space.

去年，我們與世界各地數十家客戶密切合作，他們使用我們的量子電腦運行複雜的應用程式。一個典型的例子是我們與 Ansys 和 Synopsys 的持續合作，我們共同的目標是在工程領域實現量子技術的商業化。

To paraphrase the CEO synopsis on my quantum panel at the World Economic Forum in Davos last month. The key driver of innovation is complexity. Customers do not adopt new technology because they're curious, but because they need to solve a problem in a more affordable way.

簡單概括一下上個月我在達沃斯世界經濟論壇量子力學小組討論會上執行長的總結發言。複雜性是創新的關鍵驅動力。顧客採用新技術並非出於好奇，而是因為他們需要以更經濟的方式解決問題。

We help customers around the world do just that, running applications from pharmaceuticals and automotive to chemistry and AI with the fastest, most energy efficient and cost-effective approach. In quantum networking among numerous deployments, we partnered with the US Air Force Research Lab to achieve the first cubit to photon frequency conversion in a field deployable system.

我們幫助世界各地的客戶實現這一目標，以最快、最節能、最具成本效益的方式運行從製藥和汽車到化學和人工智慧等各個領域的應用程式。在眾多部署專案中，我們在量子網路領域與美國空軍研究實驗室合作，在現場可部署系統中實現了首次立方體位元到光子的頻率轉換。

This ensures real world quantum networks on existing standard fibre optic commercial infrastructure. We also won the contracts to deliver multiple international quantum networks, including the world's first citywide dedicated quantum network in Geneva, Switzerland.

這確保了在現有的標準光纖商業基礎設施上建立現實世界的量子網路。我們還贏得了多個國際量子網路的交付合同，其中包括瑞士日內瓦全球首個城市級專用量子網路。

Slovakia's first national quantum communication network and one of Europe's largest operational QKD networks to date in Romania. In quantum sensing Our atomic clocks and inertial sensors are the highest performing fielded devices for their form factors.

斯洛伐克首個國家量子通訊網路和迄今為止歐洲最大的運作中的量子金鑰分發網路之一位於羅馬尼亞。在量子感測領域，我們的原子鐘和慣性感測器是同等尺寸設備中性能最高的。

Our quantum sensors already operate in domains from under the ocean to up in the air. This technology leadership is translating directly into high value defence partnerships, including US Navy contracts for miniature ultra stable atomic clocks and US Army contracts to provide resilient timing systems for GPS denied environments.

我們的量子感測器已經在從海底到高空的各個領域運作。這種技術領先地位正直接轉化為高價值的國防合作夥伴關係，包括美國海軍的微型超穩定原子鐘合約和美國陸軍的為 GPS 訊號受限環境提供彈性授時系統的合約。

Our clocks are the highest performing in the marketplace and they are shrinking in size. Most recently, in partnership with DARPA, we successfully reduced our clock size by 6X. While maintaining similar performance, a breakthrough that paves the way for integration into satellite payloads.

我們的時鐘是市場上表現最高的，而且體積還在持續縮小。最近，我們與 DARPA 合作，成功地將時鐘尺寸縮小了 6 倍。在保持類似性能的同時，這項突破為將其整合到衛星有效載荷中鋪平了道路。

Together, IONQ's market leading quantum sensing technologies complement our quantum computing and quantum networking infrastructure to position IONQ as the partner of choice for the mission critical needs of defence, aerospace, and sovereign nation customers.

IONQ 的市場領先的量子感測技術與我們的量子運算和量子網路基礎設施相輔相成，使 IONQ 成為國防、航空航太和主權國家客戶關鍵任務需求的首選合作夥伴。

We bolstered our IONQ federal team with the appointment of Katie Arrington as our CIO. Until recently, the acting CIO of the Department of War. And adding General John Raymond to our aboard, the first Chief of Space Operations for the United States Space Force. Rick Mueller joined last year also, having until then been the Director of IARPA. Dean Acosta joined to run communications and government relations, having previously held the same role at Lockheed Martin.

我們任命 Katie Arrington 為資訊官，從而加強了我們的 IONQ 聯邦團隊。直到最近，戰爭部代理資訊長。此外，我們也迎來了約翰·雷蒙德將軍，他是美國太空軍首任太空作戰部長。Rick Mueller 去年也加入了 IARPA，此前他一直擔任 IARPA 的主任。迪恩·阿科斯塔加入公司負責通訊和政府關係，他此前曾在洛克希德·馬丁公司擔任過同樣的職位。

The collective expertise of these leaders uniquely positions IONQ to navigate the complexities of the federal landscape and win large scale mission critical federal contracts. Geographically, we deepened momentum in South Korea through our QKD National Security Accreditation and KISTI Systems sale win.

這些領導者的集體專業知識使 IONQ 擁有獨特的優勢，能夠駕馭聯邦環境的複雜性，並贏得大規模的關鍵聯邦合約。從地理上看，我們透過獲得 QKD 國家安全認證和 KISTI 系統銷售合同，進一步鞏固了在韓國的發展勢頭。

Where IONQ is now anchoring the country's largest quantum classical compute platform. We also expanded our agreement with Quantum Basel in Switzerland to over $60 million spanning 4 years and 4 generations of IONQ systems.

IONQ 目前是全國最大的量子經典運算平台的核心。我們也擴大了與瑞士 Quantum Basel 的協議，金額超過 6,000 萬美元，涵蓋 4 年和 4 代 IONQ 系統。

In the EU we struck a partnership with leading autonomous vehicle company Enwright of Sweden and incorporated IONQ Italy under the leadership of Dr. Marco Pistoia, the Former Head of Quantum at JPMorgan.

在歐盟，我們與瑞典領先的自動駕駛汽車公司 Enwright 建立了合作夥伴關係，並在摩根大通量子部門前主管 Marco Pistoia 博士的領導下成立了 IONQ Italy 公司。

In Canada and Sweden, we struck a partnership with CCRM to accelerate the development of advanced therapeutics, reinforcing the transformative impact of quantum in the pharmaceutical sector and building on the proven results of our work with AstraZeneca last year.

在加拿大和瑞典，我們與 CCRM 建立了合作夥伴關係，以加速先進療法的開發，從而加強量子技術在製藥領域的變革性影響，並建立在我們去年與阿斯特捷利康合作取得的已證實成果之上。

Scott Malari joined us to lead our global commercial efforts, having previously led the AI team at Dell. Chad Sakak joined us to run field engineering and pre-sales following his distinguished career doing the same at EMC and Dell.

Scott Malari 加入我們，領導我們的全球商業工作，他之前曾領導戴爾的 AI 團隊。Chad Sakak 加入我們，負責現場工程和售前工作，此前他在 EMC 和戴爾從事這方面的工作取得了卓越的成就。

Under their leadership, our expanded commercial team is positioned to accelerate our global go to market strategy, delivering our full stack quantum solutions to meet the evolving needs of our global enterprise customers.

在他們的領導下，我們擴大的商業團隊將加速我們的全球市場推廣策略，提供全端量子解決方案，以滿足我們全球企業客戶不斷變化的需求。

Moving now on to 2026. As our team knows, we have three key objectives. First, to drive superior financial performance by leveraging our scale and our complete platform to further accelerate our commercial execution. Our strategic evolution into the world's only full stack quantum platform company positions us with continued momentum to achieve $235 million in revenue in 2026 at our current guidance midpoint.

接下來展望2026年。我們團隊都知道，我們有三個主要目標。首先，利用我們的規模和完整的平台，進一步加快商業執行，從而推動卓越的財務表現。我們向全球唯一一家全端量子平台公司的策略轉型，使我們保持了持續的成長勢頭，預計在 2026 年實現 2.35 億美元的收入（按我們目前的預期中位數計算）。

Second, to answer the key strategic questions that unlock exponential value in our product families and across our global quantum platform. DARPA QPI phase C and the next generation GPS, which is orders of magnitude more accurate, are examples of our ambitions here.

其次，要回答關鍵的策略問題，以釋放我們產品系列和全球量子平台的指數級價值。DARPA QPI C 階段和下一代 GPS（精度要高出幾個數量級）就是我們在此領域雄心壯志的例證。

Third, to H1 our internal operating system for efficiency, speed, and talent density as we scale. We continue to make smart, disciplined, organic investments to move technical progress earlier in all our product families. We will also continue to consider value enhancing acquisitions to further deepen our product and service offerings and accelerate our long-term path to profitability.

第三，隨著我們規模的擴大，我們將內部作業系統提升效率、速度和人才密度。我們將繼續進行明智、嚴謹、穩健的投資，以加快所有產品系列的技術進步。我們將繼續考慮進行能夠提升價值的收購，以進一步深化我們的產品和服務，並加快我們實現長期獲利的步伐。

You will hear us talk more about both time dissolution and cost dissolution. Areas where IONQ has and will always excel. And we will unlock utility for Fortune 500 companies, US and allied governments alike. Our North Star is to positively impact all aspects of applied science by pioneering and globally commercializing the world's quantum solutions.

您將會聽到我們更多地談論時間溶解和成本溶解。IONQ 一直以來都表現出色，未來也必將如此。我們將為財富 500 強企業、美國及其盟國政府釋放效用。我們的目標是透過開拓創新和在全球範圍內商業化世界量子解決方案，對應用科學的各個方面產生積極影響。

2026, I believe, begins the era of truly showing IONQ's quantum platform in action in all its forms and domains. Quantum applications, quantum computers, quantum networks, quantum security, and quantum sensors. IONQ is one platform, one team primed and poised to win.

我認為，2026 年將開啟 IONQ 量子平台真正展現其在各種形式和領域應用的新時代。量子應用、量子電腦、量子網路、量子安全和量子感測器。IONQ 是一個平台，一個團隊，已做好充分準備，必將獲勝。

As we advance our strategy and deliver on our objectives, we are confident we will drive significant value creation for shareholders. As I conclude, allow me to thank my colleagues for their tremendous efforts in 2025 and the entire US quantum industry for their trust.

隨著我們推進策略並實現目標，我們有信心為股東創造巨大價值。最後，請容許我感謝我的同事們在 2025 年付出的巨大努力，以及整個美國量子產業對我的信任。

We are here to speed up all of our nation's quantum initiatives and players using our merchant supplier capabilities. IONQ is here to support all initiatives at the White House, DOW, DOC, DOE, and Capitol Hill Advance to ensure our country and its allies' benefit from US quantum leadership in the 21st century.

我們致力於利用我們的商家供應商能力，加快我國所有量子技術計畫和參與者的發展。IONQ 致力於支持白宮、陶氏化學、商務部、能源部和國會山莊推進各項舉措，以確保我國及其盟友在 21 世紀受益於美國的量子領導地位。

We look forward to 2026 and beyond with confidence as IONQ's technical roadmap is delivered across all product families and our operating momentum continues to build. I am delighted now to hand you over to Inder Singh, IONQ's CFO and COO.

我們對 2026 年及以後充滿信心，因為 IONQ 的技術路線圖將在所有產品系列中得到落實，我們的營運動能也將持續增強。現在我很高興地將麥克風交給 IONQ 的財務長兼營運長 Inder Singh。

Thank you very much, Niccolo. It really has been an amazing year for IONQ. I'm extremely pleased that 2025 has been such a transformative and record setting year for us from virtually every lens that I can see. From record setting financial results to exceptionally strong commercial sales globally to unmatched technology breakthroughs like the 49 Fidelity you mentioned.

非常感謝你，尼可洛。對IONQ來說，這真是令人驚嘆的一年。從我所能看到的幾乎所有角度來看，2025 年對我們來說都是一個具有變革意義且創下紀錄的年份，我對此感到非常高興。從創紀錄的財務表現到全球異常強勁的商業銷售，再到無與倫比的技術突破，例如您提到的 49 Fidelity。

It was the year in which we transformed the company from a single product, quantum computing company in 2024. To a full stack quantum platform company able to deliver not just quantum computing. But as you said, quantum networking, quantum security, quantum sensing, interconnects, laser-based communications, the world's most precise PNT, and on and on.

那一年，我們實現了公司從單一產品轉型為量子運算公司，目標是在 2024 年實現這一目標。成為一家能夠提供量子運算以外功能的全端量子平台公司。但正如你所說，量子網路、量子安全、量子感測、互連、基於雷射的通訊、世界上最精確的定位、導航和授時系統等等。

In short, from one amazing product to the world's most comprehensive quantum product portfolio. In the process, we also became the quantum industry's merchant supplier. Yes, as Niccolo noted, we provide components to our pre-approved companies in the quantum space. And as you heard from Niccolo, we're not stopping there.

簡而言之，從一款卓越的產品發展成為全球最全面的量子產品組合。在這個過程中，我們也成為了量子產業的供應商。是的，正如尼科洛指出的那樣，我們向量子領域的預審合格公司提供組件。正如尼科洛所說，我們不會就此止步。

We've announced our intent to acquire Skyater Technologies, already recognized as the most secure fab in the United States. With SkyWater, once it receives regulatory approval, we would have both surety of supply and security in our solutions. With more than $3 billion of cash among our financial firepower, we intend to bring that surety and security in the most advanced and secure products to our customers around the world.

我們宣布有意收購 Skyater Technologies，該公司已被公認為美國最安全的晶圓廠。SkyWater一旦獲得監理機關的批准，我們就能確保供應穩定，並保障解決方案的安全。我們擁有超過 30 億美元的現金儲備，財力雄厚，我們計劃將這種保障和可靠性帶給世界各地的客戶，提供最先進、最安全的產品。

Let me highlight our financial results which helped really punctuate what you and I just talked about. IONQ ended 2025 with an exceptional fourth quarter following a record setting third quarter.

讓我重點介紹一下我們的財務業績，這確實印證了你我剛才談論的內容。IONQ 在 2025 年第三季創下紀錄後，第四季業績表現優異，為 2025 年畫上了圓滿的句號。

Fourth quarter revenues were $61.9 million even exceeding our own expectations and growing 429% year over year. This brought our full year 2025 revenues to $130 million comprising 202% year on year growth. These historically high results mean that IONQ has outperformed our revenue guidance once again. Exceeding the midpoint by 55% for the fourth quarter and 20% for the full year.

第四季營收達 6,190 萬美元，甚至超過了我們自己的預期，年增 429%。這使得我們 2025 年全年營收達到 1.3 億美元，年增 202%。這些歷史性的高績效意味著 IONQ 再次超越了我們的營收預期。第四季超出中點 55%，全年超出中點 20%。

Our full year revenues now exceed the street expectations for 2025 revenues of the other pure play quantum players combined. Let me take a moment to talk about some key drivers of what the performance we saw this quarter and this year. First, we saw tremendous demand from customers for our latest fifth generation 100 qubit tempo system.

我們全年的收入現在超過了市場對其他純粹量子計算公司 2025 年收入總和的預期。我想花點時間談談本季和今年業績取得良好表現的一些關鍵驅動因素。首先，我們看到客戶對我們最新的第五代 100 量子位元 Tempo 系統有著巨大的需求。

In the fourth quarter, we welcome Christie of South Korea as a new customer of our fifth-generation system. This sale highlights IONQ's distinct value and the ability for us to win even against competitors that may be larger than us. Or more entrenched or bigger marketing dollars, the value and the strength of our product clearly shine through.

第四季度，我們迎來了韓國 Christie 公司成為我們第五代系統的新客戶。這項交易凸顯了 IONQ 的獨特價值，以及我們即使面對規模比我們更大的競爭對手也能獲勝的能力。即使投入更多資金或更強大的行銷力量，我們產品的價值和實力仍會顯露出來。

Customers are choosing to partner with IONQ because of our industry leading tech roadmap today and the tech roadmap we have announced for the next five years as well. We also welcomed another new customer, CCRM, one of the world's leading advanced therapeutic accelerators.

客戶選擇與 IONQ 合作，是因為我們擁有業界領先的技術路線圖，以及我們未來五年公佈的技術路線圖。我們也迎來了另一位新客戶 CCRM，它是世界領先的先進治療加速器之一。

Which plans to use IONQ's Tempo cloud-based solution to do bioprocess optimization, disease modelling and the design and manufacturing of advanced therapy for many health conditions. Yet another commercial success story is with Quantum Basel, which demonstrates our land and expand strategy.

該公司計劃使用 IONQ 的 Tempo 雲端解決方案進行生物製程優化、疾病建模以及針對多種健康狀況的先進療法的設計和製造。Quantum Basel 是另一個商業成功案例，證明了我們佔領和擴張的策略。

But also, that we treat our customers as partners in a journey combining theirs with ours. Quantum Basel, who already owns our prior fourth generation Forte quantum computer. Agreed in the fourth quarter to purchase our fifth generation Tempo computer. And also obtained access to our future sixth generation computer which is still in development, and this is a 256-qubit semiconductor-based computing device we expect to deliver in in 2027.

但同時，我們也把客戶視為合作夥伴，將他們的旅程與我們自己的旅程結合。Quantum Basel 已經擁有我們之前的第四代 Forte 量子電腦。第四季同意購買我們的第五代Tempo電腦。此外，我們還獲得了正在研發中的第六代電腦的使用權，這是一款基於半導體的 256 量子位元運算設備，我們預計將於 2027 年交付。

This multi-year relationship now expected to span of seven years. From the years we've been with them in the past and the four years that Niccolo mentioned with this new arrangement we have with them. It also demonstrates how one compute device can lead to the adoption of an entire roadmap.

這段多年合作關係預計將持續七年。從我們過去與他們合作的歲月，到尼科洛提到的我們與他們達成的這項新協議的四年時間。它還展示了一個計算設備如何能夠促成整個路線圖的採用。

Quantum Basel is a testament to how customer relationships turn into enduring partnerships. Beyond computing, we are seeing similar demand and adoption for our networking and post quantum cybersecurity solutions. As you also heard from Niccolo, we saw a quantum networking adoption in Geneva, in Slovakia and in Romania, IONQ is deploying one of the largest and most complex operationally post quantum cybersecurity networks in Europe.

Quantum Basel 證明了客戶關係如何轉化為持久的合作關係。除了運算領域，我們的網路和後量子網路安全解決方案也獲得了類似的需求和應用。正如您從尼科洛那裡聽到的，我們在日內瓦、斯洛伐克和羅馬尼亞看到了量子網路的應用，IONQ 正在部署歐洲規模最大、運營最複雜的後量子網路安全網路之一。

These national partnerships represent significantly larger networks than in the past and are indicative of the growing adoption of our quantum networking and our quantum security solution. Turning now to the mixer we saw for the full year 2025.

這些國家級合作夥伴關係代表著比以往更大的網絡，顯示我們的量子網路和量子安全解決方案正被越來越多的人採用。現在讓我們來看看我們看到的 2025 年全年的混合模式。

Over 60% of revenue came from commercial customers marking strong sales in the commercial sector and reflecting the customers, some of whom I named before and anecdotally Our international sales comprise more than 30% of revenue for the first time reflecting how our quantum platform or solutions are now resonating worldwide.

超過 60% 的收入來自商業客戶，這表明商業領域的銷售強勁，也反映了客戶（其中一些我之前提到過）的表現。我們的國際銷售額首次占到收入的 30% 以上，這反映出我們的量子平台或解決方案現在在全球範圍內引起了共鳴。

Because of the bread of quantum products, we are now delivering our customers list includes Singtel, SK Broadband, solid concern. I, well, it's a very long list. Importantly, this broadening customer base presents us with a golden opportunity to cross out more things to more customers.

由於量子產品的普及，我們現在的客戶名單包括新加坡電信、SK Broadband 和 Solid 集團。嗯，那可真是一份很長的清單。重要的是，不斷擴大的客戶群為我們提供了一個絕佳的機會，可以向更多客戶提供更多服務。

As we move ahead, we continue focusing on new customer opportunities around the world, including in places like Australia, Italy, Greece, India, Japan, Vietnam, Argentina, and many others. Our new CRO and the sales team are taking a very methodical approach to identifying the most compelling opportunities.

展望未來，我們將繼續專注於全球範圍內的新客戶機會，包括澳洲、義大利、希臘、印度、日本、越南、阿根廷等許多國家。我們的新任首席營收長和銷售團隊正在採取非常系統化的方法來確定最有吸引力的機會。

And taking a disciplined pursuit and capture approach. Importantly, our 2025 results included nearly 80% year on year organic growth. And I expect this to be even healthier in 2026. We are very pleased to see solid organic growth of course, even as we have broadened our product portfolio with our quantum platform.

並採取有條不紊的追捕和捕獲方法。重要的是，我們 2025 年的業績預測顯示，年成長率接近 80%。我預計到 2026 年情況會更好。當然，我們非常高興地看到穩健的內生成長，即便我們透過量子平台擴大了產品組合。

With my second successive quarter now in this role. We are continuing our focus on building strong backlog plus developing a very targeted view of our pipeline. In order to make sure that we continuously strengthen our visibility for our financial planning and also that we match demand and supply.

這已是我連續第二季擔任此職位。我們將繼續專注於建立強大的訂單儲備，並對我們的專案儲備制定非常有針對性的方案。為了確保我們持續提高財務規劃的透明度，並使供需相符。

As a demonstration of this focus in our 2025 10-k being filed today. We disclosed that our remaining performance obligations or RPO. Which provides one metric to gauge visibility over several quarters Stood at $370 million at the end of 2025. Compared to just $77 million at the end of 2024, which is almost a fivefold increase.

為了反映我們對這一重點的重視，我們今天提交了 2025 年 10-k 報告。我們揭露了我們剩餘的履約義務或RPO。這提供了一個衡量幾個季度可見度的指標，到 2025 年底將達到 3.7 億美元。相較之下，到 2024 年底，這一數字僅為 7,700 萬美元，幾乎是現在的五倍。

Turning now to EBITDA, we reported an adjusted EBITDA of negative $67.4 million for the quarter and negative $186.8 million for the year. I wanted to note that even this Adjusted EBITDA is better than the full year Adjusted EBITDA guidance that we had provided at the time of our third quarter earnings call.

現在來看 EBITDA，我們報告稱，本季調整後的 EBITDA 為負 6,740 萬美元，全年調整後的 EBITDA 為負 1.868 億美元。我想指出的是，即使是這個調整後的 EBITDA 也比我們在第三季財報電話會議上提供的全年調整後 EBITDA 預期要好。

The Adjusted EBITA reflects the fact that we are making investments. We're investing in our business and our key investment area, as you'd expect, continues to be R&D.

調整後的 EBITA 反映了我們正在進行投資的事實。我們正在投資我們的業務，而我們的主要投資領域，正如你所預料的那樣，仍然是研發。

R&D comprised $96.1 million in Q4 and for the year it was $305.7 million, that's a 123% annual increase. We will continue to invest in R&D as this helps maintain the technological advantage that we deliver for our customers and also creates new IP to extend the value for our customers in the future.

第四季研發支出為 9,610 萬美元，全年研發支出為 3.057 億美元，較去年同期成長 123%。我們將繼續投資研發，因為這有助於維持我們為客戶提供的技術優勢，並創造新的智慧財產權，從而在未來為我們的客戶創造更大的價值。

We are doubling down on investment in our computing platform which is already leading the market by multiple years by both investing in our fifth-generation tempo deployments, which are in progress this year. Which are already beginning really the build out of our sixth-generation 256 qubit computing platform as Niccola mentioned.

我們正在加倍投資於我們的運算平台，該平台已經領先市場多年，我們透過投資第五代 Tempo 部署（目前正在進行中）來實現這一目標。正如尼科拉所提到的，我們已經開始真正建立我們的第六代 256 量子位元運算平台。

And then we have our sights on our seventh-generation system beyond that. Unlike other market players, we are also investing in building our own quantum applications. In many cases in partnership with our customers and also on our own We are focusing on applications with the highest potential impact with the intent to build once and so many times.

然後，我們將目光投向更遠的第七代系統。與其他市場參與者不同，我們也在投資開發自己的量子應用。在許多情況下，我們與客戶合作，也獨立進行工作。我們專注於具有最高潛在影響的應用，旨在一次構建，多次使用。

Just a few examples of high impact applications we might build include quantum high frequency trading, Energy grid optimization, life sciences acceleration, and even the design of semiconductor chips in a more effective way, there are many others.

我們可能建構的高影響力應用的幾個例子包括量子高頻交易、能源網優化、生命科學加速，甚至以更有效的方式設計半導體晶片，還有許多其他應用。

To sum it up, our investments in R&D are not just lab experiments. We are bringing quantum to life and delivering to our customers today. Turning to net income for the fourth quarter. We reported a positive $753.7 million of GAAP net income. Which is mainly due to an approximately $950 million mark to market valuation of warrants as required by accounting conventions.

總而言之，我們在研發方面的投資不僅僅是實驗室實驗。我們正在將量子技術變為現實，並立即將其交付給我們的客戶。接下來來看第四季的淨利。我們公佈的GAAP淨利為7.537億美元。這主要是由於依照會計慣例，認股權證的市值估值約為 9.5 億美元。

Needless to say, the mark to market impact warrants are non-cash items and valuations are more related to our stock price at any given point and do not represent the operating fundamentals of our business. For the pool year 2025, we reported a negative $510 million GAAP net income. Which included warrant's valuation impact of $66.7 million.

不言而喻，以市值計價的影響認股權證屬於非現金項目，其估值與我們在任何特定時間點的股價更為相關，並不代表我們業務的基本面。2025財年，我們報告GAAP淨收入為負5.1億美元。其中包括認股權證的估值影響 6,670 萬美元。

Cash equivalent and investments as of December 31st, 2025, for $3.3 billion. The strength of our balance sheet provides us with what we consider unprecedented financial firepower to continue to invest in R&D to build out even more new products to invest in go to market resources and yes to also acquire for critical new capabilities or to accelerate our road maps.

截至 2025 年 12 月 31 日，現金等價物及投資總額為 33 億美元。我們強大的資產負債表為我們提供了前所未有的財務實力，可以繼續投資研發，開發更多新產品，投資市場推廣資源，當然也可以收購關鍵的新能力或加快我們的路線圖。

IONQ is uniquely positioned with the resources, talent, and differentiation, so we can focus on cementing our market leadership and delivering the world's most advanced quantum technologies. In every sector, ask for operational excellence which is so critical for establishing the foundation of future success. This will be one of the top priorities for Nick Hull and the leadership team in 2026.

IONQ 擁有獨特的資源、人才和差異化優勢，因此我們可以專注於鞏固市場領導地位，並提供世界上最先進的量子技術。在任何行業，都要追求卓越運營，這對於奠定未來成功的基礎至關重要。這將是尼克赫爾和領導團隊在 2026 年的首要任務之一。

And as you said, as we reported last quarter, we've already turned our focus to this very important area to prepare for the future. Deploying organizational clarity and accountability is one essential ingredient. Manufacturing under a clear leadership, customer deployment under a single leader, sales under a single leader, supply chain under a single leader and applications development ownership. All of these things comprise the building blocks of what you need to be able to ensure that there's accountability and planning.

正如您所說，正如我們上個季度報告的那樣，我們已經將重點轉向這個非常重要的領域，為未來做好準備。明確組織架構和責任是至關重要的要素之一。在明確的領導下進行生產製造，在單一領導者的領導下進行客戶部署，在單一領導者的領導下進行銷售，在單一領導者的領導下進行供應鏈管理，並擁有應用開發所有權。所有這些都是確保問責制和計劃制定所需的基本要素。

Last quarter we mentioned we have established a dedicated M&A integrations team and I'm very pleased to report that since then we have successfully integrated key functions like HR and finance and are making strong progress on IT consolidation under our new CIO. In short, we have moved to rapidly integrate our acquisitions, increase our execution velocity and deliver on key priorities.

上個季度我們提到，我們已經成立了專門的併購整合團隊，我很高興地報告，自那以後，我們已經成功整合了人力資源和財務等關鍵職能，並在新任首席資訊長的領導下，在 IT 整合方面取得了顯著進展。簡而言之，我們已著手快速整合收購項目，提高執行速度，並實現關鍵優先事項。

I'm pleased to report that our IT cybersecurity teams are now unified under the leadership of our new CIO that Niccola mentioned. Katie Arrington, who recently joined the team from the Department of War and our CISO, who also brings years of experience with many agencies and also other companies, including through other agencies and reports to Katie.

我很高興地報告，我們的 IT 網路安全團隊現在已經統一在我們新任資訊長（Niccola 提到的那位）的領導下。凱蒂·阿靈頓 (Katie Arrington) 最近從戰爭部加入我們團隊，她是我們的首席資訊安全官 (CISO)，擁有多年與眾多機構和其他公司合作的經驗，包括透過其他機構向凱蒂匯報工作。

Our goal is to create our product in as highly secure posture as possible. Last quarter, we also spoke about IONQ's unique ability to now leverage the established semiconductor manufacturing process for our next generation compute.

我們的目標是盡可能確保產品的高度安全性。上個季度，我們也談到了 IONQ 的獨特能力，即利用成熟的半導體製造流程來實現我們的下一代運算。

In January of 2026, as Niccolo noted. We announced our intent to acquire SkyWater in order to strengthen our supply chain all the way through to manufacturing. On the close of that transaction, which of course must go through a regulatory process.

正如尼科洛所指出的，2026 年 1 月。我們宣布了收購 SkyWater 的意向，以加強我們從生產製造到供應鏈的各個環節。該交易完成後，當然，這必須經過監管程序。

We would acquire SkyWater's trusted fab US based Tier One Foundry. Enabling us to ensure we would have the availability, security, and quality to scale our chip-based roadmap. Bringing us both CMOS as well as advanced packaging capability. This acquisition also builds on our already existing merchant supplier business model in which we currently serve other quantum players today.

我們將收購 SkyWater 位於美國的信譽卓著的一級晶圓代工廠。這將使我們能夠確保擁有足夠的可用性、安全性和質量，從而擴展我們的晶片路線圖。為我們帶來了CMOS技術和先進的封裝能力。此次收購也進一步鞏固了我們現有的商家供應商業務模式，我們目前在該模式下為其他量子運算企業提供服務。

As the pacesetter of the quantum industry, we do see it as a key responsibility to also help ensure in the overall development of our ecosystem. Let me turn now to fiscal year 2026 guidance, on the shoulders of the amazing 2025 numbers that we saw, we feel we have built a strong foundation for yet another year of strength in 2026.

作為量子產業的先驅，我們認為幫助確保我們生態系統的整體發展也是我們的關鍵責任。現在讓我談談 2026 財年的業績展望。憑藉 2025 年取得的驚人成績，我們感覺已經為 2026 年的另一個強勁年份奠定了堅實的基礎。

With that in mind, we are pleased to offer the following financial guidance for a full year 2026. As well as for the first quarter. For 2026 we're projecting revenues of between $225 million to $245 million for a full year. And $48 million to $51 million for the first quarter.

有鑑於此，我們很高興提供以下 2026 年全年財務指引。以及第一季的情況。我們預計 2026 年全年營收將在 2.25 億至 2.45 億美元之間。第一季營收為 4,800 萬美元至 5,100 萬美元。

Our projected revenue growth is anchored by a continued expansion of our customer base in terms of number of customers, numbers of brings that we bring to the market. And as I mentioned earlier, our guidance today is based on visibility stemming from a healthy backlog and an attractive pipeline that we will work methodically to convert.

我們預期收入成長的動力來自於客戶群的持續擴大，包括客戶數量和我們推向市場的產品數量。正如我之前提到的，我們今天的指導方針是基於健康的積壓訂單和有吸引力的銷售管道所帶來的可見性，我們將有條不紊地努力將其轉化為實際訂單。

We are projecting Adjusted EBITDA to be between negative $310 million and negative $330 million for the full year of 2026 and as I discussed today, this range represents our continued investment in critical R&D to help drive the next generation of quantum solutions across our portfolio.

我們預計 2026 年全年調整後 EBITDA 將介於 -3.1 億美元至 -3.3 億美元之間。正如我今天所討論的，這個範圍代表了我們對關鍵研發的持續投資，以幫助推動我們產品組合中下一代量子解決方案的發展。

It goes without saying that since we announced SkyWater transaction is not closed, our guidance metrics do not reflect SkyWater. We continue to operate as separate publicly traded company until such time as approvals are in hand.

不言而喻，由於我們宣布 SkyWater 交易尚未完成，因此我們的績效指引指標並未反映 SkyWater 的情況。在獲得批准之前，我們將繼續作為一家獨立的上市公司運作。

As Niccolo men mentioned at the beginning of his comments, IONQ has rapidly established itself with the world's most unique set of products and capabilities and we are for sure not stopping there. Compared to any other quantum pure play one might look at our product suite is unmatched. Our talent density is exceptional. Our business is global. We're actively selling into commercial deployment, not just labs.

正如尼科洛先生在評論開頭提到的那樣，IONQ 憑藉其世界上最獨特的產品和能力迅速確立了自己的地位，而且我們肯定不會止步於此。與其他任何量子純技術公司相比，我們的產品組合都是無與倫比的。我們的人才密度非常高。我們的業務遍及全球。我們正在積極地向商業部署領域銷售產品，而不僅僅是實驗室。

And critically for the future of quantum, we possess a merchant supplier business model that enables the entire quantum ecosystem to develop and succeed over time as we progress and yes While we do now and then take a moment to celebrate our progress.

對於量子技術的未來而言，至關重要的是，我們擁有一個商業供應商商業模式，該模式能夠使整個量子生態系統隨著我們的進步而不斷發展和成功。是的，我們偶爾也會慶祝我們的進步。

Like today, And I must say it does feel good. Tomorrow the entire IONQ team will get up and continue to dash towards delivering the world's most advanced, innovative, and complete quantum solutions for our customers. With that operator, can you please open the call for Q&A?

就像今天這樣，我必須說感覺真的很好。明天，IONQ 全體團隊將繼續努力，為我們的客戶提供世界上最先進、最具創新性和最全面的量子解決方案。請那位操作員開啟問答環節？

(Operator Instructions) John McPeake, Rosenblatt Securities.

（操作說明）約翰·麥克皮克，羅森布拉特證券。

Hey guys, can you hear me?

嘿，夥計們，你們聽得到我說話嗎？

We can, yeah.

是的，我們可以。

Okay, great. I think last time I was on mute, and I don't want to repeat that. So, congratulations on the numbers and guide. I just have a question about, the shield release that came out a couple of days ago.

好的，太好了。我想上次我把麥克風調成了靜音狀態，我不想再重複這種情況。所以，恭喜你獲得了這些數字和指南。我有一個關於幾天前發布的盾牌版本的問題。

Now that you guys have, a pretty broad portfolio of quantum assets, you talk in the release about the $151 billion opportunity. How should we think about, what you might be able to address relative to that number?

現在你們已經擁有了相當廣泛的量子資產組合，你們在新聞稿中談到了1510億美元的機會。我們該如何思考，相對於這個數字，你可能能夠解決哪些問題？

We'd love to get all of it. No, I'm kidding, John, of course. Look, we are very pleased to be included among the players that might participate in that, we intend to ensure that we deliver based on what we've built, John, and you know that one of the things that we're trying to make sure we are very clear on, maybe do a better job of is explain how we're actually a solution company we're a platform company,

我們很想全部得到。不，我開玩笑的，約翰，當然了。聽著，我們非常高興能成為可能參與其中的參與者之一，我們打算確保根據我們已經建立的東西交付成果，約翰，你知道，我們正在努力確保我們非常清楚地說明，也許應該做得更好，那就是解釋我們實際上是一家解決方案公司，我們是一家平台公司。

And I think some, in some cases we're still being compared against a single product company. And when you look at opportunities like Shield or frankly any other opportunity that we may be looking at, and we are looking at others too, you need a solution.

我認為在某些情況下，我們仍然被拿來與單一產品公司進行比較。當你審視像 Shield 這樣的機會，或者坦白說，審視我們正在關注的任何其他機會（我們也在關注其他機會），你需要一個解決方案。

You need to integrate things together. It's not enough to have a quantum computer that may work one day. It's not enough to have a quantum computer that even works today. You need to be able to link things together. You need networking. You need to be able to bring the quantum security up to industrial scale.

你需要將各個部分整合起來。光是擁有一台或許有一天能用的量子電腦是不夠的。僅僅擁有一台目前能夠正常運作的量子電腦是不夠的。你需要具備將事物連結起來的能力。你需要建立人脈。你需要將量子安全技術提升到工業規模。

You need to ensure that you're able to provide secure communications. You need to be able to make sure that you're able to deliver today, not promise something in 2029. So, we're happy to be included in that, John. I mean, I thank you for your question. Yes, we'd love to have our unfair share of it, but I think that we will deliver on the things that we promised.

你需要確保能夠提供安全的通訊。你需要確保今天就能兌現承諾，而不是承諾到 2029 年才能兌現。約翰，我們很高興能參與其中。我的意思是，謝謝你的提問。是的，我們很想分一杯羹，但我相信我們會兌現我們的承諾。

And we think we can do things in a more effective and more complete way than many of the other players that that I think we are looked at against. That said, we do these things with humility. We ensure that we have the engineering, we ensure that we have the software, we ensure that we have all the interconnections that are required. It's a solution sale, right, when you look at something like that John.

我們認為，與許多其他競爭對手相比，我們能夠以更有效、更全面的方式完成事情。儘管如此，我們做這些事時都心懷謙遜。我們確保擁有所需的工程技術，我們確保擁有所需的軟體，我們確保擁有所有必要的互連。約翰，你看，這其實是一種解決方案銷售，對吧？

Okay. That makes sense. Thank you.

好的。這很有道理。謝謝。

Nicola, do you want to add anything to that?

尼古拉，你還有什麼要補充的嗎？

No, absolutely. Look, I mean, credit to the team for an outstanding year. We did a lot obviously in 2025, and as I said, we're just getting started, so, we expect to continue momentum here and it's not just momentum in each product family, but it's of course the centre really points out between the product families where we really are inventing the future, in multiple dimensions, right? And I think that's what's appreciated to a grand extent, by our nation's shield initiative amongst many other appreciators at the moment.

不，絕對的。我的意思是，這支隊伍取得了非常出色的一年，值得稱讚。顯然，我們在 2025 年做了很多工作，正如我所說，我們才剛剛起步，所以我們希望繼續保持這種勢頭，這不僅僅是每個產品系列的勢頭，當然，這真正指向的是產品系列之間的中心，在那裡我們真正地在多個維度上創造未來，對吧？我認為，這正是我們國家「盾牌計畫」以及目前許多其他讚賞者所高度重視的。

Great, thanks.

太好了，謝謝。

(Operator Instructions) Kevin Garrigan, Jefferies.

（操作說明）凱文·加里根，傑富瑞。

Yeah, hey team, congrats on the great results in reaching over $100 million in revenue. Hey, on SkyWater, can you just update us on the status of the regulatory approval process and over the last 30 days since you made the announcement, have there been any unexpected developments, either positive or negative, that could impact the timing?

是的，嘿，團隊，祝賀你們取得了超過 1 億美元的營收佳績。嘿，關於 SkyWater，您能否向我們更新一下監管審批流程的最新進展？自從您發佈公告以來的 30 天裡，是否有任何可能影響審批時間的意外情況，無論是積極的還是消極的？

We're still looking at it in the same way that that we talked about it last time and you know I appreciate your question and thanks for your comments. It's a regulatory process. It's well defined. It's not that we try to predict how it may go or not go, we think that the model that brings together a merchant player in quantum platform which is us and a merchant provider of manufacturing service which is SkyWater.

我們仍然按照上次討論的方式看待這個問題，我很感謝你的提問和評論。這是一個監管程序。定義很明確。我們並不是要預測它會如何發展或不會如何發展，我們認為，將我們這樣的量子平台商戶和 SkyWater 這樣的製造服務提供者結合起來的模式是可行的。

It is in the interest of the nation, the industry, and all the players in it. And as I said, and as Niccolo said, we're already a merchant supplier. We supply products, components to others that you may call our competitors. We don't see them that way.

這符合國家、產業以及所有相關參與者的利益。正如我所說，也正如尼科洛所說，我們已經是供應商了。我們向其他公司供應產品和零件，這些公司可能就是我們的競爭對手。我們並不那樣看待他們。

We think that all players need to succeed and that's what that's what creates an ecosystem and an industry this industry needs the same, so we are the pacesetter, yes. We will remain the pacesetter, yes. There's a responsibility that comes with that, and we will live up to that.

我們認為所有參與者都需要成功，而這正是創造生態系統和產業的要素，這個產業也需要這樣的生態系統和產業，所以我們是領跑者，沒錯。是的，我們仍將保持領先地位。隨之而來的是一份責任，我們將不負眾望。

Yes, got it, okay, that makes sense. And just a quick follow-up continuing on the acquisition front, you guys had acquired Seed Innovations at the end of January. Can you talk about how this company fits strategically within your portfolio and what gaps it fills?

好的，明白了，這說得通。關於收購方面，我再快速跟進一下，你們在一月底收購了 Seed Innovations。您能否談談這家公司在您的投資組合中扮演的策略角色，以及它填補了哪些空白？

Sure. So, Seed is a software classified mission control business. That really is quite unique, because almost all their work is classified. I'm not going to go into huge details for you, but you can assume that it is stitching together not just component solutions that we have at IONQ but it's also helping three letter agencies and portions of our DOW, do the same, even before IONQ came along.

當然。所以，Seed是軟體機密任務控制公司。這確實非常獨特，因為他們幾乎所有的作品都是機密的。我不會詳細介紹，但你可以理解，它不僅整合了我們在 IONQ 擁有的組件解決方案，而且還在 IONQ 出現之前就幫助三字母機構和我們 DOW 的部分業務實現了同樣的目標。

So, it is a unique Opportunity for quantum, not just in the hardware sense but also in the application sense, to be part of what we're doing in programs like Shield for the prior question as well as the rest of the broader quantum platform of sensing security networking.

因此，對於量子技術而言，這是一個獨特的機遇，不僅在硬體方面，而且在應用方面也是如此，可以參與到我們在 Shield 等專案中所做的工作中（針對前面的問題），以及更廣泛的量子感測安全網路平台的其他方面。

Which we have put together in every theatre of operation from under the ocean to on top of the ocean to on land, in the air, and up in the heavens. There's a lot going on for the battlefield of the future and IONQ very much as well positioned to have hopefully our fair share and maybe even a bit more.

我們已在從海底到海面，從陸地到空中，以及所有作戰區域都部署了這些力量。未來戰場上有許多事情正在發生，IONQ 已經做好了充分的準備，希望能分一杯羹，甚至可能更多。

And just to add, I mean, the dev scoops capability and software development that Seed brings to us is actually relevant for all of IONQ and so we intend to take part in in ensuring that seed is succeeding in everything they're signing up for directly externally, but also frankly leveraging their unique capability to help us accelerate in depth op across the company as well.

另外補充一點，Seed 為我們帶來的開發能力和軟體開發實際上與 IONQ 的所有業務都息息相關，因此我們打算參與其中，確保 Seed 在所有對外簽約的業務中都能取得成功，同時坦率地說，我們也希望利用他們獨特的能力來幫助我們加速公司內部的深度運營。

Got it. Okay, that makes sense. Okay, great, thanks guys and congrats again on the results.

知道了。嗯，這說得通。好的，太好了，謝謝大家，再次恭喜你們取得好成績。

Thanks for the question.

謝謝你的提問。

(Operator Instructions) Craig Ellis, B. Riley Securities.

（操作說明）Craig Ellis，B. Riley Securities。

Thanks for taking the question and congratulations on the really strong results and the big RPO number $370 million is quite substantial. I wanted to follow-up on the guidance for calendar Six revenue at the midpoint, $235 million.

感謝您回答這個問題，並祝賀您取得了非常優異的成績，RPO 金額高達 3.7 億美元，相當可觀。我想跟進一下日曆六年營收預期中位數 2.35 億美元的預測。

Can you help give us some colour on some of the things that are driving revenues to that level, whether it be the International versus Domestic mix of business or whether it be particular programs within your computer networking or sensing capability and then just a sense in given the first quarter's guide on the linearity through the year it would seem to be that there is implied growth, but any colour would be helpful there.

您能否詳細解釋一下推動營收達到這一水準的因素，例如國際業務與國內業務的比例，或電腦網路或感測能力方面的特定項目？鑑於第一季對全年成長的預期，似乎暗示著成長勢頭，但任何細節都將對我們有所幫助。

Sure, yeah, thanks for the question. Look, I think not to provide a lot of colour underneath the guidance itself, but you can expect that we will continue to globalize the company. So that's also in there. I mentioned a number of countries that was not by accident.

當然，謝謝你的提問。你看，我認為不應該在指導意見本身之外提供太多細節，但你可以期待我們將繼續推動公司的全球化進程。所以那也包含在裡面。我提到了一些國家，這並非偶然。

I mean, we are looking at some amazing opportunities. Frankly, demand is exceeding supply, if I'm allowed to say, and we're trying to ramp up our resources to make sure that we can deliver the fifth-generation machine to as many customers as wanted.

我的意思是，我們正面臨著一些絕佳的機會。坦白說，目前需求超過了供應，我們正在努力增加資源，以確保能夠向盡可能多的客戶交付第五代機器。

We're already starting to see demand for our next generation machine, 256-qubit system. So, what gives us confidence first of all, just in general on the compute platform is the roadmap that we put out there is resonating.

我們已經開始看到市場對我們下一代機器——256量子位元系統的需求。所以，首先讓我們對計算平台充滿信心的是，我們發布的路線圖引起了大家的共鳴。

The fact that we are taking our customers on the journey with us is working. The fact that we are for deploying engineers and application developers with those customers embeds this with them, so we feel very comfortable that organic growth of our compute platform will be very strong in 2026, as I mentioned earlier.

我們讓客戶與我們一同經歷這段旅程的做法是行之有效的。我們向這些客戶派遣工程師和應用程式開發人員，這一事實將這種理念融入到他們之中，因此我們非常有信心，正如我之前提到的，我們的計算平台的自然增長將在 2026 年非常強勁。

I wouldn't be surprised if it exceeds 100% growth year on year, but that's the direction of travel. The other parts of our portfolio are also performing. The need for and the sense of urgency, frankly. To deploy post quantum security is taking on a different level of importance that didn't exist a year ago.

如果年增長率超過 100%，我不會感到驚訝，但這正是發展的方向。我們投資組合中的其他部分也表現良好。坦白說，這種需求和緊迫感是存在的。部署後量子安全技術的重要性已經達到了一年前無法想像的程度。

In fact, we are agnostic as to the type of the application that our customers want, whether it's PQC QKD, a bunch of acronyms, Alphabet soup. I won't go through all of that that we do not have religion around it. We deliver everything. We know that two years to three years from now you'll need all of it.

事實上，我們對客戶想要的應用類型持開放態度，無論是 PQC QKD，還是一堆縮寫詞，或是字母湯。我不會贅述我們這裡沒有宗教信仰這件事。我們提供所有服務。我們知道，兩到三年後，你將需要所有這些東西。

Classical cybersecurity probably at some point doesn't work. So, I think those that recognize that in some, largest bank, largest governments. The countries I named, the cities we named, I think this is just the beginning.

傳統的網路安全措施可能在某些時候會失效。所以，我認為那些認識到這一點的人，在某些方面，例如最大的銀行和最大的政府。我提到的這些國家，我們提到的這些城市，我認為這只是個開始。

So, underlying our assumption of guidance for the year also is that we will see healthy demand, which is what we're seeing, for security solutions, networking solutions, and then sensing, I think, is at the very beginning of something very exciting.

因此，我們對今年業績指引的假設也基於這樣一個前提：我們將看到對安全解決方案、網路解決方案以及感測技術的健康需求，而我們目前也確實看到了這種需求。我認為，感測技術正處於一個非常令人興奮的開端。

Niccolo talked about GPS interference, and you know how you get around things like that. That is on the minds of virtually every country at this point, as you've probably heard, right? And so, to have the world's most precise PNT solution, most precise atomic clock, the ability to deploy that in different modalities, under the water in the sky, etc.

尼可洛談到了 GPS 幹擾，你也知道如何解決這類問題。正如你可能已經聽說的，這幾乎是每個國家目前都在考慮的問題，對吧？因此，我們需要擁有世界上最精確的PNT解決方案、最精確的原子鐘，並且能夠以不同的方式部署它，例如在水下、空中等等。

That's the opportunity that we have ahead of us, which of course we have to execute on that, but the demand is there. And we intend to make sure that we deliver on elements of that for sure in 2026, but that is a multi-year journey, so that's like years of potential opportunity for us.

這就是我們面前的機會，當然，我們必須抓住這個機會，但市場需求是存在的。我們打算確保在 2026 年實現其中的一些目標，但這需要多年的時間，所以對我們來說，這就像是多年的潛在機會。

And then lastly, I think I mentioned to you that commercial is becoming bigger. Like 3 years ago and 4 years ago when Niccolo and I joined the board of this company. It was mainly labs, right? Of course it would be labs, research institutions, etc. That's where they would first see this quantum work.

最後，我想我之前跟你提到過，商業正在變得越來越大。就像 3 年前和 4 年前我和 Niccolo 加入這家公司董事會時一樣。主要是實驗室，對吧？當然，最早接觸量子力學成果的肯定是實驗室、研究機構等等。他們最先會在那裡看到這些量子力學成果。

Now the quantum works, you're starting to see, at least from our machines, people say we want this one, we want the next one, and the one after that. And so, I think as long as we are also investing in applications, which is really key, think about the iPhone with no apps. It wouldn't be as exciting, but the iPhone with the apps is what we're trying to do in the quantum space.

現在量子技術已經奏效了，你開始看到，至少從我們的機器來看，人們說我們想要這個，我們想要下一個，以及再下一個。所以，我認為只要我們也在投資應用程式（這才是關鍵），想想沒有應用程式的 iPhone 會是什麼樣子。雖然沒那麼令人興奮，但這就是我們在量子領域努力的方向，就像 iPhone 加上各種應用程式一樣。

That's the thing that I think resonates well and I think that once you have that ecosystem going and you build some of the applications yourself and you build, others will of course build apps perhaps on top. But we'll focus on the most important thing, and again we do have this sort of industry neutral merchant philosophy.

我認為這一點很能引起共鳴，而且我認為一旦你建立了這樣的生態系統，你自己開發了一些應用程序，其他人當然也會在此基礎上開發應用程式。但我們會專注於最重要的事情，而我們確實秉持著這種行業中立的商業理念。

Our machines, our system can plug into Nvidia System, Microsoft Cloud, Azure, the Google Cloud, etc. We want to make sure that we become ubiquitous. And then we also drive the highest value things ourselves, so there's a bunch of things around. Confidence from customers now telling us, okay, I'm ready, I think the one that you haven't built yet, I think I might want that one too. We're not putting that in our guidance, obviously that. But to have.

我們的機器和系統可以連接英偉達系統、微軟雲端、Azure、Google雲端等。我們希望確保我們的產品無所不在。而且我們自己也運送最有價值的東西，所以周圍有很多東西。現在客戶的信心告訴我們：“好的，我已經準備好了，我想你們還沒造的那款，我也想要。”顯然，我們不會把這一點寫進指導方針裡。但要擁有。

Back speaking of the one.

再說回那個人。

Line of sight, that's kind of what we're looking at.

視線範圍，這就是我們所關注的。

Yeah, sorry to jump in on you, Ender, but there was mention in the transcript of a 256-cubit system by your end. What should we keep in mind with the notable engineering milestones from here to bring that to market?

是的，抱歉打斷你，Ender，但你的記錄中提到了一個 256 立方比特的系統。從現在開始，在實現這些重要的工程里程碑並將其推向市場的過程中，我們應該牢記哪些事項？

Yeah, look, I think that you know you realize that of course and you know this, the 256 system and beyond that entire roadmap for the next five years that we've talked about is a semiconductor-based roadmap. Is the ability to use mature node manufacturing that exists today to build out and scale from 256 to 10,000 and beyond.

是的，你看，我想你知道，你當然也意識到了這一點，而且你也知道，我們討論的 256 系統以及未來五年的整個路線圖都是基於半導體的路線圖。能否利用現有的成熟節點製造技術，將產能從 256 擴展到 10,000 甚至更高。

So, if we are in the process already and you know we said this when we announced the SkyWater transaction we're already looking at them to be a supplier to us even prior to the acquisition announcement and other foundries also these existing foundries enable us to with some confidence.

所以，如果我們已經在進行這個過程，而且你知道，我們在宣布 SkyWater 交易時就說過，即使在收購公告發布之前，我們也已經在考慮讓他們成為我們的供應商，其他代工廠以及這些現有的代工廠也讓我們有信心做到這一點。

Drive the development of the 256 into the 10,000 and beyond. As for the 256 itself, I'm happy to report that we've done the tape outs of A, B, and C, and as you know from semiconductors, those are the most important ones in the beginning. And then the feature rich feature, driver, four D tape out as it's called, is in progress.

推動 256 的研發，使其產量達到 10,000 甚至更高。至於 256 本身，我很高興地報告說，我們已經完成了 A、B 和 C 的流片，正如你從半導體行業所了解的那樣，這些是最初最重要的部分。然後，功能豐富的驅動程序，也就是所謂的四D磁帶輸出，正在進行中。

So, Daniel not to give you an exact timeline that you'll then say, you told me it's going to be March 31 or April 1 or whatever, we are very comfortable with the way the development of the 256 is going. Is following the roadmap that other semiconductor development follows. And then beyond that it's into tiling, it's into scaling, and we also have the engineering team already beginning to think about the 10,000, not just the 256. That help?

所以，丹尼爾，我不會給你一個確切的時間表，然後你會說，你告訴我會在 3 月 31 日或 4 月 1 日或其他什麼日期發布，但我們對 256 的開發進展非常滿意。遵循著其他半導體發展所遵循的路線圖。除此之外，還要考慮平鋪、擴展，我們的工程團隊也已經開始考慮 10,000 個元素，而不僅僅是 256 個元素。這樣有幫助嗎？

That's very helpful. Thanks, Inder.

那很有幫助。謝謝你，Inder。

(Operator Instructions) Vijay Rakesh, Mizuho.

（操作說明）Vijay Rakesh，瑞穗銀行。

Yeah, hi, thanks, Niccolo, and then the, pretty impressive, guide and growth for the year. Just a couple of questions. Just wondering, as you look at the fiscal '26 numbers here, any way to think about and the forward quarter, I guess, any way to think about the hardware software split?

是的，嗨，謝謝，Niccolo，還有，這一年的指導和成長情況相當令人印象深刻。幾個問題。我只是好奇，在查看 2026 財年的數據時，有沒有什麼方法可以考慮未來一個季度的硬體和軟體組成？

I mean we will provide obviously when we report the usual breakouts that we do which is kind of along the lines of what you described I think it is less as hardware software I think you know remember what I said like the hardware without the software doesn't do much and vice versa.

我的意思是，我們當然會在發布常規的分階段報告時提供相關信息，這和你描述的情況有點類似。我認為這與其說是硬體軟體的問題，不如說是硬體軟體的問題。我想你還記得我說過的話嗎？沒有軟體的硬體作用不大，反之亦然。

So, solution thinking is really what's important we're trying to think of our business as the only company frankly that can deliver entire solutions. The compute, the ability to connect one compute device to another, the ability to connect one city to another, the ability to connect ground to space and back to ground again, the ability to provide security across those links, the ability to use Skyloom's OCT terminals to provide secure high speed transport for data and secure transport, and on and on and on.

所以，解決方案思維才是真正重要的，我們努力將我們的企業打造成為唯一一家能夠提供完整解決方案的公司。運算能力，將一台計算設備連接到另一台計算設備的能力，將一座城市連接到另一座城市的能力，將地面連接到太空再連接回地面的能力，在這些鏈路上提供安全保障的能力，使用 Skyloom 的 OCT 終端為數據和安全運輸提供安全高速傳輸的能力，等等​​等等。

I remember Cisco and you'll remember Cisco as well, and I think of other companies that have done this in the past that have not asked for permission. So, when Niccola became CEO exactly one year ago, by the way, I think his anniversary is tomorrow.

我記得思科，你也應該記得思科，我還想到了過去其他一些未經許可就這麼做的公司。順便一提，尼科拉就任CEO正好一年了，我想明天就是他的周年紀念日。

In one short year we've gone from being a one company to a platform company. We now have to execute and with responsibility deliver for our customers what they are now wanting from us. They're saying we will buy your road map. We will buy your solution. You're bringing the secure solutions together.

短短一年內，我們就從一家公司發展成為一家平台公司。現在我們必須履行職責，負責任地滿足客戶的需求。他們說我們會購買你的路線圖。我們將購買你們的解決方案。你們正在整合各種安全解決方案。

So, it's a unique opportunity for us to actually just go and execute and that's why this is the year of execution and yes also continuing to innovate so you, watch the space more investments, more things we're not stopping.

所以，這對我們來說是一個難得的機會，讓我們能夠真正地去執行，這就是為什麼今年是執行之年，是的，我們也會繼續創新，所以請密切關注，會有更多投資，更多的事情，我們不會停止。

Yeah, very impressive. And just one other question, and obviously you're growing your team pretty nicely here. Any thoughts on how, when this national quantum Initiative, the NQI funding starts to open up? I know you have some pretty solid, engagements with the Golden Dome shield, etc. But when any thoughts on when that national NQI funding starts to open up for the space? Thanks.

是的，非常出色。還有一個問題，顯然你們的團隊發展得相當不錯。對於國家量子計畫（NQI）的資金何時開始發放，大家有什麼想法？我知道您在金頂盾牌項目等方面有一些非常紮實的合作。但是，您認為國家品質改進計劃（NQI）的資金何時開始向該領域開放？謝謝。

Yeah, I mean, thanks for the question. Look, I think that three years ago probably that would have been top of mind for us. Like when does the funding unlock?

是的，我是說，謝謝你的提問。你看，我覺得三年前這可能是我們最關心的問題。資金何時到位？

But with more than $3 billion of cash available to us today and the ability to raise more if we need in the future, the ability to invest ourselves organically, to be candid, I think other companies might be looking for funding to unlock. We're looking for the ability to drive customer value today without the need for like additional funding, I'll let Niccolo add to my comments here, but it isn't a, it's an opportunity obviously for the whole industry to benefit if more and more countries focus on quantum in general.

但如今我們擁有超過 30 億美元的現金，而且如果將來需要，我們還有能力籌集更多資金，我們有能力進行自我投資，坦白說，我認為其他公司可能正在尋求資金來釋放潛力。我們正在尋求在無需額外資金的情況下為客戶創造價值的能力。我會讓尼科洛補充我的觀點，但這顯然是一個機會，如果越來越多的國家關注量子技術，整個產業都將從中受益。

I'm starting to see, and Niccolo, the tip of the spear on this for us, but like virtually every government in any country in the world is now including quantum very close to whenever they say AI, maybe not as many times as they say AI, but almost. So, quantum is rising in relevance because it is becoming more real. We're making it more real and we're making sure that we are.

我開始明白，尼可洛，這對我們來說是冰山一角，但就像世界上幾乎所有國家的政府現在在談到人工智慧時都會提到量子技術一樣，也許提到人工智慧的次數沒有提到量子技術的次數那麼多，但也差不多了。因此，量子力學的重要性日益凸顯，因為它正變得越來越現實。我們正在讓它更加真實，並且我們正在確保這一點。

We have the capital we need we have the financial firepower that we need to keep investing for the foreseeable future and beyond, and we're fortunate to have investors that are saying to us, they're our partners in that journey.

我們擁有所需的資金，我們擁有足夠的財力在可預見的未來甚至更長的時間裡繼續投資，我們很幸運地擁有一些投資者，他們告訴我們，他們是我們在這段旅程中的合作夥伴。

Our job is to execute on that opportunity and so yes, I mean I think that funding things were important. I think for now it's more about taking the engineering, building once, selling many times. So, we're now getting into the very sort of commercial deployment of everything quantum less worried about what funding comes when.

我們的工作就是抓住這個機會，所以是的，我的意思是，我認為資金投入非常重要。我認為目前更重要的是進行工程設計，一次建造，多次銷售。所以，我們現在正進入量子技術的商業部署階段，不再那麼擔心資金何時到位。

Yeah, I mean, look, we, of course value our government customers. We value them from all of our allies, and we're growing our IONQ federal team to capture that, but I think Inder said Well in his prepared remarks as well as our press release today, 60% of our customers are commercial. That's the primary reason why we're not, waiting with bated breath, on government unlocks if you will, that having been said.

是的，我的意思是，我們當然重視政府客戶。我們珍惜所有盟友的支持，並且正在擴大 IONQ 聯邦團隊以爭取這些支持，但我認為 Inder 在他準備好的演講稿以及我們今天的新聞稿中都說了，我們 60% 的客戶是商業客戶。正因如此，我們才沒有屏息以待政府解封。

I do want to point out that you know we have we have a very bullish administration in the US vis a vis growth in the budget of the Department of War, and within that there's a considerable, allocation to building the future of all thing's quantum sensing, networking computing in every war fighting domain.

我想指出的是，你們也知道，美國現任政府對戰爭部預算的成長持非常樂觀的態度，其中有相當一部分資金用於建立未來所有領域的量子感測、網路運算等技術。

And so IONQ uniquely operates in all of the war fighting domains, and we're uniquely able to sell those. Complete solutions that we believe the nation and all friendly nations absolutely must need. So, watch this space, but we are growing headcount aggressively because we are growing the business aggressively along all of these vectors. Yeah, thanks.

因此，IONQ 在所有作戰領域都擁有獨特的運作方式，我們也擁有獨特的銷售能力。我們認為，國家和所有友好國家絕對需要完整的解決方案。所以，敬請期待，我們正在積極增加員工人數，因為我們正在沿著所有這些方向積極發展業務。嗯，謝謝。

Niccolo and Inder, fantastic.

Niccolo 和 Inder，太棒了。

Thank you.

謝謝。

(Operator Instructions) Quinn Bolton, Needham.

（操作說明）奎因·博爾頓，尼德姆。

Hey guys, this is Shadi Mitwalli, I'm for Quinn. Thanks for letting us ask a question and congrats on the strong results. In the prepared remarks.

大家好，我是沙迪·米特瓦利，我支持奎因。感謝允許我們提問，並祝賀你們取得優異成績。在準備好的發言稿中。

You guys talked about making smaller and cheaper quantum systems, and I believe the acquisition of SkyWater is going to help accelerate that, but just curious to hear the puts and takes of how much it costs to make a system day and how you expect that cost trajectory to evolve over the next few years. Thank you.

你們談到要製造更小更便宜的量子系統，我相信收購 SkyWater 將有助於加速這一進程，但我很好奇製造一個系統每天的成本是多少，以及你們預計未來幾年成本走勢將如何變化。謝謝。

All right, so I mean, look, what we set our analyst day on September 12, is that our full fault tolerant machine and machines with hundreds of thousands to millions of physical cubits and, thousands to tens of thousands of logical qubits and someday hundreds of thousands of logical qubits, we'll have a 2025 bomb cost bill of materials cost under $30 million.

好的，我的意思是，你看，我們把分析師日定在了 9 月 12 日，我們完全容錯的機器，以及擁有數十萬到數百萬物理立方比特和數千到數萬邏輯量子比特的機器，將來有一天甚至會有數十萬邏輯量子比特，到 2025 年，我們的炸彈成本物料清單成本將低於 3000 萬美元。

Obviously there's inflation each year, and the reality is when we said under $30 million it was materially under $30 million to enable us to ensure that, gross margin will be compelling as the years roll by and of course our ability to drive ecosystem expansion will be the most powerful, we believe, in the quantum world, whether that's in the US or Our allies,.

顯然，每年都會有通貨膨脹，而現實情況是，當我們說低於 3000 萬美元時，實際上是遠低於 3000 萬美元，這使我們能夠確保隨著時間的推移，毛利率將具有吸引力，當然，我們相信，無論是在美國還是在我們的盟友國家，我們在推動生態系統擴張方面的能力都將是量子世界中最強大的。

We are, look, we are cheering for everyone with the SkyWater acquisition, right? So, it's really important to note that we already supply our clocks and sensors and QKD switches to a wide breadth of customers with SkyWater we are not only going to be supporting their existing customers, but we're going to be investing in SkyWater,.

你看，我們都為 SkyWater 的收購感到高興，對吧？因此，需要特別指出的是，我們已經向 SkyWater 的眾多客戶提供時鐘、感測器和 QKD 開關，我們不僅會繼續支援 SkyWater 的現有客戶，還會對 SkyWater 進行投資。

Which means that, with our improved capital base on a combined basis, those customers will see tremendous benefits. And we expect additional customers in the fullness of time to want to be on that acceleration platform.

這意味著，隨著我們整體資本基礎的改善，這些客戶將獲得巨大的利益。我們預計，隨著時間的推移，會有更多客戶希望加入這個加速平台。

The ability for us to maintain costs as we grow our computer power is almost unparalleled, and the reason for that is the electronic cubic controls that we have of our ion trips, ion traps on a semiconductor basis and platform.

隨著電腦能力的提升，我們能夠保持成本不變，這幾乎是無與倫比的，原因在於我們對離子阱、離子陷阱以及半導體平台進行了電子立方控制。

So, as we add more cubits, we're not really changing the cost of goods sold much. A little bit, the ships get a little bit bigger and the machines get, marginally, larger, but it's single-digit percent kind of thing, not even double-digit percent, I think in most instances, and that means with manufacturing volumes.

所以，隨著我們增加肘尺，商品的銷售成本其實並沒有太大變化。稍微大一點，船會變大一點，機器也會略微變大一點，但這只是個位數百分比的變化，甚至連兩位數百分比都達不到，我認為在大多數情況下都是如此，這意味著生產量的變化。

As I said in my prepared remarks, we actually expect the size and the cost from a materials perspective to actually go down over time. Even as the machine goes from 256 cubits to 100,000 and a million and 2 million cubits, by 2030.

正如我在準備好的演講稿中所說，我們預計隨著時間的推移，從材料角度來看，尺寸和成本實際上會下降。即使到 2030 年，機器的精度從 256 肘增加到 10 萬肘、100 萬肘和 200 萬肘。

That is obviously, a cost curve that everyone is familiar with in the semiconductor industry, and we believe it's vital because it's what enables our ecosystem to prevail in the commercial market at the same time it's prevailing, of course, with our nation and allied nations, federal, customers.

顯然，這是半導體行業每個人都熟悉的成本曲線，我們認為它至關重要，因為它使我們的生態系統能夠在商業市場中取得成功，同時，當然，它也使我們的國家和盟國、聯邦政府以及客戶取得成功。

In the history of technology, as I said, sometimes you get cases where just economics alone prevail, but in our case. We have the most powerful machines soonest, and we have them at the lowest, most accessible, unit economics, and

正如我所說，在技術發展史上，有時會出現經濟因素單獨起作用的情況，但我們的情況並非如此。我們能夠最快擁有最強大的機器，而且它們的單位經濟效益最低、最容易取得，

So, when you're doing something in a number of cases that were, they're 5 years ahead technically, and you might be 10 or even 100 times cheaper, you can see why we are bullish on our ability to be the mass market, platform of choice in the fullness of time.

所以，當你在很多情況下所做的事情，他們的技術領先了 5 年，而你的成本可能只有他們的 10 倍甚至 100 倍時，你就能明白為什麼我們對自身在未來成為大眾市場首選平台的能力充滿信心。

Great, thank you for follow-up. That's all for me and congrats on the results again.

太好了，謝謝你的跟進。我的內容就這些，再次恭喜你們取得好成績。

Thank you so much.

太感謝了。

(Operator Instructions) David Williams, Benchmark.

（操作說明）David Williams，Benchmark。

Hey, good afternoon. And let me also add my congratulations on the really solid results here. So, I guess maybe firstly, thinking about your capacity and Andrew, you talked earlier about, the demand outstripping your ability to supply.

嘿，下午好。我還要祝賀你們取得如此優異的成績。所以，我想首先，要考慮到你們的產能，還有安德魯，你之前也提到過，需求超過了你們的供應能力。

If you kind of think about what your capacity is today, maybe on the tempo solution, what would that look like if you could ship everything, that you could build in maybe 2026 from a unit perspective.

如果你仔細想想你目前的產能，例如採用 Tempo 解決方案，如果你能交付所有產品，從單位的角度來看，到 2026 年你能建造的產品會是什麼樣子。

Yeah, I mean, look, we are, raising our ability to meet the demand to make sure that we satisfy what the customers are looking for, of course, and we will do that and it's not always about manufacturing, of course, is, it's also about having the deployment engineers, the people that go on site, prepare the location, deploy the machine, turn it on, show the customer, etc. and then stay with the customer.

是的，我的意思是，你看，我們正在提高滿足需求的能力，以確保滿足客戶的需求，當然，我們會做到這一點，這不僅僅關乎製造，當然，也關乎部署工程師，也就是那些到現場準備場地、部署機器、啟動機器、向客戶演示等等，然後與客戶保持聯繫的人員。

So, we've been investing in all of those and over the last six months we've invested in I would say all of that as far as like when you go from tempo in 2026. To the 256 in 2027, the chip road map allows us to then begin leveraging that semiconductor, base which is frankly, available, fully depreciated, low cost, not so capital intensive.

所以，我們一直在投資所有這些方面，在過去的六個月裡，我們投資了所有這些方面，我想說，就像從 2026 年的節奏來看一樣。到 2027 年，晶片路線圖將使我們能夠開始利用半導體基礎，坦白說，半導體基礎是可用的、完全折舊的、低成本的，而且資本密集度不高。

So, to the cost question earlier also you can benefit over time from bringing costs down by leveraging that, so we don't have to necessarily build our own. Factory for the tempo and prior generations we manufacture them in our factory in Seattle.

所以，對於前面提到的成本問題，隨著時間的推移，利用這一點降低成本也是可以獲益的，因此我們不一定要自己建造。我們位於西雅圖的工廠生產Tempo及其前幾代產品。

So, we think we have enough capacity right now to be able to meet demand. I did say that demand is exceeding supplies. Yeah, it's true we might have to be somewhat selective. That's a good problem to have. And so, if that continues, we absolutely will serve our ability to, deploy, build, and ensure that we service, the tempo.

因此，我們認為我們目前的產能足以滿足需求。我的確說過，需求超過了供應。是的，我們確實可能需要有所選擇。這是個幸福的煩惱。因此，如果這種情況繼續下去，我們絕對會發揮我們的能力，部署、建造並確保我們能夠跟上節奏。

But importantly, the question to be asking is, once you have the chip-based system out there. Now we have with well SkyWater closing of course or even the commercial relationship we already have with SkyWater, the ability to leverage their highly secure in US trusted fact and the ability to make computing solutions that we can sell to national security customers we can sell to the most discriminating bank in the world.

但更重要的是，要問的問題是，一旦你有了基於晶片的系統。現在，隨著 SkyWater 的關閉，或者說我們與 SkyWater 已經建立的商業關係，我們能夠利用他們在美國高度安全的可靠事實，以及我們能夠為國家安全客戶銷售的計算解決方案，我們甚至可以為世界上最挑剔的銀行銷售這些解決方案。

We can sell them to any customer that says yes, I know the power of quantum. It is both amazingly powerful in a good way and it could do some really dangerous things too, as much as the AI can, so we're making sure that we deploy in a way where it has a level of surety of supply to us so that.

我們可以把它們賣給任何說「是的，我知道量子技術的威力」的客戶。它既擁有驚人的強大力量（這是好事），也可能像人工智慧一樣做出一些非常危險的事情，因此我們正在確保以一種能夠保證我們獲得一定程度供應的方式來部署它。

No geopolitics enters into the ability for us to get components. And then have a product that our customers can trust so I think that it's less about capacity in terms of manufacturing this time next year. But for this year, absolutely we began investing in the third quarter. We talked about the third door to call, and we hired the deployment engineers, and we feel pretty good actually right now.

我們獲取零件的能力不受地緣政治因素的影響。然後，我們要生產出客戶可以信賴的產品，所以我認為明年這個時候，產能問題就沒那麼重要了。但就今年而言，我們確實從第三季開始進行投資。我們討論了第三個可以聯繫的管道，我們聘請了部署工程師，我們現在感覺非常好。

Yeah, and I'll just add obviously that all of those secure trusted Fab capabilities and manufacturing scale we are providing to the entire US industry and all of our allies. So, we look forward to working with everyone because I think it's time to put the pedal to the metal for the industry.

是的，我還要補充一點，我們正在向整個美國工業界和我們所有的盟友提供所有這些安全可靠的晶圓廠能力和製造規模。所以，我們期待與大家合作，因為我認為現在是時候全力以赴推動產業發展了。

Yes.

是的。

Great colour. Just one last quick one for me. Just, as you kind of think about, that fab and the capabilities there today and then looking out beyond 2027, maybe, are there major step function potential investments that need to be made in order to hit that roadmap, or are things you feel like they have the appropriate, maybe, abilities today that the investment, isn't as big a heavy lift as it might otherwise be.

顏色很棒。最後再補充一個。想想看，考慮到工廠目前的產能和能力，再展望 2027 年以後的發展，為了實現路線圖，是否需要進行重大的階躍式投資？或者，你覺得他們現在可能已經具備了相應的能力，因此投資的難度並沒有想像中那麼大。

Well, look, I think that I won't speak for SkyWater, they're an independent company, obviously, right? So, from our lens when we look at the capacity that they have in Texas. In Florida and in in in Minnesota it's more than what we need actually right now so I don't see that it other than sort of like maybe some tooling and things like that I don't see where we need to necessarily build the cloud capacity as much as ensure that it has the type of I'll call it sort of quantum ready.

嗯，你看，我覺得我不能代表 SkyWater 發言，他們顯然是一家獨立公司，對吧？所以，從我們的角度來看，當我們審視他們在德州的產能時。在佛羅裡達州和明尼蘇達州，雲端容量實際上已經超過了我們目前的需求，所以除了可能需要一些工具之類的東西之外，我不認為我們需要建立雲端容量，而是應該確保它具備我稱之為「量子就緒」的能力。

Ability to be, in a clean room environment, right, so they have clean rooms everywhere, but quantum is like one level higher than that clean room. That's the investment. So, it's not like mule on many dollars. It's more like ensuring that we provide them what they need, of course.

能夠在無塵室環境中進行操作，對吧？所以到處都有潔淨室，但量子技術比潔淨室高出一個層次。這就是投資。所以，這不像騾子馱著很多錢那麼簡單。當然，更重要的是確保我們能為他們提供所需的一切。

But they have the engineering talent, they have the people that are experienced, they have the ability to do advanced packaging, which is really important. It's not just fab, it's packaging.

但他們擁有工程技術人才，他們擁有經驗豐富的人員，他們有能力進行先進的封裝，這非常重要。這不僅僅是精美，包裝也很棒。

So, we're, we are looking forward to the deal closing and we're looking forward to leveraging them, of course, and in the meanwhile, we have a commercial relationship, and we hope that we're able to continue providing for the needs of the 2026.

所以，我們期待交易完成，當然也期待利用這些資源。同時，我們保持著商業關係，我們希望能夠繼續滿足2026年的需求。

And beyond. Yeah, so I think just to add on to that, there is plenty of capacity at SkyWater today for the whole US quantum industry. As the US and allied quantity grows, we are confident we will meet that demand at SkyWater.

以及更多。是的，所以我想補充一點，SkyWater 目前擁有充足的產能，足以滿足整個美國量子產業的需求。隨著美國及其盟國的需求量不斷增長，我們有信心在 SkyWater 滿足這項需求。

The tooling absolutely is best spoken per program and per customer, but it's typically actually part of the commercial relationship. Speaking from experience, that's usually part of the total conversation you'll have on a multi-year basis and so that won't come off of IONQ's balance sheet so much as be part of each customer's commercial agreement.

工具的選擇最好根據具體項目和客戶來討論，但通常來說，它實際上是商業關係的一部分。根據我的經驗，這通常是多年期整體對話的一部分，因此這不會從 IONQ 的資產負債表中移除，而是成為每個客戶商業協議的一部分。

I think the last thing I'll add is, probably the biggest investment we're making in the next few years in SkyWater is, we are. We're obviously assuming some debt which we're going to be paying off, on transaction close, and I think that'll be the largest, chunk of it, believe it or not. The rest of it, I think will be growing with the operations in a fairly modest way.

最後我想補充一點，未來幾年我們在 SkyWater 的最大投資可能是…我們顯然承擔了一些債務，我們將在交易完成時償還這些債務，我認為這將是最大的一筆債務，信不信由你。我認為其餘部分會隨著業務的開展而以相當溫和的方式成長。

And their CapEx to revenue as you probably saw is like low single-digits. They're not very capital intensive neither are we, so I don't think that model changes much candidly that might be a surge here or there, but I don't think it's a big shift.

正如你可能已經看到的，他們的資本支出與收入之比只有個位數。他們和我們一樣，都不是資本密集型企業，所以我認為這種模式不會有太大變化。坦白說，可能會出現一兩次激增，但我認為這不是什麼大的轉變。

Great, thanks so much for the help and I certainly appreciate it.

太好了，非常感謝你的幫助，我真的非常感激。

Thanks David.

謝謝你，大衛。

(Operator Instructions) Troy Jensen, Cantor.

（操作說明）Troy Jensen，Cantor。

Hey, thanks for sneaking me in. Congrats on the great results. Maybe just a quick one for Niccolo. I get the partnership for applications and software, but what's your thoughts on I on controlling the controller specifically? And can you touch on your investment in Horizon?

嘿，謝謝你偷偷帶我進來。恭喜取得如此優異的成績！或許就給尼可洛寫個簡短的吧。我理解在應用程式和軟體方面的合作，但是您對具體控制控制器有什麼看法？您能否談談您對Horizo​​​​n的投資？

So, Look, we like to think about our ecosystem in the following way. We are an open interoperable stack, but we're students of history and we want to make sure that we capture value from the hardware to the compiler to the application layer. It's been well known since our IPO that we've been public on the Google, Amazon, Microsoft clouds.

所以，我們喜歡用以下方式來思考我們的生態系統。我們是一個開放的、可互通的技術棧，但我們也是歷史的研究者，我們希望確保從硬體到編譯器再到應用層，都能獲取價值。自我們上市以來，眾所周知，我們已在Google、亞馬遜和微軟雲端平台上公開提供服務。

And we want to interoperate with everyone because I think it's in the nation's interest and of course IONQ shareholder interest to have everyone learn, on the IONQ systems and sensing and networking, hardware and of course, flourish and build on top of that, right?

我們希望與所有人互操作，因為我認為這符合國家的利益，當然也符合 IONQ 股東的利益，讓每個人都能學習 IONQ 系統、感測和網絡、硬件，當然，並在此基礎上蓬勃發展，對吧？

So, we like to work with software partners we like to work with, the so-called hyper scaler partners. We work of course with everyone from, NVIDIA through to Ansys that does computational engineering, is a leader of that in classical and the same in the pharmaceutical space and so we see this all really as an end, right?

所以，我們喜歡與我們喜歡的軟體合作夥伴合作，也就是所謂的超大規模合作夥伴。我們當然與 NVIDIA 和 Ansys 等公司都有合作，Ansys 是一家從事計算工程的公司，在傳統領域和製藥領域都是領先者，所以我們認為這一切最終都是一個目標，對吧？

We want as much ours as possible to be interoperable with everyone, and to that extent, we will partner, consistently both across our stack. And up and down our stack, but we're not handing the keys over to someone else, nor are we trying to be, a vertical play where you have to use all of our stuff or none of it works with your stuff.

我們希望我們的產品盡可能與所有人的產品實現互通，為此，我們將在整個技術堆疊中始終如一地合作。在我們的堆疊中上下移動，但我們不會把鑰匙交給別人，我們也不打算這樣做，我們不想搞垂直整合，讓你必須使用我們所有的東西，否則它們就無法與你的東西一起使用。

Which we think is a limiting approach to life and you know there are companies that attempt that, but I think history shows that you want to be open with the right posture and be clear on, what you need to. Maintain control of to make sure that not just your ecosystem works well, but also that it works well and that, you continue to be able to accrete, long-term value at a pace that that grows faster than your cost, of course. So that tackle your question, Troy.

我們認為這是一種限制性的生活態度，而且你知道有些公司也在嘗試這樣做，但我認為歷史表明，你應該保持開放的心態，擁有正確的態度，並且清楚地知道自己需要什麼。要保持控制，不僅要確保你的生態系統運作良好，還要確保它運作良好，並且你能夠持續累積長期價值，其成長速度當然要超過你的成本成長速度。特洛伊，你的問題就回答到這裡了。

That's perfect. Niccolo.

那很完美。尼可洛。

Thank you. Good luck and yeah.

謝謝。祝你好運，是的。

Keep up the good work. Thank you, sir have a great evening.

繼續保持。謝謝您，先生，祝您晚上愉快。

(Operator Instructions) I would like to turn the conference back over to Niccolo de Masi, Chairman and CEO, for closing remarks.

（操作說明）現在我將會議交還給董事長兼執行長尼可洛·德·馬西先生，請他作閉幕致詞。

Thank you. In closing 2025, I am confident the year will be remembered as the year I moved beyond the laboratory and into the bedrock of global infrastructure.

謝謝。在 2025 年即將結束之際，我相信這一年將被銘記為我走出實驗室，進入全球基礎設施基石的一年。

We didn't just meet our goals, we redefined the ceiling for the entire industry, becoming the first public quantum company to cross the $100 million revenue threshold, while tripling our revenue scale year on year.

我們不僅實現了目標，也重新定義了整個產業的上限，成為第一家營收突破 1 億美元大關的上市量子公司，同時營收規模逐年成長三倍。

And we did this while demonstrating unprecedented technical excellence, demonstrating 99.99% two-qubit gate fidelity and becoming the first company in history that can proudly say that all of our key technical milestones have been achieved on the path to full fault tolerant quantum computers.

我們做到了這一點，同時展現了前所未有的卓越技術，實現了 99.99% 的雙量​​子比特門保真度，並成為歷史上第一家可以自豪地說，我們在通往完全容錯量子計算機的道路上已經實現了所有關鍵技術里程碑的公司。

We are no longer just building quantum computers; however, we are supplying the high precision atomic clocks, Secure quantum networks and advanced quantum cybersecurity, hardware and software that will serve as a nervous system for the next era of computing, modelling, and sovereign security.

我們不再只是建造量子電腦；然而，我們還提供高精度原子鐘、安全量子網路和先進的量子網路安全硬體和軟體，這些將成為下一代運算、建模和主權安全的神經系統。

And by acquiring SkyWater, we will effectively onshore the future of quantum manufacturing, transforming IONQ into the quantum industry's merchant supplier for the US and our allies in this important geopolitical race. We entered 2026 with a fortified balance sheet and an unmatched intellectual engine of approximately 1,500 professionals.

透過收購 SkyWater，我們將有效地將量子製造的未來帶回美國，使 IONQ 成為美國及其盟友在這場重要的地緣政治競爭中的量子產業供應商。進入 2026 年，我們擁有穩健的資產負債表和約 1500 名專業人士組成的無與倫比的智力引擎。

Having continued growing strongly even beyond our reported end of year total. Our focus remains clear to lead the geopolitical space race of quantum for our generation by delivering a unified, all domain quantum platform and to help customers solve the world's most complex problems.

甚至超過了我們公佈的年終總業績，並且持續保持強勁成長。我們的目標仍然明確，即透過提供統一的、全領域的量子平台，引領我們這一代的量子地緣政治太空競賽，並幫助客戶解決世界上最複雜的問題。

The era of quantum utility is not on the horizon. It is here and IONQ is the one team, one platform, primed and poised to win. Thank you for your continued trust in our journey, and we'll see you next time.

量子實用主義時代尚未來臨。它來了，IONQ 是一個團隊，一個平台，已經做好充分準備，必將贏得勝利。感謝您一直以來對我們旅程的信任，我們下次再見。

(Operator Instructions) Thank you for attending today's presentation. You may now disconnect.

（操作說明）感謝您參加今天的示範。您現在可以斷開連線了。