IonQ, Inc. (IONQ) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to IonQ second-quarter 2026 earnings conference call. (Operator Instructions)

下午好，歡迎參加 IonQ 2026 年第二季財報電話會議。(接線員指示)

Note, this event is being recorded.

提醒您，本活動將被錄音。

I would now like to turn the conference over to Hanley Donofrio, Director of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係總監 Hanley Donofrio。請開始。

Thank you. Good afternoon, everyone, and welcome to IonQ's second-quarter 2026 earnings call. My name is Hanley Donofrio, and I am the Investor Relations Director here at IonQ. 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 Operating Officer and Chief Financial Officer.

謝謝。各位下午好，歡迎參加 IonQ 2026 年第二季財報電話會議。我叫 Hanley Donofrio，是 IonQ 的投資人關係總監。很高興今天與我一同出席的有 IonQ 董事長兼執行長 Niccolo de Masi，以及 IonQ 營運長兼財務長 Inder Singh。

By now, everyone should have access to the company's second-quarter 2026 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.

截至目前，各位應已可取得公司今天下午發布的 2026 年第二季財報新聞稿，該新聞稿可於美國證券交易委員會（SEC）網站以及我們網站 investors.inq.com 的投資人關係專區查閱。請注意，在今天的電話會議中，管理層將提及非 GAAP 財務衡量指標。

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.

公司認為這些非 GAAP 財務衡量指標可為投資人提供有用資訊，但呈現此等資訊並非意圖單獨加以考量，亦不應取代依 GAAP 編製之財務資訊。請參閱我們的財報新聞稿，以取得調整後 EBITDA 與調整後 EPS 與最接近之可比 GAAP 指標之調節表。

During the call, we will 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.

在本次電話會議中，我們將討論業務展望並作出前瞻性陳述，包括關於我們 2026 年指引的陳述。這些評論係基於我們截至今日的預測與預期，並非對未來表現的保證。由於多項風險與不確定性，實際事件或結果可能出現重大差異。

Therefore, you should not put undue reliance on those statements. We refer you to our SEC filings, including our annual report on Form 10-K for the year ended December 31, 2025, and our quarterly report on Form 10-Q for the quarter ended June 30, 2026, and for a more detailed discussion of those risks and uncertainties.

因此，您不應過度依賴上述陳述。我們請您參閱我們向 SEC 提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及截至 2026 年 6 月 30 日止季度的 Form 10-Q 季報，以取得對相關風險與不確定性更為詳細的討論。

We undertake no obligation to revise any statements to reflect changes that occur after this call, except as required by law.

除法律要求外，我們不承擔在本次電話會議後修訂任何陳述以反映後續變動之義務。

Now I will turn it over to Niccolo de Masi, Chairman and CEO of IonQ.

現在我將把時間交給 IonQ 董事長兼執行長 Niccolo de Masi。

Thank you all for joining us today. I am pleased to report that IonQ delivered second-quarter revenue of $80.1 million, representing 287% year-on-year growth. This means Q2 2026 is the strongest quarter in IonQ history and our fifth consecutive quarter of record results. As shown on slide 4 of this quarter's investor presentation, this performance reflects momentum across our entire quantum platform, spanning Quantum Computing, Quantum Networking, Quantum Security, and Quantum Sensing.

感謝各位今天加入我們。我很高興報告，IonQ 第二季營收為 8,010 萬美元，年增 287%。這代表 2026 年第二季是 IonQ 歷史上最強勁的一季，也是我們連續第五季創下紀錄性成果。如本季投資人簡報第 4 頁所示，這項表現反映了我們整體量子平台的動能，涵蓋量子運算、量子網路、量子安全與量子感測。

Following the successful close of our acquisition of Highwater, our platform now also includes quantum semiconductor manufacturing. Inder will take you through the financial results and outlook in more detail. I want to center my remarks today on three key areas defining our progress. First, manufacturing our industry-leading quantum systems on a semiconductor road map with SkyWater. Second, expanding our role as a merchant supplier to the US and Allied Quantum ecosystem; and third, delivering defense in depth via a complete quantum-safe cybersecurity stack as we accelerate the timeline for full fault-tolerant Quantum Computing.

隨著我們成功完成對 Highwater 的收購，我們的平台現亦涵蓋量子半導體製造。Inder 將更詳細地帶各位檢視財務結果與展望。我今天的重點將聚焦於三個界定我們進展的關鍵領域。第一，與 SkyWater 依循半導體路線圖製造我們業界領先的量子系統。第二，擴大我們作為美國及盟友量子生態系之商業供應商（merchant supplier）的角色；第三，在我們加速邁向完全容錯量子運算的時程之際，透過完整的量子安全資安堆疊（stack）提供縱深防禦（defense in depth）。

Beginning now on our Quantum Computing achievements and the production of Quantum systems with semiconductor manufacturing. One year ago, we announced that IonQ would move our pioneering and commercially successful trapped ion architecture from laser-based control to electronic qubit control. This is a globally unique and powerful control approach, allowing us to rapidly scale our trapped ion systems into the millions of qubits using well-established semiconductor pathways.

接下來談我們在量子運算方面的成果，以及以半導體製造生產量子系統。一年前，我們宣布 IonQ 將把我們開創性且已商業成功的囚禁離子架構，從以雷射為基礎的控制轉向電子量子位控制。這是一種全球獨特且強大的控制方法，使我們能透過成熟的半導體途徑，快速將囚禁離子系統擴展至數百萬量子位。

For our customers, electronic control facilitates more seamless standard enterprise workflows while delivering the lowest cost and lowest energy footprint for logical qubit on the market. IonQ has been consistently executing against this major initiative over the past year.

對客戶而言，電子控制可促進更無縫的標準企業工作流程，同時提供市場上每個邏輯量子位最低的成本與最低的能源足跡。在過去一年中，IonQ 持續穩健地推進這項重大計畫。

Let me recap that progress because the pace has been extraordinary. For those following along in our investor presentation, please see slide 5. Last September, we closed our acquisition of Oxford Ionics, bringing the pioneers of electronic qubit control into IonQ.

我來回顧一下這些進展，因為速度非常驚人。若各位正在查看我們的投資人簡報，請參見第 5 頁。去年 9 月，我們完成對 Oxford Ionics 的收購，將電子量子位控制的先驅納入 IonQ。

In October last year, we published results setting the new world record and 2 qubit gate fidelities, demonstrating 99.99% fidelity without ground stay cooling. These results proved that electronic qubit control enables world-leading performance via a scalable and production-ready semiconductor manufacturing process. In February 2026, we announced that we had progressed through three rounds of tape-outs for our first semiconductor-based quantum chip, and we're preparing to hand those designs to the foundry for production.

去年 10 月，我們發表了創下新的世界紀錄之雙量子位閘（2-qubit gate）保真度結果，展示在無需基態冷卻（ground state cooling）的情況下達到 99.99% 的保真度。這些結果證明，電子量子位控制可透過可擴展且可量產的半導體製造流程，實現世界領先的效能。2026 年 2 月，我們宣布已完成首款半導體式量子晶片的三輪流片（tape-out），並正準備將這些設計交付晶圓代工廠進行生產。

In May 2026, we reported that we had received our first chip prototype back. These prototypes demonstrated the critical quality metrics required for our production-grade 256 qubit chips, while also approaching those required for our 10,000 qubit chips. Each milestone has reduced execution risk and positioned IonQ to create value for our customers and shareholders. I am proud to report that this quarter, we received our first fully featured, fully integrated QPUs back from SkyWater, and they are now undergoing testing in our College Park facility.

2026 年 5 月，我們報告已收到首批晶片原型。這些原型展示了我們量產級 256 量子位晶片所需的關鍵品質指標，同時也逐步接近我們 10,000 量子位晶片所需的指標。每一個里程碑都降低了執行風險，並使 IonQ 能為客戶與股東創造價值。我很自豪地報告，本季我們已從 SkyWater 收到首批功能完整、完全集成的 QPU，並正在我們位於 College Park 的設施進行測試。

These chips consolidate all the individual capabilities validated by our last few months of prototyping into a single unified chip architecture. Having a full QPU prototype like this is what enables us to start testing integrated systems. These QPUs represent a pivotal milestone in our compute road map and a powerful testament to what IonQ and SkyWater can achieve together. We have moved with conviction to demonstrate our 256 qubit technology and plan to begin commissioning systems in 2027.

這些晶片將我們在過去數月原型驗證的各項獨立能力，整合為單一、統一的晶片架構。擁有這樣完整的 QPU 原型，使我們得以開始測試整合式系統。這些 QPU 代表我們運算路線圖上的關鍵里程碑，也有力證明 IonQ 與 SkyWater 攜手所能達成的成果。我們以堅定的步伐推進，以展示我們的 256 量子位技術，並計畫於 2027 年開始系統驗收與啟用（commissioning）。

We are also advancing our control software and system architecture. For those following along in our investor presentation, please turn to slide 6. In April of this year, we released our Walking Cat Architecture, which is the industry's first end-to-end detailed manufactural blueprint of a fault-tolerant quantum computer. This historic paper shows how full-tolerant IonQ systems will execute operations while actively correcting errors. Importantly, this is an architecture that will scale with us as we grow our systems to millions of qubits.

我們也在推進控制軟體與系統架構。若各位正在查看我們的投資人簡報，請翻到第 6 頁。今年 4 月，我們發布了 Walking Cat Architecture，這是業界首個端到端、具細節的容錯量子電腦可製造藍圖。這篇具里程碑意義的論文展示了 IonQ 的完全容錯系統將如何在主動更正錯誤的同時執行運算。重要的是，這套架構將能隨著我們把系統擴展到數百萬量子位而同步擴展。

This quarter, we validated key elements of our Walking Cat Architecture on our hardware. IonQ achieved a major milestone by demonstrating breakeven quantum error correction using 2 LDPC codes on a tempo engineering test system. Our published results this quarter are a major validation of our quantum error correction capabilities, which IonQ is proud to continue pioneering. These technical accomplishments demonstrate IonQ's industry-leading position, rapid commercial advancement and tangible value creation potential.

本季，我們已在硬體上驗證 Walking Cat Architecture 的關鍵要素。IonQ 達成一項重大里程碑：在一套 tempo 工程測試系統上，使用兩種 LDPC 編碼展示了收支平衡（breakeven）的量子錯誤更正。我們本季發布的結果，對我們的量子錯誤更正能力提供了重要驗證，而 IonQ 也很自豪能持續在此領域開創先河。這些技術成就展現了 IonQ 的業界領先地位、快速的商業推進，以及可實現的價值創造潛力。

Now let me turn to SkyWater and IonQ expanding role as a merchant supplier to the US and Allied Quantum ecosystem. Last week, we closed our $1.8 billion acquisition of SkyWater, creating the only vertically integrated full stack Quantum platform company. Together, IonQ SkyWater own the design, fabrication, packaging and deployment of our systems, entirely onshore entirely entrusted US facilities.

現在讓我談談 SkyWater，以及 IonQ 作為美國及盟友量子生態系之商業供應商角色的擴大。上週，我們完成了對 SkyWater 的 18 億美元收購，打造出唯一一家垂直整合、全堆疊的量子平台公司。IonQ 與 SkyWater 將共同擁有我們系統的設計、製造、封裝與部署，全部在岸、全部於受信任的美國設施內完成。

For IonQ and our partners, this has a profound impact, as seen on slide 7. This is a transformational combination that enables IonQ to materially accelerate our Quantum Computing road map and our ability to design, test, and iterate on QPUs at speed.

對 IonQ 及我們的合作夥伴而言，這帶來深遠影響，如第 7 張投影片所示。這是一項具變革性的結合，使 IonQ 能夠實質加速我們的量子運算路線圖，以及以更快速度設計、測試並反覆迭代 QPU 的能力。

Oxford Ionics brought us proprietary world-leading electronic tube control technology to scale qubit counts on standard silicon. SkyWater brings a world-class semiconductor foundry under our own roof to fabricate those designs. This past quarter, we closed the loop. QPUs designed with electronic qubit control, built at SkyWater and return to us as our first fully featured chips. IonQ and SkyWater have together carried a design from concept to fabrication, proof that our strategy is translating into results.

Oxford Ionics 為我們帶來其專有、世界領先的電子管控制技術，可在標準矽基上擴大量子位元數量。SkyWater 則把世界級的半導體晶圓代工廠納入我們自家體系，用於製造這些設計。在上一季，我們完成了閉環。採用電子量子位元控制所設計的 QPU，由 SkyWater 製造後回到我們手中，成為我們第一批功能完整的晶片。IonQ 與 SkyWater 已共同將一項設計從概念推進到製造，證明我們的策略正在轉化為成果。

As you can see on slide 8, with SkyWater, we're also pleased to expand our role as the leading merchant supplier to the broader quantum ecosystem. Even before the acquisition, IonQ served as an important merchant supplier with our industry-leading atomic clocks, sensors and networking products being sold to other leading quantum companies. With SkyWater semiconductor technology supporting multiple GPU modalities, IonQ is now the world's largest quantum merchant supplier, delivering the critical technologies every quantum company needs.

如第 8 張投影片所示，透過 SkyWater，我們也很高興擴大我們作為更廣泛量子生態系之領先商用供應商的角色。即使在收購之前，IonQ 就已是重要的商用供應商，我們業界領先的原子鐘、感測器與網路產品亦銷售給其他領先的量子公司。在 SkyWater 的半導體技術支援多種 QPU 模態之下，IonQ 現已成為全球最大的量子商用供應商，提供每一家量子公司所需的關鍵技術。

Our goal is to accelerate all quantum companies working with us, ions, atoms, superconductors, photonics, sensors, and networks. I'm also pleased to share that we are further expanding our merchant supplier capabilities in Q2 through our acquisition of UC Santa Barbara spin-off Nexus Photonics. Nexus brings foundational technologies that enable chip scale integration of lasers, modulators, and optical subsystems for the miniaturization and mass manufacture of quantum systems.

我們的目標是加速所有與我們合作的量子公司，涵蓋離子、原子、超導、光子、感測器與網路。我也很高興分享，我們將在第二季透過收購加州大學聖塔芭芭拉分校（UC Santa Barbara）的衍生公司 Nexus Photonics，進一步擴大我們的商用供應能力。Nexus 帶來的基礎技術可實現雷射、調變器與光學子系統的晶片級整合，推動量子系統的小型化與量產製造。

We have already begun integrating these solutions into our next-generation atomic clocks and gravimeters. For Quantum networking, these integrated photonics capabilities move us closer to data center scale distributed quantum systems. We plan to supply these critical integrated components to the broader quantum ecosystem, as part of the industry's first dedicated Quantum Photonics foundry offering at SkyWater. As the cornerstone Quantum merchant supplier across the US and allied landscape, we have the procedures in place to protect our customers' IP and can assure our customers a partnership focused on accelerating their road maps.

我們已開始將這些解決方案整合到我們下一代原子鐘與重力儀中。在量子網路方面，這些整合式光子能力使我們更接近資料中心規模的分散式量子系統。我們計畫在 SkyWater 推出業界首個專用量子光子晶圓代工服務的一部分，向更廣泛的量子生態系供應這些關鍵的整合元件。作為橫跨美國及盟友版圖的核心量子商用供應商，我們已建立保護客戶智慧財產權（IP）的流程，並可向客戶保證：我們的合作夥伴關係將聚焦於加速其路線圖。

Turning to slide 9. I want to now address Quantum Security and QDA, a topic rapidly moving to the forefront of boardrooms and defense agencies around the world. Quantum Computing is a paradigm shift, not only for every aspect of Applied Science, but also for cybersecurity. As I foretold a year ago, the timeline for cryptographically relevant machines the threatened RSA encryption is rapidly compressing.

接著看第 9 張投影片。我現在要談量子安全與 QDA，這個議題正迅速成為全球董事會與國防機構關注的焦點。量子運算是一場典範轉移，不僅影響應用科學的各個面向，也將改變資安。正如我一年前所預告的，具密碼學意義、足以威脅 RSA 加密的機器之時間表正在快速縮短。

Over the past 15 years, the estimated number of qubits needed to break encryption has dropped by four orders of magnitude. Simultaneously, IonQ accelerating our path to 10,000 qubits in 2027, positioning us at the forefront of this security reality.

在過去 15 年中，破解加密所需的量子位元估計數量已下降了四個數量級。同時，IonQ 正加速邁向 2027 年達到 10,000 個量子位元，使我們站在這項安全現實的最前沿。

As you can see on slide 10, IonQ uniquely provides defense and depth via our complete quantum safe cybersecurity stack. Post-Quantum Cryptography is a critical first step in protecting existing infrastructure at scale. Longer-term resilience, however, will increasingly rely on advanced quantum communications technologies, including Quantum Key Distribution.

如第 10 張投影片所示，IonQ 透過完整的量子安全資安堆疊，提供獨特且縱深的防護。後量子密碼學（Post-Quantum Cryptography）是在大規模保護既有基礎設施方面的關鍵第一步。然而，長期韌性將愈來愈依賴先進的量子通訊技術，包括量子金鑰分配（QKD）。

To meet those needs, this quarter, we launched a new QKD product that allows customers to send multiple data types across existing municipal fiber networks, making enterprise-grade quantum security practical, deployable and cheaper to operate. We welcome the US administration's June 22, Quantum executive orders. which recognize that Quantum technologies are inflecting. Quantum leadership is emerging as the defining technological competition of not only our lifetimes, but I expect of the 21st Century itself.

為滿足這些需求，本季我們推出一款新的 QKD 產品，讓客戶可透過既有的市政光纖網路傳輸多種資料類型，使企業級量子安全更具可行性、可部署，且營運成本更低。我們歡迎美國政府於 6 月 22 日發布的量子行政命令，其認知到量子技術正進入拐點。量子領導地位正成為不僅是我們有生之年、我預期更是整個 21 世紀的決定性科技競爭。

We enter the second half of this year as a clear technology leader, critical merchant supplier and vital ecosystem enabler for the entire quantum industry. With SkyWater now a part of IonQ, we are derisking and accelerating multiple engineering pathways for our next-generation quantum chips. In parallel, we are also helping to create the manufacturing and supply chain foundation required to accelerate and scale the entire US and allied Quantum industry.

我們以明確的技術領導者、關鍵商用供應商，以及整個量子產業的重要生態系推動者之姿，進入今年下半年。隨著 SkyWater 成為 IonQ 的一部分，我們正在降低風險並加速多條工程路徑，以開發下一代量子晶片。同時，我們也在協助建立製造與供應鏈基礎，以推動並擴大整個美國及盟友的量子產業。

In closing, I will say that our conviction is that Quantum light classical before it ultimately scales on a semiconductor foundation. That is why we have built a manufacturable silicon-based platform and why we are increasingly focused on the measures that determine real-world value. Cost and energy for logical qubit and the cost and time to solution. Those are the metrics that allow Quantum Computing to serve industry and government dependently and at scale.

最後我想說，我們堅信量子將先以「輕量」方式與傳統運算結合，最終再建立在半導體基礎上實現規模化。這也是為何我們打造了可製造的矽基平台，並且愈來愈聚焦於決定真實世界價值的衡量指標。包括每個邏輯量子位元的成本與能耗，以及求解的成本與時間。這些指標使量子運算能以可靠且可規模化的方式服務產業與政府。

Around all of it sits in interoperable software and enablement stack with an access strategy that spans on-prem deployments and every major public cloud. This is what defining an industry looks like.

在此之上，是一套可互通的軟體與賦能堆疊，以及涵蓋地端部署與各大公有雲的存取策略。這就是定義一個產業的樣貌。

I'm now delighted to hand over the call to Inder.

我現在很高興把電話會議交給 Inder。

Thank you very much, Niccolo. Very, very excited to be reporting our strongest quarter ever in the history of the company. And as Niccolo said, delivering $80.1 million in GAAP revenue, which is 287% growth year-on-year. Not only was it our strongest quarter ever, it also exceeded our own expectations by 20%. We continue to be pleased by our progress in the market and that progress is being validated by the financial outcomes we are seeing and reporting to you today.

非常感謝你，Niccolo。我們非常、非常興奮，因為我們正報告公司史上最強勁的一季。正如 Niccolo 所說，我們實現 GAAP 營收 8,010 萬美元，年增 287%。這不僅是我們史上最強的一季，也比我們自身預期高出 20%。我們持續對市場進展感到滿意，而這些進展也正由我們今天向各位呈現的財務成果所驗證。

As I cover our financials in greater detail, you can also see some of this in our investor presentation starting on page 12. The largest driver of our revenue outperformance this quarter was the continued momentum of deploying our fifth-generation Quantum Computing systems. This quarter, we began shipments of subsystems to the Korea Institute of Science and Technology Information or KISTI, and those systems are currently being delivered and assembled in Korea at the customer site. Similarly, with QuantumBasel in Switzerland, our fifth-generation machine is now in final assembly on site, right next to the fourth generation machine they had previously purchased from us.

當我更詳細說明我們的財務表現時，各位也可在投資人簡報第 12 頁起看到部分內容。本季營收超預期的最大驅動因素，是我們部署第五代量子運算系統的動能持續增強。本季我們開始向韓國科學技術資訊研究院（Korea Institute of Science and Technology Information，KISTI）出貨子系統，這些系統目前正在韓國客戶現場交付並組裝。同樣地，在瑞士的 QuantumBasel，我們的第五代機器目前也正在現場進行最後組裝，就在他們先前向我們購買的第四代機器旁邊。

I believe this represents the world's first deployment of two consecutive generations of quantum computers next to each other in a commercial setting ever. Recall that we had told you previously, we were ramping production to do exactly this, deliver multiple global systems at one and at scale. The bottom line is that we continue to innovate in ways no one else has done so far and at a velocity that we also think is incomparable.

我相信，這代表全球首次在商業環境中，將兩個連續世代的量子電腦並排部署。回想我們先前曾告訴各位，我們正在提升產能，正是為了做到這一點：一次交付多套全球系統，並以規模化方式交付。總而言之，我們持續以迄今無人做到的方式創新，且我們也認為其速度無可比擬。

Speaking of organic growth within that, our Q2 organic revenues grew 132% year over year. Based on these global quantum computer deployments that I mentioned and others, I would remind you, for the full year, we are still expecting organic revenue to grow 100%, as we guided at the very start of the year. I'm delighted to see that the acceleration at least in the current quarter is showing the strength of that business.

談到其中的有機成長，我們第二季有機營收年增 132%。基於我提到的這些以及其他全球量子電腦部署，我想提醒各位：就全年而言，我們仍預期有機營收將成長 100%，正如我們在年初所給出的指引。我很高興看到，至少在本季的加速表現，展現了該業務的強勁實力。

This year, Tempo Quantum Computing revenues are the principal driver. And next year, we expect our semiconductor-based computers, as Niccolo just mentioned, to become the main driver and the future in our road map as we should from laser-based to electronic-based control of qubits.

今年，Tempo 量子運算的營收是主要驅動力。而明年，正如 Niccolo 剛才提到的，我們預期以半導體為基礎的電腦將成為主要驅動力，並成為我們路線圖中的未來，因為我們將如期從以雷射為基礎轉向以電子為基礎的量子位元控制。

We also have made excellent progress across our space-based products. And recently, we reported that we now have 84 Skyloom optical communication terminals deployed on orbit, which is double the number from just a year ago. We also began work during the quarter for the US-based development agency with the HALO Europa contract, completing key design milestones on the path to delivering functioning satellites into orbit to support a multimodal constellation, prime for Quantum solutions. All of these achievements show the progress that we're making across our product portfolio.

我們在太空端產品方面也取得了極佳的進展。近期我們也報告，目前已有 84 個 Skyloom 光學通訊終端部署在軌道上，較一年前的數量增加一倍。我們也在本季開始為美國的開發機構執行 HALO Europa 合約，完成了多項關鍵設計里程碑，朝向交付可在軌運作的衛星邁進，以支援多模態星座，並為量子解決方案做好準備。所有這些成果都顯示我們在整體產品組合上持續取得進展。

As we've done in recent quarters, let me now provide some metrics related to the drivers of our revenue. And these will be around geography, commercial, and multi-product. I would remind you that we are sharing these in the spirit of transparency and as color. But as you can imagine, these can vary in any particular quarter. Together, Niccolo and I when we focus on the business, focus on the trends of these, and we're very encouraged by what we're seeing.

如同近幾季一樣，接下來我提供一些與我們營收驅動因素相關的指標。這些將涵蓋地理分布、商業客戶，以及多產品。我想提醒各位，我們分享這些是出於透明度並提供一些補充說明。但如各位所想，這些指標在任何特定季度都可能波動。Niccolo 和我在聚焦業務時，會關注這些趨勢，而我們對目前看到的情況感到非常鼓舞。

Let me start by talking about geography first. Approximately 50% of our revenue in the quarter was derived from international customers, spanning countries such as Australia, South Korea, Portugal, India, Denmark, Germany, Israel, Japan, just to name some. This quarter was especially strong for the international metric due to our Quantum Computing deployments, as I mentioned, in KISTI and QuantumBasel.

我先從地理分布談起。本季約 50% 的營收來自國際客戶，涵蓋澳洲、南韓、葡萄牙、印度、丹麥、德國、以色列、日本等國家，僅舉幾例。如我所提，本季國際指標特別強勁，主要受惠於我們在 KISTI 與 QuantumBasel 的量子運算部署。

We are delivering solutions in over 50 countries around the world, and we have inbound increase from anymore. We may not turn all those into customers, of course, because pipelines are very, very large and also require effort. And we believe we can win in the majority of those, but the breadth of countries we are looking at -- also, we want to make sure we remain focused on our best investments for the best ROI.

我們在全球超過 50 個國家交付解決方案，而且我們也看到來自更多地區的主動洽詢增加。當然，我們不一定會把所有這些都轉化為客戶，因為銷售管線非常、非常龐大，也需要投入努力。我們相信在其中多數機會上我們能夠勝出，但就我們所關注的國家廣度而言——我們也希望確保仍聚焦於能帶來最佳投資與最佳投資報酬率（ROI）的項目。

The second revenue metric is commercial resin. In the quarter, we once again saw 60% of our revenue come from commercial meaning non-US government customers. This tells us that our customers are putting our solutions to work in real-world applications, not just in funding research. We, of course, expect government to grow and of course, this could skew the metric and become more government in any given quarter. Of course, I'll take that happily.

第二個營收指標是商業營收。本季我們再次看到 60% 的營收來自商業客戶，也就是非美國政府客戶。這告訴我們，客戶正在把我們的解決方案用於真實世界的應用，而不僅僅是資助研究。我們當然預期政府業務會成長，而這也可能使該指標在某些季度偏向政府占比更高。當然，我也會很樂意看到那樣的結果。

Third, we continue to be excited about the multiproduct dimension of our revenues and we believe there's a lot more we can be doing in Europe. As an example, one very obvious example is to drive both sales of Quantum Computing and quantum security which are two things we're really starting to see in high demand among our portfolio. To me, this is low-hanging fruit, and the sales team are working to create the incentives to make things happen and turn it to revenue. even more than we're seeing.

第三，我們持續對營收的多產品面向感到振奮，並且我們相信在歐洲還有更多可以做的事。例如，一個非常明顯的例子是同時推動量子運算與量子安全的銷售，這兩項在我們的產品組合中正開始呈現高度需求。對我而言，這是唾手可得的機會，而銷售團隊正在建立激勵機制，促成落地並把它轉化為營收，甚至超過我們目前所看到的水準。

On a year-over-year basis, our multiproduct sales grew by 40% and now comprise about 25% of this quarter's revenue. This represents strong growth year-on-year of force. A priority for us remains diligently driving our cross-selling opportunity even higher. Having more than one product means we can sell more things at one time.

以年對年來看，我們的多產品銷售成長了 40%，目前約占本季營收的 25%。這代表多產品推動力呈現強勁的年增成長。我們的優先事項之一仍是持續、嚴謹地把交叉銷售機會推得更高。擁有不只一項產品，意味著我們可以在同一時間賣出更多項目。

Let me now discuss our remaining performance obligations, or RPO, a widely used measure of forward revenue visibility. We ended Q2 with $485 million in reported RPOs, up from $470 million in Q1 and up from $122 million one year ago. This is even though we had one of the strongest quarters. So we drew down RPOs into revenue, as you know, happens and we replenished it and then some as well. RPOs, of course, can vary from quarter to quarter.

接下來我談談我們的剩餘履約義務（RPO），這是一項廣泛使用、用來衡量未來營收可見度的指標。我們在第二季結束時，報告的 RPO 為 4.85 億美元，高於第一季的 4.70 億美元，也高於一年前的 1.22 億美元。這是在我們本季表現非常強勁的情況下達成的。因此我們如各位所知，將部分 RPO 轉為營收，同時也補回並且超過原本的水準。當然，RPO 會在不同季度之間波動。

But at any one point in time, they provide visibility into revenues that will turn -- that will appear in more than one year. So we'd like to have that visibility as we try to grow this business and continue growing it. This will remain a focus for us.

但在任何特定時間點，RPO 都能提供對未來營收的可見度——也就是將在一年以上期間內逐步認列的營收。因此，在我們努力擴大並持續成長這項業務時，我們希望具備這樣的可見度。這仍將是我們的重點。

Turning now to operating expenses. GAAP operating expenses for the quarter were $417.3 million or $201.2 million on a non-GAAP basis. Our largest area of OpEx continues to be R&D as we pioneer transformational quantum technologies and fuel our innovation engine; $160.6 million of our GAAP OpEx consisted of R&D. In addition to R&D, as we've told you last quarter, we are also investing in go-to-market resources as the enterprise opportunities, enterprise-wide opportunities for us continue to emerge.

接著談營業費用。本季 GAAP 營業費用為 4.173 億美元；以非 GAAP 基礎則為 2.012 億美元。我們最大的營業費用領域仍是研發（R&D），因為我們正在開創具變革性的量子技術並驅動創新引擎；在 GAAP 營業費用中，有 1.606 億美元屬於研發。除了研發之外，如同我們上季所說，我們也在投資市場推進（go-to-market）資源，因為企業級、全企業範圍的機會持續浮現。

Overall, our investment approach is to focus on execution and to creating operating leverage over time. By ramping our manufacturing to meet demand, an effort that SkyWater will help us with further, we are now already delivering multiple global compute systems simultaneously, and we're preparing to do even more next year.

整體而言，我們的投資方法是聚焦執行，並隨時間推進創造營運槓桿。透過提升製造能力以滿足需求——SkyWater 也將進一步協助我們——我們現在已能同時交付多套全球運算系統，並正準備在明年做得更多。

Moving forward, we will continue to strengthen operations by optimizing our supply chain and consolidating operations across the company. And we'll maintain a tight discipline on all things quantum and investments in those areas and through vertical integration with SkyWater, as Niccolo noted. We expect to be able to lower IonQ's total development costs for Quantum Hardware over time, delivering industry-leading cost per qubit and create further structural cost advantage.

展望未來，我們將透過優化供應鏈並整合全公司的營運來持續強化營運效率。我們也會在所有量子相關事項與投資上維持嚴格紀律，並如 Niccolo 所提，透過與 SkyWater 的垂直整合來推進。我們預期隨時間推移能降低 IonQ 量子硬體的總開發成本，提供業界領先的每量子位元成本，並建立進一步的結構性成本優勢。

Our focus on long-term investment allows us to attract industry-leading talent density, create innovation velocity, and drive operating performance. Our capital strength also allows us to invest for the long term, which is essential of force in quantum even as we execute quarter to quarter to quarter.

我們對長期投資的聚焦，使我們能吸引業界領先的人才密度、創造更快的創新速度，並推動營運表現。我們的資本實力也讓我們能進行長期投資，這在量子領域是至關重要的，即使我們仍需逐季、逐季、逐季地執行。

Moving on to adjusted EBITDA. We reported negative $120.3 million for the second quarter. As we reported last quarter, our spending with SkyWater increased as we found success accelerating our technology road map. This quarter, that higher spend resulted in about $20 million of additional spending included in that number. Additionally, we had approximately $10 million of higher investment related to pre-integration costs, scaling the business, really in anticipation of Sky orders closed and also to securing our supply chain.

接著談調整後 EBITDA。我們第二季報告為負 1.203 億美元。如同上季所報告，隨著我們在加速技術路線圖方面取得成效，我們對 SkyWater 的支出增加。本季，較高的支出使該數字中包含約 2,000 萬美元的額外支出。此外，我們還有約 1,000 萬美元的較高投資，與整合前成本、擴大業務規模相關，主要是為了因應 Sky 訂單結案的預期，以及確保我們的供應鏈。

As most of you already know, our GAAP net income is volatile from quarter to quarter and depends on warrant valuations. We reported a GAAP net loss of negative $1.9 billion for the second quarter, primarily due to a roughly $1.6 billion non-cash impact from the mark-to-market valuation of warrants as required by accounting conventions. Needless to say, this accounting impact does not reflect the operating fundamentals of our business.

如各位多數人所知，我們的 GAAP 淨利在季度之間波動很大，並取決於認股權證估值。我們第二季報告 GAAP 淨損為負 19 億美元，主要是因會計準則要求對認股權證進行按市價（mark-to-market）評價，造成約 16 億美元的非現金影響。不用說，這項會計影響並不反映我們業務的營運基本面。

Let me say we are very excited to welcome SkyWater to IonQ. I'm pleased to welcome Tom and his team to execute on our world-leading technology road map and work together with us as we deliver our solutions for our customers.

最後我想說，我們非常興奮歡迎 SkyWater 加入 IonQ。我很高興歡迎 Tom 與他的團隊，一同執行我們世界領先的技術路線圖，並在我們為客戶交付解決方案的過程中與我們攜手合作。

As a reminder, because IonQ and SkyWater operated as separate public companies throughout the second quarter, today's results and any guidance we provide only includes financials from IonQ. SkyWater is expected to file its own 10-Q for the second quarter in the coming days.

提醒一下，由於 IonQ 與 SkyWater 在第二季期間一直以兩家獨立的上市公司運作，因此今天的業績以及我們提供的任何指引僅包含 IonQ 的財務數據。SkyWater 預計將在未來幾天內提交其第二季的 10-Q。

Now turning to guidance. We had a tremendous quarter, outperforming even our own expectations, and we are raising our full year guidance for IonQ to a range of $280 million to $290 million in revenue. This guidance range applies only to IonQ, as I mentioned.

現在轉到財測指引。我們本季表現非常出色，甚至超出我們自身的預期，因此我們將 IonQ 的全年指引上調至營收 2.80 億至 2.90 億美元的區間。如我所提到，這個指引區間僅適用於 IonQ。

Because we have operated as a combined company for less than a week, we need to integrate our operations before providing combined company revenue or EBITDA guidance. A number of things will be looked at, for example, we estimate that our full year spending with SkyWater under our commercial agreement would have been approximately $120 million of spending for us converting into revenue for them in fiscal year 2026.

由於我們作為合併後公司運作還不到一週，我們需要先整合營運，才能提供合併後公司的營收或 EBITDA 指引。我們將檢視多項事項，例如，我們估計在商業協議下，我們全年對 SkyWater 的支出在 2026 會計年度約為 1.20 億美元；對我們而言是支出，對他們而言則會轉化為營收。

Following the close, we will be looking at eliminating some of this intercompany revenue and other costs as well. There are additional accounting adjustments that are acquired as our company's mark, such as, of course, purchase price accounting treatment and some contracts we have to look at as well. So we will come back to you with combined guidance down the road. But for today, we're talking principally about IonQ.

在交易完成後，我們也將著手消除部分公司間營收以及其他成本。此外，還有一些併購帶來的會計調整會納入我們公司的帳務處理，例如，當然包括購買價格分攤（purchase price accounting）的處理，以及我們也需要檢視的一些合約。因此，我們之後會再向各位提供合併後的指引。但今天，我們主要談的是 IonQ。

In summary, we delivered a fact quarter of phenomenal growth, and we could not be more bullish on the long term and the potential for our company. We recognize, as with any company, execution is always key. And there are always risks that we must work to mitigate, and we are laser-focused on ensuring we do that. We continue to expect approximately 100% growth in our organic business and 100% growth in our Quantum platform strategy as well.

總結來說，我們交出了一個成長驚人的季度，我們對公司長期發展與潛力的看法再樂觀不過。我們也認知到，和任何公司一樣，執行力永遠是關鍵。同時也總會有我們必須努力降低的風險，而我們正高度聚焦，確保做到這一點。我們仍預期有機業務約 100% 成長，量子平台策略也約 100% 成長。

With that, I'd like to turn the call over to the operator for Q&A.

接下來，我想把電話交給接線員進行問答。

Operator?

接線員？

(Operator Instructions)

(接線員指示)

Kevin Garrigan, Jefferies.

Jefferies 的 Kevin Garrigan。

Yes. Team, congrats on the great results. Just to start, regarding the Andra and Sandia MOUs, what are kind of the next steps for converting these into development contracts or system deployments? And are there any dollars that are currently included in RPO or the 2026 revenue outlook from these?

是的。團隊，恭喜你們交出很棒的成績。先從 Andra 與 Sandia 的 MOU 談起，接下來把這些轉換成開發合約或系統部署的下一步大概會是什麼？另外，這些是否有任何金額目前已納入 RPO 或 2026 年營收展望之中？

I'll take the second part of the question, for sure. I think there are no dollars that we included in RPOs from future business coming from that relationship. We are incredibly excited about that relationship -- it brings together sort of the best of passive solutions we have and the solutions they have as well. So we think there's a lot of potential going forward. But no, we have not included anything in RPOs for what we might get from now.

我先回答問題的第二部分。我認為我們沒有把來自該合作關係的未來業務金額納入 RPO。我們對這段合作關係感到非常興奮——它把我們所擁有的最佳被動式解決方案，以及他們的解決方案結合在一起。因此我們認為未來有很大的潛力。但沒有，我們目前沒有把從現在起可能獲得的任何內容納入 RPO。

Yes. Look, all I would add is, obviously, the White House has issued a couple of important executive orders, right, one on quantum security and one on a computing sensing and networking. Taking them together, it's a great reflection of IonQ's total platform strategy, right? I think we're the only quantum company in the world -- probably the only company in the world that can say we actually embody all aspects of both executive orders in their totality.

是的。我補充一下，顯然白宮已發布幾項重要的行政命令，對吧？一項關於量子安全，另一項關於運算、感測與網路。把它們放在一起看，這非常能反映 IonQ 的整體平台策略，對吧？我認為我們是全球唯一的量子公司——甚至可能是全球唯一能說我們在整體上完整涵蓋這兩項行政命令所有面向的公司。

And so these MOUs are obviously very much a recognition of the fact that we have a lot to bring to bear to help not just our nation's government labs, and some of the most historic and important ones out there, but also, of course, support the Department of War with a range of applications, which obviously we haven't fully enumerated because not only of the confidentiality involved in these projects, but also, as you rightly pointed out and Inder rightly addressed, this is not yet in our numbers because it is still in an early stage.

因此，這些 MOU 顯然是在認可我們能提供大量資源與能力，不僅能協助我們國家的政府實驗室——其中一些是最具歷史性且最重要的實驗室——也當然能以一系列應用支援國防部；而這些應用我們尚未完全列舉，原因不僅在於這些專案涉及保密性，也因為如你所指出、Inder 也正面回應的，這些目前仍處於早期階段，因此尚未反映在我們的數字中。

We'll report more on these as they develop. Not only is there an earnings call, but we have an Analyst Day coming up also Investor Day coming up on September 8.

我們會隨著進展提供更多更新。除了財報電話會議之外，我們也即將舉辦分析師日，以及 9 月 8 日的投資人日。

Yes. Okay. Got it. Perfect. And then as a follow-up, so the 25% of customers that are now utilizing multiple products, what products are most frequently bundled together?

是的。好的。了解。完美。接著追問一下，目前有 25% 的客戶正在使用多項產品，最常被一起打包的是哪些產品？

And are those engagements generating larger contracts or higher renewals that you're seeing?

而你們看到這些合作是否帶來更大的合約金額或更高的續約率？

Well, I think they're creating a stickiness environment for us, most importantly. And having a one-stop shop where customers can come and get what they need now and then get what they need next. Those are good validators. I've seen that, and Niccolo seen that in the dozen plus companies that he's been in as well.

我認為最重要的是，它們為我們創造了更高的黏著度。提供一站式服務，讓客戶現在能取得所需，接著也能取得下一步所需。這些都是很好的驗證。我看到了這點，Niccolo 也在他待過的十多家公司中看到了這點。

So it's an important indicator for us that we have the right solutions under one roof. And also, to your point, like the most natural thing that we're seeing happen are groupings of products, for example, in the sensing and space environment, which we mentioned earlier, but also the demand for computing, which continues to just be -- I'll use the loose word, en fuego, for us is also now causing a lot of companies, especially with the executive order that came out recently around preparing for a post-quantum QDA type of environment for security, frankly, to become more of a topic.

因此，這對我們而言是一個重要指標，顯示我們把正確的解決方案整合在同一個屋簷下。同時，如你所說，我們看到最自然發生的情況是產品的組合，例如我們先前提到的感測與太空環境中的產品組合；另外，對運算的需求仍然——我用個比較口語的詞，對我們來說就是火熱（en fuego）。

So more and more customers are talking about security. And in many cases, they're also saying, let's look at your computer use cases. We're happy to see all that happening. Networking obviously comes in as the next thing in terms of connecting nodes together and also connecting compute devices together. And I think it's a matter of time when we start to see sensing perhaps play into this in some way as well.

因此，越來越多客戶在談安全。而在許多情況下，他們也會說，讓我們看看你們的運算使用案例。我們很高興看到這些正在發生。至於網路，顯然是下一步——用來把節點連接起來，也把運算裝置彼此連接起來。我認為，接下來只是時間問題，我們會開始看到感測也可能以某種方式融入其中。

But we're looking across the portfolio. We're happy to see multiple TAMs available to us, and we're happy to see some of the world-leading and if not the world leading products in each one of those TAMs in our roof and allowing the sales team to take a land and expand approach and whatever makes sense for the customer, basically meeting the customer where they are.

但我們是從整個產品組合的角度來看。我們很高興看到有多個 TAM（可服務市場總量）可供我們切入，也很高興看到在每一個 TAM 中，我們都擁有世界領先、甚至可說是全球最領先的產品，並把它們整合在同一個屋簷下，讓銷售團隊能採取「先落地、再擴張」的策略；基本上就是以對客戶最有意義的方式，在客戶所在的位置與其對接。

Operator, could we move to the next question, please?

接線員，請幫我們進入下一個問題。

Craig Ellis, B. Riley Securities.

B. Riley Securities 的 Craig Ellis。

It's Craig Ellis. It seemed like there were two analysts called there, but I will go ahead. So one, congratulations on closing the SkyWater deal, and congratulations to Tom and his team. The first question I wanted to follow up on was on the road map comments that you provided, Niccolo.

我是 Craig Ellis。剛才似乎叫了兩位分析師，但我就先提問。首先，恭喜完成 SkyWater 交易，也恭喜 Tom 和他的團隊。我第一個想追問的是你先前提到的路線圖評論，Niccolo。

What I want to understand is greater detail on what you're hoping to accomplish with the end progress systems test. What are the key milestones that you want to be able to check off?

我想更深入了解，你們希望透過端到端（end-to-end）的進度系統測試達成什麼目標。你們希望能勾選完成的關鍵里程碑有哪些？

And as we look at customer commissioning in the first half of the year, can you help us understand what the key execute pulse are as you go from the system test to customer commissioning?

當我們觀察今年上半年客戶委任（commissioning）的情況時，您能否協助我們理解，從系統測試走向客戶委任的過程中，關鍵的執行節奏（execute pulse）是什麼？

Sure. Well, look, IonQ has had systems in the marketplace that have been able to run applications for the better part of a decade. We've been on all three public clouds, as I mentioned, since 2020 and early 2021. So we're no stranger to moving from prototypes to systems. We already have a compiler that works. We already know how to obviously run algorithms, and we've got a full stack software team and control team, as I mentioned.

當然。嗯，你看，IonQ 的系統在市場上已經能夠運行應用程式將近十年了。如我所提，自 2020 年以及 2021 年初以來，我們已經在三大公有雲上提供服務。因此，從原型走向系統對我們而言並不陌生。我們已經有可運作的編譯器。我們也已經知道如何（顯然地）運行演算法，而且如我所說，我們擁有完整的全棧軟體團隊與控制團隊。

The key shift for us from tempo and where we've been building machines the last few years to today's Oxford Ionics and SkyWater electronic qubit control is, of course, that we are putting on ion traps on semiconductor chip, and we're scaling from there, from not just 236 chips, but to 10,000 and obviously, higher numbers, 100,000 and 1 million in the coming generations.

對我們而言，從過去幾年建造機器的節奏與方式，轉向今天的 Oxford Ionics 與 SkyWater 的電子量子位控制，關鍵的轉變當然在於：我們把離子阱放到半導體晶片上，並從那裡開始擴展——不只是 236 顆晶片，而是擴展到 10,000 顆，並且在後續世代提升到更高的數量，10 萬、100 萬。

Now we're doing a number of things in parallel here. So we are working on these three generations of those chips at the same time. And so as I mentioned, we're making progress on the 10,000 qubit chip at the same time as we have taped out and nearly finalized prototypes of the 256 chip.

現在我們在這裡同時並行做了許多事情。也就是說，我們同時在推進這些晶片的三個世代。因此如我提到的，我們在推進 10,000 量子位晶片的同時，也已經完成流片（tape out）並幾乎定案 256 晶片的原型。

You can imagine that there are then other components to getting a fully commissioned system into the marketplace. So it's a chip plus, of course, an enclosure and the rest of the kit and caboodle here. The chip was the hard part, candidly, which is why we have provided a lot of granularity in the last six months -- last nine months on the progress from closing Astronics in September last year to our February earnings call, our May earnings call, and now our August call.

你可以想像，要把一套完整完成委任的系統推向市場，還需要其他組件。所以除了晶片之外，當然還包括外殼，以及其餘整套配備。坦白說，晶片是最難的部分，這也是為什麼在過去六個月——九個月裡，我們提供了相當細緻的進度資訊：從去年九月完成 Astronics 的收購，到我們二月的財報電話會議、五月的財報電話會議，以及現在八月的電話會議。

So we're feeling great about the translation of a 30-year R&D base building full systems that we've been selling and putting in the marketplace and changing kind of the guts of the system, if you will, from bulk optics and lasers to the semiconductor electronic qubit control system. SkyWater has been delivering great as a commercial partner. Tom has been a great partner of ours in the last year. And we expect that closing this transaction will help, obviously, on the margins, not only accelerate the entire industry, but of course, IonQ of that industry with our iron trap chips.

因此，我們對於把 30 年研發基礎所累積的能力，轉化為我們一直在銷售並投放市場的完整系統，並且可以說是更換系統的「核心」——從大體積光學與雷射，轉為半導體電子量子位控制系統——感到非常振奮。SkyWater 作為商業合作夥伴的交付表現非常出色。Tom 在過去一年也一直是我們很好的合作夥伴。我們預期完成這筆交易將有助於（顯然地）改善毛利率，不僅加速整個產業，也當然會加速 IonQ 在該產業中的發展，憑藉我們的離子阱晶片。

So you'll get an update from us in every earnings call and between that, if we have other Reg FD-compliant events and conference calls and so on. But I think the bulk of the challenge here is now under our belt. Once we have chip prototypes that are coming off the line, the rest of this is a solid problem for us that we've done for many years.

所以我們會在每次財報電話會議中向各位更新；此外，如果我們還有其他符合 Reg FD（公平揭露規則）的活動、電話會議等等，也會同步提供資訊。但我認為，這裡的大部分挑戰現在已經被我們克服了。一旦晶片原型開始下線，剩下的就是我們多年來一直在做、而且很扎實可解的問題。

And so you're correct. We expect to be commissioning systems and deploying systems and getting the manufacturing lines pulled up in the first half of next year. And that remains all on track.

所以你說得沒錯。我們預期在明年上半年進行系統委任、部署系統，並把製造產線拉升到位。而這一切仍然都在既定進度上。

That's helpful. Then the follow-up is for Inder. It's on the topic of the executives orders. And just clarifying some of the interaction that you're seeing or check since those runout suggest that government agencies have been very active, accelerating their activity with quantum entities. And you certainly have the broadest platform out there a long time in the market with relevant capabilities.

這很有幫助。接著追問 Inder。問題是關於行政命令（executive orders）。我想釐清一下你們在互動上看到的情況或檢視結果，因為那些讀出（runout）顯示政府機構一直非常積極，正在加速與量子相關實體的活動。而你們無疑擁有最廣泛的平台，且在市場上耕耘已久並具備相關能力。

And so the question is the engagement that you're seeing post executive order, really government entities? Or is it also enterprise customers? And to what extent would one of those groups be greater than the other?

所以問題是：在行政命令發布之後，你們看到的互動主要來自政府單位嗎？還是也包括企業客戶？而在這兩者之中，哪一類的比重更高？

Yes. Look, I think the nation writ large is moving towards now adopting and implementing what the -- not just the spirit of what the EO is trying to do, but also trying to get there earlier. I think there's a realization that didn't exist a year, 1.5 years ago that the evolution of Quantum Computing will be so rapid that IonQ will be able to generate computers at the rate we're generating them now, I'd say, generating because we're almost like a producing them and not quite yet.

是的。你看，我認為整個國家正在朝向採納並落實——不只是行政命令（EO）想要達成的精神，也在嘗試更早達成目標。我覺得大家開始意識到：量子運算的演進會非常快速，以至於 IonQ 將能以我們目前的速度產出電腦——我說「產出」，是因為我們幾乎就像在量產，但還沒完全到那一步。

But each one is exponentially more powerful than the previous one. So as you go there much more quickly, the sense of urgency is rising. I would say that's happening not only in government as you mentioned, but also importantly, in data heavy industries. So financial services is definitely waking up to the cold, hard reality that at some point, RSA-2048 and other encryption protocols such as ECC-236, may all be broken.

但每一代都會比前一代呈指數級更強大。因此，當你更快走向那個階段時，緊迫感就會上升。我會說，這不僅如你所提發生在政府部門，也同樣重要地發生在資料密集型產業。因此，金融服務業確實正在面對一個冷酷且現實的事實：在某個時間點，RSA-2048 以及其他加密協定（例如 ECC-236）都可能被破解。

And the debate is around it in two years, three years, less or more. I think you've heard from many companies now that, that is getting very, very close. In addition, the nation itself is thinking about an adversary or two or more around the world, frankly, who are also trying to get to the same outcome.

而爭論點在於：是兩年、三年，或更短或更長。我想你現在已經聽到許多公司表示，那個時間點正在非常、非常接近。此外，國家本身也在思考：坦白說，全球可能有一個、兩個或更多對手，也正在嘗試達到同樣的結果。

And I think that did not exist as a dynamic. So we've had a number of calls. Niccolo meets CEOs all the time. Our sales team does. I join many of those. And in each one, security now enters into the discussion.

而我認為，這在一年前或一年半前並不是一個既有的動態。所以我們接了很多通電話。Niccolo 經常與 CEO 會面。我們的銷售團隊也是。我也參與了其中許多。而在每一次討論中，安全性現在都會被納入議題。

A year ago, it was about computing. Now it's about computing. How do I, of course, create more revenue? How can I use your solutions to do things that classical can't do? But equally, how can you protect me from the inevitable? And if the inevitable is two years ago, or three years away, it doesn't really matter. It's not 20 years away.

一年前，討論的是運算。現在仍然是運算。我當然要如何創造更多營收？我如何使用你們的解決方案去做傳統（classical）做不到的事？但同樣地，你們如何保護我免於那個不可避免的結果？而如果那個不可避免是在兩年後或三年後，其實差別不大。它不是 20 年後。

So it's pretty broad based. In parts of Asia, where we already have a very strong presence with our QKD solutions. That's been evident for a number of years. They live in a geopolitical environment where it's risky, and every country is considering what to do. But we're seeing demand from around the world.

所以這是相當廣泛的。在亞洲部分地區，我們已經透過 QKD 解決方案建立非常強的市場存在。這種情況已經很明顯好幾年了。他們所處的地緣政治環境風險較高，每個國家都在思考該怎麼做。但我們看到的是來自全球各地的需求。

And importantly, now we're seeing demand from the United States. I think that there's an understanding that you have to basically batten down the hatches, not just at the software level but also at the hardware level, things that will protect your crown jewels and allow you to have data in motion be secured end-to-end in a post-quantum world.

而且重要的是，我們現在也看到來自美國的需求。我認為大家理解到：你基本上必須「加固防線」（batten down the hatches），不僅在軟體層面，也要在硬體層面，去保護你的核心資產（crown jewels），並讓資料在傳輸過程中能在後量子世界裡實現端到端的安全。

So I think it's pretty broad-based. Some will move faster, others will lag. That's just natural. But those that are data-intensive industries. I think they are realizing that they need to protect for something that they have never seen before. I mean, Mythos is, frankly, just the beginning.

所以我認為這是相當廣泛的。有些會走得更快，其他則會落後。這很自然。但那些資料密集型產業，我認為他們正在意識到：他們需要為一種前所未見的情況做好防護。我的意思是，Mythos 坦白說才只是開始。

We're talking about a post-quantum environment in which everything that Mythos is able to exploit actually is rendered even less protective and Quantum will eclipse a lot of the things that Mythos is bringing to light today.

我們談的是一個後量子環境，在那裡，Mythos 能夠利用的一切實際上都會變得更缺乏保護，而量子技術將會超越 Mythos 今天所揭示的許多事情。

Quinn Bolton, Needham & Company.

Quinn Bolton，Needham & Company。

Quinn, if you can hear us, we're ready for your questions.

Quinn，如果你聽得到，我們已準備好回答你的問題。

Operator, maybe Quinn is trying to unmute himself. Should we move to the next one?

接線員，或許 Quinn 正在嘗試解除靜音。我們要不要先進到下一位？

Absolutely.

當然。

Yes. Quinn, just get back in queue. We'll come to your question.

是的。Quinn，你先回到隊列裡。我們會再回來回答你的問題。

Joe Moore, Morgan Stanley.

Joe Moore，Morgan Stanley。

This is Ella Tulchinsky on for Joe. So now that SkyWater is going to be part of IonQ. Can you talk about how you see the foundry business evolving over time? Do you expect it to operate mainly in support of IonQ's own road map serve the broader Quantum ecosystem or both?

我是代替 Joe 的 Ella Tulchinsky。既然 SkyWater 即將成為 IonQ 的一部分。你能談談你如何看待晶圓代工業務隨時間的演進嗎？你預期它主要是為了支援 IonQ 自身的路線圖、服務更廣泛的量子生態系，還是兩者兼具？

And then how do you think about SkyWater's competitive positioning as more companies invest in quantum focused manufacturing capabilities?

另外，隨著更多公司投入以量子為重點的製造能力，你如何看待 SkyWater 的競爭定位？

Sure. I'll take those. So I think we've been very clear since we announced this transaction in January and again today on this call that we are a merchant supplier. We are the leading merchant supplier to the sector, and we have every intention of continuing both that posture and reality. And so as we've said the last six months, I reiterate here, we are very focused on ensuring maximal IP protection for all customers.

好的。我來回答這些問題。我想自從我們在一月宣布這筆交易、以及今天在電話會議上再次說明以來，我們一直非常清楚：我們是一家商業供應商（merchant supplier）。我們是該領域領先的商業供應商，並且完全打算持續維持這樣的立場與實際運作。因此，如同過去六個月我們所說的，我在此重申：我們非常專注於確保所有客戶的智慧財產權獲得最大程度的保護。

SkyWater comes with the pedigree doing that and a track record doing that and has been very successful as the only Quantum foundry in the United States in the last few years.

SkyWater 具備這方面的血統與實績，也有相關的成功紀錄，並且在過去幾年作為美國唯一的量子晶圓代工廠表現非常出色。

On a go-forward basis, just to be clear, for everyone listening, when we say merchant supplier, by definition, we mean we are supporting the industry, and we're doing so with the highest degrees of physical and digital IP protections and physical and digital security. And so we are selling, of course, as I said, our Atomic Clocks, our Integrated Photonics, our Quantum Networking solutions, and now also our Quantum foundry solutions, all under the umbrella of SkyWater as a merchant supplier.

展望未來，為了讓所有聽眾更清楚，當我們說「商業供應商」時，按定義就是指我們在支援整個產業，而且是以最高等級的實體與數位智慧財產權保護，以及實體與數位安全來做到這一點。因此，當然如我所說，我們在銷售我們的原子鐘、整合光子學、量子網路解決方案，現在也包括我們的量子晶圓代工解決方案，全部都在 SkyWater 作為商業供應商的架構之下提供。

This will not change. We are a reliable partner. This is a key part of our commitment to our industry and to our nation. We think it's important for both national security purposes and national economic security.

這一點不會改變。我們是可靠的合作夥伴。這是我們對產業與國家的承諾中的關鍵部分。我們認為這對國家安全與國家經濟安全都很重要。

And to answer your second question, SkyWater is the only quantum foundry that operates today. They also operate at a price point in the 200-millimeter segment that we think is going to remain incredibly compelling for the foreseeable, if not even distant future for the quantity.

至於你的第二個問題，SkyWater 是目前唯一在營運的量子晶圓代工廠。他們也在我們認為將在可預見、甚至更長遠的未來仍極具吸引力的 200 毫米製程區間，以具競爭力的價格點運作。

So we have no doubt that our sector is growing. We have no doubt that our sector will have more quantum foundries over time. But obviously, it takes time to build new foundries, and SkyWater has been at this for the last date.

所以我們毫不懷疑這個產業正在成長。我們也毫不懷疑，隨著時間推進，這個產業會出現更多量子晶圓代工廠。但顯然，興建新的晶圓廠需要時間，而 SkyWater 在這方面已經投入了過去這段時間。

So we expect to be very busy, both busy supporting IonQ, vertically integrated ambitions and Oxford Ionics for electronic qubit control. But also as I mentioned, supporting every player in our sector who works with us presently or would like to begin working with us. And we're beginning those conversations now and finding everyone very receptive to it, whether or not you are in the superconducting modality or in photonics, ions, atoms, et cetera.

因此我們預期會非常忙碌：一方面忙於支援 IonQ 的垂直整合企圖，以及支援 Oxford Ionics 的電子量子位控制。但同時，如我提到的，也會支援我們產業中每一位目前與我們合作、或希望開始與我們合作的參與者。我們現在已開始這些對話，並發現大家都非常願意接受，不論你是超導路線、光子學、離子、原子等等。

Troy Jensen, Cantor Fitzgerald.

Troy Jensen，Cantor Fitzgerald。

Congrats on the great results. Niccolo, just to start with you, I'd just be curious if you could provide any kind of DARPA QBI update. Obviously, you guys made Stage B, and I'm assuming there will be a broader state announcement soon.

恭喜取得很棒的成果。Niccolo，我先從你開始，我想請你提供任何 DARPA QBI 的最新進展。顯然你們已進入 B 階段，我猜很快會有更廣泛的階段性公告。

Yes. I mean I don't think that we are able to announce anything before DARPA does, and they've been, I think, pretty clear on that all the way through this program. So we will all have to watch this space at the same time.

是的。我的意思是，我想在 DARPA 公布之前，我們無法先行宣布任何事情，而他們在整個計畫期間對此一直相當明確。所以我們都得一起關注後續發展。

I think, Troy, we have invested, obviously, aggressively not just the last three quarters with the last 30 years to ensure that IonQ continues to lead this industry that we created. We built the world's first Quantum Logic gate in 1995. We've published the world's first shovel-ready blueprint for full tolerance Quantum Computing.

我想，Troy，我們已經投入——顯然不只是過去三個季度，而是過去 30 年——以確保 IonQ 持續領先這個由我們所創造的產業。我們在 1995 年打造了全球第一個量子邏輯閘。我們也發表了全球第一份可直接落地（shovel-ready）的全容錯量子運算藍圖。

And crucially, these are manufacturable, right? They're manufacturable at scale. They are at a compelling price point. They're a very compelling energy consumption and let's just say, space requirement perspective as well.

而且關鍵是，這些是可製造的，對吧？它們可以規模化製造。它們的價格點很有吸引力。在能源消耗以及——可以說——空間需求的角度來看，也非常具吸引力。

So you can see half a dozen of these systems and three of our offices at this point as we're assembling prototypes and moving forward, not just on a 256 chip but also a 10,000 chip and generations beyond that are on the design phase as well. So we're learning every quarter as we report these milestones.

所以你現在可以在我們三個辦公室看到半打左右的這些系統，因為我們正在組裝原型並持續推進，不僅是 256 晶片，也包括 10,000 晶片，以及更往後世代也都在設計階段。因此，隨著我們每季報告這些里程碑，我們也在每一季持續學習。

And we've been very focused since I became the CEO of this company on ensuring that Quantum Computing is a mass market reality not a niche phenomenon, right? So we keep an eye on how we can make these machines robust, how we can make sure that they are affordable, not just to the government and to nation-state buyers who want sovereign systems, which are important and we will supply those and we do supply those.

自從我成為這家公司的 CEO 以來，我們一直非常專注於確保量子運算成為大眾市場的現實，而不是小眾現象，對吧？因此我們持續關注如何讓這些機器更穩健、如何確保它們負擔得起——不只是政府與希望擁有主權系統的國家級買家（這些很重要，我們也會供應、而且確實正在供應）。

But we also foresee a day where enterprise can afford these in their entirety in their facilities and where multiple branches of governments can afford them in their facilities and control the data and the algorithms and the operation of these machines, which are really no larger than the machines we've been shipping the last half a decade or more.

但我們也預見有一天，企業能夠在其設施中完整負擔這些系統，多個政府部門也能在其設施中負擔並部署，並掌控資料、演算法以及這些機器的運作；而這些機器的體積其實不會比我們過去五年或更久以來出貨的機器更大。

So we have a lot of experience and making this manufacturable. We think our approach obviously is commendable, both for national security and national economic security perspectives. We continue to work closely with DARPA and we will update the market following DARPA any mentor makes.

因此我們在讓它可製造化方面有很多經驗。我們認為我們的方法顯然值得肯定，無論從國家安全或國家經濟安全的角度來看都是如此。我們會持續與 DARPA 密切合作，並在 DARPA 做出任何公告之後向市場更新。

I think we've been clear to announce things, Troy, on earnings calls, we're able to, and you've seen our other DARPA releases, right? So the DARPA HARQ program, HARQ, we announced earlier in the year.

我想我們一直很清楚，Troy，在財報電話會議上，只要我們能宣布的事情就會宣布，而你也看過我們其他與 DARPA 相關的發布，對吧？例如 DARPA 的 HARQ 計畫，HARQ，我們在今年稍早已經宣布過。

There are a number of DARPA programs that we're involved in when you look at the broader IonQ platform. So it's not just computing, but of course, it's networking. And it's other aspects of what we're up to that I think you can assume that we are proudly involved in.

在更廣泛的 IonQ 平台上，你會看到我們參與了多個 DARPA 計畫。所以不只是運算，當然也包括網路。以及我們正在推進的其他面向，我想你可以假設我們都很自豪地參與其中。

Great answer, Niccolo. Maybe a follow-up for Inder. On the commercial side, I guess, I'm assuming most of the commercial may be security and maybe some other stuff, too. But I guess I'm most curious if there's going to be software in that.

回答得很好，Niccolo。也許我有個追問想問 Inder。在商業端，我猜多數商業應用可能是安全相關，或也包含其他領域。但我最想了解的是：其中是否會包含軟體？

I know you guys talk a lot about software applications and working with partners. Would you guys actually own the software IP? Or are you just kind of partnering on the hardware that the IP drives?

我知道你們常常談到軟體應用以及與合作夥伴合作。你們實際上會擁有軟體的智慧財產權（IP）嗎？還是你們只是就由該IP所驅動的硬體進行合作？

Yes, great question. We're delivering the full stack. So exactly as you noted, when we talk about total revenues, the work commercial revenues for that matter. It includes the hardware solutions that we have around Quantum Computing and the applications that may run on top of it. You can also actually ask for QCAD service for us.

是的，問得很好。我們提供的是完整堆疊（full stack）。所以正如你所指出的，當我們談到總營收、以及商業營收時也是如此。其中包含我們在量子運算周邊的硬體解決方案，以及可能在其上運行的應用程式。你也可以向我們申請QCAD服務。

So we talk about the delivery of machines, but we also provide Quantum Computing as a service. And we don't often spend a lot of time talking through that, but what we're finding is incredible growth, even faster than organic growth in computing in QCaaS at the same time. That's a very high margin business for us. So we're happy to see that developing.

所以我們談的是交付機器，但我們也提供「量子運算即服務」（QCaaS）。我們不常花很多時間詳細談這一塊，但我們看到的是驚人的成長，同時QCaaS的成長甚至比運算業務的自然成長還要快。這對我們而言是高毛利的業務。所以我們很高興看到它持續發展。

What owning the machine and owning a sovereign system allows you to do is create your own applications. And in many cases, the customers that we work with will ask for our help in creating some of those quantum solutions.

擁有機器、擁有主權系統所帶來的能力，是讓你可以打造自己的應用。而在很多情況下，我們合作的客戶會請我們協助建立其中一些量子解決方案。

In some of those cases, we may own the IP for generalized development of algorithms that we can apply elsewhere. In some cases, the customer will say they want to own it. So it meet the customer where they are. But yes, very much so. We have probably under our roof, one of the largest, if not the largest, algorithm development team in Quantum in particular. And we're going to continue investing in building out that team.

在其中一些情況下，我們可能會擁有可泛用化的演算法開發IP，並可應用到其他地方。在某些情況下，客戶會表示他們想要擁有它。因此我們會依客戶的需求來配合。但答案是肯定的，確實如此。我們內部可能擁有量子領域中最大、或至少是最大之一的演算法開發團隊。而且我們會持續投資擴建這個團隊。

We've deployed it in two ways. One is centrally to create algorithms that work across many different end markets for many different customers. And we've also deployed it directly with our sales team in technical sales in helping the customer understand the application, build it for them forward deploy engineers.

我們以兩種方式部署這個團隊。一種是集中式地開發可跨多個終端市場、服務多種客戶的演算法。另一種是直接與我們的銷售團隊一起部署，在技術型銷售中協助客戶理解應用、為他們建置，並由前線部署工程師（forward deploy engineers）支援。

Remember, we are building an ecosystem all around this. I think yes, we're supporting other sponsor beauty players as well in their endeavors. This industry needs to grow together.

請記得，我們正在圍繞這一切打造一個生態系。我想是的，我們也在支持其他相關的參與者在他們的努力上。這個產業需要一起成長。

We are the pacesetter. We deliver the hardware, we deliver the software, we deliver the security, we connect to any machine. It's a philosophy, I think, that is a very scalable but also very long-term resilience. So absolutely. High-margin software through application development, high-margin QCaaS services, even computing services where the customer prefers that.

我們是領跑者。我們交付硬體、交付軟體、交付安全性，並且可以連接到任何機器。我認為這是一種理念：非常可擴展，同時也具備長期韌性。所以絕對是。透過應用開發帶來的高毛利軟體、高毛利的QCaaS服務，甚至在客戶偏好時也提供運算服務。

Gary Mobley, StoneX.

Gary Mobley，StoneX。

You're effectively raising your full year outlook by $20 million at the top line. I think as well, you're also reiterating 100% organic revenue growth, same as last quarter.

你們等於把全年展望在營收端上調了2,000萬美元。我想同時你們也重申了100%的自然營收成長，和上季一樣。

So help me reconcile what's changed in the last 90 days. Is it more contribution from some of the acquisitions that's driving the upside? And then what really drove the upside in the just reported June quarter?

所以請幫我釐清過去90天內到底改變了什麼。是某些併購案帶來的貢獻增加，推動了上修嗎？另外，剛公布的6月季度上修的主要驅動因素是什麼？

Well, as I mentioned, I think that -- and thank you for the question. As I mentioned, our organic business actually grew 132%. And more than we thought it would be growing for the full year actually. So we had a very strong quarter in organic, which essentially, if you think about computing, that's really what organic was in Q4. And we've seen that grow 80% in that '24 to '25 period. We've talked about 100% growth this year happened to be 132%.

嗯，正如我提到的，我認為——也謝謝你的問題。如我所說，我們的自然業務實際成長了132%。而且實際上比我們原先預期的全年成長還要高。所以我們在自然成長方面有一個非常強勁的季度；如果你把它想成運算業務，那基本上就是Q4的自然成長主要來源。而我們看到在2024到2025這段期間成長了80%。我們談的是今年100%的成長，但實際上是132%。

So you could argue that computing actually drove the largest portion of our growth. At the same time, as I mentioned, we had sales happening across the other product lines as well. So all of those cylinders are firing. They don't always fire at the same time in the same way, of course. So we don't draw a straight line up into the right from any one of the data points.

所以你可以說，運算業務實際上驅動了我們成長中最大的一部分。同時，如我提到的，我們在其他產品線也有銷售發生。所以各個引擎都在運轉。當然，它們不一定會在同一時間、以同樣方式同步發力。因此我們不會從任何單一數據點就畫出一條一路向右上方的直線。

But we have a portfolio of products. We're no longer a one trick pony. And I do think that we will see growth happening in the other areas like security, like networking, like sensing, like the things that we were talking about around putting high-bandwidth, gigabit speed bandwidth laser terminals into space, delivering solutions for sovereign either nations or sovereign enterprises that are looking for bandwidth and connectivity.

但我們有一個產品組合。我們不再是只靠單一招數的公司。而且我確實認為，我們會看到其他領域也出現成長，例如安全、網路、感測，以及我們先前談到的：把高頻寬、Gbps等級頻寬的雷射終端送上太空，為主權國家或主權企業提供解決方案，這些客戶正在尋求頻寬與連結能力。

So everything I'm pleased to say it's really starting to show factors of growth for us. And yes, computing organic grew the fastest.

所以我很高興地說，一切都開始展現出我們的成長動能。而且是的，運算業務的自然成長最快。

Okay. Great. And as a follow-up, I wanted to ask about Sky Waters business. Prior to you closing the acquisition, I believe the consensus revenue view is about $610 million, are you saying in consideration of the close, you have to figure out what intercompany revenue gets eliminated from that?

好的。很好。另外追問一下，我想問SkyWater的業務。在你們完成收購之前，我相信市場對營收的一致預期大約是6.10億美元；你們的意思是，考量完成交割後，你們必須釐清其中有哪些公司間（intercompany）營收需要從該數字中抵銷剔除嗎？

And can you speak to how SkyWater's business has been trending? I would assume maybe there's some upside to that just given industry conditions out there in the semiconductor space.

另外你能談談SkyWater的業務趨勢嗎？我猜在半導體產業目前的景氣條件下，可能會有一些上行空間。

Yes. Look, I'd love to be to tell you that we've spent three months looking under the hood at SkyWater, we have it, right? And that thing just received approval and we closed quickly on it, as you know, very, very recently. So it's days.

是的。你看，我很想告訴你我們已經花了三個月把SkyWater的內部狀況都仔細檢視過，但我們沒有，對吧？那項交易如你所知是非常、非常近期才剛獲得核准，我們也很快就完成交割。所以其實才幾天而已。

The thing that I wanted to point out is the same thing we pointed out last quarter. We have had a commercial relationship with SkyWater to help us create the semiconductor road map and accelerate that road map. Niccolo pointed to the success we're seeing there.

我想指出的是，和我們上季指出的是同一件事。我們與SkyWater一直有商業合作關係，協助我們制定半導體路線圖並加速該路線圖。Niccolo也提到我們在那方面看到的成功。

We fund SkyWater under that relationship and the $120 million number I gave you is our view of what our forecast was for this year, which, by the way, was higher than what we thought at the beginning of the year because we are seeing more success in spending more with them. And when we combine the two companies, intercompany revenues always get eliminated as you know. So $120 million going out the door from our side in theory $120 million coming into their side, would be at your company at that point.

在這段關係下我們對SkyWater提供資金支持，而我給你的1.20億美元數字，是我們對今年預測的看法；順帶一提，這比我們年初的預期更高，因為我們看到更多成功，因此也增加了與他們的支出。而當我們把兩家公司合併時，如你所知，公司間營收一律會被抵銷剔除。所以理論上，從我們這邊流出的1.20億美元、同時從他們那邊流入的1.20億美元，在那個時點就會變成你們同一家公司內部的交易。

So what I am saying is I'm not commenting on their number. They'll find their queue tomorrow or the day after, perhaps, probably Friday, I'm guessing. And you'll see more details in there. As we come back to you and give us a few weeks, if not a month or so to come back to you with what those eliminations are, I've given you a hint already. I think there are some other things we have to look at within their contract with their customers, et cetera, just fine-tune things.

所以我要說的是，我不評論他們的數字。他們明天或後天會提交他們的10-Q，也許吧，我猜可能是週五。你會在裡面看到更多細節。至於我們這邊，請給我們幾週、如果不是一個月左右的時間，再回來向你們說明那些抵銷項目是什麼；我其實已經給了你一個提示。我想還有一些其他事情我們需要檢視，例如他們與客戶的合約等，做一些細部調整。

But we are very, very excited about having the ability to leverage their knowledge base. They are foundries, help them expand their own service to the other quantum players.

但我們對於能夠善用他們的知識庫感到非常、非常興奮。他們是晶圓代工廠；我們協助他們把自身服務擴展到其他量子領域的參與者。

We bring capital to the table that, frankly, they did not have, right? So this is a very symbiotic combination of companies that's going to help the entire industry. But yes, there's some revenues on their side that we are proud of their quantum ecosystem as well. I think we're their biggest customer already. That revenue has to be eliminated on consolidation.

坦白說，我們把資本帶到桌面上，而他們過去並沒有這些資本，對吧？因此，這是一個非常共生的公司組合，將有助於整個產業。但沒錯，他們那邊確實也會有一些營收，我們也以他們的量子生態系為榮。我想我們已經是他們最大的客戶了。在合併報表時，這部分營收必須予以沖銷。

John McPeake, Rosenblatt Securities.

John McPeake，Rosenblatt Securities。

Slow on the trigger on the star 1, I guess. Hi team, Niccolo, Inder. Nice upside to 2Q and guidance. Congrats on closing the deal and the organic growth. I like to en fuego, Inder. You have 256 high-quality physical qubits of commissioning in the first half of next year a path to 10,000. I would think this would be attracting serious interest from new customers.

我想我按星號 1 有點慢了。各位團隊好，Niccolo、Inder。第二季表現與指引都有不錯的上修空間。恭喜完成交易以及有機成長。Inder，我喜歡你那股「en fuego」的勁頭。你們明年上半年將有 256 個高品質實體量子位元進入調試（commissioning），並且有通往 10,000 的路徑。我認為這應該會吸引新客戶的高度興趣。

Is there any color you can give us there on interest? You guys do have the most aggressive timeline now. You have the fab, you're iterating?

在這方面你們能否提供一些關於市場興趣的補充說明？你們現在確實擁有最積極的時程。你們有晶圓廠，也在持續迭代？

Yes. So look, I'll hand this to Inder as well. But I would just stand back and say what we have been executing on the last six, seven quarters, has taken this company from being, I think, a Quantum Computing company that's been around a long time. So I would argue strongly the leading Quantum Computing company, but we don't stop there. We're doing a lot more Quantum Computing than we've ever done. We're doing it a lot faster.

是的。所以你看，我也會把這題交給 Inder 補充。但我會先退一步說，我們在過去六、七個季度的執行，已經讓這家公司從一個我認為存在已久的量子運算公司，我會強烈主張成為領先的量子運算公司，但我們不會止步於此。我們正在做比以往更多的量子運算。而且我們做得更快。

And we're obviously doing it in a manufacturable and robust way that has a path to full data center solutions at price points, energy consumption, ratios, and space that allowed us to be an industrial solution for governments and enterprise. But we actually don't stop there, right?

而且很明顯，我們是以可製造、且穩健的方式在推進，並且有一條通往完整資料中心解決方案的路徑，在價格點、能耗比、以及空間占用上，讓我們能成為政府與企業的工業級解決方案。但我們其實也不會停在那裡，對吧？

We're also leading the defense and depth of quantum cybersecurity income security. We have, I think, all of the patents that matter for Quantum networking so that you can build not just Quantum memory and distributed Quantum Computing, but also distribute entanglement. We've talked about our atomic clocks and our quantum sensors. Those are gravimeters inertial sensors, the most accurate atomic clocks in the world.

我們也在量子資安與資訊安全的防禦縱深方面居於領先。我想，在量子網路方面所有重要的專利我們都有，因此你不僅能建構量子記憶體與分散式量子運算，也能分發糾纏。我們也談過我們的原子鐘與量子感測器。那些包括重力儀、慣性傳感器，以及全球最精準的原子鐘。

And when you combine that with the fact that we're a full feeder or fighting domain platform, we have quantum solutions on submarines through the satellites, and we are advancing and investing in all of those growth factors.

當你再把這點與我們是一個完整的「feeder or fighting domain」平台這件事結合起來，我們的量子解決方案從潛艦一路到衛星都有，我們也在推進並投資於所有這些成長動能。

None of these are on or; they are all in and. And we've reported the last few quarters on how many of our products are being taken revenue is coming from multiple product customers and partners. So I think the proof is in the numbers, right?

這些不是二選一；而是全部都要、而且彼此相加。而且我們在過去幾個季度也回報過，我們有多少產品正在被採用、營收來自多產品的客戶與合作夥伴。所以我認為，證據就在數字裡，對吧？

We are probably about half of -- I would say, the revenue in the whole sector, if not to make sure the revenue in the entire public sector and we're also probably the majority of the R&D spend as well. And so we're pleased with the fact that customer recognition is very much showing up quarter on quarter when you hear numbers like 287% growth year on year.

我們大概占了——我會說，整個產業的營收約一半；至少可以確定，在整個公開市場領域的營收我們占比很高，而我們在研發支出上也可能占了多數。因此我們很高興看到，客戶的認可確實在一季接一季地反映出來，當你聽到像是年增 287% 這樣的數字。

And I just said in the prior call, it was mostly organic, growing faster than we expected quarter on quarter. It's not the first time we've said that. So we think the White House executive orders are a nice reflection of the fact that Quantum is inflecting. You can see the quantum is inflecting in our numbers.

而且我在上一通電話會議也說過，這主要是有機成長，且季對季成長速度超出我們預期。這也不是我們第一次這麼說。所以我們認為白宮的行政命令很好地反映了量子正在出現拐點。你也能從我們的數字中看到量子正在出現拐點。

And you can see that there is -- the scale difference between what we are doing here across our Quantum platform to deliver real-world solutions and revenue relative to any other company on the planet. So it's not just the technical road map, that we are medium beating, but we're medium beating on the commercialization of Quantum.

而且你也能看到，相較於地球上任何其他公司，我們在整個量子平台上所做的事情——用以交付真實世界的解決方案與營收——在規模上有明顯差距。所以不只是技術路線圖我們在領先，我們在量子商業化上也同樣領先。

And as Inder rightly said a few minutes ago, we are the pacesetter for this sector and the scale center for the sector. And we have every intention of continuing to be both of those as we continue to invest to bring Quantum to now and make quantum happen in weeks and months, not in years, right?

正如 Inder 幾分鐘前所說，我們是這個產業的領跑者，也是這個產業的規模中心。而且我們完全打算在持續投資的同時，繼續扮演這兩個角色，把量子帶到當下，讓量子在幾週、幾個月內發生，而不是在幾年後才發生，對吧？

And so we don't intend to take the pedal off -- foot off the paddling point and put up the gas. We will continue investing to ensure that we are making things happen sooner than we thought. And we see great signs that all of that is achievable, possible and the customers for a variety of reasons are realizing that as we invest, things happen sooner, things move to the left on our road map, as I've said before, right?

因此我們不打算把腳從踏板上移開——我們會繼續踩油門。我們將持續投資，以確保我們能比原先想像更早讓事情發生。而且我們看到很好的跡象顯示，這一切都可達成、可實現；客戶也因為各種原因逐漸意識到，當我們投資時，事情會更早發生，我們的路線圖會往左移——如我之前所說，對吧？

A year ago, people thought that QDA was the something happened in the 2030s. They now understand it's something happened in the 2020s. And the same thing has happened with our demonstrations of Quantum Advantage and higher what's called TRL levels, Technology Readiness Levels, on our quantum sensors for deployment on submarine satellites.

一年前，人們以為 QDA 是會在 2030 年代才發生的事。他們現在明白這是會在 2020 年代發生的事。同樣的情況也發生在我們對「量子優勢」的展示，以及在我們用於部署於潛艦與衛星的量子感測器上，所達到的更高、所謂 TRL 等級（Technology Readiness Levels，技術成熟度等級）。

Inder, do you want to add to that?

Inder，你要補充一下嗎？

I think the only thing I would add is just to underscore kind of what Niccolo said. Two things matter: one is, do you have a path to getting to fault-tolerant computing? Do you have the architecture? Have you been able to sort of lay out all of the implications of what that entails? Can you put it all together? That's one thing.

我想我唯一要補充的是，強調一下 Niccolo 所說的。有兩件事很重要：第一，你是否有一條通往容錯運算的路徑？你是否有這個架構？你是否能夠把這當中所有牽涉的影響大致梳理清楚？你能把它全部整合起來嗎？這是一件事。

The other thing that customers really care about: can you actually build it and will you be the first to go? And where we're seeing difference is an increasing belief that we can actually build and deliver on it because guess what? Fifth-generation machine being deployed now, sixth generation being deployed next year, seventh generation the year after that in there is fall tower and computing also being delivered.

客戶真正關心的另一件事是：你是否真的能把它做出來，而且你會不會是第一個做到的？而我們看到的差異在於，市場越來越相信我們確實能建造並交付，因為你看——第五代機器正在部署，第六代明年部署，第七代再下一年部署，而在那之中也會交付容錯運算。

So we're not just talking about a design that might come to life five years from now. We're talking about a fault tolerant computing device that is in the foreseeable future. And we think with the SkyWater acquisition, the Oxford Ionics acquisition -- and by the way, between those two, just to remind investors, we've spent $3 billion to make this happen, more than most countries, frankly.

所以我們談的不是一個可能五年後才會成真的設計。我們談的是一個在可預見未來就會出現的容錯運算裝置。而且我們認為，透過收購 SkyWater、收購 Oxford Ionics——順帶一提，提醒投資人，光這兩項我們就花了 30 億美元來促成這件事，坦白說，比多數國家還多。

So as a company, we believe it, we will deliver on it. And speaking with Tom, he inspires incredible confidence in saying, hey, I can do that. CMOS scaling, I can do that. Substrate, we got it. Give us the blueprint.

所以作為一家公司，我們相信這件事，也會把它交付出來。而且和 Tom 交流時，他在說「嘿，我能做到」時，帶來了極大的信心。CMOS 縮放，我能做到。基板，我們也有。把藍圖給我們。

So having both companies under one roof, I think, unleashes a lot of potential for us. And frankly, I think the rest of the industry benefits also because, again, not to belabor it, but like, the capital we bring to SkyWater is equally important to the rest of the industry. So we can talk about a blueprint. We think we can deliver the blueprint.

因此，把兩家公司都納入同一個體系之下，我認為會為我們釋放出大量潛力。坦白說，我也認為產業其他參與者同樣受益，因為——再次強調一下——我們帶給 SkyWater 的資本，對整個產業同樣重要。所以我們可以談一個藍圖。我們認為我們能交付這個藍圖。

And where customers are now showing that is by talking to us and saying, okay, we'll take your Tempo, but I want to be first in line for your 256 or first in line for your 10,000-qubit machine. And we're saying, yes, buy the Tempo and you'll be first in line.

而客戶現在展現這點的方式，就是來跟我們談，並說，好，我們會採用你們的 Tempo，但我想要在你們的 256 量子位機器上排第一，或在你們的 10,000 量子位機器上排第一。而我們的回覆是：可以，先買 Tempo，你就會排在第一順位。

That makes a lot of sense. If I could just have one follow-up, quickly, away from compute. I've been having some conversations with people about PQC. And basically, the message is that it's not provably safe from quantum hacking. And you guys obviously have some great QKD assets.

這很有道理。如果我可以再追問一個問題，快速地、先不談運算。我最近跟一些人聊到 PQC。基本上的訊息是：它並非可被證明能抵禦量子駭客攻擊。而你們顯然也擁有一些很強的 QKD 資產。

I'm curious if you're seeing any momentum there? Any thoughts about the reaction to the breadth from these machines, which I think is starting to happen?

我很好奇你們是否看到那邊有任何動能？對於這些機器所帶來的廣度（我認為這正在開始發生），你們對市場反應有什麼想法？

So I'll say a couple of things here. I think Inder will add as well. We've obviously been early and we are the largest player in the QKD sector for a reason. And you covered a lot of that reason in your opening question, which is NIST asked for submissions of PQC algorithms almost a decade ago for seeing this moment would arise. And I think it was something like 81 out of 83 submissions they received last decade were shown within 90 days to be something which a quantum computer could probably crack.

我在這裡先說幾點。我想 Inder 也會補充。我們顯然很早就投入，而且我們之所以成為 QKD 領域最大的玩家，是有原因的。你在開場問題裡已經涵蓋了其中很大一部分原因：NIST 近十年前就開始徵集 PQC 演算法投稿，正是因為預見到會出現今天這一刻。我記得大概是他們在上個十年收到的 83 份投稿中，有 81 份在 90 天內就被證明可能會被量子電腦破解。

Now there's one or two that are left. But if you're following what's been going on with Mythos-like activity and LLM-like activity, these capabilities are already looking at PQC and pointing out that a number of the PQC algorithms will not be nearly as uncrackable as people thought weeks ago.

現在剩下一兩個還在。但如果你有在關注類 Mythos 的活動以及類 LLM 的活動，這些能力已經在檢視 PQC，並指出不少 PQC 演算法並不會像人們在幾週前所想的那樣難以破解。

We've always believed that the code-making, code-breaking race will be a continual one. And it will happen at the software level, of course, because you need PQC everywhere, and that race between code makers and code breakers has been going for at least back to Julius Caesar. It's probably a 10,000-year-old process, but at least a 2,000-year-old process, and it will keep going.

我們一直相信，製碼與破碼之間的競賽會是持續不斷的。而且當然會在軟體層面發生，因為你需要在各處部署 PQC；而製碼者與破碼者之間的競賽，至少可以追溯到凱撒時代。這可能是一個有一萬年歷史的過程，但至少也是兩千年的過程，而且會一直持續下去。

But at the same time, I think there is increasing recognition by both governments and industry that the investment in QKD that you've seen in Europe just in the last year, where we've run out a number of quantum key distribution network implementations in Europe and the investments that, of course, that are made in Asia.

但同時，我認為政府與產業界也越來越認知到：你在歐洲看到的 QKD 投資——就在過去一年裡，我們在歐洲落地了多個量子金鑰分配網路的實作——以及當然在亞洲所做的投資。

In Korea, we've got a vibrant QKD network. And of course, China has made the largest investments in QKD in the last decade, both on the ground and in space. And I think it's extremely likely, if not almost a certainty, that the Western world in its entirety, not just Europe, is going to recognize that it's unlikely that billions of other people haven't thought through this problem.

在韓國，我們有一個很活躍的 QKD 網路。而且當然，中國在過去十年對 QKD 的投資最大，無論是在地面或在太空。我認為極有可能——甚至幾乎可以確定——整個西方世界，不只是歐洲，將會意識到：不太可能有數十億其他人沒有把這個問題想透。

QKD is something that is -- requires a violation of laws of physics to hack and crack. And that has huge advantages not only in a quantum era, in a world of quantum computing, let's just say, industrialization and mass market scale, but it also, of course, helps you today in the era of Mythos. And so yes, absolutely, we like our position in Quantum Computing. We also love our position in Quantum Security, where we're the only company in the world that offers defense-in-depth, and we've been at this for over a decade. We also like our position, of course, in Quantum Sensing and Networking. But all these technologies work together.

QKD 是一種——要駭入與破解它，必須違反物理定律。這不僅在量子時代、在量子運算走向工業化與大規模市場化的世界裡具有巨大優勢，而且當然也能在今天這個 Mythos 時代幫到你。所以是的，絕對地，我們喜歡我們在量子運算上的位置。我們也非常看好我們在量子安全上的位置——我們是全球唯一提供縱深防禦（defense-in-depth）的公司，而且我們在這方面已經耕耘超過十年。我們也看好我們在量子感測與網路方面的位置。但這些技術彼此是協同運作的。

The fact that we have a big position in entanglement distribution and Quantum Networking means we understand how to deploy security in networks. And the fact that we've been commercially deploying sooner than everybody else, not just in computing, but also in networking and security, means we simply have a workforce that has more practice, right?

我們在糾纏分發與量子網路上有很大的布局，意味著我們理解如何在網路中部署安全。而且我們比其他人更早進行商業化部署——不只是在運算，也在網路與安全——這意味著我們的團隊就是有更多實戰經驗，對吧？

This is kind of akin to where our wonderful military is right now, where other people are trying to build navies and aircraft carriers, but no one's actually deployed and had a combat situation before with, mercifully, with their submarines, satellites and aircraft carriers. And so that advantage is a real one.

這有點類似於我們優秀的軍隊目前的狀態：其他人正在嘗試打造海軍與航空母艦，但（值得慶幸的是）沒有人真的像我們一樣，曾在實戰情境中部署並運用過潛艦、衛星與航空母艦。因此，那個優勢是真實存在的。

And I always like to remind people that from the day that your computer turns on, which for us was 2017, you begin a multiyear, arguably decade process, of building compilers, making algorithms run, deploying your computers, showing you can solve useful problems.

我也總是喜歡提醒大家：從你的電腦第一次開機那天起——對我們而言是 2017 年——你就開始了一個多年、甚至可以說長達十年的流程：打造編譯器、讓演算法跑起來、部署你的電腦、證明你能解決有用的問題。

The same thing's true in the security space. The same thing's true in the sensing space. And so we're really proud of our technical teams, but we're also proud of the fact that, as the joke goes, was it -- Steve Jobs said, true artists ship. We ship and we deploy.

在安全領域也是一樣。在感測領域也是一樣。所以我們對技術團隊非常自豪，但我們也為另一件事感到自豪：就像那句玩笑話——是不是 Steve Jobs 說過，真正的藝術家會出貨（true artists ship）。我們會出貨，也會部署。

And so I think this is -- in short, what you started in your question with is spot on, which is we are seeing inbounds, and we are seeing huge upticks in receptivity now that the White House has effectively issued an order that all US infrastructure needs these protections.

因此我認為——簡而言之——你在問題一開始提到的重點非常到位：我們確實看到主動找上門的需求（inbounds），而且在白宮實質上發布命令、要求所有美國基礎設施都需要這些防護之後，我們也看到市場接受度出現大幅提升。

And look, I think that covers the basis in terms of the things that we can bring to the table. I think one other thing I would just add for your calculus is we're going to be living in this hybrid world for a long time, even when it comes to security. We'll have classical security infrastructure already deployed, Quantum Security being deployed. We now are putting together the solutions to be able to scan networks and look for vulnerabilities that customers have on their networks against quantum. Others are doing it for classical.

另外，我想就我們能帶上桌的能力而言，這大致涵蓋了重點。我還想補充一點，供你在評估時納入考量：即使在安全領域，我們也會在這個混合世界裡生活很長一段時間。我們會有已部署的傳統安全基礎設施，也會有正在部署的量子安全。我們現在正在整合解決方案，能夠掃描網路並找出客戶網路中面對量子威脅的弱點。其他人則是在做傳統（classical）的。

We can now do it for quantum and actually help CIOs, CTOs. Some of these discussions start, actually, with the CEO. And they want to know, am I vulnerable? If I'm vulnerable, where? So we can provide that map on day one for them, help them understand where the worst vulnerabilities are and protect those now. Whether they choose to use PQC or QKD or another flavor, we intend to be the one-stop shop for all of those.

我們現在也能針對量子做到這件事，並且實際協助 CIO、CTO。其中一些討論其實是從 CEO 開始的。他們想知道：我是否有風險？如果我有風險，在哪裡？所以我們可以在第一天就提供那張地圖，幫助他們理解最嚴重的弱點在哪裡，並立刻先把那些保護起來。不論他們選擇使用 PQC、QKD 或其他方案，我們都打算成為一站式供應商。

The point is we can check them on day one and then continuously monitor them over periods of time to say, are you still safe? Are you still safe? At some point, when we are even closer to Q-Day and almost everyone has deployed, I can see a world where there will be compliance requirements saying, have you secured your network against quantum attacks, not just classical attacks. So who rolls that out, which regulatory agency, et cetera, yet to be seen.

重點是：我們可以在第一天就替他們檢測，然後在一段時間內持續監控，去確認：你還安全嗎？你還安全嗎？在某個時間點，當我們更接近 Q-Day、而且幾乎所有人都已部署之後，我可以想像會出現合規要求，要求你證明：你的網路已經能抵禦量子攻擊，而不只是傳統攻擊。至於會由哪個監管機構推出、等等，仍有待觀察。

But we are now preparing our customers for here's where your network is vulnerable, software layer, hardware layer, and we can help you today. And then as we've invested in computing, of course, we're going to invest in security as well. So watch the space. I think it's our next growth vector.

但我們現在正在讓客戶做好準備：這裡是你的網路脆弱之處——軟體層、硬體層——而我們今天就能協助你。而且既然我們已經在運算上投入，當然也會同樣投入在資安上。所以請拭目以待。我認為這是我們下一個成長向量。

Tyler Anderson, Craig Hallum.

Tyler Anderson，Craig Hallum。

This is Tyler Anderson on for Richard. So with the Tennessee Quantum Communications Research Center, is the memory that is going to be installed there used for QKD or entanglement distribution?

我是 Tyler Anderson，代替 Richard 提問。那麼就田納西量子通訊研究中心而言，將安裝在那裡的記憶體是用於 QKD（量子金鑰分配）還是用於糾纏分發？

And then any color on what you guys are doing with SNL with either -- I don't know if it's your linear trap or your QCCD or any one of your other products. I'd love to hear more detail about that. And noting that they did build the Roadrunner, which is a long history between you guys.

另外，關於你們與 SNL 的合作，有沒有更多細節？不論是——我不確定是你們的線性阱、QCCD，或你們其他任何產品。我很想聽到更多細節。也注意到他們曾打造 Roadrunner，你們之間有很長的合作歷史。

Absolutely. So Quantum Memory is one of the things that, as a company, we're able to bring to the table today, but also we're investing in, to your point. So yes, we've announced that we're opening an R&D center actually close to our customer EPB in Chattanooga because there's a lot of quantum initiatives, innovation happening there. Vanderbilt University is opening a quantum campus there as well. So lots of R&D happening, lots of deployments happening, and that's where we've chosen to invest for our quantum memory development.

當然。量子記憶體是我們公司目前就能提供的項目之一，同時也如你所說，我們正在持續投入。所以是的，我們已宣布將在田納西州查塔努加、實際上靠近我們客戶 EPB 的地方設立一個研發中心，因為那裡正在發生許多量子倡議與創新。范德堡大學也將在那裡設立量子校區。因此有大量研發在進行、也有大量部署在進行，而我們選擇在那裡投資以推進我們的量子記憶體開發。

That will be over many years. It will be generations of products in Quantum Memory, either used for caching or other purposes. Either used by us or frankly, part of our merchant supplier strategy as well. Those Quantum Memory modules may be sold to other players that are building quantum computers and need them as well. So it will serve a lot of different areas.

這會是多年期的投入。量子記憶體將會有一代又一代的產品，可能用於快取或其他用途。可能由我們自己使用，坦白說也會成為我們商用供應商（merchant supplier）策略的一部分。這些量子記憶體模組也可能賣給其他正在打造量子電腦、同樣需要它們的業者。所以它將服務許多不同領域。

We could have put this anywhere. We decided to put it in Chattanooga because of the ecosystem and quantum that is already developing there. Will we open another one? Who knows. I think at this point, that is where we see the tip of the spear happening around quantum memory.

我們其實可以把這個中心設在任何地方。我們決定設在查塔努加，是因為那裡已經在形成量子生態系。我們會不會再開另一個？誰知道。我想就目前而言，我們看到量子記憶體的「矛尖」正在那裡發生。

And we're one of the unique, sort of, players in the industry, maybe if not the only one that can actually allow for caching of, like, photons, for photonics as well. So I think it's another important milestone for us. And we took it very seriously, Niccolo and I and the entire management team, in ensuring that we're putting wood behind the arrow and delivering quantum memory, which is an integral part of networking.

而且我們是業界少數、某種程度上也許甚至是唯一一家，能夠真正做到像是對光子進行快取、也就是對光子學（photonics）進行快取的業者。所以我認為這對我們而言是另一個重要里程碑。Niccolo、我以及整個管理團隊都非常認真看待，確保我們在這件事上投入資源並交付量子記憶體——它是網路不可或缺的一部分。

But you're correct, though. The EPB now has a computer, they have a network. They now have memory. So they're a nice example of a customer that has always been forward thinking. Built the world's fastest, I think, fiber optic network, a decade or more ago.

不過你說得沒錯。EPB 現在有一台電腦，也有一張網路。他們現在也有記憶體了。所以他們是一個很好的例子：一直都是具有前瞻思維的客戶。在十多年前就建成了我認為是全球最快的光纖網路。

And they continue to be at the forefront. And of course, we're showing that, that fiber that was the fastest in the nation, can now be both quantum-secure, quantum-entangled, quantum-ready and, of course, have a quantum computer on site.

而他們仍然持續站在最前沿。當然，我們也在展示：那條曾是全美最快的光纖，如今可以同時做到量子安全、量子糾纏、量子就緒，並且當然在現場也有一台量子電腦。

EPB is doing really important work with us on energy grid optimization. And obviously, Tennessee and that portion of Tennessee geographically near Oak Ridge, has a wonderful talent pool, and it has some wonderful research going on. And of course, the national labs, as well as in Chattanooga.

EPB 正與我們一起在能源電網最佳化方面做非常重要的工作。而且很明顯，田納西州、以及地理上靠近橡樹嶺（Oak Ridge）的那一帶，擁有很棒的人才庫，也有一些非常出色的研究正在進行。當然也包括國家實驗室，以及查塔努加當地的研究。

So we're proud to be a partner of theirs. We're proud to be doing cutting-edge quantum computing and algorithm research with them that has implications not only for the state, but also federally. And of course, Senator Blackburn has been a big supporter of the National Quantum Bill, as well as, of course, of what we're doing in the state. So for sure, we'll keep you updated on this thread as well.

所以我們很自豪能成為他們的合作夥伴。我們也很自豪能與他們一起進行尖端的量子運算與演算法研究，這不僅對州內有影響，也對聯邦層面有影響。當然，Blackburn 參議員一直大力支持《國家量子法案》，也同樣支持我們在州內所做的事情。所以我們肯定也會在這條主題上持續向你更新。

And then for SNL, any of the work that you're doing there?

那麼關於 SNL，你們在那裡進行的任何工作呢？

Look, we kind of covered this on the first question, which is, it is obviously at an MOU stage. And there is a lot of connectivity between Sandia and ourselves because of the fact that Dr. Rick Muller used to run the quantum program there before he was a Director of IARPA and then joined IonQ 18 months or so ago. So it has been, in a lot of ways, one of the most active, if not kind of the home of a lot of US national lab work over not just years, but double-digit years in the quantum space.

你看，我們在第一個問題其實已經大致涵蓋了：目前顯然還在 MOU（合作備忘錄）階段。而且 Sandia 與我們之間有很多連結，原因在於 Rick Muller 博士在大約 18 個月前加入 IonQ 之前，曾在那裡負責量子計畫，之後也曾擔任 IARPA 的主任。所以在很多方面，它一直是美國國家實驗室量子領域工作最活躍的地方之一——如果不是「大本營」的話——而且不只是幾年，而是十年以上的量子工作累積。

I think this is a really exciting validation and endorsement of the fact that, as Inder and I have said throughout this Q&A, we are making quantum real. We're making quantum affordable. We're making it robust. We're making it deployable. And this is a team that understands what I mean when I say we are running the Manhattan Project of our era.

我認為這是一個非常令人振奮的驗證與背書，證明正如 Inder 和我在整個問答中所說，我們正在讓量子變得真實可用。我們正在讓量子變得可負擔。我們正在讓它更強健。我們正在讓它可部署。而這是一個理解我所說「我們正在推動我們這個時代的曼哈頓計畫」含義的團隊。

New Mexico obviously has had an outsized role in that always. And the Manhattan Project era, as I said in my prepared remarks, matter not just for us, but our children, our grandchildren and I believe the entire 21st century. We're really setting up this nation, both from a SkyWater foundry perspective as well as from IonQ's direct road map to prevail from a national security perspective and from a national economic growth perspective, right?

新墨西哥州顯然一直在其中扮演了超乎尋常的重要角色。而我在事先準備的講稿中也提到，曼哈頓計畫時代的重要性不僅關乎我們，也關乎我們的孩子、孫子女，我相信也關乎整個 21 世紀。我們正在為這個國家奠定基礎——無論是從 SkyWater 晶圓代工廠的角度，還是從 IonQ 直接的路線圖角度——以在國家安全與國家經濟成長兩個面向取得優勢並勝出，對吧？

So this partnership -- the last thing I'll say on this partnership, is that there's obviously key aspects of scientific research in the energy sector as well, which we believe we can have short- to medium-term impact with.

所以關於這項合作——我最後想說的是——其中顯然也包含能源領域科學研究的關鍵面向，而我們相信在短到中期內就能產生影響。

And Sandia is bringing domain expertise that we don't have. We're bringing quantum power expertise and commercially rugged systems, which they can benefit from as well.

Sandia 帶來的是我們所沒有的領域專業知識。我們帶來的是量子運算能力方面的專業，以及商用等級、可在嚴苛環境下運作的系統，他們也能從中受益。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，Northland Capital Markets。

Congrats on another stellar quarter financially. Inder, your implicit guidance for 2H is $135 million to $145 million. Can you give us some thoughts on how we should think about distributing that through Q3 and Q4?

恭喜財務上又一個非常亮眼的季度。Inder，你對下半年（2H）的隱含指引是 1.35 億到 1.45 億美元。你能否談談我們應該如何看待在第三季與第四季之間的分配？

And I think pretty much any way we decide to distribute it, that probably implicitly says that there's going to be a decline in revenue Q-over-Q, albeit incredibly impressive level, but help us understand that as well.

而且我想，不管我們怎麼分配，可能都會隱含表示營收會出現季對季（Q-over-Q）的下滑——雖然仍是非常令人印象深刻的水準——也請幫我們理解一下這點。

Yes. We don't plan for a revenue decline. We plan for revenue growth, Nehal. I mean thank you for your question. I mean I think there are two things happening that we want to just be respectful of.

是的。我們並沒有規劃營收下滑。我們規劃的是營收成長，Nehal。也謝謝你的提問。我想有兩件事正在發生，我們希望對此保持審慎。

One is the close of SkyWater means that next quarter, we'll be guiding for the combined company and the quarter after that as well. Maybe we'll give you color at Analyst Day perhaps, but certainly at the close of quarter. And the eliminations I was talking about happened over those same two quarters.

其中一點是，SkyWater 交易完成意味著下個季度我們將針對合併後公司提供指引，再下一個季度也是如此。也許我們會在分析師日提供一些補充說明，但肯定會在季度結束時提供。而我提到的抵銷（eliminations）也正是在同樣那兩個季度發生的。

So we decided not to actually try to finesse it for you and say, here's what Q3 looks like, here's what therefore Q4, by default, looks like. We'd rather give those combined company numbers, if you could bear with us. Realize they're a company that has more revenue than we do today, right? So we want to make sure that we do that in the right way.

因此我們決定不去刻意替你們「微調」並說，這是 Q3 看起來如何，因此 Q4 預設看起來如何。如果你們能體諒，我們寧可提供合併後公司的數字。要知道，他們是一家目前營收比我們還高的公司，對吧？所以我們想確保以正確的方式來做。

We wanted to give you the IonQ side of it so that you understood the momentum continues. Absolutely. I mean, we have a track record over five years of setting the bar and meeting or easily jumping over that bar, and we intend to continue doing that.

我們想先把 IonQ 這一側提供給你們，讓你們理解動能仍在延續。絕對是。我的意思是，我們在過去五年有一個紀錄：設定門檻並達成，或輕鬆超越那個門檻，而我們打算繼續如此。

This was mainly to acknowledge the fact that the deal was approved simply days before this earnings call and allow us the time to look at that $120 million of spend I was talking about, and how that distributes also when we give you combined company performance. Do not read into it that we're thinking of declining quarters.

這主要是為了反映一個事實：這筆交易在本次財報電話會議前幾天才剛獲核准，並讓我們有時間去檢視我提到的 1.2 億美元支出，以及在我們提供合併後公司表現時，該支出如何分配。不要解讀為我們認為季度表現會下滑。

Okay. All right. And then just real quickly, the 256-qubit chip from SkyWater, that does not include integration of technology from Lightsynq, right? It's just the Oxford Ionics microwave excitation sources?

好的。好。然後很快問一下，SkyWater 的 256 量子位元晶片，並不包含整合 Lightsynq 的技術，對吧？它只是 Oxford Ionics 的微波激發源？

Yes. So this is Niccolo. I'll tackle some of that. So the EPB research center has Lightsynq technology in the quantum memory, right? They're mostly a quantum memory and networking IP base in our Boston office, which is growing nicely.

是的。我是 Niccolo。我來回答其中一些。所以 EPB 研究中心在量子記憶體中採用了 Lightsynq 技術，對吧？他們主要是在我們波士頓辦公室的一個量子記憶體與網路 IP 團隊，規模成長得很不錯。

And that quantum memory is important, right, not only for extending secure communications with QKD across huge distances, but it allows you to build any size quantum data center that you would like on the ground, frankly, or in space, right? And we have a space position with our quantum sensing and signals business, right?

而量子記憶體很重要，對吧？不僅能讓 QKD 的安全通訊延伸到極遠距離，還能讓你在地面——坦白說——或在太空中，建構任何規模的量子資料中心，對吧？而我們在量子感測與訊號業務方面也有太空布局，對吧？

So we are thinking about our quantum platform and what we can deploy in each domain. And you're seeing the benefits of not just our ability to cross-sell solutions to customers, but you're also seeing us create solutions you couldn't create any other way. But yes, you're correct that SkyWater is building systems with ever more qubits on the chip.

所以我們在思考我們的量子平台，以及我們能在各個領域部署什麼。你們看到的好處不僅是我們能向客戶交叉銷售解決方案，你們也看到我們在打造一些用其他方式無法打造的解決方案。但沒錯，你說得對，SkyWater 正在晶片上建構含有越來越多量子位元的系統。

That is even before we start networking, right? So we believe we can get to millions of physical qubits on a single chip. We're currently going to -- we're working and showing milestones on the 256, which is at a full prototype QPU stage. The 10K chip is also beginning to get taped out. We'll then move up to bigger qubit numbers in the next generation and the generation after that.

那甚至是在我們開始做網路化之前，對吧？因此我們相信，我們可以在單一晶片上做到數百萬個物理量子位元。我們目前將——我們正在推進並展示 256 的里程碑，它已處於完整原型 QPU 的階段。1 萬量子位元（10K）晶片也開始進入流片（tape-out）。接著我們會在下一代以及再下一代提升到更大的量子位元數。

We've been a commercial partner with SkyWater. Things have been going faster, as you've seen from prior quarterly earnings reports in terms of technical milestones with that partnership. They've been a great partner commercially. They're obviously going to be, we believe, a great partner as our wholly owned subsidiary.

我們一直是 SkyWater 的商業合作夥伴。就技術里程碑而言，正如你們從先前的季度財報中看到的，這項合作進展更快。在商業面他們一直是很棒的夥伴。而且很顯然，我們相信，作為我們的全資子公司，他們也會是很棒的夥伴。

One thing I do want to point out, just to pick up on the general theme of qubits and ions on a chip, is SkyWater took the majority of their consideration in this transaction in IonQ stock. It was mostly a stock swap transaction.

我確實想指出一點，呼應「晶片上的量子位元與離子」這個主題：SkyWater 在這筆交易中，將大部分對價以 IonQ 股票的形式收取。這主要是一筆以股票交換為主的交易。

And they had great advice, a great Board, experienced Board, did a lot of reverse diligence on us. And obviously, part of their Board's deliberation was around getting comfortable that, as I'd like to put it, 1 plus 1 equals 30. And you're seeing some of that 1 plus 1 equals 30 happen at 256, but I think you're going to see more acceleration the further out we look on the road map because we can, of course, collaborate increasingly effectively now on a go-forward basis.

他們獲得了很好的建議，有一個很好的董事會、經驗豐富的董事會，並對我們做了大量的反向盡職調查。而且很明顯，他們董事會審議的一部分，是要對我喜歡說的「1 加 1 等於 30」感到放心。你們在 256 上已經看到一些「1 加 1 等於 30」的成果，但我認為，隨著我們把視野放得更遠、看向路線圖的後段，你們會看到更大的加速，因為當然，往後我們可以更有效地加深協作。

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

問答環節到此結束。我想把會議交回給 Niccolo de Masi，請他做任何結語。

Thank you, operator. Our mission is to solve the world's hardest problems and to create tremendous national security, societal and commercial value. Delivering on that mission takes more than a computer. It takes an entire quantum value chain and ecosystem. With SkyWater now closed, IonQ is the only vertically integrated full-stack quantum platform and the largest merchant supplier to the US and allied quantum ecosystem. We are already leveraging SkyWater to accelerate and derisk our fault-tolerant quantum computers via our published Walking Cat Architecture.

謝謝，接線員。我們的使命是解決世界上最困難的問題，並創造巨大的國家安全、社會與商業價值。要實現這個使命，不僅僅需要一台電腦。它需要完整的量子價值鏈與生態系。隨著 SkyWater 現已完成交割，IonQ 是唯一垂直整合的全棧量子平台，也是美國及盟友量子生態系中最大的商用供應商。我們已經在運用 SkyWater，透過我們已發布的 Walking Cat 架構，加速並降低我們容錯量子電腦的風險。

I want to thank our colleagues for their extraordinary efforts and our shareholders for their continued trust. We look forward to welcoming you at our Investor Day on September 8 at the New York Stock Exchange. We will be sharing exciting updates on our progress across the entire IonQ quantum platform.

我要感謝我們同仁的非凡努力，也感謝股東持續的信任。我們期待在 9 月 8 日於紐約證券交易所舉辦的投資人日歡迎各位蒞臨。我們將分享 IonQ 量子平台全方位進展的令人振奮更新。

Thank you for joining us today and for your questions. Have a great day.

感謝各位今天加入我們並提出問題。祝各位有美好的一天。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。