D-Wave Quantum Inc (QBTS) 2023 Q3 法說會逐字稿

Greetings, and welcome to the D-Wave third-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded Thursday, November 9, 2023.

您好，歡迎參加 D-Wave 第三季財報電話會議。 （操作員說明）謹此提醒，本次會議將於 2023 年 11 月 9 日星期四錄製。

I would now like to turn the conference over to Kevin Hunt, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係部的凱文·亨特 (Kevin Hunt)。請繼續。

Thank you, and good morning. With me today are Dr. Alan Baratz, our Chief Executive Officer; and John Markovich, our Chief Financial Officer.

謝謝你，早安。今天與我在一起的有我們的執行長艾倫·巴拉茨 (Alan Baratz) 博士；和我們的財務長約翰·馬爾科維奇。

Before we begin, I would like to remind everyone that this call may contain forward-looking statements and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

在開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，應與我們的收益發布和公司最近的定期 SEC 報告中包含的警示性陳述結合起來考慮。

During today's call, management will provide certain information that will constitute non-GAAP financial and operational measures under SEC rules, such as non-GAAP gross profit, non-GAAP operating expenses, adjusted EBITDA, and bookings. Reconciliations to GAAP financial measures and certain additional information are also included in today's earnings release, which is available in the Investor Relations section of our company website at www.dwavequantum.com.

在今天的電話會議中，管理層將提供某些信息，這些信息將構成 SEC 規則下的非 GAAP 財務和營運指標，例如非 GAAP 毛利、非 GAAP 營運費用、調整後 EBITDA 和預訂。今天的收益發布中還包含了 GAAP 財務指標的調節表和某些附加信息，您可以在我們公司網站 www.dwavequantum.com 的投資者關係部分獲取這些信息。

I will now hand over the call to Alan.

我現在將把電話轉交給艾倫。

Thanks, Kevin. Good morning, everyone, and thank you all for joining us today.

謝謝，凱文。大家早安，感謝大家今天加入我們。

This is a pivotal moment in quantum computing. What started as an academic endeavor to explore the potential for quantum technology to solve our world's toughest computational problems is now moving full steam ahead into enterprise-scale adoption and deployment.

這是量子計算的關鍵時刻。最初的學術努力是為了探索量子技術解決世界上最棘手的運算問題的潛力，現在正全力推進企業規模的採用和部署。

The significance of this transformative shift cannot be overstated. We've moved out of early adopter quantum experimentation and into production use of quantum technologies to fuel daily business operations. And only one company can truly claim it has made this pivot, and that's D-Wave Quantum.

這項變革性轉變的重要性怎麼強調都不為過。我們已經從早期採用量子實驗轉向使用量子技術來推動日常業務營運的生產。只有一家公司可以真正宣稱自己已經實現了這個轉變，那就是 D-Wave Quantum。

Our quantum systems, software solutions, and services put us substantially further ahead than any other quantum computing company. When others talk about the commercialization of quantum, they're speaking in aspirational terms about a future state. Or they're referring to shipping a system likely to a government or educational institution, which is then used for research in the hope of developing commercial applications years from now.

我們的量子系統、軟體解決方案和服務使我們遠遠領先於任何其他量子計算公司。當其他人談論量子的商業化時，他們正在用充滿抱負的術語談論未來的狀態。或者他們指的是向政府或教育機構運送一個系統，然後用於研究，希望在幾年後開發商業應用。

At D-Wave, we were doing that a decade ago. And we had a similar revenue ramp at that time from selling a few systems. But that wasn't sustainable. Continued growth requires the ability to solve important problems that deliver commercial value. When D-Wave talks about the commercialization of quantum, we're showing concrete evidence of actual production applications being built and now deployed by companies around the world.

在 D-Wave，我們十年前就這麼做了。當時我們透過銷售一些系統獲得了類似的收入成長。但這是不可持續的。持續成長需要有能力解決可帶來商業價值的重要問題。當 D-Wave 談論量子商業化時，我們展示了世界各地公司正在建置和部署的實際生產應用程式的具體證據。

We have the first-mover advantage because we chose a different quantum technology focus, annealing quantum computing, and no one else is offering this to the market right now. Industry analyst firm IDC has noted, and I'm quoting from them, as the only quantum hardware developer in the quantum annealing market, D-Wave is in a unique position of being able to provide enterprises with a quantum computing infrastructure as a service, QCaaS, offering that is designed to address the needs of enterprises interested in becoming quantum-ready in annealing.

我們擁有先發優勢，因為我們選擇了不同的量子技術重點，即退火量子計算，而且目前沒有其他人向市場提供這項服務。產業分析公司 IDC 指出（我引用的是他們的話），作為量子退火市場上唯一的量子硬體開發商，D-Wave 處於獨特的地位，能夠為企業提供量子計算基礎設施即服務， QCaaS，旨在滿足有興趣在退火中實現量子就緒的企業的需求。

When we look back at the moment when quantum crossed the chasm and started delivering enterprise value and utility, the world will point to D-Wave. It's my pleasure to share with you today D-Wave's third-quarter results which very clearly show positive momentum across every facet of our business. So let's get into the specifics.

當我們回顧量子跨越鴻溝並開始提供企業價值和效用的那一刻時，世界將指向 D-Wave。我很高興今天與您分享 D-Wave 第三季度的業績，該業績非常清楚地顯示出我們業務各個方面的積極勢頭。那麼讓我們來了解一下具體細節。

D-Wave's commercial traction is evident in our third-quarter results. We achieved $2.9 million in bookings, representing a 53% increase over last year's third-quarter bookings. Q3 represents the sixth consecutive quarter of year-over-year growth in bookings. When comparing the most recent trailing four quarters with the immediately preceding four quarters, the average deal size per booking increased by 172% for commercial customers and 178% for all customers.

D-Wave 的商業吸引力在我們第三季的業績中顯而易見。我們實現了 290 萬美元的預訂量，比去年第三季的預訂量增加了 53%。第三季代表預訂量連續第六個季度年增。將最近四個季度與前四個季度進行比較時，商業客戶的每次預訂平均交易規模增加了 172%，所有客戶的每次預訂平均交易規模增加了 178%。

From a revenue perspective, revenue from commercial customers, meaning those organizations outside of government and academic institutions, continues to drive the company's growth. On a trailing 12-month basis, commercial revenue was up 62% when comparing the most recent trailing 12 months to the prior trailing 12 months. In fact, commercial revenue represented 70% of total revenue over the last 12 months, a 20% increase over the prior 12-month period.

從收入角度來看，來自商業客戶（即政府和學術機構以外的組織）的收入繼續推動公司的成長。在過去 12 個月的基礎上，將最近的過去 12 個月與之前的過去 12 個月進行比較時，商業收入增長了 62%。事實上，商業收入佔過去 12 個月總收入的 70%，比前 12 個月增加了 20%。

Very importantly, applications are beginning to move into production. Our applications represent quantum solutions to real-world business problems that companies are now starting to deploy in daily operations. D-Wave has built 26 successful proofs of concept, with several moving into production deployment, including Pattison Food Group for e-commerce delivery driver scheduling and, now, in-store resource scheduling.

非常重要的是，應用程式開始投入生產。我們的應用程式代表了公司現在開始在日常營運中部署的現實業務問題的量子解決方案。 D-Wave 已經構建了 26 個成功的概念驗證，其中幾個已進入生產部署，包括 Pattison Food Group 的電子商務送貨司機調度以及現在的店內資源調度。

We expect the number of customers in production to increase significantly over the next couple of quarters, with customers in financial services, construction engineering, IT services, and advertising all expected to move into production, with D-Wave-built quantum and quantum hybrid applications. This means these businesses will need constant and consistent interaction with D-Wave's quantum computing system, ranging from every few minutes or seconds to weekly, in order to run their operations.

我們預計生產中的客戶數量將在未來幾季顯著增加，金融服務、建築工程、IT 服務和廣告領域的客戶預計將透過 D-Wave 建構的量子和量子混合應用程式投入生產。這意味著這些企業將需要與 D-Wave 的量子運算系統進行持續、一致的交互，從每隔幾分鐘或幾秒鐘到每週一次，才能運行其營運。

Unlike building proofs of concept, in-production applications represent recurring QCaaS, quantum-compute-as-a-service, revenue for us, expected over multiple years. It's also important to note that these applications are all backed by D-Wave's remarkable professional services team, which is fueling a good portion of our revenue as customers swiftly move along the quantum journey from problem identification to proof of concept development to production application deployment.

與建構概念驗證不同，生產中的應用代表了經常性的 QCaaS、量子計算即服務，以及我們預計多年的收入。還需要注意的是，這些應用程式都得到了D-Wave 卓越的專業服務團隊的支持，隨著客戶快速完成從問題識別到概念驗證開發再到生產應用程式部署的量子之旅，這為我們的收入提供了很大一部分。

Let me now share highlights of what some of our customers are accomplishing with the help of D-Wave technology. We're thrilled to share that Pattison Food Group, Canada's largest Western-based provider of food and health products, is moving multiple quantum hybrid applications into production.

現在讓我分享一下我們的一些客戶在 D-Wave 技術的幫助下所取得的成就的亮點。我們很高興地告訴大家，加拿大最大的西方食品和保健產品供應商 Pattison Food Group 正在將多種量子混合應用投入生產。

The first, an e-commerce driver delivery scheduling application, is now in production to create schedules that serve over 100 stores. The application has trimmed what was once an 80-hour task to just 15 hours each week, an 80% time savings. In addition, the company will soon bring another quantum hybrid application into production, one that optimizes in-store resource scheduling in stores across Canada.

第一個是電子商務司機送貨安排應用程序，現已投入生產，以創建為 100 多家商店提供服務的時間表。該應用程式將曾經需要 80 小時的任務縮短為每週 15 小時，節省了 80% 的時間。此外，該公司很快就將另一種量子混合應用程式投入生產，該應用程式可優化加拿大各地商店的店內資源調度。

Satispay is the leading Italian fintech unicorn focused on revolutionizing mobile payments. Together, we've built a quantum hybrid application that optimizes customer rewards initiatives using D-Wave's constrained quadratic model hybrid solver. The application showed an improvement of 50% in customer rewards programs for the same amount of budget, a testament to the potential business value. Satispay plans to transition the quantum hybrid application into production, with internal teams expected to use it weekly.

Satispay 是義大利領先的金融科技獨角獸公司，致力於徹底改變行動支付。我們共同建立了一個量子混合應用程序，該應用程式使用 D-Wave 的約束二次模型混合求解器來優化客戶獎勵計劃。該應用程式顯示，在相同預算下，客戶獎勵計畫提高了 50%，證明了潛在的​​商業價值。 Satispay 計劃將量子混合應用程式投入生產，內部團隊預計每週都會使用它。

Davidson, a technology services company that provides innovative engineering, technical, and management solutions for the Department of Defense, aerospace, and commercial customers, has been working with D-Wave on several quantum hybrid applications to advance national defense efforts. Most recently, we've built a radar scheduling application that efficiently manages the time-limited resources of a phased array radar system, enabling scheduling of communication with moving objects. We observed enhanced resource utilization in all our test cases. On average, we achieved a 15% increase in utilization across all problems, scenarios, and time limits, with the highest improvement reaching an impressive 42%.

Davidson 是一家技術服務公司，為國防部、航空航太和商業客戶提供創新的工程、技術和管理解決方案，一直與 D-Wave 合作開發多種量子混合應用，以推進國防工作。最近，我們建立了一個雷達調度應用程序，可以有效管理相控陣雷達系統的時間有限的資源，從而實現與移動物體的通訊調度。我們在所有測試案例中觀察到資源利用率都已提高。平均而言，我們在所有問題、場景和時間限制上的利用率提高了 15%，最高提升達到了令人印象深刻的 42%。

Momentum Worldwide is a global experiential agency, part of the Interpublic Group, IPG, and Momentum's clients include many of the world's most famous brands. A recurring task for the agency is to create routes for promotional tours. Currently, creating these tours takes significant work hours and domain expertise to ensure that all client requirements and federal regulations are considered.

Momentum Worldwide 是一家全球體驗機構，隸屬於 Interpublic Group、IPG，Momentum 的客戶包括許多全球最著名的品牌。該機構的一項經常性任務是創建促銷旅遊路線。目前，創建這些導覽需要大量的工作時間和領域專業知識，以確保考慮到所有客戶要求和聯邦法規。

For this project, D-Wave developed a hybrid quantum classical solution utilizing D-Wave's Leap platform to automate the creation of these tours with optimal routes, reducing Momentum's operational costs for producing and running these tours. The prototype D-Wave provided was able to solve the given problem in less than an hour and is well designed to allow for an easy transition to full production-quality application.

對於該項目，D-Wave 開發了一種混合量子經典解決方案，利用 D-Wave 的 Leap 平台自動創建這些具有最佳路線的遊覽，從而降低 Momentum 製作和運行這些遊覽的運營成本。 D-Wave 提供的原型能夠在不到一小時的時間內解決給定的問題，並且經過精心設計，可以輕鬆過渡到完全生產品質的應用程式。

VINCI Energies -- we've been working with our European partner, QuantumBasel, and VINCI Energies, an accelerator of environmental and digital transition, on a pilot project to better design the layout of an HVAC system for a new building, considering discrete duct sizes and joint costs. VINCI Energies has been developing an automated solution for what had been a largely manual process. Built to supplement that automated solution, our quantum hybrid application showed better qualitative and quantitative results across all evaluation metrics. Overall, we've been able to identify a lower cost and more aesthetically pleasing solution for HVAC system placement.

VINCI Energies——我們一直在與我們的歐洲合作夥伴 QuantumBasel 以及環境和數位轉型加速器 VINCI Energies 合作開展一個試點項目，以便在考慮離散管道尺寸的情況下更好地設計新建築的 HVAC 系統佈局和聯合成本。 VINCI Energies 一直在為以前主要是手動的流程開發自動化解決方案。我們的量子混合應用程式是為了補充該自動化解決方案而建構的，在所有評估指標上都顯示了更好的定性和定量結果。總的來說，我們已經能夠找到一種成本更低、更美觀的 HVAC 系統放置解決方案。

To further capitalize on this transformative phase in quantum's commercialization, we've reimagined and restructured our go-to-market efforts, focusing on a more targeted verticalization approach directed primarily at manufacturing and logistics companies initially. These are customers on the forefront of massive digitization efforts as they incorporate cutting-edge technologies designed to optimize the supply chain and identify new processes that fuel operational efficiencies and cost savings.

為了進一步利用量子商業化的這個變革階段，我們重新構想和重組了我們的市場推廣工作，並專注於最初主要針對製造和物流公司的更有針對性的垂直化方法。這些客戶處於大規模數位化工作的最前沿，因為他們採用了旨在優化供應鏈並確定可提高營運效率和節省成本的新流程的尖端技術。

As part of this new go-to-market strategy, we're also doubling down on key use cases with the broadest near-term applicability, including vehicle routing, crew scheduling, manufacturing job shop scheduling, and resource allocation. New use cases and verticals will be added as they become mature, which we expect will include risk management, machine learning, defense and aerospace, and process and flow.

作為這項新的進入市場策略的一部分，我們還加倍關注具有最廣泛近期適用性的關鍵用例，包括車輛路線、人員調度、製造作業車間調度和資源分配。隨著新的用例和垂直領域變得成熟，我們將添加新的用例和垂直領域，我們預計其中將包括風險管理、機器學習、國防和航空航天以及流程和流程。

To broaden our reach and potential customer footprint with these key verticals and use cases, we're increasing our focus on partners and resellers, especially systems integrators and ISVs. We currently sell through a group of strategic partners, including Deloitte, uptownBasel, NEC, Unisys, and SavantX, and are in active conversations with many others to scale our go-to-market efforts.

為了透過這些關鍵垂直行業和用例擴大我們的覆蓋範圍和潛在客戶足跡，我們正在加強對合作夥伴和經銷商的關注，特別是系統整合商和 ISV。目前，我們透過一組策略合作夥伴進行銷售，包括德勤、uptownBasel、NEC、Unisys 和 SavantX，並且正在與許多其他合作夥伴進行積極對話，以擴大我們的市場推廣力度。

Recent product enhancements support this growing channel partner ecosystem, making it even easier for them to manage multiple customer engagements with us. New administration features in our Leap quantum cloud service now give our partners the ability to manage their own organization and associated projects in our Leap real-time quantum cloud service.

最近的產品增強支援這個不斷發展的通路合作夥伴生態系統，使他們能夠更輕鬆地管理與我們的多個客戶互動。 Leap 量子雲端服務中的新管理功能現在使我們的合作夥伴能夠在 Leap 即時量子雲端服務中管理自己的組織和相關專案。

We're seeing progress and momentum beyond commercial applications as well. We've been actively meeting with members of the United States Congress and other policy stakeholders to help ensure the reauthorization of the US national quantum initiative before year-end. We support legislation that explicitly includes all quantum technologies -- annealing, gate-model, and hybrid. This, along with expanded focus on near-term application development and workforce upscaling, will ensure the US quantum programs are properly focused.

我們也看到了商業應用以外的進展和勢頭。我們一直在積極與美國國會議員和其他政策利益相關者會面，以幫助確保美國國家量子計畫在年底前獲得重新授權。我們支持明確包含所有量子技術—退火、閘門模型和混合技術的立法。這一點，再加上對近期應用程式開發和勞動力升級的更多關注，將確保美國的量子計畫得到適當的關注。

Our product development efforts also reflect this hyper focus on the commercialization of quantum, with software and hardware innovations that will improve the size, scale, and quality of real-world business problems we can solve for our customers. Our technical roadmap is focused on delivering product advancements that directly impact customer ROI now and in the future, including greater processing power.

我們的產品開發工作也反映了對量子商業化的高度關注，軟體和硬體創新將提高我們可以為客戶解決的實際業務問題的規模、規模和品質。我們的技術路線圖專注於提供可直​​接影響現在和未來客戶投資報酬率的產品進步，包括更強的處理能力。

We're increasing processor performance to fuel customer success through our next-generation Advantage2 system with improved qubit coherence and connectivity that is expected to address even more complex customer optimization problems; increased software value, we're advancing our quantum hybrid solver software to improve solution quality for larger, more complex customer problems, and of course, reliability and access. We're laser-focused on production readiness and system reliability, continued compliance initiatives, and expanded support for our growing go-to-market effort.

我們正在提高處理器效能，透過下一代 Advantage2 系統推動客戶成功，該系統具有改進的量子位元一致性和連接性，預計將解決更複雜的客戶最佳化問題；為了提高軟體價值，我們正在改進我們的量子混合求解器軟體，以提高更大、更複雜的客戶問題的解決方案質量，當然還有可靠性和可訪問性。我們高度關註生產準備和系統可靠性、持續的合規計劃以及對我們不斷增長的上市工作的擴大支持。

We're proud of the fact that we've delivered five generations of quantum systems, each outperforming the previous generation to more successfully address customers' increasingly complex computational problems. The current Advantage system, which features more than 5,000 qubits and 15-way connectivity, coupled with our quantum hybrid solvers, are capable of unlocking large application problems, including binary and integer variables, linear and quadratic terms, problems with up to 100,000 constraints and 500,000 variables, and equality and inequality constraints. Our current Advantage system is well-suited for tackling the identified near-term priority use cases I mentioned earlier, including vehicle routing, crew scheduling, manufacturing job shop scheduling, and resource allocation.

我們感到自豪的是，我們已經交付了五代量子系統，每一代都優於上一代，能夠更成功地解決客戶日益複雜的運算問題。目前的Advantage 系統具有超過5,000 個量子位元和15 路連接，再加上我們的量子混合求解器，能夠解決大型應用問題，包括二進位和整數變數、線性和二次項、具有多達100,000 個限制的問題以及500,000 個變量，以及等式和不等式限制。我們目前的 Advantage 系統非常適合解決我之前提到的已確定的近期優先用例，包括車輛路線、人員調度、製造作業車間調度和資源分配。

Our sixth-generation system, Advantage2, is expected to have more than 7,000 qubits and 20-way connectivity, enabling customers to address even larger problems with increased complexity. Very importantly, we recently calibrated a 1,100-qubit prototype of Advantage2 that was fabricated in our new, lower-noise fabrication stack, and early performance benchmarks indicate even higher performance than Advantage on optimization problems, which could be particularly powerful for new use cases such as machine learning. We also recently demonstrated successful quantum error mitigation, an important technique for reducing errors in quantum computation on the upcoming Advantage2 annealing quantum system prototype, extending the coherent range by nearly an order of magnitude.

我們的第六代系統 Advantage2 預計將擁有超過 7,000 個量子位元和 20 路連接，使客戶能夠解決更複雜的更大問題。非常重要的是，我們最近校準了Advantage2 的1,100 量子位原型，該原型是在我們新的低噪聲製造堆疊中製造的，早期的性能基準表明在優化問題上的性能甚至比Advantage 更高，這對於新用例（例如作為機器學習。我們最近也成功展示了量子誤差緩解，這是一種在即將推出的 Advantage2 退火量子系統原型上減少量子計算誤差的重要技術，將相干範圍擴展了近一個數量級。

We're focusing qubit development efforts on coherence and connectivity. Two important measures of qubit effectiveness and processing power. A testament to our technical leadership, we recently announced notable progress in the development of high-coherence qubits, which are qubits capable of doing quantum [capacitations] for a longer period of time without errors.

我們將量子位元開發工作的重點放在一致性和連接性。量子位元有效性和處理能力的兩個重要衡量標準。為了證明我們的技術領先地位，我們最近宣佈在高相干量子位元的開發方面取得了顯著進展，這些量子位元能夠在較長時間內無錯誤地進行量子[能力]。

We have designed, manufactured, and operated fluxonium qubits that have demonstrated quantum properties that are comparable to the best seen to date in peer-reviewed scientific literature. These results are expected to have a significant impact on our technologies. We also believe we will be the first quantum company to definitively demonstrate quantum supremacy in significant and meaningful problems beyond random number generation. We aim to provide conclusive evidence of our system's capability to outperform classical computation in quantum simulation, and our research efforts are underway.

我們設計、製造和操作了 Fluxium 量子位元，這些量子位元的量子特性可與同行評審的科學文獻中迄今為止最好的量子特性相媲美。這些結果預計將對我們的技術產生重大影響。我們也相信，我們將成為第一家在隨機數生成之外的重大且有意義的問題上明確證明量子霸權的量子公司。我們的目標是提供確鑿的證據，證明我們的系統在量子模擬方面優於經典計算的能力，而我們的研究工作正在進行中。

Key to extending the value of our solutions to customers is the ongoing innovations we're making with our software. We've introduced several new software advancements to support customers' needs and to unlock new and expanded use cases. Most recently, we launched new algorithmic updates to our constrained quadratic model hybrid solver that deliver increased performance for existing binary problem classes, which can include offer allocation, portfolio optimization, and satisfiability. Future software developments are expected to improve solution quality for our priority verticals and key use cases in manufacturing and logistics, as well as advanced applications involving AI and machine learning.

為客戶擴展解決方案價值的關鍵是我們對軟體的持續創新。我們推出了多項新的軟體改進來支援客戶的需求並解鎖新的和擴展的用例。最近，我們對約束二次模型混合求解器推出了新的演算法更新，為現有二元問題類別提供了更高的效能，其中包括報價分配、投資組合最佳化和可滿足性。未來的軟體開發預計將提高我們在製造和物流領域的優先垂直行業和關鍵用例以及涉及人工智慧和機器學習的高級應用程式的解決方案品質。

As evidence of our advancing commercial maturity, much of our technical focus is on ensuring delivery of a secure, reliable, and production-grade quantum tech stack at scale and across geographies. That requires a variety of initiatives, including seamless deployment of new features, progressing in efforts to achieve SOC 2 Type 2 data compliance, and expansion of our Leap platform to new countries and more. Given our customers are entrusting us with supporting production deployments that are starting to directly impact their daily operations, the sophistication of our uptime and reliability efforts must maintain the highest standards.

作為我們商業成熟度不斷提高的證據，我們的大部分技術重點是確保大規模跨地域交付安全、可靠和生產級的量子技術堆疊。這需要採取各種舉措，包括無縫部署新功能、努力實現 SOC 2 Type 2 資料合規性，以及將我們的 Leap 平台擴展到新的國家等。鑑於我們的客戶委託我們支援生產部署，這些部署開始直接影響他們的日常運營，因此我們的正常運行時間和可靠性工作的複雜性必須保持最高標準。

Before I hand it over to John, I wanted to conclude my remarks by sharing an update on our liquidity. We're pleased to report that we have continued to substantially improve the company's cash position, which was $53.3 million at the end of the third quarter, which represents a $45.8 million increase over the second-quarter cash position of $7.5 million. This represents the largest quarter-end cash position in the company's history.

在將其交給約翰之前，我想透過分享我們流動性的最新情況來結束我的演講。我們很高興地報告，我們繼續大幅改善公司的現金狀況，第三季末現金狀況為 5,330 萬美元，比第二季的 750 萬美元現金狀況增加了 4,580 萬美元。這是該公司史上最大的季末現金部位。

With that, I'll hand it over to John to provide a review of our 2023 third-quarter and year-to-date results. John?

接下來，我將把它交給 John，對我們 2023 年第三季和年初至今的業績進行回顧。約翰？

Thank you, Alan. And thank you to everyone taking the time to participate in our call today.

謝謝你，艾倫。感謝大家今天抽空參加我們的電話會議。

Revenue in the third quarter of fiscal 2023 totaled $2.6 million, an increase of approximately $900,000 or 51% from the third quarter of fiscal 2022 revenue of $1.7 million and up 50% sequentially over the immediately preceding fiscal second-quarter revenue of $1.7 million. As we outlined in our first and second-quarter earnings releases, the timing of revenue recognition associated with our professional services contracts may vary from period to period. However, D-Wave is generally paid in advance of the completion of its professional services, engagements, and the corresponding revenue recognition timeframe. During the third quarter, D-Wave achieved record professional services revenue of $1.4 million. It is a leading indicator of potential production applications in the future.

2023 財年第三季的營收總計260 萬美元，比2022 財年第三季170 萬美元的營收增加約90 萬美元，即51%，比上一財年第二季170 萬美元的營收季增50%。正如我們在第一季和第二季收益發布中所概述的那樣，與我們的專業服務合約相關的收入確認時間可能會因時期而異。然而，D-Wave 通常在完成其專業服務、業務和相應的收入確認時間表之前付款。第三季度，D-Wave 專業服務收入達到創紀錄的 140 萬美元。它是未來潛在生產應用的領先指標。

I will be providing non-GAAP operating metrics, including bookings and average deal size, as well as non-GAAP financial metrics, including non-GAAP gross profit, non-GAAP gross margins, non-GAAP operating expenses, and adjusted EBITDA loss, as we believe these metrics improve investors' ability to evaluate our underlying operating performance. These measures are defined in the tables at the bottom of today's third-quarter earnings press release, with the non-GAAP financial metrics, for the most part, adjusting for non-cash and non-recurring expenses.

我將提供非 GAAP 營運指標，包括預訂和平均交易規模，以及非 GAAP 財務指標，包括非 GAAP 毛利、非 GAAP 毛利率、非 GAAP 營運費用和調整後 EBITDA 損失，因為我們相信這些指標可以提高投資者評估我們基本經營績效的能力。這些指標在今天第三季財報新聞稿底部的表格中進行了定義，其中大部分採用非公認會計準則財務指標，根據非現金和非經常性費用進行調整。

Due to the timing associated with our professional services revenue, we believe that our bookings performance may, at times, be a better indicator of our business momentum than quarterly revenue. We define bookings as orders received from our customers that are expected to generate revenue in the future. We present the operational metric of bookings because it reflects customers' demand for our products and services and to assist investors in analyzing our performance in future periods.

由於與我們的專業服務收入相關的時間安排，我們相信我們的預訂業績有時可能比季度收入更能反映我們的業務勢頭。我們將預訂定義為從客戶收到的預計未來會產生收入的訂單。我們提出預訂的營運指標，因為它反映了客戶對我們產品和服務的需求，並幫助投資者分析我們未來時期的表現。

Bookings for the third quarter totaled $2.9 million, an increase of $1 million or 53% compared to the third quarter of 2022 bookings, or $1.9 million, and an increase of approximately $400,000, or 16%, from the immediately preceding fiscal 2023 second-quarter bookings of $2.5 million. This $2.9 million in third-quarter bookings represents our sixth consecutive quarter of year-over-year growth in bookings. In comparing the most recent four quarters with the immediately preceding four quarters, the average deal size per booking increased by 172% for commercial customers and by 178% for all customers.

第三季的預訂總額為290 萬美元，比2022 年第三季的預訂金額（190 萬美元）增加了100 萬美元，即53%，比上一財年第二季的預訂金額增加了約40萬美元，即16%預訂金額為 250 萬美元。第三季預訂量達到 290 萬美元，代表我們的預訂量連續第六個季度年增。將最近四個季度與前四個季度相比，商業客戶的每次預訂平均交易規模增加了 172%，所有客戶的平均交易規模增加了 178%。

Continuing to compare the last four quarters with the immediately preceding four quarters, revenue derived from commercial customers increased by $2.2 million or 62%. Average revenue per commercial customer increased by 68%. Commercial revenue as a percentage of total revenue increased from 50% to 70%. And we had 73 commercial customers compared to 76 commercial customers that includes nearly two dozen Forbes Global 2000 companies.

繼續將過去四個季度與前四個季度進行比較，來自商業客戶的收入增加了 220 萬美元，即 62%。每個商業客戶的平均收入成長了 68%。商業收入佔總收入的比例從50%提高到70%。我們有 73 個商業客戶，而我們有 76 個商業客戶，其中包括近兩打福布斯全球 2000 強公司。

Over the last four quarters, we had a total of 123 revenue-producing customers, compared to 121 revenue-producing customers in the immediately preceding four quarters, with total customers including commercial, educational, and government accounts.

在過去四個季度中，我們總共有 123 個創收客戶，而前四個季度為 121 個創收客戶，客戶總數包括商業、教育和政府帳戶。

With respect to gross profit, the GAAP gross profit for the third quarter is $1.5 million, an increase of approximately $500,000, or 47%, from the year earlier 2022 third-quarter GAAP gross profit of $1 million, and an increase of approximately $800,000, or 117%, from the immediately preceding second-quarter GAAP gross profit of $700,000, with the increase due primarily to the growth in revenue.

毛利方面，第三季 GAAP 毛利為 150 萬美元，較上年同期 2022 年第三季 GAAP 毛利 100 萬美元增加約 50 萬美元，增幅約 80 萬美元，增幅約 80 萬美元，與上一季70 萬美元的GAAP 毛利相比，成長了117%，這一成長主要是由於收入的成長。

With respect to the non-GAAP gross profit, it was $1.9 million for the third quarter, an increase of approximately $800,000, or 72%, from the fiscal 2022 third-quarter non-GAAP gross profit of $1.1 million, and an increase of approximately $900,000, or 95%, from the immediately preceding second-quarter non-GAAP gross profit of $1 million, with the increase due principally to higher revenue. The difference between GAAP and non-GAAP gross profit is limited to non-cash stock-based compensation and depreciation expenses that are excluded from the non-GAAP gross profit measure.

就非 GAAP 毛利而言，第三季為 190 萬美元，較 2022 財年第三季非 GAAP 毛利 110 萬美元增加約 80 萬美元，即 72%，增加約較上一季非GAAP 毛利100 萬美元增加90 萬美元，即95%，這一增長主要是由於收入增加。公認會計準則和非公認會計準則毛利之間的差異僅限於非現金股票薪資和折舊費用，這些費用不包括在非公認會計準則毛利指標中。

With respect to margins, the GAAP gross margin for the third quarter was 59.7%, representing the second consecutive quarter of sequential quarter-to-quarter improvement in GAAP gross margins due primarily to the growth in revenue, and 1% lower than the 61.4% GAAP gross margin in the prior year third quarter, with the decrease due entirely to higher non-cash stock-based compensation expense in the third-quarter fiscal 2023 cost of sales.

利潤率方面，第三季 GAAP 毛利率為 59.7%，連續第二季 GAAP 毛利率較上季改善，主要歸因於營收成長，比 61.4% 低 1 個百分點。去年第三季的GAAP 毛利率下降，完全是由於2023 財年第三季銷售成本中非現金股票補償費用的增加。

With respect to non-GAAP gross margins, they were 75.6% for the third quarter, an increase of 9.2% from the year earlier 2022 third-quarter non-GAAP gross margin of 66.4%, and an increase of 17.5% from the immediately preceding second-quarter non-GAAP gross margin of 58.1%, again, with the increase due principally to the higher revenue.

就非 GAAP 毛利率而言，第三季為 75.6%，較上年同期成長 9.2% 2022 年第三季非 GAAP 毛利率為 66.4%，較上年同期成長 17.5%第二季非GAAP 毛利率再次達到58.1%，成長主要是由於收入增加。

With respect to operating expenses, the GAAP operating expenses for the third quarter were $19.9 million, compared to $16.2 million in the year earlier fiscal 2022 third quarter, with the increase due primarily to higher non-cash stock-based compensation expense, as well as higher public company and headcount-related expenses.

在營運費用方面，第三季的 GAAP 營運費用為 1,990 萬美元，而去年同期的 2022 財年第三季為 1,620 萬美元，增加的主要原因是非現金股票薪酬費用增加，以及與上市公司和員工人數相關的費用較高。

On a sequential quarter-to-quarter basis, the $19.9 million in third-quarter GAAP operating expenses represents the second consecutive quarter of sequential quarter-to-quarter decreases in GAAP operating expenses, driven primarily by lower G&A expenses. With respect to the non-GAAP adjusted operating expenses, a total $13.5 million for the third quarter, a decrease of approximately $700,000, or 5%, from the $14.2 million in non-GAAP adjusted operating expenses in the fiscal 2022 third quarter.

按季度環比計算，第三季度 GAAP 營運費用為 1,990 萬美元，代表 GAAP 營運費用連續第二季環比下降，這主要是由於 G&A 費用下降。就非 GAAP 調整後營運支出而言，第三季總計 1,350 萬美元，較 2022 財年第三季非 GAAP 調整後營運支出 1,420 萬美元減少約 70 萬美元，即 5%。

Again, on a sequential quarter-to-quarter basis, the $13.5 million in third-quarter non-GAAP adjusted operating expenses represents the second consecutive quarter of sequential quarter-to-quarter decreases in non-GAAP adjusted operating expenses and is reflective of the company's focus on expense management, with the decline driven by lower operating expenses in all OpEx categories, including R&D, G&A, and sales and marketing expenses. Again, the difference between GAAP and non-GAAP operating expenses is primarily non-cash stock-based compensation expense, non-recurring one-time expenses, and depreciation.

同樣，按季度環比計算，第三季度非 GAAP 調整後營運費用為 1,350 萬美元，代表非 GAAP 調整後營運費用連續第二個季度環比下降，反映了公司專注於費用管理，下降是由於所有營運支出類別（包括研發、一般管理費用以及銷售和行銷費用）的營運費用下降所致。同樣，公認會計原則和非公認會計原則營運費用之間的差異主要是非現金股票補償費用、非經常性一次性費用和折舊。

Net loss for the third quarter was $15.8 million, or $0.12 per share, compared with a net loss of $13.3 million, or $0.11 per share, in the fiscal 2022 third quarter. On a sequential quarter-to-quarter basis, the $15.8 million third-quarter net loss represents the second consecutive quarter of sequential quarter-to-quarter improvement in net loss that was driven by higher gross profit in combination with lower operating expenses.

第三季淨虧損為 1,580 萬美元，即每股 0.12 美元，而 2022 財年第三季的淨虧損為 1,330 萬美元，即每股 0.11 美元。按季度環比計算，第三季淨虧損 1,580 萬美元，代表淨虧損連續第二季環比改善，這是由於毛利潤上升和營運費用下降所致。

The adjusted EBITDA loss for the quarter was $11.6 million, an improvement of $1.4 million, or 11%, compared with the $13 million adjusted EBITDA loss in the prior year third quarter. On a sequential quarter-to-quarter basis, the $11.6 million third-quarter adjusted EBITDA loss represents the second consecutive quarter of sequential quarter-to-quarter improvement in adjusted EBITDA loss.

本季調整後 EBITDA 虧損為 1,160 萬美元，與去年第三季調整後 EBITDA 虧損 1,300 萬美元相比，增加了 140 萬美元，即 11%。以季後數計算，第三季調整後 EBITDA 虧損 1,160 萬美元，代表調整後 ​​EBITDA 虧損連續第二季較上季改善。

I will now cover the company's year-to-date operating performance for the first nine months of the year. Revenue for the nine months ended September 30, 2023 totaled $5.9 million, an increase of $1.1 million, or 22%, from revenue of $4.8 million in the nine months ended September 30, 2022.

我現在將介紹該公司今年前九個月迄今的經營績效。截至2023年9月30日止九個月的收入總計590萬美元，較截至2022年9月30日止九個月的收入480萬美元增加110萬美元，即22%。

Bookings for the nine months ended September 30 were $8.4 million, an increase of $4.6 million, or 125%, from bookings in the corresponding fiscal 2022 nine-month period.

截至 9 月 30 日的 9 個月的預訂量為 840 萬美元，比 2022 財年相應 9 個月期間的預訂量增加了 460 萬美元，即 125%。

GAAP gross profit for the nine months ended September 30, 2023 was $2.7 million, a decrease of approximately $300,000, or 9%, from $2.9 million in GAAP gross profit for the nine months ended September 30, 2022, with the decrease due primarily to higher non-cash stock-based compensation expenses in the fiscal 2023 cost of sales.

截至2023 年9 月30 日止九個月的GAAP 毛利為270 萬美元，較截至2022 年9 月30 日止九個月的GAAP 毛利290 萬美元減少約30 萬美元，即9%，下降的主要原因是較高的收入2023 財年銷售成本中的非現金股票補償費用。

With respect to the non-GAAP gross profit for the nine months ended September 30, it totaled $3.8 million, an increase of approximately $700,000, or 21%, from the non-GAAP gross profit of $3.1 million in the prior year nine-month period.

截至 9 月 30 日的 9 個月的非 GAAP 毛利總計 380 萬美元，比去年 9 個月期間的非 GAAP 毛利 310 萬美元增加了約 70 萬美元，即 21% 。

With respect to gross margins, the GAAP gross margin for the nine months ended September 30, 2023 was 45.4%, a decrease of 15.7% from the 61.1% GAAP gross margin in the earlier nine-month period, with the decrease due primarily to higher non-cash stock-based compensation expense in fiscal 2023 cost of sales. The non-GAAP gross margin for the nine months ended September 30 was 64.6%, a decrease of seven-tenths of a percent from the 65.3% non-GAAP gross margin in the year earlier nine-month period.

在毛利率方面，截至 2023 年 9 月 30 日止九個月的 GAAP 毛利率為 45.4%，較前九個月的 61.1% GAAP 毛利率下降 15.7%，下降的主要原因是較高的2023 財年銷售成本中的非現金股票補償費用。截至 9 月 30 日的九個月的非公認會計原則毛利率為 64.6%，比去年同期九個月的非公認會計原則毛利率 65.3% 下降了十分之七。

The net loss for the nine months ended September 30, 2023 was $66.3 million, or $0.50 per share, compared with the net loss of $38.7 million, or $0.32 per share, in the corresponding fiscal 2022 nine-month period.

截至 2023 年 9 月 30 日的九個月淨虧損為 6,630 萬美元，即每股 0.50 美元，而 2022 財年相應九個月期間的淨虧損為 3,870 萬美元，即每股 0.32 美元。

Adjusted EBITDA loss for the nine months ended September 30 was $43.4 million, compared with $34 million in the nine months ended September 30, 2022, with the increase due primarily to higher public company and headcount-related expenses.

截至9 月30 日的9 個月，調整後EBITDA 虧損為4,340 萬美元，而截至2022 年9 月30 日的9 個月，調整後EBITDA 虧損為3,400 萬美元，增加的主要原因是上市公司和員工人數相關費用增加。

Now, I will move on to the balance sheet and liquidity. As Alan outlined earlier, as of the end of the third quarter, D-Wave's consolidated cash balance totaled $53.3 million, an increase of $45.8 million, or over 600%, from the $7.5 million consolidated cash balance at the end of the immediately preceding second quarter ended June 30. Again, the $53.3 million cash balance represents the company's largest quarter-end cash balance in its history.

現在，我將繼續討論資產負債表和流動性。正如 Alan 先前概述的那樣，截至第三季末，D-Wave 的綜合現金餘額總計 5,330 萬美元，較上一季末的 750 萬美元綜合現金餘額增加了 4,580 萬美元，增幅超過 600%截至6 月30 日的季度末。5330 萬美元的現金餘額再次成為該公司歷史上最大的季度末現金餘額。

During the nine months ended September 30, 2023, D-Wave raised over $94 million in debt in equity, including $63.5 million in equity, primarily from the company's common stock purchase agreement, which we commonly refer to as the equity line of credit, or ELOC, with Lincoln Park Capital Fund, and $30.5 million in debt, primarily with PSPIB Unitas Investments II Inc., an affiliate of PSP Investments, that we refer to as the PSP loan.

截至2023 年9 月30 日的九個月內，D-Wave 籌集了超過9,400 萬美元的債務股權，其中包括6,350 萬美元的股權，主要來自公司的普通股購買協議，我們通常稱之為股權信貸額度，或ELOC 擁有 Lincoln Park Capital Fund，並有 3,050 萬美元債務，主要是 PSPIB Unitas Investments II Inc.（PSP Investments 的附屬公司）的債務，我們稱之為 PSP 貸款。

As previously disclosed, on June 16, 2022, D-Wave entered into the ELOC with Lincoln Park, wherein the company has the right, but not the obligation, to issue and sell up to $150 million of shares of its common stock to Lincoln Park, subject to certain limitations and satisfaction of certain conditions over a three-year period. As of the end of the third quarter, D-Wave had $84.4 million in remaining capacity under the ELOC, with two years remaining under the commitment. D-Wave's ability to raise funds under the ELOC is subject to a number of conditions, including having a sufficient number of registered shares and D-Wave's stock price being a $1 per share or above.

如先前披露的，2022 年 6 月 16 日，D-Wave 與 Lincoln Park 簽訂了 ELOC，其中該公司有權但無義務向 Lincoln Park 發行和出售最多 1.5 億美元的普通股，受某些限制並在三年內滿足某些條件。截至第三季末，D-Wave 根據 ELOC 剩餘產能為 8,440 萬美元，承諾期限還剩兩年。 D-Wave 根據 ELOC 籌集資金的能力取決於許多條件，包括擁有足夠數量的記名股票以及 D-Wave 的股價為每股 1 美元或以上。

As previously disclosed, on April 13, 2023, D-Wave entered into a $50 million four-year term loan agreement with PSP. The PSP loan agreement is comprised of three individual tranches of $15 million, $15 million, and $20 million, respectively. And to date, D-Wave has drawn on the first two tranches totaling $30 million. However, the issuance of the third tranche is subject to certain conditions, and there can be no assurance that the company will be able to meet the conditions necessary to draw on the third tranche.

如先前揭露的，2023 年 4 月 13 日，D-Wave 與 PSP 簽訂了 5,000 萬美元的四年期定期貸款協議。 PSP 貸款協議由三個部分組成，分別為 1500 萬美元、1500 萬美元和 2000 萬美元。迄今為止，D-Wave 已提取前兩筆總額為 3000 萬美元的資金。然而，第三期債券的發行須符合一定條件，不能保證公司能夠滿足動用第三期債券所需的條件。

With respect to our outlook for the balance of the year, based upon information available on November 8, 2023, our fiscal 2023 revenue guidance is in the range of $10 million to $11.5 million, and our fiscal 2023 adjusted EBITDA loss guidance is less than $56 million. As we have previously stated, we believe that D-Wave has the opportunity to be the first independent publicly held quantum computing company to achieve sustained profitability and to achieve this milestone with substantially less funding than required by any other independent publicly held quantum computing company.

關於我們對今年剩餘時間的展望，根據2023 年11 月8 日提供的信息，我們的2023 財年收入指導在1000 萬美元至1150 萬美元之間，我們的2023 財年調整後EBITDA 損失指導低於56 美元百萬。正如我們之前所說，我們相信D-Wave 有機會成為第一家實現持續盈利的獨立上市量子計算公司，並以比任何其他獨立上市量子計算公司所需的資金少得多的資金實現這一里程碑。

With that, we will now open up the call for questions.

現在，我們將開始提問。

(Operator Instructions) David Williams, Benchmark.

（操作員說明）David Williams，基準。

Hey, good morning, and thanks for taking my question. Alan, it sounds like that you guys made a lot of progress here and very enthusiastic about the opportunities. And I really like hearing the production or deployments of production solutions. Can you talk a little bit about -- you said you had 26 proof of concepts, with several moving into production. How should we think that pace progresses through the year and in the next year?

嘿，早上好，感謝您提出我的問題。艾倫，聽起來你們在這裡取得了巨大的進步，並且對這些機會非常熱衷。我真的很喜歡聽到生產解決方案的生產或部署。您可以談談嗎？您說過您有 26 個概念驗證，其中有幾個已投入生產。我們該如何看待這一年和明年的進展？

So thanks, David, for the question. First of all, I do want to take a step back because I think it's really important to understand that we are building right now a very different business from what everybody else in the quantum space is doing. Specifically, we are, from the ground up, building a commercial quantum business -- starting from scratch, developing the industry, the market, and building the business -- and that doesn't happen instantly. It starts with engaging the market to help them understand the value that quantum can bring to their business.

謝謝大衛提出這個問題。首先，我確實想退一步，因為我認為了解我們現在正在建立的業務與量子領域其他人正在做的業務非常不同非常重要。具體來說，我們正在從頭開始建立商業量子業務——從頭開始，發展產業、市場並建立業務——而這不會立即發生。首先是吸引市場，幫助他們了解量子能為他們的業務帶來的價值。

From there, moving on to working with them to actually get their hands on the technology and understand with applications that are important and of value to them what's possible. We do that through our professional services organization, and we call those proofs of concept. And we have developed, as we commented, over 20 successful proofs of concept with customers.

從那裡開始，繼續與他們合作，讓他們真正掌握這項技術，並了解對他們來說重要且有價值的應用程式的可能性。我們透過我們的專業服務組織來做到這一點，我們稱之為概念驗證。正如我們所評論的，我們已經與客戶進行了 20 多個成功的概念驗證。

Sometimes, those application areas are areas that the customer has identified simply because they want to learn about quantum, maybe not to eventually move into production, but just something simple to get started. Sometimes, those are applications where the customer actually has a serious problem that they're trying to solve. And sometimes, the former case actually turns into something that actually can create value to them, even though they didn't think that initially it would.

有時，這些應用領域是客戶僅僅因為想要了解量子而確定的領域，也許不是最終進入生產，而只是一些簡單的入門知識。有時，在這些應用程式中，客戶實際上遇到了他們正在嘗試解決的嚴重問題。有時，前一種情況實際上會變成能夠為他們創造價值的東西，儘管他們最初並不認為會這樣。

And frankly, we talked a little bit about VINCI Energies. They're an excellent case of that. We've been working with them on building construction application. It was initially simply an exploration, but the results were so powerful that they're now looking much more seriously at that application as something that could potentially benefit their business.

坦白說，我們討論了一些關於 VINCI Energies 的問題。他們就是一個很好的例子。我們一直在與他們合作進行建築施工應用。最初只是一次探索，但結果非常強大，以至於他們現在更加認真地看待該應用程序，認為它可能有利於他們的業務。

So again, these proofs of concept can take on some different forms. They are always applications of interest to the customer -- sometimes things that are just experimental for them, sometimes actual business problems that need to be solved, and sometimes, the experimental things turn into actual business problems that need to be solved.

同樣，這些概念證明可以採取一些不同的形式。它們始終是客戶感興趣的應用程式——有時只是對他們來說是實驗性的，有時是需要解決的實際業務問題，有時，實驗性的東西會變成需要解決的實際業務問題。

However, once the proof of concept has been developed and the customer understands the benefit and the value, it's then a matter of moving it into production. And that can take time because that then requires the company to rework, in some cases, their application and IT infrastructure to be able to leverage the quantum capability and sometimes modifications to internal processes.

然而，一旦概念驗證已經開發出來並且客戶了解了好處和價值，接下來的問題就是將其投入生產。這可能需要時間，因為在某些情況下，這需要公司重新設計其應用程式和 IT 基礎設施，以便能夠利用量子能力，有時還需要修改內部流程。

So for example, one of our earliest customers now moving into application -- into production application deployment, the proof of concept was completed over a year ago, but it took time to get to the point where they could actually deploy within their environment. The good news is, with the broad array of successful proofs of concept that we've been working on over the last roughly 18 months, we are now at the point where applications are starting to move into production; several of them within the last few months and a number more over the next couple of quarters. And we just expect that to continue to grow as time goes on.

例如，我們最早的客戶之一現在進入應用程式 - 進入生產應用程式部署，概念驗證在一年前完成，但需要時間才能到達他們可以在其環境中實際部署的程度。好消息是，在過去大約 18 個月的時間裡，我們進行了一系列成功的概念驗證，現在我們正處於應用程式開始投入生產的階段；其中一些是在過去幾個月發生的，還有一些是在接下來的幾個季度發生的。我們只是希望隨著時間的推移，這個數字會繼續增長。

So yes, it's creating a new market, and yeah, it takes time to do that. But what's exciting for us is that we are now at the point where we're seeing the transition. And that's where we start creating the real value.

所以，是的，它正在創造一個新市場，是的，這需要時間。但令我們興奮的是，我們現在正處於轉變的時刻。這就是我們開始創造真正價值的地方。

Great. Thanks for all that color. Very, very helpful. I guess if you can talk maybe just a little bit about the restructuring and maybe the pivot to manufacturing logistics and markets and really what's driving that. And do you see this as being a big driver of your success over the next 12 months? Thank you.

偉大的。感謝所有這些顏色。非常非常有幫助。我想您是否可以談談重組，也許可以談談製造業物流和市場的重心，以及真正的推動因素。您認為這是您未來 12 個月成功的重要推動力嗎？謝謝。

Yeah. So I'm not sure I'd call it a pivot, although I think we actually did use that term in the script, but maybe just doubling down on those areas. So essentially, what we want to do now is accelerate the timeframe from engagement -- initial engagement through to production. So we've now demonstrated, proven to ourselves and some key customers, that there are a set of use cases where we can reliably demonstrate value. And we've also been able to see what it's taken to transition to production.

是的。所以我不確定我是否會稱其為樞軸，儘管我認為我們確實在腳本中使用了這個術語，但也許只是在這些領域加倍努力。因此，從本質上講，我們現在要做的是加快從參與（初始參與到生產）的時間框架。因此，我們現在已經向自己和一些關鍵客戶證明，有一組用例可以可靠地證明價值。我們也能夠看到過渡到生產需要採取哪些措施。

And so looking back at all of that, what we have concluded is that the two industries I mentioned, manufacturing and logistics, and the four use cases that I mentioned, represent the area where we've got the most positive experience in moving through this process, which means that by doubling down on those areas -- basically putting a concerted go-to-market effort in place to pursue customers in those industries and use cases that we know we can be successful with and will resonate with those customers and really focusing our go-to-market efforts on that; in addition, streamlining our proofs of concept to move more quickly because we're repeating now work that we've done in the past, ultimately even creating application templates out of those use cases -- our goal is to really reduce the time from engagement to production.

回顧所有這些，我們得出的結論是，我提到的兩個行業，即製造和物流，以及我提到的四個用例，代表了我們在經歷這一過程中獲得最積極經驗的領域流程，這意味著透過在這些領域加倍努力——基本上是協調一致地進入市場，以爭取這些行業和用例中的客戶，我們知道我們可以在這些領域取得成功，並且會與這些客戶產生共鳴，並且真正將我們的市場推廣工作集中於此；此外，簡化我們的概念驗證以更快地進行，因為我們現在正在重複過去所做的工作，最終甚至根據這些用例創建應用程式模板 - 我們的目標是真正減少參與時間到生產。

And then as we put that in place, and other use cases, either in the same verticals or other verticals start to mature, we'll start to grow beyond that. Now, it doesn't mean that if a customer comes to us with a use case or an application in a different area, the customer is from a different industry, we won't work with them. It's just that our focus is going to be on the area where we believe we can actually accelerate the time to production.

然後，當我們將其落實到位，並且其他用例（無論是在同一垂直領域還是其他垂直領域）開始成熟時，我們將開始超越這一點。現在，這並不意味著如果客戶帶著不同領域的用例或應用程式來找我們，客戶來自不同的行業，我們就不會與他們合作。只是我們的重點將放在我們相信實際上可以加快生產時間的領域。

Suji Desilva, Roth MKM.

蘇吉·德西爾瓦，羅斯·MKM。

Good morning, Alan. Good morning, John. And congrats on the progress here. I think I've asked this question before, but Alan, the larger deal sizes you're seeing, just remind me what's driving that and if that's sustainable going forward in terms of a way you're approaching the customers.

早安，艾倫。早安，約翰。祝賀這裡的進展。我想我以前曾問過這個問題，但是艾倫，你所看到的更大的交易規模，請提醒我是什麼推動了這一點，以及就你接觸客戶的方式而言，這種情況是否可持續發展。

It's absolutely sustainable. So there are two things that are driving that. One is the fact that we're now starting to move into production. And those production agreements are larger per year and multi-year agreements. So that makes those agreements much larger and more valuable to us.

這絕對是可持續的。有兩件事推動了這一點。一是我們現在開始投入生產。這些生產協議規模較大，包括年度協議和多年協議。因此，這使得這些協議對我們來說規模更大、更有價值。

The second is that on the professional services engagements, it's working -- signing agreements that include not just a single application proof of concept, but multiple, simultaneously, because they're starting to become an increased awareness of and understanding of the value that we can bring to the table.

第二個是，在專業服務約定方面，它正在發揮作用——簽署協議，其中不僅包括單一應用程式概念證明，而是同時包含多個應用程式證明，因為他們開始越來越意識到和理解我們所提供的價值。可以帶到餐桌上。

Okay, that's very helpful. And then also on the focus, and we'll use pivot, on manufacturing logistics, what are some of the key partnerships we should watch for for your success driving there? Maybe it's the same as the other end markets, maybe it's specific partners. Be helpful to know that.

好的，這非常有幫助。然後，我們將在製造物流方面使用樞軸，我們應該關注哪些關鍵合作夥伴關係，以便您在這方面取得成功？也許和其他終端市場一樣，也許是特定的合作夥伴。了解這一點會有所幫助。

Yeah. So we've talked about some of the work that we've done in the manufacturing and logistics arena in the past. We've talked about, for example, the Pattison Food Group. We even mentioned them again today, their applications are (technical difficulty) [logistics reasons]. We've also talked about work we've done on airport employee scheduling, which is also logistics, the IPG to our planning that we mentioned, routing, is logistics. We've talked about work we've done with Volkswagen on optimizing some manufacturing applications and our seller, Mittal. We've done some work with a very large oil company on logistics associated with drilling.

是的。我們討論了過去在製造和物流領域所做的一些工作。例如，我們討論過帕蒂森食品集團。我們今天甚至再次提到他們，他們的應用是（技術難度）【物流原因】。我們也討論了我們在機場員工調度方面所做的工作，這也是物流，我們提到的規劃中的 IPG，路線，就是物流。我們討論了我們與大眾汽車以及我們的銷售商米塔爾在優化一些製造應用方面所做的工作。我們與一家非常大的石油公司就與鑽井相關的物流進行了一些合作。

So the number of manufacturing and logistics customers is significant compared to our total set of customers. And the use cases all fall into the four categories that we described.

因此，與我們的客戶總數相比，製造和物流客戶的數量相當大。這些用例都屬於我們所描述的四個類別。

(Operator Instructions) Richard Shannon, Craig Hallum.

（操作員說明）理查德·香農 (Richard Shannon)、克雷格·哈勒姆 (Craig Hallum)。

Well, thanks, Alan, John, for taking my questions. Alan, I think I want to follow up on one of your comments in prepared remarks about broadening your reach within these verticals, focusing more on resellers and ISVs. Maybe you can talk through the -- what you expect to see over the next few quarters. And is there any change in the business model and margin structure going forward as you make this change?

好吧，謝謝艾倫、約翰回答我的問題。艾倫，我想我想跟進您在準備好的評論中的評論之一，即擴大您在這些垂直領域的影響力，並更多地關注經銷商和獨立軟體開發人員。也許您可以談談您期望在接下來的幾個季度看到的情況。當您做出這項改變時，未來的業務模式和利潤結構是否會發生任何變化？

Yeah. So two things. First of all, we believe that SI, systems integration, partners can be a part of accelerating the time to production. Because if you think for a minute about what I said previously, relative to what it takes to get into production, and especially the part about once the proof of concept is complete, the work that needs to be done to actually move into production, that's something that we are helping our customers with. But a larger SI organization, we believe, could be even more effective in that portion of the process. And so we think there's a real opportunity for the partners, as well as for us, to reduce the time to production.

是的。所以有兩件事。首先，我們相信 SI、系統整合、合作夥伴可以成為加快生產時間的一部分。因為如果你想想我之前所說的，相對於投入生產需要什麼，特別是概念驗證完成後，需要完成的工作才能真正投入生產，那就是我們正在幫助客戶的一些事情。但我們相信，規模更大的 SI 組織在該流程的這一部分中可能會更有效。因此，我們認為合作夥伴和我們都有真正的機會來縮短生產時間。

The second one is one that's relatively new for us, although not brand new, and that's ISVs. So we've talked in the past about SavantX and scheduling the movement of cargo containers at shipping ports. That really was SavantX building us into their application, at which point they become an ISV and pay us for access to our system, calling our system roughly every 15 seconds.

第二個對我們來說相對較新，儘管不是全新的，那就是 ISV。因此，我們過去討論過 SavantX 以及安排貨運集裝箱在港口的移動。這確實是 SavantX 將我們建置到他們的應用程式中，此時他們成為 ISV，並向我們支付訪問我們系統的費用，大約每 15 秒調用我們的系統一次。

We now have two other ISVs that we're working with that are building us into our solution that they will take to market. They also happen to be in these areas that we're focused on: manufacturing, logistics, the use cases that we talked about. But we think that those two things can be solid accelerators for us as we try to break through on the drive to production.

現在我們正在與另外兩家 ISV 合作，他們正在將我們建置到他們將推向市場的解決方案中。它們也恰好屬於我們關注的領域：製造、物流、我們討論的用例。但我們認為，當我們試圖在生產驅動力上取得突破時，這兩件事可以成為我們堅實的加速器。

Okay. Appreciate that detail, Alan. Maybe just more of a tactical question for the fourth quarter here. If I'm doing my math right, looks like you're expecting, implicitly, revenues about $4.1 million to $5.5 million or something like that for the quarter. Obviously, nice pick up here after a nice strong acceleration in the third quarter as well here. I guess probably the key question for me is, what do you anticipate would take you to the low end versus the high end of that range?

好的。欣賞這個細節，艾倫。也許更多的是第四節的戰術問題。如果我算得對的話，看起來你隱含地預計本季的收入約為 410 萬美元至 550 萬美元或類似的數字。顯然，在第三節的強勁加速之後，這裡也有不錯的回升。我想對我來說關鍵問題可能是，您預計什麼會帶您到達該範圍的低端與高端？

It's all about revenue recognition. I mean, we've talked about this in the last two conference calls, it's -- the QCaaS revenue is quite predictable. The professional services revenue, which is John pointed out, has been significant for us. A lot of growth there is much lumpier and less predictable because it's based not just on the work that we're doing, but also on the work that our customers are doing because we're working together on the professional services engagements and the proofs of concepts and the moves into production. So it's all about revenue recognition.

這一切都與收入確認有關。我的意思是，我們在過去兩次電話會議中討論了這一點，QCaaS 的收入是可以預測的。約翰指出，專業服務收入對我們來說意義重大。那裡的許多成長更加不穩定且難以預測，因為它不僅基於我們正在做的工作，還基於我們的客戶正在做的工作，因為我們正在共同致力於專業服務約定和證據概念和投入生產的行動。所以這一切都與收入確認有關。

John, I don't know if there's anything you want -- like to add.

約翰，我不知道你是否有什麼想要補充的。

You've identified it, Alan. It's rubric -- all the professional services area.

你已經認出來了，艾倫。這是一個標題——所有專業服務領域。

(Operator Instructions) Kevin Garrigan, WestPark Capital.

（操作員說明）Kevin Garrigan，WestPark Capital。

Hey, Alan and John, thanks for taking my question. Alan, you've talked about customers learning about how quantum and D-Wave can benefit them. Is there still a big teaching component when you're talking to new customers, or have you noticed that a lot of customers have seen how D-Wave has helped their peers so they kind of know exactly the use case they're looking for and how quantum can kind of benefit them?

嘿，艾倫和約翰，謝謝你們提出我的問題。 Alan，您談到客戶了解量子和 D-Wave 如何使他們受益。當您與新客戶交談時，是否仍然有一個重要的教學部分，或者您是否注意到許多客戶已經看到 D-Wave 如何幫助他們的同行，因此他們確切地知道他們正在尋找的用例以及量子能給他們帶來什麼好處？

So it's getting better, but there's still a lot of teaching that goes on. So I would say probably maybe just 25% of the time, the customer says, hey, I saw what you did with Volkswagen, or I saw what you've done with IPG. I saw what you did with SavantX or -- and I think maybe I have an application that could benefit. But still, 75% of the time, it's education.

所以情況正在變得更好，但仍然有很多教學在進行。所以我想說，可能只有 25% 的情況下，客戶會說，嘿，我看到了你對大眾汽車所做的事情，或者我看到了你對 IPG 所做的事情。我看到了您對 SavantX 所做的事情，或者——我想也許我有一個可以受益的應用程式。但仍有 75% 的時間是教育。

So we're not there yet, but obviously, as these applications move into production, it's going to become easier and easier for us. I really do believe that we are, right now, at the turning point. I will tell you, the last three to four months, we really have seen a breakthrough in the move to production. Both customers moving to production and buying our QCaaS production offering, as well as customers that are close to production, and that we expect we'll be buying within the next -- I think I said a quarter to two quarters. So I really do think we are at the turning point right now.

所以我們還沒有做到這一點，但顯然，隨著這些應用程式投入生產，這對我們來說將變得越來越容易。我確實相信我們現在正處於轉折點。我會告訴你，在過去的三到四個月裡，我們確實看到了生產轉移的突破。無論是轉向生產併購買我們的 QCaaS 生產產品的客戶，還是接近生產的客戶，我們預計我們將在接下來的時間內購買——我想我說的是四分之一到兩個季度。所以我確實認為我們現在正處於轉折點。

Yeah. No, that makes a ton of sense. Okay, perfect. And then just as a quick follow-up on the SOC 2 Type 2 compliance, you noted in your press release that you're entering the final stages. And I think on a previous call, you're looking to be compliant by the end of the year. Can you just remind us of the benefits of being Type 2 compliant, and have you gotten positive feedback from customers and prospective customers regarding your decision to secure Type 2 compliance?

是的。不，這很有道理。好的，完美。然後，作為 SOC 2 Type 2 合規性的快速跟進，您在新聞稿中指出，您正在進入最後階段。我認為在之前的電話會議中，您希望在今年年底前遵守規定。您能否提醒我們遵守 Type 2 合規性的好處，以及您是否從客戶和潛在客戶那裡得到了關於您確保 Type 2 合規性的決定的正面回饋？

Yeah. Our timeline has not changed; we're still tracking to that timeline. And the answer is yes, in the sense that I think I've talked in the past about the fact that as customers start getting ready to move into production, there's a whole different discussion relative to security and privacy and reliability, availability, long 200 question questionnaires that we need to fill out. We are starting to see now that as we're getting close to Type 2 certification, just the certification addresses much of what's in those questionnaires. So it just simplifies our onboarding process.

是的。我們的時間表沒有改變；我們仍在追蹤該時間表。答案是肯定的，從某種意義上說，我想我過去已經談到過這樣一個事實：當客戶開始準備投入生產時，關於安全性、隱私性、可靠性、可用性等方面存在著完全不同的討論200我們需要填寫的問題問卷。現在我們開始看到，隨著我們越來越接近 2 類認證，僅認證就可以解決這些問卷中的大部分內容。所以它只是簡化了我們的入職流程。

Mr. Baratz, we'll turn the call back to you for closing remarks.

巴拉茨先生，我們會將電話轉回給您結束語。

Okay, great. Thank you. And again, thanks to all of you for taking the time to be here today.

好的，太好了。謝謝。再次感謝大家今天抽出時間來到這裡。

The era of quantum computing is here, and we are leading the way at D-Wave. No other quantum computing company is at the same point of commercial adoption and momentum. We've made the pivot from exploratory R&D to real-world customer deployments of proven quantum applications built with our technology. It's a remarkable moment and one that we are incredibly proud of.

量子運算時代已經到來，我們 D-Wave 正在引領潮流。沒有其他量子計算公司處於相同的商業採用和發展勢頭。我們已經從探索性研發轉向使用我們的技術建立的經過驗證的量子應用程式的實際客戶部署。這是一個非凡的時刻，我們為此感到無比自豪。

As we look ahead, our efforts across every facet of the business, from process of development to qubit coherence, hybrid solver advancement to production deployment support, remain squarely focused on helping customers succeed and derive ROI from quantum computing. The road ahead is full of opportunity; we remain uniquely positioned to capitalize on it. And again, thank you all for taking the time to be here.

展望未來，我們在業務各個方面的努力，從開發過程到量子位元一致性、混合求解器改進到生產部署支持，仍然專注於幫助客戶取得成功並從量子運算中獲得投資回報。前進的道路充滿機遇；我們仍然處於利用這一優勢的獨特地位。再次感謝大家抽出寶貴時間來到這裡。

That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。