D-Wave Quantum Inc (QBTS) 2024 Q4 法說會逐字稿

Good morning, everyone, and welcome to D-Wave's fourth quarter and fiscal year 2024 earnings conference call.

大家早安，歡迎參加 D-Wave 第四季和 2024 財年財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

At this time, I would like to turn the call over to Kevin Hunt of Investor Relations.

現在，我想將電話轉給投資者關係部的凱文·亨特 (Kevin Hunt)。

Please go ahead.

請繼續。

Thank you, and good morning.

謝謝，早安。

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

今天與我在一起的有我們的執行長 Alan Baratz 博士；以及我們的財務長 John Markovich。

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.

在我們開始之前，我想提醒大家，本次電話會議可能包含前瞻性陳述，應與我們的收益報告和公司最新的定期 SEC 報告中的警告聲明一起考慮。

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.

在今天的電話會議中，管理層將提供某些信息，這些信息將構成美國證券交易委員會規則下的非公認會計準則財務和運營指標，例如非公認會計準則毛利潤、非公認會計準則運營費用、調整後的 EBITDA 和預訂量。

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.

今天的收益報告還包括與 GAAP 財務指標的對帳和某些附加信息，您可以在我們公司網站 www.dwavequantum.com 的投資者關係部分查閱。

I'll now hand over the call to Alan.

我現在將電話交給艾倫。

Thanks, Kevin.

謝謝，凱文。

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

大家早安，感謝大家今天的參與。

It's a remarkable time to be leading one of the world's preeminent quantum computing companies, and it is incredible how much has happened since we spoke to you last quarter.

現在是領導世界上最傑出的量子計算公司之一的非凡時刻，自從我們上個季度與您交談以來發生了許多令人難以置信的事情。

Big companies like Google, NVIDIA, Amazon, and Microsoft all made quantum headlines recently, fueling debate among quantum industry skeptics, enthusiasts, and undecided as to when quantum will be able to solve real problems.

Google、NVIDIA、亞馬遜和微軟等大公司最近都成為量子新聞的頭條新聞，引發了量子產業懷疑論者、愛好者和未決者之間的爭論，即量子何時能夠解決實際問題。

At D-Wave, we are seeing firsthand the value that quantum is providing today for hundreds of companies.

在 D-Wave，我們親眼目睹了量子為數百家公司提供的價值。

I'm not talking about 15 or 30 years from now.

我說的不是15年或30年後的事。

I'm talking about today.

我講的是今天的事。

We recently laid out a framework to help people formulate an informed position on quantum.

我們最近制定了一個框架來幫助人們形成對量子的明智立場。

We call it Quantum Realized, and it's very simple.

我們稱之為量子實現，它非常簡單。

First, does the quantum company have technology that can solve complex problems better or faster than classical computing alone?

首先，量子公司是否擁有比單純的傳統運算更好或更快解決複雜問題的技術？

Second, are the quantum systems highly performant, reliable, and available?

第二，量子系統是否高性能、可靠、可用？

And third, does the quantum company have proven commercial customer successes in proofs of concept and in production application deployment.

第三，量子公司是否在概念驗證和生產應用部署方面擁有商業客戶成功經驗。

These are the criteria that customers need to see to realize real value today, and we believe that there's only one company that can meet all those criteria right now, and that is D-Wave Quantum.

這些都是客戶今天實現真正價值所需看到的標準，我們相信現在只有一家公司可以滿足所有這些標準，那就是 D-Wave Quantum。

It's a very exciting time for D-Wave.

對於 D-Wave 來說，這是一個令人興奮的時刻。

Our business momentum continues, and we have never been in a stronger position as a company.

我們的業務動能持續強勁，公司地位也從未如此強大。

We are making tremendous progress with our technical development milestones and scientific achievements, most recently evidenced by yesterday's peer-reviewed publication in science of our demonstration of quantum supremacy on a real-world problem.

我們在技術發展里程碑和科學成就方面取得了巨大進步，最近的進步就是昨天在《科學》雜誌上發表的經過同行評審的論文，該論文展示了我們在現實問題上實現的量子霸權。

We're the only quantum company that can claim it has outperformed classical on a useful problem of relevance to business and science today.

我們是唯一一家能夠聲稱在當今與商業和科學相關的有用問題上超越傳統量子公司的公司。

You can also see the momentum in our business results as we closed the first sale of an Advantage system to the Jülich Supercomputing Center, which led to record quarterly bookings of $18.3 million in the fourth quarter of 2024.

您還可以看到我們業務業績的強勁發展勢頭，因為我們首次向 Jülich 超級計算中心銷售了 Advantage 系統，這導致 2024 年第四季度的季度預訂額創下了 1830 萬美元的紀錄。

The momentum is also reflected on our balance sheet, where we now have over $300 million in cash on hand, which we believe is enough to get us to sustained profitability.

這一勢頭也反映在我們的資產負債表上，現在我們手頭上有超過 3 億美元現金，我們相信這足以讓我們持續獲利。

As previously stated, we expect to be the first pure-play quantum company to reach profitability and with less cash invested than any of our competitors.

如前所述，我們希望成為第一家實現利潤且投入現金比任何競爭對手都少的純量子公司。

We truly are a market leader.

我們確實是市場領導者。

We were the first to launch commercial quantum systems, the first to have quantum applications running in production for commercial customers, and now the first to achieve a demonstration of quantum supremacy on a real-world problem.

我們是第一個推出商業量子系統的公司，第一個為商業客戶在生產中運行量子應用的公司，現在也是第一個在現實問題上實現量子霸權展示的公司。

D-Wave is Quantum Realized.

D-Wave 是量子實現的。

Let me now walk you through some key business highlights, starting with technical achievements.

現在，讓我從技術成就開始，向您介紹一些關鍵的業務亮點。

We are proud to be the first in the world to demonstrate quantum supremacy on a useful real-world problem.

我們很自豪能夠成為世界上第一個在實用的現實問題上展示量子霸權的人。

This groundbreaking work was achieved using our 1,200-qubit Advantage2 prototype annealing quantum computer, and it was published in a peer-reviewed paper in science on March 12.

這項開創性的工作是利用我們的 1,200 量子位元 Advantage2 原型退火量子電腦實現的，並於 3 月 12 日在《科學》雜誌的同行評審論文中發表。

Unlike other attempts, this achievement is the world's first and only demonstration of quantum computational supremacy on a useful problem and with relevance to customer problems today in material science.

與其他嘗試不同的是，這項成就是世界上首次也是唯一一次在有用問題上展示量子運算霸權，並且與當今材料科學中的客戶問題相關。

D-Wave's quantum computer performed a complex simulation in minutes and with a level of accuracy that would take nearly 1 million years using one of the world's most powerful supercomputers.

D-Wave 的量子電腦在幾分鐘內完成了一個複雜的模擬，其精度相當於使用世界上最強大的超級電腦之一需要近 100 萬年才能完成的模擬。

In addition, it would require more than the world's annual electricity consumption to solve this problem using the supercomputer, which is built with graphics processing unit or GPU clusters.

此外，使用由圖形處理單元或GPU叢集建構的超級電腦來解決這個問題，所需的電力將超過全球一年的電力消耗。

It's a truly remarkable achievement.

這確實是一個了不起的成就。

We encourage you to check out the paper today on science.org. Development of our sixth-generation annealing quantum computer, Advantage2, is rapidly progressing, and we recently announced the calibration of a third 4,400 qubit Advantage2 processor.

我們鼓勵您今天在 science.org 上查看論文。我們的第六代退火量子電腦 Advantage2 的開發正在快速進展，我們最近宣布校準第三個 4,400 量子位元 Advantage2 處理器。

Compared with the current Advantage system, the Advantage2 processor delivers significant performance gains with doubled qubit coherence time, which drives faster time to solution, a 40% increase in energy scale for higher quality solutions, and increased qubit connectivity from 15-way to 20-way, enabling solutions to larger and more complex problems.

與目前的 Advantage 系統相比，Advantage2 處理器的性能顯著提升，量子比特相干時間增加了一倍，從而縮短了解決問題的時間，能量規模提高了 40%，從而可以獲得更高質量的解決方案，量子比特連接數從 15 路增加到 20 路，從而能夠解決更大、更複雜的問題。

Next, let me turn to our commercial momentum.

接下來，讓我談談我們的商業動能。

In February, we announced the first sale of a D-Wave Advantage annealing quantum computing system to the Jülich Supercomputing Center in Germany.

今年 2 月，我們宣布首次向德國於利希超級計算中心出售 D-Wave Advantage 退火量子計算系統。

The system has already been installed at Jülich, and we expect it will be connected to the JUPITER Supercomputer, Europe's first and only exascale high-performance computer.

該系統已經在尤利希安裝完畢，我們預計它將連接到歐洲第一台也是唯一一台百億億次高效能電腦 JUPITER 超級電腦。

By owning the system, Jülich has full control over all aspects of the system, which will enable them to work on breakthroughs in AI and quantum optimization applications.

透過擁有該系統，Jülich 可以完全控制系統的各個方面，這將使他們能夠致力於人工智慧和量子優化應用方面的突破。

I should also note that this is not an in-kind transaction or a research grant.

我還要指出的是，這不是實體交易或研究補助。

It is the sale of a commercial-grade quantum computer.

這是商業級量子計算機的銷售。

Jülich prepaid for the system in the fourth quarter, and this is a highly profitable sale for D-Wave.

Jülich 在第四季度預付了該系統的費用，這對 D-Wave 來說是一筆利潤豐厚的銷售。

We received substantial interest from other potential customers about purchasing an Advantage system as they recognize the significant benefits of owning a system outright.

我們收到了其他潛在客戶對購買 Advantage 系統的濃厚興趣，因為他們認識到直接擁有一套系統的顯著好處。

It enables them to tightly integrate with existing classical and high-performance computing systems, leverage in tune system parameters, and take advantage of new system innovations such as advanced analog digital features as they are developed.

它使它們能夠與現有的經典和高效能運算系統緊密整合，利用調整系統參數，並利用新開發的系統創新，例如先進的類比數位功能。

We see system sales as an important component in our go-to-market strategy moving forward.

我們認為系統銷售是我們未來市場策略的重要組成部分。

That said, it's important to note that we expect to focus on the quantum compute as a service model with the vast majority of our commercial customers who are most interested in running business applications.

儘管如此，值得注意的是，我們希望專注於量子運算即服務模式，因為我們絕大多數的商業客戶都對運行商業應用程式最感興趣。

We continue to work with customers on developing a variety of quantum and hybrid quantum applications, including drug discovery with Japan Tobacco, insurance portfolio optimization with Leithà , the technology and data factory of Unipol, a leading Italian insurance company, and optimization of police vehicle deployment with North Wales Police.

我們繼續與客戶合作開發各種量子和混合量子應用，包括與日本菸草公司合作的藥物研發、與義大利領先保險公司 Unipol 的技術和數據工廠 Leithà 合作的保險組合優化、以及與北威爾斯警察局合作的警車部署優化。

In addition, we recently announced a commercial hybrid quantum application built with our partner, Staque, that simulates and optimizes movements of autonomous agriculture vehicles.

此外，我們最近宣布與合作夥伴 Staque 共同開發一款商業混合量子應用程序，用於模擬和優化自動農業車輛的運動。

We believe that this could have important benefits to farmers as they adopt autonomous agriculture machines in order to scale and increase the output of their fields, with quantum computing providing the analysis, speed, and accuracy to help maximize production and minimize costs.

我們相信，這將為農民帶來重要的好處，因為他們採用自動化農業機器來擴大規模並提高田地產量，而量子計算則可以提供分析、速度和準確性，幫助最大限度地提高產量並最大限度地降低成本。

We're also seeing increased interest from the broader industry in hearing about D-Wave and our technology's near-term value at major events and conferences.

我們也看到，業界對在重大活動和會議上了解 D-Wave 和我們的技術的近期價值表現出越來越濃厚的興趣。

Just yesterday, I was at the annual South by Southwest Conference, sharing the momentous news of our Quantum supremacy result and discussing how organizations are realizing tangible benefits from our quantum computing systems.

就在昨天，我參加了年度西南偏南會議，分享了我們量子霸權成果的重大新聞，並討論了組織如何從我們的量子計算系統中獲得切實的利益。

I talked about how our quantum computers are now providing faster, more accurate, and less expensive solutions than classical computers for evolutionary applications such as optimizing mobile networks, creating more efficient workforce schedules, and streamlining automotive manufacturing.

我談到了我們的量子電腦如何為優化行動網路、創建更有效率的勞動力計劃和簡化汽車製造等進化應用提供比傳統電腦更快、更準確、更便宜的解決方案。

Next week, I will be at NVIDIA's GTC Quantum Day where I will have the opportunity to educate people on the benefits of enabling quantum computing, D-Wave's differentiated market position, and how we're solving customers' computationally complex problems right now at scale while others remain stuck in research and development.

下週，我將參加 NVIDIA 的 GTC Quantum Day，在那裡我將有機會向人們介紹量子運算的好處、D-Wave 的差異化市場地位，以及我們如何大規模解決客戶的計算複雜問題，而其他人仍停留在研究和開發階段。

On the heels of GTC Quantum Day, I invite you all to join us on March 31 at D-Wave's Annual Qubit User Conference in Scottsdale, Arizona.

在 GTC Quantum Day 之後，我邀請大家於 3 月 31 日參加在亞利桑那州斯科茨代爾舉行的 D-Wave 年度量子位元用戶大會。

We are really excited about the lineup of company executives, customers and industry thought leaders that will address the ways that D-Wave products are delivering value to customers now.

我們對公司高管、客戶和行業思想領袖的陣容感到非常興奮，他們將討論 D-Wave 產品現在為客戶提供價值的方式。

You will hear from speakers, including Charles Payne of Fox Business's Making Money with Charles Payne, IDC, Davidson Technologies, Jülich, Japan Tobacco, NTT DOCOMO, Quantum Research Sciences, SAS, Pusan National University and the University of Southern California, among others.

您將聽到演講者的發言，包括福克斯商業頻道《與查爾斯佩恩一起賺錢》的查爾斯佩恩、IDC、戴維森技術公司、Jülich、日本煙草、NTT DOCOMO、量子研究科學公司、SAS、釜山國立大學和南加州大學等。

We expect this event will be a powerful demonstration of Quantum Realized.

我們期待這項活動將成為量子實現的有力展示。

Turning now to a couple of updates on our go-to-market growth strategy.

現在來談談我們市場成長策略的一些更新。

We recently announced our Quantum Uplift program, offering incentives to organizations that have been disappointed with the results they've seen from competitors' quantum systems.

我們最近宣布了我們的量子提升計劃，為對競爭對手的量子系統的結果感到失望的組織提供獎勵。

We hear a lot of dissatisfaction when talking to potential customers about the lack of reliability and uptime they experience with competitor systems and more importantly, those systems' inability to solve practical real-world problems.

在與潛在客戶交談時，我們聽到了很多不滿，他們談到競爭對手的系統缺乏可靠性和正常運行時間，更重要的是，這些系統無法解決實際的現實問題。

For those customers, we believe that D-Wave can help them start to realize the benefits of quantum and hybrid quantum now.

對於這些客戶，我們相信 D-Wave 可以幫助他們現在開始意識到量子和混合量子的好處。

To accelerate adoption of our annealing quantum computing technology, we announced the Leap Quantum LaunchPad program, a three-month trial that provides access to D-Wave systems, our Leap real-time Quantum Cloud service and our team of quantum experts for project support.

為了加速我們的退火量子運算技術的應用，我們宣布了 Leap Quantum LaunchPad 計劃，這是一項為期三個月的試用，可以存取 D-Wave 系統、我們的 Leap 即時量子雲服務和我們的量子專家團隊以提供專案支援。

We believe that this program can expand the universe of organizations using quantum to solve their complex problems today.

我們相信，該計劃可以擴大當今使用量子解決複雜問題的組織範圍。

We also continue to build out our management and leadership bench.

我們也將持續擴充我們的管理和領導團隊。

In November of 2024, we announced the appointment of Sharon Holt to our Board of Directors.

2024 年 11 月，我們宣布任命 Sharon Holt 為董事會成員。

Sharon has significant experience in the technology sector as an executive, investor and Board member.

身為高階主管、投資者和董事會成員，Sharon 在科技領域擁有豐富的經驗。

She has worked in semiconductors, embedded technologies and intellectual property and has quickly become a very valuable addition to our Board.

她曾從事半導體、嵌入式技術和智慧財產權工作，並迅速成為我們董事會非常寶貴的成員。

Finally, let me close with some quick comments on our financials.

最後，請允許我對我們的財務狀況做一點簡短的評論。

As I noted, the signing of the Julich deal drove $18.3 million in bookings for Q4 of 2024, and that's a 502% increase over the fourth quarter of 2023.

正如我所指出的，與 Julich 的交易簽署為 2024 年第四季帶來了 1830 萬美元的預訂量，比 2023 年第四季成長了 502%。

I also noted that we were paid for that deal during the fourth quarter, which brought in a substantial amount of cash.

我還指出，我們在第四季度收到了該交易的付款，這為我們帶來了大量現金。

We also completed two separate ATM programs in the fourth quarter that brought in a total of $175 million in gross proceeds in 2024, which resulted in a record cash position of $178 million at year-end.

我們還在第四季度完成了兩個獨立的 ATM 項目，在 2024 年總共帶來了 1.75 億美元的總收益，從而使年底的現金狀況達到了創紀錄的 1.78 億美元。

In January of this year, we raised an additional $150 million in gross proceeds from another ATM program, which led us to a current cash balance in excess of $300 million.

今年 1 月，我們透過另一個 ATM 專案額外籌集了 1.5 億美元的總收益，這使我們目前的現金餘額超過 3 億美元。

I will reiterate that we believe that this is sufficient capital to get D-Wave to profitability, and we continue to believe we will reach that milestone faster than any other independent quantum company and with far less total investment.

我要重申，我們相信這筆資金足以讓 D-Wave 實現盈利，並且我們繼續相信我們將比任何其他獨立量子公司更快地達到這一里程碑，而且總投資要少得多。

And last, in a few minutes, you will hear from John that we expect our fiscal year 2025 Q1 revenue to exceed $10 million.

最後，幾分鐘後，約翰會告訴您，我們預計 2025 財年第一季的營收將超過 1,000 萬美元。

With that, I'll hand it over to John to provide a review of fourth quarter and fiscal year 2024 results.

說完這些，我將交給約翰來審查 2024 財年第四季和全年的業績。

John?

約翰？

Thank you, Alan, and thank you to everyone taking the time to participate in today's call.

謝謝艾倫，也謝謝大家抽空參加今天的電話會議。

In my review of the fiscal '24 and fourth quarter results, I'll be providing non-GAAP operating metrics, including bookings as well as non-GAAP financial metrics that include non-GAAP gross profit, non-GAAP gross margins, adjusted net loss and adjusted EBITDA loss as we believe these metrics improve investors' ability to evaluate our underlying operating performance.

在我對 24 財年和第四季度業績的回顧中，我將提供非 GAAP 營運指標，包括預訂量以及非 GAAP 財務指標，其中包括非 GAAP 毛利潤、非 GAAP 毛利率、調整後淨績虧損和調整後 EBITDA 虧損，因為我們相信這些投資人評估我們基本營運績效的能力。

These measures are defined in the tables at the bottom of today's earnings press release with the non-GAAP financial metrics for the most part, adjusting for noncash and nonrecurring expenses.

這些指標在今天的收益新聞稿底部的表格中進行了定義，其中大部分是非公認會計準則財務指標，並根據非現金和非經常性費用進行了調整。

Revenue for fiscal '24 was $8.8 million, essentially flat with fiscal '23 revenue of $8.8 million.

24財年的營收為880萬美元，與23財年的880萬美元收入基本持平。

As Alan highlighted previously, bookings for fiscal '24 were a record $23.9 million, which is an increase of 128% or $13.4 million from the fiscal 2023 bookings of $10.5 million.

正如艾倫之前強調的那樣，24 財年的預訂額達到了創紀錄的 2,390 萬美元，比 2023 財年的 1,050 萬美元預訂額增長了 128%，即 1,340 萬美元。

With respect to customers, we continue to broaden and diversify our customer base across commercial, government and research customers.

對於客戶，我們將繼續擴大並多樣化我們的客戶群，包括商業、政府和研究客戶。

In comparing fiscal 2024 with fiscal 2023, D-Wave had a total of 135 customers in fiscal 2024 compared with a total of 133 customers in fiscal 2023 that includes 59 research institution and government customers in 2024 compared with 55 in fiscal 2023 and 76 commercial customers in fiscal 2024 compared to 78 in fiscal 2023, with the commercial customers, including 28 Forbes Global 2,000 customers in fiscal '24 compared with 27 in fiscal '23, with such customers constituting 37% of the total number of commercial customers in 2024.

將 2024 財年與 2023 財年進行比較，D-Wave 在 2024 財年共有 135 個客戶，而 2023 財年共有 133 個客戶，其中包括 2024 年 59 個研究機構和政府客戶，而 2023 財年為 55 個財年商業客戶包括 24 財年的 28 個福布斯全球 2000 強客戶，而 23 財年有 27 個，此類客戶佔 2024 年商業客戶總數的 37%。

GAAP gross profit for fiscal '24 was $5.6 million, an increase of $1 million or 20% from fiscal 2023 GAAP gross profit of $4.6 million, with the improvement due primarily to an increase in higher-margin QCaaS revenue and a decrease in stock-based compensation expense in the cost of sales.

24 財年的 GAAP 毛利為 560 萬美元，較 2023 財年的 GAAP 毛利 460 萬美元增加 100 萬美元或 20%，這一增長主要歸因於利潤率較高的 QCaaS 收入增加以及銷售成本中股票薪酬費用減少。

Non-GAAP gross profit for fiscal 2024 was $6.4 million, an increase of $300,000 or 5% from fiscal 2023 non-GAAP gross profit of $6.1 million.

2024 財年非 GAAP 毛利為 640 萬美元，較 2023 財年非 GAAP 毛利 610 萬美元增加 30 萬美元或 5%。

GAAP gross margin for fiscal 2024 was 63%, an increase of 10.2% from fiscal '23 GAAP gross margins of 52.8%.

2024 財年的 GAAP 毛利率為 63%，較 23 財年的 GAAP 毛利率 52.8% 成長 10.2%。

The non-GAAP gross margin for fiscal 2024 was 72.8%, an increase of 3% from the fiscal 2023 non-GAAP gross margin of 69.8%.

2024財年非GAAP毛利率為72.8%，較2023財年非GAAP毛利率69.8%成長3%。

Again, the difference between GAAP and non-GAAP gross profit and gross margin is limited to noncash stock-based compensation and depreciation and amortization expenses that are excluded from the non-GAAP gross profit and gross margin measures.

再次強調，GAAP 和非 GAAP 毛利和毛利率之間的差異僅限於非 GAAP 毛利和毛利率指標中不包括的非現金股票薪酬以及折舊和攤銷費用。

Net loss for fiscal 2024 was $143.9 million or $0.75 per share compared with the fiscal 2023 net loss of $82.7 million or $0.60 per share.

2024 財年的淨虧損為 1.439 億美元，即每股 0.75 美元，而 2023 財年的淨虧損為 8,270 萬美元，即每股 0.60 美元。

The increase was due primarily to a $68.3 million noncash non-operating charge related to the re-measurement of the company's warrant liability, which materially increased as a result of the significant increase in the value of the company's warrants that correlated with the price appreciation of D-Wave's common stock.

成長的主要原因是與重新計量公司認股權證負債相關的 6,830 萬美元非現金非營業費用，該費用由於公司認股權證價值大幅增加而大幅增加，這與 D-Wave 普通股價格上漲有關。

Excluding this re-measurement charge, the net loss for fiscal 2024 was $75.6 million or $0.39 per share, a decrease of $7.3 million or $0.21 per share from the fiscal 2023 net loss of $83 million or $0.60 per share.

不包括這項重新計量費用，2024 財年的淨虧損為 7,560 萬美元或每股 0.39 美元，較 2023 財年的淨虧損 8,300 萬美元或每股 0.60 美元減少 730 萬美元或每股 0.21 美元。

Adjusted EBITDA loss for fiscal 2024 was $56 million, an increase of $1.7 million or 3% from the adjusted EBITDA loss of $54.3 million in fiscal 2023, with the increase due primarily to higher operating expenses driven by our increased investment in our go-to-market and research and development organizations.

2024 財年調整後 EBITDA 虧損 5,600 萬美元，較 2023 財年調整後 EBITDA 虧損 5,430 萬美元增加 170 萬美元或 3%，成長的主要原因是我們增加對行銷和研發組織的投資導致營運費用增加。

With respect to the fourth quarter operating results, revenue in the fourth quarter of fiscal 2024 totaled $2.3 million, a decrease of approximately $600,000 or 21% from the fourth quarter of fiscal 2023 revenue of $2.9 million.

就第四季經營業績而言，2024財年第四季的營收總計230萬美元，較2023財年第四季的290萬美元營收減少約60萬美元，即21%。

Bookings for the fourth quarter were a record $18.3 million, an increase of $15.3 million or over 500% when compared to the fiscal 2023 fourth quarter bookings of $3 million.

第四季的預訂額達到創紀錄的 1,830 萬美元，與 2023 財年第四季的 300 萬美元預訂金額相比增加了 1,530 萬美元，增幅超過 500%。

GAAP

公認會計準則

gross profit for the fiscal '24 fourth quarter was $1.5 million, a decrease of approximately $500,000 or 25% from the fiscal 2023 fourth quarter gross profit of $2 million, with the decrease due primarily to lower professional services revenue that was partly offset by higher QCaaS revenue.

24 財年第四季的毛利為 150 萬美元，較 2023 財年第四季的 200 萬美元毛利減少約 50 萬美元或 25%，減少的主要原因是專業服務收入下降，但 QCaaS 收入增加部分抵消了這一影響。

Non-GAAP gross profit for the fourth quarter was $1.7 million, a decrease of approximately $600,000 or 28% from the fiscal 2023 fourth quarter non-GAAP gross profit of $2.3 million. GAAP

第四季非公認會計準則毛利為 170 萬美元，較 2023 財年第四季非公認會計準則毛利 230 萬美元減少約 60 萬美元或 28%。公認會計準則

gross margin for the fiscal 2024 fourth quarter was 63.8%, a decrease of 3.9% from the fiscal 2023 fourth quarter GAAP gross margin of 67.7%.

2024財年第四季毛利率為63.8%，較2023財年第四季GAAP毛利率67.7%下降3.9%。

Non-GAAP gross margin for the fourth quarter was 73%, a decrease of 7.2% from the fiscal 2023 fourth quarter non-GAAP gross margin.

第四季非公認會計準則毛利率為 73%，較 2023 財年第四季非公認會計準則毛利率下降 7.2%。

Net loss for the fourth quarter was $86.1 million or $0.37 per share compared with a net loss of $16 million or $0.10 per share in the fourth quarter of fiscal 2023.

第四季淨虧損為 8,610 萬美元，即每股 0.37 美元，而 2023 財年第四季淨虧損為 1,600 萬美元，即每股 0.10 美元。

Again, the increase was primarily due to the aforementioned $68.3 million noncash non-operating warrant liability re-measurement charge.

再次，這一增長主要歸因於前面提到的 6,830 萬美元非現金非經營性認股權證負債重新計量費用。

Excluding this charge, the fourth quarter net loss was $17.8 million or $0.08 per share, an increase of $1.5 million and a decrease of $0.03 per share from the fiscal 2023 fourth quarter net loss of $16.4 million or $0.10 per share.

除去這項費用，第四季淨虧損 1,780 萬美元或每股 0.08 美元，較 2023 財年第四季淨虧損 1,640 萬美元或每股 0.10 美元增加 150 萬美元，每股減少 0.03 美元。

Adjusted EBITDA loss for the fourth quarter was $15.3 million, an increase of $4.4 million or 41% from the fiscal 2023 fourth quarter adjusted EBITDA loss of $10.9 million, with the increase due primarily to lower revenue and higher operating expenses that were principally related to the company's increased investment in our go-to-market and research and development organizations.

第四季調整後 EBITDA 虧損 1,530 萬美元，較 2023 財年第四季調整後 EBITDA 虧損 1,090 萬美元增加 440 萬美元或 41%，增幅主要由於收入下降和營運費用增加，這主要與公司增加對行銷和研發組織的投資有關。

Now, I will address the balance sheet and liquidity.

現在，我將討論資產負債表和流動性。

As of December 31, D-Wave's consolidated cash balance totaled $178 million and as of today, exceeds $300 million.

截至 12 月 31 日，D-Wave 的綜合現金餘額總計 1.78 億美元，截至今天，已超過 3 億美元。

As Alan highlighted earlier, during the fourth quarter, we raised $161.3 million in equity through our ATM programs and our Equity Line of Credit, the ELOC program.

正如艾倫之前強調的那樣，在第四季度，我們透過 ATM 計劃和股權信用額度（ELOC 計劃）籌集了 1.613 億美元的股權。

And during the current quarter, we raised an additional $146.2 million under an At-The-Market program for a total of net proceeds of $307 million since the beginning of the fourth quarter.

本季度，我們透過以市價融資計畫額外籌集了 1.462 億美元，自第四季初以來，淨收益總額達到 3.07 億美元。

$295.4 million or 96% of this $307.5 million was raised over the course of 23 trading days under the ATM program at an average price per share of $4.30 that was $0.08 per share higher than the corresponding volume-weighted average price of $4.22 per share over the same 23 trading days.

這 3.075 億美元中的 96% 即 2.954 億美元是在 ATM 計劃下在 23 個交易日內籌集的，平均價格為每股 4.30 美元，比同一 23 個交易日內相應的成交量加權平均價格每股 4.22 美元高出 0.08 美元。

In addition, D-Wave paid off the remaining balance of our $50 million secured term loan with PSPIB Unisys Investments during the fourth quarter.

此外，D-Wave 在第四季度償還了我們向 PSPIB Unisys Investments 提供的 5,000 萬美元擔保定期貸款的剩餘餘額。

At the end of December, D-Wave had $37.8 million remaining in issuance capacity under the ELOC with Lincoln Park Capital Fund with the investment commitment running through October of this year.

截至 12 月底，D-Wave 與林肯公園資本基金在 ELOC 下的剩餘發行能力為 3,780 萬美元，投資承諾將持續到今年 10 月。

Our ability to utilize the ELOC is subject to a number of conditions, including having a sufficient number of registered shares and the stock price being above $1 a share.

我們使用 ELOC 的能力取決於許多條件，包括擁有足夠數量的註冊股票和每股 1 美元以上的股票價格。

With respect to guidance, we are expecting fiscal 2025 first quarter revenue to exceed $10 million with a significant portion of the first quarter revenue, including revenue recognized from the sale of an Advantage annealing quantum computer.

關於指引，我們預計 2025 財年第一季營收將超過 1,000 萬美元，其中很大一部分第一季營收包括從 Advantage 退火量子電腦銷售中獲得的收入。

To conclude, 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 achieve this milestone with substantially less cumulative funding than required by other independent publicly held quantum computing companies.

總而言之，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公司量子計算公司，並且實現這一里程碑所需的累計資金遠遠少於其他獨立上市公司量子計算公司所需的資金。

With that, we will now proceed to questions.

下面我們開始提問。

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

（操作員指示） Craig Ellis，B. Riley Securities。

It's Mayur on for Craig.

克雷格 (Craig) 換下馬尤爾 (Mayur)。

First of all, congratulations on yesterday's announcement and a great quarter.

首先，恭喜您昨天的公告以及本季的出色表現。

And I kind of wanted to dig into that a little bit more.

我想更深入地探討一下這個問題。

As kind of Advantage2 kind of builds out that frontier of what's capable with quantum annealing, do you see that sort of forwarding the engagements that you already have with your existing commercial customers?

隨著 Advantage2 逐漸擴大量子退火能力的前沿，您是否認為這會推動您與現有商業客戶的合作？

So thank you for joining and for the question.

感謝您的參與與提問。

Absolutely.

絕對地。

So the interesting thing about Advantage2 versus Advantage is that when we started down the path of trying to demonstrate quantum supremacy, we began with our 5,000 qubit Advantage system and we actually were not able to get the result.

因此，Advantage2 與 Advantage 的有趣之處在於，當我們開始嘗試證明量子霸權時，我們從 5,000 量子位元 Advantage 系統開始，但實際上我們未能獲得結果。

However, when we finished calibrating a 1,200 qubit Advantage2 processor, so a quarter of the number of qubits, much smaller system, we were able to get the result.

然而，當我們完成校準 1,200 量子位元 Advantage2 處理器時，也就是量子位元數量為四分之一、系統小得多，我們就能得到結果。

The reason is while it has fewer qubits, it's more highly connected.

原因是雖然它的量子位元較少，但連接性卻更高。

It has twice as long coherence time, and it has a significantly higher energy scale.

它的相干時間是原來的兩倍，而且能量尺度明顯較高。

This means we can actually solve bigger problems faster and with higher precision results.

這意味著我們實際上可以更快地解決更大的問題並獲得更高精度的結果。

So arguably, at 1,200 qubits, Advantage2 is significantly more powerful than Advantage at 5,000 qubits.

因此可以說，在 1,200 量子位元時，Advantage2 的功能明顯比在 5,000 量子位元時 Advantage 的功能強大得多。

We've now finished calibrating our third Advantage2 system and we plan to roll that out commercially basically to make that system generally available over the course of this year, hopefully sooner rather than later.

我們現在已經完成了第三個 Advantage2 系統的校準，並計劃將其商業化推出，以便在今年內讓該系統全面可用，希望能夠越快越好。

And we do believe that the increased power will allow not only new customers, but our current customers to see improved performance on their applications.

我們確實相信，增強的功能不僅能讓新客戶，還能讓現有客戶看到其應用程式效能的提升。

So yes, this absolutely will make an impact.

所以是的，這絕對會產生影響。

Awesome.

驚人的。

That's great.

那太棒了。

Now, kind of shifting gears to that -- to your first system sale with Julich.

現在，讓我們轉換話題，開始與 Julich 進行第一次系統銷售。

First of all, congratulations on getting a system sale through and expanding the business in that way.

首先恭喜您完成系統銷售，並以此方式擴展業務。

I kind of wanted to ask, is this something that you kind of can expect to continue across 2025 with perhaps more of these system sales in the pipelines?

我想問一下，您是否可以預期這種情況會在 2025 年繼續下去，並且可能會有更多的系統銷售？

And what could potential revenues there look like?

那裡的潛在收入是多少？

And then kind of adding on to that, what are kind of some of these margin mechanics that might go on with system sales as we balance against QCaaS?

然後補充一點，當我們與 QCaaS 保持平衡時，系統銷售中可能會採用哪些利潤機制？

Okay.

好的。

That actually sounded like three follow-up questions, but let me try to respond.

這實際上聽起來像是三個後續問題，但請讓我嘗試回答。

So first of all, the supremacy work had a lot to do with that system sales to Julich as well as to the increased interest we are now seeing for system sales.

因此，首先，至高無上的工作與向 Julich 銷售系統以及我們現在看到的對系統銷售日益增長的興趣有很大關係。

Remember, we posted the paper demonstrating quantum supremacy on the archive, the preprint server about a year ago.

記得，大約一年前，我們在檔案庫（預印本伺服器）上發布了展示量子霸權的論文。

And then it took a year to go through the peer review process.

然後花了一年的時間完成同儕審查過程。

So while we were able to talk about it to customers, we couldn't talk about it to the press, and that was what we were able to do finally yesterday.

因此，雖然我們可以與客戶談論此事，但我們不能與媒體談論此事，而昨天我們終於做到了這一點。

However, we've been able to talk about this to a variety of different researchers at supercomputing centers and national labs around the world.

然而，我們已經能夠與世界各地的超級計算中心和國家實驗室的各種研究人員討論這個問題。

And as I said, it's that result that has generated an enormous amount of interest in owning a system, connecting it to high-performance classical computers and using that to explore a variety of new workloads in important areas like AI.

正如我所說，正是這個結果引起了人們對擁有一個系統、將其連接到高性能經典計算機以及利用它來探索人工智能等重要領域的各種新工作負載的極大興趣。

So in addition to the sale to Julich, we now have discussions underway with three other institutions.

因此，除了向朱利奇出售之外，我們現在還在與其他三個機構進行洽談。

Now, I'm not going to tell you that we expect to see three more system sales anytime soon, but we do have discussions underway with three other institutions around the world.

現在，我不會告訴您我們預計很快就會看到另外三個系統銷售，但我們確實正在與世界各地的另外三個機構進行討論。

So I actually, and absolutely do believe that system sales will become an important component of our sales bookings and revenue model going forward.

因此，我確實相信系統銷售將成為我們未來銷售訂單和收入模式的重要組成部分。

However, not to the exclusion of quantum compute as a service because many of our commercial customers are really just interested in running their business applications.

然而，我們並不排除量子計算作為一種服務，因為我們的許多商業客戶實際上只是對運行他們的商業應用程式感興趣。

And for those customers, quantum compute as a service is, in fact, the better model, and that will continue, and we expect to continue to grow, while on the research institution and university and sorry, governmental lab front, we expect to transition more to system sales.

對於這些客戶來說，量子運算即服務實際上是更好的模式，而且這種模式將會持續下去，我們預計還會繼續成長，而在研究機構、大學和政府實驗室方面，我們預計會更多地轉向系統銷售。

And other than that, we can't give you any guidance on what we expect system sales to look like going forward or bookings or revenue we expect to achieve from that.

除此之外，我們無法為您提供任何有關我們預期未來系統銷售情況或我們預計從中獲得的預訂量或收入的指導。

But John may want to spend just a minute on margins.

但約翰可能只想花一點時間討論一下利潤。

Sure.

當然。

You can expect that the margins on our system sales will exceed our consolidated non-GAAP gross margins, which last year were 72.8%.

您可以預期，我們的系統銷售利潤率將超過我們的綜合非 GAAP 毛利率，去年為 72.8%。

Richard Shannon, Craig Hallum.

理查德·香農、克雷格·哈勒姆。

I guess I want to follow up on the paper as well and hearing your response to the last question, I'll slightly modify it, but I'd love to get a sense of the degree to which this paper, both as you published an archive a year ago and now published fully and publicly yesterday, has changed the opinion of both the academic community that I think has had some resistance to annealing and its capabilities.

我想我也想跟進這篇論文，聽聽您對最後一個問題的回答，我會稍微修改一下，但我很想了解這篇論文在多大程度上改變了學術界對退火及其能力的看法，無論是您一年前發表的檔案還是昨天全面公開發表的論文，我認為學術界對退火及其能力都存在一些抵制。

And you've also talked about kind of the headwind of quantum adoption just from big IT suppliers like IBM who've said that quantum is not ready.

您也談到了量子應用面臨的阻力，例如 IBM 等大型 IT 供應商表示量子技術尚未準備好。

This seems to be a pretty strong statement.

這似乎是一個非常強烈的聲明。

So I guess I'd love to get your sense both from what you're hearing from commercial entities and maybe some of the thought leaders in the quantum community about how much this is changing their opinions.

所以，我很想從您從商業實體以及量子社群的一些思想領袖那裡聽到的意見來了解，這在多大程度上改變了他們的觀點。

So first of all, with respect to the academic community, keep in mind that quite a few academic institutions actually partnered with us on this result.

首先，就學術界而言，請記住，實際上有不少學術機構與我們合作才達成這項成果。

We worked with 11 institutions around the world.

我們與全球 11 家機構合作。

And a number of the people from those institutions are actually co-authors on the paper.

這些機構的許多人實際上都是該論文的共同作者。

And yes, this has been a significant achievement relative to not just the impact on the quantum industry and the commercial market, but also on the academic community.

是的，這是一個重大成就，不僅對量子產業和商業市場產生了影響，而且對學術界也產生了影響。

Now, that having been said, not everybody is willing to readily accept reality.

但話雖如此，並不是每個人都願意輕易接受現實。

And so we still have some folks in the academic community that are -- that go down kicking and screaming, if you like.

因此，我們學術界中仍然有一些人——如果你願意的話，他們會又踢又叫地倒下。

In fact, yesterday, there were two papers that were put up on the archive preprint server that essentially said, we can do this classically, right, which, of course, is a gross overstatement, if not absurd.

事實上，昨天，檔案預印本伺服器上發布了兩篇論文，本質上說，我們可以用經典的方式做到這一點，對吧，當然，這是一種嚴重的誇大其詞，甚至是荒謬的。

And we actually put up our own paper on the preprint server that pointed out exactly what they did, and there was some good work embedded in that, and how far away from being able to perform the computations that we performed on our quantum computer, they actually were.

我們實際上在預印本伺服器上發布了我們自己的論文，指出了他們所做的具體工作，其中包含一些很好的工作，以及他們距離執行我們在量子電腦上執行的計算還有多遠。

And so this result that we published yesterday is a huge step forward for the quantum industry in that it truly is the first time that anybody has been able to demonstrate the ability to solve a problem on a quantum computer that cannot be solved classically.

因此，我們昨天發表的這項成果對於量子產業來說是一個巨大的進步，因為這確實是第一次有人能夠展示在量子電腦上解決無法用經典方法解決的問題的能力。

This is what everybody in the quantum industry has been aspiring to and working toward since the inception, and we've now achieved it.

這是量子產業從誕生之初每個人所追求和努力的目標，現在我們已經實現了。

And that's a very significant and important milestone for, as I said, the industry and the marketplace alike, and we're quite proud.

正如我所說，這對於行業和市場來說都是一個非常重大的里程碑，我們感到非常自豪。

And yes, it is having an impact on the commercial side of our business.

是的，它對我們的業務的商業方面產生了影響。

As I said, it's opening up some very important opportunities to work more closely with research institutions and government research labs.

正如我所說，它為與研究機構和政府研究實驗室更緊密的合作開闢了一些非常重要的機會。

And as you know, government has been a bit more challenging for us than commercial, but the dialogue is absolutely changing at a rapid pace.

如你所知，政府對我們來說比商業更具挑戰性，但對話肯定在快速變化。

And it generates even more interest from commercial businesses as it starts to kind of melt away that rhetoric around annealing versus gate.

隨著它開始逐漸消除圍繞退火與門控的爭論，它引起了商業企業的更多興趣。

It's just about quantum computing and the ability to solve important problems that classical struggles with.

它只是關於量子計算和解決經典計算所面臨的重要問題的能力。

Well, wonderful.

嗯，太棒了。

Alan, we look forward to hearing more about that at Qubits in a couple of weeks.

艾倫，我們期待幾週後在 Qubits 上聽到更多有關該消息的消息。

My follow-on question is, and I'll resist the temptation to a three-parter and probably make it more of a two-parter here.

我的後續問題是，我會抵制將其分成三部分的誘惑，而可能將其分成兩部分。

But looking at a couple of numbers here, your bookings were $18 million in the quarter, and you're talking about guidance in the first quarter of above $10 million.

但看看這裡的幾個數字，您本季的預訂額為 1800 萬美元，而您所說的第一季的預期收入將超過 1000 萬美元。

And if we just kind of look at the run rate of revenues last year, people might assume there's going to be roughly $8 million or a little bit more recognized from the Julich contract here, which had $18 million in bookings here.

如果我們只看去年的收入運行率，人們可能會認為從 Julich 合約中確認的收入約為 800 萬美元或更多，而該合約的預訂金額為 1800 萬美元。

So maybe you can help us understand either is, should we expect the sales in the first quarter to be meaningfully above $10 million?

所以也許您可以幫助我們理解，我們是否應該預期第一季的銷售額將顯著超過 1000 萬美元？

Or alternatively, what was the other contribution for the strong bookings in the fourth quarter?

或者說，第四季度預訂量強勁的其他貢獻是什麼？

John, do you want to answer that question?

約翰，你想回答這個問題嗎？

Sure.

當然。

So obviously, the systems booking was a very significant portion of the fourth quarter bookings.

顯然，系統預訂佔第四季度預訂量的非常大的一部分。

And the guidance we provided with respect to revenue for the first quarter, as we've outlined, a very substantial portion of that will be related to the installation and the acceptance of the system.

正如我們所概述的，我們在提供的第一季收入指導中，很大一部分收入將與系統的安裝和驗收有關。

But we've not provided any additional details on the fourth quarter bookings above and beyond what we announced earlier, which was the $18.3 million.

但除了我們之前宣布的 1830 萬美元之外，我們還沒有提供第四季度預訂額的任何額外細節。

And we haven't provided any additional breakdown on the first quarter revenue other than we expect the revenue to exceed $10 million.

除了預計收入將超過 1000 萬美元之外，我們還沒有提供第一季收入的任何其他明細。

Quinn Bolton, Needham & Company.

奎因博爾頓，Needham & Company。

Congratulations on multiple fronts with the cash and the quantum supremacy.

恭喜您在現金和量子霸權等方面取得多方面成就。

I guess I wanted to follow up there on Richard's question.

我想我想跟進理查德的問題。

I understand you don't want to provide too much additional question on detail on the $18.3 million in bookings.

我知道您不想就 1830 萬美元的預訂金額的細節提出太多額外問題。

But if revenue is only in the $10-ish million range, it might imply then that you saw a substantial increase in QCaaS bookings.

但如果收入僅在 1000 萬美元左右，則可能意味著 QCaaS 預訂量大幅增加。

And I'm just wondering if you can comment if you excluded the system bookings, could you describe sort of the trends you're seeing on the QCaaS side of the business?

我只是想知道，如果您排除系統預訂，您是否可以描述一下您在業務的 QCaaS 方面看到的趨勢？

Was there a meaningful increase in bookings related to non-system sales in the fourth quarter?

第四季非系統銷售相關的預訂量是否有顯著成長？

And then I've got a follow-up.

然後我有一個後續行動。

The QCaaS bookings in the fourth quarter, Quinn, were incrementally greater than they were in the third quarter.

Quinn，第四季的 QCaaS 預訂量比第三季略有增加。

Okay.

好的。

Perfect.

完美的。

And then maybe just sort of a follow-up on the system sale.

然後可能只是對系統銷售的後續跟進。

When that system is accepted by Julich, you recognize the revenue for the hardware sale.

當系統被 Julich 接受時，您確認了硬體銷售的收入。

Is there an ongoing maintenance or support contract where some of the fourth quarter bookings may be recognized over time in that sort of maintenance or support?

是否存在持續的維護或支援合同，其中第四季度的部分預訂可能會隨著時間的推移而被確認為此類維護或支援？

So it almost kicks in a recurring revenue stream for some period of quarters or years?

那麼，它在某個季度或幾年的時期內幾乎會產生經常性收入流嗎？

There's three other revenue elements of that booking.

該預訂還有其他三個收入要素。

One is that the contract includes an upgrade option for Advantage2, also includes ongoing support and maintenance as well as some degree of access to Leap or QCaaS.

一是合約中包含 Advantage2 的升級選項，還包括持續的支援和維護以及一定程度的 Leap 或 QCaaS 存取權限。

Again, the bulk of the booking will manifest itself in the system sale, but there are some components that will go beyond the first quarter.

再次，大部分預訂將體現在系統銷售中，但有些部分將超出第一季的銷售。

And then the last question just for Alan on Advantage2, congratulations on the third 4,400 qubit processor calibration.

最後一個問題是針對 Advantage2 上的 Alan，祝賀他完成第三次 4,400 量子位元處理器校準。

As you look to bring Advantage2 to the market, are you now sort of anticipating bringing that to market at the 4,400 qubit level?

當您希望將 Advantage2 推向市場時，您是否預計將其以 4,400 量子位元的水平推向市場？

Or are there still plans to move to 7,000 qubits with that system over time?

或者是否仍有計劃隨著時間的推移將該系統轉向 7,000 個量子位元？

Just trying to think through kind of the go-to-market on Advantage2 as we look forward.

我們只是想透過展望未來來思考 Advantage2 的上市方式。

Yes.

是的。

So we are going to bring the 4,400 qubit system to market.

所以我們將把 4,400 量子位元系統推向市場。

And in fact, the reason why we're now at three calibrated Advantage2 systems, but haven't yet, if you like, put it in Leap as another processor as we did with the 1,200 qubit prototype is because when we do bring a processor to market versus making it available as a prototype, part of what we need to do is make sure that we have the ability to get all the Leap systems upgraded as well as whatever customer systems might be out there, I think of the Jülich system.

事實上，我們之所以現在擁有三個經過校準的 Advantage2 系統，但是還沒有像 1,200 量子比特原型那樣將其作為另一個處理器放入 Leap 中，是因為當我們將處理器推向市場時，而不是將其作為原型提供，我們需要做的部分是確保我們有能力升級所有 Leap 系統以及可能存在的任何客戶系統，我想到的是 Jülich 系統。

So we just need to make sure we have enough calibrated processors to support the full rollout of the product.

因此我們只需要確保我們有足夠的校準處理器來支援產品的全面推出。

And so that's what we're working toward right now.

這就是我們現在努力的目標。

And we expect that it will become generally available later this year.

我們預計它將在今年稍後全面上市。

As far as moving to a larger Advantage2 system, what we are working toward right now is a slightly different approach to scaling.

至於轉向更大的 Advantage2 系統，我們目前正在努力採用略有不同的擴充方法。

Up until now, our approach to scaling has always been more qubits on the chip.

到目前為止，我們的擴展方法一直是在晶片上增加更多的量子位元。

And we've got more headroom to grow the system size beyond where we are today, whether it's 4,400 qubits on a chip or 5,000 qubits on a chip.

而且，我們還有更大的空間來擴大系統規模，無論是晶片上有 4,400 個量子比特，還是晶片上有 5,000 個量子比特。

At the same time, you should never bet against distributed versus centralized.

同時，你永遠不應該將分散式與集中式進行對決。

And so we are also moving down the R&D path of multichip processors to be able to scale not just by more qubits on a chip, but by interconnecting multiple chips.

因此，我們也正在沿著多晶片處理器的研發道路前進，以便不僅能夠透過晶片上的更多量子位元來擴展，還可以透過互連多個晶片來擴展。

And we think that, that's actually going to allow us to scale much faster going forward.

我們認為，這實際上將使我們在未來的擴張速度更快。

And so we're in the process of kind of developing that capability, which we think will likely be the most significant portion of how we scale going forward.

因此，我們正在開發這種能力，我們認為這可能是我們未來擴展最重要的部分。

Suji Desilva, Roth Capital.

羅斯資本 (Roth Capital) 的蘇吉·德席爾瓦 (Suji Desilva)。

Congratulations on the progress here.

祝賀您在這裡取得的進展。

The system sale you had, I'm wondering if the future ones you'll have, would they generally have a similar upfront versus recurring kind of percent breakout?

我想知道，對於您之前進行的系統銷售，未來它們是否通常會有類似的預付與經常性百分比突破？

Or might there be different structures to future hardware sales versus the current one?

或者未來的硬體銷售結構與當前相比可能會有所不同？

I just want to understand that revenue model.

我只是想了解那個收入模式。

Yes.

是的。

Suji, these deals at least on a sample size of one, tend to be structured to meet the specific needs of the customer.

Suji，這些交易至少在一個樣本大小上，往往是為了滿足客戶的特定需求而建構的。

So there are a lot of elements that went into exactly how we structured this deal.

我們在設計這筆交易時考慮了很多因素。

In the case of Jülich, it was important to them that the upgrade to Advantage2 be included, especially since we were so close to the Advantage2 processor becoming available.

對於 Jülich 來說，包含對 Advantage2 的升級非常重要，特別是因為我們距離 Advantage2 處理器的上市已經很近了。

That might not always be the case.

但情況可能並不總是如此。

Secondly, depending on who we're selling to, they might be looking to use the system in different ways.

其次，根據我們的銷售對象，他們可能希望以不同的方式使用該系統。

Are they using it to support commercial applications?

他們是否用它來支援商業應用程式？

Or are they using it to support research?

或者他們用它來支持研究？

Are they using it to support education, research and education?

他們是否用它來支持教育、研究和教育？

And depending on the exact nature of how they plan to use the system, that might also drive how the deal gets structured and what the cost components are.

並且根據他們計劃如何使用系統的具體性質，這也可能決定交易的結構和成本組成部分。

So I think it's not really possible for us to say this is the model.

所以我認為我們不可能說這就是模型。

I think it will vary by customer.

我認為這會因客戶而異。

Great.

偉大的。

That's very helpful.

這非常有幫助。

And then switching over to the results yesterday and the system.

然後切換到昨天的結果和系統。

I understand that the connectivity intensity would help the performance.

我知道連接強度有助於提高性能。

Can you just remind us in the quantum systems, what the higher power allows the systems to do in terms of performance?

您能否提醒我們一下，在量子系統中，更高的功率可以讓系統在效能上實現什麼？

Just remind us that technical aspect.

只需提醒我們技術方面的問題。

Okay.

好的。

When you say higher power, I'm not entirely sure what you mean.

當您說更高的功率時，我不完全清楚您的意思。

I believe you said in the comments that it was a combination of higher power and increased connectivity that allowed you to achieve the results that...

我相信您在評論中說過，更高的功率和更強的連接性的結合使您能夠實現這樣的結果...

Yes.

是的。

No, sorry, it was three elements.

不，抱歉，是三個元素。

It was more connectivity, longer coherence times and higher energy scale.

它具有更強的連接性、更長的相干時間和更高的能量尺度。

So more connectivity allows us to support larger and more complex problems.

因此，更多的連結使我們能夠支援更大、更複雜的問題。

Longer coherence time allows us to get to optimal solutions faster and higher energy scale allows us to specify the problem parameters with greater precision.

更長的相干時間使我們能夠更快地獲得最優解，更高的能量尺度使我們能夠更精確地指定問題參數。

So this collectively means larger, more complex problems solved faster and with greater precision.

因此，這意味著更大、更複雜的問題能夠更快、更精確地解決。

David Williams, Benchmark.

大衛威廉斯，基準。

Congratulations on all the progress here.

恭喜您在這裡取得的所有進展。

I guess maybe first, John, just thinking about your balance sheet now that you're fully capitalized and you should have some pretty significant flexibility here.

我想也許首先，約翰，只考慮一下你的資產負債表，現在你已經完全資本化，你應該在這裡擁有相當大的靈活性。

But does this change anything on your go-to-market strategy?

但這會改變你的行銷策略嗎？

And it sounds like you've got some R&D efforts now that we haven't really heard about before in terms of the scaling.

聽起來你們現在已經進行了一些我們以前在擴展方面從未聽說過的研發工作。

But just wondering, are there other areas of the business you can accelerate?

但只是想知道，還有其他業務領域可以加速嗎？

Or does the capitalization maybe change how you're thinking about the business as you scale up and go forward?

或者，隨著您擴大規模並向前發展，資本化是否會改變您對業務的看法？

David, there are elements of the business that we could scale at a faster pace.

戴維，我們的一些業務元素可以以更快的速度擴展。

And given that our capital raise or the magnitude of our capital raise has been so recent, we're still in the process of evaluating where it may or may not make sense to increase the rate and nature of the investments.

鑑於我們的資本籌集或資本籌集規模剛剛開始，我們仍在評估是否有可能增加投資的速度和性質。

Yes, John, maybe I'll just say a tiny bit more than that.

是的，約翰，也許我只想多說一點點。

Obviously, I talked a few minutes ago about how we're looking at introducing a new capability to scale the size of the process more rapidly through multichip in addition to continuing to grow the density of qubits on a single chip.

顯然，幾分鐘前我談到了我們如何考慮引入一種新功能，除了繼續增加單一晶片上的量子位元密度之外，還透過多晶片更快地擴展流程規模。

A second area is gate model.

第二個領域是門模型。

I mean, we've been working on our gate model program for a couple of years now.

我的意思是，我們已經研究門模型程式好幾年了。

And we do think that now represents an opportunity to look at how we might accelerate that program.

我們確實認為，現在為我們研究如何加速該計劃提供了一個機會。

And so that is an area of focus for us.

這是我們關注的領域。

And as you said, go-to-market.

正如您所說，進入市場。

We will kind of operate this year with significantly more salespeople, technical presales, and professional services than we had last year, which we are hopeful will allow us to grow the business faster.

我們今年的銷售人員、售前技術人員和專業服務人員的數量將比去年多得多，我們希望這將使我們的業務更快成長。

Great.

偉大的。

And then maybe, Alan, just kind of thinking about some of the comments that we heard from NVIDIA CEO, more recently at CES discounting the issues of quantum, and then you're going to be there on a panel participating.

然後也許，艾倫，只是在思考我們從 NVIDIA 首席執行官那裡聽到的一些評論，最近在 CES 上忽視了量子問題，然後你會參加一個小組討論。

And clearly, you've shown these incredible results with the Quantum Supremacy.

顯然，您已經透過 Quantum Supremacy 展示了這些令人難以置信的成果。

I'm just wondering how you're thinking about maybe the paradigm shift that you're hearing from customers, and it sounds like you're certainly getting that interest.

我只是想知道您如何看待從客戶那裡聽到的範式轉變，聽起來您肯定對此感興趣。

But what else are you hearing?

但你還聽到了什麼？

And how do you think this changes the industry as we kind of move forward here and think about what you've already accomplished versus where maybe some of the less optimistic folks are out there in terms of how they're thinking about Quantum?

當我們繼續前進並思考您已經取得的成就時，您認為這會為行業帶來什麼變化？

Yes.

是的。

So David, first of all, while this supremacy result is absolutely groundbreaking and critically important for the industry, magnetic material simulation isn't necessarily something that is a kitchen table discussion.

所以大衛，首先，雖然這個至高無上的成果絕對具有開創性並且對行業至關重要，但磁性材料模擬並不一定是廚房餐桌上討論的話題。

So it doesn't resonate with everybody as it does with us.

因此，它並不會像我們一樣引起所有人的共鳴。

And we think it's extremely important because magnetic materials are used everywhere, especially in medical devices, and we think this represents an opportunity to more rapidly and more cost-effectively design new materials and as a result, bring to market improved devices that incorporate sensors based on these materials.

我們認為這非常重要，因為磁性材料的應用十分廣泛，特別是在醫療設備中，我們認為這代表著一個更快、更經濟高效地設計新材料的機會，從而將基於這些材料的傳感器融入到改進的設備中。

But there are other application areas, for example, related to AI, maybe some other areas where a broader portion of the population has a greater interest.

但還有其他應用領域，例如與人工智慧相關的領域，也許是其他一些更受人們關注的領域。

And so you mentioned NVIDIA's GTC conference.

您提到了 NVIDIA 的 GTC 會議。

I am very much looking forward to participating on the panel at GTC.

我非常期待參加 GTC 的小組討論。

And I would tell you that the Quantum Supremacy result actually has applicability beyond magnetic material simulation.

我想告訴你的是，量子至上的結果實際上具有超越磁性材料模擬的適用性。

Now, I'm not going to tell you what that applicability is, but I am going to tell you it's broader based with respect to the likely public interest.

現在，我不會告訴您它的適用性是什麼，但我會告訴您，就可能的公眾利益而言，它的適用性更為廣泛。

And I am also going to tell you that you should kind of pay attention to Quantum Day on March 20 and what we have to say about it.

我還要告訴你們，你們應該要關注 3 月 20 日的量子日，以及我們對此的看法。

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作員指示）Harsh Kumar，Piper Sandler。

Congratulations on a lot of good things that are going on.

祝賀正在發生的許多好事。

Alan, I had one for you and then a follow-up.

艾倫，我有一個問題要問你，然後再跟進。

I wanted to ask about Jülich plus JUPITER.

我想問有關 Jülich 和 JUPITER 的問題。

So this is an outside institution that's going to couple one of your systems to traditional computing, potentially a large supercomputer.

所以這是一個外部機構，它將把你的一個系統與傳統計算結合起來，可能是一台大型超級電腦。

You've done these kind of projects before.

您以前做過這類專案。

What does this mean for validation?

這對於驗證意味著什麼？

And what does this mean for opening up the market for other people to be able to solve super complex problems as demonstrated by an outside organization in Europe?

那麼，這對於向其他人開放市場、使他們能夠解決超級複雜問題（正如歐洲外部組織所展示的那樣）意味著什麼？

Yes.

是的。

So actually, Harsh, we have not previously tightly integrated our Quantum Systems with a supercomputer or a high-performance computer.

所以實際上，哈什，我們之前並沒有將我們的量子系統與超級電腦或高性能電腦緊密整合。

We do run hybrid algorithms and hybrid solvers that our customers can have access to where we can use CPUs and GPUs together with the quantum computer, but that's at a modest scale.

我們確實運行混合演算法和混合求解器，我們的客戶可以存取這些演算法和混合求解器，我們可以將 CPU 和 GPU 與量子電腦一起使用，但規模適中。

That's not massively parallel systems like Frontier at Oak Ridge Labs or the JUPITER exascale system that Jülich is building out.

這不是像橡樹嶺實驗室的 Frontier 或 Jülich 正在建造的 JUPITER 百億億次級系統那樣的大規模平行系統。

This will actually be the first time that our Quantum System is tightly integrated with a supercomputer of that scale.

這其實是我們的量子系統首次與如此規模的超級電腦緊密整合。

And we're very much looking forward to working with Jülich.

我們非常期待與 Jülich 合作。

And in fact, there will be a lot of joint collaborative research and investigation that goes on, on the applications that could be made possible through that integration.

事實上，雙方將會進行大量的聯合合作研究和調查，以探索透過這種整合可以實現的應用。

And we do think that particularly in the area of AI and AI workflows, there could potentially be some very significant opportunity.

我們確實認為，特別是在人工智慧和人工智慧工作流程領域，可能存在一些非常重要的機會。

Because remember, I mean, currently, AI does require massive amounts of computing, and we're really looking forward to understanding what happens when you integrate quantum into those workflows and how and if that might change on the one hand, the time to do model training, the accuracy of the models, maybe the energy consumption, maybe we can reduce it and so on.

因為請記住，我的意思是，目前，人工智慧確實需要大量的計算，我們非常期待了解當你將量子整合到這些工作流程中時會發生什麼，以及一方面，這種情況是否會改變，進行模型訓練的時間，模型的準確性，也許是能源消耗，也許我們可以減少它等等。

That comes out.

那就出來了。

And then another one maybe just probing your mind a little bit.

然後另一個可能只是稍微探究一下你的想法。

So now you've got sort of two businesses.

所以現在你有兩項業務。

You can sell systems, you already said that there are three interested parties, but you also have a business associated with services.

您可以銷售系統，您已經說過有三個感興趣的方，但您也有與服務相關的業務。

What does Dr. Alan Baratz want to do?

Alan Baratz 博士想要做什麼？

What are you interested in?

你對什麼有興趣？

Where are you leaning toward as D-Wave looks forward, I guess.

我想，您對 D-Wave 的未來有何看法？

And then I would be curious if John has input on it, too, financially.

然後我很好奇約翰是否也對此有經濟上的投入。

It's very lucrative, obviously, the business of selling these computers.

顯然，銷售這些計算機的生意非常有利可圖。

But just curious if you could shed your light on where your interest lies.

但我只是好奇你是否可以解釋一下你的興趣。

Well, look, I think all my babies are beautiful.

嗯，看，我認為我所有的孩子都很漂亮。

So first of all, we have an amazing R&D team that continues to ball out of the park.

首先，我們擁有一支出色的研發團隊，他們持續取得巨大進步。

And so I'm really looking forward to delivering the Advantage2 system.

因此我非常期待交付 Advantage2 系統。

I'm looking forward to how we're going to be able to scale that more rapidly going forward through both multichip and increased density on the chips.

我期待著我們將如何能夠透過多晶片和增加晶片密度來更快地擴大規模。

I'm looking forward to gate because I do think that gate and annealing are quite complementary and can enable collectively important use cases.

我期待著門，因為我確實認為門和退火是相當互補的，並且可以共同實現重要的用例。

I'm looking forward to continuing to support our customers in their use of quantum to help solve really hard optimization problems to improve their business operations.

我期待繼續支持我們的客戶使用量子來幫助解決真正困難的最佳化問題，從而改善他們的業務運作。

And I'm especially interested in the introduction of quantum into AI machine learning because I do think there's a huge opportunity there to speed up training and to reduce energy consumption.

我對將量子引入人工智慧機器學習特別感興趣，因為我確實認為這在加速訓練和降低能源消耗方面有巨大的機會。

And I do think that could be very transformative.

我確實認為這可能會帶來巨大的改變。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾，派珀·桑德勒。

Yes.

是的。

So a lot of people on the call were trying to basically ask about the mechanism of the system sales and what it would do.

因此，電話中的許多人基本上都在試圖詢問系統銷售的機制以及它能做什麼。

I was curious, so I assume that most of the money that you got for the system sales were recognized in 4Q, John.

我很好奇，所以我假設你從系統銷售中獲得的大部分資金都是在第四季度確認的，約翰。

But yet you're talking about a substantial increase in revenues in 1Q, and that's driven by your core business.

但您說的是第一季營收大幅成長，這是由核心業務推動的。

So I was curious, a, what is driving the core business?

所以我很好奇，是什麼推動了核心業務？

All of a sudden did something happen?

突然發生什麼事了？

Or did you lock down a couple of large customers?

或者說你已經鎖定了幾個大客戶了？

Or is there a trickling effect of the system sales that kicking in into 1Q as well?

或者係統銷售的涓滴效應是否也會在第一季發揮作用？

Sure.

當然。

So the systems booking took place in the fourth quarter, Harsh, and we were paid for that system in the fourth quarter.

因此系統預訂發生在第四季度，Harsh，我們在第四季度收到了該系統的付款。

And what we've outlined with respect to our first quarter guidance of revenue in excess of $10 million, a significant portion of that will be the installation and acceptance of the system.

我們在第一季的預期收入將超過 1000 萬美元，其中很大一部分將來自系統的安裝和驗收。

Yes.

是的。

Harsh, you said something that wasn't quite accurate.

Harsh，你說的話不太準確。

You said that a portion of the system sale was revenue recognized in Q4.

您說系統銷售的一部分是第四季確認的收入。

That's not the case.

事實並非如此。

There is no revenue recognized in Q4 for the system sale.

第四季沒有確認系統銷售收入。

Got it.

知道了。

It's a complicated system.

這是一個複雜的系統。

I've seen your system in Canada, and it's not like a computer where you can just take it.

我在加拿大看過你們的系統，它不像電腦那樣可以隨便拿來用。

So how many quarters do you think the process will take to set it up, to get it going, and the handholding that you would need to do with Jülich?

那麼您認為這個過程需要多少個季度來建立並運行，以及您還需要與 Jülich 一起進行指導？

So in other words, how many quarters can the revenue run for one system sales?

那麼換句話說，一套系統銷售能帶來多少個季度的營收？

Just you don't have that accurate tell me just ballpark it.

只是你沒有那麼準確，告訴我大概的數字。

The Advantage system is already set up and running at Jülich and they have access to it.

Advantage 系統已在 Jülich 設置並運行，他們可以訪問它。

They are using it today.

他們今天正在使用它。

So that was all completed since we signed the agreement for the system sale in Q4.

自從我們在第四季度簽署系統銷售協議以來，一切都已完成。

Now, what has not yet happened is that, that system has not yet been upgraded with the Advantage2 chip.

現在，尚未發生的是，該系統尚未使用 Advantage2 晶片進行升級。

So, as John said, there are a couple of components to the revenue recognition.

因此，正如約翰所說，收入確認有幾個組成部分。

A big part of it is when we install the system and hand it over to them.

其中很大一部分是我們安裝系統並將其移交給他們。

That's been done.

已經完成了。

That was done this quarter, Q1.

這是本季（第一季）完成的。

Some of the revenue will be recognized when we upgrade that processor to Advantage2.

當我們將該處理器升級到 Advantage2 時，將確認部分收入。

And then some of that revenue will be recognized through ongoing maintenance over several years into the future.

然後，部分收入將透過未來幾年的持續維護來實現。

And ladies and gentlemen, that concludes our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

I will now hand the call back to Dr. Alan Baratz for closing remarks.

現在我將把發言權交還給艾倫·巴拉茨博士，請他作最後發言。

Thank you.

謝謝。

Thanks to all of you for taking the time to be here with us today.

感謝大家今天抽出時間來參加我們的會議。

It's been an amazing quarter for the company, and the future looks even more amazing.

對於公司來說這是一個令人驚嘆的季度，而未來看起來將更加令人驚嘆。

We believe that the company is in the strongest position in its history and is leading the quantum computing sector based on product performance, technical maturity, and commercial adoption.

我們相信，該公司正處於歷史上最強大的地位，並在產品性能、技術成熟度和商業應用方面引領量子運算領域。

While others in the industry continue to make unsubstantiated claims around the performance and adoption of their technology, we continue to capitalize on our first-mover advantage to further distance ourselves from the rest of the market.

當業內其他公司繼續對其技術的性能和採用做出毫無根據的聲明時，我們繼續利用我們的先發優勢進一步拉開與市場其他公司的距離。

We're a well-capitalized company with more than $300 million in cash and sufficient capital to reach profitability.

我們是一家資本雄厚的公司，擁有超過 3 億美元的現金和足夠的資本來實現盈利。

We are the only quantum computing company that has demonstrated our system's ability to outperform classical on a useful problem, which has now been published in an esteemed peer-reviewed journal.

我們是唯一一家證明我們的系統能夠在一個有用問題上超越經典系統的量子計算公司，該成果現已發表在一份受人尊敬的同行評審期刊上。

We have the largest quantum computers in the world with 5,000-plus qubits able to solve complex computational problems right now.

我們擁有世界上最大的量子計算機，有 5,000 多個量子比特，能夠解決複雜的計算問題。

We are the first quantum computing company to have customers move commercial applications into production.

我們是第一家讓客戶將商業應用投入生產的量子計算公司。

And we offer customers service level agreements, which means we stand behind the high levels of availability, reliability, and scalability of our Leap cloud service.

我們為客戶提供服務等級協議，這意味著我們支援 Leap 雲端服務的高可用性、可靠性和可擴展性。

Our customers are realizing the value of quantum right now.

我們的客戶現在意識到了量子的價值。

It's a historic time for the company and for quantum computing as a whole.

對於該公司乃至整個量子計算而言，這都是歷史性的時刻。

Thanks again for taking the time to join us today.

再次感謝您今天抽出時間參加我們的活動。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。