D-Wave Quantum Inc (QBTS) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to D-Wave's first quarter of fiscal year 2025 earnings conference call. Today's call is being recorded. At this time, I'd like to turn the floor over to Kevin Hunt of Investor Relations. Please go ahead.

大家早安，歡迎參加 D-Wave 2025 財年第一季財報電話會議。今天的通話正在錄音。現在，我想把發言權交給投資人關係部的凱文‧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. Before we begin, I would like to remind everyone that this call may contain forward-looking statements that should be considered in conjunction with the cautionary statements contained in our earnings release and the company's most recent periodic SEC report.

謝謝，早安。今天與我一起的有我們的執行長 Alan Baratz 博士和我們的財務長 John Markovich。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，應結合我們的收益報告和公司最新的定期 SEC 報告中的警示性聲明來考慮。

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 gross margin, 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、非公認會計準則毛利率、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 on the Investor Relations section of our company website at www.dwavequantum.com.

今天的收益報告還包含與 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 will now hand over the call to Alan.

我現在將電話交給艾倫。

Good morning, everyone, and thank you for joining us today. I'm really excited to share our results for the first quarter of fiscal 2025. 2025 is shaping up as one of the most significant years in D-Wave's history, especially when you consider our technical achievements, our product development milestones, our go-to-market momentum and our financial position.

大家早安，感謝大家今天加入我們。我很高興與大家分享我們 2025 財年第一季的業績。 2025 年將成為 D-Wave 歷史上最重要的一年，尤其是考慮到我們的技術成就、產品開發里程碑、上市動能和財務狀況。

Highlights of the first quarter include record quarterly revenue driven by the completion of the first Advantage system sale, additional customer applications moving into production, publication of our quantum supremacy result in science and ongoing achievements against our aggressive product roadmap. The health of our business remains strong.

第一季的亮點包括創紀錄的季度收入，這得益於首個 Advantage 系統銷售的完成、更多客戶應用投入生產、我們在科學上發表量子霸權成果以及我們積極的產品路線圖不斷取得的成就。我們的業務健康狀況依然良好。

In terms of some specifics on the financials, our Q1 revenue came in at a record $15 million, and we closed the quarter with a record $304 million in cash, giving us a very solid cash position that we believe is sufficient for us to reach profitability.

就財務狀況的具體細節而言，我們的第一季收入達到了創紀錄的 1500 萬美元，而本季度結束時我們擁有創紀錄的 3.04 億美元現金，這使我們擁有非常穩固的現金狀況，我們相信這足以讓我們實現盈利。

Let me now walk you through some key business highlights, starting with technical achievements. On our last call, we proudly shared that we are the first company in the world to demonstrate quantum supremacy on a useful real-world problem.

現在，讓我從技術成就開始，向您介紹一些關鍵的業務亮點。在我們最後一次通話中，我們自豪地宣布，我們是世界上第一家在有用的現實問題上展示量子霸權的公司。

As discussed, D-Wave's 1,200 qubit prototype Advantage2 quantum computer performed a complex magnetic material simulation in minutes and with a level of accuracy that would take nearly 1 million years to complete using one of the world's most powerful supercomputers, that supercomputer being the frontier massively parallel, GPU-based exascale supercomputer at the Oak Ridge National Laboratory.

如上所述，D-Wave 的 1,200 量子比特原型 Advantage2 量子電腦在幾分鐘內完成了複雜的磁性材料模擬，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，該超級電腦是橡樹嶺國家實驗室的前沿大規模並行、基於 GPU 的百億億次超級電腦。

In addition, it will require more than the world's annual electricity consumption to solve this problem using that supercomputer. We don't believe any other researchers or companies have come close to achieving this demonstration. This work should be celebrated as a significant milestone for the quantum industry and a clear demonstration of quantum outperforming classical computing. Building on that demonstration, we recently published a new research paper titled Blockchain with Proof of Quantum Work that used quantum computation to generate and validate blockchain hashes.

此外，使用這台超級電腦解決這個問題所需的電力將超過全球一年的電力消耗。我們認為，目前還沒有其他研究人員或公司能夠接近實現這一目標。這項工作應該被視為量子產業的一個重要里程碑，也是量子計算優於經典計算的明確證明。基於該演示，我們最近發表了一篇新的研究論文，題為《具有量子工作證明的區塊鏈》，該論文使用量子計算來生成和驗證區塊鏈哈希值。

We believe this research, which leveraged techniques from our quantum supremacy demonstration, indicates that using quantum computation for hashing and proof of work could potentially require a fraction of the electricity used by classical resources alone and reduce electricity costs by up to a factor of 1,000. By adding quantum to traditional blockchain computation, the new architecture could enhance blockchain security and efficiency.

我們相信，這項研究利用了我們量子霸權演示中的技術，表明使用量子計算進行雜湊和工作量證明可能只需要傳統資源所用電力的一小部分，並將電力成本降低多達 1,000 倍。透過在傳統區塊鏈運算中添加量子，新架構可以增強區塊鏈的安全性和效率。

Also, as part of this research, D-Wave scientists deployed the blockchain architecture across four of its cloud-based annealing quantum computers in Canada and the United States, performing distributed quantum computing for the first time. This is a very exciting area with potential for broad usage. In fact, we've already been contacted by several blockchain-focused organizations interested in potential partnerships, and we are open to discussions with any other interested parties.

此外，作為這項研究的一部分，D-Wave 科學家在加拿大和美國的四台基於雲端的退火量子電腦上部署了區塊鏈架構，首次執行分散式量子運算。這是一個非常令人興奮的領域，具有廣泛的應用潛力。事實上，我們已經聯繫了幾個對潛在合作感興趣的區塊鏈組織，我們也願意與任何其他感興趣的方進行討論。

With respect to product development progress, our Advantage2 annealing quantum computer, our sixth-generation system, has achieved important milestones on the path to general availability, which is expected by the end of this quarter. These milestones include: first, calibration of 4,400+ qubit processor chips. We have completed calibration and benchmarking of several 4,400+ qubit Advantage2 quantum processors.

在產品開發進度方面，我們的第六代系統 Advantage2 退火量子電腦在全面上市的道路上取得了重要的里程碑，預計將於本季末上市。這些里程碑包括：首先，校準4400+量子位元處理器晶片。我們已經完成了多顆4400+量子位元Advantage2量子處理器的校準和基準測試。

The Advantage2 CPUs have demonstrated impressive performance gains over the existing Advantage system, including doubled coherence time for faster time to solution, a 40% increase in energy scale for higher quality solutions, and increased qubit connectivity from 15 to 20 way to enable solutions to larger problems. With these substantial performance enhancements, we believe that Advantage2 will be able to solve our customers' increasingly complex computational problems, especially in areas such as optimization, AI, and material science.

Advantage2 CPU 已證明比現有 Advantage 系統具有令人矚目的效能提升，包括相干時間加倍以加快解決問題的速度，能量規模增加 40% 以獲得更高品質的解決方案，以及量子位元連接從 15 種增加到 20 種，從而能夠解決更大的問題。透過這些大幅的效能提升，我們相信 Advantage2 將能夠解決客戶日益複雜的運算問題，尤其是在最佳化、人工智慧和材料科學等領域。

The second milestone is fast anneal. This feature offers extended control for notably faster annealing times than previously available, which greatly reduces the impact of external disturbances such as thermal fluctuations and noise that can hinder quantum calculations. The fast anneal feature paves the way for customers to reproduce and build on D-Wave's landmark quantum supremacy results using full-scale coherent annealing quantum computing available on the Advantage2 system.

第二個里程碑是快速退火。此功能提供了擴展控制，可顯著縮短退火時間，從而大幅降低熱波動和雜訊等外部幹擾對量子計算的影響。快速退火功能為客戶鋪平了道路，使他們能夠利用 Advantage2 系統上提供的全尺寸相干退火量子計算，復現並鞏固 D-Wave 里程碑式的量子霸權成果。

And the third milestone is error mitigation. We've demonstrated successful quantum error mitigation in the 1,200-qubit Advantage2 annealing quantum computing prototype. The technique reduces errors in quantum simulations, producing results consistent with the quantum system maintaining its quantum state coherence for an order of magnitude longer than an unmitigated system. This technique is expected to drive performance advancements in the forthcoming full Advantage2 system and future processors.

第三個里程碑是減少錯誤。我們已經在 1,200 量子位元 Advantage2 退火量子計算原型中成功證明了量子誤差緩解。該技術減少了量子模擬中的錯誤，產生的結果與量子系統保持其量子態相干性的時間比未緩解的系統長一個數量級一致。預計該技術將推動即將推出的完整 Advantage2 系統和未來處理器的效能提升。

Once we announce GA, the system will become part of the Leap Quantum cloud service for use by all of our quantum compute as a service customers. In addition, just a couple of weeks ago, we shared that the physical assembly of a D-Wave Advantage2 annealing quantum system is complete at Davidson Technologies' headquarters in Huntsville, Alabama. Installation is now nearing completion as that system undergoes calibration and readiness testing.

一旦我們宣布 GA，該系統將成為 Leap Quantum 雲端服務的一部分，供我們所有的量子運算即服務客戶使用。此外，就在幾週前，我們分享了 D-Wave Advantage2 退火量子系統的物理組裝在阿拉巴馬州亨茨維爾的戴維森技術公司總部完成的消息。隨著該系統進行校準和準備測試，安裝現已接近完成。

We expect that the Advantage2 system will enable Davidson to explore and develop real-world quantum applications, particularly in optimization for some of the US government's most complex problems and then ultimately deploy those applications in a secure environment.

我們預計 Advantage2 系統將使戴維森能夠探索和開發現實世界的量子應用，特別是針對美國政府的一些最複雜的問題進行最佳化，然後最終在安全的環境中部署這些應用。

Turning to software. We recently introduced new hybrid quantum solver capabilities and additional use cases designed to drive usage of our quantum optimization offering. Our hybrid solvers, which are capable of handling problems with up to 2 million variables, now support both integer and continuous variables, which opens up the range of use cases that can be addressed with this technology.

轉向軟體。我們最近推出了新的混合量子求解器功能和額外的用例，旨在推動我們的量子優化產品的使用。我們的混合求解器能夠處理多達 200 萬個變量的問題，現在同時支援整數和連續變量，這擴大了可以用該技術解決的用例範圍。

Recent enhancements to the nonlinear hybrid quantum solver include the ability to support continuous variables with linear interactions, thus enabling new kinds of use cases such as budget allocation and resource distribution. We've also expanded our collection of optimization use cases, which now includes offer allocation, portfolio optimization, and maintenance repair operations optimization to apply hybrid quantum technology to a growing set of customer problems.

非線性混合量子求解器的最新增強包括支援具有線性相互作用的連續變數的能力，從而支援預算分配和資源分配等新型用例。我們還擴展了優化用例的集合，現在包括報價分配、投資組合優化和維護維修操作優化，以將混合量子技術應用於越來越多的客戶問題。

We also launched an open-source toolkit designed to accelerate quantum AI and machine learning innovation. Available in D-Wave's Ocean software development kit, the package enables developers to seamlessly integrate D-Wave's quantum computers with PyTorch, a production-grade ML framework widely used to build and train deep learning models.

我們還推出了一個開源工具包，旨在加速量子人工智慧和機器學習創新。該軟體包包含在 D-Wave 的 Ocean 軟體開發套件中，使開發人員能夠將 D-Wave 的量子電腦與 PyTorch 無縫集成，PyTorch 是一種廣泛用於構建和訓練深度學習模型的生產級 ML 框架。

The toolkit includes a neural network module for using a quantum computer to build and train an AI system known as a Restricted Boltzmann Machine, or an RBM. Used to learn patterns and connections from data, RBMs are an AI tool used for tasks such as making predictions, recommendations, and identifying trends or anomalies.

該工具包包括一個神經網路模組，用於使用量子電腦建立和訓練稱為受限玻爾茲曼機（RBM）的人工智慧系統。RBM 用於從資料中學習模式和聯繫，是一種用於執行預測、建議和識別趨勢或異常等任務的 AI 工具。

Looking ahead, we're making progress on all aspects of our previously communicated product roadmap, which is designed to unlock new customer production application use cases in the Advantage2 and forthcoming Advantage3 quantum computers and beyond. It focuses on rapid innovation and scaling, including increased connectivity and coherence, next-generation digital addressing, and multi-chip processor staffers to accelerate a path to reaching 100,000 qubits.

展望未來，我們正在推進先前公佈的產品路線圖的各個方面，該路線圖旨在解鎖 Advantage2 和即將推出的 Advantage3 量子電腦及其他領域中新的客戶生產應用用例。路線圖專注於快速創新和擴展，包括增強連接性和一致性、下一代數位尋址以及多晶片處理器，以加速邁向 10 萬個量子位元的目標。

We're also developing techniques in analog digital quantum computing to advance quantum optimization, quantum AI, and quantum research by adding digital controls to annealing quantum computing processes. Lastly, we're continuing our efforts to build scalable error-corrected gate model processes, including leveraging our proprietary cryogenic control capabilities that will likely be required in all superconducting gate model quantum computers.

我們也正在開發類比數位量子計算技術，透過在退火量子計算過程中添加數位控制來推進量子優化、量子人工智慧和量子研究。最後，我們將繼續努力建立可擴展的糾錯門模型流程，包括利用我們專有的低溫控制能力，這可能在所有超導門模型量子電腦中都是必需的。

Now, I'll turn to commercial progress. As a key metric for assessing a quantum computing vendor's maturity is whether its technology is used in production to fuel daily operations for customers. We're excited to have recently announced that Ford Otosan has developed a hybrid quantum application in production, streamlining manufacturing processes for its Ford transit line of vehicles.

現在，我將談談商業進展。評估量子運算供應商成熟度的關鍵指標是其技術是否應用於生產，以支援客戶的日常營運。我們很高興地宣布，福特土耳其公司（Ford Otosan）最近開發了一種混合量子應用，用於生產，從而簡化了其福特全系列車輛的製造流程。

Using D-Wave technology, Ford Otosan reduced the scheduling time of 1,000 vehicles from 30 minutes to less than five minutes, a 6 times improvement. Ford Otosan plans to activate quantum scheduling in additional body shops and extend to other processes, including paint shops, assembly lines, and buffer zones. Ford Otosan joins NTT DOCOMO and Pattison Food Group, customers that are also using our systems currently running production applications. We expect additional customer applications to enter production deployments over the course of 2025.

利用 D-Wave 技術，Ford Otosan 將 1,000 輛車的調度時間從 30 分鐘縮短至不到 5 分鐘，提高了 6 倍。土耳其福特公司計劃在其他車身車間啟動量子調度，並擴展到其他流程，包括噴漆車間、組裝線和緩衝區。Ford Otosan 加入了 NTT DOCOMO 和 Pattison Food Group 的行列，這些客戶也在使用我們的系統來運行生產應用程式。我們預計到 2025 年將有更多客戶應用程式投入生產部署。

In another powerful customer use case example, we announced the successful completion of a proof of concept with the pharmaceutical division of Japan Tobacco, which used the Advantage quantum computer with artificial intelligence in the drug discovery process. This new approach resulted in molecular structures that are better candidates for subsequent drug development than structures created by purely classical methods.

在另一個強大的客戶用例範例中，我們宣布與日本菸草公司的製藥部門成功完成概念驗證，該部門在藥物發現過程中使用了具有人工智慧的 Advantage 量子電腦。與純傳統方法創建的結構相比，這種新方法產生的分子結構更適合後續藥物開發。

Japan Tobacco expects that this could lead to improvements in both the quality and speed of drug development. Customer success stories like these and others were on full display at Qubits 2025, our annual user conference, which took place on March 31 and April 1 and saw record attendance. In-person attendance was up 23% year over year and virtual attendees up nearly 100% year over year.

日本菸草公司希望這能提高藥物開發的品質和速度。諸如此類的客戶成功案例在我們的年度用戶大會 Qubits 2025 上得到了充分展示，該大會於 3 月 31 日至 4 月 1 日舉行，出席人數創下了歷史新高。現場參會人數較去年同期成長 23%，虛擬與會人數較去年同期成長近 100%。

A number of D-Wave customers presented use cases based on D-Wave's technology, including Davidson Technologies, Japan Tobacco, the Julich Supercomputing Centre, NTT DOCOMO, Pusan National University, Quantum Research Sciences, SAS, the University of Southern California and more.

許多 D-Wave 客戶展示了基於 D-Wave 技術的用例，包括戴維森科技、日本菸草、尤利希超級計算中心、NTT DOCOMO、釜山國立大學、量子研究科學、SAS、南加州大學等。

We're also seeing strong interest in the Leap Quantum LaunchPad program, which is a three-month trial that provides access to D-Wave's quantum computing systems, our Leap real-time quantum cloud service and our team of quantum experts for project support. Market demand has been strong with the first customer intending to convert from free trial to paid engagement in less than two months. We continue to believe that this program will expand the universe of organizations using quantum to solve their complex problems today.

我們還看到了人們對 Leap Quantum LaunchPad 計劃的濃厚興趣，這是一個為期三個月的試用期，可以訪問 D-Wave 的量子計算系統、我們的 Leap 實時量子雲服務以及我們的量子專家團隊以提供項目支持。市場需求一直很強勁，第一位客戶打算在不到兩個月的時間內從免費試用轉為付費試用。我們始終相信，該計劃將擴大當今使用量子解決複雜問題的組織範圍。

So to summarize, we are executing against our technology roadmaps and our go-to-market plans, and this is beginning to show up in our financial results. We are seeing growing interest in D-Wave's quantum computing solutions as evidenced by a myriad of factors, including increased website traffic, which is up 153% from October of 2024 to March of 2025, as well as media coverage with strong news stories mentioning D-Wave up 803% from February to March of 2025.

總而言之，我們正在按照技術路線圖和市場推廣計劃執行，這已開始體現在我們的財務表現中。我們看到人們對 D-Wave 量子計算解決方案的興趣日益濃厚，這由多種因素共同證明，包括網站流量的增長（從 2024 年 10 月到 2025 年 3 月增長了 153%），以及媒體的大力報道，其中提到 D-Wave 的新聞報道從 2025 年 2 月到 803%。

It is evident to us that the D-Wave message is resonating. Customers are eager to start exploring and adopting the technology, and the world is beginning to recognize the leadership role we're playing in ushering in the area of quantum computing. We could not be more excited about the future of D-Wave.

我們清楚地看到，D-Wave 訊息正在引起共鳴。客戶渴望開始探索和採用這項技術，世界也開始意識到我們在引領量子運算領域所扮演的領導角色。我們對 D-Wave 的未來感到無比興奮。

With that, I'll hand it over to John to provide a review of our first-quarter fiscal 2025 results.

說完這些，我將把責任交給約翰，讓他回顧我們 2025 財年第一季的表現。

Thank you, Alan, and thank you to everyone taking the time to participate in today's call. In my review of the fiscal 2025 first-quarter results, I will 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, and adjusted EBITDA loss as we believe these metrics improve investors' ability to evaluate our underlying operating performance.

謝謝你，艾倫，也謝謝大家抽空參加今天的電話會議。在我對 2025 財年第一季業績的回顧中，我將提供非 GAAP 營運指標（包括預訂量）以及非 GAAP 財務指標（包括非 GAAP 毛利潤、非 GAAP 毛利率和調整後的 EBITDA 虧損），因為我們相信這些指標可以提高投資者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. With respect to revenue, revenue in the first quarter of fiscal 2025 totaled a record $15 million, which represented an increase of $12.5 million or 509% from the first quarter of fiscal 2024 revenue of $2.5 million, with the magnitude of the increase highly influenced by the sale of an Advantage2 annealing quantum computing system to the Julich Supercomputing Centre that constituted approximately $12.6 million of the quarterly revenue with QCaaS and professional services comprising the balance.

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。就收入而言，2025 財年第一季的收入總計創紀錄地達到 1500 萬美元，比 2024 財年第一季的 250 萬美元收入增加了 1250 萬美元，增幅為 509%，增幅的很大一部分原因是向 Julich 超級計算中心出售 Advantage

Bookings for the first quarter were $1.6 million, a decrease of $2.9 million or 64% when compared to the fiscal 2024 first-quarter bookings of $4.5 million, with professional services bookings comprising more than 50% of the first-quarter bookings.

第一季的預訂額為 160 萬美元，與 2024 財年第一季的 450 萬美元相比減少了 290 萬美元，降幅為 64%，其中專業服務預訂額佔第一季預訂額的 50% 以上。

With respect to our customers, we continue to broaden and diversify our customer base across commercial, research and government organizations. In comparing the most recent trailing four quarters with the immediately preceding trailing four quarters, D-Wave had a total of 133 customers compared to a total of 128 customers with the 133 customers including 69 commercial customers, 25% or 36% of which are Forbes Global 2000 customers, where we are seeing some significant pickup in sales pipeline activity, 52 research customers and 12 government customers.

對於我們的客戶，我們將繼續擴大和多樣化我們的客戶群，包括商業、研究和政府組織。將最近的四個季度與前四個季度進行比較，D-Wave 共有 133 個客戶，而前者共有 128 個客戶，其中包括 69 個商業客戶，其中 25% 或 36% 是福布斯全球 2000 強客戶，我們看到銷售管道活動顯著回升，52 個研究客戶和 12 個政府客戶。

With respect to gross profit, our GAAP gross profit for the fiscal '25 first quarter was a record $13.9 million, an increase of $12.2 million or 736% from the fiscal 2024 first-quarter GAAP gross profit of $1.7 million.

就毛利而言，我們 25 財年第一季的 GAAP 毛利達到創紀錄的 1,390 萬美元，較 2024 財年第一季的 GAAP 毛利 170 萬美元增加 1,220 萬美元，增幅為 736%。

Non-GAAP gross profit for the first quarter was a record $14 million, an increase of $12.2 million or 644% from the fiscal 2024 first-quarter non-GAAP gross profit of $1.9 million, with the magnitude of the year-over-year increase in both GAAP and non-GAAP gross profit due primarily to the higher-margin Advantage2 system sale.

第一季非公認會計準則毛利潤達到創紀錄的 1,400 萬美元，較 2024 財年第一季非公認會計準則毛利潤 190 萬美元增加 1,220 萬美元或 644%，公認會計準則和非公認會計準則毛利同比增長幅度主要歸功於利潤率更高的 Advantage2 系統銷售。

With respect to gross margins, the GAAP gross margin for the first quarter was 92.5%, an increase of 25.2% from the fiscal 2024 first-quarter GAAP gross margin of 67.3%. The non-GAAP gross margin for the first quarter was 93.6%, an increase of 17% from the fiscal 2024 first-quarter non-GAAP gross margin of 76.6%.

毛利率方面，第一季GAAP毛利率為92.5%，較2024財年第一季GAAP毛利率67.3%成長25.2%。第一季非GAAP毛利率為93.6%，較2024財年第一季非GAAP毛利率76.6%成長17%。

The net loss for the first quarter of fiscal 2025 was $5.4 million or $0.02 per share compared with a net loss of $17.3 million or $0.11 per share in the first quarter of fiscal 2024, with the lower net loss driven primarily by the $12.2 million increase in gross profit that was heavily influenced by the sale of the Advantage2 annealing quantum computing system. This represents the company's lowest quarterly loss since becoming a public company in August of 2022.

2025財年第一季淨虧損為540萬美元，即每股虧損0.02美元，而2024財年第一季淨虧損為1,730萬美元，即每股虧損0.11美元。淨虧損的減少主要得益於毛利成長1,220萬美元，這主要得益於Advantage2退火量子運算系統的銷售。這是該公司自2022年8月上市以來的最低季虧損。

Adjusted EBITDA loss for the first quarter was $6.1 million, a decrease of $6.8 million or 53% from the fiscal 2024 first-quarter adjusted EBITDA loss of $12.9 million, with the decrease due primarily to the year-over-year increase in revenue and the associated gross profit, partially offset by higher operating expenses that are related to the increased investment in our go-to-market and research and development organizations.

第一季調整後 EBITDA 虧損 610 萬美元，較 2024 財年第一季調整後 EBITDA 虧損 1,290 萬美元減少 680 萬美元或 53%，減少的主要原因是收入及相關毛利同比增長，但因我們對市場推廣和研發機構的投資增加而導致了這一費用增加而導致的營運費用增加。

Now, I'll transition to the balance sheet and liquidity. As of March 31, D-Wave's consolidated cash position totaled a record $304.3 million. And as previously reported, we paid off our secured term loan in the fourth quarter of last year. During the fiscal 2025 first quarter, D-Wave raised $146.2 million in equity through its third at-the-market common stock issuance program.

現在，我將轉到資產負債表和流動性。截至 3 月 31 日，D-Wave 的合併現金狀況總計創下 3.043 億美元的紀錄。正如之前報導的那樣，我們在去年第四季度還清了有擔保的定期貸款。在 2025 財年第一季度，D-Wave 透過第三次市場普通股發行計畫籌集了 1.462 億美元的股權。

And as of the end of the quarter, we had $37.8 million in available issuance capacity under the equity line of credit with Lincoln Park Capital Fund with the investment commitment running through October of this year. D-Wave's 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.

截至本季末，我們在林肯公園資本基金的股權信用額度下擁有 3,780 萬美元的可用發行能力，投資承諾將持續到今年 10 月。D-Wave 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股價高於每股 1 美元。

In addition, we exited the first quarter with a record $207.4 million in shareholders' equity. 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 to achieve this milestone with substantially less funding than required by any other independent publicly held quantum computing company.

此外，第一季我們的股東權益達到了創紀錄的 2.074 億美元。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量子計算公司，並且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 the call for questions.

現在，我們將開始提問。

(Operator Instructions) Harsh Kumar, Piper Sandler.

（操作員指示）Harsh Kumar、Piper Sandler。

First of all, strong congratulations on a number of fronts, very strong quarter, your quantum supremacy and then also calibration -- at a product level calibration of your 4500 Advantage2 system. I had a question -- a couple of questions actually, but I'll keep it to two and get back in line. Alan, maybe you could talk about Davidson Technologies. This sounds to me like another system sale that you've been working on. Maybe you could clarify, if possible, for us if this is another one of the three that you have been referring to previously?

首先，我們要對你們在多個方面取得的成績表示熱烈祝賀，本季度你們取得了非常強勁的業績，取得了量子優勢，然後進行了校準——對你們的 4500 Advantage2 系統進行了產品級校準。我有一個問題 — — 實際上是幾個問題，但我會將其限制為兩個，然後重新排隊。艾倫，也許你可以談談戴維森科技公司。在我看來，這聽起來就像您一直在進行的另一項系統銷售。如果可能的話，您能否為我們澄清一下，這是否是您之前提到的三個中的另一個？

And then it sounds like the system is being calibrated or being assembled right now. Maybe you could give us an update on where you are, when you think it might happen? And then I've got a follow-up.

然後聽起來好像系統正在校準或組裝。也許您可以告訴我們您的最新情況以及您認為什麼時候可能會發生這種情況？然後我有一個後續行動。

Okay. Sure, Harsh, and thanks for the positive comments upfront. So first of all, Davidson is not one of the other handful of potential system sale opportunities that I commented on during our last earnings call. But I also did say that system sales tend to take time. And so, while we have a handful that we are working on and some maybe sooner than others, these are long lead sales opportunities.

好的。當然，Harsh，感謝您之前的正面評價。首先，戴維森並不是我在上次財報電話會議上評論過的少數潛在系統銷售機會之一。但我也確實說過系統銷售往往需要時間。因此，儘管我們正在處理一些問題，有些問題可能比其他問題更快，但這些都是長期銷售機會。

So it will take us some time to get there. But we're encouraged by the level of interest based on, in part, the supremacy result and the demonstration of capabilities that the system has when you're able to control more of the operating parameters than possible through the quantum cloud service. And so, having your own system makes sense if that's the direction that you would like to move in, as well as the fact that we were able to announce that we had completed our first system sale, and so we're open for business with that type of business model.

所以我們需要一些時間才能到達那裡。但是，我們對這種興趣程度感到鼓舞，部分原因是基於至高無上的結果以及當你能夠透過量子雲服務控制比可能更多的操作參數時系統所擁有的能力的展示。因此，如果這是您想要的方向，那麼擁有自己的系統是有意義的，而且我們能夠宣布我們已經完成了第一個系統銷售，因此我們願意採用這種商業模式來開展業務。

With respect to the partnership with Davidson, this really is focused on working together with Davidson to help identify, develop and ultimately deploy applications to support the US government and specifically defense and security hard optimization applications. With the goal being that initially, the system would be a part of the Leap environment while the R&D work is being done in a nonclassified fashion, but that ultimately, the system would end up in a secured facility to be able to run secure applications. And so that's the nature of the partnership with Davidson.

關於與戴維森的合作，這實際上專注於與戴維森合作，幫助識別、開發並最終部署應用程序，以支援美國政府，特別是國防和安全硬優化應用程式。目標是，最初，該系統將成為 Leap 環境的一部分，同時研發工作以非機密的方式進行，但最終，該系統將進入安全設施，以便能夠運行安全應用程式。這就是與戴維森合作的本質。

Can I ask a follow-up on that before I jump in a second? So the system seems to be based out of Alabama. So can you talk about -- so this seems like a tangential offshoot sort of a business arrangement outside of the sale. How do the economics work? Is it like regular economics like it's just another one of your systems that happens to be on-site of another customer?

在我進入正題之前，我可以問一下後續問題嗎？因此該系統似乎是以阿拉巴馬州為基礎的。那麼你能談談嗎——這看起來像是銷售之外的一種間接商業安排。經濟學如何運作？它是否像常規經濟學一樣，只是您的另一個系統恰好位於另一個客戶現場？

So Harsh, we have not disclosed any of the details associated with the economics associated with that partnership. So that's just something that you're going to have to wait for. Sorry.

所以，哈什，我們還沒有透露與該合作關係相關的經濟問題的任何細節。所以這只是你必須等待的事情。對不起。

I respect that. That's fine. I had a totally different question. So the more I work on quantum computing, the more I realize that error correction and cryogenic control are two big issues in the industry.

我尊重這一點。沒關係。我有一個完全不同的問題。因此，我對量子計算的研究越多，就越意識到糾錯和低溫控制是該行業的兩個大問題。

You guys seem to be ahead of others in that. And I know it's going to be a mouthful of an answer because it's two big technologies, and I'm asking you to discuss. But maybe if you could just summarize for us how you stack up in error correction and cryogenic control versus the rest of your peers in quantum?

你們在這方面似乎領先於其他人。我知道這會是一個很難回答的問題，因為這是兩項重大技術，我請你們討論一下。但是，您能否為我們總結一下，與量子領域的其他同行相比，您在糾錯和低溫控制方面的表現如何？

So first of all, we are world leaders in cryogenic control. In fact, we are the only company in the world that has cryogenic control operational today. And frankly, as I commented previously, at least every superconducting gate model quantum company is going to need this technology. For the most part, they haven't even started working on it yet, and we have it operational today. The reason why we have it operational today is because we needed it for our annealing quantum computers.

首先，我們在低溫控制領域處於世界領先地位。事實上，我們是當今世界上唯一一家擁有低溫控制能力的公司。坦白說，正如我之前評論的那樣，至少每個超導門模型量子公司都需要這項技術。在很大程度上，他們甚至還沒有開始工作，而我們今天就已經使其投入運作。我們今天之所以使用它是因為我們的退火量子電腦需要它。

That's why we are able to control 5,000 qubits with just a couple of hundred I/O lines and why we believe we'll be able to control even 100,000 qubits with just a couple of hundred I/O lines. So everybody in the supercomputing, quantum computing space will ultimately need this capability in order to be able to scale their processes.

這就是為什麼我們能夠只用幾百條 I/O 線來控制 5,000 個量子比特，以及為什麼我們相信我們能夠僅用幾百條 I/O 線來控制甚至 100,000 個量子比特。因此，超級運算、量子運算領域的每個人最終都需要這種能力，以便能夠擴展他們的流程。

And we're the only company in the world that has it today. And we've got a significant patent portfolio basically built around that capability. With respect to error correction, I think we've mentioned this before, but annealing quantum computers do not need the same type or level of error correction that's required by gate model quantum computers.

我們是當今世界上唯一擁有這項能力的公司。我們擁有一個主要圍繞這一能力建立的重要專利組合。關於錯誤校正，我想我們之前提到過，但是退火量子電腦不需要與閘模型量子電腦相同類型或等級的錯誤校正。

And so while we've developed some error mitigation technologies that are very useful for annealing quantum computing, we have not built the kind of error correction that is required for gate models. Now, under our gate model program, we are working on that today. But unlike cryogenic control, where we have it in hand, almost commercial grade, we don't yet have that for gate model system. We don't yet have error correction for gate model systems.

因此，雖然我們開發了一些對於退火量子計算非常有用的緩解錯誤技術，但我們還沒有建立閘門模型所需的那種錯誤校正。現在，根據我們的門模型程序，我們正在進行這項工作。但與我們掌握的幾乎達到商業級的低溫控制不同，我們還沒有門模型系統。我們還沒有針對門模型系統的錯誤修正。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Yeah, thanks for taking the question. Congratulations, guys, on the technical and financial accomplishments in the quarter. Alan, I wanted to start with you with the first question. You mentioned that there were numerous blockchain application partnerships that were inbound, and it sounds like initially engaged. Can you just provide more color on the opportunity that you see in that area?

是的，感謝您提出這個問題。大家好，恭喜你們在本季取得的技術和財務成就。艾倫，我想先問你第一個問題。您提到有許多區塊鏈應用合作夥伴關係正在建立，聽起來就像是初步合作。您能否進一步闡述您在該地區看到的機會？

Yes. So, Craig, we're not blockchain experts. And as a result, while we've developed an architecture and prototyped it and have it operational today that we think could be of real value to the blockchain industry, we are not going to pursue that ourselves. We would pursue that only in partnership with some organization that -- for which that really is their focus and their business.

是的。所以，克雷格，我們不是區塊鏈專家。因此，雖然我們已經開發出一種架構並製作了原型，並且已經在運行中，我們認為它可能對區塊鏈行業具有真正的價值，但我們不會自己去追求它。我們只會與某些組織合作來追求這個目標——這才是他們真正的重點和業務。

And so, as a result, we were encouraged when a number of companies and investors, frankly, who have expertise and are interested in the space approached us to talk about actual applications and opportunities to leverage this technology. And so we are working through that to make a determination around what would be the best way, if at all, to commercialize this.

因此，當一些擁有專業知識且對該領域感興趣的公司和投資者與我們接洽，探討這項技術的實際應用和機會時，我們感到非常鼓舞。我們正在努力尋找最佳的商業化途徑，甚至盡可能地實現商業化。

The only thing I will say, though, is for blockchain, as well as we've talked about AI as well, and we're working on how the quantum computers can basically enhance AI and machine learning, both model training and inference. What's interesting to us and really compelling about both the blockchain and AI opportunities is, we actually think they drive the system sale model of our business more than the quantum compute as a service model of our business.

不過，我唯一要說的是區塊鏈，我們也討論過人工智慧，我們正在研究量子電腦如何從根本上增強人工智慧和機器學習，包括模型訓練和推理。區塊鏈和人工智慧機會對我們來說有趣且真正引人注目的是，我們實際上認為它們推動我們業務的系統銷售模式，而不是量子運算即服務模式。

And so while quantum optimization and supporting customers that have applications that they need to run in support of their day-to-day business operations really continues to be a QCaaS quantum compute as a service-oriented business, we think blockchain and AI will kind of enhance the system sale component of the model. But I have to caution you, it's early days.

因此，雖然量子優化和支援客戶需要運行應用程式來支援他們的日常業務運營實際上仍然是 QCaaS 量子運算作為服務導向的業務，但我們認為區塊鏈和人工智慧將增強該模型的系統銷售組件。但我必須提醒你，現在還為時過早。

Certainly, and the continuous compute nature of blockchain and AI make it understandable why there might be more of a system sale interest there.

當然，區塊鏈和人工智慧的持續計算特性使得人們可以理解為什麼那裡可能會有更多的系統銷售興趣。

John, I'll switch to you for the second question, and it's really a clarification and then a follow-up. The clarification on the 93.6% gross margin, super high level, is that a proxy for how the model could work when we have a full system sale in the quarter? Or were there some onetime items that might have benefited that? And then you did mention that there's been an uptick in pipeline activity. If you could just elaborate on that, that would be great.

約翰，第二個問題我來問你，首先需要澄清一下，然後進行後續跟進。關於 93.6% 的毛利率（超高水平）的澄清，是否代表了當我們在本季度進行全系統銷售時模型如何運作？或者是否存在一些可能對此有益的一次性物品？然後您確實提到管道活動有所增加。如果您能詳細說明一下，那就太好了。

Generally, it is a proxy, Craig, but as we've previously outlined, we have a database of one system sale being this one. So each deal is going to have unique elements to it. But as it relates to the actual sale of the systems component of these types of arrangements, the gross margins will clearly be higher than what our average consolidated gross margin is as we just demonstrated in the first quarter.

一般來說，它是一個代理，Craig，但正如我們之前所概述的，我們有一個系統銷售的資料庫就是這個。因此，每筆交易都有其獨特的元素。但由於它與此類安排的系統組件的實際銷售有關，因此毛利率顯然會高於我們在第一季所展示的平均合併毛利率。

Having said that, there could be some variability relative to what we saw here in the first quarter. But generally, they'll be higher than the QCaaS margins that are typically in the 70% to 80% range. Your second question had to do with pipeline?

話雖如此，與第一季相比，實際利潤率可能會有所波動。但總體而言，QCaaS 的利潤率通常在 70% 到 80% 之間，因此會更高。您的第二個問題與管道有關嗎？

Yes, John.

是的，約翰。

Yes. So we're seeing a very, very healthy sales pipeline. And what is most interesting about it is, we now have a fair number of larger organizations, including a number of Forbes Global 2000 companies. That's the positive element of what's happening in the pipeline. But associated with that, these deals typically take longer because you're dealing with larger organizations that have, in many cases, complex procurement processes.

是的。因此，我們看到了非常非常健康的銷售管道。最有趣的是，我們現在有相當多的大型組織，包括許多《富比士》全球 2000 大公司。這是管道中正在發生的事情的積極因素。但與此相關的是，這些交易通常需要更長的時間，因為您要與規模較大的組織打交道，而這些組織在許多情況下都擁有複雜的採購流程。

I'll also point out with respect to our customer count numbers that I provided earlier, that over the last two sequential quarters, we've seen an increase in the average revenue per commercial customer, as well as the average revenue per government customer. So although the customer count has not increased dramatically, underlying that is a growth in the average revenue per commercial account and government account over the last two sequential quarters.

我還要指出的是，根據我之前提供的客戶數量，在過去兩個連續季度中，我們看到每個商業客戶的平均收入以及每個政府客戶的平均收入都有所增加。因此，儘管客戶數量沒有大幅增加，但背後的原因是過去兩個連續季度每個商業帳戶和政府帳戶的平均收入有所增長。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Let me also offer my congratulations on both the financial and technical milestones in the quarter. I'm not sure if it's for John or Alan, but just a clarification on the system sale. I think last quarter, when you discussed this sale, you mentioned that there's an option for an upgrade to the Advantage2 processor. In today's script, you're saying that you have installed an Advantage2 system. And so, I'm wondering, did the system sale price you recognized, does that include the upgrade option?

我還要對本季的財務和技術里程碑表示祝賀。我不確定這是否適用於約翰或艾倫，但只是對系統銷售進行澄清。我想上個季度，當您討論這次銷售時，您提到有一個升級到 Advantage2 處理器的選項。在今天的腳本中，您說您已經安裝了 Advantage2 系統。所以，我想知道，您確認的系統銷售價格是否包含升級選項？

Or is that upgrade option for the QPU still available to be deployed sometime later this year or next?

或者 QPU 的升級選項仍可在今年稍後或明年部署？

Sorry, Quinn, I think you confused two different things here. The Julich system installation that has been handed over to Julich is an Advantage system with the option to upgrade to Advantage2. The Davidson system is an Advantage2 system installed from the outset. And so, yes, the upgrade of the system at Julich is still to be done.

抱歉，奎因，我認為你混淆了兩件不同的事情。已移交給 Julich 的 Julich 系統安裝是一個 Advantage 系統，可以選擇升級到 Advantage2。Davidson 系統從一開始就安裝有 Advantage2 系統。是的，尤利希的系統升級工作仍需完成。

Okay. Maybe I misheard that. I thought in the script, you had referred to the Julich system as Advantage2, so my apologies, but that option is still available for later this year. Alan, the second question I had is, you talked about NTT DOCOMO, Pattison and Ford Otosan moving to production. Can you just discuss the pipeline of additional customers moving applications?

好的。也許我聽錯了。我以為在腳本中，您將 Julich 系統稱為 Advantage2，所以我很抱歉，但該選項在今年晚些時候仍然可用。艾倫，我的第二個問題是，您談到了 NTT DOCOMO、Pattison 和 Ford Otosan 轉向生產。您能否討論一下其他客戶轉移應用程式的管道？

How are you feeling about converting additional customers or more applications at the three I mentioned into production over the course of the year?

您對今年將我提到的三家公司的更多客戶或更多應用程式投入生產有何感想？

Yes. So I can't give you any specifics. We've talked in the past about what's involved in progressing a customer from proof of concept through to benchmarking through to kind of the work that needs to be done on their internal infrastructure environment in order to move the application into production, all on the path to moving into production. And that does take some time.

是的。所以我無法給你任何具體資訊。我們過去曾討論過客戶從概念驗證到基準測試，再到為了將應用程式投入生產而在其內部基礎設施環境中需要完成的工作，所有這些都是在投入生產的道路上進行的。這確實需要一些時間。

That having been said, maybe the best way to think about this is to think about all the entities, read that as companies or partners or institutions that showed up at Qubits and were on stage in one way or another, either giving a presentation or as a part of the keynote and panel discussions, what have you, these are all companies that we are working with. And that can give you a sense of what the pipeline might look like on the path to production.

話雖如此，或許思考這個問題的最佳方式是想想所有實體，例如出席 Qubits 大會並以各種方式登台的公司、合作夥伴或機構，無論是做演示，還是參與主題演講和小組討論，這些都是我們正在合作的公司。這樣就能讓你大致了解生產過程中的流程是什麼樣子。

Suji Desilva, ROTH Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅仕資本合夥人。

Good morning, Alan. Good morning, John. Congrats on all the progress here. I think, John or Alan, you talked about the increasing revenue per customer. Can you talk about the shape that's taking anecdotally? Are you seeing maybe one application going to 2? Or is it more that you're seeing application getting the customer bought into the approach and then kind of looking to spread across multiple applications?

早安，艾倫。早安，約翰。恭喜你在這裡取得的所有進展。我認為，約翰或艾倫，你們談到了每位客戶的收入增加。您能否透過軼事談論一下目前的情況？您是否看到一個應用程式變為 2 個？或者您看到應用程式讓客戶接受了這種方法，然後希望將其傳播到多個應用程式中？

What are you seeing more anecdotally?

您還看到了哪些更有趣的事？

John, do you want to take that?

約翰，你想接受這個嗎？

Sure. I mean, typically, Suji, we're starting with one application. And depending on how that goes, and there's the opportunity for multiple opportunities or multiple applications. But typically, we start with a focus on successfully executing one initial application, even though there's interest or maybe interest in multiple applications, the objective is to get the first application into production as quickly as possible.

當然。我的意思是，通常情況下，Suji，我們從一個應用程式開始。根據進展情況，可能會有多個機會或多個應用程式。但通常情況下，我們首先關注的是成功執行初始應用程序，即使對多個應用程式感興趣或可能感興趣，目標都是盡快將第一個應用程式投入生產。

Suji, I think the only thing I might add to that is that part of the reason why we're seeing this growth is that, as John commented, we're starting to now engage with larger companies who are interested in having us help them to build out the proof of concept versus just kind of buy a small amount of quantum compute as a service and do a do-it-yourself kind of effort. And that, of course, drives larger deals for us.

Suji，我想我唯一想補充的是，我們看到這種增長的原因之一是，正如 John 所說，我們現在開始與一些大公司合作，這些公司有興趣讓我們幫助他們建立概念驗證，而不是僅僅購買少量的量子計算即服務並自己動手。當然，這會為我們帶來更大的交易。

Okay. And then I think you mentioned, John, with the funding level you have now that you're funded to profitability. Can you give us some help here on what your thoughts are on what a revenue run rate might be when you reach profitability? And within that, what the mix at that point might be on an annual basis, maybe Advantage systems versus service revenue?

好的。然後我想你提到過，約翰，你現在的資金水準已經足以讓你獲利。您能否給我們一些幫助，告訴我們您對實現盈利時的收入運行率可能是多少的看法？在此範圍內，屆時年度收入組合可能會是什麼情況，可能是優勢系統與服務收入？

A quick answer, Suji, is we've not quantified what that revenue run rate is as it relates to achieving profitability nor have we provided any timing. What we have outlined, and we did this in a January press release based upon the closing of the most recent ATM that we have sufficient liquidity to get us to that point in time of sustained profitability and positive cash flow.

Suji，我的簡短回答是，我們還沒有量化與實現盈利相關的收入運行率，也沒有提供任何時間表。我們已經概述過，並且我們在 1 月份的新聞稿中根據最近關閉的 ATM 機的情況說明了這一點，我們擁有足夠的流動性，可以讓我們達到持續盈利和正現金流的水平。

Tyler Anderson, Craig-Hallum.

泰勒安德森、克雷格哈勒姆。

Good morning gentlemen. Congratulations and thank you for taking my questions. And specifically, congratulations on the error mitigation. I was just wondering if this is available as a library for customers who purchase systems? And if you could quote the coherence time difference between the 1,200 and the 4,400 processors that you're seeing?

先生們，早安。恭喜您，感謝您回答我的問題。具體來說，祝賀錯誤減少。我只是想知道這是否可以作為庫提供給購買系統的客戶？您能否提供您觀察到的 1,200 個處理器和 4,400 個處理器之間的相干時間差異？

Okay. So first of all, the coherence times on the 1,200 and 4,400 is the same. So these are both Advantage2 processors where the chips were fabricated using essentially the same fabrication process and the same materials. The only difference is the number of qubits on the chip. And so, what drives the coherence time is the materials and the fab process and basically the reduction in noise through that fab process.

好的。首先，1,200 和 4,400 的相干時間是相同的。因此，這些都是 Advantage2 處理器，其晶片採用基本相同的製造流程和相同的材料製造。唯一的區別是晶片上的量子比特的數量。因此，決定相干時間的因素是材料和製造工藝，基本上透過製造工藝降低噪音。

So since these chips are using the same process, the same materials, they essentially have the same coherence time with one being 1,200 qubits on the chip and the other being 4,400 qubits on the chip. With respect to error mitigation, the error mitigation essentially gives us the effect of a 10x increase in coherence time for certain types of problems over the base coherence time.

因此，由於這些晶片使用相同的製程、相同的材料，它們基本上具有相同的相干時間，其中一個晶片上有 1,200 個量子位元，另一個晶片上有 4,400 個量子位元。對於錯誤緩解，錯誤緩解本質上為我們帶來了這樣的效果：對於某些類型的問題，相干時間比基本相干時間增加 10 倍。

So we said that Advantage2 has 2 times the coherence time over Advantage. And with error mitigation, we get another 10x on Advantage2. So that would put Advantage2 at 20x over Advantage or 10x Advantage2 error mitigated versus Advantage2 not error mitigated. But in my comments, I said for material simulation problems. So the error mitigation technique works for certain classes of problems. It's particularly good for simulation problems.

所以我們說 Advantage2 的相干時間是 Advantage 的 2 倍。透過減少錯誤，我們在 Advantage2 上又獲得了 10 倍的提升。因此，這意味著 Advantage2 的表現是 Advantage 的 20 倍，或者說，Advantage2 誤差緩解後的表現是 Advantage 的 10 倍，而非 Advantage2 誤差緩解後的表現。但我在評論中說的是針對材料模擬問題。因此，錯誤緩解技術對於某些類型的問題有效。它對於模擬問題特別有用。

Okay. Great. That's good color. And could you discuss whether the David installation has been garnering system sale attention from primes or the government? Because it seemed like your installation stole some thunder from other events in the area and they haven't changed their date.

好的。偉大的。這顏色真好。您能否討論一下 David 的安裝是否引起了主要人物或政府的系統銷售關注？因為看起來您的裝置搶了該地區其他活動的風頭，而且他們並沒有更改日期。

And then how much of that system sales in Q2 as a percent? Or any color on that?

那麼該系統在第二季的銷售額佔比是多少？或是上面有什麼顏色嗎？

Okay. So, again, we haven't disclosed any of the terms of the Davidson relationship. So I can't go into any detail there. What I will say is that we have an enormous amount of interest in systems from governments and supercomputing centers around the world. But frankly, less so in the United States.

好的。因此，我們再次聲明，我們尚未披露與戴維森關係的任何條款。所以我無法透露任何細節。我想說的是，我們對來自世界各國政府和超級計算中心的系統有著極大的興趣。但坦白說，美國的情況並非如此。

We've talked about this before, but there is a strong gate model bias in the US government. That is something that we are working hard to address. And we're making incremental progress, but we are not there yet. We believe it's a huge mistake on the part of the US government because, frankly, other governments around the world are looking at quantum computing to help solve important hard problems today, recognizing that annealing can do that while gate model can.

我們之前討論過這個問題，但美國政府有強烈的門禁模式偏見。我們正在努力解決這個問題。我們正在逐步取得進展，但尚未實現目標。我們認為這是美國政府的一個巨大的錯誤，因為坦白說，世界各國政府都在考慮利用量子運算來幫助解決當今的重要難題，並認識到退火可以做到這一點，而門模型也可以。

And the US, in my view, admittedly, somewhat biased is falling way behind on this and really needs to get that sorted out. So I would not say that we're seeing a lot of interest from the US government in system sales at this point in time.

在我看來，美國確實存在一些偏見，在這方面遠遠落後，確實需要解決這個問題。因此，我不會說我們目前看到美國政府對系統銷售有很大的興趣。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

So I think, Alan, you might have just answered my question. I was going to ask you about the change in the US government, what you're seeing, but I think you just answered that one. So I'll let that be. You did talk about blockchain hashing and that you will need a partner, like a strong partner that you will work with.

所以我想，艾倫，你可能剛剛回答了我的問題。我本來想問您有關美國政府的變化以及您所看到的情況，但我想您剛剛回答了這個問題。所以我就讓它這樣吧。您確實談到了區塊鏈哈希，並且您需要一個合作夥伴，例如一個可以與您合作的強大的合作夥伴。

That's the only way it seems like you want to go to market on that. So I was curious if you might share what kind of characteristics would you look for in a partner for something like that? Would it be like a crypto exchange? Or I don't even know that much about blockchain. Maybe you could just educate us a little bit on what kind of partner you will need.

這似乎是您想要進入市場的唯一方法。所以我很好奇，您是否可以分享一下，在尋找這樣的伴侶時，您會尋找什麼樣的特質？它會像加密貨幣交易所嗎？或者說我根本就不太了解區塊鏈。也許您可以稍微告訴我們一下您需要什麼樣的合作夥伴。

Sure. So let me just make a further comment on the US government since you started there. Look, the Trump administration is still relatively new. Not even all of his appointments have been installed yet, including in areas that are technology related. And so, we are hopeful that with the change in administration, there will be an increased interest in and focus on quantum computing and in looking at all forms of quantum computing, as well as looking at near-term applications versus long-term research.

當然。因此，自從您開始談論美國政府以來，請允許我進一步評論。看起來，川普政府還比較新。他甚至還沒有全部任命到位，包括與技術相關的領域。因此，我們希望，隨著政府的更迭，人們對量子計算的興趣和關注將會增加，並將關注所有形式的量子計算，以及近期應用和長期研究。

And we're starting to see a little bit of turnover in some of the key positions that, frankly, have been part of the challenge that we've been facing. So we're hopeful. But we're not there yet. And so, we just need to see how this will play out over the next several months. And of course, we continue to be very focused on helping to educate and engage with the US government because, frankly, we want to be helpful, and we think we can be helpful. And we'd like to get that level of engagement and support.

我們開始看到一些關鍵職位出現了一些人員變動，坦白說，這是我們面臨的挑戰的一部分。所以我們充滿希望。但我們還沒有到達那裡。所以，我們只需要看看接下來幾個月情況會如何發展。當然，我們將繼續致力於幫助教育美國政府並與他們互動，因為坦白說，我們希望提供幫助，我們認為我們能夠提供幫助。我們希望獲得這種程度的參與和支持。

With respect to blockchain, so it's not only about cryptocurrency, Harsh. It's about protecting assets, protecting important information. Elon Musk has talked about putting the US government ledger on a blockchain. The important elements of blockchain are that, A, it's very secure; and B, it's immutable. I mean, you can't change it, right? So, it's a great way to kind of enshrine important information in a way that can't be modified or subverted in some way.

關於區塊鏈，所以它不僅涉及加密貨幣，Harsh。這是為了保護資產，保護重要資訊。伊隆馬斯克曾談到要把美國政府的帳本放到區塊鏈上。區塊鏈的重要元素是：A，它非常安全；B，它是不可改變的。我的意思是，你無法改變它，對嗎？因此，這是一種以無法被修改或破壞的方式保存重要資訊的好方法。

And so you could put health records in blockchain, for example, you could put financial ledgers in a blockchain. These are all interesting and useful applications. And so, the type of partner, we're kind of open-minded on it, but it could go the route of application-oriented or it could go the route of kind of generic service. And we're still trying to work through that.

因此，你可以將健康記錄放入區塊鏈，例如，你可以將財務分類帳放入區塊鏈。這些都是有趣且有用的應用程式。因此，對於合作夥伴的類型，我們持開放態度，但它可以走面向應用的路線，也可以走通用服務的路線。我們仍在努力解決這個問題。

Very helpful. Alan, thank you.

非常有幫助。艾倫，謝謝你。

Tyler Anderson, Craig-Hallum.

泰勒安德森、克雷格哈勒姆。

Thanks for taking my follow-up, guys. Your gate on annealing or your gate alone system, can the gate model be toggled through software? Or does this require hardware tweaks? And if it's hardware, does this take a long time and can non-research customers do this themselves? And does it require like new guts and controls within the dilution fridge?

謝謝大家的關注。你們的退火系統是採用門控模式還是單獨門控模式，門控模式可以透過軟體切換嗎？或者這是否需要硬體調整？如果是硬件，這是否需要很長時間？非研究客戶可以自己做嗎？稀釋冰箱內是否需要新的內膽和控制裝置？

Okay. I'm not sure I understand your question, but let me make some comments. And then if I have not addressed it, feel free to kind of refine the question. So our annealing quantum computer and our gate model development work are two separate quantum computing systems. They are very different architectures.

好的。我不確定我是否理解了你的問題，但請容許我發表一些評論。如果我沒有解決這個問題，請隨意完善這個問題。因此我們的退火量子電腦和閘模型開發工作是兩個獨立的量子計算系統。它們是非常不同的架構。

There's a lot of technology -- underlying technology that can be leveraged from the annealing quantum system into the gate model quantum system, but they are different architectures. They are different hardware systems. So it's not the case that you can take our annealing quantum computer and somehow toggle it to run as a gate model system. That is not the case. As I said, two different architectures, two different hardware systems, but synergy between them in the sense that important technologies that we've developed for annealing like cryogenic control can be applied in development of the gate model system.

有許多技術——底層技術可以從退火量子系統應用到閘門模型量子系統中，但它們是不同的架構。它們是不同的硬體系統。因此，您不能採用我們的退火量子電腦並以某種方式將其切換為閘門模型系統運行。事實並非如此。正如我所說，兩種不同的架構，兩種不同的硬體系統，但它們之間存在協同作用，因為我們為退火開發的低溫控制等重要技術可以應用於門模型系統的開發。

Second thing I'll say is, our annealing quantum computers are very far advanced today. Advantage2 will be our sixth-generation annealing quantum computer, and they are commercial systems today. In fact, they're the only quantum computers in the world that are truly commercial today supporting customer business applications and production. Our gate model system is still in the early R&D phase.

我想說的第二件事是，我們的退火量子電腦如今已經非常先進。Advantage2 將是我們第六代退火量子計算機，目前它們已經是商業系統。事實上，它們是當今世界上唯一真正商業化、支援客戶業務應用和生產的量子電腦。我們的門模型系統仍處於早期研發階段。

Now, the only other thing I'll say is, I did talk about digital analog controls in our annealing quantum computer. And that may be where your question came from. So one of the things that we have been able to demonstrate is the ability to take our annealing quantum computer and perform some digital operations on it. Do not think of this as all the gate model controls and operations. That's not the case. But some of them like being able to directly excite a qubit or being able to take the state of one qubit and move it to another qubit.

現在，我唯一想說的是，我確實討論過我們退火量子電腦中的數位模擬控制。你的問題可能就出自這裡。因此，我們已經能夠證明的事情之一是利用退火量子電腦執行一些數位操作的能力。不要將其視為所有門模型的控制和操作。事實並非如此。但其中一些喜歡直接激發量子位，或是能夠將一個量子位元的狀態移動到另一個量子位元。

These are some gate model controls that when applied to an annealing quantum computer, can actually deliver some very interesting capabilities for optimization applications. And so what we're working on is applying some digital controls, read that as some of the gate model controls to the annealing fabric to improve some of the capabilities of the annealing quantum system, but separate from that, building a full gate model quantum computer.

這些是一些閘門模型控制，當應用於退火量子電腦時，實際上可以為最佳化應用提供一些非常有趣的功能。因此，我們正在研究的是應用一些數位控制，將其理解為將一些閘門模型控制應用於退火結構，以改善退火量子系統的一些能力，但除此之外，還要建立一個完整的閘門模型量子電腦。

Okay. So just to reframe quickly, and I got one more follow-up. So can somebody swap out the QPU with the existing control hardware that they have that they bought a previous system? Or do they need to buy a full new system or swap out the existing control they have?

好的。因此，只需快速重新構建，我就會得到另一個後續資訊。那麼有人可以將 QPU 與他們從以前的系統購買的現有控制硬體交換嗎？還是他們需要購買一套全新的系統或更換現有的控制系統？

What you want to do is to upgrade from one annealing quantum computer to another, for example, from Advantage to an Advantage2. That's essentially a chip change and some minor I/O modifications, but not a whole new system. If what you want to do is go from an Advantage annealing quantum computer to, say, a D-Wave gate model quantum computer at some point in the future, you would not need a new dilution refrigerator, but you would need to change out both the chip and pretty much all of the I/O and control.

您要做的是，從一台退火量子電腦升級到另一台，例如從 Advantage 升級到 Advantage2。這本質上是晶片的改變和一些小的 I/O 修改，但不是一個全新的系統。如果您想要在未來某個時候從 Advantage 退火量子計算機轉變為 D-Wave 門模型量子計算機，那麼您不需要新的稀釋製冷機，但您需要更換晶片以及幾乎所有的 I/O 和控制。

And then for your Advantage, the 4,400-qubit one, is this accessible to certain customers? And are you generating revenues on that? Or are you still waiting to release this broadly?

那麼對於你們的優勢，4,400 量子位元的優勢，某些客戶可以使用嗎？你能從中賺取收入嗎？或者您仍在等待廣泛發布此內容？

Okay. So we have the 1,200-qubit prototype Advantage2 in our Leap Quantum cloud service that any customer can use today. Our 4,400-qubit full-scale Advantage2 quantum computer, we will make generally available before the end of this quarter, before the end of Q2. At that point, it will be a part of our quantum cloud service for any customers to make use of it, as well as kind of being the primary processor that we would use in any remote installations.

好的。因此，我們的 Leap Quantum 雲端服務中擁有 1,200 量子位元原型 Advantage2，任何客戶現在都可以使用。我們的 4,400 量子位元全尺寸 Advantage2 量子電腦將在本季末，也就是第二季末之前全面上市。到那時，它將成為我們量子雲端服務的一部分，任何客戶都可以使用它，同時也成為我們在任何遠端安裝中使用的主處理器。

Awesome, thank you. I appreciate you for taking my question.

太棒了，謝謝。感謝您回答我的問題。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Thanks for taking the follow-up. Alan, at Qubits '25, you presented a long-term technology roadmap that included scaling up to, I believe, it was 20,000 and 100,000 qubit systems. Can you just elaborate a little bit on the reaction you've got from customers and partners at the event and since the event on that roadmap?

感謝您的跟進。艾倫，在 Qubits '25 大會上，您提出了一個長期技術路線圖，其中包括擴展到 20,000 和 100,000 個量子位元系統。您能否稍微詳細說明一下客戶和合作夥伴在此次活動中以及自該路線圖活動以來的反應？

I mean, as you'd expect it, excitement. I mean, the truth of the matter is, and I think I've talked about this before, obviously, with more qubits and more connectivity, we are able to solve larger and more complex problems on the quantum computer. Now, today, the way we solve larger and more complex problems that can be solved natively on the quantum computer is by using our hybrid solvers. And it's a very powerful technology.

我的意思是，正如你所期望的那樣，令人興奮。我的意思是，事實是，我想我之前已經談過這個問題，顯然，有了更多的量子位元和更多的連接，我們就能夠在量子電腦上解決更大、更複雜的問題。現在，我們解決更大、更複雜的問題的方式是使用我們的混合求解器，這些問題可以在量子電腦上本地解決。這是一項非常強大的技術。

But the more of the problem that we can solve natively on the quantum computer, the greater the advantage over classical. And so, while we have many customers that today through the hybrid solvers are seeing improvements over the classical solutions. And as a result, they're seeing a good ROI, and that's why we've got three customers with applications in production and more that are on the path to production. If we were able to solve more or all of the problem on the quantum computer, the improvement will be significantly larger, and an even stronger ROI.

但是，我們在量子電腦上能夠解決的問題越多，它相對於經典電腦的優勢就越大。因此，雖然我們今天有許多客戶透過混合求解器看到了對傳統解決方案的改進。結果，他們看到了良好的投資回報率，這就是為什麼我們有三個客戶的應用程式正在投入生產，還有更多客戶正在走向生產之路。如果我們能夠在量子電腦上解決更多或所有問題，那麼改進將會更大，投資報酬率也會更高。

So the excitement is around the ability to, on the one hand, enable additional use cases that aren't yet possible. And on the other hand, see increased benefit over classical for things that -- where benefit is already today being seen.

因此，令人興奮的是，一方面，它能夠實現目前尚無法實現的更多用例。另一方面，它能夠看到相對於傳統技術而言的更多優勢——而這些優勢目前已經顯現。

That's helpful, thank you.

這很有幫助，謝謝。

This concludes our question-and-answer session. I'd like to turn the floor back over to Dr. Baratz for closing comments.

我們的問答環節到此結束。我想把發言權交還給 Baratz 博士，請他發表最後評論。

Okay. So thank you all again for taking the time to be here with us today. Frankly, we see only tailwinds as we continue to place the trail of quantum computing innovation and adoption. I've never been more confident in our business, our technology, our commercial opportunities, and our truly remarkable team. So thanks again for taking the time to join us today.

好的。再次感謝大家今天抽出時間來參加我們的會議。坦白說，隨著我們繼續探索量子運算的創新和應用，我們看到的只是順風。我從未對我們的業務、我們的技術、我們的商業機會以及我們真正出色的團隊如此有信心。再次感謝您今天抽出時間來參加我們的活動。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有美好的一天。