D-Wave Quantum Inc (QBTS) 2025 Q2 法說會逐字稿

Good morning, everyone. Welcome to D-Wave's second-quarter of fiscal year 2025 earnings conference call.

大家早安。歡迎參加 D-Wave 2025 財政年度第二季財報電話會議。

Today's conference call is being recorded.

今天的電話會議正在錄音。

At this time, I would like to turn the call over to [Debeth Mathis] of Investor Relations. Please go ahead.

現在，我想將電話轉給投資者關係部門的 [Debeth Mathis]。請繼續。

Thank you. Good morning.

謝謝。早安.

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

今天與我一起的有我們的執行長 Alan Baratz 博士和我們的財務長 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 reports.

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 報告中包含的警示性聲明一起考慮。

During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as non-GAAP gross profit, non-GAAP gross margin, and adjusted EBITDA loss; and operating metrics, such as bookings. 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's website at www.dwavequantum.com.

在今天的電話會議中，管理層將提供某些信息，這些信息將構成美國證券交易委員會規則下的非公認會計準則財務指標，例如非公認會計準則毛利潤、非公認會計準則毛利率和調整後的 EBITDA 虧損；以及運營指標，例如預訂量。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 the call over to Alan.

我現在將電話交給艾倫。

Good morning, everyone. Thank you for joining us today.

大家早安。感謝您今天加入我們。

I'm, once again, really excited to share our results for the second quarter of fiscal 2025. Building on the company's remarkable first-quarter results, we continue to see accelerating momentum across the business.

我再次非常高興地分享我們 2025 財年第二季的業績。基於公司第一季的出色業績，我們繼續看到整個業務的加速發展勢頭。

Let me now walk you through some key highlights, starting with technical achievements. In May 2025, we announced the general availability of D-Wave's Advantage2 quantum computer, our most advanced and performant system. The Advantage2 system is a powerful and energy-efficient annealing quantum computer capable of solving computationally complex problems beyond the reach of classical computers. A smaller prototype of this system was used to demonstrate our quantum supremacy result on a real-world materials simulation problem, a first for the industry.

現在讓我向你們介紹一些主要亮點，首先是技術成就。2025 年 5 月，我們宣布全面推出 D-Wave 的 Advantage2 量子計算機，這是我們最先進、性能最強的系統。Advantage2 系統是一款功能強大且節能的退火量子計算機，能夠解決傳統計算機無法解決的計算複雜問題。該系統的一個較小原型用於展示我們在現實世界材料模擬問題上的量子霸權結果，這是業界的首創。

Featuring D-Wave's most advanced quantum processor to date, the Advantage2 system is commercial-grade and built to address real-world use cases in areas such as optimization, material simulation, and artificial intelligence. As previously shared, the Advantage2 quantum processors have demonstrated impressive performance gains over the previous Advantage system, including double 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.

Advantage2 系統採用 D-Wave 迄今為止最先進的量子處理器，具有商業級性能，旨在解決優化、材料模擬和人工智慧等領域的實際用例。如前所述，Advantage2 量子處理器比先前的 Advantage 系統表現出了令人印象深刻的效能提升，包括雙倍相干時間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 路增加到 20 路以支援解決更大的問題。

It's a significant engineering achievement that highlights our progress in scaling quantum technology to meet demands for growing computational processing power, while maintaining energy efficiency. We're helping customers realize value from quantum computing, right now. The Advantage2 system is an important proof point.

這是一項重大的工程成就，彰顯了我們在擴展量子技術以滿足不斷增長的運算處理能力的需求同時保持能源效率方面取得的進展。我們現在正在幫助客戶實現量子運算的價值。Advantage2系統是一個重要的證明點。

We recently announced a new strategic development initiative focused on advanced cryogenic packaging, designed to advance and scale both gate-model and annealing quantum processor development. The initiative builds on D-Wave's technology leadership in cryogenic packaging and will expand our multi-chip packaging capabilities, equipment, and processes.

我們最近宣布了一項新的戰略發展計劃，重點關注先進的低溫封裝，旨在推進和擴大閘門模型和退火量子處理器的開發。該計劃以 D-Wave 在低溫封裝領域的技術領先地位為基礎，並將擴展我們的多晶片封裝能力、設備和製程。

By bolstering D-Wave's manufacturing efforts with state-of-the-art technology, the company aims to accelerate its development efforts in support of its aggressive product roadmap on the path to 100,000 qubits. As part of this initiative, D-Wave is leveraging deep expertise and processes at the NASA Jet Propulsion Laboratory, JPL. Harnessing JPL's superconducting bump-on process, we have demonstrated end-to-end superconducting interconnect between chips, work that we expect will serve as an important foundation for scaling both our annealing and our gate-model systems.

透過利用最先進的技術來加強 D-Wave 的製造能力，該公司旨在加快其開發力度，以支援其邁向 100,000 量子位元的積極產品路線圖。作為該計劃的一部分，D-Wave 正在利用美國國家航空暨太空總署 (NASA) 噴氣推進實驗室 (JPL) 的深厚專業知識和流程。利用 JPL 的超導凸塊工藝，我們展示了晶片之間的端到端超導互連，我們期望這項工作將成為擴展退火和門模型系統的重要基礎。

We are continuing important development work that brings together quantum and AI to explore the synergies and benefits of these complementary technologies. Our aim is to help organizations accelerate the use of annealing quantum computers in a growing set of AI applications.

我們正在繼續進行將量子和人工智慧結合的重要開發工作，以探索這些互補技術的協同作用和優勢。我們的目標是幫助組織加速在越來越多的人工智慧應用中使用退火量子電腦。

To that end, we recently introduced a collection of developer tools to advance quantum AI and machine-learning innovation:

為此，我們最近推出了一系列開發工具，以推動量子人工智慧和機器學習創新：

First, we launched an open source quantum AI toolkit that provides direct integration between D-Wave's quantum computers and PyTorch, a production-grade machine-learning framework widely used to build and train deep-learning models.

首先，我們推出了一個開源量子 AI 工具包，可實現 D-Wave 量子電腦與 PyTorch 的直接集成，PyTorch 是一種廣泛用於構建和訓練深度學習模型的生產級機器學習框架。

Second, we launched a new demonstration that illustrates how developers can use D-Wave's quantum AI toolkit to generate simple images, reflecting what we believe is a pivotal step in the development of quantum AI capabilities.

其次，我們推出了一個新的演示，展示開發人員如何使用 D-Wave 的量子 AI 工具包產生簡單的圖像，這反映了我們認為是量子 AI 能力發展的關鍵一步。

These tools are making it easier for customers like Japan Tobacco [and Triumph] to build hybrid quantum classical machine-learning applications. Customers are increasingly coming to us to explore how to integrate quantum into AI workflows. We expect that this will remain a priority development area for us. Last quarter, we discussed the purchase of an Advantage2 system by the Jülich Supercomputing Center, an important milestone in our burgeoning on-premises business.

這些工具使日本菸草（和 Triumph）等客戶更容易建立混合量子經典機器學習應用程式。越來越多的客戶來找我們探討如何將量子融入人工智慧工作流程。我們預計這仍將是我們的優先發展領域。上個季度，我們討論了 Jülich 超級運算中心購買 Advantage2 系統，這是我們蓬勃發展的內部部署業務的一個重要里程碑。

Demand for purchasing a system has been high. We've been in discussions with numerous organizations around the world interested in buying a D-Wave quantum computer. Recently, we announced a strategic relationship with Yonsei University and Incheon Metropolitan City to accelerate the exploration, adoption, and usage of quantum computing in South Korea. Under the terms of the Memorandum of Understanding, the three organizations are working together to advance research and talent development for quantum computing to provide access to D-Wave's quantum computing systems and services and to collaborate on the development of use cases in biotechnology, material science, and other areas. In addition, the MOU supports our efforts toward the acquisition of a D-Wave Advantage2 system on site at the Yonsei University International Campus in Songdo, Yeonsu-gu, Incheon.

購買系統的需求一直很高。我們一直在與世界各地眾多有意購買 D-Wave 量子電腦的組織進行討論。最近，我們宣布與延世大學和仁川廣域市建立戰略合作夥伴關係，以加速韓國對量子運算的探索、採用和使用。根據諒解備忘錄的條款，三方將共同努力推進量子計算的研究和人才培養，以提供對 D-Wave 量子計算系統和服務的訪問，並合作開發生物技術、材料科學和其他領域的用例。此外，該諒解備忘錄也支持我們在仁川延壽區松島的延世大學國際校區現場採購 D-Wave Advantage2 系統的努力。

Before turning to commercial updates, I wanted to take a moment to remind everyone of the differences between annealing and gate-model, as there still appears to be continued misinformation that we believe is confusing the market. Annealing and gate-model are different types of quantum computing approaches that solve different types of problems. According to peer-reviewed research, gate-model quantum computers will not offer advantages for all problem types. Multiple research results have shown that annealing quantum computers outperform and are expected to continue to outperform gate-model on optimization problems. So gate-model cannot universally solve all problems better than classical.

在轉向商業更新之前，我想花點時間提醒大家退火和門模型之間的區別，因為我們認為仍然存在持續的錯誤訊息混淆市場。退火和閘門模型是不同類型的量子計算方法，用於解決不同類型的問題。根據同行評審的研究，閘門模型量子電腦並不能為所有類型的問題帶來優勢。多項研究結果表明，退火量子電腦在最佳化問題上表現出色，並有望繼續優於閘門模型。因此，門模型不能比經典模型更好地解決所有問題。

It is also important to understand that annealing is not a niche solution. We believe that annealing quantum computing is well suited to a broad set of problems, including AI machine learning; quantum simulation; and business optimization, which is ubiquitous in today's modern enterprise. Business optimization problems encompass things like workforce scheduling, production scheduling, resource allocation, vehicle routing, and so on. Together, these represent extensive use cases with far-reaching potential.

同樣重要的是要理解退火並不是小眾的解決方案。我們相信，退火量子運算非常適合解決一系列廣泛的問題，包括人工智慧機器學習、量子模擬和業務優化，這些在當今的現代企業中無處不在。業務優化問題包括勞動力調度、生產調度、資源分配、車輛路線等。總的來說，這些代表了具有深遠潛力的廣泛用例。

To characterize annealing quantum computing as niche is misleading and ill-informed. Both annealing and gate-model quantum computers can solve a broad range of problems. Each has its limitations with problems it cannot efficiently solve. Annealing quantum computing is very good at solving optimization problems, which cannot be efficiently solved by gate-model. Gate-model quantum computers, once commercialized, are expected to be very good at quantum chemistry and 3D fluid dynamics, which cannot be efficiently solved by annealing. Both systems can tackle linear algebra and factorization; meaning, problems related to AI, machine learning, and cryptography.

將退火量子計算描述為小眾領域是誤導和不明智的。退火和閘門模型量子電腦都可以解決廣泛的問題。每種方法都有其局限性，無法有效解決問題。退火量子計算非常擅長解決最佳化問題，而這些問題無法透過閘門模型有效解決。閘門模型量子電腦一旦商業化，預計將在量子化學和三維流體動力學方面表現出色，而這些問題無法透過退火法有效解決。這兩個系統都可以解決線性代數和因式分解；也就是說，與人工智慧、機器學習和密碼學相關的問題。

We believe that organizations will need both annealing and gate-model systems in order to address their full problem sets. This is why D-Wave is building both types of quantum computers for our customers.

我們相信，組織需要退火和門模型系統來解決其全部問題。這就是 D-Wave 為我們的客戶建造兩種類型的量子電腦的原因。

Now, I'll turn to commercial updates. In terms of D-Wave's customer portfolio, we signed a number of new and renewing customer engagements for both commercial and research applications, including E.ON, a European multi-national electric utility company; GE Vernova, a global energy company; the National Quantum Computing Center, NTCC, the UK's National Lab for Quantum Computing; Nikon Corporation, a multi-national corporation specializing in optics and precision technologies; NTT Data Corp., a multi-national IT services and consulting company; NTT DOCOMO, Japan's leading mobile operator; Sharp Corporation, a multi-national electronics company; and the University of Oxford.

現在，我將轉向商業更新。在 D-Wave 的客戶組合方面，我們簽署了許多新的和續簽的商業和研究應用客戶協議，包括歐洲跨國電力公司 E.ON、全球能源公司 GE Vernova、英國國家量子計算中心 NTCC、專門從事光學和精密技術的跨國公司尼康公司、跨國 IT 服務和金融公司 NTT Data Corp.、日本領先大學的行動商 NTT 電信公司。

We've also been working with a Fortune 500 aerospace and defense company. In Q2, we completed a prioritization of 12 different use cases applicable to their business operations that the customer found challenging to solve using classical optimization techniques. Quantum optimization, powered by annealing quantum computing, can deliver value in terms of better and faster solutions. Based on the results of our initial exploratory work with this customer, we have now started building the proof of concept for the first of the use cases, with a roadmap to expand to all of them and market them to additional aerospace companies.

我們也與一家財富 500 強航空航太和國防公司合作。在第二季度，我們完成了適用於其業務運營的 12 個不同用例的優先排序，客戶發現使用傳統優化技術來解決這些用例具有挑戰性。由退火量子運算驅動的量子最佳化可以提供更好、更快的解決方案的價值。根據我們與該客戶進行的初步探索工作的結果，我們現在已經開始為第一個用例建立概念驗證，並製定了擴展到所有用例並向更多航空航太公司推銷的路線圖。

In addition, we recently built a quantum hybrid proof of technology with North Wales Police to optimize the deployment of patrol vehicles. The proof of technology solution was tested against historical data and exceeded the customers' expectations, meeting target response times for more than 90% of incidents and using just 10 seconds of solve time. We're encouraged by these initial results and see them as important proof points of quantum hybrid's potential for law enforcement-related use cases.

此外，我們最近與北威爾斯警察局合作建立了量子混合技術驗證，以優化巡邏車輛的部署。該技術解決方案驗證已根據歷史數據進行了測試，結果超出了客戶的預期，滿足了 90% 以上事件的目標響應時間，並且僅用了 10 秒的解決時間。這些初步結果讓我們感到鼓舞，並將它們視為量子混合技術在執法相關用例中潛力的重要證明點。

We're also seeing growing 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 to (inaudible) project support.

我們也看到人們對 Leap Quantum LaunchPad 計畫的興趣日益濃厚，這是一個為期三個月的試用版，可以存取 D-Wave 的量子運算系統、我們的 Leap 即時量子雲服務以及我們的量子專家團隊（聽不清楚）專案支援。

Since its introduction in January of 2025, the LaunchPad program has received more than 1,300 applications spanning business, government, and academic institutions. The program is serving as an important vehicle to attract and fast-track customers into proof-of-concept development and ultimately, application deployments.

自 2025 年 1 月推出以來，LaunchPad 計畫已收到來自商業、政府和學術機構的 1,300 多份申請。該計劃是吸引和加速客戶參與概念驗證開發以及最終應用程式部署的重要工具。

So to summarize, we are continuing to make steady progress across our business. First, delivering on technical milestones, including the release of our sixth-generation quantum; computing and advancing quantum AI development. Second, executing against our go-to-market strategy, including increased discussions for on-premises systems with a variety of interested parties. And third, working closely with customers to develop hybrid quantum applications that are addressing critical organizational problems.

總而言之，我們的業務正在繼續穩步推進。首先，實現技術里程碑，包括發布我們的第六代量子運算和推進量子人工智慧發展。其次，執行我們的市場進入策略，包括與各種相關方加強對內部部署系統的討論。第三，與客戶密切合作，開發解決關鍵組織問題的混合量子應用。

With the strongest cash position in our company's history, we believe that we are very well positioned to explore M&A activity that will propel our business even further and faster, while delivering value to customers and shareholders alike.

憑藉公司歷史上最強勁的現金狀況，我們相信我們完全有能力探索併購活動，這將推動我們的業務進一步、更快地發展，同時為客戶和股東創造價值。

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

說完這些，我將交給約翰回顧我們 2025 財年第二季的業績。約翰？

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

謝謝你，艾倫。感謝大家抽空參加今天的電話會議。

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

在回顧第二季和上半年業績時，我將提供非公認會計準則營運指標，包括預訂量以及非公認會計準則財務指標，包括非公認會計準則毛利潤、非公認會計準則毛利率和調整後的息稅前利潤虧損，因為我們相信這些指標能夠提高投資者評估我們基本營運績效的能力。這些指標在今天的第二季度收益新聞稿底部的表格中進行了定義，其中非公認會計準則財務指標大部分根據非現金和非經常性費用進行了調整。

Revenue for the second quarter of fiscal 2025 totaled $3.1 million, an increase of about $900,000 or 42% from the second quarter of fiscal 2024 revenue of $2.2 million. The second-quarter revenue includes $1 million in revenue associated with the Advantage2 quantum processing unit upgrade for the annealing system that was installed at the Jülich Supercomputing Center in the first quarter of this year.

2025 財年第二季的營收總計 310 萬美元，較 2024 財年第二季的 220 萬美元營收增加約 90 萬美元，成長 42%。第二季的收入包括與今年第一季在尤利希超級計算中心安裝的退火系統的 Advantage2 量子處理單元升級相關的 100 萬美元收入。

Revenue from the Advantage2 upgrade is recognized using the percentage of completion method, reflecting the timing of installation services that are closely integrated with the QPU or Quantum Processing Unit hardware. We expect that this upgrade will be substantially complete by the end of this year.

Advantage2 升級的收入採用完成百分比法確認，反映了與 QPU 或量子處理單元硬體緊密整合的安裝服務的時間。我們預計此次升級將在今年底前基本完成。

Bookings for the second quarter totaled $1.3 million, an increase of approximately $600,000 or 92% from the second quarter of 2024 bookings of $700,000.

第二季的預訂總額為 130 萬美元，比 2024 年第二季的 70 萬美元預訂金額增加約 60 萬美元，增幅為 92%。

As we have previously mentioned, we are encouraged by an expanding sales pipeline that includes a growing number of large enterprises and well-known logos, with a market increase in the size of the average transaction size when compared to a year ago. Many of these companies are focused on having us build them proof of concepts versus just buying a small amount of QCaaS or Quantum Compute-as-a-Service that translates to incrementally more complex transaction structures.

正如我們之前提到的，我們對不斷擴大的銷售管道感到鼓舞，其中包括越來越多的大型企業和知名品牌，與一年前相比，市場平均交易規模有所增加。許多公司都專注於讓我們為他們建立概念證明，而不是僅僅購買少量的 QCaaS 或量子計算即服務，轉化為更複雜的交易結構。

This, in combination with the challenges associated with dealing with substantially larger organizations with multi-step and sometimes very rigid procurement processes and documentation requirements, has resulted in deals taking longer to close than what we had originally anticipated.

再加上與規模大得多的組織打交道時所面臨的挑戰，這些組織具有多步驟且有時非常嚴格的採購流程和文件要求，導致交易完成的時間比我們最初預期的要長。

Over the last four quarters, we had over 100 revenue-generating customers that includes customers in the commercial, government, and research sectors; and nearly two dozen Forbes Global 2000 companies.

在過去的四個季度中，我們擁有超過 100 個創收客戶，其中包括商業、政府和研究領域的客戶；以及近二十家福布斯全球 2000 強公司。

GAAP gross profit for the second quarter was $2 million, an increase of approximately $600,000 or 42% from the second quarter of fiscal 2024 GAAP gross profit of approximately $1.4 million, with the increase due primarily to the growth in revenue. Non-GAAP gross profit for the second quarter was $2.2 million, an increase of approximately $600,000 or 39% from the second quarter of fiscal 2024 non-GAAP gross profit of approximately $1.6 million. The difference between GAAP and non-GAAP gross profit and gross margin is limited to non-cash stock-based compensation and depreciation expenses that are excluded from the non-GAAP gross profit and gross margin.

第二季的 GAAP 毛利為 200 萬美元，較 2024 財年第二季的 GAAP 毛利約 140 萬美元增加約 60 萬美元，增幅為 42%，主要因營收成長。第二季非公認會計準則毛利為 220 萬美元，較 2024 財年第二季非公認會計準則毛利約 160 萬美元增加約 60 萬美元，成長 39%。GAAP 和非 GAAP 毛利和毛利率之間的差異僅限於非 GAAP 毛利和毛利率中不包括的非現金股票薪酬和折舊費用。

GAAP gross margin for the second quarter was 63.8%, representing a slight improvement from the second quarter of fiscal 2024 GAAP gross margin of 63.6%. Non-GAAP gross margin for the second quarter was 71.8%, a slight decrease of 1.3% from the second quarter of fiscal 2024 non-GAAP gross margin of 73.1%.

第二季 GAAP 毛利率為 63.8%，較 2024 財年第二季 GAAP 毛利率 63.6% 略有改善。第二季非公認會計準則毛利率為71.8%，較2024財年第二季非公認會計準則毛利率73.1%小幅下降1.3%。

Net loss for the second quarter was $167.3 million or $0.55 per share, an increase of $149.5 million or $0.45 per share from the second quarter of fiscal 2024 net loss of $17.8 million or $0.10 a share. The increase in the net loss was primarily due to $142 million in non-cash, non-operating charges related to the remeasurement of the company's warrant liability, as well as realized losses stemming from actual warrant exercises.

第二季淨虧損為 1.673 億美元，即每股 0.55 美元，較 2024 財年第二季淨虧損 1,780 萬美元或每股 0.10 美元增加 1.495 億美元或每股 0.45 美元。淨虧損增加主要是因為與重新計量公司認股權證負債有關的1.42億美元非現金、非營業費用，以及實際認股權證行使造成的已實現損失。

In extracting the impact of the non-cash, non-operating warrant remeasurement and related charges from the GAAP net loss, the adjusted net loss for the second quarter was $25.3 million or $0.08 per share, an increase of $5.3 million and a decrease of $0.04 per share from the fiscal 2024 second-quarter adjusted net loss of $20 million or $0.12 per share.

從 GAAP 淨虧損中提取非現金、非經營性認股權證重估及相關費用的影響後，第二季度調整後淨虧損為 2,530 萬美元或每股 0.08 美元，較 2024 財年第二季調整後淨虧損 2,000 萬美元或每股 0.12 美元增加 530 萬美元，每股虧損 530 萬美元。

Adjusted EBITDA loss for the second quarter was $20 million, an increase of $6.1 million or 44% from the second quarter of fiscal 2024 adjusted EBITDA loss of $13.9 million, with the increase due primarily to higher operating expenses that is reflective of our investments to support our future growth opportunity, partly offset by higher gross profit.

第二季調整後的 EBITDA 虧損為 2,000 萬美元，較 2024 財年第二季調整後的 EBITDA 虧損 1,390 萬美元增加 610 萬美元或 44%，增加的主要原因是營運費用增加，這反映了我們為支持未來成長機會而進行的投資，但毛利增加部分抵銷了這一影響。

I'll now address the performance for the first half of the year. D-Wave's revenue for the six months ended June 30 was $18.1 million, an increase of $13.5 million or 289% from revenue of $4.6 million in the six months ended June 30, 2024.

現在我來介紹一下上半年的工作狀況。D-Wave 截至 6 月 30 日的六個月的收入為 1810 萬美元，比截至 2024 年 6 月 30 日的六個月的 460 萬美元收入增加 1350 萬美元，增幅為 289%。

Bookings for the first half of fiscal 2025 were $2.9 million, a decrease of approximately $400,000 or 13% from bookings of $3.3 million in the first half of fiscal 2024.

2025 財年上半年的預訂額為 290 萬美元，比 2024 財年上半年的 330 萬美元預訂額減少約 40 萬美元，降幅為 13%。

GAAP gross profit for the first six months of fiscal '25 was $15.9 million, an increase of $12.9 million or 420% from GAAP gross profit of $3 million for the first six months of fiscal 2024, with the increase due primarily to the high-margin system sale during the six months ended in June. Non-GAAP gross profit for the first six months of fiscal ' 25 was $16.3 million, an increase of $12.8 million or 367% from the year earlier six months non-GAAP gross profit of $3.5 million.

25 財年上半年的 GAAP 毛利為 1,590 萬美元，較 2024 財年上半年的 GAAP 毛利 300 萬美元增加 1,290 萬美元（即 420%），成長主要歸因於截至 6 月的六個月內高利潤的系統銷售。25 財年前六個月的非 GAAP 毛利為 1,630 萬美元，較去年同期的非 GAAP 毛利 350 萬美元增加 1,280 萬美元（增幅 367%）。

GAAP gross margin for the first half of '25 was 87.6%, an increase of 22% from the 65.6% GAAP gross margin in the first half of fiscal 2024, with the increase due, again, primarily to the high-margin system sale for the six months ended in June. Non-GAAP gross margin for the first half of fiscal '25 was 89.9%, an increase of 14.9% from 75% in the six months ended June 30, 2024.

25 年上半年的 GAAP 毛利率為 87.6%，較 2024 財年上半年的 65.6% GAAP 毛利率成長 22%，這一成長主要歸因於截至 6 月的六個月內高利潤的系統銷售。2025 財年上半年非公認會計準則毛利率為 89.9%，較截至 2024 年 6 月 30 日的六個月的 75% 成長 14.9%。

Net loss for the six months ended June 30, 2025, was $172.8 million or $0.59 per share compared with a net loss of $35.1 million or $0.21 per share for the six months ended June 30, '24. In adjusting the impact of the non-cash, non-operating warrant remeasurement and related charges from the GAAP net loss, the adjusted net loss for the six months ended June 30 was $34.6 million or $0.12 per share, essentially flat when compared to the adjusted net loss of $34.6 million or $0.21 per share for the six months ended June 30, 2024.

截至 2025 年 6 月 30 日的六個月淨虧損為 1.728 億美元，即每股 0.59 美元，而截至 24 年 6 月 30 日的六個月淨虧損為 3,510 萬美元，即每股 0.21 美元。在調整非現金、非經營性認股權證重估及相關費用對 GAAP 淨虧損的影響後，截至 6 月 30 日的六個月的調整後淨虧損為 3,460 萬美元或每股 0.12 美元，與截至 2024 年 6 月 30 日的六個月的調整後淨虧損 3460 萬美元或每股 3460 萬美元或每股 3460 萬美元持平。

Adjusted EBITDA loss for the first half of fiscal '25 was $26.1 million, a decrease of approximately $700,000 or 3% from the adjusted EBITDA loss of $26.8 million in the first half of 2024, with the improvement due primarily to higher gross profit, partially offset by increased operating expenses.

2025 財年上半年調整後 EBITDA 虧損 2,610 萬美元，較 2024 年上半年調整後 EBITDA 虧損 2,610 萬美元，較 2024 年上半年調整後 EBITDA 虧損 2,680 萬美元減少約 70 萬美元，降幅為 3%，改善主要歸因於毛利潤增加，但部分被營運費用增加所抵銷。

Moving on to the balance sheet and liquidity, as of June 30, D-Wave's consolidated cash position totaled a record $819.3 million, representing over a 1,900% increase from the fiscal 2024 second-quarter consolidated cash balance of $40.9 million and a nearly 170% increase from the immediately prior fiscal 2025 first-quarter consolidated cash balance of $304.3 million.

再來看資產負債表和流動性，截至 6 月 30 日，D-Wave 的綜合現金狀況總計達到創紀錄的 8.193 億美元，比 2024 財年第二季度的 4090 萬美元綜合現金餘額增長了 1900% 以上，比緊接的 2025 財年第一季度的 3.04% 綜合現金。

During the second quarter of fiscal 2025, we raised over $500 million in equity, including $400 million in gross proceeds from our fourth at-the-market equity program, $99.3 million in net proceeds from the exercise of warrants, and $37.8 million in net proceeds from our equity line of credit with Lincoln Park Capital Fund that fulfilled the $150 million commitment that was originally secured in June of 2022. Subsequent to the end of the quarter, we received an additional $15 million from the exercise of warrants.

在 2025 財年第二季度，我們籌集了超過 5 億美元的股權，其中包括第四次市場股權計劃的 4 億美元總收益、行使認股權證的 9,930 萬美元淨收益，以及與林肯公園資本基金的股權信貸額度的 3,780 萬美元淨收益，這筆資金履行了最初於 2022 年 6 月達成 2022 年 6 月的承諾。本季結束後，我們又透過行使認股權證獲得了 1,500 萬美元的額外收益。

Lastly, during the quarter, we fully recovered the $1 million investment plus accrued interest that we made in Zapata AI in February of 2024 through a convertible note instrument that we wrote off later that year, when Zapata became insolvent.

最後，在本季度，我們透過可轉換票據工具完全收回了我們在 2024 年 2 月對 Zapata AI 進行的 100 萬美元投資和應計利息，該筆投資於同年晚些時候 Zapata 破產時被註銷。

As a result of the magnitude of capital that we have recently raised, in addition to pursuing strategic acquisitions, we are accelerating a number of our key investment initiatives.

由於我們最近籌集的資金規模龐大，除了進行策略性收購外，我們還在加快一些關鍵投資計畫。

In the area of research and development, we are investing in superconducting bump-bond process as highlighted in last Wednesday's press release and as Alan mentioned earlier. This process will support our multi-chip processor program on our path towards a 100,000-qubit annealing system. This process will also support scalable cryogenic control of fluxonium-based gate-model technology.

在研發領域，我們正在投資超導凸點鍵合工藝，正如上週三的新聞稿所強調的以及艾倫之前提到的。這個過程將支援我們的多晶片處理器程式邁向 100,000 量子位元退火系統。該過程還將支援基於通量門模型技術的可擴展低溫控制。

We will also be upgrading our superconducting printed circuit board advanced packaging manufacturing operation and increasing the number and frequency of our wafer fabrication runs to support building Advantage3 prototypes, as well as continuous improvements to qubit coherence times for both our annealing and gate-model architectures. In addition, we will be investing in a number of quantum AI research and development programs.

我們還將升級我們的超導印刷電路板先進封裝製造業務，並增加晶圓製造運行的數量和頻率，以支援建造 Advantage3 原型，以及持續改進我們的退火和閘門模型架構的量子位元相干時間。此外，我們還將投資一些量子人工智慧研究和開發項目。

In the area of sales and marketing, we will be expanding the size and geographical footprint of our professional services organization to support growing demand for quantum optimization customer engagements across both commercial and government sectors, including US Defense.

在銷售和行銷領域，我們將擴大專業服務機構的規模和地理覆蓋範圍，以支持包括美國國防部在內的商業和政府部門對量子優化客戶參與日益增長的需求。

And lastly, in the area of G&A, we will be making further investments in our cybersecurity personnel and infrastructure.

最後，在一般及行政管理方面，我們將進一步投資於網路安全人員和基礎設施。

For the balance of this year, we expect these incremental investments will result in a quarterly non-GAAP OpEx that is approximately 15% higher than our second-quarter actual non-GAAP OpEx.

就今年餘下時間而言，我們預計這些增量投資將導致季度非 GAAP 營運支出比第二季實際非 GAAP 營運支出高出約 15%。

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 funding required by any other independent publicly held quantum computing company.

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，並且實現這一里程碑所需的資金比任何其他獨立上市量子計算公司都要少得多。

Given that we are now fortunate enough to have 10 security analysts covering D-Wave, we will, in the essence of time, ask each analyst to commence the Q&A session with one question; and then, we will go back through the queue for additional follow-on questions.

鑑於我們現在很幸運有 10 位安全分析師負責 D-Wave，我們將在時間的精華部分要求每位分析師以一個問題開始問答環節；然後，我們將回到隊列中以獲得更多後續問題。

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

現在，我們將開始提問環節。

(Operator Instructions)

（操作員指示）

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

Congratulations on the results in the quarter and technical progress, guys.

大家好，恭喜本季取得的成果和技術進步。

I wanted to start by following up on the point the company had made about M&A and understand the types of M&A that the company believes would make sense, either items that are more technical in nature, maybe helping to accelerate the gate-model side of the business, or things that might be more go-to-market oriented? And then, what size of M&A makes sense for the company? And finally, related to that, what are we looking at in terms of timing as we pursue that growth angle?

我想先跟進一下公司關於併購的觀點，並了解公司認為有意義的併購類型，無論是本質上更技術性的項目，可能有助於加速業務的門模式方面，還是可能更注重市場導向的項目？那麼，多大規模的併購對公司來說才有意義呢？最後，與此相關，當我們追求成長角度時，我們在時間上關注什麼？

Craig, thanks for the question.

克雷格，謝謝你的提問。

We have not disclosed our strategy and plans for M&A, other than to say that with $800 million in the bank, it has now become a strategic priority for the company. That having been said, over the course of the last several months, we have been spending a fair amount of time developing a strategy and a plan.

我們還沒有透露我們的併購策略和計劃，只是說，有了銀行裡的 8 億美元，現在已成為公司的戰略重點。話雖如此，在過去的幾個月裡，我們花了相當多的時間制定策略和計劃。

It falls into a number of key areas, including some of those that you mentioned. But think about it as really accelerating our R&D and product development activities in a number of key areas, which could be everything from gate-model to quantum AI.

它涉及許多關鍵領域，包括您提到的一些領域。但想想看，它確實加速了我們在許多關鍵領域的研發和產品開發活動，這些領域可能包括從門模型到量子人工智慧的一切。

Anything on timing there, Alan, whether we're looking at something that could be 2025 versus 2026?

艾倫，關於時間安排有什麼問題嗎？我們考慮的是 2025 年還是 2026 年？

It's hard for me to predict. But what I would say is that our goal would be to start being able to announce acquisitions this year. However, it takes two to tango. And so we'll just have to see how that plays out.

我很難預測。但我想說的是，我們的目標是今年開始宣布收購。然而，一個巴掌拍不響。因此我們只需看看結果如何。

David Williams, Benchmark.

大衛威廉斯 (David Williams)，《基準》。

Congrats on the continued progress here.

祝賀您在這裡不斷取得進展。

Maybe if you could speak to the cryogenic news and the importance of that towards your roadmap and what you think it will bring ultimately as you get that ramped into the roadmap?

也許您可以談談低溫新聞及其對您的路線圖的重要性，以及您認為當您將其納入路線圖時它最終會帶來什麼？

Yeah. David, thank you. This is really important to us.

是的。大衛，謝謝你。這對我們來說真的很重要。

We've talked in the past about how we have significant intellectual property and a real lead in cryogenic control. And by that, I mean the ability to control qubits and control our systems on chip rather than needing to do all the control from room temperature.

我們過去曾談到我們如何擁有重要的智慧財產權以及在低溫控制領域的真正領先地位。我的意思是，我們能夠控制量子位元並控制晶片上的系統，而不需要在室溫下進行所有控制。

Now, as we are looking to leverage that into the gate-model program as well as expanding our annealing processes to much larger numbers of qubits -- as we said, 100,000 qubits, we really need to be moving to a multi-chip solution.

現在，我們希望將其應用到閘門模型程式中，並將退火製程擴展到更大的量子位元數——正如我們所說的，100,000 個量子位元，我們確實需要轉向多晶片解決方案。

When we start interconnecting chips together in the refrigerator, we need to make sure that that interconnect is also superconducting and that we can preserve the quantum properties like entanglement across those interconnects. And so this is key to both scaling our annealing systems, as well as developing our gate-model systems.

當我們開始在冰箱中將晶片互連在一起時，我們需要確保該互連也是超導的，並且我們可以保留這些互連之間的糾纏等量子特性。因此，這對於擴展我們的退火系統以及開發我們的門模型系統至關重要。

Frankly, we made progress in this area much faster than we actually expected it to. The NASA Jet Propulsion Laboratory had some capabilities that we thought looked interesting. We thought it would take a while to get to the point where we could actually evolve that into what we needed. But it actually moved a lot faster than we thought.

坦白說，我們在這一領域取得的進展比我們預期的要快得多。美國太空總署噴射推進實驗室擁有一些我們認為很有趣的功能。我們認為需要一段時間才能真正將其發展成我們所需要的東西。但實際上它的移動速度比我們想像的快得多。

And so now, we're really starting to build a production capability around that technology to more rapidly drive the multi-chip annealing processes, as well as the gate-model system.

因此現在，我們真正開始圍繞該技術建立生產能力，以更快地推動多晶片退火製程以及門控模型系統。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Gentlemen, I also want to offer my congrats on all the technical milestones here.

先生們，我也想對這裡的所有技術里程碑表示祝賀。

Maybe for you, Alan, I'd just love to hear more about Advantage2 and a few things. All coupled together would be, is South Korea deployment going to be Advantage2 or a number of systems you expect to install by the end of next year; and maybe some of the technical improvements in the platform?

艾倫，也許對你來說，我只是想聽聽更多關於 Advantage2 和其他一些事情的資訊。綜合起來，韓國的部署將是 Advantage2 還是您預計明年年底安裝的多個系統；也許是平台的一些技術改進？

Okay, Troy.

好的，特洛伊。

First of all, Advantage2 is a really important system for us in the sense that it was the first system on which we were able to demonstrate true quantum supremacy, specifically the ability to solve a useful real-world problem on a quantum computer that cannot be solved classically, full stop.

首先，Advantage2 對我們來說是一個非常重要的系統，因為它是我們能夠展示真正的量子霸權的第一個系統，具體來說，它能夠在量子電腦上解決無法透過經典方法解決的有用的現實世界問題。

It is what everybody in the quantum industry aspires to. We were the first to achieve it. We achieved it on the Advantage2 system.

這是量子產業每個人的追求。我們是第一個實現這一目標的人。我們在 Advantage2 系統上實現了它。

I will tell you, we tried to get this result on our earlier Advantage system, and we were not able to. It took the increased capability of Advantage2 to be able to perform that computation. Specifically, it required the additional interconnect to more efficiently map the problem into the quantum processor. It also took the longer coherence time and the increased energy scale to get the solutions faster and more accurately.

我可以告訴你，我們嘗試在我們早期的 Advantage 系統上獲得這個結果，但沒有成功。需要 Advantage2 的增強功能才能執行該計算。具體來說，它需要額外的互連來更有效地將問題映射到量子處理器中。它還需要更長的相干時間和更大的能量尺度才能更快、更準確地獲得解決方案。

So this is a significant advance over Advantage. We're really excited about it. It's also, I think, driving that increased customer interest that John talked about, relative to much larger companies with much larger opportunities that are now engaged with us in a sales cycle process.

因此，這比 Advantage 有了顯著的進步。我們對此感到非常興奮。我認為，這也推動了約翰所說的客戶興趣的增加，相對於現在與我們在銷售週期過程中合作的擁有更大機會的大型公司。

As far as the number of systems, this falls into two categories. One is our Quantum Cloud service. We have four production systems in our Quantum Cloud service today. We don't really need more than that in the cloud service for relatively near-term revenue growth. We likely will add a couple more systems down the road but four is sufficient for now. Obviously, all four of those will be upgraded to Advantage2. Currently, one of them has been upgraded. Ultimately, all of them will be upgraded.

就係統數量而言，可分為兩類。一個是我們的量子雲服務。目前，我們的 Quantum Cloud 服務中有四個生產系統。為了實現相對短期的收入成長，我們實際上並不需要在雲端服務方面有更多投入。我們以後可能會添加更多系統，但目前四個就足夠了。顯然，這四個都將升級到 Advantage2。目前，其中一處已完成升級改造。最終，它們都將升級。

And then, there's the on-premise systems. Obviously, Jülich is one of those. We are already in the process of doing that upgrade, as John pointed out. And then, as we sell more on-premises systems, those will be Advantage2 processors.

然後，還有內部部署系統。顯然，尤利希就是其中之一。正如約翰指出的那樣，我們已經在進行升級了。然後，隨著我們銷售更多的內部系統，這些將是 Advantage2 處理器。

We said that we've got a really good pipeline for sales of systems. We've got a second one that we're closing in on, which is the South Korea. We've got another one that's now starting to emerge as a relatively near-term opportunity. And then, a pipeline of others.

我們說過，我們有非常好的系統銷售管道。我們正在接近第二個目標，那就是韓國。我們又有了一個現在開始出現的相對短期的機會。然後，還有其他管道。

But in the past, I have said in the near term, think more like one a year than multiple a year. I'd still say that, although starting to feel like maybe it could be a little bit more. But the number is still relatively small in the near-term.

但過去我曾說過，在短期內，應該多考慮一年一個，而不是一年多。我還是會這麼說，儘管我開始覺得也許可以再多一點。但短期內這個數字仍然相對較少。

So that having been said, if you add up everything that I said, we're talking maybe six or seven Advantage2 systems.

所以，如果把我說的一切加起來，我們談論的可能是六到七個 Advantage2 系統。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

This is Tyler Anderson, on for Richard Shannon.

我是泰勒·安德森，代替理查德·香農。

Could you elaborate on the developer tools that you released? Noting that the problem that you demoed is a classical ML problem, can users leverage higher pixel images for this?

能詳細說明一下您發布的開發者工具嗎？請注意，您演示的問題是一個經典的 ML 問題，用戶可以利用更高像素的圖像來解決此問題嗎？

And then, also for the sake of timing question, you mentioned control right after your bump-bonding. Do you have already or plan to have integrated control onto your chiplet, such that there isn't an external control mechanism?

然後，同樣出於時間問題的考慮，您提到了在凸塊粘合之後進行控制。您是否已經或計劃將控制整合到您的晶片中，以便沒有外部控制機制？

Tyler, I will answer your first question to be fair to everybody else because we did say only one question. And, then, you can go ahead and get back into the queue.

泰勒，為了對其他人公平起見，我會回答你的第一個問題，因為我們確實只問了一個問題。然後，您就可以繼續並重新加入隊列。

With respect to what we announced as far as the AI developer toolkit -- which I believe is what you're referring to -- essentially, what we have done is we have introduced the ability to use PyTorch, which is an open source Python-based machine-learning platform that's frankly in fairly wide use for training large language models -- and we've introduced into that the ability to use a technology that we actually developed within D-Wave, which is called a Discrete Variational Autoencoder.

關於我們宣布的 AI 開發者工具包（我相信這就是您所指的），本質上，我們所做的就是引入了使用 PyTorch 的能力，PyTorch 是一個基於 Python 的開源機器學習平台，坦率地說，它在訓練大型語言模型方面應用器相當廣泛——並且我們引入了使用我們在 D-Wave 中開發的離散變分自動編碼。

Now, I'm not going to get into the technical details of what I mean by that other, than to say what this does is allows you to take a data set and map it into a latent space, which is really what machine learning is all about -- essentially, map it into a machine-learning model that can then be used to recreate the data and other things that look like that data set.

現在，我不會深入討論這個技術細節，只是說它允許你獲取一個資料集並將其映射到潛在空間，這實際上是機器學習的全部內容 - 本質上，將其映射到機器學習模型中，然後可以使用它來重新創建資料和其他看起來像該資料集的東西。

But what's unique about this is that we're mapping it into a discrete latent space, not a continuous latent space. Machine learning today typically operates on continuous data but we're now mapping it into a discrete latency, seeing excellent results with the discrete latent space.

但它的獨特之處在於我們將其映射到離散潛在空間，而不是連續潛在空間。如今的機器學習通常對連續資料進行操作，但我們現在將其映射到離散延遲中，並在離散潛在空間中看到了出色的結果。

But what's so important about that is that our quantum processors natively work with discrete data, not with continuous data. So what this does is it actually opens up the opportunity for the annealing quantum computer to be the vehicle for creating that discrete latent space or doing the learning, which we ultimately think could deliver better models faster and with lower energy consumption.

但重要的是，我們的量子處理器本質上是處理離散數據，而不是連續數據。因此，這實際上為退火量子電腦提供了機會，使其成為創建離散潛在空間或進行學習的工具，我們最終認為這可以更快地提供更好的模型，並且能耗更低。

But that having been said, I also want to point out that this is just the next step on our journey in the area of quantum AI. There are a number of other things we are working on today in the lab that take this significantly further than what we've announced, so far, that we're very excited about as well.

但話雖如此，我還想指出，這只是我們在量子人工智慧領域邁出的下一步。今天，我們在實驗室裡正在進行許多其他研究，這些研究比我們迄今為止宣布的研究更進了一步，我們對此也感到非常興奮。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

I appreciate all the color, thus far, on quantum AI.

到目前為止，我很欣賞量子人工智慧的所有論述。

Can you talk, Alan, about the next milestones or activities to watch indicating D-Wave's progress here?

艾倫，您能談談接下來的里程碑或活動，以表明 D-Wave 的進展嗎？

In the area of quantum AI?

在量子人工智慧領域？

Correct.

正確的。

I think the short answer to the question is no because we haven't yet announced anything beyond what we announced a few days ago. But just to, say, a little bit -- follow-up a bit more on what I said a minute ago, there are a number of modern approaches to AI and machine-learning model training and inference.

我認為這個問題的簡短答案是否定的，因為除了幾天前宣布的消息之外，我們還沒有宣布任何消息。但是，稍微說一下——稍微跟進一下我剛才所說的內容，有許多現代方法可以進行人工智慧和機器學習模型的訓練和推理。

Variational autoencoders is one approach. But there are other important things like transformer models and diffusion models. We're working with those as well.

變分自動編碼器是一種方法。但還有其他重要的東西，像是變壓器模型和擴散模型。我們也正在與這些機構合作。

We expect that over time, we would be able to deliver a platform that could leverage our quantum systems in support of all of those approaches.

我們期望隨著時間的推移，我們將能夠提供一個平台，利用我們的量子系統來支援所有這些方法。

Harsh Kumar, Piper Sandler.

哈什·庫馬爾、派珀·桑德勒。

Congratulations on a lot of progress, Advantage2 and other things that you're doing.

恭喜您在 Advantage2 和其他方面取得的巨大進步。

Alan, I wanted to ask you about the toolkit information you provided in your press release. Is it possible that you could have libraries like how NVIDIA does offer to its customers that have hot-finish models that they can -- the customers can then take and finish up and customize. Is that the idea? Or is that even possible with the toolkit with demos reference that you mentioned in your press release and commentary?

艾倫，我想問您在新聞稿中提供的工具包資訊。您是否可以擁有像 NVIDIA 為其客戶提供的那種具有熱完成模型的庫，客戶可以採用這些模型進行完成和自訂。是這個意思嗎？或者，使用您在新聞稿和評論中提到的帶有演示參考的工具包是否可能實現這一點？

So it's absolutely possible. In fact, the demo is one simple example of that. However, currently, we are working with customers and leveraging their data in the application areas that are important to them. For example, Japan Tobacco and Triumph -- the two that I mentioned a bit earlier -- rather than trying to build these out ourselves, the extent to which, a, we take any of that and pull it back into our platform will depend a little bit on the customers and the extent to which we've negotiated the ability to be able to do that.

所以這絕對是有可能的。事實上，該演示就是一個簡單的例子。然而，目前，我們正在與客戶合作並在對他們重要的應用領域中利用他們的數據。例如，日本菸草和凱旋——我之前提到的兩家公司——我們不會嘗試自己建立這些產品，而是在多大程度上，我們將把這些產品納入我們的平台，這將取決於客戶以及我們協商的程度，從而能夠做到這一點。

And then, whether we choose to start pursuing any applications or application templates ourselves is not something that we've -- certainly not announced it. We've not talked about it. I think that would require us to bring domain expertise in key problem areas into the company.

然後，我們是否選擇自己開始追求任何應用程式或應用程式模板並不是我們已經宣布的事情。我們還沒有談論過這個。我認為這需要我們將關鍵問題領域的專業知識引入公司。

It's something we're thinking about. But honestly, at this point, I wouldn't say we're going to do it. I would just say we're thinking about it.

這是我們正在思考的事情。但老實說，目前我不會說我們會這麼做。我只想說我們正在考慮這件事。

Kingsley Crane, Canaccord Genuity.

金斯利·克蘭（Kingsley Crane），Canaccord Genuity。

Quantum annealing really has significant potential with both corporates and nation, states, or agencies. I'm curious how the tenor in the US government has shifted, specifically with respect to quantum annealing in the past couple of quarters? And then, just any thoughts on DARPA's Quantum Benchmarking Initiative and if there's an opportunity for annealing within that framework?

量子退火對於企業、國家、州或機構來說確實具有巨大的潛力。我很好奇美國政府的基調是如何轉變的，特別是關於過去幾季的量子退火？然後，您對 DARPA 的量子基準測試計劃有什麼看法？是否有機會在該框架內進行退火？

You really know how to push my buttons.

你確實知道如何激怒我。

Okay. Let's start with QBI. The DARPA QBI program is totally focused on gate-model. I think that is a huge mistake on the part of DARPA and the US government. I think that by focusing on gate-model, they are totally missing the fact that annealing is the most capable approach to quantum for many of the important problems that the government needs to address, whether it's in the area of defense for things like missile defense or troop resupply; or in the area of transportation, for example, things like port logistics; or -- we've done work in the area of wildfire fighting.

好的。讓我們從 QBI 開始。DARPA QBI 計劃完全專注於門模型。我認為這是 DARPA 和美國政府犯下的巨大錯誤。我認為，透過專注於門模型，他們完全忽略了一個事實，即退火是解決政府需要解決的許多重要問題的最有效的量子方法，無論是在導彈防禦或部隊補給等防禦領域；還是在交通運輸領域，例如港口物流；或者——我們在野火撲滅領域所做的工作。

The truth of the matter is annealing represents, I think, not only the best but the only quantum approach that can address many of the government's hard computational problems. This is backed by the fact that many of these are optimization problems, which require annealing quantum. Gate-model cannot address them.

事實是，我認為退火不僅是最好的量子方法，而且是唯一能夠解決政府許多棘手計算問題的量子方法。事實是，其中許多都是最佳化問題，需要退火量子。門模型無法解決這些問題。

By excluding annealing from the QBI program, I think DARPA has made a huge mistake. I would encourage them to maybe not add annealing to the QBI program but maybe create a second quantum program for non-gate model approaches to ensure that the US government is focused on all the approaches to quantum computing, not just one approach to quantum computing.

透過將退火排除在 QBI 計劃之外，我認為 DARPA 犯了一個巨大的錯誤。我鼓勵他們也許不要將退火添加到 QBI 程序中，但也許為非門模型方法創建第二個量子程序，以確保美國政府專注於所有量子計算方法，而不僅僅是一種量子計算方法。

Now, with respect to progress more broadly in the US government, I'd say the answer is yes but slow. So we are making inroads into different application areas because we uniquely can do that since we have a system that is capable of delivering value today, not 5 or 10 years from now. But it's slow going.

現在，就美國政府更廣泛的進展而言，我認為答案是肯定的，但進展緩慢。因此，我們正在進入不同的應用領域，因為我們擁有獨特的能力，因為我們擁有一個能夠在今天而不是 5 年或 10 年後創造價值的系統。但進展很慢。

Ruben Roy, Stifel.

魯本·羅伊（Ruben Roy），Stifel。

Alan, I don't mean to push your buttons here but I'm going to ask this question anyway.

艾倫，我不是故意要激怒你，但我還是要問這個問題。

It's in the context of the M&A commentary that you made and also, some of the comments that John made with respect to having conversations with larger customers and getting feedback from them. So with all of that in mind, I guess the simple question is, has your philosophy on the timing of when D-Wave might think about bringing a gate-model to market changed? Has that accelerated for any reason or no? And if no, are customer conversations driving you to think that the timeframe that you guys were thinking about previously is probably the right timeframe?

這是在您發表的併購評論的背景下，也是約翰就與大客戶交談並從他們那裡獲得反饋而發表的一些評論。所以考慮到所有這些，我想一個簡單的問題是，您對 D-Wave 考慮將門模型推向市場的時機的看法是否發生了變化？這種加速是否會因為某些原因而發生？如果沒有，那麼與客戶的對話是否會讓您認為您之前考慮的時間範圍可能是正確的時間範圍？

Yeah. That's not pushing my buttons at all. That's just a great -- well, they're all good questions. They're all good conversations to have. But I'm not annoyed about gate-model and annoyed about DARPA.

是的。這根本就不激怒我。這真是太好了——嗯，這些都是很好的問題。這些都是很好的對話。但我並不對門模型感到惱火，也不對 DARPA 感到惱火。

Relative to our gate-model program, look, we still believe that, a, you will never, never see a commercially viable gate-model quantum computer before we have error correction. And then, we still need to scale to solve useful real-world problems. And as a result, we're still many years out because no matter what you hear from the industry, there are still very hard problems that need to be solved around error correction. It's not just a matter of engineering.

相對於我們的門模型程序，你看，我們仍然相信，在我們進行錯誤校正之前，你永遠不會看到商業上可行的門模型量子計算機。然後，我們仍然需要擴大規模來解決有用的現實問題。因此，我們還需要很多年的時間，因為無論你從業界聽到什麼，在糾錯方面仍然存在非常困難的問題需要解決。這不僅僅是一個工程問題。

And then, there are still very hard problems that need to be solved in scaling. It's not just a matter of engineering. And so we do think that it's still a number of years before we will see a scaled error corrected gate-model system that is commercially viable.

然後，在擴展過程中仍然存在非常困難的問題需要解決。這不僅僅是一個工程問題。因此，我們確實認為，還需要幾年的時間才能看到具有商業可行性的縮放誤差校正閘門模型系統。

So for us, though, the focus is on removing the risk. In other words, providing clearer line of sight to being able to deliver that by, a, driving the R&D efforts needed; and/or possibly bringing in-house really great things that are going on out there in the industry.

因此，對我們來說，重點是消除風險。換句話說，透過推動所需的研發工作，提供更清晰的視線，以實現這一目標；和/或可能將行業中正在發生的真正偉大的事情引入內部。

And so it's less, I think, about accelerating the timeframe and more about being much more concrete on exactly what the roadmap is that will get us there.

因此，我認為，這不是要加快時間表，而是要更具體地說明實現目標的具體路線圖。

Kevin Garrigan, Rosenblatt Securities.

羅森布拉特證券的凱文·加里根 (Kevin Garrigan)。

I'm going to switch gears a little bit. You mentioned you signed renewing customer engagements. Can you give us a sense of what your retention rate is? And the customers that do renew, have they typically already had another application in mind that they wanted to use your quantum annealer for? Or does the team show them how else they can benefit from quantum and that gets the renewed engagement?

我要稍微換個話題。您提到您簽署了續約的客戶協議。您能告訴我們您的保留率是多少嗎？而那些續約的客戶，他們是否通常已經考慮過要使用量子退火爐的其他應用？或者團隊向他們展示如何從量子中獲益並獲得新的參與？

Yeah. John, do you want to talk about the retention rate? And then, I can provide color on how we grow with our customers?

是的。約翰，你想談談保留率嗎？然後，我可以介紹一下我們如何與客戶一起成長嗎？

Sure. On average, our retention rate going back over approximately, like, a four-quarter period is in excess of 90%.

當然。平均而言，我們大約四個季度的保留率超過 90%。

So we do have a very high retention rate. But we've talked a little bit about this in the past. You need to keep in mind that we have two different types of Quantum Compute-as-a-Service customers. There are customers that we call do-it-yourself, where they come in and they buy some access, a developer seat; and start exploring, doing research, trying to develop applications on their own.

所以我們的保留率確實很高。但我們過去曾討論過這個問題。您需要記住，我們有兩種不同類型的量子計算即服務客戶。有些客戶我們稱之為“自己動手”，他們進來後購買一些訪問權限、一個開發席位；然後開始探索、研究，嘗試自己開發應用程式。

These customers tend to just continue to renew quarter after quarter or year after year but haven't been growing or converting from experimentation to actual production applications. And so one of the things we are focused on is how to help them move faster into production.

這些客戶往往只是逐季或逐年地進行更新，但並沒有發展或從實驗轉向實際的生產應用。因此，我們關注的事情之一就是如何幫助他們更快地投入生產。

But not all of them are even at the stage, where it makes sense to do that. Some of them are research organizations, which would never convert to production applications. And some of them are smaller organizations that really are just experimenting. So rather, it's really understanding who those do-it-yourself customers are and focusing on trying to engage them with help to move forward.

但並非所有國家都已達到可以這樣做的階段。其中一些是研究機構，永遠不會轉換為生產應用。其中有些是規模較小的組織，實際上只是在進行實驗。因此，真正重要的是了解那些 DIY 客戶是誰，並致力於幫助他們向前邁進。

And in some sense, the Quantum LaunchPad program was put in place in part specifically to do that: to move those customers off of just do-it-yourself into the LaunchPad program, where it comes with some support from our professional services team. Then, the other class of customers is the customers that have engaged us through a professional services engagement. Those are the different customers that.

從某種意義上說，Quantum LaunchPad 計劃的實施部分就是為了實現這一目標：讓那些單純依靠自己動手的客戶轉而加入 LaunchPad 計劃，並獲得我們專業服務團隊的支持。然後，另一類客戶是透過專業服務與我們合作的客戶。這些都是不同的客戶。

As John said, it's much larger customers that are engaging us now with much larger projects. For example, that aerospace company, a Fortune 500 company engaged us on 12 different applications from the outset. We did the evaluation and are now working on the first of those applications with a plan to move through all of them and then, take it to other aerospace companies.

正如約翰所說，現在有更大的客戶在與我們合作進行更大的專案。例如，那家航空航太公司，一家財富 500 強公司，從一開始就與我們合作開發了 12 種不同的應用程式。我們進行了評估，目前正在研究第一個應用程序，計劃完成所有應用程序，然後將其推廣到其他航空航天公司。

So our approach now really is to work with these larger companies to really find a flagship customer in each industry or vertical area; work with them the way we did with this customer; and then, as we're helping them, progress through the applications, take that out to other customers in the same industry and so on.

因此，我們現在的做法實際上是與這些大公司合作，在每個行業或垂直領域找到一個旗艦客戶；像我們對待這個客戶一樣與他們合作；然後，在我們幫助他們的同時，透過應用程式取得進展，將其推廣到同一行業的其他客戶等等。

Craig Ellis, B. Riley Securities.

克雷格·艾利斯 (Craig Ellis)，B. Riley 證券。

I wanted to follow-up on my first question but take it in a different direction. Clearly, there's a lot of business model flexibility you now have with a much higher cash balance. One of the things you can do is, is organically invest a greater amount in R&D and marketing.

我想繼續回答我的第一個問題，但換個方向。顯然，有了更高的現金餘額，您的商業模式現在具有很大的靈活性。您可以做的一件事是，在研發和行銷方面有機地投入更多資金。

What I'd like your help on is understanding how you're evaluating current intensity versus higher levels and what we should expect is you evaluate where you can go with internal investment to accelerate your path to further commerciality, especially with this [growing Quotient] Fortune 500 Global 2000 customers in your pipeline.

我希望您能幫助我理解您如何評估當前強度與更高水平，我們應該期待您評估如何利用內部投資來加速進一步商業化的道路，特別是有了[不斷增長的商數]財富 500 強全球 2000 強客戶在您的渠道中。

Yeah. Craig, first of all, we have in the past said that we are investing in go-to-market. We made a significant, for us, investment in the sales portion of go-to-market sales and technical account management, as we over doubled the size of that team in the first half of this year.

是的。克雷格，首先，我們過去曾說過，我們正在投資市場進入。對我們來說，我們對市場銷售和技術客戶管理的銷售部分進行了重大投資，因為今年上半年我們的團隊規模擴大了一倍多。

Now, as John said, we're focused on building out the professional services team in support of that. But we're also taking it a step at a time.

現在，正如約翰所說，我們專注於建立專業服務團隊來支持這一點。但我們也在一步步前進。

So we've made an investment. The pipeline looks good. We're making progress. It's taking a little bit longer to get these deals closed than we had expected because of the size of the customer and the complexity of the processes involved but we're making good forward progress.

所以我們進行了投資。管道看起來不錯。我們正在取得進展。由於客戶規模和所涉及流程的複雜性，完成這些交易的時間比我們預期的要長一些，但我們正在取得良好的進展。

We want to see that we're getting a return on that go-to-market investment. And then, once that's been validated, we'll continue to grow there.

我們希望看到我們能夠從市場進入投資中獲得回報。然後，一旦得到驗證，我們就會繼續發展。

On the R&D side, we also are starting to make some additional investments in R&D. We talked about the advanced cryogenic packaging work. We've talked a little bit about quantum AI. These are areas where we are starting to make some incremental investments.

在研發方面，我們也開始對研發進行一些額外的投資。我們討論了先進的低溫封裝工作。我們已經討論了一些關於量子人工智慧的事情。我們正在這些領域開始進行一些增量投資。

Beyond cryogenic packaging and its impact on both annealing and gate, there will be incremental investments on the gate model side as well as we continue to kind of work through all the technical elements and R&D elements of that program.

除了低溫封裝及其對退火和閘極的影響之外，我們還將在閘極模型方面進行增量投資，同時我們將繼續研究該計劃的所有技術要素和研發要素。

John gave you a metric to think about with respect to an increase in spend throughout the remainder of this year.

約翰為您提供了一個指標，讓您考慮今年剩餘時間內支出的成長。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

I had noticed that Triumph had mentioned using Advantage2 in their upcoming research. Are you in talks with them for a sale of QPU? Is this someone who you have recently been talking to or you have mentioned that you had been talking to about sales?

我注意到 Triumph 曾提到在他們即將進行的研究中使用 Advantage2。您是否正在與他們洽談 QPU 的銷售事宜？這是您最近與之交談過的人，還是您曾經提到過與之談論銷售的人？

Triumph is actually working with our system today. They have seen really good results, leveraging our system to do basically Generative AI around a particle acceleration problem that they're dealing with.

Triumph 今天實際上正在與我們的系統合作。他們已經看到了非常好的結果，利用我們的系統圍繞他們正在處理的粒子加速問題進行基本的生成人工智慧。

We've talked about them in the past. We've talked about the work that they're doing. I mentioned them a little earlier. So they are a customer. They are working with our system. They are working with our system in the area of generative AI. They have seen some really good results with that. And we're continuing to grow that relationship with them.

我們過去曾談論過它們。我們已經討論了他們正在做的工作。我之前提到過它們。所以他們是顧客。他們正在使用我們的系統。他們正在使用我們的系統進行生成人工智慧領域的研究。他們已經看到了一些非常好的結果。我們將繼續發展與他們的關係。

As far as the system sale, I haven't really talked about who is in the pipeline and who we're engaged with, other than we have now begun talking about Yonsei University in South Korea.

就係統銷售而言，除了我們現在開始談論韓國延世大學之外，我還沒有真正談論過誰正在籌備中以及我們正在與誰合作。

Appreciate the color. Congrats.

欣賞色彩。恭喜。

(Operator Instructions) There are no further questions at this time.

（操作員指示）目前沒有其他問題。

I would now like to turn the call back over to Alan Baratz for his closing remarks. Please go ahead.

現在我想將電話轉回給艾倫·巴拉茨，請他作最後發言。請繼續。

Thank you, operator.

謝謝您，接線生。

As I think you all know, at D-Wave, our mission is to help customers realize the value of quantum computing, right now. Our second-quarter results show continued progress in service of that mission across R&D, go-to-market, customer application development, and more.

我想大家都知道，在 D-Wave，我們的使命是幫助客戶立即實現量子運算的價值。我們第二季的業績表明，我們在研發、上市、客戶應用開發等方面持續取得進展。

Everything we build is designed to provide lasting value for our customers and shareholders. The future looks very bright. So thank you all for taking the time to join us today.

我們所建構的一切都是為了給我們的客戶和股東提供持久的價值。未來看起來非常光明。非常感謝大家今天抽出時間來參加我們的活動。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。