D-Wave Quantum Inc. (QBTS) 2026 Q1 法說會逐字稿

Good morning, and welcome to the D-Wave first quarter 2026 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kevin Hunt, Investor Relations. Please go ahead.

早安，歡迎參加 D-Wave 2026 會計年度第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係的 Kevin Hunt。請開始。

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

謝謝，早安。今天與我一同出席的有我們的執行長 Alan Baratz 博士，以及我們的財務長 John Markovich。

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

在開始之前，我想提醒各位，本次電話會議將包含前瞻性陳述，這些陳述受風險與不確定性影響，並應結合我們的財報新聞稿以及公司最近期的 SEC 定期報告中所載的警示性陳述一併考量。

Both an on-demand webcast and a transcript of the conference call will be available on the Investor Relations section of the website within 48 hours after the call. During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as adjusted EBITDA loss and non-GAAP adjusted operating expenses and operating metrics such as bookings.

本次電話會議的隨選網路直播與逐字稿，將於會後 48 小時內在本公司網站的投資人關係專區提供。在今天的電話會議中，管理團隊將提供若干依 SEC 規則屬於非 GAAP 財務衡量指標的資訊，例如調整後 EBITDA 虧損，以及非 GAAP 調整後營業費用；並提供如預訂額（bookings）等營運指標。

Reconciliations to GAAP financial measures and certain additional information are also included in today's earnings release, which is available in the Investor Relations section of our company website at ir.dwavequantum.com.

與 GAAP 財務衡量指標的調節表以及其他補充資訊，也包含在今天的財報新聞稿中；該新聞稿可於我們公司網站的投資人關係專區 ir.dwavequantum.com 取得。

This morning will be limited to taking one question from each analyst during the first round of questions and then time permitting, proceed to a second round of questions where, again, we will have to limit each analyst to just for one question.

今天上午在第一輪提問中，我們將限制每位分析師只能提一個問題；之後若時間允許，將進入第二輪提問，屆時同樣必須限制每位分析師僅能提一個問題。

I'll now hand over the call to Alan.

我現在把電話會議交給 Alan。

Good morning, everyone, and thank you for joining us. I want to begin by sharing a few perspectives on the quantum computing landscape.

各位早安，感謝各位加入我們。我想先分享幾點對量子運算產業版圖的看法。

As Linus Torvalds, the creator of Linux, once said, talk is cheap, show me the code, that idea feels especially relevant in quantum computing today as excitement rises, competition increases, and investors are looking for proof, not just promise.

正如 Linux 的創造者 Linus Torvalds 曾說過：「空談很便宜，把程式碼拿出來。」隨著市場熱度升高、競爭加劇、投資人尋求的是證明而不只是承諾，這句話在今天的量子運算領域尤其貼切。

As quantum computing attracts increasing investor attention, the sector is generating significant excitement but also significant noise. New entrants, new public listings, and ambitious and some might argue very overstated technology and product claims are drawing attention. In this environment, it is more important than ever to distinguish hype from execution.

隨著量子運算吸引愈來愈多投資人關注，這個產業帶來了巨大的興奮感，但也伴隨大量雜訊。新進者、新的公開上市，以及雄心勃勃、有人可能會認為被大幅誇大的技術與產品主張，都吸引了目光。在這樣的環境下，區分炒作與執行力比以往任何時候都更重要。

As the field grows more crowded, the conversation is shifting from who is participating to who is positioned to deliver. Customers are looking for technology that can give them a competitive edge today. Researchers want cutting-edge tools that can accelerate discoveries now. And investors are working diligently to separate signal from noise in a sector that can sometimes generate more headlines than evidence or results.

隨著領域愈來愈擁擠，討論焦點正從「誰在參與」轉向「誰具備交付成果的能力」。客戶正在尋找能在今天就帶來競爭優勢的技術。研究人員希望有能立即加速發現的尖端工具。而投資人正努力在一個有時候產生的標題多於證據或成果的產業中，分辨訊號與雜訊。

As the CEO of one of the world's first and leading quantum computing companies, I believe that it is important to help educate the market on the realities of quantum computing's true near-term capabilities and commercial traction, as well as the strengths and trade-offs of the different quantum computing modalities as this market continues to take shape.

作為全球最早且領先的量子運算公司之一的執行長，我認為有必要協助市場理解量子運算在近期真正的能力與商業牽引力，以及在市場持續成形的過程中，不同量子運算路徑（modalities）的優勢與取捨。

Let me be direct. Many still view D-Wave through an outdated lens, but I think it's time for a vision check. We believe we are the clear leader in quantum computing today, a market that Boston Consulting Group, BCG, projects to be in excess of $800 billion. A full one quarter of that market is optimization, which is uniquely addressed by annealing quantum computing, where we are the only player.

我就直說了。許多人仍以過時的視角看待 D-Wave，但我認為是時候重新檢視了。我們相信，我們是當今量子運算的明確領導者；波士頓顧問公司（BCG）預估該市場規模將超過 8,000 億美元。其中整整四分之一的市場是最佳化（optimization），而這正是退火式量子運算（annealing quantum computing）所獨特擅長的領域，而我們是唯一的參與者。

This is not a niche technology or market as some like to characterize it. It is estimated by BCG to be a whopping $100 billion to $220 billion opportunity. For comparison, that's as big as either the global semiconductor equipment market or the global cybersecurity market.

這並不是某些人所形容的利基技術或利基市場。BCG 估計，這是一個高達 1,000 億到 2,200 億美元的龐大機會。作為比較，這個規模與全球半導體設備市場或全球資安市場一樣大。

For those who say that D-Wave is addressing a niche market, stop spreading competitive misinformation and start doing your homework. Do you think that the global semiconductor equipment and cybersecurity markets are niche? I don't.

對於那些說 D-Wave 只是在做利基市場的人，請停止散播競爭性的錯誤資訊，開始做功課。你認為全球半導體設備與資安市場是利基嗎？我不這麼認為。

What's more, D-Wave is now also a leading player in gate-model quantum computing through our acquisition of Quantum Circuits in January of this year. This means that we are the only company in the world that can participate in the full addressable market for quantum computing with both annealing and gate-model quantum computers.

此外，透過我們在今年一月收購 Quantum Circuits，D-Wave 現在也成為閘模型（gate-model）量子運算的領先參與者。這意味著，我們是全球唯一能同時以退火式與閘模型量子電腦參與量子運算完整可服務市場的公司。

We are building a highly differentiated, pure-play quantum computing company with proven commercial traction today. For those valuing us on only our annealing technology and products, I would say you're off by a factor of 2. Our unique market position reflects our rapidly advancing gate model progress, which has greatly accelerated given Quantum Circuits' industry-first dual-rail qubit technology.

我們正在打造一家高度差異化、純量子運算（pure-play）的公司，且在今天就已具備經驗證的商業牽引力。若有人只以我們的退火式技術與產品來為我們估值，我會說你低估了約 2 倍。我們獨特的市場地位反映了我們在閘模型上的快速進展；在 Quantum Circuits 業界首創的雙軌（dual-rail）量子位元技術加持下，這項進展已大幅加速。

It is imperative that you all understand the profound potential that this has on our business and ensure that the models you're using to evaluate the company take into account this newly acquired technology.

各位務必理解這對我們業務所帶來的深遠潛力，並確保你們用來評估公司的模型已將這項新取得的技術納入考量。

With dual-rail qubit's built-in error detection, we believe that our gate-model quantum computing systems will set a new standard on quantum performance, efficiency, and scalability. Our dual-rail gate-model technology is a meaningful differentiator for D-Wave and in our view, one of the most important developments in quantum computing today.

憑藉雙軌量子位元內建的錯誤偵測能力，我們相信我們的閘模型量子運算系統將在量子效能、效率與可擴展性方面樹立新標準。我們的雙軌閘模型技術是 D-Wave 的重要差異化優勢；在我們看來，這也是當今量子運算領域最重要的發展之一。

It brings together superconducting speed, the fidelity associated with ion traps and neutral atoms, and a clear path to scale with our proprietary on-chip cryogenic control technology, a combination that the market should be paying much closer attention to.

它結合了超導的速度、離子阱與中性原子所具備的保真度（fidelity），以及透過我們專有的晶片上低溫控制（on-chip cryogenic control）技術所提供的清晰擴展路徑；市場應該更密切關注這樣的組合。

This combination is a revolutionary approach to the development of a gate-model quantum computer. Trapped ions or neutral atoms are like a bicycle. They're simple, reliable, and efficient, but very slow.

這種組合是開發閘模型量子電腦的一種革命性方法。受困離子或中性原子就像腳踏車。它們簡單、可靠、效率高，但非常慢。

Superconducting is like a piston propeller airplane; much more complicated and far less reliable, but much faster. In fact, there was recent research from Google and then separately from John Prisco at Caltech and Oratomic that brings this to life.

超導就像活塞螺旋槳飛機；複雜得多、可靠性也低得多，但速度快得多。事實上，Google 最近的一項研究，以及加州理工學院（Caltech）與 Oratomic 的 John Prisco 另外一項研究，都把這點具體呈現出來。

The Google team showed a way to break the Bitcoin protocol with 500,000 superconducting qubits. Then the Prisco team showed how you could do it with only 10,000 neutral atom qubits, much more efficient. But what wasn't highlighted was that the Google computation would take about nine minutes on a superconducting quantum computer.

Google 團隊展示了一種用 50 萬個超導量子位元破解比特幣協議的方法。接著 Prisco 團隊展示了只用 1 萬個中性原子量子位元就能做到的方法，效率高得多。但未被強調的是，Google 的計算在超導量子電腦上大約只需要九分鐘。

This computation would take many months, months on a neutral-atom quantum computer. At that speed, they really aren't breaking the Bitcoin protocol. But this demonstrates the point that superconducting is much faster, actually 1,000 times faster, but less efficient, requiring more physical qubits to error-correct.

而在中性原子量子電腦上，這個計算將需要好幾個月，好幾個月。以那樣的速度，其實並不能算是在破解比特幣協議。但這說明了超導確實快得多，實際上快 1,000 倍，但效率較低，需要更多物理量子位元來做錯誤校正。

Well, D-Wave dual-rail qubits provide the best of both worlds, again, the best of both worlds. Think a jet airplane; still much faster than trapped ions or neutral atoms, but much more reliable and efficient than an old piston airplane. You get the speed of superconducting with the efficiency of ions or atoms. This is truly revolutionary.

而 D-Wave 的雙軌量子位元則兼具兩者優點，再說一次，兼具兩者優點。把它想成噴射機；仍然比受困離子或中性原子快得多，但也比老式活塞飛機可靠且高效得多。你同時獲得超導的速度與離子或原子的效率。這確實是革命性的。

And the implications are significant: more reliable computation, more efficient error correction, and a potentially faster, lower overhead path to building useful quantum systems. With built-in erasure detection, these qubits can identify roughly 90% of errors as they occur with an observed erasure rate of just 0.5%.

其影響意義重大：更可靠的運算、更高效率的錯誤更正，以及一條可能更快、開銷更低、可用於建構實用量子系統的路徑。透過內建的擦除偵測，這些量子位元可在錯誤發生時辨識約 90% 的錯誤，而觀測到的擦除率僅為 0.5%。

We have also demonstrated greater than 99.9% fidelity while reducing the number of physical qubits needed for a logical qubit by up to an order of magnitude. Our advantage becomes even stronger when dual-rail is combined with D-Wave's proprietary on-chip cryogenic control.

我們也在將用於一個邏輯量子位元所需的物理量子位元數量最多降低一個數量級的同時，展示了高於 99.9% 的保真度。當雙軌與 D-Wave 專有的晶片內低溫控制結合時，我們的優勢會更加明顯。

This gives us a path to significantly reduce the wiring required to control large numbers of qubits and ultimately enables full qubit control at scale, with multiple orders of magnitude fewer control lines than competing superconducting gate-model systems. Any technology that doesn't solve this issue will not achieve utility because it can't feasibly control without requiring football field-sized installations.

這為我們提供了一條大幅降低控制大量量子位元所需佈線的路徑，並最終在規模化情境下實現完整的量子位元控制；相較於競爭的超導閘模型系統，所需控制線可少上好幾個數量級。任何未能解決此問題的技術都無法達到實用性，因為它無法在可行的情況下進行控制，而不需要足球場大小的設施。

The combination of speed, fidelity, and scalability is what makes this such an important development. It is not just better qubit design. It is a more scalable system architecture, which is why you should see dual-rail technology as a clear competitive advantage for D-Wave.

速度、保真度與可擴展性的結合，正是使這項發展如此重要的原因。這不只是更好的量子位元設計。這是一種更可擴展的系統架構，因此你應將雙軌技術視為 D-Wave 明確的競爭優勢。

I'm excited to share with you today more visibility into our gate-model road map. We are targeting our dual-rail gate-model road map to extend to 100 logical qubits by the end of 2032. By the end of 2028, we plan to have approximately 175 physical qubits, which will allow us to demonstrate our quantum error correction technology as well as logical operations.

我很高興今天能與各位分享更多我們閘模型路線圖的資訊。我們的目標是讓雙軌閘模型路線圖在 2032 年底前延伸至 100 個邏輯量子位元。到 2028 年底，我們計畫擁有約 175 個物理量子位元，這將使我們能展示量子錯誤更正技術以及邏輯運算。

Beyond this, the integration with D-Wave's scalable control is expected to take us to 10 logical qubits by 2030, followed by 100 logical qubits two years later. This acceleration in our road map is based upon the unique opportunity provided by the recent merging of Quantum Circuits' expertise in engineering high-coherence superconducting quantum devices with D-Wave's extensive toolbox for scaling superconducting quantum processors.

此外，與 D-Wave 可擴展控制的整合，預期將在 2030 年把我們推進到 10 個邏輯量子位元，並在兩年後達到 100 個邏輯量子位元。我們路線圖的這項加速，係基於近期 Quantum Circuits 在高相干超導量子裝置工程方面的專業與 D-Wave 在擴展超導量子處理器方面的豐富工具箱完成合併所帶來的獨特機會。

With 100 logical qubits, we expect D-Wave to capture as much of the gate model market as any other gate-model quantum computing company. There's something else that investors need to see more clearly about road maps in this industry.

在擁有 100 個邏輯量子位元時，我們預期 D-Wave 在閘模型市場的占有程度可與任何其他閘模型量子運算公司相當。投資人還需要更清楚地看到這個產業中路線圖的另一個面向。

You've seen companies revise timelines, change milestone frameworks, and move the goalpost as the technical realities and complexities of scaling become clearer. We couldn't be more different. The road map we are sharing is built on demonstrated technology, known engineering pathways, and milestones that we believe are achievable with a high degree of confidence.

你已看到一些公司修訂時程、改變里程碑架構，並在技術現實與擴展複雜性愈發明朗時不斷移動目標。我們則截然不同。我們所分享的路線圖建立在已驗證的技術、已知的工程路徑，以及我們相信能以高度信心達成的里程碑之上。

We are not publishing dates for effect. We'll provide more detail on our product road map and how it compares to other gate-model quantum computing modalities like neutral atoms, trapped ions, and photonics at our upcoming Investor Day on June 1 at the NYSE and online. And we encourage you to attend.

我們不會為了效果而公布日期。我們將在 6 月 1 日於紐約證券交易所（NYSE）及線上舉行的投資人日，提供更多關於我們產品路線圖的細節，以及其與其他閘模型量子運算路徑（如中性原子、離子阱與光子）之比較。並誠摯邀請你參加。

Our category leadership position is further solidified by our dominance in annealing quantum computing, clearly a foundational strength for the company. This is grounded in a long track record of innovation and product delivery across six generations of systems.

我們在類別領導地位上也因在退火式量子運算的主導而進一步鞏固，這顯然是公司的一項基礎性優勢。這奠基於我們在六代系統中長期的創新與產品交付紀錄。

Our annealing quantum computers are being deployed today in real customer problems. They are trusted by some of the world's largest companies across manufacturing, aerospace, healthcare, telecommunications, and other sectors, as well as by leading scientific researchers using our systems to accelerate discovery. This is real work, driving real value right now.

我們的退火式量子電腦如今已部署於真實客戶問題中。它們受到全球一些最大型企業的信賴，涵蓋製造、航太、醫療保健、電信等產業，也受到領先科學研究人員的採用，利用我們的系統加速發現。這是正在進行的真實工作，當下就創造真實價值。

Beyond optimization, we're very excited by what we're seeing in the area of blockchain. We recently collaborated with Postquant Labs on the development and launch of its quantum-classical blockchain, Testnet, which is now live.

除了最佳化之外，我們也對區塊鏈領域的進展感到非常振奮。我們近期與 Postquant Labs 合作開發並推出其量子—經典區塊鏈 Testnet，目前已正式上線。

The Testnet is designed to support the development of a global quantum blockchain standard and to assess how quantum computing could contribute to a more secure and energy-efficient blockchain in a distributed network. More than 18,500 people have signed up to participate in the Testnet.

Testnet 的設計旨在支援全球量子區塊鏈標準的發展，並評估量子運算在分散式網路中如何有助於打造更安全且更節能的區塊鏈。已有超過 18,500 人報名參與 Testnet。

It currently includes more than 1,600 nodes, one of which is D-Wave's Advantage2 annealing quantum computer, with the rest made up of CPUs and GPUs. Our Advantage2 QPU is currently outperforming the classical nodes and winning the majority of the blocks. Together with Postquant Labs, we are launching a detailed benchmarking study to further quantify the advantage.

目前其包含超過 1,600 個節點，其中之一是 D-Wave 的 Advantage2 退火式量子電腦，其餘由 CPU 與 GPU 組成。我們的 Advantage2 QPU 目前表現優於經典節點，並贏得大多數區塊。我們將與 Postquant Labs 一同啟動一項詳細的基準測試研究，以進一步量化此優勢。

We're also seeing promising work in the area of quantum AI and machine learning. Shionogi, a Japan-based pharmaceutical company, is working on a multistage progress project that applies AI to drug discovery, where identifying drug-like molecules with the right activity, chemical properties, and synthetic accessibility is extremely challenging, particularly for classical machine learning methods.

我們也在量子 AI 與機器學習領域看到令人鼓舞的成果。日本製藥公司鹽野義（Shionogi）正在進行一項多階段進展專案，將 AI 應用於藥物發現；在此領域中，要找出具備正確活性、化學性質與可合成性的類藥分子極具挑戰，尤其對經典機器學習方法而言更是如此。

The work is focused on using D-Wave's annealing quantum computers as part of the large language model training process, with the second phase of the project delivering a 10-fold increase in the number of desirable molecules compared with the results generated using a classical machine learning algorithm. Shionogi is now moving into the next phase of the project, with the ultimate goal of real-world adoption.

該工作聚焦於在大型語言模型訓練流程中，將 D-Wave 的退火式量子電腦納入其中；專案第二階段的成果，相較於使用經典機器學習演算法所產生的結果，理想分子的數量提升了 10 倍。鹽野義目前正進入專案下一階段，最終目標是實際落地採用。

We believe that these early results, along with emerging work by other customers exploring quantum computing to improve AI performance, position D-Wave as an important first mover at the intersection of quantum and AI.

我們相信，這些早期成果，加上其他客戶正在探索以量子運算提升 AI 效能的新興工作，使 D-Wave 在量子與 AI 的交會點上成為重要的先行者。

Together, these examples show that annealing quantum computing is expanding commercially, opening new application areas, and continuing to demonstrate real-world value today. Not only can our annealing quantum computers uniquely address the significant and important optimization market, we are close to being able to demonstrate their value in AI and blockchain.

綜合而言，這些案例顯示退火式量子運算正在商業上擴張、開啟新的應用領域，並持續在今日展現真實世界的價值。我們的退火式量子電腦不僅能以獨特方式切入龐大且重要的最佳化市場，我們也接近能夠展示其在 AI 與區塊鏈上的價值。

We continue to expand the capabilities of our annealing quantum computers. We recently published research outlining powerful new multicolor annealing protocols that enable some gate-model operations within our commercial Advantage2 systems.

我們持續擴展退火式量子電腦的能力。我們近期發表研究，概述強大的新型多色退火協定，使我們的商用 Advantage2 系統能執行部分閘模型操作。

We also launched these features with key customers to enable them to perform fundamental research in quantum simulation. These protocols enable researchers to use D-Wave's annealing QPU to model quantum systems and explore fundamentally new behavior that can be extremely difficult, if not impossible, to study with classical techniques.

我們也已與關鍵客戶推出這些功能，使其能進行量子模擬的基礎研究。這些協定讓研究人員可使用 D-Wave 的退火式 QPU 來建模量子系統，並探索以經典技術極其困難、甚至不可能研究的全新基本行為。

On our last quarterly earnings call, I said that 2025 was an inflection point for D-Wave, and our results continue to support that view. Last year marked a period of clear technical progress and accelerating commercial momentum, including a triple-digit increase in our sales pipeline that continued to expand through the first quarter.

在我們上一季的財報電話會議上，我曾表示 2025 年是 D-Wave 的轉折點，而我們的結果持續支持這一觀點。去年是技術明顯進展與商業動能加速的一段期間，其中包括我們銷售管線出現三位數的增長，且在第一季仍持續擴大。

Today, that momentum is translating into measurable business outcomes. As discussed, in January alone, we signed two landmark agreements, a $20 million system sale to Florida Atlantic University and the industry's first $10 million enterprise license quantum computing-as-a-service deal.

如今，這股動能正轉化為可衡量的業務成果。如前所述，僅在 1 月，我們就簽署了兩項里程碑式協議：向佛羅里達大西洋大學（Florida Atlantic University）出售一套價值 2,000 萬美元的系統，以及業界首筆 1,000 萬美元的企業授權「量子運算即服務」（QCaaS）交易。

We have previously covered those transactions, so I won't repeat the details here. But I will emphasize their impact as they help to drive record first-quarter bookings. During the first quarter, we closed bookings of $33.4 million, a nearly 2,000% increase over Q1 bookings a year ago and up 149% from the very strong bookings in the fourth quarter of 2025.

我們先前已涵蓋那些交易，因此我不會在此重複細節。但我會強調其影響，因為它們有助於推動第一季創紀錄的訂單。第一季期間，我們完成了3,340萬美元的訂單，較一年前的第一季訂單成長近2,000%，並較2025年第四季非常強勁的訂單成長149%。

With regard to system sales, I also want to point out that while I originally shared with you that we expect to sell one system per year, the pipeline is much stronger. We're now expecting two or three system deals per year, with expected delivery of at least two systems this year in 2026.

就系統銷售而言，我也想指出，雖然我最初與各位分享我們預期每年銷售一套系統，但目前的商機管道強勁得多。我們現在預期每年可達成兩到三筆系統交易，並預期在2026年今年至少交付兩套系統。

Before I hand the call over to John to provide deeper details on our first quarter results, there are five key points that I want you to keep in mind about what makes D-Wave different.

在我把電話交給John更深入說明第一季業績之前，我希望各位記住D-Wave與眾不同的五個關鍵點。

First, D-Wave is the only dual-platform quantum computing company. We are developing both annealing and gate-model quantum computing systems, which we believe uniquely positions us to participate in the full addressable quantum computing market over time.

第一，D-Wave是唯一的雙平台量子運算公司。我們同時開發退火式與閘模型量子運算系統，我們相信這使我們具備獨特優勢，能隨時間推進參與完整的可服務量子運算市場。

Second, annealing quantum computing is better suited for optimization than gate-model quantum computing. By its nature, it is uniquely built to solve optimization problems, an area that represents a significant share of the overall quantum computing opportunity and one where D-Wave is exceptionally well positioned to lead.

第二，相較於閘模型量子運算，退火式量子運算更適合用於最佳化。就其本質而言，它是為解決最佳化問題而獨特打造的；這個領域占整體量子運算機會的相當大比重，而D-Wave在此具備極佳的領先定位。

Third, our customers are using our annealing quantum computing systems in production right now. They're solving hard computational problems that directly affect operations. This is not experimentation. It is commercial deployment by several Forbes Global 2000 companies.

第三，我們的客戶目前正將我們的退火式量子運算系統用於正式生產環境。他們正在解決直接影響營運的高難度計算問題。這不是實驗。這是多家《富比士》全球2000大企業的商業化部署。

Fourth, D-Wave is the first company to solve a hard computational problem beyond classical computing's reach on a real-world useful problem, evidenced by our quantum supremacy results published in Science last March.

第四，D-Wave是第一家在真實世界且具實用價值的問題上，解決了超出傳統（經典）運算能力範圍的高難度計算問題的公司；此點由我們去年三月發表於《Science》的量子霸權結果所證明。

And fifth, our dual-rail gate-model technology changes the game. It combines superconducting speed, high-performance fidelity, and a clear path to scale in a way we believe is highly differentiated.

第五，我們的雙軌（dual-rail）閘模型技術改變了遊戲規則。它結合了超導的速度、高效能的保真度，以及清晰的可擴展路徑；我們相信這具有高度差異化。

It is increasingly clear that the winners in quantum will be the companies that combine technical differentiation, commercial proof, and the ability to execute at scale. We believe D-Wave is one of those companies. And our first quarter results, along with our momentum in the second quarter, reinforce that position.

越來越明顯的是，量子領域的贏家將是那些能結合技術差異化、商業驗證，以及具備規模化執行能力的公司。我們相信D-Wave就是其中之一。而我們第一季的業績，以及第二季的動能，都強化了這一定位。

With that, I'll turn it over to John.

接下來，我把時間交給John。

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

謝謝你，Alan，也感謝所有撥冗參與今天電話會議的各位。

Revenue in the first quarter of 2026 was $2.9 million, a decrease of $12.1 million or 81% from the first quarter of 2025 revenue of $15 million, that included $12.6 million in revenue from the first sale of the D-Wave annealing quantum computer system.

2026年第一季營收為290萬美元，較2025年第一季的1,500萬美元減少1,210萬美元或81%；2025年第一季營收包含首次銷售D-Wave退火式量子電腦系統所帶來的1,260萬美元營收。

For the first quarter of 2026, D-Wave recognized revenue from over 100 individual customers, over 50% of which were commercial enterprises with commercial revenue constituting over 73% of the $2.9 million in quarterly revenue.

在2026年第一季，D-Wave自超過100位個別客戶認列營收，其中超過50%為商業企業；商業營收占該季290萬美元營收的73%以上。

From a product perspective, Q1 revenue was comprised of $1.8 million in QCaaS subscription revenue that increased by nearly 15% on a year-over-year basis and $1 million in professional services revenue that increased by over 26% on a year-over-year basis.

從產品角度來看，第一季營收由180萬美元的QCaaS訂閱營收（年增近15%）以及100萬美元的專業服務營收（年增超過26%）所構成。

For the first quarter, 100% of D-Wave's revenue was derived from selling, providing access to, or providing services for quantum computing systems, not other revenue that has the word quantum attached to it, such as quantum sensing or quantum networking.

第一季，D-Wave 100%的營收皆來自量子運算系統的銷售、提供存取權，或提供相關服務；並非來自其他僅冠以「量子」之名的營收，例如量子感測或量子網路。

Bookings for the first quarter were $33.4 million, an increase of $31.8 million or 1,994% when compared to the 2025 first quarter bookings of $1.6 million and an increase of $20 million or 149% when compared with the immediately preceding 2025 fourth quarter bookings of $13.4 million.

第一季訂單為3,340萬美元，較2025年第一季的160萬美元增加3,180萬美元或1,994%；並較緊接之前的2025年第四季訂單1,340萬美元增加2,000萬美元或149%。

Over two dozen commercial customers comprised over 31% of the first quarter bookings, with the balance of the bookings from educational and research organizations, the largest of which was the $20 million system sale to Florida Atlantic University.

超過二十多家商業客戶貢獻了第一季訂單的31%以上，其餘訂單來自教育與研究機構，其中最大的一筆為向佛羅里達大西洋大學（Florida Atlantic University）出售系統的2,000萬美元交易。

During the first quarter of 2026, the dollar value of our sales opportunity pipeline more than doubled over the dollar value of the sales opportunity pipeline as of the end of the immediately preceding fourth quarter of 2025, while the average potential deal size more than doubled over the same period.

在2026年第一季，我們銷售機會管道的金額價值，較緊接之前2025年第四季末的銷售機會管道金額價值增加逾一倍；同期間平均潛在交易規模也增加逾一倍。

GAAP gross profit for the first quarter was $1.8 million, a decrease of $12.1 million or 87% from the 2025 first quarter GAAP gross profit of $13.9 million, that was heavily influenced by the aforementioned system sale in the first quarter of last year. GAAP gross margin for the first quarter was 63.6%, a decrease of 29% from the 2025 first quarter GAAP gross margin of 92.5%, that, again, was heavily influenced by the aforementioned system sale in the first quarter of last year.

第一季GAAP毛利為180萬美元，較2025年第一季GAAP毛利1,390萬美元減少1,210萬美元或87%，主要受到前述去年第一季系統銷售的顯著影響。第一季GAAP毛利率為63.6%，較2025年第一季GAAP毛利率92.5%下降29%，同樣主要受到前述去年第一季系統銷售的顯著影響。

First quarter GAAP operating expenses totaled $56.5 million, an increase of $31.3 million or 125% from GAAP operating expenses of $25.2 million for the 2025 first quarter, with the increase primarily driven by $9.1 million of nonrecurring costs related to the acquisition of Quantum Circuits and increase of $8.6 million in salaries and related personnel costs, 80% of which relates to increases in sales and marketing and research and development personnel, including Quantum Circuits operating expenses subsequent to the closing of the transaction in January and $7.4 million in noncash expenses, including $4 million in stock-based comp and $3.4 million in depreciation and amortization expenses.

第一季GAAP營業費用合計5,650萬美元，較2025年第一季GAAP營業費用2,520萬美元增加3,130萬美元或125%；增加主要來自與收購Quantum Circuits相關的910萬美元一次性非經常性成本，以及薪資與相關人事成本增加860萬美元，其中80%與銷售與行銷及研發人員增加有關（包含1月交易完成後Quantum Circuits的營業費用），另有740萬美元的非現金費用，包括400萬美元的股份基礎給付，以及340萬美元的折舊與攤銷費用。

These increased operating expenses stem from investments to support the company's accelerated product development and go-to-market initiatives as well as Quantum Circuits. Non-GAAP adjusted operating expenses were $34.8 million or $21.7 million lower than the GAAP operating expenses, with the non-GAAP adjusted operating expenses increasing by $14.6 million or 73% over the year-earlier non-GAAP adjusted operating expenses of $20.2 million, with the difference between GAAP and non-GAAP operating expenses primarily being noncash stock-based comp, noncash depreciation and amortization expenses, and nonrecurring one-time expenses, such as the $9.1 million in nonrecurring costs associated with the Quantum Circuits acquisition that are excluded from the non-GAAP adjusted operating expenses.

這些增加的營業費用源自於為支持公司加速的產品開發與市場推進（go-to-market）計畫，以及Quantum Circuits相關投資。非GAAP調整後營業費用為3,480萬美元，較GAAP營業費用低2,170萬美元；非GAAP調整後營業費用較去年同期的2,020萬美元增加1,460萬美元或73%。GAAP與非GAAP營業費用之差異主要為非現金的股份基礎給付、非現金折舊與攤銷費用，以及非經常性一次性費用，例如與收購Quantum Circuits相關的910萬美元非經常性成本（此項已自非GAAP調整後營業費用中排除）。

Net loss for the first quarter was $18.4 million or $0.05 per share compared with a net loss of $5.4 million or $0.02 per share in the first quarter of 2025, with the increase due to higher operating expenses primarily associated with our increased investment in our R&D and sales and marketing organizations, and lower gross profit given the high gross profit associated with last year's sale of an annealing quantum computer, which was partially offset by the increase in income tax benefit of $28.5 million, that was derived from the January 20 acquisition of Quantum Circuits.

第一季淨損為1,840萬美元或每股0.05美元，相較之下2025年第一季淨損為540萬美元或每股0.02美元；淨損增加係因營業費用上升（主要與我們加大對研發以及銷售與行銷組織的投資相關），以及毛利下降（去年退火式量子電腦銷售帶來較高毛利），部分由所得稅利益增加2,850萬美元所抵銷；該所得稅利益源自於1月20日完成的Quantum Circuits收購。

Adjusted EBITDA loss for the first quarter was $32.8 million, an increase of $26.7 million from the 2025 first quarter adjusted EBITDA loss of $6.1 million, with the increase due primarily to higher operating expenses and lower gross profit.

第一季調整後 EBITDA 虧損為 3,280 萬美元，較 2025 年第一季調整後 EBITDA 虧損 610 萬美元增加 2,670 萬美元；增加主要係因營運費用較高及毛利較低所致。

Now I will address the balance sheet and liquidity. As of March 31, D-Wave's consolidated cash balance and marketable investment securities totaled $588.4 million, an increase of $284.1 million or 93% from the 2025 first quarter consolidated cash balance of $304.3 million.

現在我將說明資產負債表與流動性。截至 3 月 31 日，D-Wave 合併現金餘額及有價投資證券合計為 5.884 億美元，較 2025 年第一季合併現金餘額 3.043 億美元增加 2.841 億美元或 93%。

During the first quarter, we invested $250 million in cash in conjunction with the acquisition of Quantum Circuits. And we believe that our remaining liquidity is sufficient to support a fully funded plan to profitability. Subsequent to the 2025 fourth quarter earnings call that was held on February 26, I've received a number of questions on revenue recognition that I touched on during our fourth quarter earnings call, that I will reiterate here, specifically as it relates to system sales.

第一季期間，我們配合收購 Quantum Circuits 投入 2.5 億美元現金。我們相信剩餘流動性足以支持一項已完全資金到位、通往獲利的計畫。在 2 月 26 日舉行的 2025 年第四季財報電話會議之後，我收到許多關於收入認列的問題；我在第四季財報電話會議中曾提及，這裡將再次重申，特別是與系統銷售相關的部分。

These transactions involve a number of steps before the systems are fully operational, including site preparation, delivery, installation, calibration, and other key steps that are likely to encompass multiple months and possibly quarters, depending upon the unique elements of a particular system transaction.

這些交易在系統完全可運作之前涉及多個步驟，包括場地準備、交付、安裝、校準及其他關鍵步驟；依特定系統交易的獨特要素而定，這些步驟很可能跨越數個月，甚至可能跨越數季。

While we will recognize a significant portion of revenue upon the physical delivery of the system, we will recognize a smaller portion over time prior to delivery as installation and calibration progress since these activities are essential for customers to begin using our systems. This is the general pattern we expect that each system sale may have unique characteristics that may cause the revenue recognition pattern to vary somewhat.

雖然我們會在系統實體交付時認列相當大部分的收入，但在交付前，隨著安裝與校準的進展，我們也會隨時間認列較小部分的收入，因為這些活動對客戶開始使用我們的系統至關重要。這是我們預期的一般模式，但每筆系統銷售可能具有獨特特性，可能使收入認列模式有所不同。

In addition, we anticipate that most system sales transactions will involve one or two multiyear revenue components, including a service and maintenance contract and access to our Leap cloud service. In conjunction with touching on the topic of revenue recognition, we thought it would be helpful to highlight the recent progression of our remaining performance obligations, or some will refer to this metric as RPOs or backlog.

此外，我們預期多數系統銷售交易將包含一到兩項多年期收入組成部分，包括服務與維護合約，以及使用我們 Leap 雲端服務的權利。在談到收入認列的同時，我們也認為有必要強調近期我們剩餘履約義務（remaining performance obligations）的變化；有些人也將此指標稱為 RPO 或積壓訂單（backlog）。

As of March 31, the aggregate amount of remaining performance obligations that were unsatisfied or partially unsatisfied related to customer contracts totaled $42.4 million. That represents a $36 million or 563% increase over the first quarter of 2025 RPO balance of $6.4 million and a $29 million or 216% increase over the immediately fourth quarter 2025 RPO balance of $13.4 million.

截至 3 月 31 日，與客戶合約相關、尚未履行或部分未履行的剩餘履約義務總額為 4,240 萬美元。這較 2025 年第一季 RPO 餘額 640 萬美元增加 3,600 萬美元或 563%，也較緊接著的 2025 年第四季 RPO 餘額 1,340 萬美元增加 2,900 萬美元或 216%。

Approximately 54% of the $42.4 million first quarter RPO balance is expected to be recognized as revenue in the next 12 months. And 71% is expected to be recognized as revenue in the next two years, with the remainder to be recognized as revenue thereafter.

約 4,240 萬美元第一季 RPO 餘額的 54% 預計將在未來 12 個月內認列為收入。另有 71% 預計將在未來兩年內認列為收入，其餘則於其後期間認列為收入。

Revenue allocated to remaining performance obligations represents the transaction price of noncancelable orders for which service has not been performed, which includes deferred revenue and the amounts that will be invoiced and recognized as revenue in future periods from open contracts and excludes unexercised renewals. The same information is also included in our Form 10-Q.

分配至剩餘履約義務的收入代表尚未提供服務之不可取消訂單的交易價格，其中包括遞延收入，以及來自未結合約、將於未來期間開立發票並認列為收入的金額，並排除尚未行使的續約。相同資訊亦載於我們的 Form 10-Q。

While we are continuing our practice of not providing specific forward financial guidance, given the revenue recognition associated with systems transactions, in combination with the remaining performance obligations and the sales pipeline, I want to provide some directional parameters on revenue over the balance of this year. The 2026 second quarter is likely to be up modestly from the first quarter, with a substantial portion of the year's revenue recognized in the second half of the year.

雖然我們仍維持不提供具體前瞻性財務指引的做法，但考量系統交易相關的收入認列方式，並結合剩餘履約義務與銷售管線，我想就今年剩餘期間的營收提供一些方向性的參數。2026 年第二季可能較第一季小幅成長，而全年相當大部分的營收將在下半年認列。

In conclusion, as we have previously stated, we continue to 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.

總結而言，正如我們先前所述，我們仍相信 D-Wave 有機會成為第一家獨立、公開上市的量子運算公司，達成可持續的獲利；並且以遠低於任何其他獨立公開上市量子運算公司所需的資金來達成此里程碑。

With that, operator, please open the call for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Quinn Bolton, Needham.

(接線員指示) Needham 的 Quinn Bolton。

Hey, this Shadi Mitwalli, on for Quinn. Congrats on the increased system sales outlook. I guess, staying on that topic, what's driving your confidence in being able to secure two to three system sales a year? And how do you view the split between annealing and gate model going forward?

嗨，我是 Shadi Mitwalli，代替 Quinn 發言。恭喜系統銷售展望上調。延續這個主題，推動你們有信心每年能拿下兩到三筆系統銷售的因素是什麼？另外，你們如何看待未來退火（annealing）與閘模型（gate model）之間的占比？

Sure. So as both John and I indicated, our pipeline has significantly increased over the course of the last year. And we are well down the path of negotiating system deals with multiple customers, none of which has been communicated to date.

當然。如同 John 和我都提到的，我們的銷售管線在過去一年顯著增加。我們也已在與多位客戶就系統交易進行談判，而且截至目前尚未對外公布任何一筆。

So with the Florida Atlantic University sale this year and the progress that we're making on several other system deals, I have a very high degree of confidence that we'll see two or three sales this year and, as I said, a very high degree of confidence that we will actually deliver two of them this year.

因此，結合今年佛羅里達大西洋大學（Florida Atlantic University）的銷售，以及我們在其他幾筆系統交易上的進展，我非常有信心今年會看到兩到三筆銷售；並且如我所說，我也非常有信心今年實際交付其中兩套系統。

John McPeake, Rosenblatt Securities.

Rosenblatt Securities 的 John McPeake。

Alan, John, and Kevin, congrats on the bookings and RPO number, pretty impressive. So a question on the road map here. By the end of 2032, we have 100 logical qubits. Could you give us a sense as to what you're targeting for two-qubit gate fidelities out there? And I have the same question about the 10 logical qubits in 2030.

Alan、John 和 Kevin，恭喜訂單與 RPO 數字，確實令人印象深刻。我有一個關於路線圖的問題。到 2032 年底，我們有 100 個邏輯量子位（logical qubits）。你們能否說明一下屆時你們對雙量子位閘（two-qubit gate）保真度（fidelity）的目標？同樣的問題也適用於 2030 年的 10 個邏輯量子位。

Yeah. So first of all, we're already at 99.9% fidelity, but that's on a very small system admittedly. One of the things that we believe the dual-rail qubits are going to do is put us on a much steeper path to improving fidelities.

是的。首先，我們目前已達到 99.9% 的保真度，但坦白說那是在非常小的系統上。我們相信雙軌（dual-rail）量子位將帶來的一件事，是讓我們走上一條更陡峭的路徑來提升保真度。

In particular, the Google Willow work was quite impressive. But we believe that with our dual-rail technology, we'll be able to improve upon that by about five times. And so we're looking at very high qubit and two-qubit gate fidelities.

特別是，Google 的 Willow 研究成果相當令人印象深刻。但我們相信，透過我們的雙軌技術，我們能在此基礎上再提升約五倍。因此，我們的目標是達到非常高的量子位與雙量子位閘保真度。

Antoine Legault, Wedbush Securities.

Wedbush Securities 的 Antoine Legault。

Congrats on the momentum so far this year. You've effectively been the sole player in quantum annealing for over a decade.

恭喜今年迄今的動能。你們在量子退火領域實際上已經獨占鰲頭超過十年。

As the addressable market for optimization grows -- and, Alan, you've cited some pretty significant figures in terms of addressable market -- as annealing's commercial viability becomes more established, do you expect to see more entrants, whether it's from other established gate-based players pivoting towards hybrid approaches or others moving into the space? Like, how should we think about the competitive landscape going forward?

隨著最佳化（optimization）的可服務市場成長——而且 Alan，你引用了一些相當可觀的可服務市場數字——當退火的商業可行性愈發被證實時，你們是否預期會有更多競爭者進入？不論是其他既有的閘式（gate-based）玩家轉向混合式方法，或是其他公司進入這個領域？我們應該如何看待未來的競爭格局？

Yeah. So first of all, I do want to point out that the numbers I quoted for optimization are the Boston Consulting Group numbers. So this is the data that most people in the quantum industry are using and focused on with respect to the total addressable market and the $100 million to $220 million -- sorry -- $100 billion to $220 billion number comes from Boston Consulting Group for optimization.

是的。首先我想指出，我所引用的最佳化市場數字來自波士頓顧問公司（Boston Consulting Group）。因此，這是量子產業中多數人用來評估並聚焦於總可服務市場的資料；而 1,000 億到 2,200 億美元——抱歉——這個 1,000 億到 2,200 億美元的數字，是波士頓顧問公司對最佳化所估計的。

Second, actually, we're already starting to see others working on annealing systems, very small at this point in time, two-, three-, four-qubit systems. We're also seeing some gate-model companies starting to look at running annealing-type protocols within their gate-model systems.

第二，事實上，我們已經開始看到其他人在開發退火系統；目前規模還很小，屬於兩、三、四量子位元的系統。我們也看到一些閘模型公司開始研究在其閘模型系統內運行退火類型的協定。

Sometimes, you'll hear a gate-model company say they've done some analog computing within their gate-model system. Part of the reason for looking at this is that, as we've talked about in the past, annealing is far less sensitive to errors and doesn't require error correction to give good results.

有時候，你會聽到某家閘模型公司說，他們在其閘模型系統內做了一些類比運算。之所以會關注這件事，部分原因是，正如我們過去談到的，退火對錯誤的敏感度低得多，而且不需要錯誤校正也能得到良好結果。

But the problem with that is there's a lot of overhead associated with trying to run annealing protocols within gate-model systems. And they'll never be as fast or never be able to solve problems as large as what you can solve on a native annealing quantum computer.

但問題在於，試圖在閘模型系統內運行退火協定會伴隨大量的額外負擔（overhead）。而且它們永遠不會像原生退火量子電腦那樣快，也永遠無法解決像原生退火量子電腦能解決的那麼大規模的問題。

So yes, there is increasing interest in the annealing approach to quantum computing. There are some early activities underway with respect to building annealing quantum computers. And there is some work going on with respect to trying to perform annealing within gate-model systems.

所以是的，市場對退火式量子運算方法的興趣正在增加。目前已經有一些早期活動在進行，著手建造退火量子電腦。也有一些工作在進行，嘗試在閘模型系統內執行退火。

But none of that represents a real threat to the advantage that we have in annealing quantum computing. We continue to believe that D-Wave is and will always be the leader in that portion of the market.

但這些都不構成對我們在退火量子運算方面優勢的真正威脅。我們仍然相信，D-Wave 現在是、未來也將一直是該市場區塊的領導者。

Joe McCormick, Evercore.

Joe McCormick，Evercore。

Congrats on the quarter. Maybe just as you've seen the pipeline progress and kind of expectations for the aperture to start widening as it relates to system deliveries, moving forward here, can you kind of double-click on that and talk through kind of the appetite for on-prem systems for kind of governments and kind of academic research versus commercial, maybe to the extent that you found there's kind of greater openness on the commercial side of things as well over the next couple of years to taking kind of annealing systems on site?

恭喜本季表現。隨著你們看到管線推進，且對於未來系統交付帶動「開口」開始擴大（aperture to start widening）的預期逐步成形，能否再深入一點談談：政府與學術研究相較於商業端，對於本地部署（on-prem）系統的需求偏好如何？另外，在未來幾年，商業端是否也會更願意把退火系統部署到現場？

Yeah. So if I were going to guess at what we're likely going to see this year, I think when I talk about two or three system sales this year, I think that we're likely to see one in the commercial arena, and the other is more in the research and academic arena.

好的。如果要我猜測今年可能會看到的情況，我認為當我提到今年可能有兩到三套系統銷售時，很可能其中一套在商業領域，另一套則更偏向研究與學術領域。

So I think we're still in an environment where the system sales are more oriented toward deeper research investigations, where you need control over more of the operating parameters of the system than what's required if you're just trying to run a commercial application.

所以我認為我們仍處於一個環境：系統銷售更偏向深入的研究探索，因為這類情境需要對系統更多運行參數有控制權；相較之下，如果只是要跑商業應用，所需的控制程度就沒那麼高。

But the reason why I say I think we may see one commercial purchase of an annealing quantum computer is because I think at least in the blockchain and AI arena, we may see commercial organizations with an interest in doing some research into how these systems ultimately will be able to benefit AI and/or blockchain.

但我之所以說今年可能會看到一筆商業端購買退火量子電腦，是因為我認為至少在區塊鏈與 AI 領域，我們可能會看到商業組織有興趣研究這些系統最終如何能為 AI 和／或區塊鏈帶來效益。

So mostly still research and academically oriented, still purchasing systems to be able to control more of the operating parameters that you can't control when you're running on a cloud-based service. But possibly one commercial sale this year in an emerging application area, where there's some research to be done that will require more control over the parameters of the system.

所以整體而言仍以研究與學術導向為主，購買系統是為了能控制更多在雲端服務上無法控制的運行參數。但今年也可能在某個新興應用領域出現一筆商業銷售，因為那裡仍有一些研究需要進行，而這將需要對系統參數有更高的控制權。

Now I think that what is likely the potential to change in a significant way, system sale purchase from research and academic to commercial, is if we're successful with the work that we're doing on blockchain and AI.

我認為，系統銷售從研究與學術轉向商業端、並出現顯著變化的潛在觸發點，是我們在區塊鏈與 AI 上的工作若能成功。

I think that those two areas could potentially be very transformative to D-Wave with respect to significant commercial sales of systems in support of those application areas. But we're not there yet. We're making good progress. I've talked about this in the past.

我認為這兩個領域，可能會在支援這些應用的系統商業銷售方面，對 D-Wave 帶來非常具變革性的影響。但我們還沒到那一步。我們正在取得良好進展。我過去也談過這點。

I think the launch of the Testnet with Postquant Labs for a new quantum blockchain -- quantum-classical blockchain environment is a really good next step. And we're hopeful with respect to what we will see coming out of that work and potentially validating the application opportunity for our systems in that arena. But we're not quite there yet.

我認為與 Postquant Labs 推出的 Testnet，用於新的量子區塊鏈——量子-經典區塊鏈環境——是一個非常好的下一步。我們也對這項工作可能產出的成果抱持期待，並有望在該領域驗證我們系統的應用機會。但我們還沒有完全到位。

I also think that not only the work we're doing with Shionogi on AI, but some other companies where we're now doing very similar work to what we've done with Shionogi could potentially help with that transition in AI as well. But in both of those cases, we're not quite there yet, but making good progress.

我也認為，不僅是我們與 Shionogi 在 AI 上的合作，還有一些其他公司，我們現在正在做與我們和 Shionogi 所做非常類似的工作，這些都可能有助於 AI 領域的轉換。但就這兩個案例而言，我們還沒完全到那一步，不過進展良好。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Congratulations on upping the system shipment outlook, guys. I wanted to ask a question on the nice detail you provided with QCI road map.

恭喜你們上調系統出貨展望。我想就你們提供的 QCI 路線圖細節問一個問題。

The question is that what are you hearing from your 100 commercial customers on where they want to engage with that road map system capabilities? Is it at the 2028 level, 2030, 2032 level? And to what extent are you seeing QCI start to be additive to your potential customer base?

問題是：你們從 100 家商業客戶那裡聽到的回饋是，他們希望在路線圖的哪個系統能力階段開始參與？是 2028 年的水準、2030 年、還是 2032 年的水準？

Sure, Craig. So we actually have a handful of customers that have expressed interest in the gate-model system today. A couple have expressed interest in acquiring a gate-model system and a few accessing it over the cloud.

當然可以，Craig。我們其實已經有少數客戶表達對目前閘模型系統的興趣。其中有兩家表達有意購買閘模型系統，還有幾家希望透過雲端存取。

We are working on moving the tools into our Leap cloud service, integrating them with our Ocean SDK. And we are working on moving the actual hardware into the Leap cloud service as well for cloud-based access to the system.

我們正在把工具移入我們的 Leap 雲端服務，並與我們的 Ocean SDK 進行整合。同時我們也在把實際硬體移入 Leap 雲端服務，以便透過雲端方式存取該系統。

We're also working on hardening the systems so that we could support sales of a gate-model system, premise-based installations of a gate-model system. There's an understanding of the fact that the current system that we have operational is only 8 qubits. But as we said in the past, we expect to have 17 qubits operational before the end of this year.

我們也在強化（hardening）系統，以便能支援閘模型系統的銷售，以及閘模型系統的本地端（premise-based）安裝。大家也理解目前我們可運行的系統只有 8 個量子位元。但如同我們過去所說，我們預期在今年年底前會有 17 個量子位元可運行。

And honestly, for both the cloud-based access and premise installation, there's interest in either the 8- or the 17-qubit system. In other words, we're not hearing, come back to us when you've got a 49- or 175-qubit system. We're interested in getting our hands on these things now. So I think we may start to see some preliminary sales this year, but more likely into 2027.

坦白說，無論是雲端存取或本地端安裝，市場對 8 量子位元或 17 量子位元系統都有興趣。換句話說，我們沒有聽到客戶說「等你們有 49 或 175 量子位元系統再來找我們」。他們是希望現在就能上手這些系統。所以我認為今年可能會開始看到一些初步銷售，但更可能是在 2027 年。

Krish Sankar, TD Cowen & Company.

Krish Sankar，TD Cowen & Company。

A two-part question. John, can you give some color on the composition of the backlog on RPO? How much is commercial, et cetera?

兩個部分的問題。John，你能否補充一些關於 RPO 在手訂單（backlog）組成的細節？其中商業端占比多少，等等？

And, Alan, thanks for the color on the commercial adoption. I'm curious like some of these research academic sales that you're doing, are these niche R&D projects? Or can some of those lessons learned be ported over to accelerate commercial adoption?

另外，Alan，謝謝你對商業採用情況的補充。我也好奇，你們正在做的一些研究／學術端銷售，是屬於利基的研發專案嗎？還是其中的一些經驗教訓可以移轉（ported over）到商業端，以加速商業採用？

So, John, to be fair to everybody, you go ahead and answer the first question. And we'll have to defer the second question because we did say only one question per.

所以，John，為了對大家公平起見，你先回答第一個問題。至於第二個問題我們得先保留，因為我們確實說過每人只限問一題。

Sure. So with respect to the makeup of the backlog, so we have $20 million of that is the system sale to FAU. And then we also have a very significant portion of the commercial enterprise SaaS deal that we did. So that backlog is roughly 50/50 between commercial and research.

當然。關於在手訂單（backlog）的組成，其中有2,000萬美元是賣給FAU的系統銷售。另外，我們也有一筆非常可觀的商業企業級SaaS交易。因此，這些在手訂單大約是商業與研究各占一半（約50/50）。

And, Krish, feel free to get back in the queue for the second question.

另外，Krish，第二個問題你可以再回到隊列裡。

Tyler Anderson, Craig-Hallum.

Tyler Anderson，Craig-Hallum。

This is Tyler on for Richard Shannon. Have you gotten your hands on any of your multichip processors? And if so, what's the initial read and learnings from those? And any comment on coherence time would be helpful. And if you haven't, just any timeline you would expect to would be great.

我是Tyler，代替Richard Shannon提問。你們是否已經拿到任何多晶片處理器？如果有，初步的觀察與學到的東西是什麼？另外，若能談談相干時間（coherence time）會很有幫助。如果還沒有拿到，也請提供你們預期的時間表。

Okay. So are you talking about our annealing multichip processor?

好的。所以你指的是我們的退火式多晶片處理器嗎？

Either one of them, whatever you have already going out.

兩者都可以，你們目前已經在推進的任何一個都行。

Yeah. So there are two things that we are working on for the multichip processors. And we've talked about it in the past; we are making good progress. One is obviously the bonding process between the processor chips and the other is scalable I/O.

是的。我們在多晶片處理器上有兩項工作正在進行。我們過去也談過；目前進展良好。其中一項顯然是處理器晶片之間的鍵合（bonding）製程，另一項是可擴展的I/O。

We are quite unique in the superconducting quantum computing arena in that we're controlling 4,000 qubits with 200 I/O lines versus everybody else who requires 3 to 5 I/O lines per qubit. And that's due to our on-chip cryogenic control capability.

在超導量子運算領域，我們相當獨特：我們用200條I/O線路控制4,000個量子位（qubits），而其他人每個量子位需要3到5條I/O線路。這得益於我們的晶片內低溫（cryogenic）控制能力。

However, as we are scaling from 4,000 annealing qubits to ultimately [for Advantage2] 300,000 annealing qubits, that I/O needs to change. The architecture needs to be a bit more scalable than it is currently.

然而，當我們從4,000個退火量子位擴展到最終（針對Advantage2）300,000個退火量子位時，I/O就必須改變。架構需要比目前更具可擴展性。

And so we now have masks and chips back that represent both the interconnecting of the processors as well as the new scalable I/O architecture. And so we're about to begin testing of those chips.

因此，我們現在已經拿到光罩與晶片，這些同時代表了處理器之間的互連，以及新的可擴展I/O架構。我們即將開始對這些晶片進行測試。

So this is very much an R&D work in process. We're making good progress. We've defined the new scalable I/O architecture. We've created the initial masks to build out that capability. We've got early prototype chips back that we're going to begin testing. And we're in a similar position on the processor -- the bonding of the processor chips.

所以這非常明顯是一項研發（R&D）進行中的工作。我們進展良好。我們已定義新的可擴展I/O架構。我們已製作初始光罩以建置該能力。我們已拿到早期原型晶片，將開始測試。在處理器方面——也就是處理器晶片的鍵合——我們也處於類似的階段。

Ruben Roy, Stifel.

Ruben Roy，Stifel。

(technical difficulty) if you could maybe a rough idea on the split (technical difficulty) between sort of how to think about upfront revenue, installation, calibration, et cetera (technical difficulty) multiyear (technical difficulty) -- and just to add on to that is on the RPO, cRPO for 12 months (technical difficulty)

(技術問題) 如果你能大概說一下（技術問題）在（技術問題）之間的拆分，像是如何看待前期收入、安裝、校準等等（技術問題）多年度（技術問題）——另外再補充一點，關於RPO、12個月的cRPO(技術問題)

Ruben, I caught about half of what we said. You're cutting in and out. Can you repeat?

Ruben，我大概只聽到你說的一半。你的聲音斷斷續續。可以再說一次嗎？

Yeah, I'm sorry about that. Can you hear me now?

好的，不好意思。你現在聽得到嗎？

Yes.

聽得到。

I was just asking on the FAU system sales. If you can give us a rough idea on the split between initial installation versus sort of multiyear service and additional components to that sale? And then can you tell us about the cRPO, so the 12-month RPO, does that include some of the system sales to FAU?

我想問的是FAU系統銷售。你們能否大概說一下，初始安裝與多年度服務以及該筆銷售中其他組成項目的拆分？另外，能否談談cRPO，也就是12個月RPO，是否包含部分FAU的系統銷售？

The answer to your second question is, yes, the RPO includes FAU. And I cannot provide you detail on the elements of the rev rec on that system yet.

你第二個問題的答案是：是的，RPO包含FAU。至於該系統的收入認列（rev rec）各要素細節，我目前還無法提供。

Troy Jensen, Cantor Fitzgerald. (Operator Instructions)

Troy Jensen，Cantor Fitzgerald。(接線員指示)

On the bookings and the momentum here. Just for you, Alan, I'd like to hear your thoughts on the NVIDIA announcement, the Ising. Is this less important to D-Wave given the dual-rail technology you guys have and obviously better fidelity so less need for error correction?

關於訂單（bookings）以及目前的動能。Alan，我想聽聽你對NVIDIA公告、Ising的看法。考量你們有雙軌（dual-rail）技術且顯然保真度更好、因此較不需要錯誤校正，這對D-Wave而言是否沒那麼重要？

Yeah. So first of all, I do want to comment on their use of the term Ising. Annealing quantum computing is basically based on the Ising Hamiltonian. And so typically, when we talk about programming the annealing quantum computer, for the technical folks, we talk about converting your problem either into a QUBO, quadratic unconstrained binary optimization, problem or an Ising model problem.

是的。首先，我確實想評論一下他們使用「Ising」這個詞。退火量子運算基本上是以伊辛哈密頓量（Ising Hamiltonian）為基礎。因此通常當我們談到如何對退火量子電腦進行程式設計時，對技術人員而言，我們會談到把你的問題轉換成QUBO（quadratic unconstrained binary optimization，二次無約束二元最佳化）問題或Ising模型問題。

The two are equivalent. One is computer science speak; the other is physicist speak. However, the announcement from NVIDIA with use of the term Ising has absolutely nothing to do with the Ising Hamiltonian or the Ising programming model for annealing-based quantum computers. I'm not entirely sure why they picked that name.

兩者是等價的。一個是電腦科學的說法；另一個是物理學家的說法。然而，NVIDIA這次公告中使用「Ising」一詞，與伊辛哈密頓量或以退火為基礎的量子電腦之Ising程式設計模型完全無關。我也不完全確定他們為什麼選這個名字。

But basically, the work that they are focused on with respect to leveraging GPU technology to aid in error correction is important work. I mean, there is a significant classical component to error correction. This is something that a lot of people don't really think much about or focus on.

但基本上，他們聚焦於利用GPU技術來協助錯誤校正的工作，是很重要的。我的意思是，錯誤校正有很大一部分是經典（classical）運算的成分。這是很多人其實不太會去想或去關注的事情。

And in fact, it is one of the things that really makes solving optimization problems on gate-model systems very inefficient. That classical overhead associated with error correction eats up pretty much all of the benefit of solving the anneal optimization problem on a gate-model system, whereas annealing quantum computers don't have that issue.

事實上，這也是為什麼在閘模型（gate-model）系統上解最佳化問題會非常沒有效率的原因之一。與錯誤校正相關的經典運算開銷，幾乎吃掉了在閘模型系統上解退火最佳化問題所能帶來的所有好處；而退火量子電腦則沒有這個問題。

But nonetheless, there is a significant classical component to error correction. GPUs are an important component of the computing landscape for performing that piece of the computation.

但即便如此，錯誤校正仍有相當大的經典運算成分。GPU是運算版圖中用來執行那部分計算的重要組成。

So in the context of our gate-model work, what NVIDIA is talking about is absolutely relevant. That having been said, error correction on a dual-rail processor is quite different from error correction on kind of standard, older technology qubits. The error correction is far more sophisticated and far more efficient.

因此，就我們的閘模型工作而言，NVIDIA所談的內容是完全相關的。話雖如此，在雙軌處理器上的錯誤校正，與在較標準、較舊技術的量子位上的錯誤校正相當不同。其錯誤校正更為精密，也更有效率。

GPUs are still going to be important, but the combination will be done in a slightly different way. And so the work that NVIDIA is doing is relevant but not quite as directly applicable to us in our dual-rail technology. There's modification that will be required.

GPU仍然會很重要，但兩者的結合方式會稍有不同。因此，NVIDIA正在做的工作是相關的，但對我們的雙軌技術而言，並非那麼直接可套用。需要做一些修改。

Joe McCormick, Evercore.

Joe McCormick，Evercore。

A quick one for John. Maybe, John, can you explain the deferred revenues dynamics? Because I think you had mentioned it's included in the RPO, and it stepped up a little bit. And I believe that was kind of related to Quantum Circuits. But maybe just to hear kind of the step-up there on deferred revs and how to think about kind of the evolution of deferred revs and how it will impact your backlog moving forward as well.

給 John 一個簡短的問題。John，你能否解釋一下遞延收入的變動趨勢？因為我記得你提到它包含在 RPO 裡，而且略有上升。我相信那多少與 Quantum Circuits 有關。但想請你談談遞延收入上升的原因，以及如何看待遞延收入的演變，並且它未來將如何影響你們的在手訂單（backlog）。

Well, deferred revenue is one of the components of the RPO number. But I can't provide that to in terms of specific accounts. But it is one of the components of the $43 million in backlog.

遞延收入是 RPO 數字的組成部分之一。但就特定科目而言，我無法提供更細的拆分。不過，它確實是 4,300 萬美元在手訂單（backlog）的組成部分之一。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Alex, I had a question for you. Your research academic sales, are these for niche R&D projects? Or do you think lessons learned there can actually be imparted to advancing commercial adoption faster?

Alex，我有個問題想請教你。你們的研究／學術銷售，這些是針對利基型的研發專案嗎？還是你認為在那裡獲得的經驗教訓，實際上也能用來更快推動商業採用？

Yeah. So some of the research that's going on is more pure science research. There's been some interesting work recently out of Google that was kind of pure science work.

是的。所以目前有些研究比較偏向純科學研究。最近 Google 有一些很有意思的工作，基本上就是偏純科學的研究。

And we've got researchers that are leveraging our systems similarly to do some pure scientific research, basically investigating physics theories that up until now have not been demonstrated or analytically validated. And so this is very important work, very interesting work but not necessarily commercially application relevant.

我們也有研究人員以類似方式運用我們的系統來做一些純科學研究，基本上是在探究一些物理理論，而這些理論到目前為止尚未被實證或以解析方式驗證。因此這是非常重要、非常有趣的工作，但不一定與商業應用直接相關。

Then there's other work that is more commercially relevant. For example, last year, we sold a system to the Jülich Supercomputing Centre. That system was installed -- delivered and installed last year. It's in their hands now.

另外也有一些工作更貼近商業相關性。例如，去年我們向 Jülich 超級運算中心（Jülich Supercomputing Centre）出售了一套系統。那套系統去年已交付並完成安裝。現在已在他們手上。

They are interconnecting it to their JUPITER Exascale supercomputer, 25,000 NVIDIA GPU system for work on optimization -- new optimization in AI workflows. And so the work coming out of that will absolutely be commercially relevant. I think the work that we will see at Florida Atlantic University is also exploring more commercially relevant application areas. And so I think it's a mix.

他們正把它與他們的 JUPITER 百億億次（Exascale）超級電腦互連，那是一套擁有 25,000 顆 NVIDIA GPU 的系統，用於最佳化相關工作——在 AI 工作流程中進行新的最佳化。因此，從那裡產出的成果絕對會具有商業相關性。我認為我們在佛羅里達大西洋大學（Florida Atlantic University）將看到的工作，也是在探索更具商業相關性的應用領域。所以我認為這是混合的。

Tyler Anderson, Craig-Hallum.

Tyler Anderson，Craig-Hallum。

So with the blockchain application, is there anything specific about this blockchain that makes it amenable to your system? Are you able to address all proof-of-work protocols as well as proof of stake, or is there a subset? Just like to know what makes this work.

關於區塊鏈應用，這個區塊鏈是否有什麼特定之處，使它特別適合你們的系統？你們能否支援所有工作量證明（proof-of-work）協議以及權益證明（proof of stake），還是只支援其中一部分？想了解這個為什麼可行。

So, no, this is a new proof-of-work protocol that is, by construction, quantum safe and if you're doing the mining on the quantum processor, we believe will be much more energy efficient.

所以，不是的，這是一種新的工作量證明（proof-of-work）協議，它在設計上（by construction）具備量子安全性；而且如果用量子處理器來挖礦，我們相信會更節能。

However, as I said, we are about to enter a benchmarking phase within the Testnet to really understand the accuracy of the statement that I just made. So for now, that statement about energy efficiency is a hypothesis, not a fact. And we are beginning the benchmarking work to validate or not that statement. But it is a new proof-of-work protocol.

不過，如我所說，我們即將在測試網（Testnet）進入基準測試階段，以真正了解我剛才那個說法的準確性。所以目前，關於能源效率的說法是一個假設，而不是事實。我們正開始進行基準測試工作，以驗證或否定那個說法。但它確實是一種新的工作量證明協議。

What makes the quantum computer able to win the majority of the blocks right now is that at its core, the proof of work is drawing samples from a distribution. And the quantum computer is very, very fast and very, very energy efficient at generating samples from a distribution, whereas CPUs and GPUs have a much heavier lift and they're much slower.

目前量子電腦之所以能贏得大多數區塊，其核心原因在於：工作量證明本質上是在從某個分佈中抽樣。而量子電腦在生成分佈抽樣方面非常、非常快，也非常、非常節能；相較之下，CPU 和 GPU 的負擔要重得多，速度也慢得多。

And so if the proof of work requires you to generate multiple samples, in theory, it gives an edge and potentially a very significant edge to the quantum processor. So this is not about performing the existing proof-of-work computations. This is about a brand-new proof-of-work computation that can be performed either classically or quantum.

因此，如果工作量證明要求你生成多個樣本，理論上它會讓量子處理器具備優勢，而且可能是非常顯著的優勢。所以這不是在執行既有的工作量證明計算。這是在做一種全新的工作量證明計算，它既可以用傳統方式（classically）也可以用量子方式來執行。

You can use CPUs. You can use GPUs. You can use a quantum processor, but it absolutely, in theory, gives a significant edge to the quantum processor. And if that holds up, then basically, we would have an architecture that is quantum safe and much more energy efficient.

你可以用 CPU。你可以用 GPU。你也可以用量子處理器，但理論上它確實會讓量子處理器取得顯著優勢。如果這點能成立，那麼基本上，我們就會有一種同時具備量子安全性且更節能的架構。

This concludes our question-and-answer session. I would like to turn the conference back over to Dr. Alan Barrett for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Alan Barrett 博士，請他做任何結語。

Okay. So let me just close with this. The quantum computing shakeout is coming. The industry is moving from promise to proof and from experiments to evidence. We believe that D-Wave is exceptionally well positioned for that transition because we are already delivering results in the market today while continuing to build differentiated technology for the future.

好的。那我就用這段話作結。量子運算產業的淘汰整併（shakeout）即將到來。產業正從承諾走向證明，從實驗走向證據。我們相信 D-Wave 在這個轉變中具備極佳的定位，因為我們今天已在市場上交付成果，同時也持續打造面向未來的差異化技術。

We are not trying to win a corner of quantum. We are building to win across the market. With annealing, we're driving commercial value now. With gate model, we believe we have a highly differentiated path to long-term leadership. And across both, we are making quantum computing easier for customers to adopt, easier to use, and easier to generate value.

我們不是想在量子領域的一個角落取勝。我們是在打造跨整個市場取勝的能力。透過退火（annealing），我們現在就能驅動商業價值。透過閘模型（gate model），我們相信我們有一條高度差異化的路徑，通往長期領導地位。而在兩者之上，我們都在讓客戶更容易採用量子運算、更容易使用，也更容易創造價值。

D-Wave is not waiting for the future of quantum computing. We are helping to define it now. So thanks again for joining us today, and we look forward to continuing the conversation at our Investor Day on June 1. We'll see you there. Thank you.

D-Wave 並不是在等待量子運算的未來。我們正在協助定義它。再次感謝各位今天的參與，我們也期待在 6 月 1 日的投資人日（Investor Day）繼續交流。到時見。謝謝。

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

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。