Quantum Computing Inc (QUBT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Quantum Computing Inc. first-quarter 2025 shareholder update call. (Operator Instructions) Please note, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Quantum Computing Inc. 2025 年第一季股東更新電話會議。（操作員指示）請注意，本次會議正在錄音。

It is now my pleasure to introduce your host, Rosalyn Christian with IMS Investor Relations.

現在我很高興向大家介紹主持人、IMS 投資者關係部門的 Rosalyn Christian。

Thank you, and I want to welcome everyone to the Quantum Computing Inc. first-quarter 2025 shareholder update call. Before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements based on our current expectations and projections regarding future events and are subject to change based on various important factors.

謝謝大家，歡迎大家參加 Quantum Computing Inc. 2025 年第一季股東更新電話會議。在我們開始之前，我想提醒大家，本次電話會議可能包含基於我們目前對未來事件的預期和預測的前瞻性陳述，並且可能會根據各種重要因素而改變。

In light of these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this call. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. On the call today, we have Dr. Yuping Huang, Interim CEO and Chairman; and Chris Boehmler, CFO. The team will provide an update on the business, followed by a question-and-answer session.

鑑於這些風險、不確定性和假設，您不應過度依賴這些前瞻性陳述，這些陳述僅代表本次電話會議之日的觀點。有關可能影響這些預期的因素的更多詳細信息，請參閱我們向美國證券交易委員會提交的文件。參加今天電話會議的有臨時執行長兼董事長黃玉平博士和財務長 Chris Boehmler。團隊將提供業務最新進展，然後進行問答環節。

With that, I would like to turn the call over to management. Please go ahead, Yuping.

說完這些，我想把電話轉給管理階層。玉萍，請說吧。

Thank you, everyone, for joining us today to hear about QCI's progress in the first quarter. This is my first shareholder update call as Interim CEO of QCI as the Chairman. And on behalf of the entire Board, I would like to express our sincere appreciation to Dr. Bill McGann for his leadership and dedicated service. We wish him well for his retirement and are deeply grateful for the significant progress he made in positioning QCI for success. Thanks to his vision and effort, the company stands on a strong foundation to continue advancing our strategic goals and capitalizing on the opportunities ahead.

感謝大家今天加入我們，了解 QCI 第一季的進展。這是我以 QCI 臨時執行長兼董事長身分首次召開股東更新電話會議。我謹代表整個董事會，向比爾·麥甘恩博士的領導和奉獻服務表示最誠摯的感謝。我們祝福他退休後一切順利，並深深感謝他為 QCI 的成功所取得的重大進展。由於他的遠見和努力，公司擁有堅實的基礎，可以繼續推進我們的策略目標並抓住未來的機會。

As I step into the role of Interim CEO, I look forward to working closely with our talented team, partners, and shareholders to build on this momentum and continue putting photons to work. At the same time, the Board has initiated an active search for QCI's next CEO, someone who can help us capture the substantial opportunities we see ahead in the market.

當我擔任臨時執行長時，我期待與我們才華橫溢的團隊、合作夥伴和股東密切合作，繼續保持這一勢頭並繼續讓光子發揮作用。同時，董事會已開始積極尋找 QCI 的下一任首席執行官，以幫助我們抓住未來市場上的巨大機會。

For those who are newer to our story, let me start with a brief overview of who we are and what drives us. Quantum Computing, Inc. is an integrated photonics and quantum optics technology company. Our mission is to deliver accessible, affordable quantum machines and photonic solutions that solve real-world problems today, not decades from now. By leveraging the unique properties of thin-film lithium niobate and advanced photonic engineering, we are building systems that operate at room temperature, consume low power and seamlessly integrate into existing infrastructures.

對於那些不太了解我們故事的人，讓我先簡單介紹一下我們是誰以及我們的動力是什麼。Quantum Computing, Inc. 是一家綜合光子學和量子光學技術公司。我們的使命是提供可訪問且價格合理的量子機器和光子解決方案，解決當今而不是幾十年後的現實問題。透過利用薄膜鈮酸鋰和先進光子工程的獨特性能，我們正在建立在室溫下運作、功耗低且可無縫整合到現有基礎設施的系統。

Our vision is to make high-performance quantum solutions practical, scalable, and impactful across industries from scientific research to industrial applications. We believe QCI stands apart by focusing on two key areas. The first is our Quantum machines, which solves complex optimization, machine learning, and sensing problems in fields like biomedical research, transportation, and finance. The second is our thin-film lithium niobate photonic chip foundry, which provides critical building blocks for next-generation telecommunications, AI, and quantum applications.

我們的願景是使高性能量子解決方案在從科學研究到工業應用的各個行業中變得實用、可擴展且具有影響力。我們相信 QCI 透過專注於兩個關鍵領域而脫穎而出。首先是我們的量子機器，它解決生物醫學研究、交通和金融等領域的複雜最佳化、機器學習和感知問題。第二個是我們的薄膜鈮酸鋰光子晶片代工廠，為下一代電信、人工智慧和量子應用提供關鍵建構模組。

And now for a summary of our progress this quarter. First, let's start with the progress we have made at our quantum photonic chip foundry in Tempe, Arizona. In the first quarter of 2025, we completed construction of the facility, which is a significant milestone for our company. At the foundry, we have moved into the next phase of testing tools, finalizing certifications, and we are beginning to ramp up customer deliveries, some of which we fulfilled using a shared yield facility in the past.

現在來總結一下本季的進展。首先，讓我們從位於亞利桑那州坦佩的量子光子晶片代工廠所取得的進展開始。2025年第一季度，我們完成了該設施的建設，這對我們公司來說是一個重要的里程碑。在代工廠，我們已經進入測試工具的下一階段，完成認證，並開始增加客戶交付，其中一些是我們過去使用共享產量設施完成的。

This is a specialty fab purposely built to manufacture high-performance thin-film lithium niobate photonic integrated circuit. And while this is a smaller, highly focused facility compared to large semiconductor fabs, it represents the first phase of what we see as a multiphase strategy to address significant and growing market demand, particularly in data communications and telecommunications. We expect to see modest initial revenue from the fab this year. And as we scale and bring more customers online, we anticipate revenue growth starting to accelerate in 2026.

這是一座專門製造高性能薄膜鈮酸鋰光子積體電路的專業工廠。雖然與大型半導體工廠相比，這是一個規模較小、高度集中的工廠，但它代表了我們所認為的多階段策略的第一階段，旨在滿足不斷增長的巨大市場需求，特別是在數據通訊和電信領域。我們預計今年該工廠的初始收入將不菲。隨著我們規模的擴大和更多客戶的上線，我們預計 2026 年營收成長將會開始加速。

In the first quarter, we secured our fifth purchase order for foundry services from a leading Canadian research institute, which shows early validation of the global demand we are seeing for these capacities. We are working closely with our preorder customers to finalize designs and start fabrication, and we are excited about what's ahead.

第一季度，我們從一家領先的加拿大研究機構獲得了第五份代工服務採購訂單，這初步驗證了我們所看到的全球對這些產能的需求。我們正在與預訂客戶密切合作，以完成設計並開始製造，我們對未來充滿期待。

And now for our quantum machine business, in the first quarter of 2025, we announced a great collaboration with the Sanders Tri-Institutional Therapeutics Discovery Institute. This is a joint effort between Memorial Sloan Kettering, Rockefeller University, and Weill Cornell Medicine. Through this partnership, they are leveraging cloud-based access through our Dirac-3 quantum optimization machine to support advanced research in computational chemistry and biomolecular modeling.

現在就我們的量子機器業務而言，在 2025 年第一季度，我們宣布與桑德斯三機構治療發現研究所進行重大合作。這是紀念斯隆凱特琳癌症中心、洛克菲勒大學和威爾康奈爾醫學院的共同努力。透過此次合作，他們利用我們的 Dirac-3 量子優化機器的雲端存取來支援計算化學和生物分子建模方面的高級研究。

This is exactly the kind of real-world application we envisioned when we built Dirac-3. And it demonstrates that QCI systems are making an impact today, not 5 or 10 years down the road. Since the end of the quarter, we have kept the momentum going. We recently announced that we secured a new subcontract through the Analytical Mechanics Associates to support NASA's Langley Research Center.

這正是我們在建構 Dirac-3 時所設想的那種現實世界的應用。這表明 QCI 系統正在產生影響，而不是 5 年或 10 年後。自本季末以來，我們一直保持著這一勢頭。我們最近宣布，我們透過分析力學協會獲得了一份新的分包合同，以支持美國宇航局的蘭利研究中心。

We will be applying our Dirac-3 quantum machine to help remove sunlight noise from space-based LiDAR data, a challenge that has historically limited NASA's ability to conduct reliable data and earth observations. This project builds on our prior collaborations with NASA and underscores the trust we have built as a technology partner.

我們將應用我們的 Dirac-3 量子機器來幫助消除太空雷射雷達資料中的陽光噪聲，這項挑戰歷來限制了 NASA 進行可靠資料和地球觀測的能力。該計畫建立在我們與 NASA 先前的合作基礎之上，並強調了我們作為技術合作夥伴建立的信任。

Subsequent to the quarter, we also booked two exciting new customer orders. First, we sold a quantum photonic vibrometer to Delft University of Technology in the Netherlands to support cutting-edge research in non-disruptive testing and structural health monitoring. Shortly after that, we announced the sales of an EmuCore reservoir computing device to a major automotive manufacturer for R&D use.

本季之後，我們還獲得了兩個令人興奮的新客戶訂單。首先，我們向荷蘭代爾夫特理工大學出售了一台量子光子振動儀，以支援無損測試和結構健康監測的前沿研究。此後不久，我們宣布向一家大型汽車製造商出售 EmuCore 儲層運算設備，以進行研發使用。

Both of these wins demonstrate how we are broadening adoption of our quantum solutions across both academic and industrial markets. On the marketing front, we attended some key trade shows where we connected with prospective customers and partners. Those interactions are expanding our relationships and building awareness of our solutions.

這兩場勝利都表明我們正在擴大我們的量子解決方案在學術和工業市場的採用。在行銷方面，我們參加了一些重要的貿易展會，並與潛在客戶和合作夥伴建立了聯繫。這些互動正在擴大我們的關係並增強對我們的解決方案的認識。

During the quarter, we also strengthened our Board with the addition of Eric Schwartz. Eric brings more than 20 years of experience in financing, M&A, and corporate strategy. He has guided companies through the exact types of commercialization and manufacturing scale-up efforts we are working on now. So his expertise will be a great asset as we move forward.

本季度，我們也透過 Eric Schwartz 的加入加強了董事會。Eric 在融資、併購和企業策略方面擁有 20 多年的經驗。他指導公司完成了我們現在正在進行的商業化和製造擴大工作。因此，他的專業知識將成為我們前進的寶貴財富。

With that, I will turn the call over to our CFO, Chris Boehmler, to walk through our financials.

說完這些，我將把電話轉給我們的財務長克里斯·博姆勒 (Chris Boehmler)，讓他介紹一下我們的財務狀況。

Thank you so much, Yuping. I will provide a brief overview of our financial performance for the first quarter of 2025. First-quarter 2025 revenues totaled approximately $39,000 compared to $27,000 in the prior-year quarter. Our gross margin decreased to 33% from 41% in the first quarter of 2024, something that remains variable at our current revenue level. With our continued strengthened capital position, which was fueled by three separate financings during the three months ended January 2025, we are strategically investing in key growth areas to advance both our quantum machine program and our TFLN chip foundry initiatives.

非常感謝你，Yuping。我將簡要概述我們 2025 年第一季的財務表現。2025 年第一季總收入約為 39,000 美元，而去年同期為 27,000 美元。我們的毛利率從 2024 年第一季的 41% 下降到 33%，在我們目前的收入水平下，這一數字仍然存在變化。隨著我們資本狀況的不斷加強（這得益於截至 2025 年 1 月的三個月內的三項獨立融資），我們正在戰略性地投資關鍵增長領域，以推進我們的量子機器計劃和 TFLN 晶片代工計劃。

Operating expenses for the first quarter totaled $8.3 million compared to $6.3 million in the same quarter last year. Employee-based expenses were the main driver of the year-over-year increase. The company reported net income attributable to common stockholders of approximately $17 million or $0.13 per basic share compared to a net loss of $6.4 million in the prior-year quarter.

第一季營運費用總計 830 萬美元，而去年同期為 630 萬美元。員工支出是年成長的主要驅動力。該公司報告稱，歸屬於普通股股東的淨收入約為 1,700 萬美元，即每股基本收益 0.13 美元，而去年同期的淨虧損為 640 萬美元。

The increase in net income this quarter was primarily due to a [$23.6 million] non-cash gain on the mark-to-market valuation of the company's warrant-related derivative liability as a result of our merger with QPhoton in June of 2022. As of March 31, 2025, total assets stood at approximately $242.5 million, up from $153.6 million at year-end 2024. Cash and cash equivalents increased by $87.5 million to $166.4 million at quarter end, bolstered by total net proceeds of approximately $93.6 million raised in the first quarter through offerings of our common stock.

本季淨收入的成長主要歸因於我們於 2022 年 6 月與 QPhoton 合併後，公司認股權證相關衍生負債以市價計價的非現金收益 [2,360 萬美元]。截至 2025 年 3 月 31 日，總資產約 2.425 億美元，高於 2024 年底的 1.536 億美元。本季末，現金和現金等價物增加了 8,750 萬美元，達到 1.664 億美元，這得益於我們第一季透過發行普通股籌集的約 9,360 萬美元的淨收益。

Total liabilities at year-end were $21.7 million, a decrease of approximately $25 million compared to year-end 2024, driven primarily by the previously disclosed non-cash mark-to-market adjustment for the aforementioned QPhoton warrant liability. Stockholders' equity rose to $220.8 million, reflecting our strengthened capital position.

年末總負債為 2,170 萬美元，與 2024 年末相比減少約 2,500 萬美元，主要原因是先前揭露的上述 QPhoton 認股權證負債的非現金以市價調整。股東權益增至 2.208 億美元，反映出我們資本狀況的增強。

I'll now turn it back to Yuping for some closing remarks.

現在我請玉屏做最後發言。

Thank you, Chris. As you have heard throughout the call, QCI has entered 2025 with strong momentum, both operationally and financially. We are advancing real-world applications of our quantum photonic technologies, building valuable partnerships across government, research, and industry, and laying the groundwork for our long-term sustainable growth. With the completion of our TFLN chip foundry, a growing pipeline of customer activity, and a strengthened balance sheet, we are well positioned to continue delivering on our mission. Thank you for your continued support and interest in our progress.

謝謝你，克里斯。正如大家在整個通話過程中所聽到的，QCI 在營運和財務方面都以強勁勢頭進入 2025 年。我們正在推動量子光子技術的實際應用，在政府、研究和工業界建立寶貴的合作夥伴關係，為我們的長期永續發展奠定基礎。隨著我們的 TFLN 晶片代工廠的建成、客戶活動的不斷增加以及資產負債表的加強，我們已準備好繼續履行我們的使命。感謝您一直以來的支持和對我們進步的關注。

With that, we will now open the call for the questions. Operator, please go ahead.

現在，我們將開始提問。接線員，請繼續。

(Operator Instructions) Ed Woo, Ascendiant Capital.

（操作員指示）Ed Woo，Ascendiant Capital。

Yes. Congratulations on all the progress. My question is -- congratulations on the opening of the Tempe foundry. My question is, is there any expectations of any capacity constraints going in the near term? And have you thought about potentially opening up another one either in the US or internationally?

是的。祝賀你取得的所有進展。我的問題是——祝賀坦佩鑄造廠開業。我的問題是，近期是否預期會出現產能限制的情況？您是否考慮過在美國或國際開設另一家店？

Thanks for the question, Ed. So to your first question, so the answer is yes. And -- but I wanted to emphasize that QCI is developing and commercializing disruptive technologies. I believe that we will change the world, but not all by ourselves. We needed to build an ecosystem that is open, inclusive, and mutually beneficial. At this stage, we are still discovering our customers, explaining our technology to them, and letting them validate our products.

謝謝你的提問，Ed。所以對於你的第一個問題，答案是肯定的。但我想強調的是，QCI 正在開發和商業化顛覆性技術。我相信我們能夠改變世界，但並非全靠自己。我們需要建構開放、包容、互利的生態系統。現階段我們還在尋找客戶，向他們解釋我們的技術，讓他們驗證我們的產品。

It all takes time. But once people start to see the power of our products, I believe that many will jump on to them, at which time I expect to see very fast increase in the revenue. And another note that I would like to make is that as many of you know, we had a pretty tough last year, financial wise. We decided to cut costs and put our valuable resources to building our foundry and supporting our production.

這一切都需要時間。但一旦人們開始看到我們產品的威力，我相信很多人會紛紛購買，到那時我預計收入將快速成長。我還想指出的是，正如你們許多人所知，去年我們的財務狀況相當艱難。我們決定削減成本，將寶貴的資源投入建造鑄造廠和支援生產。

And this is why we were able to complete the foundry, the Fab 1, on time and why we have now multiple product offering. And now at a much stronger financial position, we will boost our sales and business development team to quickly expand our customer bases and to get ready for a fast growth in the revenue. So this is actually one main reason that we made the leadership promotions as we announced last week.

這就是我們能夠按時完成代工廠 Fab 1 以及我們現在能夠提供多種產品的原因。現在，我們的財務狀況更加穩健，我們將加強銷售和業務開發團隊，以快速擴大客戶群，為收入的快速成長做好準備。因此，這實際上是我們上周宣布進行領導層晉升的一個主要原因。

Now to your second question, Ed, yes, in fact, so right after the grand opening, we had a two-day joint workshop between the team and the Board. And we really spent a lot of time talking about the next step, including Fab 2. So I think -- so we have some very exciting development ahead of us. And I could not wait to see how the team will bring lots of those wonderful technology and manufacturing capability home.

現在回答你的第二個問題，艾德，是的，事實上，在盛大開幕後，我們團隊和董事會舉行了為期兩天的聯合研討會。我們確實花了很多時間討論下一步，包括 Fab 2。所以我認為——我們將會迎來一些非常令人興奮的發展。我迫不及待地想看看團隊將如何將這些出色的技術和製造能力帶回國內。

Great. Thanks for answering my questions, and I wish you guys good luck. Thank you.

偉大的。謝謝你們回答我的問題，祝你們好運。謝謝。

Thank you so much, Ed.

非常感謝，埃德。

We have reached the end of the question-and-answer session, and I will now turn the call over to management for closing remarks.

問答環節已經結束，現在我將把電話交給管理階層進行總結發言。

Thank you. And I would like to thank everyone again for joining and participating in today's call. I encourage you to follow us on our social media channels, including LinkedIn, where we regularly post updates and insights into our business and technology. I believe that you can find some pictures about our facility, about the fab there, so I encourage you to check those media channels. Should you have any questions, please do not hesitate to reach out to our Investor Relations. I wish you all a great rest of your day. Thank you so much.

謝謝。我再次感謝大家參加今天的電話會議。我鼓勵您在我們的社群媒體管道上關注我們，包括 LinkedIn，我們會定期發布有關我們的業務和技術的更新和見解。我相信您可以找到一些有關我們的設施和那裡的工廠的圖片，所以我鼓勵您查看這些媒體管道。如果您有任何疑問，請隨時聯絡我們的投資者關係部門。祝大家今天剩餘的時間過得愉快。太感謝了。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。