Quantum Computing Inc (QUBT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Quantum Computing Inc. second-quarter 2025 shareholder update call. (Operator Instructions) Please note this call is being recorded. Following management's remarks, the call line will be open for questions.

女士們、先生們，大家好，歡迎參加 Quantum Computing Inc. 2025 年第二季股東更新電話會議。（操作員指示）請注意，此通話正在錄音。管理層發言結束後，熱線將開放，以便回答問題。

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. second-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 年第二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.

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。

On the call today, we have Dr. Yuping Huang, Interim CEO and Chairman; and Chris Roberts, CFO. The team will provide an update on the business followed by a question-and-answer session.

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克里斯·羅伯茨。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 second quarter of 2025. Having reached the halfway point of 2025, I wanted to take a moment to reflect on the progress we have made so far this year. I'm very pleased with how the business is evolving, particularly on the commercial front.

感謝大家今天加入我們，了解 QCI 在 2025 年第二季的進展。2025 年已經過去一半了，我想花點時間回顧一下我們今年迄今為止所取得的進展。我對業務的發展感到非常滿意，特別是在商業方面。

We are seeing growing validation of our technologies, through customer orders across both our Quantum systems and our photonic chip foundry, and we continue to deepen our engagement with government, academic and industrial partners around the world. These early wins reflect the real-world value of our technologies and the unique position QCI holds in the market.

透過量子系統和光子晶片代工廠的客戶訂單，我們看到我們的技術得到了越來越多的驗證，並且我們繼續深化與世界各地政府、學術界和工業合作夥伴的合作。這些早期的勝利反映了我們技術的實際價值以及 QCI 在市場上的獨特地位。

At our core, QCI is focused on solving hard problems with practical high-performance quantum and photonic technologies. What sets us apart from others in the quantum computing space is that we are not chasing theoretical performance. Instead, we are delivering purpose-built machines and components that customers are deploying today. Our growth strategy is centered on two complementary revenue streams.

我們的核心是 QCI 專注於利用實用的高性能量子和光子技術來解決難題。在量子運算領域，我們與其他人的不同之處在於，我們並不追求理論性能。相反，我們提供的是客戶今天正在部署的專用機器和元件。我們的成長策略以兩個互補的收入來源為中心。

First, our Quantum machines, which tackle complex optimization, machine learning and sensing challenges across areas like biomedical research, transportation and national security. And second, our thin-film lithium niobate photonic chip foundry, which delivers essential components for next-generation communication, AI and quantum applications. These two key areas uniquely position us to serve both the present and future needs of quantum economy supporting long-term growth.

首先，我們的量子機器可以解決生物醫學研究、交通運輸和國家安全等領域的複雜最佳化、機器學習和感知挑戰。其次，我們的薄膜鈮酸鋰光子晶片代工廠為下一代通訊、人工智慧和量子應用提供必要的組件。這兩個關鍵領域使我們能夠滿足量子經濟的當前和未來需求，並支持長期成長。

We are operating in a space that is entering a period of rapid acceleration. The world is increasingly aware of the critical role quantum technologies will play in enabling breakthroughs in areas like climate science, defense, drug discovery and secure communications. In parallel, there is strong momentum around domestic semiconductor and photonic factory, opening up new commercial opportunities for our foundry. This is a period of time for the industry and QCI's business is scaling to meet the demand.

我們所處的領域正進入快速加速期。世界越來越意識到量子技術在氣候科學、國防、藥物研發和安全通訊等領域的突破中所扮演的關鍵角色。同時，國內半導體和光子工廠發展勢頭強勁，為我們的代工廠開闢了新的商業機會。這是行業的一個時期，QCI 的業務正在擴大以滿足需求。

Importantly, QCI stands apart with a quantum architecture that offers significant SWaP-C advantages including the ability to operate at room temperature, thanks to our integrated photonic platform at a time when energy consumption has become a major constraint on the growth of AI and digital infrastructure.

重要的是，在能源消耗成為人工智慧和數位基礎設施發展的主要限制因素的時代，QCI 憑藉其量子架構脫穎而出，提供了顯著的 SWaP-C 優勢，包括能夠在室溫下運行，這要歸功於我們整合的光子平台。

Our room temperature energy-efficient approach offers a timely and compelling solution to one of the most pressing challenges facing the tech industry today. Now I will walk through some of the key milestones we have achieved this quarter. First, we continue to see encouraging signs of commercial adoption across both our quantum and photonic production lines.

我們的室溫節能方法為當今科技業面臨的最緊迫挑戰之一提供了及時且令人信服的解決方案。現在我將介紹我們本季取得的一些重要里程碑。首先，我們繼續看到量子和光子生產線商業化應用的令人鼓舞的跡象。

During the quarter, we have secured an order for our quantum photonic vibrometer from the Department of Aerospace Structures and Materials at Delft University of Technology in the Netherlands, one of the world's top technical research institutes. This system will support their advanced work in non-destructive testing and structural health monitoring. We also shipped our first commercial entangled photon source to a leading research institution in South Korea.

本季度，我們獲得了世界頂尖技術研究機構之一荷蘭代爾夫特理工大學航空結構與材料系的量子光子振動儀訂單。該系統將支援他們在無損檢測和結構健康監測方面的先進工作。我們也將第一個商用糾纏光子源運送給韓國一家領先的研究機構。

This system enables secure quantum communication experiments, our conventional fiber networks and marks a meaningful step in bringing our lab-developed quantum networking technologies into commercial deployment. This quarter, we saw new traction in our Quantum AI portfolio.

該系統實現了安全的量子通訊實驗和我們的傳統光纖網絡，並標誌著我們實驗室開發的量子網路技術進入商業部署邁出了有意義的一步。本季度，我們的量子人工智慧投資組合出現了新的成長點。

During the quarter, a major global automotive manufacturer purchased one of our EmuCore reservoir computing systems which will be used to explore edge-based machine learning applications such as time series prediction and image recognition. This is an important proof point for real-world use of our reservoir computing platform.

本季度，一家全球大型汽車製造商購買了我們的一套 EmuCore 儲層運算系統，該系統將用於探索基於邊緣的機器學習應用，例如時間序列預測和圖像識別。這是我們的儲層運算平台在實際應用上的重要證明點。

Subsequent to the quarter in July 2025, we announced a new commercial order from a top five US bank, marking the first domestic commercial sale of our Quantum Cybersecurity Solution, underscoring rising demand for Quantum's secure data protection. We also advanced our work with strategic government partners. During the quarter, we were awarded a subcontract valued at over $400,000 to support NASA's Langley Research Center.

2025 年 7 月季度之後，我們宣布了來自美國五大銀行的新商業訂單，這標誌著我們的量子網路安全解決方案首次在國內進行商業銷售，凸顯了對量子安全資料保護的需求不斷增長。我們也推動了與政府戰略夥伴的合作。本季度，我們獲得了一份價值超過 40 萬美元的分包合同，用於支持美國宇航局的蘭利研究中心。

Under this contract, we are applying our Dirac-3 quantum optimization machine to develop a quantum-based technology for removing solar noise from space-based LiDAR data, an issue that has historically limited NASA's ability to collect reliable data atmosphere observations. This builds on our prior work with NASA and highlights the real-world value of our quantum systems for scientific applications.

根據該合同，我們正在應用我們的 Dirac-3 量子優化機器來開發一種基於量子的技術，用於從太空雷射雷達數據中消除太陽噪聲，這個問題在歷史上限制了 NASA 收集可靠大氣觀測數據的能力。這是在我們之前與 NASA 合作的基礎上進行的，並凸顯了我們的量子系統在科學應用方面的實際價值。

Continue to be a significant partner to government institutions remains a key goal for us, and we continued to make progress subsequent to this quarter, announcing a thin-film chip contract from the US Department of Commerce's National Institute of Standards and Technology last week. Turning to our foundry developing those chips. We announced on our last call that construction of our state-of-the-art quantum photonic chip facility in Tempe, Arizona was completed in March.

繼續成為政府機構的重要合作夥伴仍然是我們的一個重要目標，本季之後我們繼續取得進展，上周宣布與美國商務部國家標準與技術研究所簽訂了一份薄膜晶片合約。轉向我們的代工廠開發這些晶片。我們在上次電話會議上宣布，我們位於亞利桑那州坦佩的最先進的量子光子晶片設施已於三月建成。

In May, we celebrated the grand opening with a ribbon cutting ceremony alongside Mayor Corey Woods and regional industrial stakeholders. The facility is now fully operational, fulfilling customer preorders and position to scale production of thin-film lithium niobate chips for use across datacom, telecom, advanced sensing and quantum computing.

五月，我們與市長科里·伍茲 (Corey Woods) 和地區工業利益相關者一起舉行了盛大的開幕剪綵儀式。該工廠目前已全面投入運營，滿足客戶的預訂單，並準備大規模生產用於數據通訊、電信、先進感測和量子運算的薄膜鈮酸鋰晶片。

As we scale the foundry, we expect revenue to slowly grow and are targeting a significant revenue contribution in the next 12 to 18 months as we ramp. We look forward to providing more updates on our foundry strategy later this year. We also made several key leadership appointments during this quarter to support our next phase of execution.

隨著代工廠規模的擴大，我們預計收入將緩慢成長，並計劃在未來 12 到 18 個月內實現顯著的收入貢獻。我們期待在今年稍後提供有關我們的代工策略的更多更新。我們還在本季度任命了幾位關鍵領導，以支持我們下一階段的執行。

I was honored to step into the role of Interim CEO, and we welcome Chris Roberts as our new Chief Financial Officer. In addition, we promoted Milan Begliarbekov to Chief Operating Officer; and Pouya Dianat to Chief Revenue Officer. Each of these individuals bring deep expertise and execution focus to our leadership team, and they are already making meaningful contributions as we scale the business.

我很榮幸擔任臨時執行長一職，我們歡迎 Chris Roberts 擔任我們的新任財務長。此外，我們也提升 Milan Begliarbekov 為營運長；提升 Pouya Dianat 為首席營收長。這些人中的每一個人都為我們的領導團隊帶來了深厚的專業知識和執行力，隨著我們業務的擴大，他們已經做出了有意義的貢獻。

Finally, we are proud to be added to the Russell 3000 and Russell 2000 indexes at the conclusion of their annual reconstitution in June. This inclusion increases our visibility across institutional investors and reflects growing recognition of QCI's progress and potential in developing commercially relevant quantum and photonic technologies.

最後，我們很榮幸在 6 月年度重組結束時被納入羅素 3000 和羅素 2000 指數。此次納入提高了我們在機構投資者中的知名度，並反映出人們對 QCI 在開發商業相關量子和光子技術方面的進展和潛力的認可度不斷提高。

With that, I will turn the call over to our CFO, Chris Roberts, 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·羅伯茨 (Chris Roberts)，讓他介紹一下我們的財務狀況。

Thank you, Yuping. It's my pleasure to present the results of our second quarter. Revenue during our second quarter totaled approximately $61,000 compared to $183,000 in the prior year second quarter. Our gross margin for the second quarter increased to 43% from 32% in the second quarter of '24.

謝謝你，玉萍。我很高興向大家介紹我們第二季的業績。我們第二季的總收入約為 61,000 美元，而去年同期第二季的總收入為 183,000 美元。我們第二季的毛利率從 2024 年第二季的 32% 上升至 43%。

However, it's important to keep in mind that gross margin continues to be variable at our current revenue level. We substantially strengthened our capital position during the second quarter, closing on a $200 million financing in June. As a result, we ended the second quarter with cash and equivalents of $349 million on our balance sheet.

然而，重要的是要記住，在我們目前的收入水平上，毛利率仍然是可變的。我們在第二季大幅加強了資本狀況，並於 6 月完成了 2 億美元的融資。因此，第二季末我們的資產負債表上的現金及等價物為 3.49 億美元。

This gives us the resources to make strategic investments in key growth areas to advance both our Quantum machine program and our thin-film lithium niobate chip foundry initiatives. Operating expenses for the second quarter totaled $10.2 million compared to $5.3 million in the same quarter last year. Employee-based expenses were the main driver of the year-over-year increase.

這為我們提供了資源，可以在關鍵成長領域進行策略性投資，以推進我們的量子機器計劃和薄膜鈮酸鋰晶片代工計劃。第二季營運費用總計 1,020 萬美元，而去年同期為 530 萬美元。員工支出是年成長的主要驅動力。

The company reported a net loss attributable to common stockholders of $36 million for the second quarter or $0.26 per share compared to a net loss of $5 million in the second quarter of '24. The increase in net loss this quarter was primarily due to a $28 million non-cash loss on the value of our company's warrant-related derivative reliability, which comes from our merger with QPhoton in June of 2022.

該公司報告稱，第二季普通股股東淨虧損為 3,600 萬美元，即每股 0.26 美元，而 24 年第二季淨虧損為 500 萬美元。本季淨虧損增加主要是由於我們公司認股權證相關衍生性商品可靠性價值的 2,800 萬美元非現金損失，這源自於我們 2022 年 6 月與 QPhoton 的合併。

For the six months ended June 30, 2025, the company reported a net loss of [$19.5 million] or $0.14 per share compared to a loss of $11.6 million or $0.13 per share in the first six months of 2024. As of June 30, '25, total assets stood at $426 million, up from $154 million in the year-end 2024.

截至 2025 年 6 月 30 日的六個月，該公司報告淨虧損為 [1,950 萬美元] 或每股 0.14 美元，而 2024 年前六個月的虧損為 1,160 萬美元或每股 0.13 美元。截至 2025 年 6 月 30 日，總資產為 4.26 億美元，高於 2024 年底的 1.54 億美元。

Cash and equivalents increased by $270 million in the first six months of '25 to $349 million, bolstered by net proceeds of $188 million raised in the second quarter through an offering of common stock. Total liabilities at the end of the second quarter were $30 million, which is a decrease of approximately $16 million compared to year-end 2024.

25 年前六個月，現金及等價物增加了 2.7 億美元，達到 3.49 億美元，這得益於第二季度透過發行普通股籌集的 1.88 億美元淨收益。第二季末的總負債為 3,000 萬美元，與 2024 年末相比減少約 1,600 萬美元。

This decrease is driven primarily by the previously mentioned non-cash mark-to-market adjustment for the QPhoton warrant derivative liability. Finally, stockholders' equity rose to $396 million as of June 30, 2025, again, reflecting our strengthened capital position.

這一下降主要是由於前面提到的 QPhoton 認股權證衍生負債的非現金以市價調整所致。最後，截至 2025 年 6 月 30 日，股東權益增至 3.96 億美元，再次反映了我們資本狀況的增強。

Now I will turn the meeting back over to Yuping.

現在我將會議交還給玉萍。

Thank you, Chris. In closing, I wanted to thank our team, partners and shareholders for their continued support as we execute on our mission. We have made a significant progress in the first half of the year, particularly in translating our technology into commercial traction across quantum sensing, AI communications and photonic chip manufacturing.

謝謝你，克里斯。最後，我要感謝我們的團隊、合作夥伴和股東在我們執行使命過程中給予的持續支持。我們在上半年取得了重大進展，特別是在將我們的技術轉化為量子感測、人工智慧通訊和光子晶片製造領域的商業應用方面。

As the broader quantum ecosystem continues to evolve, we believe QCI is well positioned with differentiated technologies and a focused strategy to deliver real-world solutions. I look forward to what we will accomplish in the second half of 2025 and beyond.

隨著更廣泛的量子生態系統的不斷發展，我們相信 QCI 憑藉差異化的技術和專注的策略，能夠提供現實世界的解決方案。我期待我們在 2025 年下半年及以後所取得的成就。

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

現在，我們將開始提問。操作員。請繼續。

(Operator Instructions)

（操作員指示）

Troy Jensen, Cantor.

特洛伊·詹森（Troy Jensen），領唱。

Hey gentlemen, congrats on all the traction here. Maybe first off for Yuping. I guess I'd be curious, to me revenues aren't really important. They won't be for several years, to me it's technical milestone. So could you just kind of lay out what are the two or three most important milestones that we need to see from you guys over the next one to three years?

嘿，先生們，祝賀你們取得如此大的進展。對於 Yuping 來說也許首先如此。我想我會很好奇，對我來說收入並不是很重要。他們還要等幾年才能實現，對我來說這是一個技術里程碑。那麼，您能否簡單介紹一下在未來一到三年內我們希望看到您們實現的兩三個最重要的里程碑？

Thank you, Troy. Over the next two to three years, in fact, our focus would be to integrate our Quantum machines with our nano-photonic chips. So that has been our technology road map and as you have seen that over the past three years, we have really pushed to testing and to demonstrate the Quantum machine using discrete optical components.

謝謝你，特洛伊。事實上，在未來兩到三年內，我們的重點是將我們的量子機器與我們的奈米光子晶片結合。這就是我們的技術路線圖，正如您所看到的，在過去三年中，我們確實致力於使用分立光學元件來測試和演示量子機器。

And then in March of 2025 this year, so we have finished our thin-film lithium niobate foundry and then now that give us another platform that we will for us to translate our quantum photonic technology that we have demonstrated with discrete optical components to on-chip.

然後在今年 2025 年 3 月，我們完成了薄膜鈮酸鋰代工，現在這為我們提供了另一個平台，讓我們能夠將我們已經用分立光學元件展示的量子光子技術轉化為片上技術。

So over the next two years, we are going to use our thin-film lithium niobate nano-photonic chips in our direct machine and use it to enhance the performance of our quantum photonic reservoir system and also to use for our quantum sensing system and in particular, the Quantum Photonic Vibrometer.

因此，在接下來的兩年裡，我們將在我們的直接機器中使用我們的薄膜鈮酸鋰奈米光子晶片，並用它來增強我們的量子光子儲層系統的性能，也用於我們的量子感測系統，特別是量子光子振動儀。

So with the integration of nano-photonic chips, we can expect to significantly reduce size, weight, power and also the cost of our Quantum machines, and we will also be able to boost the performance. And in the meanwhile, so our foundry can not only support the further development of our Quantum machines but also offer services to others. In fact, so we have received preorders and orders for our foundry services. So this is going to a pretty fun ramp-up journey for us over the next two years.

因此，透過奈米光子晶片的集成，我們可以顯著降低量子機器的尺寸、重量、功率和成本，同時還能提高性能。同時，我們的代工廠不僅可以支援我們 Quantum 機器的進一步發展，還可以為其他公司提供服務。事實上，我們已經收到了代工服務的預訂單和訂單。因此，未來兩年對我們來說將會是一段相當有趣的提升之旅。

Yes. Understood. Maybe a follow-up here for Chris. Just curious on OpEx. I mean, obviously, you guys have a much larger balance sheet now.

是的。明白了。也許是克里斯的後續行動。只是對 OpEx 感到好奇。我的意思是，顯然你們現在的資產負債表要大得多。

And is there any intentions to accelerate spending or do M&A? Or just kind of maybe give us some color on what you think kind of second half R&D and G&A expenses might look like?

是否有加速支出或進行併購的意圖？或者您能否向我們簡單介紹一下您認為下半年研發和一般行政費用的情況？

Well, it's a good question, Troy. We are certainly hiring additional people. You can see from the results we've announced that our labor costs have grown quite a bit since last year. We're bringing on additional engineers and sales staff and moving to accelerate the development of our technology.

嗯，這是個好問題，特洛伊。我們一定會招募更多員工。從我們公佈的結果可以看出，我們的勞動成本自去年以來已經成長了不少。我們正在招募更多工程師和銷售人員，以加速我們的技術發展。

We do not have anything to announce relating to acquisitions but as we previously stated, looking at strategic opportunities is part of the plan, and we're in the process of talking with bankers and looking for opportunities that will enable us to fill out our technology road map as well as accelerate revenue development -- revenue generation, sorry.

我們沒有任何與收購相關的消息要宣布，但正如我們之前所說，尋找戰略機會是計劃的一部分，我們正在與銀行家交談，尋找能夠讓我們填寫技術路線圖並加速收入發展（創收，抱歉）的機會。

Yeah, understood. Okay, we'll keep up the good work. Thank you.

是的，明白了。好的，我們會繼續努力。謝謝。

Thank you.

謝謝。

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

（操作員指示）問答環節已經結束，現在我將把電話交給管理階層進行結束語。

Thank you, everyone, 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 the technology. Should you have any questions, please do not hesitate to reach out to Investor Relations. Have a great rest of your day. Thank you.

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。如果您有任何疑問，請隨時聯繫投資者關係部。祝您今天剩餘的時間過得愉快。謝謝。

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。