Quantum Computing Inc (QUBT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Quantum Computing Inc. third quarter 2025 shareholder update call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加 Quantum Computing Inc. 2025 年第三季股東更新電話會議。（操作說明）

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

現在，我很高興向大家介紹主持人，來自 IMS 投資者關係部門的 Roslyn Christian。

Thank you, and I want to welcome everyone to the Quantum Computing Inc. third 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. 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.

謝謝大家，我謹代表 Quantum Computing Inc. 歡迎各位參加 2025 年第三季股東更新電話會議。在會議開始之前，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，這些陳述可能會根據各種重要因素而改變。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，這些陳述僅代表截至本次電話會議之日的情況。有關可能影響這些預期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.

今天參加電話會議的有臨時執行長兼董事長黃玉萍博士和財務長克里斯羅伯茨。團隊將報告業務最新進展，隨後進行問答環節。

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

接下來，我想把電話交給管理階層。請繼續，玉萍。

Thank you, everyone, for joining us today to hear about QSI's progress in the third quarter of 2025. The past few months have been pivotal for our company. We ended the quarter with a strengthened balance sheet, a growing portfolio of commercial relationships and a clear disciplined strategy for selling our technology. To date, in 2025, we have reached over $1.5 billion in capital. And we now have the resources to execute thoughtfully on our long-term vision, putting Quantum technology into the hands of people.

感謝各位今天蒞臨現場，了解 QSI 在 2025 年第三季的進展。過去幾個月對我們公司來說至關重要。本季末，我們的資產負債表更加穩健，商業關係組合不斷擴大，並制定了清晰、有條不紊的技術銷售策略。截至目前，到 2025 年，我們的資本已超過 15 億美元。現在我們擁有了足夠的資源，可以深思熟慮地執行我們的長期願景，將量子技術交到人們手中。

In the third quarter, we raised $500 million. And subsequent to the quarter, we reached another $750 million. This raises put us in a very strong position to drive our road map forward and make strategic investments in engineering, manufacturing and sales. As many of you know, QSI's mission has always been centered around building Quantum systems that are practical, scalable and accessible. We're not just developing Quantum technologies for laboratories, we are working to Quantum useful for a broader community of industries and innovators with the ultimate goal of having our technology as ingredient in society as cell phones.

第三季度，我們籌集了 5 億美元。該季度結束後，我們又實現了 7.5 億美元的營收。此次增資使我們處於非常有利的地位，可以推進我們的發展路線圖，並在工程、製造和銷售方面進行策略性投資。正如你們許多人所知，QSI 的使命始終圍繞著建立實用、可擴展且易於使用的量子系統。我們不僅在為實驗室開發量子技術，我們還在努力使量子技術對更廣泛的產業和創新者群體有用，最終目標是讓我們的技術像手機一樣成為社會的一部分。

This is what sets QSI apart. While many Quantum players remain focused on theoretical advances or systems that require complex chorogenic environment our integrated photonic approach enables room temperature operation, compactor form factors and energy-efficient performance. These advantages not only reduce the cost and the complexity of deployment but also make it possible to scale Quantum solutions to world range of real-world settings for aerospace and the defense to telecommunications, finance and data security. As the technology matures, we believe the key differentiator will not be who can build the most powerful point of prototype in isolation, but who can scale Quantum reliably and affordably. The challenge ahead is one-off engineering and manufacturing execution, and that's where QSI's focus lies today.

這就是QSI的獨特之處。雖然許多量子技術參與者仍然專注於理論進步或需要複雜化學環境的系統，但我們的整合光子方法實現了室溫運行、緊湊的外形尺寸和節能性能。這些優勢不僅降低了部署成本和複雜性，而且還使量子解決方案能夠擴展到航空航太、國防、電信、金融和資料安全等世界各地的實際應用場景。隨著技術的成熟，我們認為關鍵的差異化因素將不再是誰能夠建立最強大的獨立原型，而是誰能夠可靠且經濟地擴展 Quantum 技術。未來的挑戰在於一次性工程和製造執行，而這正是 QSI 目前關注的重點。

Our long-term goal is to move from prototype and small batch manufacturing towards volume production. And we see that transition take shape by the end of this decade. Together, our current three-year road map is focused on refining our processes, scaling small batch production and expanding our team and facility to position QSI for industry scale output. In other words, the technology is there. Our Quantum machines and photonic chips have been validated across multiple use cases.

我們的長期目標是從原型製作和小批量生產轉向大量生產。到本十年末，我們將看到這種轉變逐漸成形。我們目前的三年發展路線圖重點在於改善我們的流程，擴大小批量生產規模，並擴充我們的團隊和設施，以使 QSI 具備工業規模的生產能力。換句話說，技術已經存在了。我們的量子機器和光子晶片已在多種應用場景中得到驗證。

The next step is to scale the engineering and the manufacturing behind them. And we now have the team, resources, facility and plan to make that happen. Let me take a moment to highlight some of the key updates from the third quarter. First, on the commercial front, we continue to see growing adoption of our Quantum and photonic solutions across research, enterprise and government sectors. During the quarter, we recorded revenue from our ongoing NASA LIDAR initiative, which uses our direct three Quanta optimization machine to remove solar noise from space-based LiDAR data.

下一步是擴大背後的工程和製造規模。現在我們已經擁有了實現這一目標所需的團隊、資源、設施和計劃。讓我花點時間重點介紹一下第三季的一些重要進展。首先，在商業方面，我們看到我們的量子和光子解決方案在研究、企業和政府部門的應用越來越廣泛。本季度，我們從正在進行的 NASA LIDAR 計劃中獲得了收入，該計劃利用我們的直接三量子優化機器從基於太空的 LiAR 數據中去除太陽噪聲。

This project represents a significant technical achievement and underscores the real-world value of QSI's Quantum Computing technology for scientific and environmental applications. as well as our initiatives to drive strong relationships within government programs. We also saw meaningful momentum in our commercial engagements. Following the sale of our reservoir computing device early this year to a global automotive manufacturer. In the third quarter, we completed a transaction with a major US.

該計畫代表著一項重要的技術成就，凸顯了QSI量子計算技術在科學和環境應用領域的實際價值，以及我們為加強與政府計畫合作關係所做的努力。我們在商業合作方面也看到了顯著的成長動能。今年年初，我們向一家全球汽車製造商出售了我們的儲層運算設備。第三季度，我們與美國大型企業完成了一筆交易。

financial institute, making another important milestone in validating our Quantum AI and security platforms in real work settings. Our foundry operations in Tempe, Arizona also continue to progress. As we have shared previously, this facility, also known as one is a small-scale manufacturing site designed to qualified processes and support early customer programs in photonic chips. This is an important first step in our broader manufacturer strategy. Since launch, our team has been refining the production line, expanding our operations stuff and building relationships with early customers across research, government and commercial sectors.

金融機構在實際工作環境中驗證我們的量子人工智慧和安全平台方面又取得了一個重要的里程碑。我們在亞利桑那州坦佩的鑄造廠運作也在持續進行中。正如我們之前分享過的，該設施（也稱為一）是一個小型製造基地，旨在驗證製程並支援光子晶片的早期客戶專案。這是我們更廣泛的製造商策略中的重要第一步。自成立以來，我們的團隊一直在改善生產線，擴大營運規模，並與研究、政府和商業領域的早期客戶建立聯繫。

This engagement help us fine-tune both process quality and device yield. Importantly, we are already in the early stage of planning for Fab 2, which we expect to begin developing over the next three years. Step 2 will be designed to support higher volume manufacturing and serve as a cornerstone for scaling production to meet growing demand in telecommunications, sensing and Quantum information systems. As we advance this manufacturing strategy, our hiring efforts are ramping accordingly. Over the past quarter, we have added key technical and operations staff to strengthen our execution capabilities, and we expect that trend to continue as we prepare for higher production volumes.

此次合作有助於我們優化製程品質和裝置良率。重要的是，我們已經進入 Fab 2 規劃的早期階段，預計在未來三年內開始開發。第二步旨在支援更大批量的生產，並作為擴大生產規模以滿足電信、感測和量子資訊系統日益增長的需求的基石。隨著我們推進這項製造策略，我們的招募力道也相應加大。在過去的一個季度裡，我們增加了關鍵的技術和營運人員，以加強我們的執行能力，隨著我們為更高的產量做準備，我們預計這一趨勢還將繼續。

We have also continued to broaden awareness of QSI's capabilities within the Quanta and photonic communities. Over the past several months, we have the active participants at multiple industry events and conferences presenting our work and engaging both public and private sector partners. Those events include IEEE, International Conference on Quantum Computing and Engineering, the MYC Quantum Computing the Dutch Photonics event, the 51st European Conference on Optical Communications, Quantum Tech Europe and the Quanta Innovation and the Readiness Firm. We also recently joined the Quanta Economic Development Consortium and the Consumer Technology Association QSI with expanding network of technology leaders and innovators. These memberships enhanced our visibility and influence in shaping the future of Quantum computing, cyber photonics and AI solutions across the consumer technology landscape.

我們也不斷擴大量子和光子學界對 QSI 能力的認識。在過去的幾個月裡，我們積極參與了多個行業活動和會議，展示我們的工作成果，並與公共和私營部門的合作夥伴進行交流。這些活動包括 IEEE 國際量子計算與工程會議、MYC 量子計算、荷蘭光子學活動、第 51 屆歐洲光通訊會議、歐洲量子技術大會以及量子創新和準備公司。我們最近也加入了 Quanta 經濟發展聯盟和消費科技協會 QSI，擴大了技術領導者和創新者的網路。這些會員資格提升了我們在塑造消費技術領域量子運算、網路光子學和人工智慧解決方案的未來方面的知名度和影響力。

In September, we deepened our thought leadership presence in the photonics and AI communities through a webnar hosted optical titled Photonic Machine Learning for Time Series Programs. The session highlighted how our Immucor reservoir computing platform and the next-generation photonic architecture address memory and power consumption, both in modern AI workloads and underscored our Lithium with fungi capability for high performance photonic systems. This engagement further expands our creditability in both academic and industrial circles, and underscores QSI's increasing visibility as a practical quantum and photonic innovator. We have also been pleased with the increasing level of inbound interest from prospective customers and collaborators across academia and industry. The conversations we are having today reflect the momentum building behind integrated photonics and quantum-ready devices where QSI has a clear first-mover advantage.

9 月，我們透過舉辦題為「用於時間序列程式的光子機器學習」的光學網路研討會，加深了我們在光子學和人工智慧領域的思想領導地位。本次會議重點介紹了我們的 Immucor 儲層運算平台和下一代光子架構如何解決現代 AI 工作負載中的記憶體和功耗問題，並強調了我們利用真菌鋰技術實現高效能光子系統的能力。此次合作進一步提升了我們在學術界和工業界的信譽，並凸顯了 QSI 作為務實的量子和光子創新者日益增長的知名度。我們也欣喜地看到，來自學術界和工業界的潛在客戶和合作者對我們的關注度日益提高。我們今天進行的對話反映了整合光子學和量子就緒元件領域正在形成的發展勢頭，而 QSI 在該領域擁有明顯的先發優勢。

QSI's approach positions us uniquely for the next phase of industry evolution. While the broader quantum computing sector continue to grapple with scalability and stability challenges, our integrated photonics platform operates at room temperature with significantly lower size, weight and power and cost requirements, the so called SWaP-C advantages.

QSI 的方法使我們在產業發展的下一階段中佔據了獨特的地位。儘管更廣泛的量子運算領域仍在努力應對可擴展性和穩定性方面的挑戰，但我們的整合光子平台在室溫下運行，尺寸、重量、功耗和成本要求都顯著降低，這就是所謂的 SWaP-C 優勢。

These advantages become increasingly relevant as global energy constraints and the computation of demand of artificial intelligence push existing infrastructure to its limit. We believe that energy-efficient room temperature Quantum devices represent a critical piece for the next generation of computing, and QSI is positioned to deliver such solutions at scale. Over the next three years, our road map priority is small-scale, high-value manufacturing as we refine processes, demonstrate performance across customer applications and establish supply chain and design partnerships.

隨著全球能源限制和人工智慧需求運算將現有基礎設施推向極限，這些優勢變得越來越重要。我們相信，節能型室溫量子裝置是下一代運算的關鍵組成部分，而 QSI 有能力大規模提供此類解決方案。未來三年，我們的發展路線圖重點是小規模、高價值製造，我們將不斷改進工藝，在客戶應用中展示性能，並建立供應鏈和設計合作夥伴關係。

In parallel, we will be developing the foundation for Fab 2, which will enable volume manufacturing and allow us to bring Quantum-enabled devices into wider user across multiple sectors. The Quantum era is unfolded faster than most predicted. And our team is determined to ensure QSI remains at the center of transformation delivery technologies that make quantum practical, scalable and accessible to the world.

同時，我們將為 Fab 2 奠定基礎，這將實現批量生產，並使我們能夠將量子技術設備帶給多個行業的更廣泛用戶。量子時代的到來速度比大多數人預想的要快得多。我們的團隊決心確保 QSI 繼續處於轉型交付技術的核心地位，使量子技術變得切實可行、可擴展，並為全世界所用。

With that, I will now turn the call over to our Chief Financial Officer, Chris Roberts.

接下來，我將把電話交給我們的財務長克里斯·羅伯茨。

Thank you, Yuping. And now let's review the financial results from the quarter. Revenue during our third quarter totaled approximately $384,000 compared to $101,000 in the same period last year. The increase in revenue was primarily due to increases in the number of size and level of effort on research and development services contracts and custom hardware contracts. We also started to recognize some revenue for cloud-based access to the Direct 3 Quantum optimization system during the third quarter.

謝謝你，玉萍。現在讓我們來回顧一下本季的財務表現。第三季營收總計約 384,000 美元，而去年同期為 101,000 美元。收入成長主要歸功於研發服務合約和客製化硬體合約的數量、規模和投入水準的提高。第三季度，我們也開始確認一些來自雲端的 Direct 3 Quantum 最佳化系統存取的收入。

Looking ahead, the company continues to build a healthy pipeline of sales and partnership opportunities, which we expect will support future growth as customer adoption of our products and technologies continues to increase. Our gross margin for the third quarter increased to 33% compared to 9% in the third quarter of 2024. However, it's important to keep in mind that with a small number of active contracts, some of which involve custom design work, gross margin is likely to be variable from one period to the next. As Yuping mentioned earlier, we have been active in the capital markets and substantially strengthened our balance sheet during the third quarter, closing on a $500 million equity financing in September 2025. As a result, we ended the third quarter with cash and cash equivalents of $352 million and investments of $460 million on our balance sheet at the end of the quarter.

展望未來，公司將繼續建立健康的銷售和合作機會管道，我們預計隨著客戶對我們產品和技術的接受度不斷提高，這將支持未來的成長。我們第三季的毛利率成長至 33%，而 2024 年第三季的毛利率為 9%。但是，需要注意的是，由於活躍合約數量較少，其中一些合約涉及客製化設計工作，因此毛利率可能會因時期而異。正如玉萍之前所提到的，我們在資本市場非常活躍，並在第三季大幅加強了資產負債表，於 2025 年 9 月完成了 5 億美元的股權融資。因此，截至第三季末，我們的資產負債表上現金及現金等價物為 3.52 億美元，投資為 4.6 億美元。

After the end of the third quarter, we also closed on an additional $750 million financing in October. As a result of the recent financings, we now have substantial resources to implement our TFLN fabrication and Quantum machine development initiatives. In addition to organic growth plans, a key element of our long-term strategy is to evaluate acquisition opportunities that could help us accelerate our vision of putting Quantum technology in the hands of people. Operating expenses for the third quarter totaled $10.5 million compared to $5.4 million in the same quarter last year. The increase in operating expenses is the result of substantial growth in personnel for research and development, engineering, manufacturing, sales and marketing and administration as we position the company for long-term growth.

第三季結束後，我們在 10 月又完成了 7.5 億美元的額外融資。由於最近獲得的融資，我們現在擁有大量資源來實施我們的 TFLN 製造和量子機器開發計劃。除了有機成長計畫外，我們長期策略的關鍵要素是評估收購機會，這有助於我們加速實現將量子技術普及到大眾的願景。第三季營運支出總計 1,050 萬美元，而去年同期為 540 萬美元。營運費用的增加是由於研發、工程、製造、銷售、行銷和行政部門人員的大幅成長，因為我們正在為公司的長期發展做好準備。

We are scaling our organization across the board to support this expansion plan, including all functional areas of the company. As a result, SG&A expense is expected to grow in the near term as we invest in the necessary resources to advance our technology and execution capabilities. The company reported net income of $2.4 million for the third quarter or approximately $0.01 per share compared to a net loss of $5.7 million in the third quarter of 2024.

為了支持這項擴張計劃，我們正在全面擴大公司規模，包括公司的所有職能部門。因此，由於我們需要投資必要的資源來提升我們的技術和執行能力，因此預計短期內銷售、管理及行政費用將會成長。該公司公佈第三季淨利潤為 240 萬美元，即每股約 0.01 美元，而 2024 年第三季淨虧損為 570 萬美元。

The increase in net income this quarter was primarily due to a gain of $9.2 million from the mark-to-market of a derivative liability plus interest income of $3.5 million. For the nine months ended September 30, 2025, the company reported a net loss of $17.1 million or $0.12 per share compared to a net loss of $17.3 million or $0.19 per share in the first nine months of 2024.

本季淨收入的成長主要是由於衍生負債以市值計價獲得的 920 萬美元收益，加上 350 萬美元的利息收入。截至 2025 年 9 月 30 日的九個月，該公司報告淨虧損 1,710 萬美元，即每股虧損 0.12 美元，而 2024 年前九個月的淨虧損為 1,730 萬美元，即每股虧損 0.19 美元。

As of September 30, 2025, total assets stood at $898 million, up from $154 million at year-end 2024. Since the end of 2024, cash and cash equivalents have increased by $273 million to $352 million, and total investments have increased by $460 million. Total liabilities at the end of the third quarter were $20 million, which is a decrease of approximately $26 million compared to year-end 2024. Now this decrease in liability is driven primarily by a $25.8 million decrease in the derivative liability related to the Q Photon merger warrants. Stockholders' equity rose to $878 million at the end of the third quarter, which also shows our strengthened financial position.

截至 2025 年 9 月 30 日，總資產為 8.98 億美元，高於 2024 年底的 1.54 億美元。自 2024 年底以來，現金及現金等價物增加了 2.73 億美元，達到 3.52 億美元，總投資增加了 4.6 億美元。第三季末總負債為 2,000 萬美元，比 2024 年底減少了約 2,600 萬美元。現在，負債減少的主要原因是與 Q Photon 合併認股權證相關的衍生負債減少了 2,580 萬美元。第三季末，股東權益增至 8.78 億美元，也顯示我們的財務狀況有所改善。

And now it's my pleasure to turn the meeting back over to Yuping.

現在我很高興把會議交還給玉萍。

Thank you, Chris. As we move into the final months of 2025, I wanted to take a moment to thank our employees, partners and shareholders for their continued support. The technological and the strategic progress we have made this year positions QSI for what I believe will be a defining period ahead. Our technology is maturing rapidly, and our focus remains on scaling our engineering and manufacturing capabilities, advancing customer programs and continue to strengthen our relationships across government, industry and academia. With a solid balance sheet, a growing and a clear road map, we are well positioned to drive this next phase of growth.

謝謝你，克里斯。2025 年即將進入最後幾個月，我想藉此機會感謝我們的員工、合作夥伴和股東們一直以來的支持。今年我們在技術和策略方面的進步，使QSI能夠迎接我認為將是具有決定性意義的未來時期。我們的技術正在迅速成熟，我們將繼續專注於擴大工程和製造能力，推進客戶項目，並繼續加強我們與政府、產業和學術界的關係。憑藉穩健的資產負債表、不斷成長且清晰的發展路線圖，我們已做好充分準備，推動下一階段的成長。

Thank you for joining us today and for your continued confidence in our mission. With that, we will now open the call for questions. Operator, please go ahead.

感謝您今天與我們相聚，也感謝您一直以來對我們使命的信任。接下來，我們將開始接受提問。操作員，請開始。

(Operator Instructions)

（操作說明）

Max Michaelis, Lake Street Capital.

馬克斯·邁克爾斯，湖街資本。

Hey guys, thanks for taking my questions a few here kind of set around a couple of different topics. First one is going to be I noticed the press release about Poet Technologies. I was wondering if you could give maybe a little bit more detail on outside of just what was said in the press release and maybe you think about sort of the long-term opportunity with them and then maybe some other partnerships you have in the pipeline similar to that Poet Technologies?

大家好，感謝你們回答我的問題，這些問題涉及幾個不同的主題。首先，我注意到了關於 Poet Technologies 的新聞稿。我想請您提供一些新聞稿之外的細節，例如您認為與他們合作的長期機會，以及您正在籌備的與 Poet Technologies 類似的其他合作關係？

Okay. Sure. Thanks, Max. So on that front, we have actually been very actively talking with multiple parties on using our thinkng this technology for the next-generation high-speed transceiver technology. So as you probably know, the industry is recognizing samples as the next generation platform for much higher speed Internet.

好的。當然。謝謝你，馬克斯。因此，在這方面，我們實際上一直在積極與多個方面討論如何將我們構思的這項技術應用於下一代高速收發器技術。正如您可能知道的那樣，業界正在將樣品視為下一代高速網路平台。

So this collaboration with Poet is one of the equipment that we have discussed and has come to flourish. And we look forward to work with them and also with others to explore same for the telecom and datacom applications at abroad?

因此，與 Poet 的合作是我們討論過的設備之一，並且已經取得了成功。我們期待與他們以及其他各方合作，共同探索電信和數據通訊在海外的應用前景。

Okay. And my next one is just sort of around that top 5 US. banks you guys secured or purchase order you guys secured in the quarter around quantum security solutions. Can you give some other sort of use cases you guys are having discussions with, with other large opportunities, I guess, or other large firms outside of just security solutions?

好的。接下來我想問的是，你們在本季圍繞量子安全解決方案獲得的美國前五名銀行的採購訂單或購買訂單。你們能否再介紹一下你們正在討論的其他類型的用例，例如與其他大型企業或公司（不僅限於安全解決方案）的合作機會？

Yes, In fact, we have been talking with other firms, including the potential of putting our technology on photonic integrated chips. And so that -- so we can really shrink the size of our current Quantum Communication Systems our Quantum part chips and our Quantum number generators to inch square chip so that -- so there are many sectors, including the wireless or Internet providers, so they can easily adopt. So we have been in discussion also with some potential partners to see if we can apply our Quantum Communication technology to the aerospace platform, so that can solve the issue of the long-term Quantum Internet challenge.

是的，事實上，我們一直在與其他公司洽談，包括將我們的技術應用於光子整合晶片的可能性。這樣一來，我們就可以真正縮小我們目前的量子通訊系統、量子部分晶片和量子數產生器的尺寸，使其達到一平方英寸的晶片大小，這樣，包括無線或互聯網提供商在內的許多行業就可以輕鬆地採用這項技術。因此，我們也一直在與一些潛在的合作夥伴進行討論，看看我們是否可以將我們的量子通訊技術應用於航空航天平台，從而解決量子網路長期面臨的挑戰。

Okay. And then, Chris, I think you mentioned organic opportunities around M&A and sort of how valuations and multiples trended in that space as well as maybe adding on sort of the end markets or technologies you guys plan on going after when it comes to M&A?

好的。然後，克里斯，我想你提到了併購方面的有機成長機會，以及該領域的估值和倍數趨勢，或許還可以補充一下你們在併購方面計劃瞄準的最終市場或技術？

Well, the M&A market continues to be volatile and the valuations depend in good part about how the stock market is going. And right now, it's very unsold. We are looking actively for acquisition candidates and evaluating them as they come up, nothing formal we can announce at this time, but we are working very hard in that direction. As I mentioned before, we're looking at M&A as a way of doing two things. One is to acquire customers and revenue and product lines that can be move forward and migrated forward with our technologies.

嗯，併購市場依然波動不定，估值很大程度取決於股市的走勢。而現在，它卻賣得非常差。我們正在積極尋找收購目標，並對出現的目標進行評估，目前還沒有任何正式消息可以公佈，但我們正在朝著這個方向努力。正如我之前提到的，我們把併購視為實現兩件事的一種方式。一是獲取客戶、收入和產品線，以便利用我們的技術向前發展和遷移。

And we're also looking to fill in some key aspects of our own technology road map so we can accelerate our commercialization. Does that help your answer your question? Or do you have a different point in mind?

我們也在努力完善自身技術路線圖的一些關鍵方面，以便加速商業化進程。這樣能解答你的疑問嗎？還是你另有想法？

No, that's great, thanks for taking my question, guys.

不，太好了，謝謝你們回答我的問題。

Sure thing, Max.

當然可以，麥克斯。

Let me just add to you things said about the Poet project. it's a perfect example of why we built Fab 1 because we have the only fabrication facility in the US. I can work with thin film lithium niovate. And this gives us the ability to do this type of advanced prototyping of product concepts that we can then -- if we're successful, move forward into Fab 2 and produce in collaboration with firm like Poet for a larger market. This is a real validation of the idea behind the investment in Fab 1.

我只想補充一下關於Poet計畫的一些看法。它完美地詮釋了我們為什麼要建造Fab 1工廠，因為我們擁有美國唯一的製造工廠。我可以從事薄膜鈮酸鋰的加工工作。這使我們能夠對產品概念進行這種高級原型製作，如果成功，我們可以進入 Fab 2 階段，並與 Poet 等公司合作生產，面向更大的市場。這真正驗證了對 Fab 1 投資背後的理念。

Okay, no, perfect, thanks guys.

好的，沒問題，謝謝大家。

Oh, you're welcome. Thanks for joining the call.

哦，不客氣。感謝您參加通話。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Hey gentlemen, congrats on all the progress here maybe a couple of quick ones for Chris. First, can give you us what is the remaining CapEx for Fab 1 roughly?

各位先生，恭喜你們取得的所有進展，也許可以給克里斯提幾個小建議。首先，可否告知我們Fab 1剩餘的資本支出大約是多少？

Fab 1 is -- Good question. Fab 1 is pretty much built out or it is built out. But we're always looking at new equipment, but Yuping you might be a better one to answer on that. I don't have anything now is lined up near term.

Fab 1 是－問得好。Fab 1 基本上已經建成，或者說已經建成。但我們一直在關注新設備，不過尤平，你或許更適合回答這個問題。我目前沒有任何近期安排。

Yeah. Yes. So right now, it's Fab 1 is fully operational, and we actually are making chips to deliver the 10-plus foundry service orders that we have received so far. But we do have plan to install a very high speed measurement equipment in the foundry, so that -- so we can quickly test the property of high-speed electro-optical modulations on the chip. So there, we are looking at a CapEx -- additional CapEx of about $2 million to add this very high-speed testing equipment.

是的。是的。所以現在，Fab 1 已經全面投入運營，我們正在生產晶片，以交付我們迄今為止收到的 10 多個代工服務訂單。但我們確實計劃在代工廠安裝一台高速測量設備，以便——以便我們能夠快速測試晶片上高速電光調製的特性。因此，我們需要投入約 200 萬美元的額外資本支出來增加這套高速測試設備。

All right. That seems pretty modest. With respect to Fab 2, building that out with you guys, obviously, hopefully producing your own picks, but is the idea to outsource capacity to other people that need thin-film lithium at capabilities?

好的。這看起來相當謙虛了。關於 Fab 2，顯然是希望與你們合作建設，生產你們自己的撥碼開關，但你們的想法是將產能外包給其他需要薄膜鋰裝置的人嗎？

Yes. Yes. So we are scoping Fab 2 both support our own quantum machine manufacturer so -- and as well as to serve the increase in demand on thin-film chips as the industry is becoming more and more interested due to the many nice property of this interesting material for different applications beyond Quantum. So Troy, so our goal there is that so we hope that we can quickly establish Fab 2 that can make hundreds to -- like hundreds of millions of chips per year. So that will both support our own needs for our Quantum machines and also substantially sending from others on the thinking manufacturing.

是的。是的。因此，我們正在規劃 Fab 2，既是為了支持我們自己的量子機器製造商，也是為了滿足日益增長的薄膜晶片需求，因為這種有趣的材料具有許多優良的特性，可用於量子以外的各種應用，因此業界對薄膜晶片的興趣越來越濃厚。所以，Troy，我們的目標是，我們希望能夠迅速建立 Fab 2 工廠，每年可以生產數億到數億個晶片。這樣既能滿足我們自身對量子機器的需求，也能大大滿足其他人對量子製造的需求。

Okay. How about a quick one for Chris. Could you let us know what the share count will be exiting '26?

好的。給克里斯來個簡短的問答。能否告知我們2026年底的股份數量？

Well, at the moment, we have 224 million shares outstanding and 250 million shares authorized. We're not expecting to do another financing. So it will probably end up with another couple of million shares potentially if options are exercised, but it would not be a large number, because.

目前，我們有2.24億股流通股和2.5億股授權股。我們預計不會再進行另一輪融資。因此，如果選擇權被行使，最終可能會增加數百萬股，但這不會是一個很大的數字，因為。

The offering that just happened. I mean if you include the offering that happened here in Q4...

剛才發生的獻祭。我的意思是，如果把第四季在這裡發生的發行也算進去的話…

Including the $750 million offering that was included in October, we have 224 million shares outstanding. There are several million outstanding warrants and stock options, which I have no way of predicting when they may be exercised, but that gives you a sense of the range of possible outcomes at the '26.

包括10月發行的7.5億美元股票在內，我們目前有2.24億股流通股。目前有數百萬份未行使的認股權證和股票選擇權，我無法預測它們何時會被行使，但這可以讓你了解 2026 年可能出現的各種結果。

Great. So for a share count that we should be modeling, it should be the 224 million number for Q4?

偉大的。所以，我們應該建模的股份數量，第四季應該是 2.24 億股嗎？

224 million for Q4, yes, that's probably best number I can provide, but at the end of '26, that's a little harder because it really depends on market conditions and...

第四季2.24億，是的，這可能是我能提供的最佳數字，但到2026年底就比較難說了，因為這很大程度上取決於市場狀況以及…

Yeah, no, that's good. How If I could toss in one more for you, here. I guess I'd love to like hear stats on your QPU with respect to Q count or Fidelity or maybe it's too early to talk about that now and maybe correct me if I'm wrong, but is the near-term opportunity more in the sensing and other applications that you guys are targeting right now versus kind of QPU type sales?

是的，那樣很好。如果我還能再給你加一個呢？我想了解你們的 QPU（每個使用者品質）數據，例如 Q 值或保真度，或者現在談論這個可能還為時過早，如果我說錯了請糾正我，但你們目前的重點是感測和其他應用領域，還是 QPU 類型的銷售？

Sure. I can talk about both. So -- on the QPU front, so in fact, we have the upgrading our current direct system where some of our external users, they actually start to find some real nice advantage our classical computers. So we have some pretty exciting results there. And in the meanwhile, so we are actually making very good progress in building the next version of that, so which based on the same architecture and build for the organization.

當然。兩個我都可以談。所以——在 QPU 方面，實際上，我們正​​在升級我們目前的直接系統，我們的一些外部用戶實際上開始發現我們傳統的電腦具有一些非常好的優勢。我們取得了一些非常令人振奮的成果。同時，我們在建立下一個版本方面取得了非常好的進展，該版本基於相同的架構，並為該組織建立。

But so there -- so we increased the speed by orders of magnitude. So we are making pretty good progress here for our Quanta optimization machine. And in the meanwhile, as I reported last time that, so we do have the road map of going to gate-based machines. And so we have done a lot of theoretic work and the proof of concept in the lab. But so we just got started to -- on the hardware development because the gate machine requires very high-quality chips.

但事實就是如此——我們把速度提高了幾個數量級。所以，我們的 Quanta 優化機器目前進展相當不錯。同時，正如我上次報道的那樣，我們確實有了向基於閘機的機器過渡的路線圖。因此，我們做了很多理論工作，並在實驗室進行了概念驗證。但我們才剛開始——進行硬體開發，因為門控機器需要非常高品質的晶片。

And as you know that we just finished the construction of Fab 1 in March and over the summer. So we give the recipe and the set up the processes and so there -- so the fund has just started. And with that, we will quickly get to the hardware of the gate-based machine. So on the Quantum sensor part, so yes, as we reported, so we did sell one for our Quantum photonic meter and so people are using it for different applications. And we also sold a Quantum Communication System to a US.

如您所知，我們剛剛在三月完成了 Fab 1 的建設，並在整個夏季進行了擴建。所以我們提供了配方，建立了流程，就這樣——基金就此啟動。接下來，我們將快速了解基於閘電路的機器的硬體。關於量子感測器部分，是的，正如我們所報導的那樣，我們確實售出了一個用於我們的量子光子計的感測器，人們正在將其用於不同的應用。我們也向美國出售了一套量子通訊系統。

bank as we reported, and we have also made some sales on the AI front and we continue to engage the community on thin-film and we have recorded more sales on foundry services.

正如我們所報導的那樣，我們在銀行業務方面取得了一些進展，在人工智慧領域也取得了一些銷售業績，我們繼續與業界就薄膜技術展開合作，並且在代工服務方面也取得了更多銷售業績。

Alright guys, well, keep up the good work.

好了各位，繼續努力。

Thanks I appreciate you calling in.

謝謝您的來電。

John McPeake, Rosenblatt Securities.

John McPeake，Rosenblatt Securities。

Hey guys, congratulations, Dr. Yu Ping and Chris on the momentum, in the business and the bank deal.

嘿，各位，恭喜餘平博士和克里斯在業務和銀行交易方面的進展。

Thank you, John.

謝謝你，約翰。

Thank you.

謝謝。

Recently, there's been some new implementations of algorithm that suggests that pretty soon, we're going to be able to crack RSA 2048. I guess when I say soon, we're talking about years at least kind of over the career of a CISO at a large company, so they can't just ignore it. And I'm just wondering if that might be increasing the pipeline of potential security deals, particularly in the financial sector.

最近出現了一些新的演算法實作方式，這表明我們很快就能破解 RSA 2048 加密。我想，我說的「很快」是指至少幾年，相當於大型公司首席資訊安全長 (CISO) 的整個職業生涯，所以他們不能對此置之不理。我只是想知道這是否會增加潛在的證券交易機會，尤其是在金融領域。

Yes, definitely. So John, so one thing that we all have to keep in mind that -- so if somebody somewhere has a very powerful Quantum computer to correct our passwords, so he or she will not make a public announcement on that, right? So we have to really to deal with the cyber threat. So we really have to think ahead and act fast and the plan ahead. So, so far, as I know, so the only truly secure cyber solution against the attack of the Quantum computer would be using Quantum itself to secure our Internet.

是的，當然。所以約翰，我們都必須記住一點——即使有人擁有非常強大的量子電腦來糾正我們的密碼，他或她也不會公開宣布此事，對吧？所以我們必須認真應對網路威脅。所以我們必須提前思考、迅速行動並做好計劃。所以，就我所知，目前唯一真正安全的網路安全解決方案，可以抵禦量子電腦的攻擊，那就是利用量子技術本身來保護我們的網路。

So at QCI, we actually -- our engineers like we are leveraging over 10 years of NDD work in Quantum Communication, Quantum encryption, Quantum authentication. And now, so we are pushing our engineering effort to to put our technology in practical footprint. So in fact -- so our -- we have designed our technology that, so it is fully compatible with the existing fiber-based telecom infrastructure. So in order to use our technology, so you can just buy some end units from us and hook onto the fiber portal in your garage and you will be able to enjoy Quantum-secured Internet and so you don't need to worry about if somebody has already a powerful Quantum computer or not. So yes, John, so in short to your question, I think at this time, it is really, really time for us to start to adopt a Quantum-secured Internet solutions.

所以在 QCI，我們實際上——我們的工程師正在利用 NDD 在量子通訊、量子加密、量子認證方面超過 10 年的工作成果。所以現在，我們正在加大工程研發力度，使我們的技術能夠真正落地應用。所以實際上——所以我們——我們設計的技術與現有的基於光纖的電信基礎設施完全相容。因此，要使用我們的技術，您只需從我們這裡購買一些終端設備，然後將其連接到您車庫的光纖門戶，您就可以享受量子安全互聯網，這樣您就不必擔心是否有人已經擁有強大的量子電腦了。所以，約翰，簡而言之，回答你的問題，我認為現在真的是我們開始採用量子安全互聯網解決方案的時候了。

So on the other side of the business on the optimization, I guess, the Direct three is just starting to have revenues recognized this past quarter, what's that -- how is that market trending right now? Is there more awareness of these solutions for optimization?

那麼，在業務優化方面，Direct 3 上季才開始確認收入，那麼──目前的市場趨勢如何？人們是否對這些優化方案有了更多了解？

Yes, Yes. And so I would like to put it in this way. So Quantum Computing is a pretty disruptive technology. And just like how other disruptive technologies are commercialized, we must address three hurdles before we can see wide adoption and very meaningful revenue.

是的，是的。所以我想這樣說。所以量子運算是一項相當顛覆性的技術。就像其他顛覆性技術實現商業化一樣，我們必須克服三個障礙，才能看到廣泛的應用和非常有意義的收入。

So the first is that the customers really needed to know and understand at some levels, the technology itself. The second is that so that we needed to see a clear path to be able to integrate and adopt the technology with their existing systems and solutions. The third is that we, as the technology providers, we must lower the entry level so that people can quickly get to the technology, so that include -- so we make the device very compatible. We have very easy user interface. And so the price tag is reasonable.

首先，客戶確實需要在某種程度上了解和理解技術本身。第二點是，我們需要看到一條清晰的路徑，以便能夠將這項技術與他們現有的系統和解決方案進行整合和採用。第三，作為技術供應商，我們必須降低入門門檻，以便人們能夠快速獲得這項技術，因此——所以我們要使設備具有很強的兼容性。我們的使用者介面非常簡單易用。因此，這個價格是合理的。

And for the first one, so we are ramping up our marketing communication, including pushing out more educational material on website, the publishing open access journals so that people can find the material to know and to understand our technology. For the second, so we are actually building and expanding our applications team to explore and help with potential customers to adopt our technology.

對於第一個問題，我們正在加強行銷傳播力度，包括在網站上發布更多教育材料，出版開放取用期刊，以便人們可以找到了解和理解我們技術的材料。其次，我們正在組建和擴充我們的應用團隊，以探索並幫助潛在客戶採用我們的技術。

Now for the third, we are actually in the phase of transitioning our sales from a technology innovation company to volume production so that we can reduce the unit cost of our Quantum Computing products. So those are the three measures that we are taking -- we are undertaking now in order to quickly get our technology into the hands of people.

現在來說第三點，我們目前正處於將銷售模式從技術創新公司轉型為大量生產公司的階段，以便降低量子運算產品的單位成本。所以，為了盡快將我們的技術送到人們手中，我們現在正在採取這三項措施。

Thank you. That's helpful.

謝謝。那很有幫助。

Thank you, John.

謝謝你，約翰。

(Operator Instructions)

（操作說明）

Ed Woo from Ascindian Capital.

來自 Ascindian Capital 的 Ed Woo。

Yeah, congratulations on all the progress. I was just curious about international opportunity. It seems like most of your focus now is in the US. Do you have plans to focus on international opportunities?

是的，祝賀你們取得的所有進展。我只是對國際機會感到好奇。看來你現在的大部分精力都放在美國了。您是否有計劃專注於國際發展機會？

Yes. Yes. In fact, so quantum is also very hot outside US. And so we have been very active in talking to looking for opportunities either partnering or providing our products and services to international institute, for example. So we actually sold our Immucor system, which is a AI device at edge, and we sold our wiper meter to (inaudible) in Europe, and we actually -- we are working with a distributor in South Korea to explore the market there.

是的。是的。事實上，量子技術在美國以外也很熱門。因此，我們一直非常積極地與國際機構洽談，尋找合作機會，或向其提供我們的產品和服務。所以，我們實際上已經售出了我們的 Immucor 系統（一種邊緣 AI 設備），我們還將雨刷計量器賣給了歐洲的（聽不清），而且我們實際上——我們正在與韓國的一家分銷商合作，探索那裡的市場。

And so our direct three, we actually have users from Singapore.

所以，我們的直接用戶中，其實有三位來自新加坡。

Great thanks for answering my questions and I wish you guys good luck thank you.

非常感謝您回答我的問題，祝您好運，謝謝。

Thanks, Ed.

謝謝你，艾德。

That concludes our Q&A session. I will now hand the conference back to management for closing remarks. Please go ahead.

我們的問答環節到此結束。現在我將把會議交還給管理階層，請他們作閉幕致詞。請繼續。

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

感謝各位參加今天的電話會議。我鼓勵您關注我們的社群媒體管道，包括 LinkedIn，我們會定期在這些平台上發布有關我們業務和技術的最新動態和見解。如有任何疑問，請隨時聯絡我們的投資者關係部門。祝您今天餘下的時間過得愉快。謝謝大家。