Quantum Computing Inc. (QUBT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Quantum Computing Inc. First Quarter 2026 Shareholder Update Call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. Following management's remarks, the call line will open for questions. It is now my pleasure to introduce your host, John Nesbett with IMS Investor Relations.

各位女士、先生，大家好，歡迎參加 Quantum Computing Inc. 2026 年第一季股東最新進展電話會議。目前所有與會者均處於僅收聽模式。若任何人在會議期間需要接線員協助，請在電話鍵盤上按星號 0。管理層發言結束後，電話線將開放提問。現在很榮幸為各位介紹本次會議主持人：IMS Investor Relations 的 John Nesbett。

Thank you, and I want to welcome everyone to the Quantum Computing, Inc. First Quarter 2026 Shareholder Update Call. Before we begin, please note that today's remarks may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995, including statements regarding expected results, operational plans, strategy, and market opportunities. These statements are made pursuant to the safe harbor provisions of Section 27A. The Securities Act and Section 21E of the Exchange Act and are based on current assumptions and expectations. Forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially. Important factors are discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent SEC filings, including the quarterly report on Form 10-Q for the quarter ended March 31. 2026. We undertake no obligation to update these statements, except as required by law. On the call today, we have Dr. Yuping Huang, Chief Executive Officer and Chairman, and Chris Roberts, Chief Financial Officer. The team will provide an update on the business, followed by a question-and-answer session. With that, I would now like to turn the call over to management. Please go ahead, Yuping.

謝謝，並歡迎各位參加 Quantum Computing, Inc. 2026 年第一季股東最新進展電話會議。在開始之前，請注意今天的發言可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括有關預期結果、營運計畫、策略及市場機會的陳述。這些陳述係依據第 27A 條的安全港條款作出。《證券法》以及《交易法》第 21E 條，並以目前的假設與預期為基礎。前瞻性陳述既非承諾亦非保證，且涉及可能導致實際結果出現重大差異的風險與不確定性。相關重要因素已於我們截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及後續向 SEC 提交的文件中討論，包括截至 3 月 31 日止季度的 Form 10-Q 季報。2026 年。除法律要求外，我們不承擔更新這些陳述的任何義務。今天與會者包括執行長兼董事長黃玉萍博士，以及財務長 Chris Roberts。團隊將先提供業務最新進展，隨後進行問答環節。接下來，我將把電話交給管理層。玉萍，請開始。

Good afternoon. And thank you for joining us for Quantum Computing Inc.'s first quarter 2026 earnings call. We made meaningful progress in the first quarter of 2026, executing our strategic initiatives and furthering our mission of delivery accessible, scalable, and cost-effective quantum machines and photonic solutions. For practical use across high-growth market that include high-performance computing, artificial intelligence, cybersecurity, aerospace and defense, and advanced sensing and imaging. We completed two key transactions during the quarter, closing the acquisitions of Lumina Semiconductor, Inc. And Nucreb, LLC.

各位下午好。感謝各位參加 Quantum Computing Inc. 2026 年第一季財報電話會議。我們在 2026 年第一季取得了具實質意義的進展，落實我們的策略性舉措，並推進我們的使命：提供可及、可擴展且具成本效益的量子機器與光子解決方案。以供高成長市場的實際應用，包含高效能運算、人工智慧、資安、航太與國防，以及先進感測與成像。本季我們完成兩項關鍵交易，完成對 Lumina Semiconductor, Inc. 與 Nucreb, LLC 的收購交割。

Luminance Semiconductor, which I will refer to as LSI going forward, represents a significant milestone in QSI's strategy to build a vertically integrated productive driven photonics and a quantum technology platform. LSI brings established capabilities in lasers, detectors, advanced packaging, and testing. Has a strong photonics customer base and has broad R&D and manufacturing capabilities that we believe strengthen our ability to move from small batch to higher volume production. Included in LSI's portfolio are three key subsidiaries. The first is Freedom Photonics. 3D Photonics is a leading-edge R&D and manufacturing facility that provides unique photonic components, modules, and systems, and is recognized for world-class semiconductor laser technology with approximately 25 issued and pending patents. The second is EN-4. EN-4 is a class. 10,035 humidity-controlled cleaning facility and a leading provider of subsystem design and manufacturing, offering comprehensive photonic and fiber optical module solutions. The EM4 facility is a major supplier to serve US government programs and the European defense and space markets. And finally, Optogration has a chip manufacturing facility and a device assembly and a testing facility specialized in design, assembly, testing and low-volume component production. We are currently integrating LSI and we're excited to onboard their. Experienced team of operators, engineers, and scientists to expand our depth of talent and execution capacity.

Luminance Semiconductor（以下我將稱其為 LSI）是 QSI 策略中的一項重要里程碑，旨在打造垂直整合、以生產為驅動的光子技術與量子技術平台。LSI 具備雷射、偵測器、先進封裝與測試等既有能力。擁有強大的光子客戶基礎，並具備廣泛的研發與製造能力；我們相信這將強化我們從小批量走向更高產量生產的能力。LSI 的產品組合包含三家關鍵子公司。第一家是 Freedom Photonics。3D Photonics 是領先的研發與製造設施，提供獨特的光子元件、模組與系統，並以世界級半導體雷射技術著稱，約有 25 項已核發及申請中的專利。第二家是 EN-4。EN-4 是一座 Class 10,035 的濕度控制潔淨設施，亦為子系統設計與製造的領先供應商，提供完整的光子與光纖模組解決方案。EM4 設施是美國政府計畫以及歐洲國防與太空市場的重要供應商。最後，Optogration 擁有晶片製造設施，以及專精於設計、組裝、測試與小量元件生產的器件組裝與測試設施。我們目前正在整合 LSI，並很高興迎接他們的。具經驗的營運人員、工程師與科學家團隊加入，以擴充我們的人才深度與執行能力。

We're focused on serving and expanding LSI's existing client base and utilizing their technology and the products to drive quantum commercialization in our target markets. The second acquisition completed in the quarter is NewCRIB. NewCRIB's primary patent portfolio spans quantum optics, RF photonics, and photonic signal processing, which can generate, measure, and distribute entangled photons over fiber optic cables. Organizations such as NASA, the US Army Research Lab. And the major global research universities and customers have used NewCrypts technology. NewCrypts through the quantum communications systems and products will enable us to further advance our technology roadmap while. Fostering our product and solutions portfolio with the goal of further improving the performance, robustness, and scalability of our technology. We announced a key partnership with Quantum Corridor, which placed a QSet Direct3 quantum optimization machine on Quantum Corridor's network. An interstate quantum-safe commercial communication network in North America. The optimization machine is intended to provide enhanced, secure, and on-demand directory access for institutions and commercial customers on Quantum Corridor's network.

我們專注於服務並擴大 LSI 既有客戶群，並運用其技術與產品，推動我們目標市場的量子商業化。本季完成的第二項收購是 NewCRIB。NewCRIB 的核心專利組合涵蓋量子光學、RF 光子學與光子訊號處理，可透過光纖電纜產生、量測並分發糾纏光子。NASA、美國陸軍研究實驗室等機構。以及全球主要研究型大學與客戶，皆曾使用 NewCrypts 的技術。NewCrypts 的量子通訊系統與產品將使我們得以進一步推進技術路線圖，同時。擴充我們的產品與解決方案組合，目標是進一步提升技術的效能、穩健性與可擴展性。我們宣布與 Quantum Corridor 建立一項關鍵合作夥伴關係，將一台 QSet Direct3 量子最佳化機器部署於 Quantum Corridor 的網路上。這是一個位於北美的跨州量子安全商用通訊網路。該最佳化機器旨在為 Quantum Corridor 網路上的機構與商業客戶提供更強化、更安全且可隨需使用的目錄存取。

We believe this is the first data center installation of a Direct3 machine and the first installation of its kind in a commercial data center environment. This collaboration marked a significant step forward in our commercial deployment strategy, expanding practical access to a quantum infrastructure for both academic and enterprise users. And reflecting our commercial strategy to make high-performance quantum solutions readily available in IT ecosystems. On the foundry front, our Tiflan chip R&D and manufacturing facility in Tempe, Arizona, also known as our Fab 1, has been ramping up small batch manufacturing.

我們相信這是 Direct3 機器首次在資料中心完成安裝，也是同類型設備首次在商用資料中心環境中的安裝。此項合作標誌著我們商業部署策略向前邁出重要一步，擴大學術與企業用戶對量子基礎設施的實際可及性。並反映我們的商業策略：讓高效能量子解決方案能在 IT 生態系中隨手可得。在晶圓代工方面，我們位於亞利桑那州坦佩（Tempe）的 Tiflan 晶片研發與製造設施（亦稱 Fab 1）也正在提升小批量製造產能。

The foundry's capabilities included nanofabrication and inspection, multi-physics simulation, in-house design and dicing, and prototype packaging. While the facility has begun generating early revenue, it's important to know that its primary use is as a research and development facility. We are actively in the planning phase and assessing options for a Fab 2 facility, a second, much larger foundry which can support higher volume production to extend our long-term manufacturing capacity and enable widespread deployment of quantum-powered hardware. It is our intent that Fab 2 facility will be where quantum manufacturing becomes scalable.

該代工廠的能力包括奈米製程與檢測、多物理模擬、內部設計與切割，以及原型封裝。雖然該設施已開始帶來早期營收，但重要的是要了解其主要用途仍為研發設施。我們正積極處於規劃階段，並評估 Fab 2 設施的選項；Fab 2 將是第二座、規模大得多的晶圓代工廠，可支援更高產量生產，以延伸我們的長期製造能力，並促成量子驅動硬體的廣泛部署。我們的目標是讓 Fab 2 成為量子製造得以規模化的場所。

We look forward to keeping you a price concerning our Fab 2 strategy and timelines as it progresses. We have made progress on our technology roadmap as we walk toward. Our commercial strategy of bringing quantum products to a broad market by evolving from a technology innovator into a full-scale manufacturer capable of delivering quantum-enabled systems at industrial scale. It is becoming increasingly clear that we are well-positioned in the marketplace. We believe we have strong quantum optics. And integrated photonics foundation that enables affordable and deployable quantum hardware. By focusing on quantum photonics, our technology has the ability to operate at room temperature, dramatically reducing system footprint, complexity, cost, and power requirements. We're following a strategy focused on manufacturing built for scale as we further refine our step one facility and advance planning on step two. And finally, we believe we are getting traction across strategic partnerships and government collaboration. Our guiding principles of practicality first, scalability by design. Accessibility for all and innovation with a purpose remain at the core of everything we do as we build the future of quantum for everyone. I will now turn the call over to Chris Roberts, our Chief Financial Officer, to discuss our first quarter 2026 financials.

隨著 Fab 2 策略與時程持續推進，我們期待持續向各位提供最新資訊。在我們邁向。我們的商業策略方面——透過從技術創新者演進為具備全規模製造能力的製造商，以工業規模交付量子賦能系統，將量子產品帶向更廣泛市場——我們在技術路線圖上已取得進展。我們在市場中的良好定位正變得愈發明確。我們相信我們擁有強大的量子光學。以及整合式光子學基礎，可實現可負擔且可部署的量子硬體。透過聚焦量子光子學，我們的技術能在室溫下運作，大幅降低系統占用空間、複雜度、成本與功耗需求。我們正遵循以可規模化製造為核心的策略，持續精進第一步設施，並推進第二步的規劃。最後，我們相信我們在策略夥伴關係與政府合作方面正獲得動能。我們的指導原則——務實優先、以設計實現可擴展性。全民可及，以及有目的的創新——仍是我們所做一切的核心，因為我們正在為每個人打造量子未來。接下來我將把電話交給我們的財務長 Chris Roberts，請他說明 2026 年第一季財務表現。

Thank you, Yiping. I'm pleased to announce that revenue for the first quarter. Totaled $3.7 million, compared to $39,000 in the prior year quarter. The year-over-year increase in revenue was driven primarily by the acquisition of Luminar Semiconductor in early February and, to a lesser extent, revenue from the acquisition of NewCrypt in early March. Excluding the LSI and NewCrypt contributions, QCI revenue for the first quarter totaled $204,000. Consisting primarily of deliveries of foundry orders and work on an R&D subcontract for NASA.

謝謝你，亦平。我很高興宣布第一季營收。合計為370萬美元，相較於去年同期的3.9萬美元。營收年增主要由於2月初收購 Luminar Semiconductor 所帶動，此外也有一部分來自3月初收購 NewCrypt 的營收貢獻。若排除 LSI 與 NewCrypt 的貢獻，QCI 第一季營收合計為20.4萬美元。主要由晶圓代工訂單交付，以及為 NASA 的一項研發分包合約所進行的工作所構成。

Operating expenses for the first quarter totaled $19.8 million, compared to $8.3 million in the same quarter last year. The increase in operating expenses was due to a substantial increase in staff, including administrative, technicians. Engineering, and scientific, which resulted in increased R&D expenses, product development, and sales and marketing expenses. Sales and marketing expenses for the quarter were $1.6 million compared to $0.7 million in the prior year, increasing primarily as a result of employee compensation costs, customer lead generation activities, trade show participation, advertising, and other marketing and selling costs.

第一季營業費用合計為1,980萬美元，相較於去年同期的830萬美元。營業費用增加係因人員大幅擴編所致，包括行政人員、技術人員。工程與科學人員，進而帶動研發費用、產品開發，以及銷售與行銷費用增加。本季銷售與行銷費用為160萬美元，相較於去年同期的70萬美元，增加主要來自員工薪酬成本、客戶線索開發活動、參與展會、廣告，以及其他行銷與銷售成本。

General and administrative expenses for the quarter were $11.3 million compared to $4.6 million in the prior year, increasing primarily due to substantial M&A transaction expenses in the quarter for the new crypt and LSI transactions. We reported a net loss of $4.1 million for the first quarter. Or $0.02 per share, compared to net income of $17 million in the first quarter of 2025, or $0.13 per share. To put this change in the proper context, as previously reported, the $17 million net income in the first quarter of 2025 was primarily attributable to a $23.6 million non-cash gain on the mark-to-market of the company's derivative liability, which relates to warrants issued for our merger with Qphoton in. June of 2022. Our balance sheet continues to be strong. We reported cash equivalents, and investments of $1.4 billion on March 31, 2026, compared to $1.5 billion on December 31, 2025. Interest income in the first quarter of '26 was $13.5 million, up from $1.7 million in the prior year period.

本季一般及行政費用為1,130萬美元，相較於去年同期的460萬美元，增加主要由於本季就 NewCrypt 與 LSI 交易產生大量併購（M&A）交易費用。我們第一季淨損為410萬美元。或每股0.02美元，相較於2025年第一季淨利1,700萬美元，或每股0.13美元。為了正確理解此一變動，如先前所報導，2025年第一季的1,700萬美元淨利主要歸因於公司衍生性負債按市價評價（mark-to-market）所產生的2,360萬美元非現金收益，該衍生性負債與我們在。2022年6月與 Qphoton 合併時所發行的認股權證相關。我們的資產負債表仍然強健。截至2026年3月31日，我們申報的現金約當物及投資為14億美元，相較於2025年12月31日的15億美元。26年第一季利息收入為1,350萬美元，高於去年同期的170萬美元。

On March 31, 2026, total assets were $1.6 billion, relatively unchanged compared to December 31 of 2025. Stockholders' equity was also $1.6 billion on March 31, 2026, again, essentially unchanged compared to year-end 2025. Our contract backlog as of March 31 was strong at $16 million. And now I'll turn the call back over to Yuping.

截至2026年3月31日，總資產為16億美元，與2025年12月31日相比大致不變。截至2026年3月31日，股東權益亦為16億美元，同樣與2025年年底相比基本持平。截至3月31日，我們的合約積壓（backlog）維持強勁，為1,600萬美元。接下來我把電話交回給 Yuping。

Thank you, Chris. As we move through the remainder of the year, so we are intensely focused on investing in our team across engineering, research and production, converting a growing pipeline of commercial and government engagement into recurrent revenue, strengthening our fabrication capabilities. And executing on both organic and inorganic growth opportunities to drive long-term value creation. We have a very strong balance sheet and healthy backlog, and we are energized by the path in front of us as we continue advancing our mission of putting quantum-enabled solutions into the hands of people. As always. Thank you for your ongoing support. We look forward to keeping you appraised of our progress as we continue to move through the year. With that, we will now open the call for the questions. Operator, please go ahead.

謝謝你，Chris。在今年剩餘時間裡，我們將高度聚焦於在工程、研究與生產等面向投資我們的團隊，把日益成長的商業與政府合作管線轉化為經常性營收，並強化我們的製造能力。同時執行內生成長與外延式成長（併購）機會，以推動長期價值創造。我們擁有非常強健的資產負債表與健康的積壓訂單，並對前方道路充滿動能，因為我們持續推進使命：把量子賦能的解決方案交到人們手中。一如既往。感謝各位持續的支持。我們期待在今年接下來的時間裡，持續向各位更新我們的進展。接下來，我們將開放提問。接線員，請開始。

Thank you. At this time, we'll be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. And the first question today is coming from John McPeake from Rosenblatt Securities. John, your line is live.

謝謝。此刻我們將進行問答環節。若您想提問，請在電話鍵盤按下星號1。確認音將表示您的線路已進入提問佇列。若您想將問題自佇列移除，可按星號2。使用擴音設備的與會者，在按下星號鍵之前，可能需要先拿起聽筒。請稍候，我們正在收集問題。今天的第一個問題來自 Rosenblatt Securities 的 John McPeake。John，您的線路已接通。

Oh, thank you. And congrats on completing the acquisitions, Chris and Yuping. Thank you.

喔，謝謝。也恭喜你們完成收購，Chris 和 Yuping。謝謝。

Thank you, John.

謝謝你，John。

One question kind of forks into two. Where are we with the R&D effort on the next Dirac and then also your gate-based quantum computer? Maybe you could just talk a little bit about that, you think?

我有一個問題，大概可以分成兩個部分。你們在下一代 Dirac 的研發進度如何？另外，你們的閘基（gate-based）量子電腦進展如何？也許你可以稍微談一下，你覺得呢？

Yes, we have made very good progress on the next version of the Dirac machine. In fact, we are in the phase of internal testing and factor every day. So when it comes to the lab, people are telling me some exciting new results. I hope that we will be able to complete the last steps and put this in front of some early users. This is on the direct machines. For the gate-based, we are making good progress on two fronts. One front is that we continue our engineering designs so that we can push up our gate fidelity on the theoretical front. And now, as we talked before, John, so we actually have spent quite a few years on this, and we believe that we figured everything out on the theoretical and engineering side to construct a gate-based machine. On the other hand, to realize photon-photon interaction gates, it's crucial for us to get. Extremely high-quality photonic circuits in sympting lithoniabate based on our patent technology. So on the FAB side, we have made a good progress in optimizing our recipe so that we can meet those very high requirements. For the photons to interact strongly with each other. So, yes, on the gate-based machines, we have made a good progress, but there is still some way for us, some way ahead of us for us to test our prototypes. We have not started to make the prototypes yet is that we are testing our photonic integrated circuits at this time.

是的，我們在下一版本的 Dirac 機器上取得了非常好的進展。事實上，我們正處於內部測試階段，而且每天都在做因子分解（factor）。所以在實驗室裡，大家一直跟我分享一些令人振奮的新結果。我希望我們能完成最後幾個步驟，並把它交到一些早期使用者手上。這部分是關於 Dirac 機器。至於閘基（gate-based），我們在兩個面向都取得了良好進展。一個面向是我們持續推進工程設計，讓我們能在理論層面提升閘保真度（gate fidelity）。而且如同我們之前談過的，John，我們其實在這上面投入了好幾年，我們相信在理論與工程端，建構一台閘基機器所需的事情都已經釐清。另一方面，為了實現光子—光子交互作用閘（photon-photon interaction gates），對我們而言至關重要的是取得。基於我們專利技術、在「sympting lithoniabate」上的極高品質光子電路。因此在晶圓廠（FAB）端，我們在優化製程配方方面已取得良好進展，以滿足那些非常高的要求。讓光子彼此之間能夠強烈互動。所以，是的，在閘基機器方面我們已取得良好進展，但我們仍有一段路要走，接下來還需要測試我們的原型。我們尚未開始製作原型，因為目前正在測試我們的光子積體電路。

Well, that modality looks like it's the other companies that are attempting to produce gate-based photonic computers. They're talking a fair way out, right, because of the... Technology issues you're talking about, do you feel like you'll be in the mix when other companies are starting to deliver theirs?

嗯，那種路線看起來跟其他嘗試製作閘基光子電腦的公司一樣。他們都說還要很久，對吧，因為你提到的那些……技術問題。你覺得當其他公司開始交付他們的產品時，你們也會在同一個競爭行列裡嗎？

Let me put it this way, John. So we chose our gate-based approach. To be scalable, so instead of trying to demonstrate some proof of concept. From the very beginning, we have designed our gate-based machines so that once we can test the principle on the prototype, we can quickly scale up in terms both of the gate. Circuit depth and the number of qubits. So right now, we are looking at overcoming the last final hurdle on the engineering side. And with that overcome, so we should be able to quickly ramp up. So this is why, although we studied relatively later than some other players on the skate-based machine, but I'm confident that as we figure out the final steps of engineering, so we can quickly catch up. And remember that the advantage of our approach is that it's very scalable and it runs at room temperature and everything is chip integrated.

讓我這麼說吧，John。所以我們選擇了以閘為基礎（gate-based）的路線。目標是具備可擴展性，而不是只去展示某個概念驗證（proof of concept）。從一開始，我們就把以閘為基礎的機器設計成：一旦我們能在原型機上驗證原理，就能在閘的數量、電路深度以及量子位（qubits）數量等方面快速擴展。所以目前我們正在著力克服工程端最後一道關卡。一旦克服了這一點，我們就應該能快速拉升（ramp up）。因此，雖然相較於一些較早投入以滑板式機器（skate-based machine）的玩家，我們起步較晚，但我有信心，當我們把工程上的最後步驟理順後，就能快速追上。而且請記得，我們方法的優勢在於高度可擴展、可在室溫運行，並且全部都能晶片整合（chip integrated）。

All right. Well, I look forward to hearing more in the future. Thank you. I'll get back in the queue.

好的。我期待未來能聽到更多消息。謝謝。我回到隊列裡。

Thank you, John.

謝謝你，John。

Thank you. The next question is coming from Max Michaelis from Lake Street Capital. Max, your line is live.

謝謝。下一個問題來自 Lake Street Capital 的 Max Michaelis。Max，你的線路已接通。

Hey, guys. Thanks for taking my questions. Just a few -- thanks for sharing some of the data around backlogs. That was $16 million at the end of the quarter. Is there any way you can give us sort of any insight on how that's trended now that we're a little deeper into Q2? I know you guys aren't giving specific guidance, but maybe a little bit of help on how that backlog's trended throughout the past couple of weeks.

嗨，各位。謝謝讓我提問。我有幾個問題——也謝謝你們分享一些關於積壓訂單（backlog）的數據。季度末是 1,600 萬美元。能否給我們一些洞見，隨著我們進入第二季（Q2）更深一些，這個數字目前的趨勢如何？我知道你們不提供具體指引（guidance），但能否稍微幫我們了解一下，過去幾週積壓訂單的走勢？

Well, what we're finding, Max, is that the customer community is very pleased with the combination of the companies. Some of the risk that was associated with the Luminar bankruptcy has dissipated. We are pursuing a lot of... There's nothing I can specifically announce today. What I will say is that we are seeing a pickup in our business development activity and the pipeline, and I think we'll have a lot more going forward. But yes, the reaction of the market has been positive, and our sales activity reflects that.

Max，我們觀察到客戶社群對兩家公司結合的組合非常滿意。與 Luminar 破產相關的一些風險已經消散。我們正在推進很多……今天我沒有任何可以具體宣布的事項。但我可以說的是，我們看到商務拓展活動與管線（pipeline）正在回升，我認為後續會有更多進展。是的，市場反應是正面的，而我們的銷售活動也反映了這一點。

Awesome. And then last one for me. So Luminar and then New Crypt were the two acquisitions. Give us an idea on what some of the areas you guys are probably headed towards next. Probably can't share a lot, but give us sort of an idea on what's kind of at the top of mind for you guys in terms of importance in filling out your platform?

太好了。那我最後一個問題。Luminar 以及 New Crypt 是兩筆收購。請給我們一些概念，接下來你們可能會往哪些領域前進。你們可能不能分享太多，但能否談談，從完善你們平台的角度，哪些事情是你們目前最優先、最關注的？

Yeah, I can answer this question, Max. I have. Announced that over the next few years, we focus on transition from a tech innovation company to volume production company, so we have been very happy with the acquisition of Luminance Semi. And in Ukraine, they really enhanced our depth and also the breadth of the technology engineering and the manufacturing capabilities. Going forward, so we will continue to execute our roadmap as we published our website last year. So. We are looking to execute our FAB 2 plan, and I did make a promise that we will get our FAB 2 started, and this is what we're focusing on now. And it looks like we have some pretty. Exciting development on that front as well, so we hope to keep the community updated on that as we make progress.

好的，Max，這題我可以回答。我已經宣布過，未來幾年我們會聚焦從技術創新公司轉型為量產公司，因此我們對收購 Luminance Semi 感到非常滿意。而在烏克蘭，他們確實強化了我們在技術工程深度與廣度，以及製造能力。展望未來，我們將持續執行我們在去年網站上公布的路線圖（roadmap）。所以。我們正在推進 FAB 2 計畫的落地，我也曾承諾會啟動 FAB 2，而這正是我們目前的重點。而且看起來我們在這方面也有一些相當令人興奮的進展，因此我們希望在取得進度時持續向社群更新。

Alright, thanks guys.

好的，謝謝各位。

Thank you, Max.

謝謝你，Max。

And once again, it will be star one on your phone at any time if you wish to ask a question today.

再次提醒，若您今天任何時候想提問，請在電話上按星號 1。

And the next question is coming from Antoine Legault from Webbush Securities. Antoine, your line is live.

下一個問題來自 Webbush Securities 的 Antoine Legault。Antoine，你的線路已接通。

Thank you, and thanks for taking my questions. I need to add on to what Max was asking about LSI and UCRIP. It was done on that on those integrations you mentioned that these companies are bringing established capabilities in lasers, detectors, advanced packaging. And broad R&D manufacturing capabilities. Can you give us a sense of the financial synergies, and more importantly, the technical synergies that you expect to realize with these two recent acquisitions, and just how are the integrations coming along? If you could share a bit more on that. Thank you.

謝謝，也謝謝讓我提問。我想延伸 Max 剛才問到的 LSI 和 UCRIP。關於你提到的整合，你說這些公司帶來了在雷射、偵測器、先進封裝方面既有的能力，以及廣泛的研發與製造能力。你能否讓我們了解一下你們預期可實現的財務綜效（financial synergies），更重要的是技術綜效（technical synergies），以及這兩筆近期收購的整合進展如何？如果可以的話，請多分享一些。謝謝。

Sure. Let me answer the question on the tax energy, and Chris can answer the financial synergy. So on the tax side. As we discussed in the past, our goal is to develop complete quantum product and solutions, and for such, we were needed to have not only our core quantum non-optical technology and circuits, but also photonics products and controlling electronics, for example. With Lumina Semi, so they have very strong thing on the lasers, on photodiodes, and on optical packaging and testing. We, in fact, have launched a handful of initiatives leveraging their team and manufacturing. Capabilities to advance our quantum device and the systems development. And in the meanwhile, so now we are working with them to develop and commercialize photonics for quantum. As many of quantum technology requires some specialty photonic component and the circuits. And now we. Have a team who understand both photonics and quantum. So, I think we are in a very unique position to provide solutions and become a supply for photonics for quantum. So, this is on the tax energy side from with Lumina Semiconductor.

當然。我先回答技術綜效（technical synergy）的問題，Chris 可以回答財務綜效。就技術面而言。如同我們過去討論過的，我們的目標是開發完整的量子產品與解決方案；為此，我們不僅需要核心的量子非光學技術與電路，也需要光子（photonics）產品與控制電子等，例如。以 Lumina Semi 而言，他們在雷射、光電二極體（photodiodes）、以及光學封裝與測試方面非常強。事實上，我們已啟動了少數幾項計畫，運用他們的團隊與製造能力來推進我們的量子器件與系統開發。同時，我們也正與他們合作開發並商業化用於量子的光子技術。因為許多量子技術都需要一些特殊的光子元件與電路。而現在我們擁有一支同時理解光子與量子的團隊。因此，我認為我們處於非常獨特的位置，能提供解決方案，並成為量子光子元件的供應方。以上是與 Lumina Semiconductor 相關的技術綜效部分。

And new prep actually, so we already have very high synergy in the areas of quantum communications, technology, and systems. In fact, our approach to quantum communication. Complementary to each other with New Crip, we offer a complete toolbox and a whole sort of quantum communications technology that should be able to meet the needs of the majority of the customers. Chris, would you talk about the synergy on the other side?

至於 New Prep，其實我們在量子通訊、技術與系統等領域已經有非常高的綜效。事實上，我們的量子通訊方法與 New Crip 彼此互補，合在一起我們提供一套完整工具箱與一整套量子通訊技術，應該能滿足大多數客戶的需求。Chris，你能談談另一邊的綜效嗎？

Sure. That's a really good question. And the short answer is that companies are all small, so it's not like there's a big back-office processing center that we can consolidate with another one. However, now that we are close to 200 people, we're able to get. Better bids on things like quality benefits, insurance is a little bit more cost-effective. There are some things that benefit from scale. The other part that sort of touches on finance, but also rolls into what Pete was talking about, is that there's some synergies in the business development area where, as a combined entity. We're able to go after some very interesting opportunities by combining either the core QCI technology with the new grip technology or with the LSI technology or some combination of those, and we're able to go after more business than we were before, so there is a synergy there. I don't anticipate a lot of direct cost savings from redundancies, if that's really what you're driving at. All the companies who are operating with a fairly lean back office staff, we are finding that there's some synergistic activity between the different teams that's going to help us grow and integrate the skill sets of the. Financial and legal and contract staff of different companies are complementary, they work well together, and they're making us more effective. So, I hope that answers your question.

當然。這是個非常好的問題。簡短的答案是，各家公司規模都很小，所以不像有一個大型的後勤作業中心可以和另一個合併整併。不過，現在我們接近200人，我們就能夠拿到。像是員工福利品質等項目的更好報價，保險也會更具成本效益一些。有些事情確實能從規模中受益。另一部分多少也涉及財務，但也延伸到Pete剛才談到的內容，也就是在業務開發領域存在一些綜效；作為合併後的整體。我們能透過把核心QCI技術與新的grip技術或LSI技術，或上述技術的某種組合結合起來，去追逐一些非常有意思的機會；我們能爭取到比以前更多的業務，因此確實有綜效。如果你真正想問的是冗餘帶來的直接成本節省，我不預期會有很多。各家公司目前的後勤人員配置都相當精實；我們發現不同團隊之間有一些協同活動，將有助於我們成長並整合各項技能。不同公司的財務、法務與合約人員的技能是互補的，彼此合作良好，並讓我們更有效率。所以，希望這回答了你的問題。

It does, and thank you for the both for the very comprehensive answers. Last quick one for me, it's on that one you mentioned. You're ramping small batch manufacturing and it's begun to generate early revenue. Can you give us a sense of the expected ramp in revenue from here through the rest of the year and into 2026? Can you just compare and contrast that compared to the revenue you expected to generate from the LSI acquisition, which I believe have been you had pointed to $20 million to $25 million in annual run rate. But beyond that, is there any other. Contribution from your Fab One manufacturing revenue. Thank you.

有的，謝謝你們兩位提供非常全面的回答。我最後一個快問，是關於你提到的那件事。你們正在加速小批量製造，而且已開始帶來早期營收。你們能否讓我們了解一下，從現在到今年剩餘時間、以及進入2026年的營收爬坡預期？也請你們對照比較一下，這與你們原先預期從LSI收購案所帶來的營收（我記得你們曾提到年化run rate約2,000萬到2,500萬美元）相比如何。但除此之外，是否還有其他。來自你們Fab One製造營收的貢獻？謝謝。

Can let me take that one. As we disclosed in the press release and then two of our 200 and some odd thousand revenue, 120 some odd thousand was directly from... Foundry-related sales, which is a four or five-fold increase over fourth quarter of twenty-five, and as we get better at processing these advanced circuit designs, we're confident that is going to continue. To grow, probably not at a dramatic pace, but we're getting better at it. And putting together a chip fabrication facility is something that is not just a matter of plugging in the machines and, turning them on. There's a lot of know-how and skill that goes into putting together these advanced prototype chipsets. The contribution of the fab is several orders of magnitude below. What we're seeing from Luminar, and it probably will remain a small, considerably smaller, but we are expecting that to grow as we're able to successfully deliver these prototype chips and interact with the customers, hopefully get follow-on orders and take it from there.

我來回答這題。如同我們在新聞稿中揭露的，在我們約20萬多美元的營收中，約12萬多美元直接來自……晶圓代工相關銷售，這比2025年第四季增加了四到五倍；而且隨著我們在處理這些先進電路設計方面越來越熟練，我們有信心這將會持續。成長，可能不會是非常戲劇性的速度，但我們確實在變得更好。而建立一座晶片製造設施，不只是把機器插上電、打開。要組裝這些先進原型晶片組，需要大量的know-how與技能。晶圓廠的貢獻比起。我們從Luminar看到的，低了好幾個數量級；而且它可能會一直維持在較小、明顯更小的規模，但我們預期隨著我們能成功交付這些原型晶片並與客戶互動、希望取得後續訂單，將會逐步成長並從那裡往下推進。

Yeah, I just wanted to add that. We did not plan for FAP1 to become an angel of revenue, so instead it is in our strategic plan, so we are looking at FAP1 as our engine for innovation and chip production validation as a necessary and. Very helpful step to our FAP 2. So we are using FAP 1 to understand better what it takes for us to get into the warning production of the chips because we needed to first give it up and stabilize lots of recipes as Chris said. It is not. Just to turn on the machine and you will automatically get a lot of chips, a lot of work to do to develop and the know-how and later transfer that know-how to all FAP2. Understood.

是的，我只是想補充一下。我們並沒有把FAP1規劃成營收的天使；相反地，它在我們的策略規劃中，因此我們把FAP1視為我們的創新引擎，以及晶片生產驗證的引擎，作為邁向。FAP 2的一個必要且非常有幫助的步驟。所以我們使用FAP 1來更好地理解，為了進入晶片的量產，我們需要做些什麼；因為我們必須先把它建起來並穩定許多製程配方（recipes），如Chris所說。這不是。只要把機器打開就會自動產出很多晶片；還有大量工作要做來開發相關能力與know-how，之後再把這些know-how移轉到FAP2。了解。

Thank you so much.

非常感謝。

Thank you, Antoine.

謝謝你，Antoine。

Thank you. The next question will be from Troy Jensen from Encounter Fitzgerald. Troy, your line is live.

謝謝。下一個問題來自Encounter Fitzgerald的Troy Jensen。Troy，你的線路已接通。

Hey, gentlemen. Thanks for sneaking me in here. A couple of questions for Chris. First of all, this is gross margins. I'm just thinking I may have done some one-time stuff in the March quarter. I mean, kind of going forward as LSIs weren't fully integrated and we have a full quarter, our gross margins were in the 25% to 30%, 35% range, or any help on that would be great.

嗨，各位先生。謝謝讓我插隊進來。我有幾個問題想問Chris。首先是毛利率。我在想你們在3月那一季可能做了一些一次性的事情。我是說，往後看，因為LSI尚未完全整合、而且我們會有完整一季的貢獻，你們的毛利率會是在25%到30%、35%的區間嗎？如果能提供一些指引就太好了。

Sure, I appreciate your picking up on that.

當然，我很感謝你注意到這點。

Yeah, gross margins were came in for pretty low, and what's driving that is underutilization. As you probably understand, the chip business is very capital intensive, and the capital equipment, once you turn it on and start using it, you have to amortize that, and when the utilization of the facility falls below a certain point. You just have a lot of costs with relatively little revenue to offset it, and that that's that was what affected the gross margins in Q1. We started recognizing revenue in the in Fab One, but that required us to recognize a lot of the production overhead costs, which is part of accounting. Same thing with Luminar there. Coming out of the Luminar technology bankruptcy, going through a phase where the production volume was a little on the low side, so there's a lot of unabsorbed cost that hit the gross margins. We should be able to get back to 20, 30% as volume picks up, but I can't really tell you exactly how long it's going to take to get there.

是的，毛利率確實偏低，而主要原因是產能利用率不足。如你可能了解，晶片業是高度資本密集型產業；資本設備一旦啟用並開始使用，就必須提列折舊攤提；當廠房的利用率低於某個水準時。你就會有很多成本，但相對能用來抵銷的營收很少；這就是影響第一季毛利率的原因。我們開始在Fab One認列營收，但那也要求我們認列大量的製造間接費用（production overhead costs），這是會計處理的一部分。Luminar那邊也是同樣情況。從Luminar Technology破產案走出來後，生產量處於偏低的階段，因此有大量未吸收成本（unabsorbed cost）反映在毛利率上。隨著出貨量回升，我們應該能回到20%到30%，但我無法確切告訴你需要多久才能達到。

Understood. That was helpful enough. And how about also, can you just give us a little color on the OpEx lines? You mentioned a lot of M&A related expense in G&A. So, I mean, if you strip that out and think of kind of a normal G&A quarter or, and on the flip side, I think R&D should go up because you've got a full quarter of LSI here. Just thoughts on kind of OpEx sequentially here?

了解。這樣已經很有幫助了。另外，能否也請你們談談營業費用（OpEx）各項的情況？你提到在一般及行政（G&A）中有很多與併購（M&A）相關的費用。所以，如果把那些剔除，從一個比較正常的G&A季度來看；另一方面，我認為研發（R&D）應該會上升，因為這裡會有LSI完整一季的貢獻。對於OpEx在季度間的變化，你有什麼看法？

Okay, the, yeah, M&A costs... We're close to $6 million, and just in the first quarter, there's a lot of legal fees and due diligence fees and banker fees, so it's just an expensive process, and that did cause a spike in the G&A. In terms of other run rate, keep in mind that in the first quarter we added the management costs, G&A costs of two other, Luminar and LSI and Ducrypt to the total. So there is just more people and more G&A-related expenses. The increase was in line with what we would expect, given that. QCI's core staff was 75 people and brought on another 100 people in the first quarter. So that most of the costs are related to, most of the costs other than the M&A related external costs really are driven by an increase in headcount.

好的，關於併購成本……我們接近600萬美元，而且光是在第一季就有很多法律費用、盡職調查費用以及投行費用，所以這就是一個昂貴的流程，並且確實造成G&A的跳升。至於其他常態化run rate，請記得第一季我們把另外兩家公司的管理成本、G&A成本——Luminar、LSI以及Ducrypt——都加總進來。所以人更多、G&A相關費用也更多。這樣的增加符合我們在那樣的情況下的預期。QCI的核心員工是75人，而第一季又增加了另外100人。因此，除了與併購相關的外部成本之外，大多數成本其實都是由人力（headcount）的增加所驅動。

All right, guys, thanks. Good luck going forward.

好的，各位，謝謝。祝各位接下來一切順利。

Thank you. Appreciate your joining the call.

謝謝。感謝您加入本次電話會議。

Thank you, Joy.

謝謝你，Joy。

Thank you. The next question will be from Nehal Chokshi from Northern Capital. Nehal, your line is live.

謝謝。下一個問題來自 Northern Capital 的 Nehal Chokshi。Nehal，您的線路已接通。

Yeah, thank you and congrats on the acquisition, especially the Lubron one. I really like that one. Very nice. So just to put a point on it, can you just explicitly say what is the new quarterly office run rate with these acquisitions now folded in?

是的，謝謝，也恭喜你們完成收購，尤其是 Lubron 那筆。我真的很喜歡那一筆。非常棒。所以為了把話說清楚，你能否明確說一下，把這些收購併入後，新的季度辦公室（office）run rate 是多少？

I don't really have that number at this point. So, I'm going to dodge that question for the moment.

我目前沒有那個數字。所以我暫時先迴避這個問題。

All right, that's fine. Can you describe the final engineering hurdle in more detail that's being currently worked on in response to one of the questions I was asked earlier today here?

好，沒問題。你能否更詳細描述一下目前正在處理的最後一個工程門檻？這是我今天稍早在這裡被問到的其中一個問題的延伸。

You're talking about the direct three capability hurdle or the gate model hurdle?

你指的是 direct three 能力的門檻，還是 gate model 的門檻？

Gate model hurdle.

Gate model 的門檻。

Yeah. Okay. So, gate model hurdle. Very good question, Nehal. So that I've been thinking about this. Question of how to build a room temperature quantum computer for over 10 years. In fact, it's close to 15 years. I have, I believe that figured out everything on the technology and the physics side, but the lots of remaining hurdle is really on the engineering side. In fact. Through our validated simulation and is based on many of our proof of concept experiments. We have identified that we have to achieve five pretty extreme conditions for the photons to induct strongly with each other. So that is really to. Bring the non-linear optics to the single photon level. And so far, so we have achieved four and a half.

是的。好的。所以是 gate model 的門檻。這個問題很好，Nehal。我一直在思考這件事。如何打造室溫量子電腦這個問題，我已經研究超過 10 年了。事實上，接近 15 年。我相信在技術與物理層面，我已經把所有事情都想清楚了，但剩下的許多門檻其實主要在工程層面。事實上。透過我們已驗證的模擬，並且基於我們許多概念驗證（proof of concept）實驗，我們確認必須達成五個相當極端的條件，才能讓光子彼此之間產生強耦合（strongly interact）。所以這真正要做的是。把非線性光學帶到單光子等級。到目前為止，我們已經達成了四個半。

The other half is that we needed to increase the quality factor of our microwave resonators to be about 10 million. And I can tell you that right now, so we are at a mark of 2 million. And of course, we have the recipe and we also have done a lot of tests to have find a way to get it to the 10 million. Thinking right now, this is... It's something that I'm pretty confident that that we can achieve and but just I needed to get our engineers in our fat one a little bit more time so that they can consistently achieve over 10 million on the chips that we make because eventually it is not that. We needed just one gate. We needed to integrate tens of hundreds of gates on a single into square chip. So this is the last engineering hurdle.

另外那半個是：我們需要把微波諧振器的品質因子（quality factor）提升到大約 1,000 萬。我可以告訴你們，目前我們大約在 200 萬的水準。當然，我們有配方（recipe），也做了很多測試，找到了把它提升到 1,000 萬的方法。目前看來，這是……我相當有信心可以達成的；但我需要再給我們的工程師、在我們的 fab（晶圓廠）一些時間，讓他們能在我們製作的晶片上穩定地達到超過 1,000 萬，因為最終並不是。我們只需要一個閘（gate）。我們需要在單一平方晶片上整合數十到數百個閘。所以這就是最後的工程門檻。

Okay, that's great. Thank you for that detail. And then you also mentioned that there are some specialty photonics components for quantum. Which particular components are you talking about? Specific to the bottom.

好的，太好了。謝謝你提供這些細節。另外你也提到有一些用於量子的特殊光子元件。你指的是哪些特定元件？特別是底層（bottom）相關的。

Yeah, for example, so the way that we create quantum entanglement in photonics is by using a laser to drive what people call spontaneous parametric down conversion process. And in order to have very high purity in the generated entangled photon pairs, you have to start with very high-quality laser with narrow line ways and with almost zero phase noise, especially. In the wavelength channels of the entangled photons. So you have to make sure that the laser itself is very clean. And this requirement is very strong. And oftentimes, say, it is only pertaining to such quantum entanglement. Generation process. And another is that, as for quantum, we have to minimize the losses. And because if a photon is lost, it's lost, and the game is over. So we really needed to minimize the loss. All the way through the transmission line. And this is hard and this is also a unique requirement for quantum. There are other special requirements for photonic devices suitable for quantum applications.

是的，例如，我們在光子學中產生量子糾纏的方法，是用雷射去驅動大家所說的自發參量下轉換（spontaneous parametric down conversion）過程。而為了讓產生的糾纏光子對具有非常高的純度，你必須從非常高品質的雷射開始，具備窄線寬（narrow linewidth）且幾乎為零的相位雜訊，尤其是。在糾纏光子的波長通道上。所以你必須確保雷射本身非常乾淨。而這個要求非常嚴格。而且很多時候，這只適用於這類量子糾纏。產生流程。另外一點是，對量子而言，我們必須把損耗降到最低。因為如果一個光子丟失了，它就丟失了，遊戲就結束了。所以我們真的需要把損耗降到最低。一路貫穿整條傳輸線。這很難，而且這也是量子的一項獨特要求。還有其他一些針對量子應用而設計的光子元件之特殊要求。

Okay, thank you very much for the explanation.

好的，非常感謝你的說明。

Thank you, Nihal.

謝謝你，Nihal。

Thank you. And the next question will be from Edward Woo from Ascendian Capital. Ed, your line is live.

謝謝。下一個問題來自 Ascendian Capital 的 Edward Woo。Ed，您的線路已接通。

Congratulations on all the progress. My question is, Quantum typically focused on domestic opportunities. Now with the acquisition of NewCrypt and LSI, does that diversify your potential revenue and geographic reach?

恭喜你們取得所有進展。我的問題是，Quantum 通常聚焦於國內機會。現在收購 NewCrypt 和 LSI 之後，是否能讓你們的潛在營收與地理覆蓋更加多元化？

Yes. In fact. New Kirk was one of the very first companies in the U.S. To have started commercializing quantum communication technology, so they have sold the product to quite a few countries in the world, and we certainly. Plan to tap on the successes and use a pipeline to expand our overseas commercial presence. And EM4, they already have strong base in the defense and aerospace, not only in the U.S. But also, in Europe. So, this is also may. Area that we will continue to support and potentially grow and also utilize those pipelines to quickly expand our quantum product market.

是的。事實上。New Kirk 是美國最早開始商業化量子通訊技術的公司之一，因此他們已將產品銷售到全球不少國家，而我們當然。計畫借助他們既有的成功，並利用其管線（pipeline）來擴大我們在海外的商業布局。至於 EM4，他們在國防與航太領域已經有很強的基礎，不僅在美國。也在歐洲。因此，這也是我們將持續支持、並可能擴張的。

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

謝謝你回答我的問題，也祝你們好運。謝謝。

Thank you so much, Edward.

非常感謝你，Edward。

Thank you. This does conclude today's Q&A session. I will now turn the call over to management for final remarks.

謝謝。今天的問答環節到此結束。我現在把電話交回管理層做最後致詞。

Thank you for your time. Really appreciate your joining our call and those questions. Should you have any further questions, please feel free to reach out to our investor relations. I wish everybody a. Great rest of your day. Thank you.

感謝各位撥冗。非常感謝各位加入我們的電話會議並提出問題。若您還有任何進一步問題，歡迎隨時聯繫我們的投資人關係部門。祝大家。今天剩下的時間愉快。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷線路。感謝您的參與。