Rigetti Computing Inc (RGTI) 2022 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Rigetti Computing second-quarter 2022 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Rigetti Computer 2022 年第二季度財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Polly Pearson with Sharon Merrill Associates. Please go ahead.

現在我想將會議交給今天的發言人、Sharon Merrill Associates 的 Polly Pearson。請繼續。

Thank you, operator, and good evening, everyone. Today we will be reviewing Rigetti's second-quarter 2022 earnings results. With me here is Chad Rigetti, Founder and CEO of Rigetti Computing; and Brian Sereda, CFO.

謝謝接線員，大家晚上好。今天我們將回顧 Rigetti 2022 年第二季度的盈利結果。和我在一起的是查德·里杰蒂 (Chad Rigetti)，他是 RigettiComputing 的創始人兼首席執行官；和首席財務官布萊恩·塞雷達 (Brian Sereda)。

Before I turn the call over, I'd like to point out that this call and Rigetti's Q2 press release, contain forward-looking statements concerning current expectations, objectives, and underlying assumptions regarding future operating results. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described.

在我轉交電話會議之前，我想指出，本次電話會議和 Rigetti 第二季度新聞稿包含有關當前預期、目標以及有關未來經營業績的基本假設的前瞻性陳述。這些陳述存在風險和不確定性，可能導致實際結果與描述的結果存在重大差異。

Also, in an effort to provide useful information to investors, comments today include non-GAAP financial measures. For details on these measures and reconciliations to comparable GAAP measures, and for further information regarding the factors that may affect Rigetti's future operating results, please refer to today's earnings release on Rigetti's website at investors.rigetti.com or to the 8-K filed with the SEC earlier today.

此外，為了向投資者提供有用的信息，今天的評論包括非公認會計準則財務指標。有關這些措施以及與可比GAAP 措施的調節的詳細信息，以及有關可能影響Rigetti 未來經營業績的因素的更多信息，請參閱Rigetti 網站Investors.rigetti.com 上今天發布的收益報告或提交給Rigetti 的8 -K 報告。今天早些時候美國證券交易委員會。

And now I'll turn it over to Chad. Chad?

現在我將把它交給乍得。查德？

Thank you, Polly, and welcome, everyone, to our second-quarter 2022 earnings call. We delivered strong results this quarter, advancing on our product roadmap, continuing to attract key talent, and strengthening our base of customer and partner relationships.

謝謝 Polly，歡迎大家參加我們的 2022 年第二季度財報電話會議。我們本季度取得了強勁的業績，推進了我們的產品路線圖，繼續吸引關鍵人才，並加強了我們的客戶和合作夥伴關係基礎。

Our R&D and product development teams has made excellent progress and remain on track to meet our technology roadmap targets. This includes our planned next-generation 84-qubit system in 2023 and 336-qubit system later that year. Our Quantum Cloud Services team achieved a major step forward in quantum processing speed, demonstrating a 4.5 times improvement compared to the performance reported this past February, as Rigetti continues to be a pioneer in hybrid quantum-classical systems.

我們的研發和產品開發團隊取得了出色的進展，並繼續朝著實現我們的技術路線圖目標的方向前進。這包括我們計劃在 2023 年推出的下一代 84 量子位系統和當年晚些時候的 336 量子位系統。我們的量子云服務團隊在量子處理速度方面取得了重大進步，與去年 2 月份報告的性能相比，提高了 4.5 倍，因為 Rigetti 仍然是混合量子經典系統的先驅。

We unveiled our first UK-based quantum computer and won two new UK government awards for projects to advance quantum computing technology and applications. And we announced our selection to lead a new DARPA program focused on developing benchmark applications for quantum computing.

我們推出了第一台位於英國的量子計算機，並因推進量子計算技術和應用的項目而獲得了兩項新的英國政府獎項。我們還宣布選擇領導一個新的 DARPA 項目，該項目專注於開發量子計算的基準應用程序。

Over the next decade, we expect the world's most powerful computers to leverage quantum processors as accelerators in a quantum-classical hybrid architecture, like the one we have pioneered at Rigetti. Rigetti is working to build the core hardware and software technologies to unlock this future. And we are commercializing it in our QCaaS, or Quantum Computing as a Service, business model, using our Quantum Cloud Services platform. Over the years, we have carved out a distinctive position in the industry as a leading platform for delivering quantum-classical computational power.

在接下來的十年中，我們預計世界上最強大的計算機將利用量子處理器作為量子經典混合架構中的加速器，就像我們在 Rigetti 開創的那樣。 Rigetti 正在致力於構建核心硬件和軟件技術來開啟這個未來。我們正在使用我們的量子云服務平台將其商業化在我們的 QCaaS（即量子計算即服務）業務模型中。多年來，我們作為提供量子經典計算能力的領先平台，在行業中確立了獨特的地位。

Our trailblazing leadership in hybrid is no accident. We have been pursuing this vision since 2014, when we patented our hybrid co-processor architecture for practical quantum computing. In 2018, with the release of our QCS platform, we were the first to offer access to quantum processors tightly integrated with classical computing infrastructure.

我們在混合動力領域的開拓性領導地位絕非偶然。自 2014 年以來，我們一直在追求這一願景，當時我們為實用量子計算的混合協處理器架構申請了專利。 2018 年，隨著 QCS 平台的發布，我們率先提供了與經典計算基礎設施緊密集成的量子處理器。

By optimizing for flexibility, functionality, and low latencies, Rigetti's superconducting quantum processing units, or QPUs, are deliberately designed to integrate with classical computing systems and infrastructure. These features underpin the fast-processing speeds we have been able to achieve on our platform. One metric for measuring quantum processing speed is circuit layer operations per second, or CLOPS. Originally developed and introduced by IBM, CLOPS assesses the processing speed of a quantum computer.

通過針對靈活性、功能性和低延遲進行優化，Rigetti 的超導量子處理單元 (QPU) 經過精心設計，可與經典計算系統和基礎設施集成。這些功能支撐了我們在平台上實現的快速處理速度。測量量子處理速度的一項指標是每秒電路層操作數（CLOPS）。 CLOPS 最初由 IBM 開發和推出，用於評估量子計算機的處理速度。

This past February, we benchmarked our 80-qubit Aspen M-1 system using CLOPS, showing that our system was 18% faster than IBM's comparable 65-qubit system at the time. Since then, we have continued to iterate and improve on these results. Recently, we reached a new milestone, with our team successfully achieving a CLOPS performance greater than 4,000 on both our 40-qubit Aspen-11 system and our 80-qubit Aspen M-2 system. These results represent a 4.5 times acceleration since February. This is a big win, and I'd like to congratulate our team for their effort and success on this front.

今年 2 月，我們使用 CLOPS 對 80 量子位 Aspen M-1 系統進行了基準測試，結果表明我們的系統比當時 IBM 的同類 65 量子位系統快了 18%。從那時起，我們不斷迭代和改進這些結果。最近，我們達到了一個新的里程碑，我們的團隊在 40 量子位 Aspen-11 系統和 80 量子位 Aspen M-2 系統上成功實現了超過 4,000 的 CLOPS 性能。這些結果表明自 2 月份以來加速了 4.5 倍。這是一個巨大的勝利，我要祝賀我們的團隊在這方面的努力和成功。

For more information about how CLOPS is calculated, and the important disclaimers regarding the use of CLOPS as a performance measure, please refer to our earnings release.

有關如何計算 CLOPS 的更多信息，以及有關使用 CLOPS 作為績效衡量標準的重要免責聲明，請參閱我們的收益發布。

Rigetti is also pioneering hybrid performance for real-world applications by engaging in partnerships with classical chipmakers such as Ampere. In our work with Ampere, we have made significant progress in advancing viable hybrid use cases. This includes successfully integrating Ampere's cloud-native processing platform with Rigetti's quantum systems as well as completing the first rounds of tests for running quantum machine-learning applications on the combined platform.

Rigetti 還通過與 Ampere 等傳統芯片製造商合作，開創了現實應用的混合性能。在與 Ampere 的合作中，我們在推進可行的混合用例方面取得了重大進展。這包括成功地將 Ampere 的雲原生處理平台與 Rigetti 的量子系統集成，以及完成在組合平台上運行量子機器學習應用程序的第一輪測試。

We couple our leadership in hybrid with an emphasis on cloud delivery, which is core to our QCaaS business model. Rigetti has been delivering QPUs over the cloud since 2017. We expect cloud delivery to allow us to continue scaling adoption, achieve faster go-to-market times, and optimize for capital efficiency and strong margin profiles.

我們將混合領域的領先地位與對雲交付的重視結合起來，這是我們 QCaaS 業務模式的核心。 Rigetti 自 2017 年以來一直通過雲交付 QPU。我們預計雲交付將使我們能夠繼續擴大採用範圍，實現更快的上市時間，並優化資本效率和強勁的利潤狀況。

Cloud delivery also allows our customers and partners to access our latest systems, choose the most suitable QPU for their business or research objectives, and obtain maximum value when beginning a new quantum initiative or application development campaign. In our view, this emphasis on building quantum processors designed for hybrid integration and co-processing, paired with our cloud delivery model, is the most practical approach to commercializing quantum computing.

雲交付還允許我們的客戶和合作夥伴訪問我們的最新系統，選擇最適合其業務或研究目標的 QPU，並在開始新的量子計劃或應用程序開發活動時獲得最大價值。我們認為，強調構建專為混合集成和協同處理而設計的量子處理器，並與我們的雲交付模型相結合，是實現量子計算商業化的最實用方法。

On that note, we're excited to announce plans for our inaugural Investor Day on September 16, at our Fab-1 facility, the industry's first dedicated quantum fab. The theme of this event will be, Integrating Quantum into the Fabric of the Cloud. And we will provide attendees with the opportunity to tour our fab facility. If you're interested in attending the event, please reach out to our investor relations team at RGTI@investorrelations.com. We will also be announcing a webcast option for those unable to attend in person.

有鑑於此，我們很高興地宣布將於 9 月 16 日在我們的 Fab-1 工廠（業界第一家專用量子工廠）舉辦首屆投資者日的計劃。本次活動的主題是“將量子集成到雲結構中”。我們將為與會者提供參觀我們晶圓廠設施的機會。如果您有興趣參加此次活動，請通過 RGTI@investorrelations.com 聯繫我們的投資者關係團隊。我們還將宣佈為那些無法親自參加的人提供網絡直播選項。

Now I'll provide more color on our technology updates for the quarter. We are very excited about our product roadmap and remain on track to meet our technology roadmap targets announced in connection with our first-quarter 2022 earnings. We are making excellent progress on our 84-qubit system planned for 2023. We recently completed the design of the chip packaging and expect to begin testing chips this month. This next-generation processor will be the first to introduce a new lattice, expected to bring higher connectivity and our tunable coupling technology.

現在我將提供有關本季度技術更新的更多信息。我們對我們的產品路線圖感到非常興奮，並將繼續實現與 2022 年第一季度收益相關的技術路線圖目標。我們計劃於 2023 年推出的 84 量子位系統正在取得巨大進展。我們最近完成了芯片封裝的設計，預計本月開始測試芯片。這款下一代處理器將率先引入新的晶格，預計將帶來更高的連接性和我們的可調諧耦合技術。

As development has progressed, we continued to see high two-qubit gate fidelities around 99% on test devices, in line with the anticipated performance improvements of our 84-qubit systems. Our planned 336-qubit machine, currently expected in late 2023, will be based on four 84-qubit chips assembled together using our proprietary multi-chip technology. We introduced the multichip architecture beginning with our Aspen M systems and continue to advance this modular approach to enable our next-generation machines.

隨著開發的進展，我們繼續在測試設備上看到約 99% 的高雙量子位門保真度，這與我們 84 量子位系統的預期性能改進一致。我們計劃的 336 量子位機器目前預計在 2023 年末推出，將基於使用我們專有的多芯片技術組裝在一起的四個 84 量子位芯片。我們從 Aspen M 系統開始引入了多芯片架構，並繼續推進這種模塊化方法以支持我們的下一代機器。

With our unique and patented multi-chip technology, we believe that we hold a very strong position relative to direct competitors and that we are well-positioned to continue pioneering this critical scaling technology. For example, our engineering and R&D teams have recently completed several important milestones towards delivering our 336-qubit system.

憑藉我們獨特的專利多芯片技術，我們相信相對於直接競爭對手，我們擁有非常強大的地位，並且我們有能力繼續開拓這一關鍵的擴展技術。例如，我們的工程和研發團隊最近在交付 336 量子位系統方面完成了幾個重要的里程碑。

First, in Q2, we demonstrated tunable coupling between qubits on separate chips, paving the way to leverage this patent pending technology in our next-generation multi-chip processors. Second, we have begun designing and producing the advanced higher density packaging for this system.

首先，在第二季度，我們展示了不同芯片上量子位之間的可調耦合，為在我們的下一代多芯片處理器中利用這項正在申請專利的技術鋪平了道路。其次，我們已經開始為該系統設計和生產先進的更高密度封裝。

Third, we executed the first proof of concept for our next-generation control system, expected to be based on radiofrequency system-on-a-chip technology. We believe this approach can bring greater performance, increased scalability, and reduced cost to our control system for the 336-qubit QPUs and beyond.

第三，我們對下一代控制系統進行了首次概念驗證，預計將基於射頻片上系統技術。我們相信這種方法可以為 336 量子位 QPU 及更高版本的控制系統帶來更高的性能、更高的可擴展性並降低成本。

Turning to partnerships. During the second quarter of 2022, we deepened existing relationships and won new deals in both the UK and US, as we continue to work hand in hand with top organizations in pursuit of quantum advantage. During the quarter, we launched our first UK-based quantum computer, a 32-qubit machine. Backed by UK government funding, Rigetti is leading a consortium that includes Oxford Instruments, the University of Edinburgh, Phasecraft, and Standard Chartered Bank. Our goal is to advance practical quantum computing applications in the areas of machine learning, materials simulation, and finance.

轉向夥伴關係。 2022 年第二季度，我們繼續與頂級組織攜手合作，追求量子優勢，從而加深了現有關係並在英國和美國贏得了新交易。本季度，我們推出了第一台位於英國的量子計算機，即 32 量子位機器。在英國政府資助的支持下，Rigetti 領導著一個財團，其中包括牛津儀器公司、愛丁堡大學、Phasecraft 和渣打銀行。我們的目標是推進機器學習、材料模擬和金融領域的實用量子計算應用。

Building on this momentum in the UK, we recently won two new Innovate UK awards through the ISCF Commercializing Quantum Technologies Challenge. Under one of these initiatives, we plan to work alongside Riverlane on error correction research and development. On the other, we plan to work with Phasecraft and BT, formerly British Telecom, to build quantum algorithms and software for solving optimization and constraint satisfaction problems for the telecom industry.

憑藉英國的這一勢頭，我們最近通過 ISCF 量子技術商業化挑戰賽贏得了兩項新的英國創新獎。根據其中一項舉措，我們計劃與 Riverlane 合作進行糾錯研究和開發。另一方面，我們計劃與 Phasecraft 和 BT（前英國電信）合作，構建量子算法和軟件，用於解決電信行業的優化和約束滿足問題。

Back here in the US, we announced that Rigetti was selected by DARPA to lead a multiyear program focused on developing and evaluating benchmark applications for quantum computing. This project expands on our current work with DARPA and aims to reformulate key quantum metrics to make those metrics testable and to estimate the required quantum and cost or resources needed to reach critical performance thresholds. The total award to Rigetti and its partners is worth up to $2.9 million over three years and is based on the achievement of certain milestones, of which approximately $1.5 million is subject to DARPA's exercise of an option to extend the initial 18-month term.

回到美國，我們宣布 Rigetti 被 DARPA 選為領導一項多年計劃，重點開發和評估量子計算的基準應用程序。該項目擴展了我們當前與 DARPA 的合作，旨在重新制定關鍵量子指標，使這些指標可測試，並估計達到關鍵性能閾值所需的量子和成本或資源。 Rigetti 及其合作夥伴在三年內獲得的總獎金高達 290 萬美元，並且基於某些里程碑的實現，其中約 150 萬美元取決於 DARPA 行使延長最初 18 個月期限的選擇權。

Additionally, we are making good progress in our work with Nasdaq and are now in the process of identifying and selecting finance use cases for further development. Notably, we continue to see strong potential for quantum advantage and valuable applications in quantitative finance.

此外，我們與納斯達克的合作取得了良好進展，目前正在確定和選擇金融用例以供進一步開發。值得注意的是，我們繼續看到量子優勢和量化金融中有價值的應用的巨大潛力。

Turning to our cloud platform, we onboarded our first Azure private preview users this quarter. We expect to announce public access to Rigetti systems on Azure in the coming months.

談到我們的雲平台，我們在本季度迎來了第一批 Azure 私人預覽用戶。我們預計將在未來幾個月內宣布對 Azure 上的 Rigetti 系統進行公開訪問。

Alongside this momentum on our technology and business, we are excited to announce a committed equity facility. We believe this facility should provide financial flexibility to support our continued focus on our mission and business plan. Given the current macro environment, we believe this is both prudent and an important vote of confidence from the capital markets. With technology advancements, business progress, and the potential to add cash to our balance sheet, we are moving with focus and intention towards our mission.

除了我們技術和業務的發展勢頭之外，我們很高興宣布一項承諾股權融資。我們相信，該設施應提供財務靈活性，以支持我們繼續專注於我們的使命和業務計劃。在當前宏觀環境下，我們認為這既是審慎的做法，也是資本市場投下的重要信任票。隨著技術的進步、業務的進步以及為我們的資產負債表增加現金的潛力，我們正在專注並堅定地朝著我們的使命前進。

In conclusion, we believe Rigetti remains at the forefront of industry progress, with an enduring commitment to build and operate the world's most powerful computers. During the quarter, we continued to make tremendous advances, driving forward our quantum technologies and strengthening key partnerships. As a result, we remain on track to meet our technology objectives that we laid out on our prior earnings call.

總之，我們相信 Rigetti 仍然處於行業進步的最前沿，並始終致力於構建和運營世界上最強大的計算機。本季度，我們繼續取得巨大進步，推動我們的量子技術發展並加強關鍵合作夥伴關係。因此，我們仍然有望實現我們在之前的財報電話會議上提出的技術目標。

With that, let's turn it over to Brian for the financials.

有了這個，讓我們把財務問題交給布萊恩。

Thanks, Chad. We increased revenues in the second-quarter 2022 by 39% year over year to $2.1 million from $1.5 million in the same period a year ago. Higher quarterly revenues were mainly driven by a new government agency contract signed in late 2021 as well as additional revenue earned from the second phase of a large government agency contract that we initiated in August of last year.

謝謝，查德。 2022 年第二季度，我們的收入同比增長 39%，從去年同期的 150 萬美元增至 210 萬美元。季度收入增加主要是由於 2021 年底簽署的新政府機構合同以及我們於去年 8 月啟動的大型政府機構合同第二階段獲得的額外收入。

Gross margins came in at 59% for the quarter versus 73% in the same period in 2021. The decline year over year was because of an increase in third-party subcontractor costs and speaks to the variability and timing around the amount of third-party resources applied to various projects.

本季度毛利率為 59%，而 2021 年同期毛利率為 73%。同比下降是因為第三方分包商成本增加，並說明了第三方分包商數量的可變性和時間安排資源應用於各種項目。

Total GAAP OpEx for the second quarter of 2022 was $26.9 million versus $10.9 million in the same period a year ago. This was primarily due to significantly higher stock compensation in connection with the closing of the business combination, other public company costs including audit, insurance, and additional legal fees tied to Q2 public company transition activities, as well as increased headcount in R&D and SG&A on a year-over-year basis.

2022 年第二季度的 GAAP 運營支出總額為 2,690 萬美元，而去年同期為 1,090 萬美元。這主要是由於與完成業務合併相關的股票報酬顯著增加，其他上市公司成本（包括審計、保險和與第二季度上市公司過渡活動相關的額外法律費用），以及研發和銷售、一般管理人員人數的增加逐年計算。

R&D expenses were $12.6 million in the second quarter compared with $7.5 million in the same period a year ago. This increase was mainly driven by higher headcount, stock compensation, and increased materials and software subscription costs. We plan to continue investing in R&D going forward to advance our technology and drive toward meeting our roadmap objectives.

第二季度研發費用為 1260 萬美元，而去年同期為 750 萬美元。這一增長主要是由於員工人數增加、股票薪酬以及材料和軟件訂閱成本增加所致。我們計劃繼續投資於研發，以推進我們的技術並推動實現我們的路線圖目標。

Sales and marketing expenses were $1.5 million in the second quarter versus $0.6 million in the same period a year ago. This increase was driven by higher headcount, stock compensation and sales, and development activities as we continue to execute our go-to-market strategies. We are pleased with the progress we are seeing in this area and expect our established technology relationships and hands-on experience to continue winning us deals such as our recent DARPA contract announcement.

第二季度銷售和營銷費用為 150 萬美元，而去年同期為 60 萬美元。這一增長是由於我們繼續執行市場戰略而增加的員工數量、股票薪酬和銷售以及開發活動推動的。我們對在這一領域所取得的進展感到高興，並期望我們已建立的技術關係和實踐經驗能夠繼續為我們贏得交易，例如我們最近宣布的 DARPA 合同。

G&A expenses were $12.8 million in the second quarter compared to $2.7 million in the same period a year ago. This increase was due to higher stock compensation as well as increased employee and other costs related to operating as a public company, including director and officer insurance. Higher quarterly G&A expenses were partially offset by a $5.1 million gain in fair value of forward contract agreement change connected to our strategic collaboration with Ampere.

第二季度的一般管理費用為 1,280 萬美元，而去年同期為 270 萬美元。這一增長是由於股票報酬增加以及與上市公司運營相關的員工和其他成本（包括董事和高管保險）增加所致。季度管理及行政費用的增加被我們與 Ampere 戰略合作相關的遠期合同協議變更公允價值 510 萬美元的收益所部分抵消。

Non-GAAP OpEx was $16.4 million in the second quarter versus $9.3 million in the same period a year ago. Non-GAAP OpEx removes depreciation, stock compensation, and change in fair value of forward contract agreement liability. We've included a table of reconciliation in our press release as an additional reference for investors.

第二季度非 GAAP 運營支出為 1640 萬美元，而去年同期為 930 萬美元。非 GAAP 運營支出消除了折舊、股票補償和遠期合同協議負債公允價值變動。我們在新聞稿中包含了一份調節表，作為投資者的額外參考。

Net GAAP loss was $10 million or $0.09 per share in the second quarter of 2022, compared to a net GAAP loss of $10.1 million or $0.46 per share in the prior year period. Adjusted EBITDA was a loss of $15.1 million in the second quarter compared with a loss of $8.1 million in the same period a year ago. For a reconciliation of net GAAP loss to adjusted EBITDA, please refer to the reconciliation table in our press release.

2022 年第二季度 GAAP 淨虧損為 1000 萬美元，即每股 0.09 美元，而去年同期的 GAAP 淨虧損為 1010 萬美元，即每股 0.46 美元。第二季度調整後 EBITDA 虧損 1510 萬美元，而去年同期虧損 810 萬美元。有關 GAAP 淨虧損與調整後 EBITDA 的調節表，請參閱我們新聞稿中的調節表。

As of June 30, 2022, we had cash equivalents of $184 million versus $11.7 million as of December 31, 2021. As a reminder, the higher cash balances due to the net proceeds gain, we achieved through our successful business combination in March of this year and PIPE financing.

截至2022 年6 月30 日，我們的現金等價物為1.84 億美元，而截至2021 年12 月31 日為1,170 萬美元。需要提醒的是，由於淨收益收益，我們通過今年3 月份的成功業務合併實現了更高的現金餘額。年和 PIPE 融資。

As we continue to work closely with our partners and invest in our technology roadmap, we believe we are taking important steps to lay the foundation for growth. While macro headwinds persist, we do continue to see pressure and fluctuations in various cost areas such as labor and supply.

隨著我們繼續與合作夥伴密切合作並投資於我們的技術路線圖，我們相信我們正在採取重要步驟為增長奠定基礎。儘管宏觀逆風持續存在，但我們確實繼續看到勞動力和供應等各個成本領域的壓力和波動。

Regarding our revenue outlook for this fiscal year, as we discussed on our Q1 earnings call in May, our estimated revenue for 2022 is $12 million to $13 million. This includes approximately $4 million tied to contracts that are being negotiated with a government entity that is also an existing customer.

關於我們本財年的收入前景，正如我們在 5 月份的第一季度財報電話會議上討論的那樣，我們預計 2022 年的收入為 1200 萬至 1300 萬美元。其中包括與現有客戶的政府實體正在談判的合同相關的約 400 萬美元。

As mentioned in our Q2 results press release issued after market today, the contracting process has taken longer than anticipated and revenue recognition for some, or all, of the estimated $4 million could potentially be deferred to a fiscal period beyond 2022. If this were to occur, adjusted EBITDA loss for the fiscal year 2022 could be greater than the $50 million to $53 million range we estimated in May.

正如我們在今天盤後發布的第二季度業績新聞稿中提到的，合同流程比預期的要長，預計 400 萬美元中的部分或全部收入確認可能會推遲到 2022 年之後的會計期間。如果發生這種情況，2022 財年調整後的EBITDA 損失可能會超過我們5 月份估計的5000 萬至5300 萬美元範圍。

I'd like to finish with some added color on our committed equity facility that we announced today. While our balance sheet remains in good shape, we believe that having access to capital markets further strengthens our balance sheet and is prudent given the amount of general uncertainty and depth and duration of both the current macroeconomic and capital markets downturn.

最後，我想為我們今天宣布的承諾股權融資增添一些色彩。雖然我們的資產負債表保持良好狀態，但我們認為，進入資本市場可以進一步加強我們的資產負債表，並且考慮到總體不確定性以及當前宏觀經濟和資本市場低迷的深度和持續時間，這是謹慎的做法。

We believe additional working capital on our balance sheet would allow us to remain focused on our key priorities and technology roadmap. We also believe that having access to capital is another important vote of confidence from the equity markets, despite current conditions.

我們相信，資產負債表上的額外營運資金將使我們能夠繼續專注於我們的關鍵優先事項和技術路線圖。我們還認為，儘管目前狀況不佳，但獲得資本是股市投出的另一張重要的信任票。

With that, I'll hand the call back to Chad for his closing comments. Thanks again, everyone.

至此，我將把電話轉回給乍得，讓他發表結束語。再次感謝大家。

Thanks, Brian. With disciplined engineering execution, we continued to deliver solid results in the second quarter and we remain on track to meet our technology roadmap as laid out on our first-quarter 2022 earnings call.

謝謝，布萊恩。憑藉嚴格的工程執行，我們在第二季度繼續交付穩健的業績，並且仍有望實現 2022 年第一季度財報電話會議上製定的技術路線圖。

Now let's open it up for questions. Operator?

現在讓我們打開它來提問。操作員？

(Operator Instructions) David Williams, The Benchmark Company.

（操作員說明）David Williams，基準公司。

Hey, good afternoon. Thanks for letting me ask a question, and congrats on the progress or with the customer wins. I guess maybe first, if we kind of think about the contract, the customer contract. And Brian, you talked about this a bit at the end of the call or the bit of the script.

嘿，下午好。感謝您讓我提出問題，並祝賀取得的進展或客戶的勝利。我想也許首先，如果我們考慮一下合同，即客戶合同。布萊恩，你在通話結束或劇本部分談到了這一點。

But you're talking about taking longer and it's an existing customer. I guess I'm just trying to understand why that's taking longer. What are the puts and takes there or maybe the challenges, hurdles that you're trying to overcome? Is it pricing, is it timing? What are the big hurdles in getting that completed?

但你說的是需要更長的時間，而且是現有客戶。我想我只是想理解為什麼需要更長的時間。您想要克服的挑戰或障礙是什麼？是定價，還是時機？完成這項工作的最大障礙是什麼？

There's a lot of details to these contracts, as you can imagine. And it goes from not so much pricing, but the structure, the contract structure around costs incurred, et cetera. So typical government contract negotiation process for technology development services, nothing out of the ordinary.

正如您可以想像的那樣，這些合同有很多細節。它不是來自定價，而是來自結構、圍繞所發生成本的合同結構等等。因此，技術開發服務的典型政府合同談判流程並沒有什麼特別之處。

It's an existing customer. Very strong working relationship with this customer for a lengthy period already. And we expect this agreement will expand the relationship and provide opportunities for several years going forward. So it's an important contract for the company. And this is an important stage, you might say an inflection point, in the relationship.

這是一個現有客戶。與該客戶的合作關係已經很長一段時間了。我們預計該協議將擴大雙方的關係，並為未來幾年提供機會。所以這對公司來說是一份重要的合同。這是兩國關係中的一個重要階段，你可以說是一個轉折點。

Okay, fantastic. Thanks for the color there. And then you'd mentioned maybe if it took longer, that that would push into 2023. What is the timeframe that you would expect not to be able to produce revenues this year from that contract?

好吧，太棒了。感謝那裡的顏色。然後您提到，如果需要更長時間，可能會推遲到 2023 年。您預計今年無法從該合同中產生收入的時間範圍是多少？

Yes, it's -- what we expect is that if we can close before the end of the fiscal year, there will be some contract -- some revenue recognized. It depends on the timing of when those contract negotiations are completed and the contracts are executed. It's difficult to estimate at this point, but we do believe that we have a very good potential closing this in time to meet our revenue guidance.

是的，我們期望的是，如果我們能夠在本財年結束之前關閉，就會有一些合同——一些收入得到確認。這取決於合同談判完成和合同執行的時間。目前很難估計，但我們確實相信我們很有可能及時完成這項工作，以滿足我們的收入指導。

Okay, fantastic. And then maybe a little for you, Brian. But just kind of thinking about the share purchase agreement or -- just it seems like the balance sheet is really strong here, and I understand the rationale. But should we think maybe that the cost or maybe the profitability is being pushed out? Is there anything, I guess, from a fundamental perspective that we should be thinking about here just given the increased capital here?

好吧，太棒了。然後也許給你一點，布萊恩。但只要想想股票購買協議，或者——看起來這裡的資產負債表真的很強大，我理解其中的原理。但我們是否應該認為成本或盈利能力可能被擠出了？我想，考慮到這裡的資本增加，從基本面角度來看，我們是否應該考慮什麼？

No, not at all. I mean, if we point to just given the current macroeconomic conditions, condition of the capital markets, no one can estimate the duration of the cycle, and we just want to be prudent.

一點都不。我的意思是，如果我們僅考慮到當前的宏觀經濟狀況、資本市場狀況，沒有人能夠估計週期的持續時間，我們只是想保持謹慎。

The opportunity for the company to strengthen its balance sheet at this time, we think it just allows us to continue to double down and focus on our short-term and long-term technology roadmap, not have to deviate from that. Again, mainly because of just -- the current market conditions. We want to be absolutely sure that we can remain focused.

公司此時有機會加強其資產負債表，我們認為這只是讓我們能夠繼續加倍努力並專注於我們的短期和長期技術路線圖，而不必偏離這一路線。同樣，主要是因為當前的市場狀況。我們希望絕對確定我們能夠保持專注。

Okay, thanks so much. And then maybe, Chad, real quick. You talked about the performance advantages and what you've been able to accomplish since February and the 4.5 times increased improvement in performance. Can you give a little more color around that, the magnitude of that, and what that means as you think about the progress and the roadmap, and how you think about that performance advantage?

好的，非常感謝。然後也許，查德，很快。您談到了性能優勢以及自 2 月份以來您所取得的成就以及性能提高了 4.5 倍。當您考慮進展和路線圖時，您能否進一步說明這一點、其重要性以及這意味著什麼，以及您如何看待性能優勢？

We're very excited about the performance we've been able to demonstrate, the 4.5x improvement in CLOPS. We are an industry leader in this and -- this is a result of Rigetti's long-term commitment, investment, and pioneering innovation in hybrid quantum-classical computing.

我們對能夠展示的性能感到非常興奮，CLOPS 提高了 4.5 倍。我們是這方面的行業領導者——這是 Rigetti 在混合量子經典計算領域的長期承諾、投資和開拓性創新的結果。

Our full stack of technology is optimized for that environment, for integrating quantum with classical infrastructure. And our ability to deliver very fast CLOPS performance, and the tremendous work from our engineering teams to make this happen over the quarter, is a result of that enduring commitment and that pioneer in leadership.

我們的全套技術針對該環境進行了優化，用於將量子與經典基礎設施集成。我們能夠提供非常快速的 CLOPS 性能，以及我們的工程團隊在本季度為實現這一目標所做的大量工作，都是我們持久承諾和領導先鋒的結果。

Great, thanks so much for the help, certainly appreciate it.

太好了，非常感謝您的幫助，非常感謝。

Krish Sankar, Cowen.

克里什·桑卡，考恩。

Hi, guys, this is Steven calling on behalf of Krish. Thanks for taking my question, I have a couple. First, for either Chad or Brian. But first, in terms of the second-quarter revenues, I was wondering if you could provide some more color on the underlying trends from the research professional services' portion of revenues compared to the quantum system accesses fees? Was wondering a bit if both sides of the demand were relatively stable through the quarter or is there any lumpiness during Q2 (multiple speakers)

大家好，我是史蒂文代表克里什打來的電話。感謝您提出我的問題，我有幾個問題。首先，無論是查德還是布萊恩。但首先，就第二季度的收入而言，我想知道您是否可以提供更多有關研究專業服務收入部分與量子系統訪問費用相比的基本趨勢的信息？想知道本季度雙方的需求是否相對穩定，或者第二季度是否有任何波動（多個發言者）

Yes, there were -- yes, sorry. We're seeing consistency quarter over quarter. Again, our long-term vision hasn't deviated. Quantum computing as a service through the cloud is ultimately where we see our business model headed. And we're continuing to see ongoing strength in that model. No change and we don't anticipate that that will happen. And as a matter of fact, we anticipate that that will just continue to grow over time as more -- as we broaden the user base for quantum computing.

是的，有——是的，抱歉。我們看到季度與季度之間的一致性。再說一次，我們的長期願景沒有偏離。量子計算作為一種通過雲的服務最終是我們商業模式的發展方向。我們繼續看到該模型的持續優勢。沒有變化，我們預計不會發生這種情況。事實上，我們預計隨著時間的推移，隨著我們擴大量子計算的用戶基礎，這一數字將繼續增長。

And I guess to follow up on that, with the UK [quantum computer center] now online, should we expect that that will primarily drive more research and professional services for the near term, or could there actually be a decent amount of quantum access revenues in the third quarter?

我想跟進一下，隨著英國[量子計算機中心]現已上線，我們是否應該期望這將在短期內主要推動更多的研究和專業服務，或者實際上是否會產生可觀的量子接入收入第三季度？

Bringing up the -- our first quantum computer in the UK is a big step forward. We're very excited about this and our long-term strategy towards building our quantum computing facilities to underpin our quantum cloud services model. This contract and this machine is under a existing UK contract, and it's a big milestone for the teams to deliver that machine.

在英國推出我們的第一台量子計算機是向前邁出的一大步。我們對此以及我們構建量子計算設施以支持我們的量子云服務模型的長期戰略感到非常興奮。該合同和這台機器是根據現有的英國合同簽訂的，對於團隊交付該機器來說這是一個重要的里程碑。

And as my follow-up, Chad, I was wondering, for the new DARPA performance benchmarking win, could you provide some more color on what Rigetti's portion of the potential proceeds from that initial 18-months' $1.4 million tranche of the program? Are you guys, like, [preferred] or some of the percentage of the value there?

作為我的跟進者，查德，我想知道，對於新的DARPA 性能基準測試勝利，您能否提供更多關於Rigetti 從該項目最初18 個月的140 萬美元部分中獲得的潛在收益的部分信息？你們是[首選]還是其中價值的一些百分比？

Yes. This is a $2.9 million program over -- up to three years for Rigetti and partners. Rigetti is prime contractor on this program with DARPA. And that's a step forward for us, as an organization, and an important capability. Our portion over the full program is approximately $1.5 million.

是的。對於 Rigetti 和合作夥伴來說，這是一個為期三年、價值 290 萬美元的項目。 Rigetti 是 DARPA 該項目的主承包商。作為一個組織，這對我們來說是向前邁出的一步，也是一項重要的能力。我們在整個計劃中的份額約為 150 萬美元。

Got it. Thank you so much.

知道了。太感謝了。

Trevor Janoskie, Needham.

特雷弗·賈諾斯基，李約瑟。

Yes, hey, Chad, hey, Brian. This is Trevor on for Quinn Bolton, and thanks for letting me ask a question. On the outlook, I wanted to clarify. So if this $4 million falls to 2023, is this basically changing your 2022 guidance to $8 million to $9 million?

是的，嘿，查德，嘿，布萊恩。我是奎因·博爾頓的特雷弗，感謝您讓我提問。關於前景，我想澄清一下。那麼，如果這 400 萬美元下降到 2023 年，這是否基本上會將您的 2022 年指導改為 800 萬至 900 萬美元？

We're not changing guidance. We expect revenue this year of $12 million to $13 million. And we won't identify the specific risk associated with a protracted contracting process. But we remain confident we're going to close that by the end of the year.

我們不會改變指導方針。我們預計今年的收入為 1200 萬至 1300 萬美元。我們不會識別與曠日持久的合同流程相關的具體風險。但我們仍然有信心在今年年底前完成這項工作。

Okay, and another clarification. Is this contract on the $4 million with the government customer a single contract? Or is it possible that negotiations on the part of the already performed work could be completed and recognized in 2022? I'm trying to get a better sense of if this contract is an all or nothing thing for 2022.

好的，還有一個澄清。與政府客戶簽訂的價值 400 萬美元的合同是單一合同嗎？或者已經完成的工作的談判是否有可能在 2022 年完成並得到認可？我正在嘗試更好地了解這份合同在 2022 年是全有還是全無。

As of right now, we fully anticipate being able to invoice -- secure, complete, and invoicing into contract, and to be in that $12 million to $13 million range. It is multiple contracts and with an existing customer that we've had a long-standing relationship with.

截至目前，我們完全預計能夠開具發票——安全、完整，並在合同中開具發票，金額在 1200 萬至 1300 萬美元之間。這是與我們有長期合作關係的現有客戶簽訂的多份合同。

Okay. And on the CLOPS scores, congrats on that, that's very encouraging. But could you provide some more color on the changes made that led to the CLOPS score increase? Is it mainly a function of QV layers? Any info would be helpful.

好的。在 CLOPS 分數上，恭喜你，這非常令人鼓舞。但是您能否提供更多有關導致 CLOPS 分數增加的更改的信息？主要是QV層的函數嗎？任何信息都會有幫助。

Sure. Our performance improvements that we've been able to deliver in CLOPS directly result from our long-term commitment to optimizing our quantum processors for practical use cases where they are integrated with classical computing.

當然。我們能夠在 CLOPS 中實現的性能改進直接源於我們長期致力於優化量子處理器以適應與經典計算集成的實際用例。

The particular engineering developments that led to this are not something we're going to get into. However, what we can describe is that the CLOPS performance characterizes the overall throughput of a quantum classical computing system, inclusive of communication and back and forth between classical and quantum computing capabilities.

導致這種情況的特定工程發展不是我們要討論的內容。然而，我們可以描述的是，CLOPS 性能表徵了量子經典計算系統的整體吞吐量，包括經典計算能力和量子計算能力之間的通信以及來回傳輸。

And overall, this result has been driven by kind of an aggregate system optimization towards that goal of delivering faster and faster customer performance. We believe the CLOPS speed and overall speed of quantum computers is a very important area and is something where we remain focused. It relates to overall throughput of our systems in kind of wall-clock time as well as to the -- it directly impacts the customer and user experience when computing with the system. So speed matters in all forms of computing. And we're really excited to be in the leadership position with CLOPS right now in the industry.

總體而言，這一結果是由聚合系統優化推動的，旨在實現越來越快的客戶績效目標。我們相信量子計算機的 CLOPS 速度和整體速度是一個非常重要的領域，也是我們持續關注的領域。它與我們系統的整體吞吐量（以掛鐘時間表示）相關，並且直接影響使用系統進行計算時的客戶和用戶體驗。因此速度對於所有形式的計算都很重要。我們非常高興能夠與 CLOPS 目前在行業中處於領先地位。

Awesome. Thank you.

驚人的。謝謝。

Sidney Ho, Deutsche Bank.

西德尼·何 (Sidney Ho)，德意志銀行。

Thank you, and good afternoon. This is [Mark] on for Sidney. Just a few questions for me. The first one is, Chad, you previously spoke about deployment of your quantum machines through Strangeworks. Could you just touch on how that is progressing and when would you expect your systems to go live?

謝謝你，下午好。這是西德尼的[馬克]。只是問我幾個問題。第一個是，查德，您之前談到過通過 Strangeworks 部署量子機器。您能否簡單介紹一下進展情況以及您預計系統何時上線？

We're continuing to have a strong relationship with Strangeworks and continue to work with them on bringing customers onto the shared platform. We'll be able to provide a more fulsome update on this at our upcoming Investor Day in September.

我們將繼續與 Strangeworks 保持牢固的關係，並繼續與他們合作，將客戶引入共享平台。我們將能夠在即將到來的 9 月投資者日提供更全面的更新。

Got it. That's helpful. And then congrats on your deployment of the quantum system in the UK, as you mentioned on your prepared remarks. My question is, what is sort of like a realistic timeline for you to start seeing revenue opportunities from both public and private customers in the UK and in the EU?

知道了。這很有幫助。然後祝賀您在英國部署量子系統，正如您在準備好的發言中提到的那樣。我的問題是，您開始看到來自英國和歐盟公共和私人客戶的收入機會的現實時間表是怎樣的？

Yes. In this particular case with the QPU in the UK, we are already under revenue-generating agreement and partnership to deliver that QPU and provide access to the partners under that program. So that QPU is currently being used by partners to carry out research and development towards quantum advantage.

是的。在與英國 QPU 的特殊案例中，我們已經簽訂了創收協議和合作夥伴關係，以交付該 QPU 並為該計劃下的合作夥伴提供訪問權限。因此QPU目前正在被合作夥伴用來進行量子優勢的研發。

We are also really excited this quarter to have welcomed the first private beta users of Rigetti QPUs over Azure. And we anticipate additional announcements on this going forward in the next quarter as well.

我們也非常高興本季度迎來了 Azure 上的 Rigetti QPU 的第一批內測用戶。我們預計下一季度還將發布更多相關公告。

Got it. Thank you, that's really helpful. And then just one last one for me. I'm just curious to hear your takes on the recent developments in probabilistic error cancellation, PEC, that was announced in a blog post by one of your competitors recently. I guess given the progress achieved in industry, is there a possibility that you could introduce error mitigation ahead of your 1,000-qubit system, potentially with your 336-qubit system?

知道了。謝謝你，這真的很有幫助。然後是我的最後一件事。我只是想听聽您對概率錯誤消除 (PEC) 最新進展的看法，您的競爭對手最近在一篇博客文章中宣布了這一進展。我想考慮到行業取得的進步，您是否有可能在 1,000 量子位系統之前引入錯誤緩解措施，甚至可能在 336 量子位系統中引入錯誤緩解？

Thank you for the question. We're very encouraged by what we're seeing in the industry more broadly as well as within Rigetti work on error mitigation techniques.

感謝你的提問。我們對行業內更廣泛的情況以及 Rigetti 在錯誤緩解技術方面的工作感到非常鼓舞。

Error correction, long term, is going to be an essential component of unlocking the full potential and TAM of quantum computing. Over the next handful of years, we anticipate that error mitigation techniques, especially when those techniques can be identified in a manner where they are stackable with one another to further reduce error rates, we believe those have a real potential and possibility to enable much higher customer-facing performance on practical applications and to unlock real-world use cases. And it's a very promising area.

從長遠來看，糾錯將成為釋放量子計算全部潛力和 TAM 的重要組成部分。在接下來的幾年中，我們預計錯誤緩解技術，特別是當這些技術可以以彼此堆疊的方式識別以進一步降低錯誤率時，我們相信這些技術具有真正的潛力和可能性，可以實現更高的在實際應用中面向客戶的性能並解鎖真實世界的用例。這是一個非常有前途的領域。

Thanks, Chad. Thanks, team.

謝謝，查德。謝謝，團隊。

David Williams, The Benchmark Company.

大衛·威廉姆斯，基準公司。

Hey, guys. Again, thanks for letting me ask a follow up here. Just wanted to ask on the share repurchase, if that requires an SEC filing and maybe what that does in terms of the float. What your expectations are in terms of maybe the takedown and just the price impact? Anything, I guess, around that structure would be helpful.

大家好。再次感謝您讓我在這裡詢問後續情況。只是想問一下關於股票回購的問題，是否需要向美國證券交易委員會提交文件，以及這對流通量有何影響。您對下架以及價格影響有何期望？我想，圍繞該結構的任何事情都會有所幫助。

Yes. Yes, David, there are plenty of filings; you'll see those start to flow out today. It's referred to as a synthetic ATM, so it's an as-needed facility, there's no requirement for us to sell anything into the markets.

是的。是的，大衛，有很多文件；今天你會看到這些開始流出。它被稱為合成 ATM，因此它是按需設施，不需要我們向市場出售任何東西。

Again, we view this as a -- not as a defensive, but as a prudent method of protecting us in the event that there is a protracted downturn in the markets, the geopolitical and current macroeconomic environment persists. So we view this as a strategy just to maintain a strong balance sheet so that we can focus on the objectives at hand.

再次強調，我們認為這不是防禦性的，而是在市場長期低迷、地緣政治和當前宏觀經濟環境持續存在的情況下保護我們的審慎方法。因此，我們認為這是一種維持強勁資產負債表的策略，以便我們能夠專注於手頭的目標。

Okay, great. And then any color around maybe the window there in terms of when you request the shares and when they take those down in terms of funding?

好的，太好了。然後，當你請求股票以及他們何時在資金方面取消這些股票時，可能會有任何顏色的窗口？

Well, they don't say it yet -- it's up to us. Again, it works very similar to an aftermarket facility where we would place orders to sell shares through our bank.

好吧，他們還沒有說——這取決於我們。同樣，它的工作原理與售後市場設施非常相似，我們可以通過銀行下達出售股票的訂單。

Okay, and then that happens fairly immediately afterwards.

好的，然後這很快就會發生。

Well, timing uncertain. But certainly, it's at our availability, so we would plan to use it opportunistically in the market. But again, as needed. We don't see any immediate urgency to be selling shares into the market and have no plans to do so in the immediate term.

嗯，時間不確定。但當然，它是在我們可用的情況下，所以我們計劃在市場上機會主義地使用它。但同樣，根據需要。我們認為沒有立即向市場出售股票的緊迫性，也沒有計劃在短期內這樣做。

But again, the facility is available to us. And it has certain parameters around it, as you'll see in the filings. It is a very, you might say, measured way of raising capital in a very low cost and effective way as well.

但同樣，我們可以使用該設施。正如您在文件中看到的那樣，它有某些參數。您可能會說，這是一種以非常低的成本和有效的方式籌集資金的非常謹慎的方式。

Okay, very well. Thanks so much.

好的，很好。非常感謝。

Thank you. And I'm showing no further questions at this time. And I would like to hand the conference back over to Chad Rigetti for any further remarks.

謝謝。目前我不會再提出任何問題。我想將會議交還給查德·裡蓋蒂（Chad Rigetti）以供進一步評論。

Thank you, operator. To close, I'd like to thank our teams, partners, and investors for their support and collaboration. Rigetti is a mission-driven company, laser focused on developing the world's most powerful computers. Looking ahead, we will soon be announcing our attendance at several investor conferences. We ask for those interested in meeting with us at these conferences, please contact the conference organizer or reach out to our IR team directly.

謝謝你，接線員。最後，我要感謝我們的團隊、合作夥伴和投資者的支持和協作。 Rigetti 是一家以使命為導向的公司，專注於開發世界上最強大的計算機。展望未來，我們很快將宣布參加多個投資者會議。我們懇請有興趣參加這些會議的人士，請聯繫會議組織者或直接聯繫我們的 IR 團隊。

Separately, we are excited to host our inaugural Investor Day this coming September. While we will be webcasting the event, we encourage investors interested in attending to reach out to our IR team for more information. Please note that this is a limited capacity event. Thank you, everyone, again for joining today. That concludes the call.

另外，我們很高興在今年九月舉辦首屆投資者日活動。雖然我們將對此次活動進行網絡直播，但我們鼓勵有興趣參加的投資者聯繫我們的投資者關係團隊以獲取更多信息。請注意，這是一個容量有限的活動。再次感謝大家今天的加入。通話結束。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。