Rigetti Computing Inc (RGTI) 2023 Q2 法說會逐字稿

Good day, and welcome to the Rigetti Computing second-quarter 2023 financial results call. (Operator Instructions) As a reminder, this call is being recorded.

美好的一天，歡迎參加 RigettiComputing 2023 年第二季財務業績電話會議。 （操作員說明）謹此提醒，此通話正在錄音。

I would like to turn the call over to Subodh Kulkarni. You may begin.

我想將電話轉給 Subodh Kulkarni。你可以開始了。

Good afternoon, and thank you for participating in Rigetti's earnings conference call covering the second quarter of 2023. Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. Our CTO, David Rivas, is also here to participate in the Q&A session.

下午好，感謝您參加 Rigetti 的 2023 年第二季度收益電話會議。今天與我一起的是我們的財務長 Jeff Bertelsen，他將在我的概述之後詳細審查我們的業績。我們的 CTO David Rivas 也參加了問答環節。

We'll be pleased to answer your questions at the conclusion of our remarks. We would like to point out that this call and Rigetti's Q2 2023 press release contain forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future operating results.

我們很樂意在發言結束時回答您的問題。我們想指出的是，本次電話會議和 Rigetti 的 2023 年第二季新聞稿包含有關當前預期、目標以及有關我們的前景和未來經營業績的基本假設的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described and are discussed in more detail in our Form 10-K for the year ended December 31, 2022, our Form 10-Q for the three and six months ended June 30, 2023, and our subsequent filings with the SEC and other filings with the Securities and Exchange Commission. We urge you to review these discussions of risk factors.

這些前瞻性陳述受到許多風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異，並在我們截至2022 年12 月31 日的年度的10-K 表格、我們的10-K 表格中進行了更詳細的討論。Q 截至 2023 年 6 月 30 日的三個月和六個月，以及我們隨後向 SEC 提交的文件以及向證券交易委員會提交的其他文件。我們敦促您回顧這些有關風險因素的討論。

Turning now to the business of the second quarter of 2023, I'm pleased to report our belief that we remain on track to reach our year-end technology milestones with our fourth-generation system. After having launched Ankaa-1 internally, we are excited to have our longtime partner, Riverlane, as the first external partner using the system to work on improving error correction techniques on our new architecture.

現在轉向 2023 年第二季的業務，我很高興地報告我們的信念，即我們的第四代系統仍有望實現年底技術里程碑。在內部推出 Ankaa-1 後，我們很高興我們的長期合作夥伴 Riverlane 成為第一個使用該系統來改進我們新架構上的糾錯技術的外部合作夥伴。

We also look forward to making our most innovative quantum system available to the general public in Q4 of this year. As previously disclosed, we are continuing to work to improve Ankaa-1 performance, with a goal of reaching median 2-qubit fidelity of 98% to support the anticipated Ankaa-2 84-qubit system.

我們也期待在今年第四季向大眾提供我們最具創新性的量子系統。如同先前所揭露的，我們正在繼續努力提高 Ankaa-1 性能，目標是達到 98% 的中位數 2 量子位元保真度，以支援預期的 Ankaa-2 84 量子位元系統。

Our Ankaa-2 84-qubit system, with anticipated improvements in design and performance, is expected to be deployed and made available to external customers in the fourth quarter of 2023. We remain committed to working to achieve median 2-qubit fidelity of 99%, with the anticipated Ankaa-2, which we expect to be achieved in 2024, and development of the 336-qubit Lyra system thereafter.

我們的 Ankaa-2 84 量子位元系統預計將在設計和性能方面得到改進，預計將於 2023 年第四季度部署並向外部客戶提供。我們仍然致力於實現 99% 的中位數 2 量子位元保真度，我們預計將於2024 年實現Ankaa-2，並在此後開發336 量子位元Lyra 系統。

We also recently announced that we signed a collaboration agreement with ADIA Lab to design, build, execute, and optimize a quantum computing solution intended to address the probability distribution classification problem, which has many direct applications to practical use cases in the investment industry. Tackling real-world, computationally challenging problems like this is an important part of working towards narrow quantum advantage.

我們最近還宣布與 ADIA 實驗室簽署了一項合作協議，設計、建造、執行和優化量子計算解決方案，旨在解決機率分佈分類問題，該解決方案在投資行業的實際用例中有許多直接應用。解決現實世界中此類具有計算挑戰性的問題是實現窄量子優勢的重要組成部分。

I'm also very pleased to announce that we recently completed our first QPU sale, which went to a national lab. We delivered a 9-qubit QPU and associated hardware to the lab, which features a square lattice with tunable couplers that can perform entangling 2-qubit gate operations. We are starting to see positive impacts following the implementation of our updated business strategy we announced in February 2023, which is designed to improve our focus, operating efficiency, and preserve cash resources.

我還非常高興地宣布，我們最近完成了第一筆 QPU 銷售，該銷售去了一個國家實驗室。我們向實驗室交付了一個 9 量子位元 QPU 和相關硬件，其特點是具有可調諧耦合器的方形晶格，可以執行糾纏 2 量子位元閘操作。在實施我們於 2023 年 2 月宣布的更新業務策略後，我們開始看到積極的影響，該策略旨在提高我們的重點、營運效率並保留現金資源。

At our current stage of development, we believe that executing toward our roadmap and achieving our technology milestones are key to fueling our goal of achieving quantum advantage. We remain focused on meeting our objectives.

在我們目前的發展階段，我們相信執行我們的路線圖並實現我們的技術里程碑是推動我們實現量子優勢目標的關鍵。我們仍然專注於實現我們的目標。

And with that, I'll now turn the call over to Jeff, who will review our second-quarter 2023 financial performance.

現在，我將把電話轉給傑夫，他將審查我們 2023 年第二季的財務表現。

Thanks, Subodh. Revenues in the second quarter of 2023 were $3.3 million, compared to $2.1 million in the same period of 2022. Revenue variability is to be expected at this stage of the company's evolution, given the nature of contract timing with major government agencies.

謝謝，蘇博德。 2023 年第二季的收入為 330 萬美元，而 2022 年同期為 210 萬美元。考慮到與主要政府機構簽訂合約時間的性質，在公司發展的現階段，預計收入會出現波動。

Our development contracts also primarily consist of technical milestone-based work or cost-share arrangements, with revenue recognition varying according to the timing of deliverables. Gross margins in the second quarter of 2023 came in at 82%, up from gross margins in the second quarter of 2022 of 59%. The improvement in total gross profit is primarily due to the significant variability in the pricing in terms of our development contracts.

我們的開發合約也主要包括基於技術里程碑的工作或成本分攤安排，收入確認根據可交付成果的時間而變化。 2023 年第二季的毛利率為 82%，高於 2022 年第二季的 59%。總毛利的改善主要是由於我們的開發合約定價的顯著變化。

On the expense side, total OpEx in the second quarter of 2023 was $19 million, compared to $27 million in the same period in the prior year. The year-over-year decrease was primarily due to a reduction in stock compensation expense.

在費用方面，2023 年第二季的總營運支出為 1,900 萬美元，而去年同期為 2,700 萬美元。年比下降主要是由於股票補償費用減少。

Other decreases in the second quarter of 2023 included lower professional fees and lower employee wages and benefit costs, resulting from our February 2023 reduction in workforce. The change in the fair value of the forward agreement for the Ampere warrant increased G&A expense by $44,000 in the second quarter of 2023, compared with the $2.1 million reduction in G&A expense in the second quarter of 2022.

2023 年第二季的其他下降包括由於我們 2023 年 2 月裁員而導致的專業費用降低以及員工薪資和福利成本降低。 Ampere 認股權證遠期協議公允價值的變化導致 2023 年第二季度的一般管理費用增加了 44,000 美元，而 2022 年第二季度的一般管理費用減少了 210 萬美元。

In the second quarter of 2023, stock compensation expense totaled $3.4 million, and depreciation and amortization expense totaled $2.2 million, compared to $11 million and $1.6 million in the second quarter of 2022, respectively. Operating loss for the second quarter of 2023 was $16.2 million, compared to an operating loss of $25.8 million for the same period of 2022.

2023 年第二季度，股票補償費用總計 340 萬美元，折舊和攤銷費用總計 220 萬美元，而 2022 年第二季度分別為 1,100 萬美元和 160 萬美元。 2023 年第二季的營運虧損為 1,620 萬美元，而 2022 年同期的營運虧損為 2,580 萬美元。

Net loss for the second quarter of 2023 was $17 million or $0.13 per share, compared to a net loss of $12.3 million or $0.11 per share for the same period of 2022. Net loss for the second quarter of 2022 was favorably impacted by changes in the liability for the earn-out and derivative warrant liabilities of $6.6 million and $8 million, respectively.

2023 年第二季的淨虧損為 1,700 萬美元，即每股 0.13 美元，而 2022 年同期的淨虧損為 1,230 萬美元，即每股 0.11 美元。2022 年第二季的淨虧損受到了盈利負債和衍生認股權證負債分別為660 萬美元和800 萬美元。

Cash, cash equivalents, and available-for-sale investments totaled $105.5 million as of June 30, 2023, compared with $122 million as of March 31, 2023. During the second quarter of 2023, we raised $2.348 million from the sale of 1.869 million shares of common stock under our common stock purchase agreement with B. Riley.

截至2023 年6 月30 日，現金、現金等價物和可供出售投資總額為1.055 億美元，而截至2023 年3 月31 日為1.22 億美元。2023 年第二季度，我們透過出售186.9 萬美元籌集了234.8 萬美元根據我們與 B. Riley 簽訂的普通股購買協議購買的普通股。

Based on our current operating plan, we expect to have cash, cash equivalents, and available-for-sale securities of between $65 million and $75 million at the end of 2023. At this time, based on our current operating plan, we anticipate that Rigetti will need to raise additional funding by late 2024 or early 2025 to continue its research and development efforts and achieve its business objectives.

根據我們目前的營運計劃，我們預計到 2023 年底我們將擁有 6,500 萬至 7,500 萬美元的現金、現金等價物和可供出售證券。目前，根據我們目前的營運計劃，我們預計Rigetti 需要在2024 年底或2025年初之前籌集額外資金，以繼續其研發工作並實現其業務目標。

Thank you. We would now be happy to answer your questions.

謝謝。我們現在很樂意回答您的問題。

(Operator Instructions) Quinn Bolton, Needham & Company.

（操作員說明）Quinn Bolton，Needham & Company。

Hey, guys. Congratulations on the technical progress in the quarter. Great to see you're still on track for the 98% 2-qubit gate fidelity by year-end.

大家好。恭喜本季的技術進步。很高興看到您仍然有望在年底實現 98% 的 2 量子位閘保真度。

I guess, Subodh, I wanted to ask -- kind of great to see the first QPU sale in the second quarter. Wondering -- a couple of things first -- of the 3.3 million, can you quantify how much of that is more development contracts versus the QPU sale?

我想，Subodh，我想問——很高興看到第二季的第一批 QPU 銷售。想知道——首先有幾件事——在這 330 萬份中，您能否量化其中開發合約與 QPU 銷售相比有多少？

And then, perhaps, a more important question looking forward, are you now starting to see greater interest from national labs, other government agencies, and perhaps, even on the commercial side, growing interest in the sale of complete systems? And could that become a meaningful portion of the revenue stream for the business going forward? Thank you.

然後，也許未來一個更重要的問題是，您現在是否開始看到國家實驗室、其他政府機構越來越感興趣，甚至在商業方面，對銷售完整系統的興趣也越來越大？這能否成為未來業務收入流中有意義的一部分？謝謝。

Thanks, Quinn. Excellent questions. So our first question regarding the revenue breakdown. Majority of it is still coming from research contracts, although the QPU sale obviously contributed.

謝謝，奎因。很好的問題。我們的第一個問題是關於收入細分的。儘管 QPU 的銷售顯然做出了貢獻，但其中大部分仍來自研究合約。

We don't want to quantify the exact price of 9-qubit QPU for obvious reasons. But suffice it to say, for customers who have dilution refrigerators in their possession, the price for a 9-qubit QPU is going to be under $1 million. So that gives you a frame of reference of what we are talking about here.

出於顯而易見的原因，我們不想量化 9 量子位元 QPU 的確切價格。但可以說，對於擁有稀釋冰箱的客戶來說，9 量子位元 QPU 的價格將低於 100 萬美元。這為您提供了我們在此討論的內容的參考框架。

So the majority of the revenue still comes from DOE, DOD-type contracts. And cloud service, obviously, AWS, Azure, as well as our cloud, they all contributed as well during the quarter.

所以大部分收入還是來自能源部、國防部類型的合約。顯然，雲端服務、AWS、Azure 以及我們的雲，它們在本季也做出了貢獻。

Now for the more important and exciting part of your question as to what do we think will happen to the QPU sales pipeline, if you will; that's what you are getting at. Certainly, we are very, very excited to see the interest we saw from the first sale we did with the national lab and the pipeline that seems to be coming along.

現在，您的問題中更重要、更令人興奮的部分是，如果您願意的話，我們認為 QPU 銷售管道將會發生什麼？這就是你的意思。當然，我們非常非常興奮地看到我們在與國家實驗室進行的第一次銷售中看到的興趣以及似乎即將出現的管道。

A lot of customers are expressing interest in a 9-qubit QPU, particularly, with the tunable coupler and the performance you get with the 9-qubit. Most of the applications are research applications. So for things like optimized control and pulse design or materials research or simple algorithmic research, basic characterizations, measurements, student training, that kind of stuff; so primarily, research.

許多客戶都對 9 量子位元 QPU 表現出興趣，尤其是可調諧耦合器和 9 量子位元的性能。大多數應用程式都是研究應用程式。因此，對於諸如優化控制和脈衝設計或材料研究或簡單演算法研究、基本表徵、測量、學生培訓之類的事情；所以首先是研究。

So we certainly still are not anywhere close to quantum advantage or even narrow quantum advantage. So it's mostly being used for research purposes. But there are many customers who are interested in having an on-premise QPU for various reasons: security, trying to see how the hybrid climate works in their environment, and so on.

因此，我們當然還沒有接近量子優勢，甚至是狹隘的量子優勢。所以它主要用於研究目的。但有許多客戶出於各種原因對本地 QPU 感興趣：安全性、嘗試了解混合環境如何在其環境中運作等等。

So certainly, we are very excited to see the interest that seems to be emerging with the 9-qubit. And we definitely think it will be a good contributor to our sales and margins. At the price points I mentioned, we make fairly healthy margins.

當然，我們很高興看到人們對 9 量子位元產生的興趣。我們絕對認為這將為我們的銷售額和利潤做出巨大貢獻。在我提到的價格點上，我們的利潤率相當可觀。

So we feel pretty comfortable that this will be a good potential revenue stream that could help us with our cash situation. Hopefully, that answers your questions.

因此，我們感到非常放心，這將是一個很好的潛在收入來源，可以幫助我們解決現金狀況。希望這能回答您的問題。

Yeah, no, that was great. I guess, a couple of follow-ons. First, you mentioned, customers, if they're buying the QPU, they have to have their own dilution refrigerator. I know dilution refrigerators are pretty expensive.

是的，不，那太好了。我想，還有幾個後續。首先，您提到，客戶如果購買 QPU，就必須擁有自己的稀釋冰箱。我知道稀釋冰箱非常昂貴。

So I'm assuming that this is just for the QPU. The dilution refrigerator is purchased directly by the customer; that's not included in the sale.

所以我假設這僅適用於 QPU。稀釋冰箱由顧客直​​接購買；這不包含在銷售中。

Yeah, in general -- I mean, we can obviously sell them the whole system if they want to. But many customers that we are talking about -- as I said, it's primarily for research purposes. They already have purchased a dilution refrigeration system. So no point in trying to sell them the whole thing when they already have it.

是的，總的來說 - 我的意思是，如果他們願意，我們顯然可以向他們出售整個系統。但我們正在談論的許多客戶——正如我所說，主要是為了研究目的。他們已經購買了稀釋冷凍系統。因此，當他們已經擁有它時，嘗試將整個東西賣給他們是沒有意義的。

And we can ship them a finished QPU, if you will, in a FedEx or UPSI box. And literally, it just has to be plug-and-play kind of a system where they can immediately attach it to their existing dilution refrigeration system and get it working fairly quickly. So it's a fairly simple operation to ship and get it plugged into their environment and get it going.

如果您願意，我們可以用 FedEx 或 UPSI 盒子向他們運送成品 QPU。從字面上看，它必須是一種即插即用的系統，他們可以立即將其連接到現有的稀釋冷卻系統並使其快速運作。因此，交付並將其插入到他們的環境中並開始運行是一個相當簡單的操作。

If they want to buy the whole system from us, including the DR, obviously, the price point will be higher, roughly in the 2 to 2.5 in the range for 9-qubit system. But we are primarily focused on customers who already have a DR and are interested in just buying the QPU from us.

如果他們想從我們這裡購買整個系統，包括 DR，顯然價格會更高，大約在 9 量子位元系統的 2 到 2.5 範圍內。但我們主要關注已經擁有 DR 並且有興趣從我們這裡購買 QPU 的客戶。

Got it. And my last question is, you mentioned a 9-qubit QPU in a square lattice. I guess, sort of begs the natural question, if you're doing a 9-square lattice, is there a roadmap in this QP business to do a 16-square lattice or a 25-qubit or a 36-qubit, kind of, et cetera, et cetera, to give QPUs with greater capability to this customer base so that they can do more complex gate circuits?

知道了。我的最後一個問題是，您提到了方格中的 9 量子位元 QPU。我想，這就引出了一個自然的問題，如果你正在做一個 9 方格，在這個 QP 業務中是否有一個路線圖來做 16 方格或 25 量子位或 36 量子位，有點，等等，等等，為這個客戶群提供更強大的QPU 功能，以便他們可以製作更複雜的閘電路？

Excellent question. And we debated internally a lot as to the right way to go forward with our roadmap. As we have already described, our Ankaa-1 is not a square -- it's not a square structure, if you will. It's 84-qubit.

很好的問題。我們內部就推進路線圖的正確方法進行了許多辯論。正如我們已經描述過的，我們的 Ankaa-1 不是一個正方形——如果你願意的話，它也不是一個正方形結構。它是 84 個量子位元。

But when we say a square lattice, it is the actual structure of the qubit. So Ankaa-1 is still a square lattice, just in a 12-by-7 layout, if you will. So when we say square, it is the exact location of the 9 qubits and how the squares tile up with each other.

但當我們說方格時，它是量子位的實際結構。所以 Ankaa-1 仍然是一個正方形格子，只是採用 12×7 佈局（如果你願意的話）。因此，當我們說正方形時，它指的是 9 個量子位元的確切位置以及正方形如何相互平鋪。

Certainly, we can look at 9 going to 16, going to 81, and that's an approach we debate internally. Should we be looking at that versus 84? But at this time, we want to stay with the 84-qubit, 12 by 7, in a square pattern with tunable coupler.

當然，我們可以考慮從 9 到 16，再到 81，這是我們內部爭論的一種方法。我們應該將其與 84 進行比較嗎？但目前，我們希望保留 84 個量子位，即 12 x 7，採用可調耦合器的方形圖案。

And by the way, that is the more important part, is the tunable coupler, more than the square lattice. It certainly leads to much higher performance than the fixed couplers that some others are doing in the superconducting qubit camp.

順便說一句，這是更重要的部分，是可調諧耦合器，比方格更重要。它肯定會帶來比超導量子位元陣營中其他一些人正在做的固定耦合器更高的性能。

And we actually published a blog today, getting into the details of why we believe tunable couplers are significantly better than fixed couplers that other companies are trying to do. So I certainly encourage you to take a look at that blog that is on our website right now.

實際上，我們今天發布了一篇博客，詳細介紹了為什麼我們認為可調諧耦合器明顯優於其他公司正在嘗試做的固定耦合器。因此，我當然鼓勵您查看我們網站上現在的部落格。

So anyway, so our roadmap is get 84-qubit to 98% fidelity, median 2-qubit fidelity by the end of this year, get it to 99% sometime next year, and then scale up going from 84 to 168 and 336, and so on. But certainly, if we can look at square lattice and just go 9, 16, 81, and so on, we are open to that if that makes sense.

無論如何，我們的路線圖是在今年年底前將84 量子位元的保真度提高到98%，中位數2 量子位元的保真度，明年某個時候達到99%，然後從84 擴展到168 和336，很快。但當然，如果我們可以看看方格，然後選擇 9、16、81 等，如果這有意義的話，我們對此持開放態度。

Got it. Thank you.

知道了。謝謝。

Thanks, Quinn.

謝謝，奎因。

Steven Chin, TD Cowen.

史蒂文·欽 (Steven Chin)，TD 考恩 (TD Cowen)。

Hi, thanks for taking my questions. This is Steven calling on behalf of Krish.

您好，感謝您回答我的問題。這是史蒂文代表克里什的電話。

Actually, some follow-ups as well on the QPU sales. I guess, in terms of the associate hardware that you're referring to in terms of the overall QPU sale, I assume some of the computing control hardware that's associated with the couplers, that's part of the package.

事實上，QPU 的銷售也有一些後續行動。我想，就您所指的整體 QPU 銷售而言的相關硬體而言，我假設一些與耦合器相關的計算控制硬體是軟體包的一部分。

And if so, is there any, I guess, follow-on service or maintenance contract revenues that might be associated with this QPU sale and the future ones? And similarly for the ADIA Labs, Abu Dhabi partnership, any comments on sort of the revenue profile over a longer-term period and also the profile for that?

如果是這樣，我猜是否有任何後續服務或維護合約收入可能與本次 QPU 銷售和未來的銷售相關？同樣，對於阿布達比 ADIA 實驗室的合作夥伴關係，您對長期收入狀況及其概況有何評論？

So thanks, Steven, for your questions; good questions. So regarding the QPU sale itself, this is a large national lab that we deal with. So certainly, they wanted to get a QPU on premise. That's what this sale was about; leads to exciting opportunities, as I mentioned with Quinn in my previous answer, with other research organizations, national labs, academic institutes, and other organizations.

謝謝史蒂文提出的問題；好問題。因此，就 QPU 銷售本身而言，這是我們處理的大型國家實驗室。當然，他們希望在本地安裝 QPU。這就是這次銷售的目的；正如我在先前的回答中與奎因提到的那樣，與其他研究組織、國家實驗室、學術機構和其他組織合作會帶來令人興奮的機會。

Long term, certainly, we think service is a big contributor to the revenue stream when you start selling QPUs. Because these are going to be complex systems, they will need service support. So definitely, expect a service stream to go with the QPU sale long term.

當然，從長遠來看，當您開始銷售 QPU 時，我們認為服務是收入來源的重要貢獻者。因為這些將是複雜的系統，所以它們需要服務支援。因此，從長遠來看，預計服務流將與 QPU 銷售相符。

I think it's too early to talk about short term because we are dealing with large national labs who have hundreds of researchers on premise on their location. Many of them are quite capable of doing service. And in fact, they want the core know-how from us.

我認為現在談論短期還為時過早，因為我們正在與大型國家實驗室打交道，這些實驗室在其所在地擁有數百名研究人員。他們中的許多人都具有相當的服務能力。事實上，他們希望從我們身上獲得核心知識。

But they want to do their own optimizations and tuning and stuff like that. So we really are not discussing service to this national lab-type customers in the short term. But long term, definitely, service is a significant portion of the revenue stream.

但他們想做自己的優化和調整之類的事情。因此，我們確實不會在短期內討論為這些國家實驗室類型的客戶提供服務。但從長遠來看，服務無疑是收入來源的重要組成部分。

Your second question was about ADIA Lab and the collaboration we announced; exciting partnership with ADIA. ADIA is obviously a large organization focused on research on many different things, one of them being the financial areas and in specific, the time series with the probability distribution functions.

你的第二個問題是關於 ADIA 實驗室以及我們宣布的合作；與 ADIA 的令人興奮的合作夥伴關係。 ADIA 顯然是一個專注於許多不同事物研究的大型組織，其中之一是金融領域，特別是具有機率分佈函數的時間序列。

These are extremely complex problems, as we mentioned in our press release, to take on the classical computation. They approached us, and they are giving us some money. We haven't disclosed how much. It's, again, small in the big scheme of things. It's more of a strategic partnership that we are excited about.

正如我們在新聞稿中提到的，這些都是極其複雜的問題，需要進行經典計算。他們找到我們，並給了我們一些錢。我們還沒有透露多少。再說一遍，在大計劃中它還是很小的。這更多的是我們感到興奮的策略夥伴關係。

We want to work with them. We want to show them that quantum computing makes a -- with quantum computing, you get a distinct advantage over classical computing in solving this complex problem. So our goal was really to demonstrate narrow quantum advantage or as close a proximity to narrow quantum advantage as we can for these complex problems.

我們想與他們合作。我們想向他們展示量子計算使得——透過量子計算，在解決這個複雜問題時，你比傳統計算有明顯的優勢。因此，我們的目標實際上是證明窄量子優勢或盡可能接近窄量子優勢來解決這些複雜的問題。

It wasn't really done with a service -- or with a revenue specifically in mind. Long term, certainly, ADIA is a fantastic partner to build our partnership long term. And we hope the real opportunity comes from the financial vertical market, not just organizations like ADIA. Hopefully, that answers your question.

它並不是真正透過服務來完成的——或者專門考慮到收入。當然，從長遠來看，阿布達比投資局是建立我們長期合作關係的絕佳合作夥伴。我們希望真正的機會來自金融垂直市場，而不僅僅是像阿布達比投資局這樣的組織。希望這能回答你的問題。

It does. Thank you so much for that. And just as my follow-up, regarding the announcement of Riverlane, like I said, working with your systems for error correction. I guess, can you talk about the longer-term implications of that since I know, internally, you guys are more focused on the gate fidelity?

確實如此。對此感激不盡。正如我的後續行動，關於 Riverlane 的公告，就像我所說的，與你們的系統一起進行糾錯。我想，你能談談這的長期影響嗎，因為我知道，在內部，你們更關注門保真度？

But is Riverlane's efforts supplementing any of your own internal error correction development efforts? And are there any expectations that if Riverlane makes big progress on the error correction front, whether or not that leads to -- opens more doors for additional QPU system sales or additional development contract signings that -- with potentially more lab projects? Thanks.

但 Riverlane 的努力是否補充了您自己的內部糾錯開發工作？如果 Riverlane 在糾錯方面取得重大進展，是否會有任何期望，這是否會為額外的 QPU 系統銷售或額外的開發合約簽署打開更多的大門，以及潛在的更多實驗室專案？謝謝。

Yeah. Certainly, error correction is a very important part of any computing system, even including classical. I mean, we routinely use error corrections in any classical system today. So we definitely expect error correction to be a key component of a quantum computing system long term.

是的。當然，糾錯是任何計算系統（甚至包括經典系統）中非常重要的一部分。我的意思是，我們今天在任何經典系統中都經常使用糾錯。因此，我們肯定希望糾錯成為長期量子計算系統的關鍵組成部分。

Riverlane is an excellent company focused specifically on error correction. We have partnered with them in the past. And they -- definitely, we are excited to partner with them right now with the Ankaa-1 system. We are working on in general error areas ourselves.

Riverlane 是一家專門致力於糾錯的優秀公司。我們過去曾與他們合作。他們——當然，我們很高興現在能與他們合作開發 Ankaa-1 系統。我們自己正在針對一般錯誤領域進行研究。

But certainly, that doesn't preclude us from looking at partnerships like with Riverlane and with others, and we are talking to others, too. Any advancement, whether we do or they do or -- in this area is generally -- will be received positively by the whole quantum computing community.

但當然，這並不妨礙我們考慮與 Riverlane 和其他公司建立合作關係，而且我們也在與其他公司進行談判。任何進步，無論是我們所做的還是他們所做的——通常在這個領域——都將受到整個量子計算社群的積極歡迎。

As I mentioned before, when the fidelities are much lower than 99%, frankly, error correction doesn't make that big a difference. It does make some difference, obviously, but the overall errors are dominated by the intrinsic fidelity of your system.

正如我之前提到的，坦白說，當保真度遠低於 99% 時，糾錯不會產生那麼大的影響。顯然，它確實會產生一些差異，但整體誤差主要由系統的固有保真度決定。

As you increase your fidelity to 98% and 99%, and certainly, 99.x% range, error corrections start becoming a big determining factor in your overall performance of the system. And that's really why we have started the partnership early. As we improve our fidelity from our side, they will obviously see the benefit in the final results that they get.

當您將保真度提高到 98% 和 99%，當然還有 99.x% 範圍時，糾錯開始成為系統整體效能的重要決定因素。這就是我們很早就開始合作的原因。當我們從我們這邊提高保真度時，他們顯然會看到他們獲得的最終結果的好處。

So hopefully, that answers your question.

希望這能回答你的問題。

Got it. Thank you so much for that, and nice job in the quarter. Thank you.

知道了。非常感謝您，本季工作做得很好。謝謝。

Thank you.

謝謝。

David Williams, The Benchmark Company.

大衛威廉斯，基準公司。

Hey, good afternoon. And Subodh, I just wanted to extend my congratulations on your success. You've definitely done, I think, a fantastic job, turning things around and putting things back on track. So congratulations on your progress.

嘿，下午好。 Subodh，我只是想對你的成功表示祝賀。我認為，你確實做得非常出色，扭轉了局面，讓事情重回正軌。所以恭喜你的進步。

Thank you, David.

謝謝你，大衛。

I guess, my first question is just around the interest that you're receiving. Just given the success and what you've been able to accomplish in a short order, are you seeing that the interest level from customers has improved? And maybe what you're hearing in terms of feedback from those customers, the maybe pre-arrival, pre-year arrival contracts, and then what you've done since then.

我想，我的第一個問題就是關於您收到的興趣。鑑於您在短時間內取得的成功以及所取得的成就，您是否發現客戶的興趣程度有所提高？也許您從這些客戶那裡聽到的回饋，可能是抵達前、年前抵達合同，以及從那時起您所做的事情。

Well, certainly, we are getting more interest from customers as our fidelities continue to increase. When I came in the company, as you know, we were dealing with our Aspen-M2 system. We were just about to launch Ankaa-1 system. And the fidelities were on the lower side with Aspen when we started.

當然，隨著我們的忠誠度不斷提高，我們越來越受到客戶的關注。如您所知，當我進入公司時，我們正在處理 Aspen-M2 系統。我們正要推出 Ankaa-1 系統。當我們開始時，阿斯彭的保真度較低。

We have continued to improve our fidelities; our customers see that. As we approach 98% before the end of this year, we definitely expect the interest to increase. And certainly, at 99%-plus next year, we definitely expect a lot more customers to be interested in our QPUs.

我們不斷提高我們的忠誠度；我們的客戶看到了這一點。隨著我們在今年年底前接近 98%，我們肯定預計利息會增加。當然，明年 99% 以上的情況下，我們肯定會有更多的客戶對我們的 QPU 感興趣。

So we see that firsthand right now. I mean, our fidelities are in the mid-to-high 90s with Ankaa-1. We continue to work on it. We are pretty confident with Ankaa-2. As we mentioned in our press release, we will be at 98%-plus range before the end of this year.

所以我們現在親眼目睹了這一點。我的意思是，我們對 Ankaa-1 的保真度處於 90 年代中高水平。我們將繼續努力。我們對 Ankaa-2 非常有信心。正如我們在新聞稿中提到的，今年年底前我們的目標將達到 98% 以上。

And that directly correlates with the interest from customers in using our QPUs. So we expect as we improve our fidelities, the interest from customers to use our quantum computers for service or directly buy from us, that will continue to go up. They are definitely correlated.

這與客戶使用我們的 QPU 的興趣直接相關。因此，我們預計，隨著我們提高保真度，客戶使用我們的量子電腦提供服務或直接向我們購買的興趣將繼續上升。它們肯定是相關的。

Going forward, certainly we are excited to get the first order and execute on it. So we already sold our first QPU as we disclosed, and that's a huge accomplishment. We are proud of what our team has accomplished in making that happen.

展望未來，我們當然很高興獲得第一個訂單並執行它。正如我們所披露的那樣，我們已經售出了我們的第一個 QPU，這是一項巨大的成就。我們為我們的團隊在實現這一目標方面所取得的成就感到自豪。

We are dealing with the pipeline right now. As we publish more results -- as the national lab who is our customer -- they publish more results and others see value in this 9-qubit QPU with the tunable couplers and square lattice, we definitely expect more customers to be expressing interest going forward.

我們現在正在處理管道。隨著我們發布更多結果（作為我們的客戶國家實驗室），他們發布了更多結果，其他人也看到了具有可調耦合器和方形晶格的9 量子位元QPU 的價值，我們肯定希望更多的客戶表達出未來的興趣。

And we'll continue to increase both the size -- number of qubits, as well as the quality of qubits. So Ankaa-2 chip is 84-qubit. So we are talking to some potential customers about a 24-qubit- and 84-qubit-type systems. That's more in the long term. Near term, certainly, we'll continue to talk to more customers for 9-qubit with the square lattice and tunable couplers.

我們將繼續增加量子位元的大小、數量以及量子位元的品質。所以 Ankaa-2 晶片是 84 量子位元的。因此，我們正在與一些潛在客戶討論 24 量子位元和 84 量子位元類型的系統。從長遠來看，這更重要。當然，短期內，我們將繼續與更多客戶討論具有方形晶格和可調耦合器的 9 量子位元。

But anyway, exciting to see the interest in the global community in using something like this right away. And we are definitely getting a lot of interest on a number of research customers right now.

但無論如何，令人興奮的是看到國際社會對立即使用這樣的東西感興趣。我們現在肯定對一些研究客戶產生了極大的興趣。

Okay, no, that's a great color there. And you mentioned this briefly, but how much interest do you have, I guess, in terms of your latest generation? Are you seeing more interest around kind of the research phase? Or do you see others that are -- maybe have more interest in getting something closer to your latest 84-qubit Ankaa-2 potentially at the end of the year?

好吧，不，那裡的顏色很棒。您簡短地提到了這一點，但我想您對最新一代產品有多大興趣？您是否發現人們對研究階段更感興趣？或者你看到其他人可能更有興趣在今年年底獲得更接近你最新的 84 量子位元 Ankaa-2 的東西？

Are you seeing a lot of interest there? And maybe what kind of price point would you be thinking about? And is that something you'd be interested in maybe doing as this release is telling that right away?

您看到那裡有很多人有興趣嗎？也許您會考慮什麼樣的價位？這是您可能感興趣的事情嗎？正如本次發布所表明的那樣？

Excellent questions. I mean, right now, certainly, we are entertaining customers at 9-qubit- and maybe 24-qubit-type levels. We want to bring our own system up first with good fidelity with 84-qubit. So we want -- definitely want to be our first user ourselves. And that will happen before the end of this year when we have 84-qubit Ankaa-2 system with 98%-plus median 2-qubit fidelity. Beyond that, we will certainly entertain a request.

很好的問題。我的意思是，現在我們當然正在以 9 量子位元甚至 24 量子位元類型的水平來招待客戶。我們希望先推出具有 84 量子位元的良好保真度的我們自己的系統。所以我們希望——絕對希望自己成為我們的第一個用戶。這將在今年年底前實現，屆時我們將擁有 84 量子位元 Ankaa-2 系統，其 2 量子位元保真度中位數超過 98%。除此之外，我們一定會滿足您的要求。

Most customers would want to test it out in a cloud manner as a service first before they want to bring it on premise. I mean, you can do a lot of good quality research with a 9-qubit tunable coupler system today. As you know, this goes with exponential with a 98% or 99%-plus fidelity.

大多數客戶希望先以雲端方式將其作為服務進行測試，然後再將其引入本地。我的意思是，今天您可以使用 9 量子位元可調諧耦合器系統進行大量高品質的研究。如您所知，這是指數級的，保真度高達 98% 或 99% 以上。

A lot of research projects can be handled with even 9 qubits because it's really two ways to that number. That is the level of the computational power you're getting. So that's a huge amount of computing power you get even with 9 qubits with tunable couplers. Certainly, as the number goes up, you are dealing with an exponential power.

許多研究項目甚至可以用 9 個量子位元來處理，因為它實際上有兩種方法來實現這個數字。這就是您所獲得的運算能力的水平。因此，即使使用具有可調耦合器的 9 個量子位元，您也可以獲得巨大的運算能力。當然，隨著數字的增加，你面對的是指數冪。

So we will be happy to entertain customers, but it has to make sense for them. I mean, we just don't want to take on projects that are difficult for customers to understand and for us to execute. But we certainly will be talking to customers with higher number of qubits, with better fidelity early next year. Hopefully, that answers your question.

因此，我們很樂意招待客戶，但這必須對他們有意義。我的意思是，我們只是不想承擔客戶難以理解且我們難以執行的專案。但我們肯定會在明年初以更高的保真度與更多數量的量子位客戶進行交談。希望這能回答你的問題。

Yes, thanks so much. And again, congrats on the progress.

是的，非常感謝。再次恭喜你們取得的進展。

Thank you.

謝謝。

Thank you. There are no further questions at this time. I'll turn the call over to Subodh for any closing remarks.

謝謝。目前沒有其他問題。我會將電話轉給 Subodh，讓其結束語。

Thank you for your interest and your questions. We -look forward to updating you with our progress next quarter. Thank you again.

感謝您的興趣和問題。我們期待在下個季度向您通報我們的最新進展。再次感謝你。

Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.

感謝您的參與。這確實結束了程序，您現在可以斷開連接。大家，祝你有美好的一天。