Rigetti Computing Inc (RGTI) 2023 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Rigetti Computing third-quarter 2023 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 RigettiComputing 2023 年第三季財務業績電話會議。 （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, Subodh Kulkarni. Please go ahead.

現在我想將會議交給今天的發言人蘇博德·庫爾卡尼 (Subodh Kulkarni)。請繼續。

Good afternoon and thank you for participating in Rigetti's earnings conference call covering the third 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. We will be pleased to answer your questions at the conclusion of our remarks.

下午好，感謝您參加 Rigetti 的 2023 年第三季收益電話會議。今天與我一起的是我們的財務長 Jeff Bertelsen，他將在我的概述後詳細審查我們的業績。我們的 CTO David Rivas 也參加了問答環節。我們很樂意在發言結束時回答您的問題。

We would like to point out that this call and Rigetti's Q3 2023 press release contain forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future operating results. 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 nine months ended September 30, 2023, and our subsequent filings with the SEC and other filings with the Securities and Exchange Commission. We urge you to review this discussion of risk factors.

我們想指出的是，本次電話會議和 Rigetti 的 2023 年第三季新聞稿包含有關我們的前景和未來經營業績的當前預期、目標和基本假設的前瞻性陳述。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 9 月 30 日的三個月和九個月，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。我們強烈建議您回顧一下有關風險因素的討論。

Turning now to the business of third quarter of 2023, I'm pleased to report that we continue to grow our QPU system sales. In the third quarter of 2023, Rigetti expanded its QPU customer base, which is delivery of 9-qubit quantum processing unit, QPU, to another premier national laboratory. This follows our first QPU sale in the second quarter of 2023 to Fermilab in which we delivered a 9-qubit QPU as part of our partnership with the Superconducting Quantum Materials and Systems Center, SQMS.

現在轉向 2023 年第三季的業務，我很高興地報告，我們的 QPU 系統銷售額持續成長。 2023 年第三季度，Rigetti 擴大了 QPU 客戶群，向另一個一流的國家實驗室交付 9 量子位元量子處理單元 QPU。在此之前，我們於 2023 年第二季度向費米實驗室出售了第一批 QPU，其中我們交付了 9 量子位元 QPU，作為我們與超導量子材料和系統中心 (SQMS) 合作的一部分。

We were awarded a five-year Indefinite Delivery Indefinite Quantity, IDIQ, contract with the Air Force Research Lab, AFRL, information directorate to supply AFRL researchers with quantum foundry services. This contract allows AFRL to leverage Rigetti's fabrication and manufacturing capabilities to build customized quantum systems. Within the scope of the contract, we will be able to provide quantum-integrated circuits, quantum-limited amplifiers, cryogenic microwave components, and 9-qubit QPUs. This contract builds on the existing relationship between Rigetti and AFRL to harness our fabrication capabilities for quantum networking, hardware, research, and development.

我們與空軍研究實驗室、AFRL、資訊局簽訂了一份為期五年的不定交付、不定數量 (IDIQ) 合同，為 AFRL 研究人員提供量子代工服務。該合約允許 AFRL 利用 Rigetti 的製造能力來建立客製化的量子系統。在合約範圍內，我們將能夠提供量子積體電路、量子限制放大器、低溫微波元件和9量子位元QPU。該合約建立在 Rigetti 和 AFRL 之間現有關係的基礎上，以利用我們在量子網路、硬體、研究和開發方面的製造能力。

We are thrilled that leading government agencies and national labs are beginning to choose Rigetti's established fabrication capabilities to advance their quantum computing research and development. By providing hands-on access to our QPUs, we believe that we are enabling greater progress towards narrow quantum advantage and quantum technology breakthroughs.

我們很高興領先的政府機構和國家實驗室開始選擇 Rigetti 成熟的製造能力來推進其量子計算研究和開發。透過提供對我們 QPU 的實踐訪問，我們相信我們將在窄量子優勢和量子技術突破方面取得更大進展。

I'm pleased to report that we were recently awarded a DARPA IMPAQT contract to advance quantum algorithms for solving combinatorial optimization problems. Our DARPA IMPAQT project seeks to develop a novel and efficient and coding of optimization problems onto qubits with the goal of enabling larger problems to be mapped to currently available NISQ-era quantum computers. The project will specifically address scheduling problems, which are among the best-known and most pervasive types of combinatorial optimization problems across numerous industries, as well as some of the most challenging to solve.

我很高興地報告，我們最近獲得了 DARPA IMPAQT 合同，以推進解決組合最佳化問題的量子演算法。我們的 DARPA IMPAQT 計畫旨在開發一種新穎且高效的最佳化問題編碼到量子位元上，目標是將更大的問題映射到目前可用的 NISQ 時代量子電腦。該專案將專門解決調度問題，這是眾多行業中最著名和最普遍的組合優化問題類型，也是一些最具挑戰性的解決問題。

Additionally, in October 2023, we were awarded and Innovate UK grant as part of the Feasibility Studies in Quantum Computing Applications competition. Joining Rigetti in this work is HSBC, the Quantum Software Lab based at the University of Edinburgh, and the National Quantum Computing Centre. Together, the consortium aims to enhance existing anti-money laundering techniques by using quantum machine learning techniques with the goal of improving the performance of current state-of-the-art machine learning algorithms.

此外，2023 年 10 月，作為量子運算應用可行性研究競賽的一部分，我們獲得了英國創新基金資助。與 Rigetti 一起參與這項工作的還有匯豐銀行、愛丁堡大學的量子軟體實驗室和國家量子計算中心。該聯盟旨在透過使用量子機器學習技術來增強現有的反洗錢技術，以提高目前最先進的機器學習演算法的性能。

On the technology front, we are continuing to work to improve the system performance of our fourth-generation chip architecture, which features a square lattice and tunable couplers, to support our anticipated Ankaa-2 84-qubit system. Our Ankaa-2 84-qubit system is expected to be deployed and made available to external customers in the fourth quarter of 2023.

在技​​術方面，我們正在繼續努力提高第四代晶片架構的系統性能，該架構具有方形晶格和可調耦合器，以支援我們預期的 Ankaa-2 84 量子位元系統。我們的 Ankaa-2 84 量子位元系統預計將於 2023 年第四季部署並提供給外部客戶。

We continue to make good progress with fidelity on our fourth-generation systems. We have achieved higher than 98% median 2-qubit fidelity with our 9-qubit system, 98% median 2-qubit fidelity with our 24-qubit system, and higher than 97% median 2-qubit fidelity with our Ankaa-2 84-qubit system. Our plan continues to be to get to 98% median 2-qubit fidelity with our Ankaa-2 84-qubit system, and over 99% median 2-qubit fidelity in 2024. Thereafter, we intend to develop the 336-qubit Lyra system and to demonstrate nQA, narrow quantum advantage, in two to three years.

我們在第四代系統上繼續保持良好的進展。我們的9 量子位元系統實現了高於98% 中位數2 量子位元保真度，利用我們的24 量子位元系統實現了高於98% 中位數2 量子位元保真度，利用我們的Ankaa-2 實現了高於97% 中位數2 量子位元保真度84-量子位元系統。我們的計劃仍然是透過我們的Ankaa-2 84 量子位元系統達到98% 中位數2 量子位元保真度，並在2024 年達到超過99% 中位數2 量子位元保真度。此後，我們打算開發336量子位元Lyra 系統和在兩到三年內展示 nQA（窄量子優勢）。

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

接下來，我會將電話轉給 Jeff，他將審查我們 2023 年第三季的財務表現。

Thanks, Subodh. Revenues in the third quarter of 2023 were $3.1 million compared to $2.8 million in the same period of 2022. Revenue variability is to be expected at this stage of the company's evolution, given the variable nature of contract deliverables and timing with major government agencies. Gross margins in the third quarter of 2023 came in at 73%, up from gross margins in the third quarter of 2022 of 72%.

謝謝，蘇博德。 2023 年第三季的收入為310 萬美元，而2022 年第三季的收入為280 萬美元。考慮到合約交付成果的可變性以及與主要政府機構的時間安排，在公司發展的現階段，預計收入會出現波動。 2023 年第三季的毛利率為 73%，高於 2022 年第三季的 72%。

On the expense side, total OpEx in the third quarter of 2023 was $19.1 million compared to $33.4 million in the same period in the prior year. The year-over-year decrease was primarily due to a $11.5 million reduction in stock compensation expense. Other decreases in the third quarter of 2023 included lower employee wages and benefit costs resulting from our February 2023 reduction in workforce. The noncash change in the fair value of the forward agreement for the Ampere warrant increased G&A expense by $1.1 million in the third quarter of 2023 compared with the $387,000 reduction in G&A expense in the third quarter of 2022.

在費用方面，2023 年第三季的總營運支出為 1,910 萬美元，而去年同期為 3,340 萬美元。年比下降主要是因為股票補償費用減少了 1,150 萬美元。 2023 年第三季的其他下降包括我們 2023 年 2 月裁員導致的員工薪資和福利成本下降。 Ampere 認股權證遠期協議公允價值的非現金變化導致 2023 年第三季的一般管理費用增加了 110 萬美元，而 2022 年第三季的一般管理費用減少了 387,000 美元。

In the third quarter of 2023, stock compensation expense totaled $3.7 million and depreciation and amortization expense totaled $2.1 million compared to $15.1 million and $1.8 million in the third quarter of 2022, respectively. Operating loss for the third quarter of 2023 was $16.8 million compared to an operating loss of $31.3 million for the same period of 2022.

2023 年第三季度，股票補償費用總計 370 萬美元，折舊和攤提費用總計 210 萬美元，而 2022 年第三季分別為 1,510 萬美元和 180 萬美元。 2023 年第三季的營運虧損為 1,680 萬美元，而 2022 年同期的營運虧損為 3,130 萬美元。

Net loss for the third quarter of 2023 was $22.2 million, or $0.17 per share compared to a net loss of $18.8 million, or $0.16 per share for the same period of 2022. Net loss for the third quarter of 2023 was negatively impacted by the noncash change in the fair value of the earn-out and derivative warrant liabilities of $1.7 million and $3.4 million, respectively. Net loss for the third quarter of '22 was favorably impacted by the noncash change in the fair value of the earn-out and derivative warrant liabilities of $4.9 million and $8.1 million, respectively.

2023 年第三季的淨虧損為2,220 萬美元，即每股0.17 美元，而2022 年同期的淨虧損為1,880 萬美元，即每股0.16 美元。2023 年第三季的淨虧損受到非現金的負面虧損影響。獲利負債和衍生認股權證負債的公允價值變化分別為 170 萬美元和 340 萬美元。 22 年第三季的淨虧損受到獲利負債和衍生認股權證負債公允價值非現金變動的有利影響，分別為 490 萬美元和 810 萬美元。

Cash, cash equivalents, and available-for-sale investments totaled $110.2 million as of September 30, 2023, compared with $105.5 million as of June 30, 2023.

截至2023年9月30日，現金、現金等價物及可供出售投資總額為1.102億美元，截至2023年6月30日為1.055億美元。

During the third quarter of 2023, we raised $12.7 million from the sale of 6.3 million shares of common stock under our common stock purchase agreement with B. Riley. Based on our current operating plan and assuming no additional capital is raised in the three months ending December 31, 2023, we expect to have cash, cash equivalents, and available-for-sale securities of $88 million to $94 million at the end of 2023.

2023 年第三季度，我們根據與 B. Riley 的普通股購買協議出售 630 萬股普通股，籌集了 1,270 萬美元。根據我們目前的營運計劃，假設截至 2023 年 12 月 31 日的三個月內沒有籌集額外資金，我們預計到 2023 年底將擁有 8,800 萬至 9,400 萬美元的現金、現金等價物和可供出售證券。

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) Krish Sankar, TD Cowen.

（操作員說明）Krish Sankar，TD Cowen。

Hi, thanks for taking my questions. This is Steven calling on behalf of Krish. The first question I had, first of all, I want to get some more details on the Air Force Research Lab contract win that you just highlighted. Any detail you can provide on sort of the long-term value of that contract and maybe how soon that some of the revenues might materialize for that? Any kind of contingencies that might be based on whether it's technical or the timing of when you might be on financing some of the components that you highlighted? That would be great.

您好，感謝您回答我的問題。這是史蒂文代表克里什的電話。我的第一個問題是，首先，我想了解有關您剛才強調的空軍研究實驗室合約的更多細節。您能否提供有關該合約的長期價值的任何詳細信息，以及部分收入可能需要多長時間才能實現？任何類型的意外事件可能是基於技術方面的還是您可能為您強調的某些組件提供融資的時間表？那太好了。

Sure. Thanks, Steven. So as we just described, the Air Force Research Lab contract is IDIQ contract, which by definition means it's indefinite in its valuation. They give us broad guidelines on what all they expect. Certainly, foundry services, QPU, and affiliated services are included in the contract. It's hard to put a monetary value on it because by definition it's indefinite. Certainly, AFRL is a huge organization committed to quantum computing. They get funding out of DoD, so we certainly expect it to be sizable, but we cannot quantify sitting here right now.

當然。謝謝，史蒂文。正如我們剛才所描述的，空軍研究實驗室合約是 IDIQ 合同，根據定義，它的估值是不確定的。他們為我們提供了有關他們期望的廣泛指導方針。當然，合約中還包括代工服務、QPU 和附屬服務。很難用貨幣價值來衡量它，因為根據定義，它是不確定的。當然，AFRL 是一個致力於量子運算的龐大組織。他們從國防部獲得資金，所以我們當然預計資金規模很大，但我們現在無法量化。

Regarding monetization of the contract that has already started being booked some dollars from that contract already in Q3, we definitely expect that value to increase in Q4 and in the subsequent quarters. Hopefully, that answers your question.

關於已經開始從第三季的合約中預訂一些美元的合約的貨幣化，我們肯定預計該價值將在第四季度和隨後的幾個季度中增加。希望這能回答你的問題。

Okay, it does. Thanks. And I guess another follow-up to certain QPU sales that you recognized the last two quarters, just kind of like big picture question is just given that there's a number of government agencies that are interested in pursuing QPUs. I think previously you said there's potential tell more if you go into next year. Just given the sizable investment that these government agencies need to make to support the superconducting modality system uses and, if necessary, infrastructure and service will produce, I assume it's a long-term investment. I guess, could you say anything about these national labs and the views on superconducting modalities versus other competing modalities with respect to the maturity of superconducting, hopefully the scalability that compared to the other modalities?

好吧，確實如此。謝謝。我想您在過去兩個季度中認識到了某些 QPU 銷售的另一個後續行動，就像大局問題一樣，因為有許多政府機構對追求 QPU 感興趣。我想您之前說過，如果您進入明年，可能會透露更多資訊。考慮到這些政府機構需要進行大量投資來支持超導模式系統的使用，並且在必要時產生基礎設施和服務，我認為這是一項長期投資。我想，您能否談談這些國家實驗室以及超導模式與其他競爭模式在超導成熟度方面的看法，以及與其他模式相比的可擴展性？

Sure. Superconducting modality, certainly, is one of the leading contenders for quantum computing. Although there are other competitive modalities, as you know, certainly, we believe superconducting modality has the huge advantage of scalability.

當然。當然，超導模式是量子計算的主要競爭者之一。儘管還有其他競爭模式，但如您所知，我們當然相信超導模式具有可擴展性的巨大優勢。

As you can already see, we are at 84-qubits. Other competitors in superconducting are in the similar range. So we certainly are significantly higher than other competitive modalities -- are very, and we have the benefit of scaling up. Having said that, all of us are still significantly of the quantum advantage area. As we have said, we are about two to three years from demonstrating narrow quantum advantage, which means performance and our cost benefits compared to classical computing on the practical applications. The government organizations, DOE and DoD, are committed to investing in different modalities. We will definitely benefit when they invest in superconducting.

正如您已經看到的，我們的量子位元數為 84。超導領域的其他競爭對手也處於類似的範圍。因此，我們當然明顯高於其他競爭方式——非常高，而且我們有擴大規模的好處。話雖如此，我們所有人仍然處於量子優勢領域。正如我們所說，我們大約需要兩到三年的時間才能展示窄量子優勢，這意味著與實際應用中的經典計算相比，我們的性能和成本優勢。美國能源部和國防部這兩個政府組織致力於投資不同的方式。他們投資超導，我們肯定會受益。

Regarding the QPU sales, in Q2, we sold our first QPU. And now we can disclose that goes to the SQMS Center at Fermilab. In Q3, we shipped another QPU to another premier national lab. We cannot disclose the name right now. Hopefully, we'll be able to disclose that soon. But it's exciting. As far as we know, we are the only company that has actually sold in working quantum computer to any organization. And now, we have done two in a row, first in Q2 and second in Q3.

關於QPU的銷售，在第二季度，我們銷售了我們的第一個QPU。現在我們可以透露，這些資訊將交給費米實驗室的 SQMS 中心。在第三季度，我們將另一個 QPU 運送到另一個主要的國家實驗室。我們現在不能透露這個名字。希望我們能夠盡快披露這一點。但這很令人興奮。據我們所知，我們是唯一一家實際向任何組織出售可用量子電腦的公司。現在，我們已經連續完成了兩次，第一次是在第二季度，第二次是在第三季度。

It's a huge milestone for the company. We are super excited about it. We are proud of that accomplishment. The pipeline continues to build. We are talking to a number of our customers, national labs, university researchers, and those kinds of organizations who have significant interest in getting an on-premise quantum computer.

這對公司來說是一個巨大的里程碑。我們對此感到非常興奮。我們為這項成就感到自豪。管道繼續建設。我們正在與許多客戶、國家實驗室、大學研究人員以及對購買本地量子電腦非常感興趣的組織進行交談。

And there's a lot of value in doing that. They can do hands-on research. They can get first-hand experience of it, holding on to not only consultations with quantum computing, but also how we optimize, how you do algorithm developments, and so on. So there are many reasons why customers are interested in getting a quantum computer on device.

這樣做有很多價值。他們可以進行實踐研究。他們可以得到第一手的經驗，不僅可以諮詢量子計算，還可以了解我們如何優化、你如何進行演算法開發等等。因此，客戶對在設備上安裝量子電腦感興趣的原因有很多。

The way we have enabled a 9-qubit quantum computer, it's a simple module that essentially gets plugged into an existing division refrigerators, and many national labs and university researchers have already purchased a dilution refrigerator. So for them, it's a relatively straightforward change to take off some components and put in our quantum computer and they can be up and running fairly quickly. It's a relatively simple process to get somebody enabled with a quantum computer and get them hands-on experience. And that's what we are focused on right now besides the technology development part, of course.

我們啟用 9 量子位元量子電腦的方式是，它是一個簡單的模組，本質上可以插入現有的冰箱中，許多國家實驗室和大學研究人員已經購買了稀釋冰箱。因此，對於他們來說，取下一些組件並放入我們的量子電腦是一個相對簡單的改變，它們可以相當快地啟動和運行。讓某人使用量子電腦並讓他們獲得實務經驗是一個相對簡單的過程。當然，除了技術開發部分之外，這就是我們現在關注的重點。

Okay, perfect. Just a last question, if I could. I wanted to ask about your quantum cloud service. I know it's still very early innings for your QCS business. I guess, in terms of nongovernment cloud service revenues, it's still -- I think just given your strategic shifts in focus to fidelity rates and all the progress you've made so far this year, I guess, have you seen any noticeable shift in commercial interest in using your QCS services either from direct feedback from customers and maybe any indications from your ecosystem partners that you work with to deliver and QCS?

好的，完美。最後一個問題，如果可以的話。我想問一下你們的量子雲服務。我知道你們的 QCS 業務還處於早期階段。我想，就非政府雲端服務收入而言，我想，考慮到你們將戰略重點轉向保真率，以及你們今年迄今為止所取得的所有進展，我想，你們是否看到了任何明顯的轉變？使用您的QCS 服務的商業興趣要么來自客戶的直接回饋，要么來自與您合作提供QCS 的生態系統合作夥伴的任何指示？

Sure. For Quantum Cloud Services onto the ground, they obviously have relationships with AWS, Azure, as well as our own cloud and also our own quantum computer to select government organizations. Commercial interest is definitely there, but still relatively low compared to national labs and university researchers. And most likely it is because we are still on [days] from quantum advantage. As we approach narrow quantum advantage in the next two to three years, we definitely expect commercial interest to sow, and that shows the potential explosive growth opportunity comes in two or three years from now. But as of today, most of the usage is from researchers and national labs and universities such as still dominate the usage of quantum computing today.

當然。對於落地的量子雲端服務，他們顯然與 AWS、Azure 以及我們自己的雲端和我們自己的量子電腦有關係，以選擇政府組織。商業興趣肯定是存在的，但與國家實驗室和大學研究人員相比仍然相對較低。很可能是因為我們距離量子優勢還差[幾天]。當我們在未來兩到三年內接近窄量子優勢時，我們肯定會播種商業興趣，這表明潛在的爆炸性成長機會將在未來兩三年內到來。但截至今天，大部分使用來自研究人員、國家實驗室和大學，例如今天仍然主導著量子運算的使用。

Okay. Thank you so much and nice job on the quarter.

好的。非常感謝您，本季工作做得很好。

Thank you, Steven.

謝謝你，史蒂文。

David Williams, The Benchmark Company.

大衛威廉斯，基準公司。

Hey, good afternoon and thanks for taking my question. Forgive me if this was asked or answered already, I'm a little late joining here, but just wanted to see if you could talk a little bit about the QPU sale you had previously. I know you mentioned another one that you can't disclose. But just -- I guess, if you could talk maybe about the inbound activity and anything you're seeing there that gives you optimism of additional sales and future. Thank you.

嘿，下午好，感謝您提出我的問題。如果有人問或回答了這個問題，請原諒我，我加入這裡有點晚了，但只是想看看您是否可以談談您之前進行的 QPU 銷售。我知道你提到了另一件事你不能透露。但我想，如果您可以談論入境活動以及您在那裡看到的任何讓您對額外銷售和未來感到樂觀的事情。謝謝。

Sure. Thanks, David. We sold our first QPU in Q2, and as I mentioned earlier, as far as we know, that is the first time any company has sold a quantum computer to a customer that wants to -- as human-centered formula. That happened in Q2 of this year. We sold another QPU in Q3 of this year with one other premier national lab that we will hopefully be able to disclose the name soon.

當然。謝謝，大衛。我們在第二季度出售了第一台 QPU，正如我之前提到的，據我們所知，這是第一次有公司向想要的客戶出售量子電腦——作為以人為中心的公式。這發生在今年第二季。我們在今年第三季向另一個頂級國家實驗室出售了另一個 QPU，我們希望能夠盡快透露實驗室的名稱。

Pipeline for future QPU sales continues to build. We are talking to more than a dozen customers right now. Most of them are for 9 qubits. Some have expressed interest in 24 qubits, and one has expressed interest in even 84 qubits. Certainly, with the price point, continue goes up dramatically when you go from 9 qubit to 24 qubit to 84 qubit. Overall, we're very pleased with the reaction we are getting for QPU, (inaudible) QPUs specifically, and then most of the applications are for recent purposes and they can do things, anything from fundamental understanding of quantum computing to full-shape optimization to algorithmic development and many other applications that they can take off. So hopefully that answers your question.

未來 QPU 銷售通路仍在不斷建置中。我們現在正在與十多個客戶交談。其中大多數是 9 個量子位元。有些人表示對 24 個量子位元感興趣，也有人表示對 84 個量子位元感興趣。當然，隨著價格的提高，當你從 9 量子位元到 24 量子位元再到 84 量子位元時，Continue 會急劇上升。總的來說，我們對QPU，特別是（聽不清楚）QPU 的反應感到非常滿意，然後大多數應用程式都是為了近期目的，它們可以做任何事情，從對量子計算的基本理解到全形狀優化演算法開發和許多其他他們可以起飛的應用程式。希望這能回答你的問題。

No, that's very helpful. Thank you. And then maybe if you just kind of think about this opportunity as you go forward, it feels like you've got multiple revenue stream potentials here in terms of the processor and then also the quantum of the service. And you've made some really great progress.

不，這非常有幫助。謝謝。然後，也許如果您在前進時考慮這個機會，就會感覺到您在處理器和服務數量方面擁有多種收入來源潛力。你已經取得了一些非常大的進步。

I have to commend you on just the efficiency that you've definitely field and getting the 84 out and everything you've been able to achieve there. So congrats on that.

我必須讚揚你在 84 上表現出的效率以及你在那裡取得的一切。所以恭喜你。

But I guess just if you could help us understand how you envision the business developing over time. And if there's any different today, I guess, given some of the interest on the QPUs versus where you would have thought whenever you came in some time ago? Thank you.

但我想您是否可以幫助我們了解您對業務隨著時間的推移如何發展的設想。我想，考慮到人們對 QPU 的一些興趣，與您前一段時間進來時所想到的情況相比，今天是否有任何不同？謝謝。

Thanks, David. So as we have stated before, our fundamental strategy right now is to focus on technology development and improve our fidelity to 99% and then scale up to 336 qubit from there.

謝謝，大衛。正如我們之前所說，我們現在的基本策略是專注於技術開發，將保真度提高到 99%，然後擴展到 336 量子位元。

As we mentioned in our press release, right now, we are making QPUs. Then the end of the 9-qubit QPUs, we are talking more than 98%, closer to 99% fidelity. Then we are dealing with 24 qubit, we are at about 98%. And then we are at 84 qubit, we are at about 97%. All these numbers are 2 qubit fidelity.

正如我們在新聞稿中提到的，目前我們正在製造 QPU。然後是 9 量子位元 QPU 的末端，我們談論的是超過 98%，接近 99% 的保真度。然後我們處理 24 個量子位，大約是 98%。然後我們的量子位元數為 84，大約為 97%。所有這些數字都是 2 量子位元保真度。

These are remarkably good numbers considering that we started the year. So our error rates have essentially been slashed by a factor of 2, which is a huge accomplishment since I've been in the company. We'll continue to focus on that. That is the core mission and objective of the company is to improve the interface because that's what gets you the narrow point of advantage. That's what enables the explosive growth opportunity.

考慮到今年伊始，這些數字非常好。因此，我們的錯誤率基本上降低了 2 倍，這是我加入公司以來的巨大成就。我們將繼續關注這一點。這就是公司的核心使命和目標是改進介面，因為這就是你獲得狹隘優勢的原因。這就是爆炸性成長機會的原因。

Having said that, in the meantime, we have latched onto this QPU sales opportunities for researchers who want to get their hands on and do experiments themselves. And as I mentioned, the 9-qubit QPU is already close to 99%. So there are many practical things researchers can do and experiment with. And that's why, I believe, they're finding value and we'll continue to generate sales.

話雖如此，與此同時，我們已經為那些想要親自動手做實驗的研究人員抓住了這個 QPU 銷售機會。正如我所提到的，9 量子位元 QPU 已經接近 99%。因此，研究人員可以做很多實際的事情並進行實驗。我相信，這就是為什麼他們正在尋找價值，而我們將繼續創造銷售。

But again, I don't want to -- sales to hopefully continue to grow for QPU and Quantum Cloud Services. Certainly exciting potential to keep growing sales in the near term. But again, we are not focused on that. Our focus is clearly on developing technology, getting us as fast as possible to narrow quantum advantage, and then both of the explosive growth opportunities that come after that.

但同樣，我不想 - 希望 QPU 和量子雲端服務的銷售額繼續增長。當然，短期內維持銷售成長的潛力令人興奮。但同樣，我們並不關注這一點。我們的重點顯然是開發技術，讓我們盡快縮小量子優勢，以及隨後出現的爆炸性成長機會。

Thank you very much.

非常感謝。

Thank you, David.

謝謝你，大衛。

And this concludes the question-and-answer session. I would like to turn the call back over to Dr. Kulkarni for closing remarks.

問答環節到此結束。我想將電話轉回庫爾卡尼博士做總結發言。

Thank you for your interest and questions. We look forward to updating you after our Q4 results. Thanks again.

感謝您的興趣和提問。我們期待在第四季結果公佈後向您通報最新情況。再次感謝。

And this concludes today's conference call. Thank you all for participating. You may now disconnect.

今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線。