Rigetti Computing Inc (RGTI) 2024 Q2 法說會逐字稿

Thank you for standing by. I am Agusta, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rigetti Computing second-quarter 2024 financial results. (Operator Instructions)

謝謝你的支持。我是阿古斯塔，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家閱讀 RigettiComputing 2024 年第二季財務業績。（操作員說明）

I would now like to turn the call over to Subodh Kulkarni, CEO and President of Rigetti. Please go ahead.

我現在想將電話轉給 Rigetti 執行長兼總裁 Subodh Kulkarni。請繼續。

Good afternoon, and thank you for participating in Rigetti's earnings conference call covering the second quarter ended June 30, 2024. Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. We will be pleased to answer your questions at the conclusion of our remarks.

下午好，感謝您參加 Rigetti 的財報電話會議，該電話會議涵蓋截至 2024 年 6 月 30 日的第二季。今天加入我的是我們的財務長 Jeff Bertelsen，他將在我的概述之後詳細審查我們的結果。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 second quarter ended June 30, 2024, 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, 2023; our Form 10-Q for the three and six months ended June 30, 2024, and other documents filed by the company from time to time with the Securities and Exchange Commission.

我們想指出的是，本次電話會議和 Rigetti 截至 2024 年 6 月 30 日的第二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 2023 年 12 月 31 日的年度 10-K 表格中進行了更詳細的討論；截至 2024 年 6 月 30 日的三個月和六個月的 10-Q 表格，以及公司不時向美國證券交易委員會提交的其他文件。

These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. We urge you to review these discussions of risk factors.

這些文件確定並解決了可能導致實際事件和結果與前瞻性陳述中包含的內容有重大差異的重要風險和不確定性。我們敦促您回顧這些有關風險因素的討論。

Today, I'm pleased to provide an update and report on our progress at Rigetti Computing. First, on our technology road map and QPU performance. Rigetti remains on track to develop and deploy its anticipated 84-qubit Ankaa-3 system with the goal of achieving a 99%-plus median 2-qubit gate fidelity by the end of 2024. We have seen very promising results both with fidelity and speed on our current systems, which leverage the underpinning technology of our upcoming Ankaa-3 system.

今天，我很高興提供有關 RigettiComputing 進展的最新情況和報告。首先，關於我們的技術路線圖和 QPU 效能。Rigetti 仍有望開發和部署其預期的 84 量子位元 Ankaa-3 系統，目標是到 2024 年底實現 99% 以上的 2 量子位元閘保真度中位數。我們在目前系統上看到了非常有希望的結果，無論是在保真度還是速度上，這些系統都利用了我們即將推出的 Ankaa-3 系統的基礎技術。

Our 24-qubit system is performing in the 99% range for 2-qubit fidelity. Our gate speeds are 60 to 80 nanoseconds, making our systems twice as fast as some other superconducting quantum computing players and three to four orders of magnitude faster than trapped ion and pure atom quantum computing systems. We are confident that we can translate this level of performance to our 84-qubit chip.

我們的 24 量子位元系統的 2 量子位元保真度達到 99%。我們的閘門速度為 60 至 80 奈秒，使我們的系統比其他一些超導量子計算廠商快兩倍，比捕獲離子和純原子量子計算系統快三到四個數量級。我們有信心能夠將這種性能等級轉化為我們的 84 量子位元晶片。

In addition, we continue to demonstrate leadership in developing high-performing scalable quantum processors. In May 2024, Rigetti’s research introducing multichip tunable couplers, floating tunable couplers that can be used to entangle qubits on separate chips, was published in the peer-reviewed scientific journal, Physical Review Applied.

此外，我們繼續在開發高性能可擴展量子處理器方面展現領先地位。2024 年5 月，Rigetti 的研究成果發表在同行評審的科學期刊《應用物理評論》上，該研究介紹了多晶片可調諧耦合器，即可用於在單獨晶片上糾纏量子位的浮動可調諧耦合器。

We introduced the world's first modular chip architecture in 2021, unlocking the ability to connect multiple identical chips into a large-scale quantum processor. This modular approach exponentially reduces manufacturing complexity and allows for accelerated, predictable scaling. This architecture will allow for future Ankaa systems to be tied together to create larger qubit count processors without sacrificing gate performance.

我們於 2021 年推出了世界上第一個模組化晶片架構，解鎖了將多個相同晶片連接到大規模量子處理器的能力。這種模組化方法成倍地降低了製造複雜性，並允許加速、可預測的擴展。這種架構將允許未來的 Ankaa 系統連接在一起，以創建更大的量子位元計數處理器，而不會犧牲閘效能。

Furthering our work to improve the industry's understanding of the requirements needed for fault-tolerant quantum computers, in June 2024, we released preliminary research on the resource estimation framework related developed in phase one of the DARPA Benchmarking Program. Our manuscript represents the resource estimation framework and a software tool that estimates the physical resources required to execute specific quantum algorithms, compiled into their graph-state form, and laid out onto a modular superconducting hardware architecture.

為了進一步提高業界對容錯量子電腦所需要求的理解，我們在 2024 年 6 月發布了有關 DARPA 基準測試計劃第一階段開發的資源估計框架的初步研究。我們的手稿代表了資源估計框架和軟體工具，該工具估計執行特定量子演算法所需的物理資源，編譯成圖狀態形式，並部署到模組化超導硬體架構上。

We will continue to work to optimize quantum algorithms for a variety of applications and improved the utility estimates to understand the value proposition of future quantum computers. The limited number of qubits available on current quantum computers is a challenge that must be overcome to deliver utility in quantum combinatorial optimization.

我們將繼續致力於優化各種應用的量子演算法，並改進效用估計，以了解未來量子電腦的價值主張。目前量子電腦上可用的量子位元數量有限是一個必須克服的挑戰，以提供量子組合最佳化的實用性。

In July, we introduced a method to solve large combinatorial problems using a small number of qubits using Rigetti's Ankaa-9Q-3 system. This method introduces a qubit-efficient combinatorial solver, which stores classical variables in an entangled wave function of fewer qubits.

7 月，我們引入了一種使用 Rigetti 的 Ankaa-9Q-3 系統使用少量量子位元來解決大型組合問題的方法。該方法引入了一種量子位元高效組合求解器，它將經典變數儲存在較少量子位元的糾纏波函數中。

In summary, I'm pleased with our progress on the technology front. We remain on track to develop and deploy our 84-qubit Ankaa-3 system with the goal of achieving a 99%-plus median 2-qubit gate fidelity by the end of 2024. Thank you.

總之，我對我們在技術方面的進展感到滿意。我們仍將繼續開發和部署 84 量子位元 Ankaa-3 系統，目標是在 2024 年底達到 99% 以上的 2 量子位閘保真度中位數。謝謝。

Jeff will now make a few remarks regarding our recent financial performance.

傑夫現在將就我們最近的財務業績發表一些評論。

Thanks, Subodh. Revenues in the second quarter of 2024 were $3.1 million compared to $3.3 million in the second quarter of 2023. Revenues in the second quarter of 2024 include the sale of the Novera QPU ship to Horizon Quantum Computing in April. Gross margins in the second quarter of 2024 came in at 64% compared to 82% in the second quarter of 2023. Revenue and gross margin 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.

謝謝，蘇博德。2024 年第二季的營收為 310 萬美元，而 2023 年第二季的營收為 330 萬美元。2024年第二季的收入包括4月向地平線量子計算出售的Nevera QPU船。2024 年第二季的毛利率為 64%，而 2023 年第二季的毛利率為 82%。鑑於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，預計收入和毛利率將發生變化。

In addition, our recent contract to deliver a 24-qubit quantum system has a lower gross margin profile than most of our other revenue. On the expense side, total OpEx in the second quarter of 2024 was $18.1 million compared to $19 million in the same period of the prior year.

此外，我們最近提供 24 量子位元量子系統的合約的毛利率低於我們大多數其他收入。在費用方面，2024 年第二季的總營運支出為 1,810 萬美元，而去年同期為 1,900 萬美元。

The year-over-year decrease in total OpEx was primarily driven by an increase in the amount of engineering time used to deliver revenue, resulting in a higher cost allocation to cost of revenue. IT costs also decreased in the second quarter of 2024 when compared to the same period of 2023, mainly due to savings from R&D-related IT systems rationalization.

總營運支出的年減主要是由於用於交付收入的工程時間增加，導致收入成本的成本分配更高。與 2023 年同期相比，2024 年第二季的 IT 成本也有所下降，主要是因為研發相關 IT 系統合理化所帶來的節省。

Stock compensation expense for the second quarter of 2024 was $3.3 million compared to $3.4 million for the second quarter of 2023. Net loss for the second quarter of 2024 was $12.4 million or $0.07 per share compared to a net loss of $17 million or $0.13 per share for the second quarter of 2023.

2024 年第二季的股票補償費用為 330 萬美元，而 2023 年第二季為 340 萬美元。2024 年第二季的淨虧損為 1,240 萬美元，即每股 0.07 美元，而 2023 年第二季的淨虧損為 1,700 萬美元，即每股 0.13 美元。

The noncash change in the fair value of derivative warrant and earn-out liabilities favorably impacted our net loss for the second quarter of 2024 by $3.4 million compared to a negative impact of $355,000 in the comparable prior year period. Cash, cash equivalents, and available-for-sale investments totaled $100.5 million up to June 30, 2024.

衍生權證和盈餘負債公允價值的非現金變動對我們 2024 年第二季的淨虧損產生了 340 萬美元的有利影響，而去年同期的負面影響為 35.5 萬美元。截至 2024 年 6 月 30 日，現金、現金等價物及可供出售投資總額為 1.005 億美元。

On March 15, 2024, we entered into an ATM sales agreement for shares of our common stock having an exit offering price of up to $100 million. For the period from April 1 to July 12, 2024, we raised $27.8 million from the sale of 24.1 million common shares under our current ATM program, including $15.8 million raised in the three months ended June 30, 2024.

2024 年 3 月 15 日，我們簽訂了 ATM 普通股銷售協議，退出發行價高達 1 億美元。在2024年4月1日至7月12日期間，我們透過目前ATM計畫出售2,410萬股普通股籌集了2,780萬美元，其中包括截至2024年6月30日的三個月籌集的1,580萬美元。

As disclosed in today's 10-Q filing, we believe that our existing balances of cash, cash equivalents and marketable securities should be sufficient to meet our anticipated operating cash needs until midway through the first quarter of 2026, based on our current business plan and expectations and assumptions considering current macroeconomic conditions.

正如今天的10-Q 文件中所揭露的，我們認為，根據我們目前的業務計劃和預期，我們現有的現金、現金等價物和有價證券餘額應足以滿足我們在2026 年第一季中期之前的預期營運現金需求以及考慮當前宏觀經濟狀況的假設。

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)

（操作員說明）

Craig Ellis, B. Riley Securities.

克雷格·艾利斯，B.萊利證券。

And Subodh, I wanted to start with you. So it's nice to see that the company continues to make nice progress with gate fidelity and that you look for progress on 4-qubit systems to persist. As you make both fidelity progress and as you see that happening at such high speeds, what's happening with the center of conversation with some of your partners, whether they be some of the engagements you've had with US entities or some of your international partners or new partners?

Subodh，我想從你開始。因此，很高興看到該公司在閘保真度方面繼續取得良好進展，並且您希望在 4 量子位元系統上繼續取得進展。當您在保真度方面取得進展並且您看到這種情況以如此高的速度發生時，與您的一些合作夥伴的對話中心發生了什麼，無論他們是您與美國實體還是一些國際合作夥伴的一些接觸或新的合作夥伴？

Yes. Good question, Craig. Thanks for the question. So as we improve fidelity with superconducting quantum processors that LR has always been a challenge for superconducting quantum processors or rest of the metrics of scalability and particularly gate speed. As we said, we are in the 60 to 80 nanosecond range.

是的。好問題，克雷格。謝謝你的提問。因此，當我們提高超導量子處理器的保真度時，LR 始終是超導量子處理器或其他可擴展性指標（尤其是閘速）的挑戰。正如我們所說，我們處於 60 到 80 奈秒範圍內。

And that's very good for practical uses of quantum computing and our partners, whether it's the DOE, DOD or the UK government, National Lab or other national labs around the world.

這對於量子運算和我們的合作夥伴的實際應用非常有好處，無論是能源部、國防部還是英國政府、國家實驗室或世界各地的其他國家實驗室。

They're very pleased with the progress that they see both in terms of fidelity as well as the gate speed, particularly gate speed because, as you all know, CPUs and GPUs go very fast. So in a real tactical sense to keep up the CPU/GPU clock speeds, you need to be in the nanosecond range. And some other modalities, although they have better fidelities to start because they are doing with pure atoms or ions. There are three to four orders of magnitude.

他們對保真度和門速度的進步感到非常滿意，特別是門速度，因為眾所周知，CPU 和 GPU 的運行速度非常快。因此，從真正的戰術意義上來說，要保持 CPU/GPU 時脈速度，您需要處於奈秒範圍內。還有其他一些模式，儘管它們具有更好的保真度，因為它們是使用純原子或離子進行的。有三到四個數量級。

We are talking about 1,000 to 10,000 times slower. So they're dealing with hundreds of microseconds. And even though the -- for some applications that may not be an issue, for most practical applications, obviously, a speed of a computer matters. I mean nobody is very good to say speed doesn't matter in computation.

我們談論的是慢 1,000 到 10,000 倍。所以他們處理的是數百微秒。儘管對於某些應用程式來說這可能不是問題，但對於大多數實際應用程式來說，電腦的速度顯然很重要。我的意思是沒有人能很好地說速度在計算中並不重要。

So it's critical that we continue to improve our speed from the 60 to 80 nanoseconds we have right now and other modalities certainly have a tall task ahead of them to improve the gate speeds to where we are right now. But overall, the combination of fidelity, gate speed, and other metrics makes many of our current customers, the national labs believe we are indeed approaching what we call the narrow quantum advantage or the broad quantum advantage era in the next couple of years. Hopefully, that answers your question.

因此，至關重要的是，我們繼續將速度從目前的 60 奈秒提高到 80 奈秒，而其他模式無疑面臨著一項艱鉅的任務，要將門速度提高到我們現在的水平。但總體而言，保真度、閘速和其他指標的結合使我們目前的許多客戶、國家實驗室相信我們確實正在接近未來幾年所謂的窄量子優勢或寬量子優勢時代。希望這能回答你的問題。

Yes, that's really helpful, Subodh. And then, Jeff, I'll just flip one over to you. So as you mentioned, the nature of gross margin at this stage of the company's evolution can be a bit bumpy. Can you call out any notable items that existed in 2Q? And then any color as you look at 3Q, whether it be on the top line with any gives or takes with development engagements as they're progressing or others or on gross margin would be helpful. Thank you very much, Jeff.

是的，這真的很有幫助，Subodh。然後，傑夫，我會把一份交給你。正如您所提到的，在公司發展的這個階段，毛利率的性質可能會有點坎坷。您能說出第二季度存在的任何值得注意的項目嗎？然後，當你看到第三季時，任何顏色，無論是在開發活動進展中的任何給予或索取的頂線上，還是在其他方面或毛利率上，都會有幫助。非常感謝你，傑夫。

Sure. In Q1 and Q2, we did sell and are progressing nicely with the 24 QPU system, and that does have a lower gross margin, recognize a little bit more revenue from that in Q1 than Q2, which is why our gross margin ticked up a bit. I do think going forward, just given the relatively small size of our revenue and the different types of projects that we're working on, we'll continue to see some lumpiness in our revenue, some lumpiness in our gross margin.

當然。在第一季度和第二季度，我們確實銷售了24 QPU 系統，並且進展順利，而且毛利率確實較低，第一季度的收入比第二季度多一點，這就是我們的毛利率略有上升的原因。我確實認為，展望未來，考慮到我們的收入規模相對較小以及我們正在進行的不同類型的項目，我們將繼續看到我們的收入和毛利率出現一些波動。

I do think going forward, as we start to get more Novera sales, those tend to have pretty good margins and generally have a good margin profile. So they should help margins moving forward.

我確實認為，展望未來，隨著我們開始獲得更多的 Novera 銷售，這些產品往往具有相當不錯的利潤率，並且通常具有良好的利潤率狀況。因此，它們應該有助於提高利潤率。

Quinn Bolton, Needham & Company.

奎因·博爾頓，李約瑟公司。

Subodh and Jeff, congratulations on the continued technical progress. I guess I wanted to start there. Your 24-qubit, 2-qubit gate fidelities are already at 99%. You're trying to get there for the 84-qubit QPU by year-end. Just knowing that these are semiconductor-based designs, I'm wondering if you can talk to us about, are you already in the process of beginning to fab the 84-qubit QPUs that will get you to that 99% gate fidelity by year-end or the cycle time is not that long so you've got some more time to work? But just what gives you the confidence that you can get there on the full 84-qubit QPU by year-end?

Subodh 和 Jeff，祝賀科技的持續進步。我想我想從那裡開始。您的 24 量子位元、2 量子位元閘保真度已經達到 99%。您正努力在年底前實現 84 量子位元 QPU。只是知道這些是基於半導體的設計，我想知道您是否可以與我們談談，您是否已經開始製造 84 量子位元 QPU，這將使您在一年內達到 99% 的門保真度 -結束還是周期時間沒有那麼長，所以您還有更多時間工作？但是，是什麼讓您有信心在年底之前能夠在完整的 84 量子位元 QPU 上實現這一目標呢？

Thanks, Quinn. The chip that we use for 24-qubit and 84-qubit is basically the same chip. We just take 24-qubits out of the 84-qubit and bring them up first and characterize them and do the 24-qubit measurements first. So it's the same fundamental chip that we use both for 24-qubit and 84-qubit. So that answers your question that have we fabricated the chip already, and we have multiple 84-qubit chips already in our hand.

謝謝，奎因。我們用於 24 量子位元和 84 量子位元的晶片基本上是相同的晶片。我們只是從 84 量子位元中取出 24 量子位，首先將它們取出並表徵它們，然後先進行 24 個量子位元測量。因此，我們使用 24 量子位元和 84 量子位元的基本晶片相同。這回答了你的問題：我們已經製造了晶片，我們手中已經有多個 84 量子位元晶片。

We are characterizing them, bringing them up, that's what's taking the time and effort right now. There's a lot of optimizations that we have to do when we bring up a chip, including everything from the way we pulse and the shape of the pulses, the timing of the pulses and so on. So a lot of work goes into bringing up the chip and tuning and retuning as opposed to just fabricating.

我們正在塑造他們的性格，培養他們，這就是現在需要花費時間和精力的事情。當我們推出晶片時，我們必須做很多優化，包括脈衝方式、脈衝形狀、脈衝時序等等。因此，大量的工作都花在了晶片的組裝、調整和重新調整上，而不僅僅是製造。

Typically, because we have our own fab, we turn the crank from idea to a new chip in a couple of months' time period. So we take plenty of turns in a year, at least five or six of new ideas. So we'll continue to generate new ideas and we are and we will be fabricating new chips. And if something looks better, obviously, we'll take that.

通常，因為我們有自己的晶圓廠，所以我們會在幾個月的時間內將想法轉變為新晶片。所以我們一年內會輪流很多次，至少有五、六個新想法。因此，我們將繼續產生新的想法，我們正在並將會製造新的晶片。如果有東西看起來更好，顯然我們會接受。

But based on all the current data with the 24-qubit chip, which is basically the same as 84-qubit chip, we feel pretty good that we should be in the 99%-plus range with 84-qubit by the end of this year. Hope that answers your question.

但根據 24 量子位元晶片的所有當前數據（與 84 量子位元晶片基本相同），我們感覺很好，到今年年底我們應該處於 84 量子位元晶片的 99% 以上範圍內。希望能回答您的問題。

Yes, it certainly does on the manufacturing side. I guess just in terms of characterizing the qubits, obviously, it sounds like on the 24-qubit systems, you take a subset of the qubits. My guess is you sort of measure them and you take the best 24.

是的，在製造方面確實如此。我想就表徵量子位元而言，顯然，聽起來像是在 24 量子位元系統上，您採用了量子位元的子集。我猜你對它們進行了某種程度的測量，然後選擇了最好的 24 個。

What's sort of the falloff you've seen between the 24-qubits that you use and then the rest of the 84 or the remaining qubits. Are you within 0.5 percentage point kind of across the entire chip right now? Or is there a bigger delta between, say, the 24 that are 99% and the remainder -- I mean how much work do you have to do to kind of get the rest of the chip up there to 99%?

您所看到的 24 個量子位元與其餘 84 個量子位元或剩餘量子位元之間的衰減是怎樣的？現在整個晶片的差距在 0.5 個百分點以內嗎？或者說，99% 的 24 個和其餘部分之間是否存在更大的差異——我的意思是，你需要做多少工作才能使晶片的其餘部分達到 99%？

Good question. We actually don't choose per se the best 24-qubits or anything like that. Frankly, because of -- our individual qubits, they're falling. I mean the 1q fidelity is like 99.9% most of the times. So we cannot really tell which qubits are the best.

好問題。事實上，我們本身並沒有選擇最好的 24 量子位元或類似的東西。坦白說，因為我們個人的量子比特，它們正在下降。我的意思是，大多數情況下 1q 保真度約為 99.9%。所以我們無法真正判斷哪些量子位元是最好的。

So all the challenges that we run into when we talk about 2-qubits fidelity is when we start doing the entanglement and bringing them up. And our priority, we don't know where the entangle issue -- entanglement issues are going to happen with which qubit so it's not like we choose the best 24 and bring them up, and that's what we report the number and then we worry about.

因此，當我們談論 2 量子位元保真度時，我們遇到的所有挑戰都是在我們開始進行糾纏並提出它們時。我們的首要任務是，我們不知道糾纏問題會在哪個量子位元上發生，所以我們不會選擇最好的 24 個量子位元並將它們提出來，這就是我們報告的數字，然後我們擔心。

They are essentially random of 24-qubits that are adjacent to each other that we bring up and then we will do the same with the 84-qubit. Regarding -- I mean, you had a good question about the spread that we see. And there is a spread. Typically, it all depends on where the errors are coming from with that particular lot.

它們本質上是隨機的 24 量子位元，這些量子位元是我們提出的彼此相鄰的，然後我們將對 84 量子位元做同樣的事情。關於——我的意思是，你對我們所看到的傳播提出了一個很好的問題。並且存在傳播。通常，這完全取決於特定批次的錯誤來自何處。

And sometimes it depends on the position in the wafer and so on. Sometimes it has to do with the dilution refrigeration system and the thermalization of it and those kinds of things. So depending on where the errors are coming from, we do notice of variability.

有時它取決於晶圓中的位置等。有時它與稀釋製冷系統及其熱化以及諸如此類的事情有關。因此，根據錯誤的來源，我們確實注意到了變化。

Typically, we monitor the 2-qubit fidelity across the entire grid. And if you look at our Ankaa-2 that is deployed right now on Azure and AWS. Our median 2-qubit gate fidelity for Ankaa-2 was 98%, but there was a spread. I mean there were some 2-qubit gates, which were closer to 97% and some that are closer to 99% so rather spread across the chip of about a couple percent.

通常，我們監控整個網格的 2 量子位元保真度。如果你看看我們現在部署在 Azure 和 AWS 上的 Ankaa-2。Ankaa-2 的 2 量子位元閘保真度中位數為 98%，但有差異。我的意思是，有一些 2 量子位元閘，接近 97%，有些接近 99%，因此分佈在晶片上大約幾個百分點。

Along with the median obviously, our goal is to tighten that spread. So as we -- like our 9-qubit 99.3%, 2-qubit fidelity, I believe the lowest one is in the range of 99% -- maybe 99.1% and the highest ones are actually closer to 99.7% or 99.8%. So we can see that we can make superconducting 2-qubit fidelities well in the 99.8% type numbers. I hope that answers your question.

顯然，除了中位數之外，我們的目標是縮小這一差距。因此，就像我們的9 量子位元99.3%、2 量子位元保真度一樣，我相信最低的保真度在99% 的範圍內——也許是99.1%，而最高的保真度實際上接近99.7 % 或99.8%。所以我們可以看到，我們可以讓超導 2 量子位元的保真度達到 99.8%。我希望這能回答你的問題。

No, that was great. And I guess, sorry for my misunderstanding of how you sort of select the qubits in the 24 versus the 84 configurations.

不，那太好了。我想，很抱歉我對您如何選擇 24 與 84 配置中的量子位元產生了誤解。

I wanted to move maybe to more the sort of the revenue or the business side for a minute. The company has been generating revenue of about $3 million to $3.5 million for the last five quarters. Can you just maybe spend a minute talking about the pipeline for either Novera or additional 24-qubit QPU sales that you might see this year and into next year? Is the pipeline building? Would you expect sort of an upward trend in revenue as we get into the second half of this year?

我想稍微談談收入或業務方面的問題。過去五個季度，該公司的收入約為 300 萬至 350 萬美元。您能否花一點時間談談 Novera 或今年和明年可能會看到的額外 24 量子位元 QPU 銷售的管道？管道建​​設了嗎？當我們進入今年下半年時，您預期收入會呈現上升趨勢嗎？

Or would you encourage investors to think that revenue sort of stays in this 3-ish plus or minus range until you get the technical milestone with Ankaa-3 at 99% 2-qubit fate fidelity. And once you hit that, that may be more where you may see the knee in the curve. Just any sort of thoughts on how we should be thinking about just kind of modeling the revenue ramp over the next several quarters?

或者您是否會鼓勵投資者認為收入會保持在這個 3 左右的正負範圍內，直到 Ankaa-3 實現 99% 2 量子位元命運保真度的技術里程碑。一旦你達到這個目標，你可能會在曲線中看到膝蓋。關於我們應該如何考慮對未來幾季的收入成長進行建模的任何想法？

Sure. Overall, we think in the next year or two, definitely, we expect revenues to ramp up. And that's primarily because most of the governments and national labs, if you look at the press releases coming out, they are increasing their budgets starting with the US. I mean, US is increasing its quantum budget significantly.

當然。總的來說，我們認為在未來一兩年內，我們預期收入肯定會增加。這主要是因為大多數政府和國家實驗室，如果你看一下發布的新聞稿，你會發現他們正在從美國開始增加預算。我的意思是，美國正在大幅增加其量子預算。

The bills are going through our house and Senate as we speak. But both sides seem to this bipartisan support to increase the budget quite a bit, same with UK, European countries, many Asian countries. So overall government funding for quantum computing is increasing significantly. So that's obviously a great backdrop to have, and those are our customers.

在我們發言時，這些法案正在眾議院和參議院審議。但雙方似乎都支持大幅增加預算，英國、歐洲國家和許多亞洲國家也是如此。因此，政府對量子運算的整體資助正在大幅增加。所以這顯然是一個很好的背景，而這些就是我們的客戶。

Regarding the -- one of the challenges we have is, I mean, the systems when we sell on-premise QPU systems, typically, we are pricing them in the neighborhood of $200,000 to $250,000 per qubit. So a 24-qubit system roughly is in the $5 million neighborhood, and timing of that is always difficult to predict. So -- and we are dealing with governments and national labs, obviously, and their budgets and you know how those things can be very lumpy the way the budgets get passed with bills and stuff like that.

關於我們面臨的挑戰之一，我的意思是，當我們銷售本地 QPU 系統時，通常我們的定價約為每量子位元 200,000 至 250,000 美元。因此，24 量子位元系統的價格大約在 500 萬美元左右，而且其時間總是很難預測。所以——顯然，我們正在與政府和國家實驗室打交道，還有他們的預算，你知道這些事情在預算通過法案和類似的事情時會變得非常混亂。

So exactly when we get an order from a national lab, when we can deliver and when we can recognize the revenue, it becomes a very difficult job to do. So it is going to be lumpy for the foreseeable future. We are in that 3%, 3.5% range today for sales per quarter, primarily because most of the revenues are coming from DOE, DOD and the UK government contracts.

因此，當我們收到國家實驗室的訂單時，當我們可以交付並能夠確認收入時，這將成為一項非常困難的工作。因此，在可預見的未來，它將會變得崎嶇不平。目前，我們每季的銷售額處於 3% 至 3.5% 的範圍內，主要是因為大部分收入來自能源部、國防部和英國政府合約。

And those are more predictable in nature. But when it comes to on-premise QPU orders and deliveries, it's going to be lumpy until the business becomes large enough where we get some kind of a smoothing effect. So I would say overall, the trend should be up in the next couple of years because of the increased interest in on-premise QPUs from governments and national labs. But it's going to be lumpy until we get bigger and smoothing effect starts coming in. I know you wanted a more specific answer, but I think that's the best I can give right now.

這些本質上是更可預測的。但當涉及到本地 QPU 訂單和交付時，情況會變得不穩定，直到業務變得足夠大，我們才能獲得某種平滑效果。因此，我想說，總體而言，由於政府和國家實驗室對本地 QPU 的興趣日益濃厚，未來幾年這種趨勢應該會上升。但它會變得凹凸不平，直到我們變得更大並且平滑效果開始出現。我知道您想要更具體的答案，但我認為這是我現在能給出的最佳答案。

Jeff, do you want to add anything?

傑夫，你想補充什麼嗎？

No, I think that's a good response, Subodh. That's the way I would see it, too.

不，我認為這是一個很好的回應，Subodh。我也會這麼看。

Okay. And then maybe just one quick one for you, Jeff, just OpEx should -- looks like it's been sort of hovering about $15 million on a non-GAAP basis backing out stock-based compensation. Is that sort of a decent level to be thinking about on a go-forward basis? Or do you have plans to ramp headcount?

好的。然後，也許對你來說，傑夫，OpEx 應該是一個簡單的問題——看起來，按照非 GAAP 計算，營運支出一直在 1500 萬美元左右徘徊，支持基於股票的薪酬。這是一個值得未來考慮的合適水平嗎？或是您有計劃增加員工人數嗎？

No. I think that's reasonable. I mean there'll be a few headcount adds here and there, but we aren't planning to significantly increase the headcount. So I think our recent results should really reflect our spending in the upcoming quarters.

不。我認為這是合理的。我的意思是，到處都會增加一些員工人數，但我們不打算大幅增加員工人數。因此，我認為我們最近的業績應該真正反映我們未來幾季的支出。

David Williams, Benchmark.

大衛威廉斯，基準。

I just had a question on the 24-qubit system. How quickly can you bring those up? And is the same process that you go through internally, as you're bringing a chip up for use in internal?

我剛剛有一個關於 24 量子位元系統的問題。你能多快提出這些問題？當您將晶片用於內部時，您在內部經歷的過程是否相同？

Thanks, David. So typically, when we have a new chip, the majority of the time first goes in cooling the dilution refrigeration system. We are talking about day or two days to bring the dilution refrigeration to the 10-milikelvin kind of temperatures. After that, it does depend on how long you want to optimize the performance of the chip.

謝謝，大衛。因此，通常，當我們擁有新晶片時，大部分時間首先用於冷卻稀釋冷卻系統。我們正在談論一兩天的時間將稀釋冷凍達到 10 公尺開爾文的溫度。之後，確實取決於你想要優化晶片性能多長時間。

I mean, if it starts functioning well from the get-go and most of the 9-qubit chips, we are making these days, are in that range. We can bring them up within a few hours right away (inaudible). So you're talking a couple of days to bring up the system, if you will, and then it stays stable at that condition, whatever practically until something goes wrong with the DR or somewhere else in the system.

我的意思是，如果它從一開始就運作良好，並且我們現在製造的大多數 9 量子位元晶片都在這個範圍內。我們可以在幾個小時內立即提出它們（聽不清楚）。因此，如果您願意的話，您需要花幾天時間來啟動系統，然後它會在該條件下保持穩定，無論實際情況如何，直到災難復原或系統中的其他地方出現問題為止。

24-qubit, we are learning as we go along because we don't have that much experience as we have with 9-qubit systems. But the timelines are similar, a couple of days to get the DR polled a day or two to do the initial optimization and if everything looks good, you are up and running, if we have to do more tuning and optimization depends on how extensive it is. But we are talking days here. So essentially, once the chip is ready within a few days, we can be up and urning as a system.

24 量子位元，我們正在不斷學習，因為我們沒有 9 個量子位元系統那麼多的經驗。但時間表是相似的，需要幾天時間讓DR 進行輪詢，一兩天進行初始優化，如果一切看起來都不錯，就可以啟動並運行，是否需要進行更多調整和優化取決於其範圍有多大是。但我們在這裡談論了幾天。因此，本質上，一旦晶片在幾天內準備就緒，我們就可以作為一個系統啟動並運行。

Okay. Great. And then maybe if you could talk a little bit more, and you mentioned on the Quinn's question about the government funding. But I know a couple of quarters ago, you were quite encouraged by some activity you've seen, clearly that still exist or is still the case? Can you talk about maybe any specifics or areas where you're maybe more enthusiastic about opportunities within government funding?

好的。偉大的。然後也許你可以多說一點，你在奎因的問題上提到了政府資助。但我知道幾個季度前，您對所看到的一些活動感到非常鼓舞，顯然這些活動仍然存在或仍然如此？您能否談談您對政府資助機會更感興趣的任何細節或領域？

And how big of a piece of the business do you think that that would be near term? I'm assuming with research and development, that could be a larger chunk. But how do you think about that relative to maybe some of the interest that you're receiving outside of government entities for processors?

您認為近期內該業務將佔多大？我假設透過研究和開發，這可能是一個更大的部分。但是，相對於您從政府實體之外收到的對處理者的興趣，您如何看待這一點？

I mean, overall, the government funding situation is improving nicely. There are many studies that have been done, but most of the business that is expected in the next three to four years is expected to come from the government side. So IDC ran a report a couple of months ago, and they quantified the total quantum computing business to be roughly $7.5 billion in 2027.

我的意思是，總體而言，政府資助狀況正在良好改善。已經做了很多研究，但預計未來三到四年的大部分業務預計將來自政府方面。因此，IDC 幾個月前發布了一份報告，他們將 2027 年量子運算業務總量量化為約 75 億美元。

And most of that was government spending. Longer term, once we reach the, what we call (inaudible) quantum computing or quantum advantage, then the commercial business is expected to grow significantly. So when you look at 2035 and 2040, the commercial business starts dominating the numbers when you are talking about tens of billions, if not like $100 billion kind of number.

其中大部分是政府支出。從長遠來看，一旦我們達到我們所說的（聽不清楚）量子運算或量子優勢，那麼商業業務預計將顯著成長。因此，當你展望 2035 年和 2040 年時，當你談論數百億美元（即使不是 1000 億美元的數字）時，商業業務開始主導這些數字。

That's in the commercial business, is the larger entity. But for the first $5 billion to $10 billion business, which is the next five years, it's mostly going to be government. That number is definitely in a healthy situation right now. All the governments, including US are planning to increase funding significantly for quantum computing. So we feel pretty good about that opportunity for the foreseeable future.

那是在商業領域，是更大的實體。但對於未來五年內首個 50 億至 100 億美元的業務，主要將是政府。這個數字目前絕對處於健康狀況。包括美國在內的所有政府都計劃大幅增加對量子計算的資助。因此，在可預見的未來，我們對這個機會感到非常滿意。

Krish Sankar, TD Cowen.

克里斯·桑卡爾，TD·考恩。

Sorry, this is Steven calling on behalf of Krish. First one, Subodh, in terms of the competitive environment, I think there's one or two major other modalities that are currently generating some reasonable amounts of commercial revenues.

抱歉，我是史蒂文代表克里什的電話。第一個，Subodh，就競爭環境而言，我認為還有一兩種主要的其他方式目前正在產生一些合理數量的商業收入。

And I guess just from your perspective, any thoughts on where some of the puts and takes for you guys in generating or at least gaining some mind share in the commercial revenue space? Whether it's one or two years out once you guys reach the 99% plus fidelity rates for your systems? And I guess, what kind of technical merits would allow you guys to gain the mind share with commercial customers?

我想從你們的角度來看，你們對於在商業收入領域產生或至少獲得一些思想份額方面的一些投入和付出有什麼想法嗎？當你們的系統達到 99% 以上的保真度後，是否需要一年或兩年？我想，什麼樣的技術優勢能讓你們贏得商業客戶的關注？

So certainly, I mean, the first part of your question was the competitive modalities. We feel pretty good about where we are on the superconducting modality right now. We believe it's a leading modality. I answered -- that's in our press release. I answered that in the first question. And the primary reason is our qubit count, fidelity.

當然，我的意思是，你問題的第一部分是競爭方式。我們對目前超導模式的進展感到非常滿意。我們相信這是一種領先的模式。我的回答是——這在我們的新聞稿中。我在第一個問題中就回答了這個問題。主要原因是我們的量子位元數、保真度。

But importantly, the gate speed, I think many people forget that. Gate speed is important, and we are three to four orders of magnitude faster than trapped-ion and pure atom kind of modalities. And that puts us in a huge advantageous position when it comes to practical computing.

但重要的是，門速，我想很多人都忘記了。閘速度很重要，我們比捕獲離子和純原子類型的模式快三到四個數量級。這使我們在實際計算方面處於巨大的優勢地位。

Regarding commercial opportunities, our view is that we need to demonstrate what we call narrow quantum advantage, which means better performance in terms of either speed or accuracy or better cost compared to classical computation. Before commercial as customers can do an ROI and start showing real interest, we always get a few contracts.

關於商業機會，我們的觀點是，我們需要展示所謂的窄量子優勢，這意味著與經典計算相比，在速度或準確性方面具有更好的性能，或更好的成本。在商業化之前，因為客戶可以實現投資回報並開始表現出真正的興趣，我們總是會收到一些合約。

I mean, right now, we work with companies like Moody's and HSBC and Standard Charter and a few other companies like that, who do give us some dollars for doing some specialized projects for them. And yes, we do count them as sales, obviously, but that's really not the classical commercial sales where we are giving them a quantum computer. And they can do an internal ROI and see the benefit they get with quantum computers; they can't do that today with the performance we are.

我的意思是，現在，我們與穆迪、匯豐銀行、渣打銀行以及其他一些類似的公司合作，他們確實給我們一些美元，讓我們為他們做一些專門的專案。是的，顯然，我們確實將它們算作銷售額，但這實際上並不是我們向他們提供量子電腦的經典商業銷售。他們可以進行內部投資回報率並查看使用量子電腦獲得的好處；以我們今天的表現，他們無法做到這一點。

So in the current era, which is called NISQ era, noisy intermediate-scale quantum computing, we really don't think commercial customers are going to show much interest, except for cursory search level interest. So most of the business that we see in the next three to five years at least is going to be dominated by government and national lab type customers.

因此，在當前的時代，即 NISQ 時代，即嘈雜的中規模量子計算時代，我們確實認為商業客戶不會表現出太大的興趣，除了粗略的搜尋級別的興趣。因此，我們至少在未來三到五年內看到的大部分業務將由政府和國家實驗室類型客戶主導。

I know some of our competitors are saying more about commercial customers and the interest that they are seeing. As I said, we do talk to a few, and there is some research level interest, but it's not like they are really interested in buying a 24-qubit or a 84-qubit quantum computer for their data center and then hook it up with their HPC.

我知道我們的一些競爭對手更多地談論了商業客戶以及他們所看到的興趣。正如我所說，我們確實與一些人進行了交談，並且有一些研究層面的興趣，但他們並不真正有興趣為他們的數據中心購買 24 量子位元或 84 量子位元量子計算機，然後將其與他們的高效能運算。

And if they are not talking to the superconducting people like us, I doubt if they are talking to other modalities like trapped-ion and pure atom. I mean, right now, if you put a GPU next to a trapped-ion or pure atom quantum computer, I mean, you're literally dealing with four to five orders of magnitude.

如果他們不是在與像我們這樣的超導人交談，我懷疑他們是否在與其他形式（如俘獲離子和純原子）交談。我的意思是，現在，如果你將 GPU 放在捕獲離子或純原子量子電腦旁邊，我的意思是，你實際上正在處理四到五個數量級。

I mean, the GPU will be idle for most of the time that the quantum computer has to keep churning. And it doesn't make any sense when you have four and five orders of magnitude clock speed difference between a GPU and a trapper-ion or a pure atom computer. So I doubt if any commercial customer is really going to put any kind of quantum computer in the data center until we get over that MQA threshold and have clock speeds that are commensurate with their HPC servers. Hopefully, that answers your question.

我的意思是，在量子電腦必須保持運轉的大部分時間裡，GPU 都會處於空閒狀態。當 GPU 和捕獲離子或純原子計算機之間有四到五個數量級的時脈速度差異時，它沒有任何意義。因此，我懷疑是否有任何商業客戶真的會在資料中心放置任何類型的量子計算機，直到我們超過 MQA 閾值並擁有與其 HPC 伺服器相稱的時脈速度。希望這能回答你的問題。

It does. Thank you so much for that color. And a couple of quick follow-ups for the current Ankaa-3 or the upcoming Ankaa-3 84-qubit chip milestones. Once you guys hit or reach and exceed that 99% fidelity rate exiting this year, what are the thoughts on potential timing of generating GPU chip sale from Ankaa-3? Would that be like one, two, three quarters after you guys reach the technical milestones here?

確實如此。非常感謝你的那種顏色。還有對當前 Ankaa-3 或即將推出的 Ankaa-3 84 量子位元晶片里程碑的一些快速跟進。一旦你們達到或達到並超過今年推出的 99% 保真率，對 Ankaa-3 產生 GPU 晶片銷售的潛在時機有什麼想法？在你們達到技術里程碑之後，這會是一個、兩個、三個季度嗎？

So our plan really is to get Ankaa-3, the 84-qubit chip 99-plus percent level. Fidelity 2 -- median 2-qubit gets fidelity by the end of this year, as we have stated. After that, as we have said, we want to increase the qubit count. But at the same time, we want to keep increasing fidelity, and we frankly prioritize fidelity over qubit count. So we will look at where to go next and some of the words that we have disclosed today. And then we have disclosed in scientific journals this whole concept of modular chiplet effectively.

因此，我們的計劃實際上是獲得 Ankaa-3，即 99% 以上水平的 84 量子位元晶片。保真度 2——正如我們所說，到今年年底，中位數 2 量子位元將達到保真度。之後，正如我們所說，我們想要增加量子位元數。但同時，我們希望不斷提高保真度，坦白說，我們優先考慮保真度而不是量子位元數。因此，我們將看看下一步該做什麼以及我們今天披露的一些內容。然後我們在科學期刊上有效地揭露了模組化小晶片的整個概念。

So we have demonstrated that you can do quantum computation with a chiplet like concept. And we definitely want to -- we have a lot of IP in that area. We have a lot of know-how in that area. And we definitely want to leverage all that. So we are looking at -- once we get to Ankaa-3, are we going to be timing 84-qubit, if so how many times or are we going to take a subset of 84, like a 9-quit or 24-qubit and do timing of that? And if so, how many?

因此，我們已經證明您可以使用類似小晶片的概念進行量子計算。我們絕對希望——我們在該領域擁有大量知識產權。我們在該領域擁有大量專業知識。我們絕對希望利用這一切。因此，我們正在研究 - 一旦我們到達 Ankaa-3，我們是否會對 84 量子位元進行計時，如果是的話，我們將採用多少次或我們將採用 84 的子集，例如 9 量子位元或 24 量子位元並進行計時？如果有的話，有多少？

So we are going through those calculations and plans right now. But certainly, we will continue to improve fidelity and qubit count 2025. That's where I believe -- we believe the narrow quantum advantage that we have talked in the past. A, it's going to need obviously very higher qubit count than where we are right now and certainly a little higher fidelity than where we are right now.

所以我們現在正在進行這些計算和計劃。但可以肯定的是，到 2025 年，我們將繼續提高保真度和量子位元數。這就是我所相信的——我們相信我們過去談論過的狹隘量子優勢。答，顯然它需要比我們現在更高的量子位元數，當然也需要比我們現在更高的保真度。

Exact numbers, it's not clear, but we certainly think between the fidelity improvement and qubit count improvement, we plan to achieve next year. We should be able to demonstrate narrow quantum advantage before the end of next year. That's our current plan. Hopefully, I answered your question.

確切的數字尚不清楚，但我們當然認為我們計劃明年實現保真度改進和量子位元數改進之間的目標。我們應該能夠在明年年底前展現窄量子優勢。這就是我們目前的計劃。希望我回答了你的問題。

Yes. And then just a last quick one for Jeff. Jeff, just a quick question on the at-the-market sales program. I know the market volatility has led to a lot of dispersion valuation. But just kind of curious, like in terms of when you guys might next utilize the program?

是的。接下來是傑夫最後的快速發言。傑夫，我想問一個關於市場銷售計劃的簡單問題。我知道市場的波動導致估值出現很大的分散。但只是有點好奇，例如你們下次什麼時候會使用這個程式？

Would it be based on certain timing relative to your financial planning? Or is it just being opportunistic relative to any recovery in the stock valuation?

它會基於與您的財務規劃相關的特定時間嗎？或者只是相對於股票估值的復甦而言是機會主義的？

Yes. Thanks. I mean I certainly would definitely be more opportunistic, I think. Certainly, we're sensitive to the share price and the current pullback given the overall pullback in the market. So I think going forward, we would tend to look at it opportunistically and go from there.

是的。謝謝。我的意思是，我想我肯定會更有機會主義。當然，考慮到市場的整體回調，我們對股價和當前的回檔很敏感。所以我認為展望未來，我們會傾向於機會主義地看待它並從那裡開始。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

I just wanted to follow-up. I have two questions. The first one is on the progress you're making on the road map and how it's impacting the pipeline. You've obviously talked about it at nauseam. You moved from a 9-qubit to 24 at 99% fidelity.

我只是想跟進。我有兩個問題。第一個是關於您在路線圖上的進展以及它如何影響管道。你顯然已經在噁心地談論它了。您以 99% 的保真度從 9 個量子位元遷移到 24 個量子位元。

Is there a way to quantify the pipeline of how many national labs maybe you're talking to or in active discussions with versus maybe a year ago? Is that having an impact on that pipeline?

有沒有一種方法可以量化您可能正在與多少​​個國家實驗室交談或正在積極討論與一年前的情況相比？這對管道有影響嗎？

Good question, Brian. So yes, absolutely, the pipeline continues to increase. So there are many national labs we are talking to right now, certainly, the DOE labs, DOD labs. But UK obviously chose us over competition for delivering the 24-qubit system this year.

好問題，布萊恩。所以，是的，絕對，管道繼續增加。我們現在正在與許多國家實驗室進行交談，當然還有能源部實驗室、國防部實驗室。但英國顯然選擇了我們，而不是今年交付 24 量子位元系統的競爭。

But you go around Europe and Asia, pretty much many countries advanced economies, I would say, are viewing quantum computing as very strategic, and they each have their plan on how they want to play in the quantum computing era. And many of them view superconducting quantum computing as the leading modality of any many regions that we have talked about in the past.

但你環顧歐洲和亞洲，我想說，幾乎許多已開發經濟體都將量子計算視為非常具有戰略意義的，並且他們每個人都有自己的計劃來決定如何在量子計算時代發揮作用。他們中的許多人將超導量子運算視為我們過去討論過的許多領域的主導模式。

And they are talking to us -- I assume that they are talking to some of our other larger tech competitors as well. But they are definitely taking a close look. But overall, the pipeline is definitely much larger today than what it was a year ago when we were dealing with mid-90s or fidelity, as we have approached -- and our 9-qubit is already well past 99%.

他們正在與我們交談——我認為他們也在與我們其他一些較大的科技競爭對手進行交談。但他們肯定正在仔細觀察。但總體而言，今天的管道肯定比一年前我們處理 90 年代中期或保真度時要大得多，正如我們所接近的那樣，我們的 9 量子位元已經遠遠超過了 99%。

We are in the 99.3% median 2-qubit gate fidelity for 9-qubit. We are at approach 99% for -- we are at 99% for 24-qubit now. And our customers see that certainly, the value that this team when we get those kinds of fidelities at that kind of qubit count, with that gate speed becomes very attractive for them to start thinking tactical applications.

對於 9 量子位，我們的 2 量子位元閘保真度中位數為 99.3%。對於 24 量子位，我們現在已經接近 99%。我們的客戶當然看到了，當我們在那種量子比特數上獲得這種保真度時，這個團隊的價值以及這種門速度對他們開始考慮戰術應用變得非常有吸引力。

They're still in research stage, but they are starting to see how this all fits them. So the pipeline definitely has increased. The national labs of most advanced countries are beginning to take an active interest in quantum computing. Each country is slightly different in the way they pass their budgets and how it goes to the various parliamentary bodies, if you will, and on which national labs take the lead and so on.

他們仍處於研究階段，但他們開始了解這一切是否適合他們。所以管道肯定增加了。大多數已開發國家的國家實驗室開始對量子計算表現出積極的興趣。每個國家透過預算的方式以及預算如何進入各個議會機構（如果你願意的話）以及哪個國家實驗室帶頭等等都略有不同。

So timelines can be different for different countries. But overall, the pipeline is a lot bigger today and a lot healthier today than what it was a year ago.

因此，不同國家的時間表可能有所不同。但總體而言，今天的管道比一年前更大，也更健康。

Great. My second question, my follow-up is, you could speak to your ability to hire and retain top talent as employee turnover remained low, while the excitement at Rigetti of improving and progressing on the road map continues.

偉大的。我的第二個問題，我的後續問題是，您可以談談您僱用和留住頂尖人才的能力，因為員工流動率仍然很低，而 Rigetti 對路線圖的改進和進步的興奮仍在繼續。

Great question. We look at our attrition rate very, very seriously. And we are in -- obviously, most of our employees are in the Bay Area where in general, the tech market is very good, as you know. Our attrition rate has been extremely low, much, much lower than an average company in the Northern California region, and certainly a lot lower than when I came in the company just about 18 months ago.

很好的問題。我們非常非常認真地看待我們的員工流動率。顯然，我們的大多數員工都在灣區，正如你所知，總的來說，那裡的科技市場非常好。我們的員工流動率非常低，比北加州地區的平均公司低很多，當然也比我 18 個月前剛進入公司時低得多。

And most of it is because people see where we are headed. They like the fact that we are hitting our milestones. We are executing our road map very well. And they see the bright future ahead for when we reach this 100-qubit type numbers at the 99.5%-plus level, and we think will be there in a year or so.

大部分是因為人們看到了我們的發展方向。他們喜歡我們正在達到里程碑的事實。我們正在很好地執行我們的路線圖。當我們達到 99.5% 以上的水平時，他們看到了光明的未來，我們認為這將在一年左右的時間內實現。

That makes quantum computing really practically feasible for many interesting applications. So our employees see the NQA around the corner, they see the potential, they see the interest. So excitement is high and moral is very, very good. And that usually means much lower attrition, right? And that's what we are seeing.

這使得量子計算對於許多有趣的應用來說確實可行。因此，我們的員工看到了 NQA 即將到來，他們看到了潛力，他們看到了興趣。所以興奮度很高，道德也非常非常好。這通常意味著人員流失率要低得多，對吧？這就是我們所看到的。

So we really haven't lost any key employees in the last at least six months and maybe getting close to nine months or so, right now. So we feel really good about the employee situation right now.

因此，在過去至少六個月，甚至現在可能接近九個月左右的時間裡，我們確實沒有失去任何關鍵員工。所以我們現在對員工的情況感覺非常好。

That concludes our Q&A session. I will now turn the conference back over to Subodh Kulkarni for closing remarks.

我們的問答環節到此結束。現在，我將把會議轉交蘇博德·庫爾卡尼 (Subodh Kulkarni) 致閉幕詞。

Thank you for your interest and questions. We look forward to updating you with your progress as the year continues. Thank you again.

感謝您的興趣和提問。我們期待在這一年向您通報您的最新進展。再次感謝您。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。