Rigetti Computing Inc (RGTI) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the Rigetti Computing first-quarter 2025 Financial results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. (Operator Instructions) As a reminder, today's program is being recorded, and now I'd like to introduce your host for today's program, Subodh Kulkarni, President and Chief Executive Officer. Please go ahead, sir.

感謝您的支持，歡迎參加 Rigetti Computing 2025 年第一季財務業績電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。（操作員指示）提醒一下，今天的節目正在錄製，現在我想介紹今天節目的主持人，總裁兼首席執行官 Subodh Kulkarni。先生，請繼續。

Good afternoon, and thank you for participating in Rigetti's earnings conference call covering the first quarter ended March 31, 2025. Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview.

下午好，感謝您參加 Rigetti 截至 2025 年 3 月 31 日的第一季財報電話會議。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回顧我們的表現。

We will be pleased to answer your questions at the conclusion of our remarks. We would like to point out that this call and Rigetti’s first quarter ended March 31, 2025 press release contain forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future operating results.

我們將很高興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 截至 2025 年 3 月 31 日的第一季度新聞稿包含有關當前預期、目標以及對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, 2024 or Form 10-Q for the three months ended March 31, 2025, and other documents filed by the company from time to time with the Securities and Exchange Commission.

這些前瞻性陳述受多種風險和不確定因素的影響，可能導致實際結果與所述結果存在重大差異，並在我們截至 2024 年 12 月 31 日止年度的 10-K 表或截至 2025 年 3 月 31 日止三個月的 10-Q 表以及公司不時向美國證券交易委員會提交的其他文件中進行了更詳細的討論。

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.

這些文件識別並解決了可能導致實際事件和結果與前瞻性陳述中所述的大不相同的重要風險和不確定性。

We urge you to review these discussions of risk factors. Today, I'm pleased to report on a number of new developments at AD Computing.

我們敦促您審查這些有關風險因素的討論。今天，我很高興地報告 AD Computing 的一些新進展。

As previously disclosed, we have been selected to participate in DARPA's quantum benchmarking initiative. Rigettiadvance to stage a six-month performance period focused on our utility scale quantum computer concept. Our proposed concept to design and build a utility scale quantum computer combines our proprietary multi-chip architecture with scalable quantum error correction or QEC codes.

如前所述，我們已被選中參與 DARPA 的量子基準測試計劃。Rigettiadvance 將進行為期六個月的演練，重點關注我們的實用規模量子電腦概念。我們提出的設計和建造實用規模量子電腦的概念將我們專有的多晶片架構與可擴展的量子糾錯或 QEC 碼相結合。

Our long-time partner and leader in QVC code Tech technology, River Lane, will collaborate with us on this project to help refine our proposed utility scale quantum computer concept and validate the underlying technology.

我們的長期合作夥伴和 QVC 程式碼技術領導者 River Lane 將與我們合作進行該項目，以幫助完善我們提出的實用規模量子電腦概念並驗證底層技術。

I'm also very excited about our recent AFOSR award to further develop our breakthrough chip fabrication technology, Alternating Buyers Assisted Annealing or ABAA.

我也對我們最近獲得的 AFOSR 獎項感到非常興奮，這將進一步發展我們突破性的晶片製造技術——交替買家輔助退火 (ABAA)。

We will need a $5.48 million consortium consisting of Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and Lawrence Livermore National Laboratory to develop a detailed understanding of how AVAA impacts the chip on a microscopic level which aims to shed light on defects in superconducting qubits and open new avenues for understanding and mitigating them.

我們需要由愛荷華州立大學、皇家墨爾本理工大學、康乃狄克大學和勞倫斯利弗莫爾國家實驗室組成的聯盟，投入 548 萬美元，詳細了解 AVAA 如何在微觀層面上影響晶片，旨在揭示超導量子比特中的缺陷，並為理解和緩解這些缺陷開闢新的途徑。

We have also been awarded three innovate UK Quantum Miss Pilot Awards to advance superconducting quantum computing. We will collaborate with Rivermaine and the National Quantum Computing Center or NQCC superconducting circuits team to advance quantum error correction capabilities on superconducting quantum computers.

我們還獲得了三項英國量子小姐飛行員創新獎，以推動超導量子運算的發展。我們將與 Rivermaine 和國家量子計算中心或 NQCC 超導電路團隊合作，提高超導量子電腦的量子糾錯能力。

The consortium will conduct ambitious QEC tests that advance state of the art metrics and demonstrate real-time QEC capabilities, a requirement for universal fault tolerant quantum computing.

該聯盟將進行雄心勃勃的 QEC 測試，以推進最先進的指標並展示即時 QEC 能力，這是通用容錯量子運算的要求。

As part of the project, we will also upgrade our existing quantum computer currently deployed at the NQCC.

作為專案的一部分，我們還將升級目前部署在 NQCC 的現有量子電腦。

The upgrades will include deploying a larger 36 qubit quantum processing unit and integrating Rigetti’s latest generational control system, enabling improved qubit control, and a fully programmable low latency interface with Rivermaine’s QEC stack.

升級將包括部署更大的 36 量子位元量子處理單元並整合 Rigetti 的最新一代控制系統，從而實現改進的量子位元控制，以及與 Rivermaine 的 QEC 堆疊的完全可編程低延遲介面。

We were also awarded two additional quantum missions pilot com competition projects.

我們還獲得了另外兩個量子任務試點通訊競賽項目。

We will collaborate with CQC to integrate its digital chip-based technology with our 9 qubit Novera QPU hosted at the NQCC with the goal of identifying and understanding the key components needed for scalable QEC.

我們將與 CQC 合作，將其基於數位晶片的技術與我們在 NQCC 託管的 9 量子位元 Novera QPU 相結合，目的是識別和了解可擴展 QEC 所需的關鍵組件。

We will also collaborate with TEC, Qurros, Control, and Oxford Ionics to create an open architecture quantum computing test bed and deliver an open specification for quantum workflows, creating a common interface between quantum software and hardware.

我們還將與 TEC、Qurros、Control 和 Oxford Ionics 合作創建一個開放式架構量子運算測試平台，並為量子工作流程提供開放規範，在量子軟體和硬體之間建立通用介面。

On the technical update front, our joint paper with Harvard University, Massachusetts Institute of Technology, and University of Chicago, coherent control of a superconducting qubit using light has been published in Nature Physics.

在技​​術更新方面，我們與哈佛大學、麻省理工學院和芝加哥大學共同發表的論文《利用光線對超導量子位元進行相干控制》已在《自然物理學》雜誌上發表。

Poll quantum computing will likely require 10,000 to 1 million physical qubits.

輪詢量子運算可能需要 10,000 到 100 萬個實體量子位元。

Scaling the systems is challenging because they require bulky microwave components with high thermal loads that can quickly overwhelm the cooling power of a dilution refrigerator.

擴展系統是一項挑戰，因為它們需要體積龐大、熱負荷高的微波組件，而這些組件很快就會超過稀釋冷凍機的冷卻能力。

Optical signals have a considerably smaller footprint and negligible thermal conductivity.

光訊號的佔用空間相當小，熱導率可以忽略不計。

The team successfully demonstrated the integration of a hybrid microwave optical quantum transducer with an irrigated fabricated superconducting qubit.

該團隊成功展示了混合微波光量子換能器與灌溉製造的超導量子位元的整合。

This hybrid setup enables optical control of the qubit, removing the need for coax lines, and provides a promising approach to scaling to higher qubit count systems.

這種混合設定可以實現對量子位元的光學控制，無需同軸電纜，並為擴展到更高量子位元計數系統提供了一種有前途的方法。

We also recently leveraged our new quantum optimization algorithm, quantum preconditioning where there is a power energy grid problem. Using a public data set representing South Carolina's energy grid, the problem was to compute the maximum power exchange section, a metric that informs of the health and power delivery capability of the energy network.

我們最近也利用了新的量子最佳化演算法，即量子預處理​​來解決電力能源網問題。使用代表南卡羅來納州能源網的公共數據集，問題是計算最大電力交換部分，這是衡量能源網路健康和電力傳輸能力的指標。

Using Rigetti's 84 qubit Ankaa-3 system, quantum preconditioning was used to boost best in class classical optimizers. A relative advantage against the classical baseline was achieved along with a high solution accuracy, highlighting the potential for quantum preconditioning to achieve quantum utility for solving practical optimization problems.

使用 Rigetti 的 84 量子位元 Ankaa-3 系統，量子預處理​​用於增強一流的經典優化器。與經典基線相比，它具有相對優勢，並且具有較高的解決精度，凸顯了量子預處理​​在解決實際最佳化問題方面實現量子效用的潛力。

Finally, I'm pleased to report that Rigetti has closed its previously announced investment by Quanta Computer Inc, Related to our strategic collaboration agreement.

最後，我很高興地報告，Rigetti 已經完成了先前宣布的廣達電腦公司的投資，這與我們策略合作協議有關。

In connection with the closing in late April, Quanta purchased approximately $35 million worth of Rigetti common stock at roughly $11.09 per share.

在 4 月底的交易完成之際，廣達以每股約 11.09 美元的價格收購了價值約 3,500 萬美元的 Rigetti 普通股。

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

謝謝。傑夫現在將對我們最近的財務表現發表一些評論。

Thanks, Subodh. Revenues in the first quarter of 2025 were $1.5 million compared to $3.1 million in the first quarter of 2024. Renewal of the US National Quantum Initiative, sales to US and foreign governments, and Novera are all important to future sales.

謝謝，Subodh。2025 年第一季的營收為 150 萬美元，而 2024 年第一季的營收為 310 萬美元。美國國家量子計畫的更新、對美國和外國政府的銷售以及 Novera 都對未來的銷售至關重要。

Gross margins in the first quarter of 2025 came in at 30% compared to 49% in the first quarter of 2024. The lower gross margins on a yearover-year basis were due to ongoing revenues from our contract with the UK's NQCC to deliver a 24 qubit quantum system which has a lower gross margin profile than most of our other revenue.

2025 年第一季的毛利率為 30%，而 2024 年第一季的毛利率為 49%。毛利率年減的原因是，我們與英國 NQCC 簽訂的合約帶來了持續收入，該合約交付了 24 量子位元量子系統，其毛利率低於我們的大部分其他收入。

On the expense side, total OpEx in the first quarter of 2025 was $22.1 million compared to $18.1 million in the same period of the prior year.

在費用方面，2025 年第一季的總營運支出為 2,210 萬美元，而去年同期為 1,810 萬美元。

The increase in total OpEx effects was due to annual salary increases, new hires, higher FICA taxes related to the vesting of RSUs and the increase in our stock price, and a reduction in the amount of engineering time used to deliver revenue.

總營運支出效應的增加是由於年度薪資增加、新員工招募、與 RSU 歸屬相關的更高的 FICA 稅和我們股價的上漲，以及用於實現收入的工程時間的減少。

Higher stock compensation expenses for employee spot bonuses also contributed to the increase. Stock compensation expense for the first quarter of 2025 was $4.2 million compared to $3 million for the first quarter of 2024.

員工現貨獎金的股票薪酬費用增加也導致了這種成長。2025 年第一季的股票薪酬費用為 420 萬美元，而 2024 年第一季的股票薪酬費用為 300 萬美元。

Our operating loss for the first quarter of 2025 came in at $21.6 million compared to $16.6 million in the prior-year period.

2025 年第一季的營業虧損為 2,160 萬美元，而去年同期的營業虧損為 1,660 萬美元。

We recorded $42.6 million of net income for the first quarter of 2025 compared to a net loss of $20.8 million in the prior year period. Our net income for the first quarter of 2025 was driven by the non-cash changes in the fair value of our derivative warrant and earnout liabilities, which had a $62.1 million favorable impact on net income for the quarter.

2025 年第一季度，我們的淨收入為 4,260 萬美元，而去年同期的淨虧損為 2,080 萬美元。我們 2025 年第一季的淨收入受到衍生認股權證和盈利負債公允價值的非現金變動的推動，這對本季度淨收入產生了 6,210 萬美元的有利影響。

Derivative warrant and earnout liabilities had a $4.2 million unfavorable impact on our net loss for the first quarter of 2024.

衍生認股權證和獲利負債對我們 2024 年第一季的淨虧損產生了 420 萬美元的不利影響。

As of April 30, 2025, following the closing of the previously announced share purchase by Quanta Computer, cash, cash equivalents and available for sale investments totaled $237.7 million.

截至 2025 年 4 月 30 日，廣達電腦先前宣布的股份收購完成後，現金、現金等價物和可供出售投資總額為 2.377 億美元。

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。

Brian Kinzinger, Alliance Global Partners.

布萊恩金辛格 (Brian Kinzinger)，Alliance Global Partners 成員。

Great, thanks so much for taking my question. In the past, you highlighted that chip tying is expected to get Rigetti to 36 qubits at mid-year and over 100 by the end of '25 at fidelity rates of 99.75%. I'm curious, we're just a month and a half away from mid-year. Can you speak to the progress you're making on tiling, and do you think that these time frames are still reasonable?

太好了，非常感謝您回答我的問題。過去，您曾強調，預計晶片綁定將使 Rigetti 在年中達到 36 個量子比特，到 25 年底達到 100 個量子比特以上，保真度達到 99.75%。我很好奇，距離年中只有一個半月了。您能談談您在鋪磚方面的進展嗎？您認為這些時間框架仍然合理嗎？

Sure, thanks, man, for your question. Indeed, deploying chiplets is a very critical part of our strategy because we believe that's the -- a real good way to scale up a number of qubits as we go forward using monolithic dye that we have used in the past along with many of our peers, works obviously and we have systems that are deployed that are doing well, but we see a significant challenge in squeezing more qubits on a single monolithic tile, which is why we deployed the chiplet approach. In the past we have deployed two chiplets in a system, and then last year we announced that we have done that with two 9-qubits chiplets at a much higher fidelity level.

當然，謝謝你的提問。事實上，部署小晶片是我們戰略中非常關鍵的一部分，因為我們相信，這是一種擴大量子比特數量的真正好方法，因為我們將繼續使用我們過去和許多同行使用過的單片染料，效果明顯，而且我們部署的系統運行良好，但我們看到，在單個單片瓦片上擠壓更多量子，這就是我們部署小晶片比特方法的原因。過去，我們在一個系統中部署了兩個晶片，去年我們宣布，我們已經使用兩個 9 量子位元晶片以更高的保真度實現了這一目標。

We feel pretty confident that the chiplate approach, with the 49 qubit chiplets sometime middle of this year and taking it over 100 qubits by the end of this year is going to work. All the data looks promising. We feel optimistic that we should be able to disclose our results as time goes on. I don't have anything specific to report. I mean, as we have said in the past, our two attempts with two chiplets have worked. All the fundamental data suggests that our attempts with 4 and eventually with multiple chiplets is going to work.

我們非常有信心，chipplate 方法將會奏效，該方法將在今年年中某個時候推出 49 個量子位元的晶片，到今年年底將其擴展到 100 個量子位元以上。所有數據看起來都很有希望。我們樂觀地認為，隨著時間的推移，我們應該能夠揭露我們的成果。我沒有什麼具體的事情要報告。我的意思是，正如我們過去所說的那樣，我們對兩個小晶片的兩次嘗試都成功了。所有基本數據表明，我們採用 4 個以及最終採用多個晶片的嘗試將會成功。

This is not just important for RED, but it's frankly important for the whole industry because this is the only way we see how you scale up the qubit counts. Some of the companies in superconducting have tried to do larger monolithic chips and they haven't worked quite well.

這不僅對 RED 很重要，而且坦白說對整個產業都很重要，因為這是我們了解如何擴大量子位元數量的唯一方法。一些超導公司曾嘗試製造更大的單晶片，但效果並不理想。

And frankly the other modalities are significantly behind the superconducting modality in terms of qubit count. So we really don't see them coming to hundreds and thousands of qubits. So we really believe that chiplets is the right way to scale up superconducting qubits and show a path towards the four and quantum computing systems. Hope that answers your question, Brian.

坦白說，就量子位元數而言，其他模式明顯落後於超導模式。所以我們確實不認為它們能達到數百或數千個量子位元。因此，我們確實相信，小晶片是擴大超導量子位元規模的正確方法，並指明了通往量子運算系統的道路。希望這能回答你的問題，布萊恩。

For sure, absolutely. I have one follow up and then I'll get back in the queue. I know there were some hearings recently regarding the NQI reauthorization Act. I'm curious what you're hearing in regards to the new funding bill and how you think about it and when it might get approved, or what you're hearing.

肯定是，絕對的。我有一個後續事宜，然後我會回到隊列中。我知道最近有一些關於 NQI 重新授權法案的聽證會。我很好奇您對新的融資法案有何看法，您如何看待它以及它何時可能獲得批准，或者您聽到了什麼。

Yes, certainly the NQA reauthorization Act seems to have bipartisan support in our government, and there are multiple versions of the bills that have been floated both in the House and Senate. As of today, it hasn't passed yet, and even after it passes, there is always a time for the money to be appropriated. So we are talking at least a couple of months from now before we actually start seeing money flow out of the NQI reauthorization bill.

是的，NQA 重新授權法案似乎得到了我們政府兩黨的支持，並且眾議院和參議院都提出了多個版本的法案。到今天為止，它還沒有通過，而且即使通過了，也總有撥錢的時候。因此，我們談論的是至少從現在起幾個月後我們才能真正開始看到資金從 NQI 重新授權法案中流出。

Many of us, we for sure, but many quantum computing companies are eagerly awaiting for the NQI reauthorization to pass. We are pretty optimal based on (technical difficulty)

我們中的許多人，當然，但許多量子計算公司都在熱切地等待 NQI 重新授權的通過。我們非常優化基於（技術難度）

Great, thank you.

太好了，謝謝。

Thanks.

謝謝。

David Williams, The Benchmark Company.

大衛威廉斯（David Williams），基準公司。

Hey, good afternoon, gentlemen. Thanks for letting me ask the question here. I guess maybe first on the DARPA contract that you won, you give a little more information about that. I know this is phase one, but how do you expect that to proceed and what should we be looking for in terms of milestones?

嘿，先生們，下午好。感謝您允許我在這裡提出這個問題。我想也許首先您可以就您贏得的 DARPA 合約提供更多相關資訊。我知道這是第一階段，但您預計它將如何進行，以及我們應該尋找什麼樣的里程碑？

So thanks for the question, David. I mean, DARPA Quantum Benchmarking Initiative project is an extremely critical project for the country. Its goal is to build utility scale quantum computing by -- in the next seven years. Really, I mean, we have used words like fault tolerant quantum computing in the past, and essentially it means the same thing, something that really shows value over the cost is the way our defines it.

謝謝你的提問，大衛。我的意思是，DARPA 量子基準測試計畫計畫對國家來說是一個極為重要的計畫。其目標是在未來七年內建立實用規模的量子計算。真的，我的意思是，我們過去曾使用過容錯量子計算這樣的詞，本質上它們意味著同一件事，某種真正體現價值而非成本的東西就是我們對它的定義。

Our view is to deliver a system like that you need tens of thousands if not hundreds of thousands of physical qubits, you need better than 99.9% median two qubit gate fidelity, you need faster than 10 nanoseconds gauge speed and you need real-time error correction code. So once again more than 10,000 qubuts, more than 99.9% median 2 qubit gate fidelity faster than 10 nanosecond gauge speed and real-time error correction.

我們的觀點是，要提供這樣的系統，你需要數萬甚至數十萬個實體量子位元，你需要優於 99.9% 中位數的兩量子位元閘保真度，你需要比 10 奈秒更快的測量速度，你需要即時糾錯碼。因此，再次超過 10,000 個量子位元，超過 99.9% 的中位數 2 量子位元閘保真度，速度快於 10 奈秒，並且即時糾錯。

Once you get those kinds of numbers, we believe one will achieve DARPA's milestone of utility scale quantum computing or what we have commonly referred to in the past as fault to on quantum computing. Extremely important project for the country. We are proud to be selected as the group for selected for phase A. In a way it's a vetting process. Our understanding is more than 100 companies applied for that. DARPA has chosen 15 companies, within the superconducting camp, along with us, it's basically IBM and HP, I believe, and there are some other modalities DARPA has also chosen.

一旦獲得這些數字，我們相信人們將實現 DARPA 實用規模量子計算的里程碑，或我們過去通常所說的量子計算的故障。對於國家來說極為重要的項目。我們很榮幸被選為 A 階段的入選團體。從某種程度上來說，這是一個審查過程。據我們了解，已有 100 多家公司提出申請。DARPA 已經在超導陣營中選擇了 15 家公司，我相信，除了我們之外，基本上還有 IBM 和 HP，此外 DARPA 還選擇了一些其他形式的公司。

This is called phase A. Over the next six months, DARPA is going to announce the winners of the next Phase B. We expect the number to go down significantly from 15. The actual number will depend on the progress that various companies accomplish.

這被稱為 A 階段。在接下來的六個月內，DARPA 將宣布下一階段 B 的獲勝者。我們預計獲勝者的數量將從 15 個大幅下降。實際數字將取決於各家公司所取得的進展。

We don't know exactly what other companies are doing. From our standpoint, we know exactly what our plan is, and it comes back to what we have publicly stated. We want to demonstrate chiplets. We want to demonstrate higher fidelity than what we have done already. Our current system, as you are probably aware, is at 84 qubit width.

我們不知道其他公司具體在做什麼。從我們的立場來看，我們清楚地知道我們的計劃是什麼，它回歸到我們公開聲明的內容。我們想要示範小晶片。我們希望展示比已經完成的更高的保真度。您可能知道，我們目前的系統是 84 量子位元寬度。

99% or 99.5% median to cubit gate fidelity depending on what kind of gates you use, we want to bump that number over 100 qubits but using chiplets and bump the fidelity up to 99.5% to 99.7% again depending on what kind of gates you use. So we know what we have to do to get from phase A to phase B. We, I assume other companies will be doing their part as well.

99% 或 99.5% 的中位數到立方比特閘保真度取決於您使用的閘門類型，我們希望將該數字提高到 100 個量子位元以上，但使用小晶片，並將保真度再次提高到 99.5% 到 99.7%，具體取決於您使用的閘類型。所以我們知道要從 A 階段進入 B 階段我們必須做什麼。我認為其他公司也會盡自己的一份心力。

DARPA has said they will narrow the list down in Phase B and ultimately in Phase C. Eventually in a year, one year and a half, maybe two years from now, we expect one or maybe two companies are left in that process. Our goal clearly is to be in that final group. That's where the real substantial award will be awarded to build a final quantum computer. So in a way, our view is DARPA vetting process is a nice validation of our technology. We are proud to be part of the group that has been selected for 15. We certainly want to be part of the next group and the work beyond that. Hope that answers your question.

DARPA 表示，他們將在 B 階段縮小名單，並最終在 C 階段縮小名單。最終，在一年、一年半或兩年後，我們預計在這個過程中會剩下一家或兩家公司。我們的目標顯然是進入最後一組。這就是建造最終的量子電腦的真正實質獎項將頒發的地方。因此，從某種程度上來說，我們認為 DARPA 的審查過程是對我們技術的良好驗證。我們很榮幸成為被選為 15 強的團隊的一員。我們當然希望成為下一批成員並繼續從事後續工作。希望這能回答你的問題。

It does, thanks so much. It's exciting to be a part of that initial group. Are there revenues that are associated with each one of those phases as you're making contributions towards those specs?

確實如此，非常感謝。成為最初團隊的一員是令人興奮的。當您為這些規格做出貢獻時，每個階段是否都有相關的收入？

Yeah, there are some revenues and we have disclosed that the phase A is a $1 million award. We view it in a very strategic sense. I mean, as we have discussed before, our focus as a company is on R&D and technology milestones. Some of these government projects do come with sizable awards. In this case, Phase A is relatively small. phase B, the number will increase significantly, and phase C certainly the number will increase quite a bit.

是的，有一些收入，我們已經披露 A 階段的獎勵是 100 萬美元。我們從戰略角度來看它。我的意思是，正如我們之前討論過的，我們公司的重點是研發和技術里程碑。其中一些政府項目確實獲得了巨額獎勵。在這種情況下，A階段相對較小。 B階段，數量會大幅增加，而C階段，數量一定會增加不少。

So our view right now is this is we view. This is a very strategic kind of a project, not really from a monetary standpoint.

所以我們現在的觀點就是我們的觀點。這是一個非常具有戰略意義的項目，並非僅從金錢角度來看。

Sure. Okay, very good. And then just maybe from an interest standpoint from maybe customers that are looking to acquire the processor itself, I know in the past it seemed like that that pipeline or that interest level had picked up quite a bit. Any thoughts or colors on just maybe how you're seeing customers now, and would you say that that is the interest is in is increasing, or have you seen a leveling off anything in terms of just kind of trying to size that interest level that you're seeing on the QPU side?

當然。好的，非常好。然後也許從那些想要購買處理器本身的客戶的興趣角度來看，我知道在過去，似乎那條管道或興趣水平已經上升了不少。對於您現在如何看待客戶，您有什麼想法或看法？您是否認為客戶的興趣正在增加，或者您是否看到任何趨於平穩的跡象，您是否只是想衡量您在 QPU 方面看到的興趣程度？

Thank you.

謝謝。

So sure, thanks for the question. I mean, overall quantum computing continues to be in the R&D mode. Our view is that we are still very much in the stage of developing quantum computers. We are still four to five years away from what we call quantum advantage, which is when you need at least 1,000 qubits, at least 99.8% for the median to give get fidelity and some real-time error correction. Until then it's going to be primarily R&D, primarily driven by government contracts, academic researchers, so they're by definition those kinds of sales are one-off sales. They are lumpy in nature. So I wouldn't really interpret sales from any quantum computing company honestly right now to, in a serious way.

當然，謝謝你的提問。我的意思是，整體量子運算仍處於研發模式。我們認為我們仍處於開發量子計算機的階段。我們距離所謂的量子優勢還有四到五年的時間，也就是說你需要至少 1,000 個量子比特，中位數至少為 99.8%，才能獲得保真度和一些即時糾錯。在此之前，它將主要用於研發，主要由政府合約和學術研究人員推動，因此根據定義，這些銷售都是一次性銷售。它們的性質是塊狀的。因此，我現在不會以嚴肅的方式真正解讀任何量子計算公司的銷售額。

This is all R&D going on right now. Really the goal should be to get. A quantum computer to quantum advantage and that's really when commercial sales and sales in general start making sense. And we're talking at least three years from now, maybe four to five years from now. So until then this is primarily an R&D kind of a situation. Having said that, I mean, there are government national labs and academic researchers who are interested in using quantum computers whether they are on the cloud through AWS or Azure.

這些都是目前正在進行的研發。真正的目標應該是得到。量子電腦具有量子優勢，這才是商業銷售和一般銷售真正開始變得有意義的時候。我們談論的是至少三年後，也許是四到五年後。因此在此之前，這主要是一種研發的情況。話雖如此，我的意思是，政府國家實驗室和學術研究人員對使用量子電腦感興趣，無論它們是透過 AWS 還是 Azure 在雲端。

Or actually getting on-premise quantum computers as we have done with Novera for academic researchers. Interest is definitely there. A lot of this organization depend on DOE funding, which is primarily the NQI reauthorization. So there is a lack of funding in general for academic institutions right now until the NQI passes and is appropriated. DOD funding situation is a little better, and that's where we have seen some of the contracts like the AFOSR contract or the DARPA contract, but a lot of academic institutions and DOE labs certainly depend on the NQI deauthorization.

或者實際上獲得內部量子計算機，就像我們為學術研究人員與 Novera 所做的那樣。興趣肯定是存在的。該組織很大程度上依賴能源部的資金，主要是 NQI 重新授權。因此，在 NQI 通過並撥款之前，學術機構目前普遍缺乏資金。國防部的資金狀況稍微好一些，我們已經看到了一些合同，例如 AFOSR 合同或 DARPA 合同，但許多學術機構和 DOE 實驗室肯定依賴 NQI 取消授權。

So overall, even though the interest is there for Novera and on-premise QPUs, I would say a lack of funding from the US government is certainly holding that interest converting to orders. But again, I'll highlight that, our view is we are still very much in R&D we focus on technology milestones. This one-off sales from government contracts as exciting as they could be, that's not a real metric that we think should be watched at this point. Hope that answers your question.

因此總體而言，儘管人們對 Novera 和內部 QPU 感興趣，但我認為美國政府缺乏資金肯定會阻礙這種興趣轉化為訂單。但我再次強調，我們的觀點是，我們仍然非常注重研發，我們專注於技術里程碑。政府合約的一次性銷售雖然令人興奮，但我們認為這並不是目前應該關注的真正指標。希望這能回答你的問題。

Yes sir, it does.

是的，先生，確實如此。

Thank you so much for the help. I certainly appreciate it.

非常感謝您的幫忙。我當然很感激。

Quinn Bolton, Needham & Company.

奎因·博爾頓，Needham & Company。

Hi, maybe about just a quick clarification on the -- your answer to the NQI reauthorization. Did you -- do you have a sense that that that could be signed within the next couple of months? I think you said it would probably take a couple of months after the bill is signed before the funds would start to flow, but I wasn't sure if you had given thoughts on when that may pass.

你好，也許只是想快速澄清一下——你對 NQI 重新授權的回答。您是否認為該協議可能在未來幾個月內簽署？我想您說過，法案簽署後可能需要幾個月的時間資金才會開始流入，但我不確定您是否考慮過什麼時候才能通過。

Well, thanks for the question. I mean, it was supposed to pass almost a year ago, but still hasn't happened yet, obviously, and this is despite having bipartisan support. So in a way it is frustrating to see the slow progress of the NQ Authorization bill through the House and Senate right now. As I said, there have been multiple versions of the bills that have been floated between the House and Senate. There seems to be bipartisan support as recently as four days ago, I believe there was a hearing. On the house floor, again, we saw bipartisan support for the bill. President Trump has indicated that he supports quantum computing, so no reason to believe it won't pass, but as of today, it hasn't passed. And normally for a bill like this, appropriations process does take a few weeks. Four to six weeks is the normal number that gets used.

嗯，謝謝你的提問。我的意思是，該法案本應在近一年前就通過，但顯然至今仍未通過，儘管得到了兩黨的支持。因此，從某種程度上來說，看到 NQ 授權法案在眾議院和參議院的進展緩慢是令人沮喪的。正如我所說，眾議院和參議院之間已經提出了多個版本的法案。似乎就在四天前，兩黨都表示支持，我相信舉行了一次聽證會。在眾議院，我們再次看到兩黨對法案的支持。川普總統表示他支持量子計算，因此沒有理由相信它不會通過，但截至今天，它還沒有通過。通常對於這樣的法案，撥款過程需要幾週的時間。通常需要四到六週的時間。

So once the bill is passed, it still takes one to two months for money to start flowing to the DOE labs and academic institutions, and that's where really, we get funded from. So it will still be a while before we see the benefits of NQA reauthorization materially transferred into our financials.

因此，一旦法案通過，資金仍需要一到兩個月的時間才能開始流向能源部實驗室和學術機構，而這才是我們真正的資金來源。因此，我們還需要一段時間才能看到 NQA 重新授權帶來的好處實質轉化為我們的財務狀況。

Understood. My, so first question was regarding the new award, the UK Innovate award, I think it was with the NQCC where you're going to upgrade to the 36 qubit QPU with enhanced control.

明白了。我的第一個問題是關於新獎項，即英國創新獎，我認為它是與 NQCC 合作的，您將升級到具有增強控制的 36 量子位元 QPU。

Do you have a time frame on, sort of how long that. Project runs is that something that you could deliver that 36 QPU this year and I guess related question you mentioned the gross margin, for the NQCC 24 QPU has been below average. Would you expect the 36 QPU to also carry lower gross margins or could that be, revenue, that comes in a better margins than the initial 24 cubit QPU sale.

您是否有一個時間框架，大概是多長時間。專案運行是您今年可以交付 36 QPU 的，我想您提到的相關問題是毛利率，對於 NQCC 24 QPU 來說，毛利率低於平均水平。您是否預期 36 QPU 的毛利率也會較低，或者收入利潤率是否會高於最初的 24 立方英尺 QPU 銷售利潤率。

In general, I'll take the second part first. In general, in QCC margins are lower than the average because it's primarily a cost sharing model that the UK government has. We do that despite the low margin as reported because it's strategically very important right now, the UK government has clearly chosen us as the technology provider in the site when you visit NQCC Center in Harvard, which is close to Oxford, UK. You will see that the only working supercomputer, superconducting quantum computer is Rgetti right now, and the UK government is putting a lot of faith in us in allowing them to develop the ecosystem using our technology. So we absolutely want to continue supporting that even if it's a cost sharing model which leads to lower gross margin on our financials because it's strategically very important to us to be a key player in the UK quantum ecosystem.

一般來說，我會先選第二部分。總體而言，QCC 的利潤率低於平均水平，因為這主要是英國政府的成本分攤模式。儘管利潤率很低，但我們還是這樣做了，因為目前這在戰略上非常重要，當您訪問位於英國牛津附近的哈佛 NQCC 中心時，英國政府顯然已選擇我們作為現場的技術提供者。你會發現，目前唯一能夠運作的超級電腦、超導量子電腦是 Rgetti，英國政府對我們非常有信心，允許他們使用我們的技術開發生態系統。因此，我們絕對希望繼續支持這一點，即使這是一種成本分攤模式，會導致我們的財務毛利率降低，因為成為英國量子生態系統的關鍵參與者對我們來說具有非常重要的戰略意義。

Regarding the first part of your question, we have disclosed in the past that, even though we brought up the 24 qubit system at the NQCC. The actual chip we use is an 84 qubit chip in that system, so it's only really a question of cables and wires that we have to upgrade if you really wanted to just upgrade the 24 cubit to 36 cubit. So that's one easier path if you will, to get the UK upgraded to 36 cubit. But what they really would like to do and we also would like to do is once we demonstrate the triplet approach with 4 by 9 cubit at a higher fidelity, the 99.5% for a generic gate and 99.7% for the SAM type gate, we would like to bring that latest and best technology to the UK. So ideally, we want to demonstrate that first in California in our facilities, and once we have demonstrated that, then we would like to bring it to the UK, which would mean. Roughly the second half of this year is when we would upgrade them to the chip light approach and 36 cubit, but we could certainly upgrade them to 36 cubits sooner if they really want it right now using the existing AMCA 3 chip, which is an 84 cubit chip.

關於你問題的第一部分，我們過去已經披露過，雖然我們在NQCC上提出了24量子位元系統。我們在該系統中使用的實際晶片是 84 量子比特晶片，因此如果您真的想將 24 肘比特升級到 36 肘比特，那麼這實際上只是我們需要升級的電纜和電線的問題。因此，如果你願意的話，這是一條更簡單的途徑，讓英國升級到 36 肘尺。但他們真正想做的以及我們也想做的是，一旦我們展示了具有更高保真度的 4 x 9 肘尺的三重態方法，通用門的保真度為 99.5%，SAM 型門的保真度為 99.7%，我們希望將最新、最好的技術帶到英國。因此，理想情況下，我們希望首先在加州的工廠中展示這一點，然後我們將其帶到英國。大約在今年下半年，我們會將它們升級到晶片輕型方法和 36 肘尺，但如果他們現在真的想要使用現有的 AMCA 3 晶片（即 84 肘尺晶片），我們當然可以更快地將它們升級到 36 肘尺。

So I hope that answers your question.

我希望這能回答你的問題。

Got it. So it sounds like you have 22 paths. You could either upgrade the existing QPU since it's 84 cubits, or you could bring a tile of 36 qubit once you've demonstrated that, in the second half of the year that I think that's pretty clear. The other question I had and maybe this is just a longer term technical question, to get the utility scale computing you gave us sort of four key criteria. One of them was increasing. The gate speeds, I think today your gate speeds are in the 10s of nanoseconds range and you want to get that down to 10 nanoseconds. What, how do you do that? Is that kind of smaller cubits, smaller circuitry? Is it just optimizing the control signals like what's, how do you improve the gate speed on the QPUs?

知道了。聽起來你有 22 條路徑。您可以升級現有的 QPU，因為它有 84 肘比特，或者您可以在證明這一點後帶來 36 量子位元的瓷磚，我認為這在下半年非常清楚。我還有另一個問題，也許這只是一個長期的技術問題，為了獲得效用規模計算，您給了我們四個關鍵標準。其中之一正在增加。門速度，我認為今天您的門速度在十納秒範圍內，而您希望將其降低到 10 奈秒。什麼，你是怎麼做到的？是不是那種更小的腕尺，更小的電路呢？它只是優化控制訊號嗎？如何提高 QPU 上的門速度？

Thank you.

謝謝。

Great question. Well, I mean, let's talk a little bit about gauge speeds. So yes, you're right. Our AMA 3 system that is deployed on AWS and Azure right now, which is 84 qubit system, has a gauge speed of about 70 nanoseconds right now. In general, if you look at all the superconducting gate-based modality, quantum computing companies, our gauge speeds are in the 50 to 100 nanosecond range. The numbers vary a little bit depending on the exact technology, but they are in that range.

好問題。好吧，我的意思是，讓我們來談談軌距速度。是的，你是對的。我們目前在 AWS 和 Azure 上部署的 AMA 3 系統是 84 量子位元系統，目前的測量速度約為 70 奈秒。總的來說，如果你看看所有基於超導門的量子計算公司，我們的測量速度都在 50 到 100 奈秒的範圍內。根據具體技術的不同，數字會略有不同，但都在這個範圍內。

There are many knobs that can improve gauge speeds and we, before I move, get into what we are going to do next, let's just, talk a little bit about the importance of gauge speed. I mean, because that often gets forgotten. I mean, when we compare superconducting morality to trapped or pure atom moralities. The gate speeds for those modalities are in the hundreds of microseconds, so they are like 1,000 to 10,000 times slower than the superconducting gate-based modality. I'll repeat that again.

有許多旋鈕可以提高測量速度，在我討論下一步要做的事情之前，我們先來談談測量速度的重要性。我的意思是，因為這常常被遺忘。我的意思是，當我們將超導道德與捕獲原子或純原子道德進行比較時。這些模式的門速度為數百微秒，因此比基於超導門的模式慢 1,000 到 10,000 倍。我再重複一遍。

They're 10,000 to 10,000 times slower than superconducting gate-based morality. And in real life that matters. I mean, I've never seen any customer who has said they want their computer to be 10,000 times slower. So it absolutely critical that Trapped ion and pure atom modalities increase their gauge speed so to be competitive with superconducting and H1stly I see a tremendous amount of scientific challenges ahead of them. Now coming back to superconducting site.

它們比基於超導門的道德速度慢 10,000 到 10,000 倍。在現實生活中這很重要。我的意思是，我從未見過任何客戶說他們希望自己的電腦速度慢 10,000 倍。因此，囚禁離子和純原子模式提高其規範速度以便與超導競爭是絕對關鍵的，而且我認為它們面臨著巨大的科學挑戰。現在回到超導領域。

The number we wanted to improve our gauge speed, which was over 100 nanoseconds, was to move from fixed coupler technology to t tunable coupler technology. We did that with ANCA 2 and then we improved that further with ANA 3. That's what got us in the 50 to 100 nanosecond range, and we noticed that some of our peer companies in superconducting, gate-based modality have done similar work.

我們希望將測量速度提高到 100 奈秒以上，從固定耦合器技術轉向可調諧耦合器技術。我們使用 ANCA 2 實現了這一點，然後使用 ANA 3 進一步改進了這一點。這就是我們在 50 到 100 奈秒範圍內取得的成果，我們注意到我們的一些同行公司在超導、基於門的模式方面也做了類似的工作。

After that, what we are looking at is the type of, that we use has a big impact on gauge speed, whether it's the control Z, whether it's the I swap, whether it's the FSIM, whether it's something else, the type of gates matter because that's what really determines how fast you can do it. But there are other important variables to how good the coupling is between the qubits. And that gets into the geometry and the and the other design parts of the of the chip. So there are many other knobs out there that help us with the gate speed. Our goal is to continue to improve it, because that's such a critical metric that we have to monitor. Hope that answers your question.

之後，我們要考慮的是，我們使用的類型對測量速度有很大的影響，無論是控制 Z，還是 I 交換，還是 FSIM，還是其他什麼，門的類型很重要，因為這才是真正決定你能做多快的因素。但是，還有其他重要變數決定量子位元之間的耦合程度。這涉及到晶片的幾何形狀和其他設計部分。因此，還有許多其他旋鈕可以幫助我們提高門的速度。我們的目標是繼續改進它，因為這是我們必須監控的關鍵指標。希望這能回答你的問題。

Yeah, that was great thank you so much.

是的，非常好，非常感謝。

Thanks, Gwen.

謝謝，格溫。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi, this is Steven calling on behalf of Krish. Thanks so much for taking my questions.

您好，我是史蒂文，代表克里什 (Krish) 致電。非常感謝您回答我的問題。

The first, I had a couple of questions on the ABA Development Consortium. So that first of all, that $5.48 million I guess grants reward for yourself and your partners. Can you talk about how that award amount is to be divided amongst the partners in that consortium first of all, and then I had to follow up on that.

首先，我對 ABA 發展聯盟有幾個問題。首先，我想這 548 萬美元是給您和您的合作夥伴的獎勵。首先，您能否談談該獎金將如何在該財團的合作夥伴之間分配，然後我必須跟進這個問題。

So yeah, we, don't want to get into the details of exactly how the award gets divided at that level, Chris, we will get majority of that award, out of the various partners, but we, I mean, in the big scheme of things it's honestly not that important exactly what the number is. It's such a critical, strategic project for us and the industry, so we don't want to minimize the importance of it by getting into nickels and dimes, to be H1st.

所以，是的，我們不想詳細了解該獎項在那個層面上是如何分配的，克里斯，我們將從各個合作夥伴那裡獲得大部分獎項，但我的意思是，從大局來看，具體數字是多少並不那麼重要。對於我們和整個行業來說，這是一個至關重要的戰略項目，因此我們不想透過陷入瑣碎的事務來降低它的重要性，成為 H1st。

ABA is a very critical technology to scale up superconducting gate-based quantum computing. The initial results that we showed last year were very promising.

ABA 是擴大基於超導門的量子計算規模的一項非常關鍵的技術。我們去年展示的初步成果非常令人鼓舞。

The DOD, specifically the Air Force of, AFOSR organization, wants us to accelerate commercialization of that technology because it's so important, some very prestigious labs as you can see, Lawrence Livermore National Lab, AIMS labs on, IOR. And a couple other universities are part of that because we have some key faculty members who are doing excellent research in related areas. So we think it's a very important strategic award for the whole industry and certainly for us, so I don't want to get into the breakdown if that's okay with you.

國防部，特別是空軍、AFOSR 組織希望我們加速該技術的商業化，因為它非常重要，正如你所看到的，一些非常著名的實驗室，勞倫斯利弗莫爾國家實驗室、AIMS 實驗室、IOR。其他幾所大學也參與其中，因為我們有一些核心教員在相關領域進行出色的研究。因此，我們認為這對整個行業來說是一個非常重要的戰略獎項，當然對我們來說也是如此，所以如果您不同意的話，我不想深入討論細節。

Yeah, that, that's fair, that's not a problem. And the other question I had related to ABA is, I guess from a technology perspective, yeah, again, I understand that it helps to, that technology progress helps to Improve the quality of the qubits, but just dig down a little bit further into the details, is ADA help to, I guess, increase the consistency of the behavior across different gates, or is this helping a different a different vector of the performance of the superconducting gates?

是的，那很公平，這不是問題。我對 ABA 的另一個問題是，從技術角度來看，是的，我再次明白它有助於提高量子位元的質量，但再深入一點細節，ADA 是否有助於提高不同閘門之間行為的一致性，或者這是否有助於提高超導門性能的不同向量？

In general, ABA is we are using it right now for what we say frequency targeting when we have when we build cuss, there's a range of frequencies they respond to, and we obviously want to have precise control over which frequency they respond to because once we can target them at a certain frequency, it also define coupling and other interactions. So ADA helps essentially our process control. Of the qubit manufacturing process gives us a precise control of the frequency and then we have papers out there that you can look at where we show that spread and when we without ABA and with ABA and with ABA the year we get the spread reduced by improved by almost 10X or more so it's a really important way to control the frequency targeting of the qubit and get better process control of the qubit.

總的來說，我們現在使用 ABA 來實現我們所說的頻率定位，當我們構建 cuss 時，它們會對一系列頻率做出響應，我們顯然希望精確控制它們對哪個頻率做出響應，因為一旦我們能夠以某個特定頻率定位它們，它也會定義耦合和其他相互作用。因此 ADA 從本質上幫助我們控制流程。量子比特製造過程使我們能夠精確控制頻率，您可以查看我們的論文，其中展示了擴散情況，以及當我們不使用 ABA 和使用 ABA 時，擴散情況減少了近 10 倍或更多，因此，這是控制量子比特頻率目標和更好地控制量子比特過程的一種非常重要的方法。

Got it. And just for my final question, I had one for Jeff on OpEx. Jeff, just wondering, after Q1's $22 million in OpEx, and I understand there's a number of seasonal increases and bonuses. Baked in there just wondering for the June quarter and onwards is like a high teens, millions run rate the right number to be thinking about or is this low 20s level the more appropriate number we should be modeling for?

知道了。我的最後一個問題是關於營運支出 (OpEx) 的，想問 Jeff。傑夫，我只是想知道，在第一季的營運支出達到 2200 萬美元之後，我了解到有一些季節性的成長和獎金。我只是想知道，對於 6 月季度及以後來說，十幾歲到幾百萬的運行率是值得考慮的正確數字，還是二十多歲的低水平才是我們應該建模的更合適的數字？

Thank you.

謝謝。

Yeah, I mean, I think certainly this quarter, as I had mentioned, there were, a couple of factors that cause dopX to be a little bit high in Q1.

是的，我的意思是，我認為本季度，正如我所提到的，有幾個因素導致 dopX 在第一季有點高。

FICA tax was one. There were some spot bonuses that impacted stock compensation expense. So going forward, hopefully we'll see, a little bit of a of a reduction.

FICA稅就是其中之一。有一些現貨獎金影響了股票薪酬費用。因此，展望未來，希望我們能看到稍微的減少。

Richard Shannon, Craig-Hallum.

理查德·香農，克雷格·哈勒姆。

Well, hi Sibo and Jeff, thanks for taking my questions.

嗨，Sibo 和 Jeff，感謝你們回答我的問題。

Maybe I'll ask you a question on one of the things you mentioned as well as in the pressure this year about optical signaling. I guess maybe if you could talk about the importance of that and then also, let me get a sense of when you think this enters the roadmap. Are we getting close to that time frame or is it still kind of early stage R&D?

也許我會就您提到的其中一件事以及今年有關光信號的壓力向您提問。我想也許您可以談談這一點的重要性，然後讓我了解您認為什麼時候這會進入路線圖。我們是否已經接近這個時間框架了，還是說這仍處於早期研發階段？

Nice question, Richard.

好問題，理查德。

Thank you. Indeed optical signaling is a very important element of our roadmap and for that matter, the whole industry's roadmap. And the main reason for that is right now we all use coax cables in the dilution refrigerator. That's what sends the signals in. That's what gets the signals out, and obviously it works at the 100 cubit level, and we think it will even work up to several 100 qubits. But then beyond that, you literally start running out of space in a given dilution refrigerator sys system.

謝謝。事實上，光訊號是我們路線圖的一個非常重要的元素，也是整個產業路線圖的一個非常重要的元素。主要原因是我們現在都在稀釋冷凍機中使用同軸電纜。這就是發送訊號的方式。這就是發出信號的方式，顯然它可以在 100 肘比特級別上工作，我們認為它甚至可以在幾百個量子比特上工作。但除此之外，在給定的稀釋製冷機系統中，空間實際上開始不足。

We are experimenting with flex cables, along with many other players in the industry, and we certainly think flex cables have a role to play. So a few 100 cubits to maybe 1,000 or a few 1,000 cubits, we think we will switch from.

我們和業內許多其他公司正在對柔性電纜進行試驗，我們當然認為柔性電纜可以發揮重要作用。因此，我們認為我們將從幾百肘尺到一千肘尺或幾千肘尺轉換。

Coax cables to flex cables, beyond that though, and we still need something beyond because even flex cables are not good enough to take us to the tens of thousands of qubits that we need to deliver this fall tolerant quantum computing system or the infinity scale quantum computing system that DARPA is asking for, and that's really where we start we have started experimenting with, optical cables, converting microwave signal that which is what we use to control our qubits. Two optical signals have been done, in literature before. There have been many papers in the past where we came in along with our partners like Q Fox.

然而，從同軸電纜到柔性電纜，我們仍然需要一些更先進的技術，因為即使是柔性電纜也不足以將我們帶到交付這種耐摔量子計算系統或 DARPA 要求的無限規模量子計算系統所需的數萬個量子比特，而這才是我們真正開始的地方，我們已經開始嘗試使用光纜，轉換微波信號，這是我們用來控制量子比特的。之前在文獻中已經做過兩種光訊號。過去我們曾與 Q Fox 等合作夥伴一起參與過許多報紙的報道。

And more recently, Harvard University at MIT is showing that you can do it in actually a fiber optic cable, not just open air optics if you will, and that's extremely important because that makes it a lot more practicable in real life.

最近，哈佛大學和麻省理工學院的研究人員證明，實際上可以在光纖電纜中實現這一目標，而不僅僅是露天光學系統，這一點非常重要，因為這使其在現實生活中更加實用。

So now we are envisioning a literally a fiber optic cable going in.

所以現在我們設想的是一條光纖電纜接取。

A dilution refrigerator and the fiber optic cable coming out of the dilution refrigerator and the physical size requirement for fiber optic is significantly smaller than even a flex cable, and that is a tremendous advantages not only from a physical space standpoint but also from the thermal load which converts into the cool down times and so on. So what we would love to switch over from coax cables to flex cables to fiber optics as soon as possible.

稀釋製冷機和從稀釋製冷機出來的光纖電纜以及光纖的物理尺寸要求比柔性電纜要小得多，這不僅從物理空間的角度而且從轉化為冷卻時間的熱負荷等方面來看都是一個巨大的優勢。因此，我們希望盡快從同軸電纜轉換為柔性電纜，再轉換為光纖。

From a practical standpoint we think for the for right now it's Coa for the next year, two years, maybe even three years we will be in the flex cable regime and somewhere in the three to four year before we start getting into the. Thousands and tens of thousands of physical cubits is when fiber optics will start entering our roadmap and for that matter the industry's road map. So we are definitely a pioneer in this space. We are leading a lot of the work, but once we prove it, I'm sure the rest of the industry will be looking at something like this as well. Hope that answers your question.

從實際角度來看，我們認為就目前而言，未來一年、兩年甚至三年內，我們將處於柔性電纜體系中，三到四年後，我們才會開始進入這個系統。當物理尺寸達到數千甚至數萬人時，光纖就會開始進入我們的路線圖，進而進入產業的路線圖。因此，我們絕對是這個領域的先驅。我們正在領導很多工作，但一旦我們證明了這一點，我相信其他行業也會關注類似的事情。希望這能回答你的問題。

That that answer completely both. Thanks for that. My other question is, I'm not sure if it's for Sibo or Jeff here, but when we look collectively at the NQCC revenue opportunities as well as the Air Force, forget what the acronym is there, I think the $1 million there. What do we think about in terms of the time frame over which that'll be recognized and maybe even if you could elaborate how much we might see recognized this year.

那個答案完全是兩者兼具。謝謝。我的另一個問題是，我不確定這是否適用於 Sibo 或 Jeff，但是當我們共同審視 NQCC 的收入機會以及空軍時，忘記了那裡的首字母縮略詞是什麼，我認為是 100 萬美元。我們認為在多長時間內可以實現這一目標？您能否詳細說明今年我們可能實現多少目標？

Yeah.

是的。

I'll.

患病的。

I.

我。

Guess.

猜測。

I'll.

患病的。

Take.

拿。

Okay, yeah, so, the NQCC opportunity, let me take that first, that runs, really for a year, so I would expect that revenue to be, essentially booked over time over the course of the next year, in terms of the Air Force opportunity contract. I mean, I think, when we look at that contract we're looking at. Roughly, on the magnitude of, over the course of the upcoming year, it's roughly going to probably be about a million dollars. It's a three year contract in total, but in terms of the next year it's probably about a million dollars.

好的，是的，那麼，讓我先談談 NQCC 機會，它實際上持續了一年，因此，根據空軍機會合同，我預計這筆收入基本上會在明年逐漸到賬。我的意思是，我認為，當我們看那份合約時，我們正在看。粗略地講，在接下來的一年裡，這筆金額大約會達到一百萬美元。這份合約總共有三年，但就第二年而言，大概需要一百萬美元。

Okay, thanks for that color that's all for me.

好的，謝謝你，對我來說這就是全部的顏色。

Thank.

感謝。

Craig Ellis, B Riley Securities.

克雷格·埃利斯 (Craig Ellis)，B Riley 證券。

Yeah, thanks for taking the question and apologies if RDS I hopped in a little late, Sue, but I wanted to start off just by going back to the DARPA Stage A and congratulations on making it to that level. But the question is this What specifically are they looking for in stage A? What boxes does Rigetti need to check to move on to the next phase of that program after stage A?

是的，感謝您回答這個問題，如果我來得有點晚，RDS，我很抱歉，Sue，但我想先回顧一下 DARPA 階段 A，並祝賀您達到這個水平。但問題是，他們在 A 階段具體尋找什麼？在 A 階段之後，Rigetti 需要檢查哪些方塊才能進入該計劃的下一階段？

So overall, Craig, the goal for the DARPA project is utility scale quantum computing in the next six to seven years. They have three stages stage A, stage B, stage C, we have been selected for stage A.

總的來說，克雷格，DARPA 計畫的目標是在未來六到七年內實現實用規模的量子運算。他們有三個階段，A階段，B階段，C階段，我們被選中進入A階段。

We believe to get to stage B we have to execute the road map that we have publicly disclosed, so that would mean, demonstrating, the chiplet approach, the first of 4 by 9 qubit, at a very high fidelity like 99.5% for genetic gates and 99.7% for FIM type gates, assuming we do that by the middle of this year as we have publicly disclosed our plan and assuming we are on track to demonstrate. More than 100 cubits using the chip approach at similar fidelity levels, we believe that should be enough to get us into phase B because clearly that's a very leadership situation in the superconducting camp to be demonstrating chiplet at more than 100 cubit at 99.5% median 2 cubit gate fidelity. We really don't know what other companies' road maps exactly are and what they are committing to DAPA, so we cannot have. We cannot comment on that, but as far as we are concerned, we think as long as we execute the roadmap that we have publicly disclosed, that should enable us to participate in phase B.

我們相信，要進入 B 階段，我們必須執行我們已經公開披露的路線圖，這意味著要演示小晶片方法，即第一個 4 乘 9 量子比特，保真度非常高，例如遺傳門的保真度為 99.5%，FIM 類型門的保真度為 99.7%，假設我們在今年年中完成這項工作，正如我們正在公開計劃的計劃一樣，並且正在披露計劃。使用晶片方法在相似的保真度水平下實現超過 100 肘比特，我們相信這應該足以讓我們進入 B 階段，因為顯然這是超導陣營中的領先地位，可以展示超過 100 肘比特的晶片，中位數為 99.5% 的 2 肘比特門保真度。我們確實不知道其他公司的路線圖到底是什麼，也不知道他們對 DAPA 做出了什麼承諾，所以我們無法得知。我們無法對此發表評論，但就我們而言，我們認為只要我們執行已公開披露的路線圖，我們就能夠參與 B 階段。

Excellent, thank you. And then the follow up question is related to the quantum relationship. So a quarter ago we announced the relationship. It was very significant. This quarter we announced that the investment of $35 million.

非常好，謝謝。後續問題與量子關係有關。因此一個季度前我們宣布了這項合作關係。這非常重要。本季我們宣布投資3500萬美元。

This close so that's further tightened and solidified the relationship. The question is this As investors and analysts look at what the next steps are for that relationship, can you help us with some things that would be reasonable milestones from here through the end of this year and then some things that would be on the 2026 roadmap to help us understand where that relationship can go for the company.

此次密切合作進一步加強並鞏固了雙方關係。問題是，當投資者和分析師研究這種關係的下一步發展時，您能否幫助我們了解從現在到今年年底的一些合理里程碑，以及 2026 年路線圖上的一些內容，以幫助我們了解這種關係對公司的發展方向。

Thank you.

謝謝。

Yeah, thanks for the question. Quanta is indeed a very strategic partner for us going forward. So we, as we disclosed, we did get the $35 million for roughly $3 million shares that they got at $11.59.

是的，謝謝你的提問。廣達確實是我們未來發展的策略夥伴。因此，正如我們所披露的，我們確實以每股 11.59 美元的價格從他們手中獲得了價值約 300 萬股的 3500 萬美元股票。

But more importantly, if you look at our announcement when we made it a couple of months ago, we said that they have committed to investing $250 million over the next five years. In the non QPU hardware portion of the stack, so non-QPU hardware portion of the stack includes things like control systems, the dilution refrigerator, the cables, the chassis, and many other components.

但更重要的是，如果你看我們幾個月前發布的公告，我們說他們承諾在未來五年內投資 2.5 億美元。在堆疊的非 QPU 硬體部分，因此堆疊的非 QPU 硬體部分包括控制系統、稀釋製冷機、電纜、底盤和許多其他組件。

And that's really what Conantta is good at. I mean, if you look at what role do they play in the CPU GPU server ecosystem, that's really what they do and they are obviously a global leader in that space.

而這正是康納塔所擅長的。我的意思是，如果你看看他們在 CPU GPU 伺服器生態系統中扮演什麼角色，這就是他們真正在做的事情，而他們顯然是該領域的全球領導者。

So they are they are bringing their expertise and their high volume low cost manufacturing expertise obviously in addition to that.

因此，他們顯然也帶來了他們的專業知識和大量低成本的製造專業知識。

And they are going to be essentially investing on. In the non-CPU hardware portion of the stack, for our technology, basically that means what that means is we have to invest less in that part of the stack which normally we would have to do on our own. So it certainly helps us not invest R&D dollar in that so that will help us enable that helps enable our focus in the QPU portion of the stack which is basically the chip design, chip fabrication, and the immediate hardware that goes around it.

他們基本上會繼續投資。對於我們的技術而言，在堆疊的非 CPU 硬體部分，這基本上意味著我們必須在堆疊的那部分上進行較少的投入，而這部分通常是我們必須自己完成的。因此，它肯定有助於我們不投入研發資金，從而有助於我們集中精力於堆疊的 QPU 部分，這基本上是晶片設計、晶片製造以及圍繞它的直接硬體。

So, long term we can see how it's going to play where right now we are working very closely with them. We are essentially teaching them how to become our contract manufacturer or ODM partner, if you will, and how to build our control system that works with our stack, by this time next year I'm pretty confident that they will be doing bulk of the control systems R&D. And they would have started picking up other hardware portions of the stack, along with it, reducing the pressure on us to do R&D in those areas. So I hope that answers your question of how we envision the partnership going forward.

因此，從長遠來看，我們可以看到它將如何發揮作用，目前我們正在與他們密切合作。我們基本上是在教他們如何成為我們的合約製造商或 ODM 合作夥伴（如果你願意的話），以及如何建立與我們的堆疊配合使用的控制系統，到明年這個時候，我非常有信心他們將完成大部分控制系統的研發工作。他們會開始接手堆疊中的其他硬體部分，從而減輕我們在這些領域進行研發的壓力。我希望這能回答你關於我們如何展望未來合作關係的問題。

It does, and it would seem to mean that either a R&D at current levels would refocus to something that's much tighter and more core to scaling up cubic quality and cubic count or potentially R&D would go down, but it gives you a lot of degrees of freedom with how you allocate R&D dollars given the narrower focus that you'll be able to have at that point.

確實如此，而且這似乎意味著，要么當前水平的研發將重新集中到更緊密、更核心的領域，以提高立方體質量和立方體數量，要么研發可能會減少，但鑑於那時你能擁有的關注點更窄，這給了你在分配研發資金方面很大的自由度。

That's correct. I mean, it's primarily to help accelerate our timeline, to market. Quanta obviously is a terrific partner, ODM company. They will certainly help us on the high volume manufacturing side as business really becomes commercial type business in the next three to four years.

沒錯。我的意思是，它主要是為了幫助我們加快產品上市的時間表。廣達顯然是一家出色的合作夥伴和ODM公司。隨著未來三到四年內業務真正轉變為商業型業務，他們肯定會在大批量生產方面為我們提供幫助。

Thanks.

謝謝。

Thanks.

謝謝。

Thank you. This does include the question and answer session of today's program. I'd like to hand the program back to about for any further remarks.

謝謝。這確實包括今天節目的問答環節。我想將程序交還給有關方面，以便提出進一步的意見。

But thank you all for your interest and questions. We look forward to updating you with our progress at the end of next quarter. Thank you.

但感謝大家的關注與提問。我們期待在下個季度末向您通報我們的進展。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does include the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。這確實包括該程式。您現在可以斷開連線。再會。