Rigetti Computing Inc (RGTI) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Rigettti Computing third-quarter 2025 financial results conference call.(Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Rigettti Computing 2025 年第三季財務業績電話會議。 （操作說明）請注意，今天的會議正在錄影。

I'd like to hand the conference over to your first speaker today, Dr. Subodh Kulkarni, CEO. Please go ahead.

今天，我謹將會議交給第一位發言人，執行長蘇博德·庫爾卡尼博士。請繼續。

Good morning and thank you for participating in Regeti's earnings conference call covering the third quarter ended September 30th, 2025.

早安，感謝各位參加 Regeti 公司截至 2025 年 9 月 30 日的第三季業績電話會議。

Joining me today is Jeff Bertelson, our CFO, who will review our results in some detail following my overview. Our CTO David Rivas is also here to participate in the Q&A session. We'll be pleased to answer your questions at the conclusion of our remarks.

今天和我一起發言的是我們的財務長傑夫·伯特森，他將在我概述之後詳細回顧我們的業績。我們的技術長大衛·里瓦斯也將出席問答環節。我們將在發言結束後樂意回答各位的問題。

We would like to point out that this call andti's third quarter ended September 30th, 2025 press release contained forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future operating results.

我們想指出，本次電話會議和截至 2025 年 9 月 30 日的第三季新聞稿包含有關我們當前預期、目標和對未來展望及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 would cause actual results to differ materially from those described and are discussed in more detail in our Form 100 for the year ended December 31, 2024.

這些前瞻性聲明受到許多風險和不確定性的影響，可能導致實際結果與所述結果有重大差異，這些風險和不確定性將在我們截至 2024 年 12 月 31 日止年度的 100 表格中進行更詳細的討論。

Our 10 for the 3 and 9 months ended September 30th, 2025 and other documents filed by the company from time to time with the Securities and Exchange Commission. 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.

我們截至 2025 年 9 月 30 日止的 3 個月和 9 個月的 10 個月財務報告以及公司不時向證券交易委員會提交的其他文件。這些文件列明並闡述了可能導致實際事件和結果與前瞻性聲明中包含的內容有重大差異的重要風險和不確定性。我們強烈建議您仔細閱讀這些關於風險因素的討論。

During today's call, we will refer to certain non-GAAP financial measures. For details on these measures and reconciliations to comparable GAAP measures and for further information regarding the factors that may affectgeti's future operatings results, please refer to yesterday's earnings release on Regetti's website at investors.rigeti.com or to the 80 furnished with the SEC yesterday after the close.

在今天的電話會議中，我們將提及一些非GAAP財務指標。有關這些措施的詳細資訊以及與可比 GAAP 措施的調節，以及有關可能影響 Regetti 未來經營業績的因素的更多信息，請參閱 Regetti 網站 investors.rigeti.com 上昨天發布的收益報告，或昨天收盤後向美國證券交易委員會提交的 80 號文件。

Today I'm pleased to report that during this past quarter we saw strong momentum with both the demand for our on-premises quantum computers and the development of collaborations to advance our own R&D and the quantum ecosystem more broadly.

今天我很高興地報告，在過去的一個季度裡，無論是對我們本地量子電腦的需求，還是為了推進我們自身的研發和更廣泛的量子生態系統而開展的合作，我們都看到了強勁的發展勢頭。

On the technology front, we remain on track to deliver our 100+ qubit triplet-based quantum system with an anticipated 99.5% median two qubit gate fidelity by the end of 2025. I'm also excited to share our 2026-2027 roadmap updates. We expect to deploy a 150 qubit system by or around the end of 2026 with an anticipated 99.7% median two qubit gate fidelity.

在技​​術方面，我們仍按計劃推進，力爭在 2025 年底前交付 100 多個量子位元的三重態量子系統，預計雙量子位元閘保真度中位數將達到 99.5%。我也很高興與大家分享我們 2026-2027 年路線圖的最新進展。我們預計在 2026 年底左右部署一個 150 量子位元系統，預計雙量子位元閘保真度中位數將達到 99.7%。

And by or around the end of 2027, we expect to deploy a 1,000 qubit system with an anticipated 99.8% median2 cubit gate fidelity. In September 2025, we announced purchase orders totalling approximately $5.7 million for 29 cubit novera quantum computing systems.

預計到 2027 年底左右，我們將部署一個 1000 量子位元系統，預計中位數 2 立方比特閘保真度將達到 99.8%。2025 年 9 月，我們宣布了總額約 570 萬美元的採購訂單，用於購買 29 套 cubit novera 量子運算系統。

Both systems are upgradable, allowing the customers to increase the system qubit count for more complex computations and research.

這兩個系統均可升級，允許客戶增加系統量子位元數量，以進行更複雜的計算和研究。

One system is being purchased by an Asian technology manufacturing company. The system will serve as a testbed to develop internal quantum computing expertise. They also plan to benchmark and validate their own quantum computing technologies with the Novera system. The other system is being purchased by a California-based Applied Physics and artificial intelligence startup. The system will be used for quantum hardware and error correction research.

其中一套系統將被一家亞洲科技製造公司購買。該系統將作為試驗平台，用於發展內部量子計算技術。他們還計劃利用 Novera 系統對他們自己的量子計算技術進行基準測試和驗證。另一套系統將被一家位於加州的應用實體和人工智慧新創公司收購。該系統將用於量子硬體和糾錯研究。

Our open and modular architecture continues to allow us to integrate innovative solutions with our technology stack, including our project with Q Fox and the Air Force Research Laboratory, or AFRL to advance superconducting quantum computer networking.

我們開放的模組化架構使我們能夠將創新解決方案與我們的技術堆疊集成，包括我們與 Q Fox 和空軍研究實驗室 (AFRL) 合作推進超導量子電腦網路的專案。

In September 2025, we announced a three-year, 5.8 million contract from AFRL to advance superconducting quantum networking. Regeti will be collaborating with Q Fox on the project, a Dutch quantum technology startup developing leading frequency conversion systems for quantum applications.

2025 年 9 月，我們宣布與美國空軍研究實驗室 (AFRL) 簽訂了一份為期三年、價值 580 萬美元的合同，以推進超導量子網路技術的發展。Regeti 將與 Q Fox 合作進行該項目，Q Fox 是一家荷蘭量子技術新創公司，致力於開發用於量子應用的領先頻率轉換系統。

A key challenge to networking superconducting quantum computers is the need to convert the microwave signals, which are used to control superconducting qubits, to optical photons that can travel along those fibers.

超導量子電腦聯網面臨的一個關鍵挑戰是，需要將用於控制超導量子位元的微波訊號轉換為可以沿著光纖傳播的光子。

This project aims to deliver systems providing entanglement between superconducting qubits and optical photons, the essential building block of quantum networking. Our new collaborations with the Center for Development of Advanced Computing, or CEDAC, and Montana State University showcase the increasing maturity of the quantum computing ecosystem. MSU is the first academic institution with an on-premisesrigeti quantum computer in 9 cubit novera QPU, which will be used by researchers to advance quantum computing R&D.

該計畫旨在提供超導量子位元和光子之間糾纏的系統，這是量子網路的基本組成部分。我們與先進運算發展中心（CEDAC）和蒙大拿州立大學的新合作，展現了量子運算生態系統日益成熟的態勢。密西根州立大學是第一個擁有內部量子電腦的學術機構，其9立方比特的novera QPU將供研究人員用於推動量子運算研發。

We intend to work with MSU on a variety of initiatives, including research projects related to quantum hardware and hybrid quantum systems and poor development and testing of enabling quantum technologies and quantum system components.

我們計劃與密西根州立大學在各種項目上合作，包括與量子硬體和混合量子系統相關的研究項目，以及使能量子技術和量子系統組件的開發和測試。

Collectively, these initiatives underscore the importance of public-private partnerships in advancing next generation quantum technologies. We also signed a memorandum of understanding with CEDA, India's premier R&D organization of the Ministry of Electronics and Information Technology. With this MOU, Rigetti and SA intend to collaborate on the design and development of hybrid quantum computing systems and related technologies and bring them to market.

總而言之，這些舉措凸顯了公私合作在推動下一代量子技術發展的重要性。我們也與印度電子資訊技術部下屬的印度主要研發機構CEDA簽署了諒解備忘錄。透過這份諒解備忘錄，Rigetti 和 SA 計劃合作設計和開發混合量子運算系統及相關技術，並將其推向市場。

We are proud to be deepening our support for quantum computing capabilities in the academic and government sectors. We are equally excited to support Nvidia NVQ Link, Nvidia's new open platform for AI supercomputer quantum integration.

我們很自豪能夠深化對學術界和政府部門量子運算能力的支持。我們同樣非常高興能夠支援英偉達 NVQ Link，這是英偉達以人工智慧超級電腦量子整合推出的全新開放平台。

By providing low latency and high throughput integration between quantum hardware and AI supercomputing, NVQ Link is a very promising resource to accelerate hybrid computation development on the path towards quantum advantage.

NVQ Link 透過提供量子硬體和 AI 超級運算之間的低延遲和高吞吐量集成，成為加速混合運算發展、邁向量子優勢的非常有前途的資源。

We remain engaged with the Defense Advanced Research Projects Agency or DARPA on stage A of Quantum benchmarking initiative or QBI project. On November 6th, DARPpaA announced the companies initially selected to participate in phase B of the QBI project.

我們繼續與美國國防高級研究計劃局 (DARPA) 保持聯繫，參與量子基準測試計劃 (QBI) 計畫的 A 階段。11 月 6 日，DARPpaA 公佈了初步選定參與 QBI 專案 B 階段的公司。

Although we were not selected at this time for Phase B, we received constructive feedback regarding our proposal, and we will continue to work with the team. We are optimistic that we will be chosen for phase B in the coming months.

雖然我們目前沒有被選中進入 B 階段，但我們收到了關於我們提案的建設性回饋，我們將繼續與團隊合作。我們樂觀地認為，在接下來的幾個月裡，我們將被選中進入B階段。

Lastly, I'm also pleased to share that plans to open an Italian subsidiary in the coming months. We believe that this development will allow us to accelerate our pursuit of business opportunities and talent in Italy as the region dedicates more resources and funding to bolstering its quantum initiatives.

最後，我還很高興地宣布，該公司計劃在未來幾個月內開設一家義大利子公司。我們相信，隨著義大利投入更多資源和資金來加強其量子計劃，這一發展將使我們能夠加快在義大利尋求商業機會和人才。

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

謝謝。接下來，傑夫將就我們近期的財務表現發表幾點看法。

Thanks Sueboat.

謝謝 Sueboat。

Revenues in the third quarter of 2025 were 1.9 million compared to 2.4 million in the third quarter of 2024. On a year over year basis, our revenue for the quarter was impacted by exploration of the National Quantum Initiative and its pending reauthorization in the US Congress. Renewal of the US National Quantum Initiative, sales to US and foreign governments, and Novera are all important to future sales.

2025 年第三季的營收為 190 萬美元，而 2024 年第三季的營收為 240 萬美元。與去年同期相比，本季我們的收入受到了國家量子計畫的探索以及美國國會即將對其進行的重新授權的影響。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 的收購，對未來的銷售都至關重要。

The recent sales Subo noted in his remarks, the 29 cubit Novera system sales and the AFRL contract will benefit revenue in the fourth quarter and as we move into 2026. Gross margins in the third quarter of 2025 came in at 21% compared to 51% in the third quarter of 2024.

蘇博在演講中提到，最近的銷售，29立方英尺的Novera系統銷售和AFRL合同，將有利於第四季度的收入，並使我們進入2026年。2025 年第三季的毛利率為 21%，而 2024 年第三季的毛利率為 51%。

The lower gross margins on a year over year basis was due to the composition of our revenue and variability in the pricing in terms of our contracts. Our recent contracts with the UK's National Quantum Computing Center for Quantum Systems have a lower gross margin profile than most of our other contracts.

毛利率年減是由於我們的收入組成以及合約定價的波動所造成的。我們最近與英國國家量子計算中心簽訂的量子系統合約的毛利率低於我們大多數其他合約。

On the expense side, total OpEx in the third quarter of 2025 was $21 million compared to $18.6 million in the same period of the prior year. The increase in total effects was due to annual salary increases, new hires, and higher stock-based compensation and consulting costs, primarily in research and development. Stock compensation expense for the third quarter of 2025 was 4.3 million compared to 3.4 million for the third quarter of 2024.

在支出方面，2025 年第三季的總營運支出為 2,100 萬美元，而去年同期為 1,860 萬美元。總影響的增加是由於年度薪資成長、新員工招募以及更高的股票選擇權激勵和諮詢成本，主要集中在研發方面。2025 年第三季的股票補償支出為 430 萬美元，而 2024 年第三季為 340 萬美元。

Our operating loss for the third quarter of 2025 came in at $20.5 million compared to $17.3 million in the prior year period. Our GAAP net loss for the third quarter of 2025 was higher than our GAAP net loss for the third quarter of 2024, primarily due to the non-cash change in the fair value of our derivative warrant and earnout liabilities.

2025 年第三季度，我們的營業虧損為 2,050 萬美元，而去年同期為 1,730 萬美元。2025 年第三季的 GAAP 淨虧損高於 2024 年第三季的 GAAP 淨虧損，主要原因是衍生認股權證公允價值的非現金變動和或有負債。

We recorded a 10.7 million or $0.03 per share non-GAAP net loss for the third quarter of 2025 compared to a 13.4 million or $0.07 per share non-GAAP net loss for the third quarter of 2024. As of September 30, 2025, we had approximately 558.9 million of cash cash equivalents and available for sale investments and no debt.

2025 年第三季度，我們錄得非 GAAP 淨虧損 1,070 萬美元，即每股虧損 0.03 美元，而 2024 年第三季非 GAAP 淨虧損為 1,340 萬美元，即每股虧損 0.07 美元。截至 2025 年 9 月 30 日，我們擁有約 5.589 億美元的現金、現金等價物和可供出售的投資，且無債務。

Subsequent to September 30, 2025 and through November 6, 2025, proceeds of 46.5 million were received from the exercise of slightly more than 4 million of our public warrants. As of November 6, 2025, cash cash equivalents and available for sale investments totaled approximately $600 million.

2025 年 9 月 30 日至 2025 年 11 月 6 日期間，我們透過行使略多於 400 萬份的公開認股權證，獲得了 4,650 萬美元的收益。截至 2025 年 11 月 6 日，現金、現金等價物及可供出售的投資總額約為 6 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。

Thank you. At this time, we'll conduct the question-and-answer session. (Operator Instructions)

謝謝。屆時我們將進行問答環節。（操作說明）

David Williams, The Benchmark Company.

David Williams，基準公司。

Hey, good morning, gentlemen. Thanks for taking my questions. Maybe first, about, just kind of thinking about the, DARPA phase B, and, just can you talk maybe a little bit about that? You said that you've received some nice, or, constructive feedback, but can you maybe talk around what is maybe holding that up and when you think we might have, an answer or you might see that advancement happen.

嘿，先生們，早安。謝謝您回答我的問題。首先，關於DARPA B階段，您能稍微談談這方面的內容嗎？你說你收到了一些不錯的或建設性的回饋，但你能不能談談是什麼阻礙了進展，以及你認為我們什麼時候才能找到答案，或者什麼時候才能看到進展？

Sure, David, so as we mentioned in the press release, DAPA did the initial selection of companies that they have, got into phase B.

當然，David，正如我們在新聞稿中提到的，DAPA 已經完成了初步篩選，進入了 B 階段。

Unfortunately we were not one of them, but they give us good constructive input on what we need to do and improve on to get into phase B. So we're working on that, and it primarily goes into the area of error corrections and some areas of long range coupling, things that are important in the long-term, to get to the DAPA fault tolerant quantum computing milestone in 2033, not as important in the short-term to get to quantum advantage. So a lot of our focus has been and continues to be on getting to quantum advantage in the next 3 to 5 years, the 1,000 cubit and 99.9% to cubit gate fidelity gate speeds and with some error correction. DA's input was more on the FTQC milestone and where we need to increase effort further it specifically in the area of error correction. And in long range coupling, so we are incorporating that input. We will continue to talk to DARPA. We are still part of very much part of phase A, and we'll continue to work with DARPA closely. So we're optimistic we'll get into Phase B soon. Exactly when that's hard to know, but we'll continue to work on it. But I mean, DARPA's project, as is a 7 year project.

很遺憾，我們沒能成為他們中的一員，但他們為我們提供了很多建設性的意見，告訴我們需要做些什麼，需要改進哪些方面才能進入B階段。所以我們正在努力，主要集中在糾錯和長程耦合等領域，這些對於實現2033年DAPA容錯量子運算里程碑來說很重要，但對於短期內獲得量子優勢來說並不那麼重要。因此，我們一直以來的重點是，並將繼續在未來 3 到 5 年內實現量子優勢，達到 1,000 立方比特和 99.9% 立方比特門保真度的門速度，並進行一些糾錯。DA 的意見更集中在 FTQC 里程碑以及我們需要進一步加強的地方，特別是糾錯領域。在長程耦合中，我們也加入了這個輸入。我們將繼續與DARPA進行溝通。我們仍然是 A 階段的重要組成部分，我們將繼續與 DARPA 密切合作。因此，我們樂觀地認為很快就能進入B階段。具體時間很難確定，但我們會繼續努力。但我的意思是，DARPA 的計畫是一個為期 7 年的計畫。

So we are just because we didn't make the initial cut, it's not a big deal. We feel pretty good that we'll make the cut in the next few months here.

所以，我們只是因為沒能通過初選，這沒什麼大不了的。我們很有信心在接下來的幾個月裡能夠晉級。

Okay, great. And it sounds like this is more kind of on a conceptual basis versus actual performance of what you're achieving today, but longer-term conceptually, how you would characterize the, some of the performance metrics. Is that fair to say?

好的，太好了。聽起來這更多的是基於概念層面，而不是你今天所取得的實際成就，而是從長遠概念上，你會如何描述一些績效指標。這樣說公平嗎？

That's fair to say. I mean, the fundamentally the data is really good and they liked it and we are really proud of the data that we have demonstrated both with our ANA system, but as more importantly, the CPS 36 cubitchlet-B system with 99.5%. 2 cubit gate fidelity and about 60 nanosecond gate speed, that data is really impressive and that's all positive. Where the constructive criticism came is how do we do error correction and things like long range coupling to enable the FTQC milestone 78 years from now. So it's really the future work that the plan that we have needs further improvement. So it's a fair thing to say, as you correctly pointed out.

這話沒錯。我的意思是，從根本上來說，數據非常好，他們很滿意，我們也為我們展示的數據感到非常自豪，這些數據不僅來自我們的 ANA 系統，更重要的是，來自 CPS 36 cubitchlet-B 系統，該系統具有 99.5% 的 2 立方比特門保真度和約 60 奈秒的速度，這些數據是積極的積極性門，這都是令人印象深刻。建設性的批評意見指出，我們如何進行糾錯以及長距離耦合等操作，才能在 78 年後實現 FTQC 里程碑。所以，我們現有的計畫確實需要進一步改進，尤其是未來的工作。所以這麼說沒錯，正如你所指出的。

Great, thanks so much for that. And then maybe just secondly here, I think in the past you've talked about 1,000+ cubits and 99% fidelity and around 50 nanosecond gate speeds, to achieve quantum advantage and looking at your roadmap in 2027, you're awfully close to that, maybe just a bit short on the fidelity. Side, so I guess my question is, do you feel, or what is your comfort level that you can get to that 99% fidelity in 27, and, then is that kind of a right way to kind of target in terms of when you think you can reach quantum advantage or do you think that that pushes out a little bit further?

太好了，非常感謝。其次，我想您過去曾談到 1000 多個立方比特、99% 的保真度和大約 50 奈秒的門速度，以實現量子優勢。看看您 2027 年的路線圖，您已經非常接近這個目標了，可能只是在保真度方面還差一點。所以，我的問題是，您覺得或說您覺得在 27 天內達到 99% 的保真度有多大把握？然後，您認為這是達到量子優勢的正確目標嗎？還是您認為這個目標應該再往後推一點？

Thank you.

謝謝。

That's a good question, and really we are excited to disclose that, the two big milestones, one for 26 when we believe we will hit 99.7% fidelity at the 150 plus cubit level, but more importantly, the 2027 milestone when we believe we will get over 1,000 cubits at 99.8% to qubit gate fertility.

這是一個很好的問題，我們非常高興地宣布，我們將迎來兩個重大里程碑：一個是 2026 年，我們相信屆時我們將達到 150 立方比特以上的保真度 99.7%；但更重要的是，2027 年的里程碑，我們相信屆時我們將達到 1000 立方比特以上的量子比特門成功率 99.8%。

You're right. I mean, it's a significant jump up from where we are and frankly the whole quantum computing industry is, including. Peers in superconducting quantum computing, but certainly when you look at other modalities, those numbers are impressive. It's 1,000 cubit, 99.8% at, 60 nanosecond gauge speed. It gets us awfully close to quantum advantage but not quite there before quantum advantage we still think we need the 99.9% to cubit gate fidelity, as well as some form of error correction. So between 27 and 29, which is when we still believe we will accomplish quantum advantage is getting the federity to that 999 and also error correction. Hopefully that answers your question.

你說得對。我的意思是，這比我們目前所處的位置有了顯著的提升，坦白說，整個量子計算行業也是如此。在超導量子運算領域，這些數字或許更勝一籌，但當你觀察其他領域時，這些數字無疑令人印象深刻。它是 1,000 立方比特，99.8% 精度，60 奈秒的測量速度。它使我們非常接近量子優勢，但還差一點才能達到量子優勢。在獲得量子優勢之前，我們仍然認為我們需要 99.9% 的立方體閘保真度，以及某種形式的糾錯。因此，在 27 到 29 年間，我們仍然相信我們將實現量子優勢，獲得 999 的聯邦，並實現糾錯。希望這能解答你的疑問。

It does. Thank you so much.

確實如此。太感謝了。

Thank you, David.

謝謝你，大衛。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Hi Sibo and Jeff, I wanted to follow-up on David's questions just kind of around the roadmap, getting to 150 cubits next year and 1,000 plus in 2027.

嗨 Sibo 和 Jeff，我想跟進 David 提出的問題，關於路線圖，明年達到 150 立方英尺，2027 年達到 1000 立方英尺以上。

Sabo, can you just walk us through, is this still going to be a triplet-based approach? Is it going to be on 9 sorry, 9 cubit tiles, or as you get to the 1,000 cubit system, do you see the number of cubits per tile increasing? And then maybe a related question given DARPA seems to be interested in quantum error correction and long range, coupling, can you achieve long range coupling on the tile-based system? Can you give us your thoughts on that?

Sabo，你能跟我們解釋一下嗎？這仍然會是基於三元組的方法嗎？是會用 9 個（抱歉，是 9 個）肘尺瓷磚，還是隨著系統發展到 1000 肘尺系統，你會看到每個瓷磚的肘尺數增加？那麼，鑑於 DARPA 似乎對量子糾錯和長程耦合感興趣，或許可以提出一個相關的問題：能否在基於瓦片的系統中實現長程耦合？您能談談您的看法嗎？

Thank you.

謝謝。

Sure, so good questions, Quinn. So 150 cubit with 99.7% 2 cubit gate facility, we definitely are planning on using 9 qubit. Triplets, for the 1,000 cubit, our thinking right now is to go up to 36 cubit triplets, to get to the 1,000 cubit level at the 99.8% to cubit gatefinity by the end of 2027. That's our plan right now. The main reason we feel confident that we will be able to get 1,000 cubits at the 1,998 is because of chilets and the and the data we are generating with, the current 36 cubit system as well as all the experiments we are doing with the 100 qubit system that we hope to launch here fairly soon.

當然，問得好，奎因。因此，對於 150 立方比特，99.7% 的 2 立方比特閘功能，我們肯定計劃使用 9 量子位元。對於 1,000 立方比特，我們現在的想法是增加到 36 立方比特三元組，以便在 2027 年底之前達到 1,000 立方比特的水平，實現 99.8% 的立方比特 gatefinity。這就是我們目前的計劃。我們之所以有信心在 1998 年獲得 1000 立方比特，主要原因是 chilets 以及我們正在用當前的 36 立方比特系統生成的數據，還有我們正在用 100 量子比特系統進行的所有實驗，我們希望很快就能在這裡啟動該系統。

Regarding Darpa's. Input for error correction and long range coupling, fundamentally we have not seen any challenges in using chilets and long range coupling. The challenges are, pretty much the same whether it's a single monolithic chip or chiplet based system. Long range coupling is a challenge for the whole industry, not just us, and.

關於DARPA的。對於糾錯和遠端耦合的輸入，從根本上講，我們還沒有看到使用 chilets 和遠端耦合的任何挑戰。無論是單晶片系統還是基於晶片組的系統，面臨的挑戰基本上相同。遠距離耦合對整個產業來說都是一個挑戰，而不僅僅是我們。

As far as we have seen, chilets don't change that challenge. It's still the physical distance between the qubit and how do you couple cubits across the width across certain width. It's nothing to do with chilets per se. So we feel pretty good that, we need, I mean, we obviously need to do long range coupling. That was part of the input, but it doesn't make it worse just because we have chiplets. Hopefully that answers your question.

就我們目前所見，辣椒並不能改變這個挑戰。關鍵在於量子位元之間的物理距離，以及如何在一定寬度範圍內耦合立方體位元。這跟辣椒本身無關。所以我們感覺很好，我們需要，我的意思是，我們顯然需要進行長程耦合。這是輸入的一部分，但這並不意味著有了晶片組就會讓情況變得更糟。希望這能解答你的疑問。

That, that's great. And then, one for Jeff, I think you mentioned in your script the, AFRL contract as well as the 29 Qbi Novera sales would start to, generate revenue in in the fourth quarter and into 2026, I guess maybe on the two novera sales, I think you, in the press release talked about completion or delivery of those systems in the first half. Of 2026 is this sort of a revenue wreck that you'd be able to rev wreck those sales upon delivery, because their systems maybe not just GPUs, is there a percentage completion accounting that that is used for those systems maybe just walk us through how you rev rec on the on the Novera sales if they're systems rather than just QPUs.

那太好了。然後，還有一個問題想問傑夫。我想你在稿子裡提到，AFRL 合約以及 29 台 Qbi Novera 系統的銷售將在第四季開始產生收入，並持續到 2026 年。我想關於這兩台 Novera 系統的銷售，你在新聞稿中談到了這些系統將在上半年完成或交付。2026 年的收入是否會大幅下降？您是否能夠在交付時確認這些銷售額？因為他們的系統可能不只是 GPU，是否有針對這些系統的完成百分比會計處理方法？請您詳細介紹一下，如果 Novera 銷售的是系統而不是 QPU，您是如何確認收入的？

Thank you.

謝謝。

Sure, on the, two Novera system sales, I mean, we, anticipate recognizing the revenue for those upon shipment. Right now it looks like one of them will go in the 1st quarter, one in the second quarter, but, upon shipment, would be the manner of rev rec.

當然，關於這兩套 Novera 系統的銷售，我的意思是，我們預計在發貨時確認這些系統的收入。目前看來，其中一件會在第一季出貨，另一件會在第二季出貨，但出貨後，收入確認方式將另行確定。

Excellent, I'll go back in the queue.

好的，我再去排隊。

Thank you.

謝謝。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Good morning. Thanks so much for taking my questions. This is Steven calling on behalf of Krish. The first question, for others to go to Jeff, regarding the two Novera system, sales, that you discussed. Just kind of curious, like in terms of, just given the size of the orders, are they both, complete systems like that include dilution fridges and full control systems, or is one of them potentially just to keep you chip tail? And as far as the upgrade option, is that already currently baked into the price that you guys announced, or is that an additional, revenue step up or adder later on further down the line?

早安.非常感謝您回答我的問題。我是史蒂文，替克里什打來的電話。第一個問題，其他人請向 Jeff 提問，關於您討論過的兩套 Novera 系統和銷售情況。我只是有點好奇，就訂單規模而言，它們都是完整的系統，包括稀釋冰箱和完整的控制系統嗎？還是其中一個可能只是用來存放薯片尾端的？至於升級選項，目前是否已經包含在你們公佈的價格中，還是以後會作為額外的收入成長點或附加項？

Sure, I'll take that. So they are full systems, so they include everything from a dilution refrigerator to control systems, so they're complete systems, regarding upgrade. When when the customers upgrade them from 9 cubit to let's say 36 cubit or something bigger, it will be an additional revenue opportunity because we have to go and add some cables and, those kinds of things inside the division refrigerator to account for the additional cubits. Certainly, obviously the chip has to change too, so there will be an additional revenue that comes with the upgrade from 9 cubit to a higher cubit count sometime in the future.

好的，我接受。所以它們是完整的系統，包括從稀釋冰箱到控制系統的一切，因此就升級而言，它們是完整的系統。當客戶將冰箱從 9 立方英尺升級到 36 立方英尺或更大的容量時，這將是一個額外的收入機會，因為我們必須在冰箱內部添加一些電纜之類的東西，以適應增加的立方英尺容量。當然，晶片也必須隨之改變，因此，從 9 立方位升級到更高立方位數在未來某個時候會帶來額外的收入。

Okay, got it. Thanks so much for that. And, for my second question, I wanted to ask a little bit about the, I guess upcoming or future support for Nvidia's NVQ link, interface.

好的，明白了。非常感謝。我的第二個問題是，我想問一下關於 Nvidia 的 NVQ 連結介面即將或將來是否會得到支援的問題。

I guess, can you talk about some of the, I guess, the software or hardware, changes that you need to make to your ITPUs or control systems in order to support that and, also related, any thoughts on, in terms of hybrid. Quantum computer support, is this really more just for the supercomputing space, or do you think that MDQing could also allow quantum systems to be placed alongside in the AI data centers for Gen AI type of applications? Thank you.

我想，您能否談談為了支援這一點，您需要對 ITPU 或控制系統進行哪些軟體或硬體方面的變更？另外，關於混合部署方面，您有什麼想法？量子電腦支持，這真的只是針對超級運算領域嗎？還是您認為MDQing也可以讓量子系統與人工智慧資料中心一起部署，用於Gen AI類型的應用？謝謝。

Great question, Steven. So if you look at NVDia's NVQ link announcement, it's an open format for quantum computers to basically interface directly with AI supercomputers. So the idea is indeed to have quantum computing, start being used. With Gen AI and potentially for AGI type applications, now from our viewpoint, this was a natural step. We have always said that we believe in hybrid systems. We have always supported hybrid system standards, and that's partly because of the strengths of superconducting quantum computing that we have. Speeds that are commensurate with CPU and GPU speeds. So it's logical for us to TRY to interface with HPCs. And that's why we believe superconducting quantum computing is most amenable for hybrid computing compared to other modalities which are 1,000 times slower like trapped ion or pure atom modalities.

問得好，史蒂文。所以，如果你看看英偉達的 NVQ Link 公告，它是一種開放格式，量子電腦基本上可以直接與人工智慧超級電腦進行互動。所以，我們的想法確實是要讓量子計算開始被應用。從我們的角度來看，隨著 Gen AI 的發展，以及未來 AGI 類型應用的出現，這無疑是順理成章的一步。我們一直都說我們相信混合系統。我們一直支持混合系統標準，部分原因是我們擁有超導量子運算的優勢。與 CPU 和 GPU 速度相符的速度。所以，我們嘗試與高效能運算系統對接是合乎邏輯的。因此，我們認為超導量子計算最適合混合計算，而其他計算方式（如囚禁離子或純原子計算方式）的速度則慢 1000 倍。

So for us it was a logical step when Nvidia started discussing an open platform like NBQ Link. We obviously signed up with it. It fits in with our vision and strategy of having a quantum computer as part of a hybrid ecosystem. We certainly expect.

所以，當英偉達開始討論像NBQ Link這樣的開放平台時，對我們來說，這是一個合乎邏輯的步驟。我們當然加入了。這符合我們將量子電腦作為混合生態系統一部分的願景和策略。我們當然期待如此。

Products like that to start coming into data centers once we get closer to quantum advantage, although the interfaces will be worked out between 9 now and 10, so the timeline for having quantum computers in data center doing practical applications doesn't change because of the media announcement. What it does change is the whole notion of how a hybrid system will work and open standards, that support the hybrid systems. Hopefully that answers your questions.

一旦我們更接近量子優勢，這類產品就會開始進入資料中心，儘管介面將在現在到 10 年間制定，因此，由於媒體的宣布，資料中心中量子電腦進行實際應用的時間表不會改變。它改變的是混合系統的工作原理以及支持混合系統的開放標準的整個概念。希望這能解答你的疑問。

Yes, thank you so much.

是的，非常感謝。

Thank you.

謝謝。

Greg Ellis, BYU Securities.

格雷格‧艾利斯，楊百翰大學證券公司。

Yeah, thanks for taking the question. And I wanted to follow-up on a couple of the prior questions to start. So, Suba, with regard to NVQ Link, Nvidia is very strong in the national labs. Regeti has a very strong position in national labs. So can you talk about what Regeti's, historic strengths with national labs mean for engaging with ecosystem partners that can help accelebrate, Regeti's integration with hybrid compute and getting pulled into various workloads including AI related workloads with MET.

好的，謝謝你回答這個問題。首先，我想就前面幾個問題做個後續說明。所以，Suba，關於NVQ Link，Nvidia在國家實驗室中實力非常強大。Regeti 在國家實驗室中擁有非常強大的地位。那麼，您能否談談 Regeti 在國家實驗室方面的歷史優勢，對於與生態系統合作夥伴的合作意味著什麼？這些合作夥伴可以幫助加速 Regeti 與混合運算的集成，並使其融入各種工作負載，包括與 MET 相關的 AI 工作負載。

Sure, okay. So you're indeed right. I mean, NBD has a very strong presence in national labs, and so do we with quantum computing. So it's logical for the interfaces to be worked out at national lab level, whether it's, for the national lab, or the Oakridge National Lab or other national labs, also the NQI initiative, although not funded at the. Higher level the funding has restarted last week as you probably saw so it's exciting to have national labs get their funding back again to some reasonable level and this NDQing platform being launched at about the same time period. So certainly we believe, as we have discussed in the past that. In future, CPUs will continue to be used for sequential computing and GPUs will be used for parallel computing as they are being used today, and QPUs, the quantum processing units will be used for simultaneous computing. So, Everything we have discussed in the past, now we have a chance to start demonstrating it in real life in partnership with Nvidia, with the NVQing platform, as well as the Kuda quantum platform. So definitely expect more work in this direction where we will be able to generate data where we take generic applications and split them into sequential, parallel, and simultaneous and show how the three respective technologies are suitable and the benefit of having the three technologies work. Together in a complementary way that that we believe is the best way to address future computation needs.

好的。所以你說的沒錯。我的意思是，NBD 在國家實驗室中擁有非常強大的影響力，我們在量子運算領域也是如此。因此，在國家實驗室層級制定介面方案是合乎邏輯的，無論是國家實驗室、奧克里奇國家實驗室還是其他國家實驗室，以及 NQI 計劃（儘管該計劃沒有獲得資助）。正如你可能已經看到的，上一級的資金已經在上週恢復，所以國家實驗室能夠再次獲得一定程度的資金，並且NDQing平台也差不多在同一時期推出，這令人興奮。所以，正如我們過去討論過的那樣，我們當然相信這一點。未來，CPU 將繼續用於順序計算，GPU 將繼續用於平行計算，就像現在這樣，而量子處理單元 (QPU) 將用於同步計算。所以，我們過去討論的一切，現在我們有機會與英偉達合作，利用 NVQing 平台以及 Kuda 量子平台，在現實生活中開始示範。因此，我們肯定會朝著這個方向進行更多工作，我們將能夠產生數據，將通用應用程式拆分為順序、並行和同時，並展示這三種技術的適用性以及這三種技術協同工作的好處。我們認為，以互補的方式共同合作是滿足未來運算需求的最佳途徑。

That's really helpful, Subo, and Jeff, I wanted to ask a follow-up clarification to you regarding the AFRL deal at 5.8 million. I think that was a 3 million, or excuse me, a 3-year deal, 3-year deal for 5.8. Does that rev reck fairly rateably across 12 quarters, or how do we think about Redreck and is that kicking off in the fourth quarter or early next year?

這真的很有幫助，Subo，還有Jeff，我想就AFRL 580萬美元的交易向你們請教一個後續問題。我認為那是一份價值 300 萬美元的合同，或者更準確地說，是一份為期 3 年、價值 580 萬美元的合約。這份合約的收入能否在 12 個季度內得到合理的分配？或者我們應該如何看待所得分配問題？收入分配是在第四季還是明年年初開始？

No, it will be fairly rateable over the 3 years, Craig, and, it actually, we got a little bit of it in the 3rd quarter, so it'll be, radable going forward.

不，克雷格，這三年內它的估值應該相當可觀，而且，實際上，我們在第三季度已經獲得了一些收益，所以未來它的估值應該會比較合理。

Got it. Nice to get that going. And then lastly, if I could guys, just any commentary on potential exploration of M&A or other other inorganic activity with a cash balance of 600 million as something that might either accelerate or add strength to the roadmap that you've just announced the. The detailed roadmap out through 2027.

知道了。很高興看到這件事開始進展。最後，如果可以的話，請各位就利用 6 億美元的現金餘額探索併購或其他非內生性活動發表一些評論，看看這是否會加速或加強你們剛剛宣布的路線圖。截至 2027 年的詳細路線圖。

Thank you.

謝謝。

So it's a good question, and we discuss, both our current cash balance and what the, what the needs are in the future as well as opportunities to do any M&A to help accelerate our roadmap. As you saw, we have been able to accelerate our roadmap quite significantly. We are talking about 99.7% next year with 150 cubit and more importantly, more than 1,000 cubits and 99.8% at the end by the end of 2027 roughly. And that's really without on our doing everything organically on our own, which obviously we prefer it we think we have all the necessary technology components internally right now to be able to execute that roadmap and main reason for that is the success we are having with our chiplet technology. We feel really good about executing that road map right now.

這是一個很好的問題，我們將討論我們目前的現金餘額，以及未來的需求，也會討論進行併購以加速我們發展路線圖的機會。正如你所看到的，我們已經能夠大幅加快我們的路線圖推進速度。我們說的是明年達到 99.7% 的產量，達到 150 肘，更重要的是，到 2027 年底左右，產量將超過 1000 肘，達到 99.8%。而且這實際上並沒有假設我們完全自主地進行所有工作，顯然我們更傾向於自主完成，我們認為我們目前內部擁有所有必要的技術組件來執行該路線圖，主要原因是我們的晶片技術取得了成功。我們現在對執行該路線圖充滿信心。

If we find someone who could help us accelerate our road map further we obviously will take a look at it but right now we believe we are in a leadership position and we'll continue to execute well to get to that, road map.

如果我們找到能夠幫助我們進一步加快路線圖的人，我們當然會考慮，但目前我們相信我們處於領先地位，我們將繼續出色地執行路線圖，以實現該路線圖。

That's helpful and congrats on the roadmap progress you've been.

這很有幫助，恭喜你們在路線圖方面的進展。

Thanks.

謝謝。

Ryan Kinsinger, Alliance Global Partners.

Ryan Kinsinger，Alliance Global Partners。

Great, thanks so much for taking my question.

太好了，非常感謝您回答我的問題。

A follow-up on the roadmap. I'm curious what progress you are making currently on Fidelity and when you expect to achieve 99.7% medium 2 cubbit gate fidelity for a 9 qubit chip and when that has to happen in order to start the tiling process to get to 100 cubits by the end of 2026.

路線圖後續進展。我很好奇你們目前在保真度方面取得了哪些進展，以及你們預計何時能使 9 量子比特晶片達到 99.7% 的中等 2 立方比特門保真度，以及為了在 2026 年底前開始進行拼接過程以達到 100 立方比特，何時必須實現這一點。

So So good question here. I mean we are making 9 cubit chilets right now. We are telling them to get to our milestone for this year, which is 108 cubit, more than 100 cubit, but at 99.5%, before the end of this year. Suddenly as we are doing that work we are seeing, a very good.

這是一個很好的問題。我的意思是，我們現在正在製作9立方英尺的辣椒。我們要求他們在今年年底前達到我們今年的里程碑，即 108 肘，超過 100 肘，但完成度達到 99.5%。突然，當我們做這項工作時，我們發現了一個非常好的結果。

Two qubit fidelity level with the individual 9 cubit triplets and that gives us confidence that we should be able to get to 99.7% by the end of next year with more than 150 cubits. Regarding the 1,000 cubits, that's a little more challenging as, one of the real questions had come up. We believe we are going to increase the size of chilet to about 36 cubits. So we have to prove that out, that at 36 cubit chilet, we can tie multiple ones and still maintain high fidelity. That's the work we'll be doing next year in anticipation of demonstrating more than 1,000 cubits at 99.8% by the end of 2027. But we certainly all the data we are generating right now with the 9 cubit chiple gives us high confidence that we will not only be able to execute this year's roadmap which is more than 100 cubit at 99.5, but more importantly end of next year's roadmap which is more than 150 cubit at 99.7. So the chiple data is good enough to give us high confidence with both of those milestones, and that's what we are relying on to get us 1,000 cubit at 998 by the end of 2027.

兩個量子比特的保真度水平，每個 9 立方比特三重態，這讓我們有信心，到明年年底，我們應該能夠用超過 150 立方比特達到 99.7% 的保真度。至於 1000 肘，那就有點棘手了，因為一個真正的問題出現了。我們相信辣椒的尺寸將增加到大約 36 立方英尺。所以我們必須證明，在 36 肘長的情況下，我們可以綁多個，並且仍然保持高保真度。這就是我們明年要進行的工作，預計到 2027 年底，我們將實現 1000 立方英尺以上、精度達到 99.8% 的目標。但我們目前利用9立方比特晶片產生的所有數據都讓我們非常有信心，我們不僅能夠完成今年的路線圖（超過100立方比特，精度達到99.5），更重要的是，還能完成明年年底的路線圖（超過150立方比特，精度達到99.7）。因此，晶片數據足以讓我們對這兩個里程碑充滿信心，而我們也正是依靠這些數據，力爭在2027年底前達到1000立方比特，精度達到998。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Great, thanks, Sibo and Jeffrey. Let me ask a couple of questions here. Looking at your 10q and you have a passage in here about you may significantly increase your capbs, including upgrading your chip fab facility or an entirely new one here. Maybe you can tell us a little bit about what this potential might be when you might decide this and what, what's the kind of scale of investment are we talking about here.

太好了，謝謝Sibo和Jeffrey。我想問幾個問題。查看您的 10q 文件，其中有一段提到您可能會大幅增加資本，包括升級您的晶片製造工廠或新建一個。或許您可以跟我們說，當您決定這樣做的時候，這種潛力可能有多大，以及我們在這裡談論的是什麼樣的投資規模。

So, sure, so right now, we have a 150 millimeter chip fab facility in Fremont, California, and it's fairly manual in operation. It's obviously doing a good job of giving us the current data, and we feel very good that that Fab will continue to give us good data for the next 2-3 years and, quite capable of meeting our needs for the next 2 to 3 years, including the 1,000 cubit at 99.8% milestone that we talked about by the end of 2027.

所以，沒錯，目前我們在加州弗里蒙特市有一個 150 毫米晶片製造廠，它的操作相當依賴人工。顯然，它在為我們提供當前數據方面做得很好，我們非常有信心，該工廠將在未來 2-3 年內繼續為我們提供良好的數據，並且完全有能力滿足我們未來 2-3 年的需求，包括我們之前提到的到 2027 年底達到 1,000 立方比特、純度為 99.8% 的里程碑。

The challenge we see is getting to more than 99.9% to cubit gate fidelity with several thousands of cubits. We believe that the current fab will have limitations, not capacity limitations, but capability limitations, primarily because your, tools at 150 millimeter are are not as good as they are for 200 or 300 millimeter because the semiconductor industry has standardized around 200 or 300 millimeters.

我們面臨的挑戰是如何在數千立方比特的範圍內實現超過 99.9% 的立方比特門保真度。我們認為，目前的晶圓廠將存在一些限制，不是產能限制，而是能力限制，主要是因為你們的 150 毫米工具不如 200 或 300 毫米的工具好，因為半導體產業已經將標準設定在 200 或 300 毫米左右。

So we think we are going to need 200, 300 millimeter type tools and more automation in our line for capability, not capacity, and we think we are going to need it for beyond the three year horizon.

因此，我們認為我們需要 200 毫米、300 毫米類型的刀具，而我們的生產線需要更多的自動化設備來提高能力，而不是產能，我們認為我們需要這些設備來滿足未來三年以上的生產需求。

Now, typically it takes a couple years to build a fab. So if you need something in 3 years, we, there's a high chance we will have to start, thinking about real CapEx needed roughly 1 year or so from now. And that's what the statement was about that anticipating that we have to invest in a new fab, we will have to start thinking about CapEx needs roughly 1 year or so from now. There are various alternatives being discussed by commerce and other areas where, national lab, somewhere in the US is being contemplated, and obviously if any of those initiatives take off, we will be part of those initiatives so it will not be that rigated he has to shoulder all the burden for a full, 8 inch or 12 inch fab. To answer your question, I mean, a quantum fab is significantly simpler than a state of the art CMOS fab. Because our lateral dimensions are a lot more forgiving, our challenges are vertical dimensions which come from oxidation and those kinds of things. And also we have a lot less lithographic steps compared to a CMOs, Fab.

通常來說，建造一座晶圓廠需要幾年時間。所以，如果您在 3 年內需要某樣東西，那麼我們很有可能需要從現在起大約 1 年左右開始考慮實際所需的資本支出。聲明的內容就是，預計我們需要投資建造一座新的晶圓廠，因此我們需要從現在起大約一年左右開始考慮資本支出需求。商業和其他領域正在討論各種替代方案，例如在美國某個地方建立國家實驗室，顯然，如果這些計劃中的任何一項得以實施，我們都將參與其中，這樣他就不必獨自承擔建造一個完整的 8 英寸或 12 英寸晶圓廠的所有負擔了。回答你的問題，我的意思是，量子晶圓廠比最先進的CMOS晶圓廠要簡單得多。由於我們的橫向尺寸容錯率較高，我們面臨的挑戰是縱向尺寸，例如氧化等問題。而且與 CMO 和 Fab 相比，我們的光刻步驟也少得多。

So the combination of forgiving lateral dimensions and significantly reduced number of lithographic steps, you're talking about hundreds of millions of dollars for a brand new quantum fab of 18 inch or 12 inch compared to, as we are talking about $20 to $25 billion for a brand new CMOs fab because of the lateral dimensions involved. As well as the complexity with little, so a quantum fab intrinsically is a lot cheaper if you will compared to a brand new COs fab, but still it is, we're talking sizable numbers here hundreds of millions of dollars, and that's what the statement in the 10Q is about that we may start looking into that if there is no national initiative that commerce or somebody else leads, that allows us to be part of. Does that answer your question?

因此，由於橫向尺寸的容錯性提高以及光刻步驟的大幅減少，建造一座全新的 18 英寸或 12 英寸量子晶圓廠的成本約為數億美元，而建造一座全新的 CMO 晶圓廠則需要 200 億至 250 億美元，因為涉及橫向尺寸。除了複雜性之外，量子晶圓廠本身比全新的量子晶圓廠便宜得多，但即便如此，我們談論的仍然是數億美元的巨額資金，這就是 10Q 報告中所說的，如果沒有商務部或其他機構牽頭的國家倡議允許我們參與，我們可能會開始研究這個問題。這樣回答了你的問題嗎？

It does, but let me, follow-up on that topic here, which is, to what degree do you, would you wish to have something standalone versus shared here but also, sharing IP and maybe even worrying about IP leakage here? What's kind of the puts and takes in that sort of decision?

確實如此，但我想就此主題繼續探討一下，那就是，您希望在多大程度上擁有獨立版本，而不是共享版本，但同時也要共享 IP 位址，甚至擔心 IP 位址洩露？這種決策的利弊是什麼？

Well, the putcentixs are no different than the regular semiconductor industry. I mean, as the most advanced fabs right now are run by companies like TSMC, which are foundry type model, and there is no IP leakage. They take tremendous care. I mean, NVDI and AMDA are both making their advanced chips at TSMC right now, and there is no IP contamination. So foundries have mastered the art of.

其實，Putcentixs 與一般半導體產業並無不同。我的意思是，目前最先進的晶圓廠都是由像台積電這樣的公司運營的，它們採用的是代工模式，不存在知識產權洩漏的問題。他們非常細心。我的意思是，NVIDIA 和 AMDA 目前都在台積電生產他們的先進晶片，不存在智慧財產權污染的問題。所以鑄造廠已經掌握了這門藝術。

Meeting multiple customer design needs without any IP contamination, and assuming a foundry model takes off and the US as a country we have a state of the art Fab which doesn't exist today, by the way, I mean, so we will have one way or another there has to be a brand new Fab coming along somewhere in the US for quantum technologies, but assuming a foundry model is established we would be happy to take a look at it because we know it works, but at the same time if it. If it doesn't happen, the numbers are not that daunting, as I said, we are talking hundreds of millions of dollars, not tens of billions of dollars like in C moss, so it's conceivable that we on our own or be in partnership with some other company could do this kind of thing without going to a full all-out hungry model.

滿足多個客戶的設計需求，且不涉及任何智慧財產權污染。假設代工模式能夠成功，並且美國擁有目前尚不存在的最先進的晶圓廠（順便說一句，我的意思是，無論如何，美國肯定會有一座全新的量子技術晶圓廠拔地而起），但假設代工模式已經建立，我們很樂意嘗試，因為我們知道它是行之有效的。但同時，如果它…如果這件事沒有發生，數字也沒有那麼可怕，正如我所說，我們談論的是數億美元，而不是像 C moss 那樣的數百億美元，所以可以想像，我們自己或者與其他公司合作，無需採取完全放任自流的模式，就能做到這類事情。

Okay, that's helpful detail here. Maybe a follow-on question here from, for Jeff. A number of questions here earlier in the, call here about the future rev rec for both the, FRL contract as well as the system sales here. How do we think of a kind of a general profile of gross margins with additional revenues or kind of general thought process here, especially since, gross margins here in the 3rd quarter are lower than what you've seen in the past?

好的，這個細節很有用。或許傑夫可以再問一個後續問題。先前在電話中提出了一些問題，涉及 FRL 合約和系統銷售的未來收入確認。我們如何看待毛利率隨額外收入成長而變化的整體情況，或者說，我們如何看待這種整體思路？尤其是考慮到第三季的毛利率低於以往水準。

Thank you.

謝謝。

Sure.

當然。

So gross margins were lower as you pointed out in the 3rd quarter. It really is due to the variability in our contracts and sometimes we do these contracts for strategic reasons or because they're going to advance our R&D. Necessarily more than the than the margin profile, I do think with, some of these other sales, particularly, some of the Novara sales, margins will be a bit better than certainly than what we've seen here in the 3rd quarter and even, earlier in the year to a certain extent. .

正如你所指出的，第三季的毛利率有所下降。這確實是由於我們合約的可變性造成的，有時我們簽訂這些合約是出於戰略原因，或者因為它們將推進我們的研發。比起利潤率，我認為，其他一些銷售，特別是諾瓦拉的一些銷售，利潤率肯定會比我們在第三季甚至今年早些時候看到的要好一些。。

Okay, great, that's all. For me guys. Thank you.

好的，太好了，就這些了。對我來說，夥計們。謝謝。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森，坎托·菲茨杰拉德。

Hey gentlemen, congrats on all the great progress here. Maybe a couple of quick questions for Sabud. Just curious on the 2027 target of a 1,000 cubits, what types of applications would your system be able to, run at that.

各位先生，祝賀你們取得的巨大進展。也許可以問薩布德幾個簡單的問題。我只是好奇，如果系統在 2027 年達到 1,000 立方比特的目標，屆時能夠運行哪些類型的應用程式。

That status?

那種狀態？

Great question, Troy. I mean this is where I think the exciting part comes in. I mean, the announcements we have done with, Nvidia with the NVQ link and hybrid systems, I think it's all coming together in about the same time period. So imagine a world where there is a hybrid system offering between us Nvidia and a few other companies where you have a 1,000 qubit.

特洛伊，問得好。我的意思是，我覺得精彩的部分就在這裡。我的意思是，我們與英偉達合作發布的 NVQ Link 和混合系統，我認為所有這些成果都在大致相同的時間段內匯聚到了一起。想像一下，如果我們英偉達和其他幾家公司聯合推出混合系統，提供 1000 個量子比特，那會是怎樣一番景象。

Physical 1,000 physical cubit at 99.8% 2 cubit get fidelity interfacing smoothly with the state of the art CPUs and GPUs. We believe the kind of applications you'll be able to take on would be, the complex ones that struggle with CPU and GPUs today. We are talking about things like.

實體精度為 1,000 實體立方比特，精度為 99.8%，2 立方位元精度可與最先進的 CPU 和 GPU 流暢地進行介面連接。我們相信您將能夠處理的應用程式類型是，目前那些對 CPU 和 GPU 要求很高的複雜應用。我們正在談論諸如此類的事情。

Drug discovery or financial forecasting or material synthesis, those kinds of applications, we don't think we will be talking about encryption or decryption still at that point with those kinds of, metrics, but certainly areas which. Where you have thousands of variables that are interacting simultaneously on that current CPU and GPU architecture struggle to, keep up with those applications will start coming our way. So as I mentioned, a lot of forecasting type applications whether it's financial forecasting or drug discovery type stuff or weather forecasting kind of stuff are the ones that I anticipate we'll start using quantum computing in a hybrid setup in a couple year time period.

藥物發現、財務預測或材料合成等應用領域，我們認為在那個階段我們不會用到加密或解密這類指標，但肯定涉及這些領域。當成千上萬個變數同時在目前的 CPU 和 GPU 架構上互動時，我們將面臨這樣的應用挑戰，而這些應用將很快出現。正如我之前提到的，許多預測類型的應用，無論是金融預測、藥物發現還是天氣預報，我預計在未來幾年內，我們將開始在混合設定中使用量子運算。

Perfect. Alright. And then just a question. I'm just curious here. The customers that are buying these, 9 qubit systems, why would they not buy the 36 qubit system now?

完美的。好吧。然後我還有一個問題。我只是好奇而已。購買這些 9 量子位元系統的客戶，為什麼現在不購買 36 量子位元系統？

A good question. We asked the question to them too, and, they are buying physical on-premise quantum computers right now because they want to fundamentally understand how quantum computers work because they're doing some research on some aspect of quantum computing themselves, but they need to understand how fundamentally the hardware works, what kind of pulses do we send, how do we. Tune for recalibrate and re-tune and all those kinds of things. So 9 cubit is a good starting point for those kinds of things to understand how a quantum computer works. But as I, as we discussed, they clearly are interested in upgrading it at the right time. Once they are confident, they understand how 99 cubits work, I'm pretty sure they will want to upgrade it to. Tens of cubits whether it's 20 odd cubits or 30 odd cubits we'll see what their interest level is, but they will certainly be interested in upgrading and that's why the systems are designed so that they are upgradable. There will be an additional revenue recognition at that point because we have to change the chip. We have to change the wiring and a few other things, but fundamentally the systems are designed so they can handle up to, 50 or so cubits.

問得好。我們也問了他們這個問題，他們現在正在購買本地部署的物理量子計算機，因為他們想從根本上了解量子計算機的工作原理，因為他們自己也在研究量子計算的某些方面，但他們需要了解硬體的基本工作原理，我們發送什麼樣的脈衝，我們是如何做的。調整、重新校準、重新調諧等等。所以，9 立方比特是理解量子電腦工作原理的一個很好的起點。但正如我和他們討論過的，他們顯然有興趣在適當的時機進行升級。一旦他們有了信心，了解了 99 立方比特的工作原理，我非常肯定他們會想要升級到更高版本。幾十肘，或二十幾肘，或三十幾肘，我們會看看他們的興趣程度，但他們肯定會對升級感興趣，這就是為什麼系統被設計成可升級的原因。屆時將確認額外的收入，因為我們需要更換晶片。我們需要更改線路和其他一些東西，但從根本上說，這些系統的設計使其能夠處理大約 50 立方英尺的數據。

Okay, makes sense. Keep up the good work, gentlemen.

好的，有道理。各位先生，繼續努力。

Thank you, Troy.

謝謝你，特洛伊。

David Williams, The Benchmark Company.

David Williams，基準公司。

Hey, thanks for letting me ask the follow-up here. Just wanted to ask, Sabo, if you kind of think about, your foundry as you spoke about earlier, is there a possibility that you could transfer your technology today to an outside fab that's slightly more advanced that you could get better fidelity and just kind of thinking about the 1,000 qubit, is there a potential to maybe get to that 99.9%, alternatively using another fab source.

嘿，謝謝你允許我在這裡問後續問題。Sabo，我想問一下，你之前提到的代工廠，現在是否有可能將你的技術轉移到稍微先進的外部晶圓廠，從而獲得更高的保真度？再想想1000個量子比特，是否有可能達到99.9%的保真度？或者，透過其他晶圓廠來實現。

A good question, David, and we are talking to existing foundries that are doing some quantum computing related, work for some of our peer companies, so we are exploring those options and certainly if it gives us a bumper in performance, we would love to have it as of today we haven't found anyone who's quite that capable of running the types of materials and processes that we run for superconducting gate-based quantum computing. We know in the other forms like superconducting annealing and some other modalities like photonics, there are some foundry companies that are doing some work for some of our peer companies and we're talking to them to see if we can use that model. But as of right now, all the leaders in superconducting gatecamp, including us and other companies like IBM and Google, as far as I know, none of us are using a foundry model at this time. But we'll continue to explore those options if an existing foundry meets our requirements, we would love to have it. Obviously it saves us a lot of CapEx if that is the case, but as of today we are not confident that the existing foundries can meet our requirements.

問得好，David。我們正在與一些為同行公司從事量子計算相關工作的現有代工廠洽談，所以我們正在探索這些選項。當然，如果它能顯著提升我們的效能，我們非常樂意。但就目前而言，我們還沒有找到任何一家能夠處理我們用於超導門量子計算的材料和製程的公司。我們知道，在其他形式（如超導退火）和一些其他模式（如光子學）中，有一些代工廠公司正在為我們的一些同行公司做一些工作，我們正在與他們洽談，看看我們是否可以採用這種模式。但就目前而言，包括我們以及 IBM 和 Google 等其他公司在內的所有超導領域領導者，據我所知，目前我們都沒有採用代工模式。但是，如果現有的代工廠能夠滿足我們的要求，我們將繼續探索這些選擇，我們非常樂意與它合作。如果情況真是如此，顯然可以為我們節省很多資本支出，但就目前而言，我們並不確定現有的代工廠能否滿足我們的要求。

Okay, thanks. And then maybe just one last one here on Craig's question about M&A earlier. Do you think you have the right kind of path forward on the control side, and you kind of talked about needing to transition to a flexible, cabling platform. Is that an area that you could potentially be looked to outside sources for acquiring, or do you think you have that under control today and have the path forward there?

好的，謝謝。最後，關於克雷格之前提出的併購問題，我可能還要再問一個問題。你認為你在控制方面找到了正確的前進方向嗎？你之前也提到過需要過渡到一個靈活的佈線平台。您是否認為這方面有可能需要從外部資源獲取資源，還是您認為目前已經掌控了局面，並且有前進的方向？

Thank you.

謝謝。

Well, I mean, on the control system itself, as we are partnered with Quantum Computer who's a leader in CPU GPU servers, so we feel very good about our strategic partnership with Quantum Computer for the control system itself. Regarding the cables that go inside the dilution refrigerator, you're right, we need to move to flex cables in the next 2 to 3 years. We have good technology ourselves along with some subcontractors that we use right now. We have a lot of IP in that area as well, so we feel generally good about our path forward, but if again, as I mentioned, if we find someone who can help us accelerate our roadmap, we will absolutely be willing to take a look at, that kind of a company.

嗯，我的意思是，就控制系統本身而言，我們與量子電腦公司合作，該公司是 CPU GPU 伺服器領域的領導者，所以我們對與量子電腦公司在控制系統方面的策略合作關係感到非常滿意。關於稀釋冰箱內部的電纜，您說得對，我們需要在未來 2 到 3 年內改用柔性電纜。我們本身擁有先進的技術，目前也與一些分包商合作。我們在該領域也擁有大量的智慧財產權，所以我們對未來的發展道路總體上感到樂觀。但是，正如我剛才提到的，如果我們找到能夠幫助我們加快發展路線圖的人，我們絕對願意考慮與這樣的公司合作。

Quinn Bolton, Needham & Company.

奎因·博爾頓，尼德姆公司。

Hey guys, thanks for taking my follow-up. Somebody had mentioned the Energy Department announcing, I think it was 625 million to invest in the National uantum Research Center. Just wondering, how does that affect the business and do you have any updates what you're hearing in Washington on just the reauthorization of the NQI Act?

各位，感謝你們回覆我的後續問題。有人提到能源部宣布，好像是投資 6.25 億美元在國家量子研究中心。我想知道，這會對企業產生什麼影響？您有沒有聽到華盛頓方面關於《國家品質改進法案》（NQI Act）重新授權的任何最新消息？

So yeah, so NQI ran out of the original act was signed in 2018 I believe it ran out of money somewhere towards the end of 2023. NQI reauthorization was supposed to be signed at that time. Obviously it hasn't happened yet. A lot of discussions have happened. Multiple versions of the bills have gone between the House and Senate, with numbers as high as $2.5 billion over five years. That was practically 4 to 5 times higher than the original NQI, which was $625 million over five years.

所以，NQI 的原班人馬在 2018 年簽約，我記得它在 2023 年底左右資金耗盡了。NQI重新授權本應在那時簽署。顯然，這件事還沒有發生。已經進行了很多討論。這些法案的多個版本已經在眾議院和參議院之間來回審議，金額最高可達五年內 25 億美元。這幾乎是最初 NQI 的 4 到 5 倍，最初的 NQI 為五年 6.25 億美元。

Now the latest one that got passed last week is a re reinstating the original amount so at least we are.

上週通過的最新法案恢復了原先的金額，所以至少我們現在的情況是這樣的。

Up from virtually nothing to back to $625 million over five years, $125 million per year, which is better than nothing but nowhere close to the $2.5 billion that are being discussed now. This is just a first step is what we understand. There's still discussions going on and we definitely expect a much better funding. Situation for DE in the next few months, but exactly when that will happen, given the current government situation and the time it takes for bills to get signed and appropriated, we can't tell you what exactly, the date will be on what the amount will be, but definitely a much bigger amount is being discussed for DOE in the upcoming months here.

從幾乎為零到五年內回升至 6.25 億美元，即每年 1.25 億美元，這總比沒有強，但與現在討論的 25 億美元相比，還相差甚遠。據我們了解，這只是第一步。目前仍在進行討論，我們當然期待能獲得更好的資金支持。未來幾個月特拉華州的情況如何，但具體何時發生，鑑於目前的政府狀況以及法案簽署和撥款所需的時間，我們無法確切地告訴您，具體日期和金額尚未確定，但可以肯定的是，未來幾個月能源部正在討論獲得一筆更大的撥款。

But at least it's good to get it back to the original amount which was $625 million over five years.

但至少現在恢復到了最初的金額，也就是五年內 6.25 億美元。

Excellent. Okay, thank you.

出色的。好的，謝謝。

Tyler Anderson, Craig-Hallum Capital Group.

泰勒安德森，克雷格-哈勒姆資本集團。

Hi Sabo, this is Tyler Anderson on for Richard Shannon. So I had a housekeeping and a technical question for Q4.

嗨，Sabo，我是Tyler Anderson，替Richard Shannon為您報道。所以，我第四季有一個關於日常事務和技術方面的問題。

What do you guys expect the share count to be? I noticed there was a few warrants that were exercised subsequent to the.

你們預計分享次數會是多少？我注意到之後有幾份搜索令被執行了。

End of the quarter.

季度末。

Sure. Tyler, so I would say, and it, it's going to depend on how many warrants get exercised, of course, between, November 6th and the end of December, as of November 6th we had 330 million shares outstanding, so, I would probably plan on, maybe 335 or something like that. Again it could flux a little bit depending on how many warrants get exercised.

當然。泰勒，所以我想說，當然，這取決於從 11 月 6 日到 12 月底有多少認股權證被行使。截至 11 月 6 日，我們有 3.3 億股流通股，所以，我可能會計劃 3.35 億股左右。同樣，具體金額可能會根據有多少認股權證被行使而略有波動。

Okay great thank you and then so this these tools that you expect to purchase for new foundry do these.

好的，非常感謝。那麼，這些是您預期為新鑄造廠購買的工具嗎？

Are you waiting for new tooling to be developed or the tools that you expect to purchase are those upgradable once you have those and new capabilities become released?

您是在等待新工具的開發，還是希望購買那些在擁有這些工具後，隨著新功能的發布而可以升級的工具？

And how does that, if they are and you do plan on upgrading them, how does that change the pace of your roadmap in terms of cubit density and fidelity?

如果它們確實存在，並且您計劃對其進行升級，那麼這會如何改變您在立方體密度和保真度方面的路線圖進度？

So, the roadmap is, right now the roadmap that we have disclosed for 26 and 27, just to be clear, we are still counting on our Fremont Fab to be able to give us those chips, so we are not assuming that we need a new fab or even a new foundry somewhere to help us execute that road map. So the 26, 27 milestones we feel are pretty good with the existing fab.

所以，目前的路線圖就是我們已經公佈的 26 和 27 年路線圖。需要明確的是，我們仍然指望弗里蒙特工廠能夠為我們提供這些晶片，所以我們並不認為我們需要一個新的工廠，甚至不需要在其他地方建立新的代工廠來幫助我們執行該路線圖。因此，我們認為現有的工廠能夠很好地完成 26、27 個里程碑。

As discussed earlier, we are looking at options including existing foundries that are out there, and if an existing foundry model works, that obviously is the easiest one to execute, assuming it doesn't, then we are looking at investing in a fab on our own or through some kind of initiative that the US government initiates, and we are open to options. There are some, clearly a new fab will be either an 18 inch or 12 inch, so it's very unlikely that any of our existing tools, except for wet baths and stuff like that which are relatively small in the big scheme of things, can be repurposed. Most of the tools will have to be new at the 18 inch or 12 inch level, so it will be a substantial new CapEx, but we're talking about. Again, compared to COs very small numbers, hundreds of millions of dollars, and that's assuming that the existing foundry model doesn't work or we have to take the entire burden ourselves.

正如之前討論過的，我們正在考慮各種方案，包括現有的代工廠。如果現有的代工廠模式可行，那顯然是最容易執行的。假設不可行，那麼我們正在考慮自行投資建造晶圓廠，或透過美國政府發起的某種計畫進行投資。我們對各種方案都持開放態度。顯然，新的工廠要么是 18 英寸的，要么是 12 英寸的，所以除了濕式清洗機之類的東西（從整體來看，它們相對較小）之外，我們現有的任何工具都不太可能被重新利用。大多數工具都需要是 18 英寸或 12 英寸的新工具，因此這將是一筆相當大的新資本支出，但我們正在討論的是。再說一遍，與 CO 的數額相比，這筆錢非常少，只有數億美元，而且這還是假設現有的代工廠模式行不通，或者我們必須自己承擔全部負擔。

Hopefully you'll find easier, cheaper alternatives here. Hopefully that answers your question.

希望您能在這裡找到更簡單、更便宜的替代方案。希望這能解答你的疑問。

Partially, so with the tools that you purchased, would those potentially be upgradable for just quantum add-ons that toolling companies are thinking about?

部分可以，那麼你購買的工具是否有可能升級為工具公司正在考慮的量子附加組件？

Yeah, they should be. I mean, fundamentally they are very similar kind of tools, so they should be upgradable in the future.

是的，他們應該如此。我的意思是，從根本上講，它們是非常相似的工具，因此將來應該可以升級。

And is there any capability that you would look for in a foundry?

您在選擇鑄造廠時會特別注意哪些能力？

If you were to purchase one.

如果你要買一個的話。

I mean, right now, as in the superconducting gate camp we use what is called as the Josephson junctions and then we create gates, between the cubits so materials themselves are, superconducting materials like aluminum, tantalum.

我的意思是，現在，在超導閘極領域，我們使用所謂的約瑟夫森結，然後在立方體之間創建閘極，所以材料本身就是超導材料，如鋁、鉭。

Those kinds of materials which are not com normally available in the COs world, the processes, there are some unique processes that we do, to enable our superconducting gate chips.

那些在超導領域通常無法獲得的材料，以及我們採用的一些獨特的工藝，使我們能夠製造出超導閘極晶片。

Again, so slightly different materials and slightly different processes. That's what we need. Some foundries that are doing like superconducting uneing type approaches, they have some of the tools that we need but not all of them. So we, that those are the options we are looking at right now to see whether we can use some of those models, after our 3 months before we have to commit to a brand new fab ourselves.

所以，材料和工藝都略有不同。這正是我們所需要的。有些代工廠採用類似超導融合之類的技術，他們擁有我們需要的一些工具，但並非全部。所以，這些就是我們目前正在考慮的方案，看看在我們必須自己投入一個全新的工廠之前，我們是否可以利用其中的一些模型，為期 3 個月。

Awesome thank you and congrats on the roadmap.

太棒了，謝謝！恭喜你們制定這份路線圖！

Thank you, Tyler.

謝謝你，泰勒。

Thank you. I'm showing no further questions at this time. I turn it back to Doctor Saboa Konari for closing remarks.

謝謝。我目前不再提出其他問題。現在我把麥克風交還給薩博亞·科納裡博士，請他作總結發言。

Thank you for your interest and questions. We look forward to updating you after the end of next quarter. Thanks again.

感謝您的關注與提問。我們期待在下個季度末向您報告最新情況。再次感謝。

Thank you for your participation in today's conference. This conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。