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- **Revenue Soars 281% YoY**: Q3 2025 revenue of $384,000 driven by NASA and financial institution deals, with $1.27B in recent capital raises.
- **Manufacturing Ambition**: Fab 1 operational, Fab 2 planned for high-volume production (hundreds of millions/year) by 2030.
- **Strategic Expansion**: Joined QEDC and CTA; sold AI and quantum systems to global automotive and European academic partners.
- **Financial Strength**: $878M total assets, $352M cash, and 33% gross margin. Evaluating M&A to accelerate growth.
- **Quantum Security Momentum**: Increasing demand for quantum-secured Internet amid Shor's algorithm concerns, with solutions compatible with existing telecom infrastructure.

**【CEO Summary Section】**
- **Revenue Growth and Capital Strength**: Recorded $384,000 in Q3 2025 revenue, up 281% YoY, driven by NASA LiDAR and U.S. financial institution deals. Raised $1.27B in Q3 and Q4, including $750M post-quarter, with $878M in total assets.
- **Manufacturing Expansion**: Fab 1 operational, producing thin-film lithium niobate chips for 10+ customers. Planning Fab 2 for high-volume production (hundreds of millions/year) by end of the decade.
- **Strategic Partnerships**: Collaborated with POET Technologies for telecom applications and sold EmuCore to a global automotive manufacturer. Joined QEDC and CTA to expand industry influence.
- **Roadmap Focus**: Scaling engineering, manufacturing, and sales teams; targeting 2030 for volume production. DIRAC-3 quantum optimization machine showing real-world advantages over classical systems.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 2025 GAAP net income $2.4M ($0.01/share), up from $5.7M loss YoY. Gross margin improved to 33% (vs. 9% YoY). Operating expenses $10.5M, up 94% YoY due to team scaling.
- **Balance Sheet**: $352M cash and $460M investments as of Q3. Total liabilities $20M, down 56% YoY. Share count 224M as of Q4 2025.
- **Future Outlook**: $750M post-quarter financing supports M&A and manufacturing. Evaluating acquisitions to accelerate technology adoption and fill road map gaps.

**【Q&A Key Highlights】**
- **Partnerships and M&A**: Actively pursuing telecom collaborations (e.g., POET) and exploring M&A in volatile market. Fab 1 to add $2M in high-speed testing equipment.
- **International Expansion**: Sold systems to TU Delft (Europe) and Singapore users. Exploring South Korea via distributor.
- **Quantum Security Demand**: Increasing interest from CISOs amid Shor's algorithm concerns. Quantum-secured Internet solutions compatible with existing telecom infrastructure.
- **DIRAC-3 Adoption**: Transitioning to volume production to reduce costs and improve user accessibility. Applications team building integrations with customer systems.


Quantum Computing Inc. (QUBT) Q3 2025 Earnings Call Transcript

- **Commercial Breakthroughs**: Secured $400k NASA contract and first U.S. bank sale of quantum cybersecurity solution, expanding into defense and finance.
- **Foundry Momentum**: Arizona facility operational, with orders for telecom and quantum chips, targeting $M+ revenue in 12-18m.
- **Financial Resilience**: $349M cash post-financing, despite $36M net loss driven by non-cash warrant loss.
- **Strategic Focus**: Integrating quantum machines with photonic chips to reduce SWaP-C and accelerate AI/quantum applications.

**【Management Opening Remarks】**
- **Commercial Momentum**: Secured orders for quantum photonic vibrometer from Delft University and entangled photon source for South Korean research, marking expansion into Europe and Asia.
- **Strategic Revenue Streams**: Quantum machines (optimization, sensing) and photonic chip foundry (AI, communication) drive dual growth, with foundry now operational in Tempe, Arizona.
- **Government Partnerships**: Awarded $400k NASA subcontract for solar noise removal in space LiDAR, and recent NIST contract, underscoring defense and scientific impact.
- **Leadership Expansion**: Appointed Milan Begliarbekov as COO and Pouya Dianat as CRO, enhancing execution capacity.
- **Market Recognition**: Added to Russell 3000 and 2000 indexes, boosting institutional visibility.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Revenue $61,000 (vs. $183,000 YoY), gross margin 43% (up from 32%), net loss $36M ($0.26/share) due to $28M non-cash warrant loss.
- **Capital Strength**: $349M cash post-$200M June financing, enabling R&D and foundry scale-up.
- **Expense Growth**: OpEx $10.2M (vs. $5.3M YoY), driven by 120%+ headcount increase for engineering and sales.
- **Balance Sheet**: Total assets $426M, liabilities $30M, equity $396M, reflecting strong capitalization.

**【Q&A Highlights】**
- **Future Roadmap**: Integrating quantum machines with thin-film photonic chips over 2-3 years to reduce SWaP-C (size, weight, power, cost) and boost performance.
- **Foundry Synergy**: Foundry orders support R&D while generating revenue, targeting 12-18m scale-up.
- **Spending Strategy**: Accelerating R&D and sales hiring, open to M&A to fill tech gaps, with no immediate deals.
- **Technology Differentiation**: Room-temperature, energy-efficient quantum systems address AI infrastructure constraints.

Quantum Computing (QUBT)-14 Aug 25-2025 Q2 Earnings call transcript

- **Foundry Momentum**: Tempe facility operational with 5th customer order, positioning 2026+ revenue acceleration.
- **Quantum Impact**: Q1 wins with Delft University and automotive sector validate real-world applicability.
- **Financial Strength**: $166M cash runway supports growth, despite near-term margin pressure.
- **Expansion Ambition**: Board evaluating Fab 2 plans as demand signals emerge; ecosystem strategy to drive adoption.
- **Cost Efficiency**: $87M Q1 fundraising bolsters balance sheet for scaling initiatives.

**【Interim CEO Opening Remarks】**
- Lauded predecessor Dr. Bill McGann for positioning the company for success, emphasizing a strong foundation for future growth.
- Highlighted QCi’s dual focus: quantum machines for real-world optimization (e.g., biomedical research, NASA collaborations) and the TFLN foundry for next-gen photonics solutions.
- Announced key Q1 milestones:
  - Tempe, AZ foundry completed and entering production phase.
  - Secured 5th purchase order from a Canadian research institute.
  - New customer wins: quantum photonic vibrometer for Delft University and EmuCore device for an automotive manufacturer.
- Shared plans to expand sales and BD teams, signaling confidence in rapid revenue acceleration.

**【CFO Financial Overview】**
- Q1 2025 Revenue: $39M (vs. $27M YoY), driven by foundry ramp-up and quantum machine sales.
- Gross Margin: 33% (down from 41% YoY) due to early-stage foundry costs.
- Operating Expenses: $8.3M (vs. $6.3M YoY), primarily R&D and G&A headcount increases.
- Net Income: $17M ($0.13/share) vs. $6.4M loss YoY, driven by warrant liability valuation gains.
- Cash Position: $166.4M (up $87.5M QoQ) from three equity raises.

**【Q&A Highlights】**
- **Capacity & Expansion**:
  - Near-term constraints expected as customer validation progresses; rapid scaling anticipated post-validation.
  - Discussed potential Fab 2 expansion plans post-board workshop, though details TBD.
  - Emphasized ecosystem-building approach to accelerate adoption.
- **Sales Team Growth**:
  - Leadership promoted last week to support aggressive customer acquisition strategy.
  - Focus on converting pipeline into revenue with strengthened BD capabilities.


Quantum Computing Inc. (QUBT) Q1 2025 Earnings Call Transcript

- **Foundry Momentum**: $78.9M cash and Q2 2025 foundry launch with preorders signal readiness for photonic chip scaling.
- **NASA Impact**: 5 NASA contracts validate quantum optimization in climate monitoring and imaging, driving real-world ROI.
- **Global Expansion**: Early international chip orders in Europe/Asia, with US-focused quantum machine sales for now.
- **Financial Strength**: $192M+ cash post-private placement, despite Q4 net loss driven by non-cash warrants.

**【CEO Business Update】**
- **Revenue Growth & Foundry Progress**: Q4 2024 revenue reached $62,000, with a 55% gross margin (up from 13% in 2023). The Tempe, AZ photonic chip foundry is set to begin production in Q2 2025, with preorders secured for TFLN photonic chips.
- **NASA Collaborations**: Secured 5 task orders with NASA for quantum modeling and phase unwrapping, demonstrating real-world applications in climate monitoring and imaging efficiency.
- **Market Expansion**: Attended 10+ industry events, presenting quantum optimization solutions to commercial and government partners. Early-stage international chip orders in Europe and Asia highlight global demand.

**【CFO Financial Highlights】**
- **Cash Position**: $78.9M in cash as of Q4 2024, up $76.9M YoY, supported by $92.1M in stock offerings and a subsequent $100M private placement.
- **Operational Efficiency**: Full-year cash used in operations decreased by $2.1M, reflecting cost discipline. Q4 operating expenses rose 35% YoY to $8.9M, driven by foundry commissioning and employee costs.
- **Net Loss**: $51.2M (or $0.47 per share) due to non-cash warrant liability adjustments from the 2022 QPhoton merger.

**【Q&A Key Takeaways】**
- **International Strategy**: Focused on US government and commercial contracts for quantum machines, with early-stage international chip orders. Offshore Dirac-3 orders in pipeline but not yet finalized.
- **Foundry Ramp-Up**: Initial Q2 deliveries will be proof-of-concept chips, with multi-project wafer scaling expected. Foundry startup includes PDK development and partnerships to accelerate production efficiency.

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