Quantum Computing Inc.

Ladies and gentlemen, greetings and welcome to the Quantum Computing, Inc. First Quarter 2025 Shareholder Update Call. At this time, all participants are in a listen-only mode. Following management's remarks, the call will be open for questions. Please note this conference is being recorded. It is now my pleasure to introduce your host, Rosalind Christian, with IMS Investor Relations.

Thank you, and I want to welcome everyone to the Quantum Computing Inc. First Quarter 2025 Shareholder Update Call. Before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements based on our current expectations and projections regarding future events, and are subject to change based on various important factors. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. which speak only as of the date of this call. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. On the call today, we have Dr. Yuping Huang, Interim CEO and Chairman, and Chris Bemler, CFO. The team will provide an update on the business, followed by a question and answer session. With that, I would like to turn the call over to management. Please go ahead, Yuping.

Thank you, everyone. for joining us today to hear about QCI's progress in the first quarter. This is my first shareholder update call as Interior and CEO of QCI. As the chairman and on behalf of the entire board, I would like to express our sincere appreciation to Dr. Bill McGann for his leadership and dedicated service. We wish him well for his retirement and are deeply grateful for the significant progress he made in positioning QCI for success. Thanks to his vision and effort, the company stands on a strong foundation to continue advancing our strategic goals and capitalizing on the opportunities ahead. As I step into the role of interim CEO, I look forward to working closely with our talented team, partners, and shareholders to build on this momentum and continue putting photons to work. At the same time, the board has initiated an active search for QSI's next CEO, someone who can help us capture the substantial opportunities we see ahead in the market. For those who are newer to our story, let me start with a brief overview of who we are and what drives us. Quantum Computing Inc. is an integrated photonics and quantum optics technology company. Our mission is to deliver accessible, affordable, quantum machines and the photonic solutions that solve real-world problems today, not decades from now. By leveraging the unique properties of same-thing lithium niobate and advanced photonic engineering, we are building systems that operate at room temperature, consume low power, and seamlessly integrate into existing infrastructures. Our vision is to make high performance quantum solutions practical, scalable, and impactful across industries, from scientific research to industrial applications. We believe QCI stands apart by focusing on two key areas. The first is our quantum machine. which solves complex optimization, machine learning, and sensing problems in fields like biomedical research, transportation, and finance. The second is our Think-in-Lith-Annihilate photonic chip foundry, which provides critical building blocks for next generation telecommunications, AI, and quantum applications. And now, for a summary of our progress this quarter. First, let's start with the progress we've made at our quantum photonics chip foundry in Tempe, Arizona. In the first quarter of 2025, we completed construction of the facility, which is a significant milestone for our company. At the foundry, We have moved into the next phase of testing tools, finalizing certifications, and we are beginning to develop customer deliveries, some which we fulfilled using a shared use facility in the past. This is a specialty FAB. purposely built to manufacture high-performance thin-thin lithonibate photonic integrated circuits. And while this is a smaller, highly focused facility compared to large semiconductor fabs, it represents the first phase of what we see as a multi-phase strategy to address significant and growing market demand. particularly in data communications and telecommunications. We expect to see modest initial revenue from the FAB this year. And as we scale and bring more customers online, we anticipate revenue growth starting to accelerate in 2026. In the first quarter, we secured our fifth purchase order for foundry services from a leading Canadian research institute, which shows early validation of the global demand we are saying for these capacities. We are working closely with our pre-order customers to finalize designs and start fabrication, and we are excited about was ahead. And now, for our quantum machine business, in the first quarter of 2025, we announced a great collaboration with the Sanders True Institutional Therapeutics Discovery Institute. This is a joint effort between Memorial Sloan Kettering, Rockefeller University, and Wayne Conner Medicine. Through this partnership, they are leveraging cloud-based access to our Direct3 quantum optimization machine to support advanced research in computational chemistry and biomolecular modeling. This is exactly the kind of real-world application we envisioned when we built Direct3. And it demonstrates that QCIS systems are making an impact today, not five or 10 years down the road. Since the end of the quarter, we have kept the momentum going. We recently announced that we secured a new subcontract through the Analytic Mechanics Associates to support NASA's Langley Research Center. We will be applying our Direct3 quantum machine to help remove sunlight noise from space-based LiDAR data, a challenge that has historically limited NASA's ability to conduct reliable daytime Earth observations. This project builds on our prior collaborations with NASA and underscores the trust we have built as a technology partner. Subsequent to the quarter, we also booked two exciting new customer orders. First, we sold a quantum photonic vibrometer to Dev University of Technology in the Netherlands to support cutting edge research in non-destructive testing and structural health monitoring. Shortly after that, we announced the sales of a EMU called Resolver Computing Device to a major automotive manufacturer for R&D use. Both of these wins demonstrate how we are broadening adoption of our quantum solutions across both academic and industrial markets. On the marketing front, we attended some key trade shows where we connected with prospective customers and partners. Those interactions are expanding our relationships and building awareness of our solutions. During the quarter, we also strengthened our board with addition of Eric Schwartz. Eric brings more than 20 years of experience in financing, M&A, and corporate strategy. He has guided companies through the exact types of commercialization and the manufacturer scale up efforts we are working on now. So his expertise will be a great asset as we move forward. With that, I will turn the call over to our CFO, to walk through our financials.