Quantum Computing Inc.

Greetings and welcome to the Quantum Computing Inc. Third Quarter 2025 Shareholder Update Call. At this time, all participants are placed on a listen-only mode. Following management's remarks, the call line will be open for questions. 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. Third 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. Liu-Ping Huang, Interim CEO and Chairman, and Chris Roberts, 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, Yu-Ping.

Thank you, everyone, for joining us today to hear about QSAT's progress in the third quarter of 2025. The past few months have been pivotal for our company. We ended the quarter with a strengthened balance sheet, a growing portfolio of commercial relationships, and a clear discipline strategy for scanning our technology. To date, in 2025, we have raised over $1.5 billion in capital, and we now have the resources to execute thoughtfully on our long-term vision, putting quantum technology into the hands of people. In the third quarter, we raised $500 million. And subsequent to the quarter, we raised another $750 million. These reasons put us in a very strong position to drive our roadmap forward and make strategic investments in engineering, manufacturing, and sales. As many of you know, QSAS mission has always been centered around building quantum systems that are practical, scalable, and accessible. We're not just developing quantum technologies for laboratories. We are working to make quantum usable for a broader community of industries and innovators with the ultimate goal of having our technology as ingrained in society as cell phones. This is what sets QSI apart. While many quantum players remain focused on theoretical advances or systems that require complex cryogenic environments. Our integrated photonic approach enables room temperature operation, compactor form factors, and energy-efficient performance. These advantages not only reduce the cost and the complexity of deployment, but also make it possible to scale quantum solutions to a wide range of real-world settings, from aerospace and defense to telecommunications, finance, and data security. As the technology matures, we believe the key differentiator will not be who can build the most powerful quantum prototype in isolation, but who can scale quantum reliably and affordably. The challenge ahead is one of engineering and the manufacturing execution. And that's where QSI focus lies today. Our long-term goal is to move from prototype and a small batch manufacturing towards volume production. And we see that transition take shape by the end of this decade. To get there, our current three-year roadmap is focused on refining our processes, scaling small batch production, and expanding our team and facility to position QSI for industrial scale output. In other words, the technology is there. Our quantum machines and the photonic chips have been validated across multiple use cases. The next step is to scale the engineering and the manufacturing behind them. And we now have the team, resources, facility, and the plan to make that happen. Let me take a moment to highlight some of the key updates from the third quarter. First, on the commercial front, we continue to see growing adoption of our quantum and photonic solutions across research, enterprise, and government sectors. During the quarter, we recorded revenue from our ongoing NASA LiDAR initiative, which uses our Direct3 quantum optimization machine to remove solar noise from space-based LiDAR data. This project represents a significant technical achievement and underscores the real-world value of Q-SI's quantum computing technology for scientific and environmental applications, as well as our initiatives to drive strong relationships within government programs. We also saw meaningful momentum in our commercial engagement. following the sale of our Immuco Reservoir computing device earlier this year to a global automotive manufacturer. In the third quarter, we completed a transaction with a major US financial institute, making another important milestone in validating our quantum AI and security platforms in real-world settings. Our foundry operations in Tempe, Arizona, also continue to progress. As we have shared previously, this facility, also known as Step 1, is a small-scale manufacturing site designed to qualify processes and support early customer programs in thin-film lithium 9-bit photonic chips. This is an important first step in our broader manufacturing strategy. Since launch, our team has been refining production line expanding our operations staff, and building relationships with early customers across research, government, and commercial sectors. This engagement helped us fine-tune both process quality and device yield. Importantly, we are already in the early stage of planning for FAP2, which we expect to begin developing over the next three years step two will be designed to support higher volume manufacturing and serve as a cornerstone for scaling production to meet growing demand in telecommunications sensing and quantum information systems as we advance this manufacturing strategy our hiring efforts are ramping Over the past quarter, we have added key technical and operations staff to strengthen our execution capabilities, and we expect that trend to continue as we prepare for higher production volumes. We have also continued to broaden awareness of Q-size capabilities within the quantum and the photonic communities. Over the past several months, we have been active participants at multiple industry events and conferences, presenting our work and engaging both public and private sector partners. Those events include the IEEE International Conference on Quantum Computing and Engineering, the NYC Quantum Computing Meetup, Quantum World Congress, the Dutch Photonics event, the 51st European Conference on Optical Communication, Quantum Tech Europe, and the Quantum Innovation and Readiness firm. We also recently joined the Quantum Economic Development Consortium and the Consumer Technology Association. aligning QCI with expanding network of technology leaders and innovators. These memberships enhance our visibility and influence in shaping the future of quantum computing, cyber, photonics, and AI-driven solutions across the consumer technology landscape. In September, we deepened our thought leadership presence in the photonics and AI community through a webinar hosted by Optical titled, Photonic Machine Learning for Time-series Problems. The session highlighted how our ImmuCore reservoir computing platform and the next generation photonic architecture address memory and power consumption bottlenecks in modern AI workloads and underscored our thinking lithium niobate foundry capability for high-performance photonic systems. This engagement further expands our credibility in both academic and industrial circles and underscores QSI's increasing visibility as a practical quantum and photonic innovator. We have also been pleased with the increasing level of inbound interest from prospective customers and collaborators across academia and industry. The conversations we are having today reflect the momentum building behind integrated photonics and quantum-ready devices, where Q-Sight has a clear first-mover advantage. QSI's approach positions us uniquely for the next phase of industry evolution. While the broader quantum computing sector continues to grapple with scalability and stability challenges, our integrated photonics platform operates at room temperature with significantly lower size, weight and power, and cost requirements, the so-called swap C advantages. These advantages are becoming increasingly relevant as global energy constraints and the computational demands of artificial intelligence push existing infrastructure to its limit. We believe that energy efficient room temperature quantum devices represent a critical piece for the next generation of computing. and QCI is positioned to deliver such solutions at scale. Over the next three years, our roadmap priority is small-scale, high-value manufacturing as we refine processes, demonstrate performance across customer applications, and establish supply chain and design partnerships in parallel we will be developing the foundation for FAB2, which will enable volume manufacturing and allow us to bring quantum-enabled devices into wider user across multiple sectors. The quantum era is, unfortunately, faster than most predicted, and our team is determined to ensure Q-Sight remains at the center of transformation delivering technologies that make quantum practical, scalable, and accessible to the world. With that, I will now turn the call over to our Chief Financial Officer, Chris Roberts.