Quantum Computing Inc.

Ladies and gentlemen, greetings, and welcome to the Quantum Computing Inc. fourth quarter 2025 shareholder update call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. Following management's remarks, the call line will be opened for questions. It is now my pleasure to introduce your host, Raz Krishnan. with IMS Investor Relations.

Thank you, and I want to welcome everyone to the Quantum Computing Inc. Fourth Quarter and Full Year 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, 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, Yuping.

Good afternoon and thank you for joining us for Quantum Computing Inc's fourth quarter and full year 2025 earnings call. 2025 was a transformational year for QCI. We made meaningful progress advancing our strategy to build a vertically integrated photonics and quantum optics platform capable of supporting scalable commercial applications across AI high-performance computing, cybersecurity, and remote sensing. Over the course of the year, we achieved several key milestones. We completed and opened our thin-field lithonibate photonic chip fabrication facility, marking an important step towards domestic, scalable production of high-performance, specialized for tonic integrated circuits. We continue to expand our foundry services business, which has now begun to generate early revenue and a customer engagement. And we are in planning phase for our second fabrication facility, which is what we call Fab 2. We strengthened our leadership team and board, adding experienced directors and executives with deep expertise in scaling advanced technology companies and driving both organic and inorganic growth. I was appointed CEO effective January 1, 2026, after serving as insurance CEO since May 2025. And we welcomed Chris Roberts as our new chief financial officer and Eric Schratz as a new independent board member. Each brings deep expertise and executional focus as we scale the business. And importantly, we recently completed the acquisition of Lumina Semiconductor Inc., or LSI. which enhances our design, fabrication, and packaging capabilities and accelerates our path to scalable manufacturing. AOSI also contributes an established customer base and steady revenue to the combined organization. Those accomplishments reflect the steady execution of our long-term strategy and the position as well as demand for energy efficient room temperature for tonic and quantum solutions continue to grow. Turning into the fourth quarter. Revenue in the quarter reflects early contributions from our foundry service business and increasing customer engagement across our product portfolio. As many of you know, QCY operates FAB1 as a rapid prototyping facility dedicated to thin-film lithonibate photonic integrated circuits in support of our quantum machine development roadmap. This facility is not intended to serve as a large-scale commercial production foundry. But it does generate revenue by providing funding services to our customers, but mainly functions as an internal innovation engine that feeds validated designs and process knowledge into downstream manufacturing partners as technologies mature. Fab1 enables rapid design, fabrication, test, iteration cycles for advanced photonic devices centered to Q-size quantum architectures. It allows us to explore novel thin-field lithium-ionate-based components, validate system-level concept, and de-risk emergent designs ahead of volume manufacturing. Fab2 is intended to provide a domestic vertically integrated processing capability to support QCI's internal technology roadmap, particularly the development and scaling of our photonic quantum machines and quantum-enabled systems. It will focus on producing specialized quantum and nanophotonic chips and will complement, not compete with, the broader silicon photonic ecosystem. We expect to engage external foundries as partners as technologies scale. By combining internal vertical integration with external foundry partnerships, QCI aims to strengthen supply chain resilience, accelerate innovation, and support the responsible scaling of advanced photonic and quantum technologies. In December 2025, we announced the acquisition of ALSI, which closed in February 2026. This subsidiary brings an existing customer base and additional semiconductor capabilities that expands our addressable market and strengthen our ability to deliver integrated photonic solutions at scale. Integration efforts. are underway and we are focused on aligning teams, processes, and the customer programs to accelerate growth in 2026 and beyond. From a product perspective, We continued advancing our quantum authentication and networking technologies, as well as our direct platform and remote sensing initiatives, which remain areas of strong interest across government and commercial customers. In the fourth quarter, we also unveiled our photonic-based reservoir computing system. NeuronWave to super compute 2025. NeuronWave represents a significant milestone as it is designed to integrate with existing computing infrastructure and address emerging AI workloads with improved energy efficiency. We also announced a strategic collaboration with PoE technologies to develop next-generation high-speed thin-thin lithium-ionate modulator-based optical engines designed to support AI network infrastructure. Importantly, we continue to expand our global reach through continued industrial engagement. We recently participated in many conferences which just in the fourth quarter included Optical Quantum Industry Summit, Super Compute, and Q2B Silicon Valley. Finally, during the year, we formalized and communicated a focused multi-year technology roadmap, which is available on our website. This roadmap is centered on scalable room temperature for tonic and quantum products, systems, and solutions. Our vision is to bring quantum technology into real-world applications. That means putting the power of quantum technology into the hands of people by moving it out of the laboratory and into enterprise, government, commercial, and consumer environments through chip-integrated low-power deployable systems. At the core of our roadmap are three capabilities that define our platform, capture, compute, Communicate. Capture information through quantum sensing and photonic data acquisition. Compute through photonic and quantum processing systems, including our direct platform and photonic AI capabilities. Communicate through quantum secured networking authentication and encryption technologies. This framework aligns our product development manufacturing strategy and go-to-market efforts around delivering practical, scalable, quantum-enabled products and systems. Importantly, this roadmap represents our transition from a development stage company to a commercial manufacturing-driven platform business. We are evolving from a technology innovator into a company capable of delivering repeatable high-performance photonic and quantum hardware at an industrial scale. Our differentiation remains clear. Unlike cryogenic quantum systems, Our platform is built on thin-film lithonibate photonics, enabling room temperature operation, lower power consumption, smaller form factors, and a lower total cost of ownership, which we believe are critical for broad adoption. As we progress our chip manufacturing capabilities over time, we expect to support global deployment of chip integrated quantum systems across high performance computing, telecom defense space, and enterprise markets. Our roadmap is designed to move QCI from innovation to industrial-scale production, positioning us to deliver practical quantum technologies that are accessible, scalable, and commercially viable. Overall, we accelerated 2025 with a strong balance sheet supported by significant capital raised during the year. a growing commercial foundation through foundry services and product development, a expanded technology platform following the integration of ALSI, and a clear path toward scaling revenue through a combination of semiconductor services and quantum-enabled products. Like many companies across the broader technology AI and quantum sectors, we have experienced recent volatility in our share price, which we believe reflects broader market conditions rather than any change in our underlying business performance or long-term outlook. Our focus remains squarely on executing our strategy advancing our technology roadmap, and building a sustainable commercial business. We believe the long-term fundamentals for photonics, quantum technology, and AI infrastructure remains strong, and we are well positioned within these trends. With that, I will now turn the call over to our Chief Financial Officer, Chris Roberts.