Infleqtion, Inc.

Good afternoon and welcome to Inflection's full year 2025 financial results and business update conference call. All participants will be in a listen-only mode. After prepared remarks and presentations, there will be a question and answer session. Please note this event is being recorded. I would now like to turn the conference call over to Marcus Coopersmith, Head of Investor Relations and Strategic Finance. Please go ahead.

Good afternoon and welcome to Inflection's Full Year 2025 Fiscal Results and Business Update Conference Call. Thank you for joining us today. My name is Marcus Guperschmidt, Head of Investor Relations and Strategic Finance. Before we begin, I would like to remind you that this conference call may include forward-looking statements. These statements are subject to various risks, uncertainties, and assumptions that could cause actual results to differ materially. These factors are detailed in our Form 8K and other filings with the SEC. which are available on our website at ir.inflection.com. We'll undertake no obligation to revise or update any forward-looking statements except as required by law. During today's call, we will also reference certain non-GAAP financial measures. We use these measures because we believe they provide additional insight into the underlying operating performance of the business. This non-GAAP financial information should not be considered in isolation or as a substitute for GAAP results. Reconciliations between gap and non-gap measures can be found in today's press release and in our SEC filings. Joining me today are Matt Kinsella, our Chief Executive Officer, Elan Hart, our Chief Financial Officer, and Pnav Gokhale, our Chief Technology Officer and General Manager of our quantum computing business. Following our prepared remarks, we will open the call for questions. As a reminder, a replay of this call will be posted on our IR website along with our Form 8K and presentation materials. And with that, I'll turn the call over to Matt Kinsella, our Chief Executive Officer.

Thank you, Marcus, and good afternoon, everyone. Thanks very much for joining us for Inflection's first business update as a public company. We appreciate your time today and your interest in Inflection. We're excited to work with all of you over the coming years and hopefully decades to continue building a deeper understanding of Inflection, our platform, and the opportunity ahead. Today we'll have a slightly different agenda than a typical earnings call. And for new to the public markets, I think it will be beneficial to spend a little time describing inflection strategy, our technology, and our business model. So with that in mind, we'll spend maybe the first 15 minutes or so giving an overview of inflection, and then we'll move to a walkthrough of our 2025 financials. Then we'll provide 2026 guidance and open it up for questions. One quick public service announcement. For those who did not join our March 11th inaugural analyst day, I'd highly recommend you watch it and use it as a resource going forward. Our recording can be found in the investor section of our website. So with that said, Inflection is a quantum technology company with a very differentiated approach. From day one, we have been building a broad platform across computing, sensing, and timing, all tied together with software. This approach is possible because our underlying quantum modality, neutral atoms, is highly flexible. Everything we do is done at room temperature, allowing us to build a range of products that can be deployed in real-world settings. We have followed a tried and true strategy of commercialization and market adoption by pointing this powerful neutral atom core at markets like timekeeping and sensing, where we have true quantum advantage today, monetizing there and all the while building toward the crown jewel, fault-tolerant, gate-based quantum computing with true commercial advantage. In many ways, we're following in the footsteps of NVIDIA. Just like they pointed their core GPU at the gaming, the crypto mining markets, the physics markets, while building towards their crown jewel of large language models and AI, we're pointing our powerful neutron core at near-term markets like timekeeping and sensing while building toward fault-tolerant quantum computing. And excitingly, neutral atoms are leading the way on most of the metrics that matter to get to commercially useful quantum computers. And the timelines are shrinking. Critical to our strategy is that the underlying components, the physics, the comics, engineering, and software are all the same across our products. That gives us a highly leveraged and efficient operating model. It truly is a platform. The inflection advantage starts with our technology and our team. We're the first mover in this Nobel Prize-winning neutral atom technology with our founder, Dana Anderson, helping to pioneer it at CU Boulder over the last four years. We also have a world-class quantum team across four countries with more than 160 PhD physicists and engineers, over 235 patents issued and pending, hundreds of customers, hundreds of sensors and cores deployed in the field, and several quantum computers sold and deployed. There is a lot to like about neutral atoms. They offer a differentiated and compelling combination of advantages. I like to say that atoms are nature's perfect cubits. They're inherently identical. They operate at room temperature, and they deliver long coherence times, precise control, and native all-to-all connectivity with a clear and credible path to scale. Importantly, atoms are not just exceptional qubits. They're also nature's perfect sensors and nature's perfect clocks. That dual capability is fundamental to our strategy. As highlighted on the bottom row, we believe neutral atoms are the only commercially viable modality that can address both quantum computing and the broad sensing market full stop. What that means in practice is we can build a single scalable platform that serves both computing and sensing applications That platform leverage drives a more efficient capital model, faster iteration across products, and a broader set of end markets from the same core technology. We believe that combination of platform leverage, capital efficiency, and multi-market applicability is what makes neutral atoms not just scientifically compelling but commercially advantaged. At the center of everything we do is a single neutral atom quantum core powered by lasers that underpins both our computing and sensing products. That matters because we're not building separate systems for separate markets. We're building one scalable platform that can address multiple large adjacent opportunities. In quantum computing, the goal is clear. Unlock capabilities beyond classical systems, solving problems that CPUs and GPUs simply cannot. Based on estimates from McKinsey, this is a $130 billion market by 2040. And Pranav will go deeper on computing, but the key point is that this is not just a better product, it's an entirely new paradigm. On the sensing side, the model is more straightforward. It's largely a replacement cycle. We're delivering step function improvements in precision and resilience, in many cases 10 to 1,000 times better than existing systems. And that enables us to address real urgent needs today, from GPS denied navigation to contested RF environments across defense, commercial, and space. McKinsey estimates the sensing market at $30 billion by 2040. But given the performance delta and the replacement dynamic, we believe the opportunity could be meaningfully larger. So, stepping back, I want you to remember one core underlying technology platform, multiple large markets. Now, let's get down to the product level. Our platform gives us powerful leverage. One neutral atom foundation and one software layer support multiple technologies across computing and sensing with products tailored to use cases from timing and radio frequency to inertial sensing and quantum computing. Together, this allows us to deliver orders of magnitude improvement where classical systems fall short while giving customers a path to start with one capability and expand to others over time. Importantly, there's a high degree of integration across all our products. The core operating functions of our sensing system directly inform and support our computing roadmap, creating meaningful technical and development synergies across our product suite. We cover this all in detail at our analyst day for those interested in going deeper. Logical qubits are the key to the kingdom in quantum computing and the clearest measure of the industry's path to quantum advantage. They are what move the industry towards reliable, scalable systems that can solve commercially meaningful problems. No one on the planet publicly demonstrated logical qubits until 2023. Inflection delivered two logical qubits in 2024, 12 logical qubits in 2025. We are on track to deliver 30 in 2026 and 100 in 2028. For those of you new to quantum, the CTO portion of our March Analyst Day provides a very succinct overview of logical key bits. While logical key bits remain our key milestone in computing, our sensing business is already demonstrating the real-world advantages of quantum today. Our quantum sensing technologies are finding product market fit across a range of use cases, especially in environments where classical infrastructure is vulnerable, unavailable, or has reached its performance limits. What Quantum brings to these applications is a step change in precision, and in many of these environments, better precision translates directly into better performance, better resilience, and better outcomes. Across timing, QuantumRF, and inertial sensing, we are seeing demand in mission-critical environments where precision and resilience matter most. We recently announced a game-changing partnership with Saffron, a global leader in timing, navigation, and defense technology, With the availability of a quantum-enabled precision timing solution that integrates our ticker optical atomic clock with Safran's White Rabbit and SecureSync systems, we believe this is the first partnership of its kind anywhere combining quantum precision with proven mission critical timing infrastructure in a deployable offering. That's an important proof point that our sensing platform is technically differentiated and increasingly in demand. Customer and partner validation are among the strongest signals of progress in the business. We have already delivered and sold two quantum computers including the first system installed and operational at the UK National Quantum Computing Center and a 500 qubit system delivered in Japan to the Institute for Molecular Science. We are also expanding through partnerships such as our work with the Illinois Quantum and Microelectronics Park We continue to expand our footprint in space and government programs with our technology operating on the International Space Station since 2018 and NASA selecting inflection to develop the quantum core for the quantum gravity gradiometer or QGG Pathfinder mission. We believe the breadth and scope of these field deployments are a substantial competitive advantage and that our proven ability to deploy systems in real-world environments is becoming an increasingly important differentiator as the market accelerates across a wide range of use cases. Inflection is the only quantum company to bring a single quantum platform to operate across sea, sky, land, and space. Our cold atom sensor technology is already on the International Space Station, and the next cold atom lab upgrade is on its way there this week. We are also seeing that platform extend in the maritime environment, including our recent Royal Navy Excalibur trial where TICR was deployed on an underwater autonomous vehicle to support GPS-free navigation. So, with that broader platform context complete, I'd like to turn this over to our Chief Technology Officer and General Manager of our quantum computing business, Ranaab Gokhale, to share an update on our quantum computing platform.