IonQ, Inc.

Hello, and welcome to the IMQ first quarter 2025 earnings call. All participants will be in listen-only mode. Should you need assistance, please send to a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. But now I turn the conference over to our host today, Jessica Hawken-Allen. Ma'am, please go ahead.

Good afternoon, everyone, and welcome to IonQ's first quarter 2025 earnings call. My name is Jessica Hawken-Allen, and I am a member of the investor relations team here at IonQ. I'm pleased to be joined on today's call by Niccolo DeMasi, IonQ's chief executive officer, Peter Chapman, our executive chairman, Thomas Kramer, our chief financial officer, Jordan Shapiro, our president and general manager of quantum networking, and Dean Kastman, our Senior Vice President of Engineering and Technology. By now, everyone should have access to the company's first quarter 2025 earnings press release issued this afternoon, which is available on the investor relations section of our website at investors.ioncube.com. Please note that on today's call, management will refer to the adjusted EBITDA, which is a non-GAAP financial measure. While the company believes this non-GAAP financial measure provides useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. You are directed to our press release for a reconciliation of adjusted EBITDA to its closest comparable GAAP measure. During the call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our 10-Q that we have filed with the SEC today. We undertake no obligation to revise any statements to reflect changes that occur after this call, except as required by law. Now, I will turn it over to Peter Chapman, Executive Chairman of IONQ.

I'd like to begin today's call by covering some of the high-level themes. First, allow me to say that I've been delighted with the seamless transition to Niklo as our CEO. We have been able to divide and conquer this quarter to accomplish a tremendous amount, precisely as I had hoped and our board envisaged. I was delighted to represent INQ in both Japan and Korea for World Quantum Day. We signed an MOU with GQUAT, a division of AIST in Japan. to work towards bringing our quantum compute to this great new market. We also signed an MOU to begin an exciting partnership with Toyota Susho and with Intellion in Korea to begin work on quantum networking in space. At NVIDIA's GTC, we showcased progress with AstraZeneca and ANSYS, where we demonstrated a 12% simulation time improvement using their engineering design software. IMQ's path to tens of thousands and ultimately millions of qubits is to photonically interconnect qubits across a network to run applications across multiple QPUs acting as one large single quantum computer. This has been our plan since the company's inception. Quantum computers offer potentially game-changing solutions to many of today's largest problems. But like many new technologies, there is a dark side, too. With a large enough quantum computer, one of the earliest known quantum applications is factoring prime numbers. Factoring prime numbers, or more specifically, the difficulty for classical computers to do so, is the basis for much of today's technical infrastructure to encrypt data widely used to secure the Internet and other digital systems. Computers are used as the books and records for modern life, and quantum computers will put that all at risk. As we work towards building such a quantum computer, we have the responsibility to provide solutions to protect society from the negative aspects of quantum. With our previous acquisitions of Entangle Networks, Cubitech, and a majority stake of ID Quantique, We announced our intention to be the leading player in quantum networks and to build the next generation of the internet that is quantum safe. Our interest in distributed quantum computing using photonic interconnects is highly synergistic with our plans for quantum networking and the quantum internet. And our interest in quantum networking is highly synergistic with quantum computing. To build the next generation of the internet, all the same pieces of hardware need to be developed. From building inter-satellite communications, from satellite to the ground, frequency down conversion to our commercial fiber across the ground, routed by quantum optical switches to their final destination, and in military applications, all the way over the air to drones on a battlefield. This is our vision. Under Niccolo's leadership, We have today decisively accelerated our quantum computing roadmap, as well as our capabilities to create the quantum internet. INQ's architecture and ecosystem allow unique synergies with today's edition of what I believe is the world's leading quantum memory solution. I am proud of the pace at which Niccolo has commenced his tenure as CEO, and his ability to bring out the best of our leadership the board, and indeed INQ as a rapidly growing public company. It's with this context that I will give the floor over to Niccolo to discuss today's latest announcement.