Core Viewpoint - MicroCloud Hologram Inc. has introduced a quantum intelligent interconnected fault-tolerant consensus algorithm that integrates quantum computing into financial internet node management, enhancing system flexibility, scalability, and security [1]. Group 1: Algorithm Features - The proposed algorithm optimizes the traditional Byzantine fault-tolerant algorithm, improving adaptability to dynamic network environments while maintaining an efficient consensus process [1]. - It introduces a quantum Byzantine fault-tolerant mechanism that enhances node consensus efficiency through quantum parallel verification technology and achieves real-time synchronization of node states using quantum entanglement [1]. - The algorithm allows nodes to dynamically join or exit without interrupting financial services, adapting to the dynamic topological characteristics of edge computing networks [1]. Group 2: Node Management System - HOLO has designed a quantum-enhanced edge node management system that includes a geographic-based quantum node selection mechanism and a performance-based quantum node evaluation system [1]. - This system improves processing efficiency by allowing edge nodes closer to data sources to become quantum primary nodes, thus shortening data transmission distances [1]. - Quantum sensors are utilized to collect real-time indicators such as computing load, storage capacity, and bandwidth peaks, generating dynamic scores for precise control over node performance [1]. Group 3: Consensus Process - In the consensus process, every node can act as both a quantum primary node and a slave node, with the primary node responsible for capturing transaction requests and packaging data into quantum-encrypted units [1]. - Quantum slave nodes perform parallel verification of these data units, ensuring network consensus consistency and financial data integrity through quantum fault-tolerant verification [1]. - The dynamic access mechanism lowers entry barriers for new edge nodes, allowing them to join the network quickly through quantum identity authentication [1]. Group 4: Application Prospects - The algorithm has broad application prospects in edge computing-related fields, supporting collaborative work of distributed financial devices and ensuring secure data transmission and storage [1]. - As 5G and IoT technologies evolve, the integration of edge computing and financial internet is expected to deepen, with HOLO's algorithm playing a crucial role in this digital transformation [1]. - Continuous optimization of quantum consensus efficiency and expansion of quantum fault-tolerant boundaries will support the development of a secure and efficient edge financial internet network [1]. Group 5: Company Overview - MicroCloud Hologram Inc. focuses on holographic technology services, including holographic LiDAR solutions and digital twin technology, with cash reserves exceeding 3 billion RMB [2]. - The company plans to invest over 400 million USD in blockchain, quantum computing, and other frontier technology developments [2]. - The goal is to become a leading global company in quantum holography and quantum computing technology [2].

Core Insights - Quantum computing stocks, particularly IonQ, Rigetti, and D-Wave, have seen extraordinary returns, with trailing 12-month gains ranging from 670% to 6,217% [2] - The technology is expected to create significant economic value, with estimates ranging from $450 billion to $850 billion by 2040, and a $1 trillion addressable opportunity by 2035 [7] Company Performance - Insiders at IonQ, Rigetti, and D-Wave have sold approximately $615 million more in shares than they have purchased over the past year, indicating potential concerns about stock valuation [14][20] - IonQ's market cap stands at $12 billion, while Rigetti's is at $5.1 billion, reflecting their positions in the market [13][16] Market Trends - The rise of quantum computing has been fueled by significant investments, including JPMorgan Chase's $1.5 trillion Security and Resiliency Initiative, which identifies quantum computing as a key area for future financing [8] - Major companies like Amazon are already utilizing quantum computing through services like Braket, which enhances the credibility and market presence of IonQ, Rigetti, and D-Wave [9] Insider Activity - No insiders at Rigetti have purchased shares in the past year, while D-Wave had minimal insider buying, suggesting a lack of confidence in stock valuation [17] - In contrast, two directors at IonQ have invested approximately $2.1 million in their own company, indicating some level of confidence [17] Industry Outlook - Quantum computing is still in its early commercialization stages, and historical trends suggest that new technologies often face significant challenges and corrections during their growth phases [19] - Analysts caution that the high price-to-sales ratios of quantum computing stocks may not reflect their long-term potential, as the technology is still being optimized for practical applications [18]

Core Insights - Investors have shown significant interest in quantum computing stocks, but many are experiencing sharp declines in 2025 [1] - Quantum computing has the potential to outperform classical computing in processing workloads, particularly in fields like science and cryptography [2] - Ark Investment Management suggests that the commercialization of quantum computing may be further away than anticipated by investors [3] Company Overview: Rigetti Computing - Rigetti Computing is a leader in the quantum industry, owning its fabrication facility and developing its own programming language, Quil [5] - The company has created a cloud computing platform to rent quantum computing capacity, allowing for faster updates to its systems [5] - Rigetti has built the largest multichip quantum computer, Cepheus-1-36Q, achieving a fidelity of 99.5% [6] Technical Aspects of Quantum Computing - Quantum computers utilize qubits, which can represent both 0 and 1 simultaneously, enabling rapid simulations from large datasets [7] - A fidelity of 99.5% means an error occurs once every 200 operations, which is still too high for many applications [8] - Rigetti plans to launch a new 150-qubit quantum computer with 99.7% fidelity by the end of 2026, followed by a 1,000-qubit system with 99.8% fidelity in 2027 [9] Market Position and Financials - Rigetti generated $5.2 million in revenue during the first three quarters of 2025, which is minimal for a company valued at $5 billion [8] - The current market cap of Rigetti is approximately $5.3 billion, with a price-to-sales (P/S) ratio of 617, making it one of the most expensive tech stocks [10][16] - Despite a 71% decline from its peak, Rigetti has a three-year return of 1,550% [15] Competitive Landscape - Alphabet, the parent company of Google, is also developing quantum systems and has significantly more resources than Rigetti [10] - According to Ark's research, Alphabet's quantum computers are expected to double qubits and reduce error rates by 40% every four years, delaying the ability to crack the RSA-2048 encryption until 2063 [11] - Ark believes quantum computers could be useful for cryptographic decryption by 2044 if advancements in qubit doubling and error rate reduction are accelerated [13] Valuation Concerns - Rigetti's high valuation is considered unsustainable given its current revenue levels and the long timeline for achieving commercially viable quantum computing [15][18] - The industry faces significant challenges in scaling quantum systems, which may hinder Rigetti's ability to maintain its growth trajectory [14]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Quantum Corporation (NasdaqGM:QMCO) Q3 2026 Earnings call February 17, 2026 05:00 PM ET Company ParticipantsHugues Meyrath - President and CEOTara Ilges - VP, Corporate Affairs and Corporate SecretaryWilliam White - CFOConference Call ParticipantsEric Martinuzzi - Senior Research Analyst and COONehal Chokshi - Managing Director and Senior Research AnalystOperatorLadies and gentlemen, greetings and welcome to the Quantum Corporation Q3 fiscal 2026 financial results conference call. At this time, all particip ...

Financial Data and Key Metrics Changes - Revenue for Q3 fiscal 2026 was $74.6 million, an increase from $62.7 million in the prior quarter and $68.7 million in the same quarter last year [23] - GAAP gross margin for Q3 was 38.8%, up from 37.6% in the prior quarter but down from 40.6% in the same quarter last year [25] - GAAP net loss for Q3 was $27.8 million, or a loss of $2.03 per share, compared to a net loss of $46.5 million in the previous quarter and $75.3 million in the same quarter last year [30] - Non-GAAP loss for Q3 was $4.9 million, or a loss of $0.36 per share, an improvement from a loss of $7.1 million in the prior quarter and $7.8 million in the same quarter last year [32] - Adjusted EBITDA for Q3 improved to $2.9 million from $0.5 million in the prior quarter and $0.8 million in the same quarter last year [33] Business Line Data and Key Metrics Changes - Tape sales doubled quarter-over-quarter, driven by demand for cost-effective storage solutions [15] - The services business has been in contraction, but there are indications it may flatten out as execution improves [44] Market Data and Key Metrics Changes - The company reported a strong backlog of over $20 million, significantly above the historical run rate of $8 million to $10 million [24] - Pricing for critical components has doubled or tripled recently, affecting the entire industry [10] Company Strategy and Development Direction - The company is focusing on strengthening its financial foundation through restructuring initiatives and reducing term debt by approximately 50% [7] - Quantum is positioning itself to leverage its expertise in tape storage as demand for cost-effective data solutions increases [13] - The sales model in North America has been realigned to mirror successful strategies used in EMEA, enhancing focus and execution [20] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding Q4 forecasts due to supply chain challenges, emphasizing that the uncertainty lies in fulfillment and shipping rather than demand [12][36] - The company is optimistic about long-term margins returning to the 40% range once supply chain issues stabilize [60] Other Important Information - The company has appointed a new CFO, William White, who is expected to contribute to the financial strategy and operations [22] Q&A Session Summary Question: What is behind the contraction in primary storage systems? - Management noted that the year started slowly, but there has been strength across all product lines in Q3, indicating confidence in primary storage [42] Question: Is the elevated backlog driven more by demand or component availability? - Management confirmed that demand is strong, and while there are component shortages, the backlog is growing faster than anticipated [43] Question: Can the services business potentially flatten out? - Management indicated that execution issues and discounting practices have affected services, but improvements are expected [44] Question: What should be expected for gross margins in Q4? - Management stated that the current environment makes it difficult to guide margins, but maintaining Q3 levels would be a good achievement [46][47] Question: Where is the demand for tape sales coming from? - Management highlighted that demand is strong across the board, particularly as customers migrate back from the cloud to on-premise storage solutions [52]

Financial Data and Key Metrics Changes - Revenue for Q3 2026 was $74.6 million, an increase from $62.7 million in the prior quarter and $68.7 million in the same quarter last year [14] - GAAP gross margin improved to 38.8% from 37.6% in the prior quarter but decreased from 40.6% in Q3 2025 [16] - GAAP net loss narrowed to $27.8 million, or a loss of $2.03 per share, compared to a net loss of $46.5 million in the previous quarter and $75.3 million in the year-ago quarter [19] - Non-GAAP loss for the quarter was $4.9 million, or a loss of $0.36 per share, an improvement from a loss of $7.1 million in the prior quarter [20] Business Line Data and Key Metrics Changes - Tape sales doubled quarter-over-quarter, driven by demand for cost-effective storage solutions [10] - The services business has been in contraction but showed signs of stabilization, with management indicating potential flattening of contraction [30] Market Data and Key Metrics Changes - The company reported a strong backlog of over $20 million, significantly above the historical run rate of $8 million to $10 million, indicating robust demand [15] - Component availability issues are impacting the entire industry, with prices for critical components doubling or tripling recently [6] Company Strategy and Development Direction - The company is focusing on strengthening its balance sheet and has successfully reduced term debt by approximately 50% through a debt exchange [5] - Quantum is positioning itself to leverage its Scalar tape libraries and ActiveScale storage solutions to meet the growing demand for data storage amid rising costs of flash and disk [9] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding Q4 forecasts due to supply chain challenges, emphasizing that the uncertainty lies in fulfillment and shipping rather than demand [7][22] - The company is optimistic about long-term margins returning to the 40% range once supply chain issues stabilize [47] Other Important Information - The company has undergone restructuring initiatives that have lowered its cost structure and improved operational efficiencies [21] - The newly appointed CFO, Will White, is expected to contribute to the company's financial strategy and operations [13] Q&A Session Summary Question: Insights on primary storage systems performance - Management noted a slow start to the year but observed strength across all product lines in Q3, indicating confidence in primary storage recovery [28] Question: Backlog composition and drivers - The elevated backlog is driven by strong demand, although there are some component shortages; management expects the backlog to remain healthy [29] Question: Services business contraction - Management indicated that execution issues and discounting practices have affected service performance, but improvements are anticipated [31] Question: Gross margin expectations for Q4 - Management acknowledged the challenges posed by rising component prices and indicated that maintaining Q3 margins would be a good achievement [34] Question: Demand for tape sales - Demand for tape is strong across various sectors, with customers migrating data back from the cloud to on-premise solutions due to storage constraints [38] Question: Multimillion-dollar deals in backlog - The multimillion-dollar deals are primarily with hyperscalers, reflecting increased order sizes and a combination of products [41]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number 001-13449 Quantum Corporation (Exact name of registrant as specified in its charter) (State or other ju ...

Core Viewpoint - Quantum Biopharma, Ltd. is facing a class action lawsuit for allegedly misleading investors during the Class Period from January 6, 2021, to October 15, 2025, with claims of stock price manipulation [1][2]. Group 1: Class Action Details - Investors who purchased Quantum securities during the specified Class Period have until February 23, 2026, to file a lead plaintiff motion [1]. - The lawsuit is being led by the Portnoy Law Firm, which offers complimentary case evaluations for affected investors [2]. Group 2: Allegations Against Defendants - The Complaint alleges that Defendants engaged in thousands of spoofed sell orders to create a false impression of a declining stock price for Quantum [2]. - These manipulative orders were intended to deceive investors into selling their shares at artificially low prices [2]. - Following the price decline, Defendants allegedly bought Quantum shares at these depressed levels, allowing them to profit from the scheme [2]. - As a result of these actions, investors were improperly induced to sell their shares at artificially depressed prices [2].

Core Viewpoint - A class action lawsuit has been filed against Quantum Biopharma Ltd. for alleged securities fraud and unlawful business practices [2][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of shareholders of Quantum Biopharma Ltd. and is being handled by Pomerantz LLP [1]. - Investors have until February 23, 2026, to request to be appointed as Lead Plaintiff if they purchased Quantum securities during the Class Period [2]. Group 2: Allegations Against Defendants - The complaint alleges that several financial institutions, including CIBC World Markets and RBC Capital Markets, engaged in manipulative trading practices by placing thousands of spoofed sell orders [4]. - These spoofed orders created a false impression of Quantum's stock price declining, leading other investors to sell their shares at artificially low prices [4]. - After driving the stock price down, the defendants purchased shares at these depressed levels to profit from the manipulation [4]. Group 3: Pomerantz LLP Background - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, with a history of fighting for victims of securities fraud [5]. - The firm has a track record of recovering multimillion-dollar damages for class members over its 85-year history [5].