Financial Data and Key Metrics Changes - The company achieved record revenues of $39.9 million in Q3 2025, representing year-on-year growth of 222% and exceeding the high end of its guidance by 37% [24][31] - Adjusted EBITDA loss for the quarter was $48.9 million, with GAAP operating expenses totaling $208.7 million [26][27] - GAAP EPS for the quarter was a loss of $3.58, primarily impacted by mark-to-market adjustments related to outstanding warrants [27][28] - Cash, cash equivalents, and investments as of September 30, 2025, were $1.5 billion, with an additional $2 billion raised in October, bringing the pro forma cash balance to $3.5 billion [28][29] Business Line Data and Key Metrics Changes - The company reported significant growth in its quantum computing, networking, sensing, and cybersecurity segments, with a focus on integrated solutions [24][34] - The acquisition of Oxford Ionics and Vector Atomic has expanded the company's capabilities in quantum computing and sensing, respectively [6][9] - The company is on track to deliver its 256-qubit quantum chip in 2026, which is expected to leverage existing semiconductor supply chains for rapid scaling [19][30] Market Data and Key Metrics Changes - Approximately 70% of the company's business is now U.S.-based, with 30% coming from international markets, a shift from nearly all U.S.-based a year ago [25] - The company is pursuing opportunities in various countries, including Australia, Italy, South Korea, and Japan, indicating a growing international footprint [25] Company Strategy and Development Direction - The company aims to lead in quantum computing, networking, sensing, and cybersecurity by expanding its technical lead and creating integrated solutions [10][16] - IonQ is focused on building a quantum ecosystem that combines hardware, software, and applications to create a competitive advantage [58] - The company is committed to operational excellence and is investing in its infrastructure to support growth [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position as a leader in quantum technology and its ability to capitalize on emerging opportunities [17][31] - The company anticipates stronger Q4 revenues than Q3, breaking previous seasonal trends [31] - Management highlighted the importance of quantum cybersecurity and sensing solutions in addressing current market needs [34][42] Other Important Information - The company has over 1,100 patents pending and granted, reflecting its commitment to innovation and intellectual property development [11] - IonQ's acquisition strategy has been pivotal in enhancing its capabilities and market position [6][9] Q&A Session Summary Question: How much of the revenue upside came from core quantum computing versus security, sensing, and networking? - Management indicated that the ability to sell integrated solutions has been crucial, with significant contributions from quantum security and networking [32][34] Question: What applications are currently most popular among government and commercial customers? - Management noted strong interest in quantum cybersecurity and solutions for logistics and maintenance in the defense sector [38][39] Question: How has the government shutdown impacted upcoming deals? - Management reported no material impact from the government shutdown, maintaining confidence in ongoing projects [51][52] Question: Will the Oxford chip be in the sixth-generation computer launching in 2026? - Yes, the 256-qubit device based on electronic qubit control will be part of the 2026 roadmap [46] Question: What are the trends in operating expenses and share count? - Management plans to continue increasing R&D and innovation spending, with an expected share count of around 350 million by year-end [47][50]

Q3 2025 Financial Performance - SkyWater achieved record Q3 2025 revenues of $150.7 million, exceeding the high end of the guidance range by over $9 million[6] - Legacy SkyWater's ATS (Advanced Technology Services) development revenue reached $54.2 million, a 3% increase compared to Q2 2025, but a 4% decrease year-over-year[57] - SkyWater Texas generated $86.6 million in wafer services revenue in Q3 2025, marking its first quarter contribution post-acquisition[57] - The company's GAAP gross margin was 24.0%, a 550 basis point increase from Q2 2025's 18.5%[60] - Adjusted EBITDA for Q3 2025 was $25.8 million, significantly higher than forecast, with an adjusted EBITDA margin of 17.1%[63] Business Highlights and Future Outlook - SkyWater anticipates strong growth in quantum computing customer revenues, expecting to exceed 30% in 2025[11, 14] - Advanced Packaging revenues are starting to ramp in Florida, with tool installations scheduled for completion in early 2026[11] - Q4 2025 revenue is projected to be in the range of $155 million to $165 million, including $17 million - $18 million in Tools revenue[54] - SkyWater Texas revenue for Q4 2025 is expected to be between $84 million and $88 million, reflecting continued higher levels of WIP (work-in-process) during the post-acquisition phase[54] - The company expects a stronger gross margin profile for Q4 2025 compared to the preliminary outlook provided in August[54]

Core Insights - The announcement of Google's Willow quantum chip achieving verifiable quantum advantage has sparked significant interest in quantum computing stocks [3][5] - The Trump administration's discussions to take equity stakes in quantum companies in exchange for federal funding have further fueled this interest [4][5] - The involvement of high-profile figures, such as Deputy Secretary of Defense Steve Feinberg, who has a substantial position in IonQ, raises questions about potential conflicts of interest [4][5] Quantum Computing Market Dynamics - Google's Willow chip demonstrated performance 13,000 times faster than the fastest classical supercomputer on a specific benchmark task, marking a significant milestone in quantum computing [3] - Following the announcement, stocks of quantum computing companies saw dramatic increases, with IonQ rising over 400% and Quantum Computing Inc (QUBT) surging 1,800% [5] - The market narrative around quantum computing has shifted from skepticism to speculation, with retail investors actively engaging in the sector [5][6] Government and Investment Landscape - The Trump administration's strategy includes discussions led by Deputy Commerce Secretary Paul Dabbar to invest in quantum computing firms like IonQ, Rigetti Computing, and D-Wave Quantum [3][4] - The potential for government equity stakes in these companies represents a significant shift in the investment landscape for quantum technology [4] - The convergence of scientific advancements and government intervention may signal the beginning of a new technology cycle in quantum computing [6]

Group 1 - Rigetti Computing has seen significant investment growth, with a hypothetical $10,000 investment at the start of 2023 potentially reaching over $1 million in value [1] - The excitement surrounding quantum computing has driven Rigetti and its peers to new heights, with analysts predicting the quantum chip market could reach $100 billion in the next decade [2] - Rigetti operates as a vertically integrated quantum computing company, developing quantum chips, managing fabrication, designing software, and providing cloud access [4][8] Group 2 - The company has experienced strong sales momentum, announcing three new deals in September that are expected to generate a total of $11.5 million in revenue [6] - Rigetti's stock surged by 173% in September and October due to positive company news and broader industry momentum [7] - Despite its advantages, Rigetti faces significant competition from larger tech companies with substantial resources for quantum computing projects [8]

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Core Insights - Rigetti Computing (RGTI) is set to release its third-quarter 2025 results on November 10, with expectations of a loss per share of 5 cents and revenues of $2.39 million, reflecting a modest year-over-year improvement of 0.4% [1][2][9] Group 1: Financial Performance - The Zacks Consensus Estimate for RGTI's revenues is $2.39 million, indicating a 0.4% year-over-year increase, while the loss per share is projected at 5 cents, representing a 37.5% growth compared to the same quarter last year [2] - In the last reported quarter, RGTI's loss per share of 5 cents exceeded the Zacks Consensus Estimate by 16.7%, although the company has experienced an average earnings surprise of negative 10.8% over the past four quarters [1][2] Group 2: Influencing Factors - Ongoing uncertainty regarding U.S. public-sector funding is likely to impact RGTI's third-quarter earnings, particularly due to the expiration of the National Quantum Initiative and pending congressional reauthorization [3] - The deployment of Cepheus-1-36Q, the largest multichip quantum computer, is expected to enhance RGTI's strategic momentum and may support incremental platform revenue as early adopters explore hybrid quantum workflows [4] - RGTI's strengthened balance sheet, bolstered by a $350 million equity raise, provides the company with approximately $571.6 million in cash and no debt, allowing for continued R&D and system-scaling projects [5] Group 3: Future Outlook - The dynamics surrounding NQCC and DARPA present potential catalysts for RGTI's earnings, with advancements in U.K. programs and confidence in selection for DARPA's Quantum Benchmarking Initiative [6] - Overall, RGTI's third-quarter earnings are expected to be characterized by constrained revenue due to federal funding timing, but supported by accelerated platform deployment and strategic partnerships [7]

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Core Insights - Rigetti Computing's stock experienced significant volatility, nearly doubling in early October due to $5.7 million in sales for its quantum computing systems, but has since dropped from its peak [1][5] - Analysts have downgraded RGTI stock to "Neutral" while raising the target price from $35 to $42, indicating that much of the expected commercial success is already priced in [2][5] - The company is seen as a potential candidate for a U.S. government stake, which could enhance investor sentiment despite its strong cash position of over half a billion dollars [3] Stock Performance - RGTI stock has increased by 134% year-to-date in 2025, significantly outperforming the Nasdaq Composite's 21.2% returns [5] - The stock's market capitalization has risen to $11.4 billion, following a dramatic recovery from a low of $6 earlier in the year [5] - The stock reached an all-time high of $56.34 in mid-October but is currently trading at a 39% discount to that peak [5] Company Overview - Rigetti Computing operates in the computer hardware industry, focusing on processors and quantum computers, and is headquartered in Berkeley, California [4] - The stock is characterized as high-risk, high-reward, often confused with speculative stocks despite having relatively decent fundamentals compared to peers [4]

Core Viewpoint - Viewbix Inc. has signed a non-binding term sheet for the acquisition of Quantum X Labs Ltd., which will significantly enhance its capabilities in quantum computing and AI technologies [1][2]. Company Overview - Viewbix operates in the digital advertising sector through subsidiaries Gix Media Ltd. and Cortex Media Group Ltd., focusing on search and digital content activities [5]. - The company develops technological software solutions for automating, optimizing, and monetizing internet campaigns, aiming to drive user traffic to its clients [5]. Acquisition Details - The acquisition will involve Viewbix acquiring 100% of Quantum X Labs' issued and outstanding share capital in exchange for shares of Viewbix's common stock and pre-funded warrants [2]. - The securities issued to Quantum X Labs' shareholders will represent 65% of Viewbix's total post-closing issued and outstanding share capital, which includes a concurrent PIPE financing of $3 million [2]. - The closing of the acquisition is anticipated in December 2025, pending due diligence, definitive agreements, regulatory approvals, and stockholder approval [4]. Quantum X Labs Profile - Quantum X Labs is a leading company in quantum computing and AI, focusing on quantum algorithmics and quantum physics [3]. - The company is recognized for its commitment to creating and retaining quantum innovations across various industries, supported by a diverse ecosystem of subsidiaries developing unique, patent-protected solutions [3].

Core Insights - Stack Capital Group Inc. reported its financial results for Q3 2025, highlighting a strong capital position and ongoing investments in high-growth technology companies [1][2]. Financial Summary - Book Value per Share ("BVpS") was $14.26 as of September 30, 2025, down from $14.34 at June 30, 2025 [4]. - Total Book Value reached $188.7 million [4]. - The company raised $35 million through a private placement during the quarter [4]. Portfolio Company Highlights - Stack Capital made significant investments in technology companies, including: - OpenAI: Invested US$8.0 million, focusing on generative AI and enterprise AI deployment [3]. - Databricks: Invested US$2.1 million in a unified cloud-based platform for data and AI workloads [9]. - PsiQuantum: Invested US$0.5 million in developing a silicon photonic quantum computer [9]. - Valuation of SpaceX increased from US$350 billion to US$400 billion during the quarter [4]. - Canva's valuation rose from US$32 billion to US$42 billion [4]. Management Commentary - The CEO of Stack Capital noted a robust IPO environment and strong momentum in private markets, particularly in AI, defense, and robotics, indicating attractive investment opportunities [5]. Breakdown of Book Value per Share - The detailed breakdown of Book Value per Share as of September 30, 2025, includes: - CoreWeave, Inc. (AI hyper-scaler): $2.37 - SpaceX: $2.28 - Canva, Inc.: $1.30 - Other notable investments include Locus Robotics, Omio, Hopper, and OpenAI, contributing to the overall Book Value per Share of $14.26 [5][6].