Key Takeaways RGTI received $5.7M in orders for two 9-qubit Novera quantum computing systems.RGTI's customers include an Asian tech manufacturer and a California AI startup, with 2026 delivery.The orders validate RGTI's Fab-1 manufacturing model and modular system design for quantum R&D.Rigetti Computing (RGTI) has announced purchase orders worth approximately $5.7 million for two of its 9-qubit Novera quantum computing systems, marking a meaningful step toward commercial traction for its on-premises hardwa ...

Key Takeaways D-Wave Quantum formalized a cryogenic packaging initiative with NASA JPL to scale its processors.The company raised $400M via an equity offering, boosting cash reserves and financial flexibility.D-Wave reported an 83% jump in APAC bookings, highlighted by its first Qubits Japan 2025 conference.D-Wave Quantum’s (QBTS) profits are being driven by its new technology and growing customer adoption. In July 2025, the company formalized a strategic development initiative for advanced cryogenic packag ...

Financial Data and Key Metrics Changes - For the three months ending July 31, 2025, consolidated revenue was $13.8 million, a decrease from $15.1 million in the same period of the prior fiscal year [4] - Consolidated net income for the same period was approximately $634,000, or $0.07 per share, compared to approximately $2.4 million, or $0.25 per share for the same period of the prior fiscal year [5] - The company's operating income decreased to approximately $364,000 from approximately $2.4 million in the prior fiscal year due to lower revenue and gross margin [5] Business Line Data and Key Metrics Changes - Revenue from commercial and U.S. government satellite programs was approximately $6.5 million, or 47%, compared to $8.3 million, or 55%, in the same period of the prior fiscal year [4] - Revenues from non-space U.S. government and DOD customers were $6.9 million, an increase from $6.3 million in the same period of the prior fiscal year, accounting for approximately 50% of consolidated revenues compared to 42% for the prior fiscal year [4] - Other commercial and industrial revenues were approximately $439,000, down from approximately $544,000 in the prior fiscal year [4] Market Data and Key Metrics Changes - The fully funded backlog at the end of July 2025 was approximately $71 million, compared to approximately $70 million for the previous fiscal year ended April 30, 2025 [5] - The company maintains a strong working capital position of approximately $30 million at July 31, 2025, with a current ratio of approximately 2.3 to 1 [5] Company Strategy and Development Direction - The company is focused on investing in growth for the future, particularly in quantum sensing and defense technologies [2][3] - A new engineering facility was opened in Boulder, Colorado, to support ongoing programs and new technology efforts, with expectations for positive contributions to the bottom line by the third quarter of the fiscal year [3] - The company is actively bidding on new programs, anticipating meaningful new business opportunities in the near term, particularly in space and defense sectors [2][3] Management's Comments on Operating Environment and Future Outlook - Management noted that customer-driven delays in key programs affected revenue recognition in the first quarter, but these issues are now resolved, and significant progress is being made [2] - The company remains confident in its strong fundamentals and future growth potential, despite a temporary decline in revenue and earnings [3] - Management emphasized the importance of their technologies in addressing vulnerabilities in global timing systems, which are increasingly critical in the defense landscape [3] Other Important Information - The company announced a $20 million authorization for share repurchase, reflecting its commitment to returning cash to shareholders while investing in future growth [3] - The company is pursuing external government funding for research and development, particularly in quantum sensing, which is seen as a large emerging market [3] Q&A Session Summary Question: Update on various clock technologies and timelines for productization - Management confirmed that atomic clocks are available off the shelf and that prototypes for advanced technologies like the Mercury Ion atomic clock are being produced in collaboration with the Jet Propulsion Laboratory, with low-rate production expected in about a year [8][10] Question: Interest in applying quantum sensing technology outside of space applications - Management stated that while they are not directly investing in quantum computing, they are aware of its developments and are focusing on quantum sensing technologies that can be quickly applied [11][12]

Financial Data and Key Metrics Changes - For the three months ending July 31, 2025, consolidated revenue was $13.8 million, down from $15.1 million for the same period in the prior fiscal year, indicating a decrease of approximately 8.6% [12] - Consolidated net income for the same period was approximately $634,000, or $0.07 per share, compared to approximately $2.4 million, or $0.25 per share for the same period of the prior fiscal year, reflecting a significant decline in profitability [17] - The company's fully funded backlog at the end of July 2025 was approximately $71 million, slightly up from approximately $70 million for the previous fiscal year ended April 30, 2025 [17] Business Line Data and Key Metrics Changes - Revenue from commercial and U.S. government satellite programs was approximately $6.5 million, or 47% of total revenue, down from $8.3 million, or 55%, in the same period of the prior fiscal year [12] - Revenues from non-space U.S. government and DOD customers were $6.9 million, up from $6.3 million in the same period of the prior fiscal year, accounting for approximately 50% of consolidated revenues compared to 42% for the prior fiscal year [13] - Other commercial and industrial revenues decreased to approximately $439,000 from approximately $544,000 in the prior fiscal year [13] Market Data and Key Metrics Changes - The company noted that customer-driven delays on key programs pushed revenue recognition out of the fiscal first quarter, but these delays are not expected to result in overall program revenue reductions [4] - The company is actively bidding on new programs, with expectations of meaningful new business in the near term, particularly in space and defense markets [5][6] Company Strategy and Development Direction - The company has transformed into a larger, more profitable, and cash-generative entity that invests in future growth while rewarding shareholders [5] - The recent opening of an engineering facility in Boulder, Colorado, aims to support ongoing programs and new technology efforts, particularly in quantum sensing [6] - The company is pursuing external government funding for research and development, especially in quantum sensing, which is identified as a large emerging market [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the issues faced in the first quarter related to customer-led delays are now resolved, with significant progress being made towards a larger book of business [4] - The company maintains a debt-free balance sheet and a strong working capital position, indicating confidence in its liquidity to meet operational needs [9][17] - Management highlighted the increasing global focus on resilient timing technologies, validating the company's strategic importance in the defense sector [11] Other Important Information - The company announced a $20 million authorization for share repurchase, demonstrating its commitment to returning cash to shareholders while investing in future growth [10] - The company plans to host its second annual Quantum Sensing Summit in New York City, aimed at exploring emerging technologies and reinforcing its strategic role in advancing quantum technology [7] Q&A Session Summary Question: Update on various clock technologies and timelines for productization - Management confirmed that atomic clocks are available off the shelf, with prototypes of the Mercury Ion atomic clock being produced in collaboration with the Jet Propulsion Laboratory, expected for low-rate production in about a year [20][21] Question: Interest in applying quantum sensing technology outside of space applications - Management stated that while they are not directly investing in quantum computing, they are aware of its developments and are focusing on quantum sensing technologies that can contribute quickly [23][25]

Financial Performance - Revenue for the first quarter of fiscal year 2026 was approximately $13.8 million, a decrease from $15.1 million in the same period of fiscal year 2025, representing a decline of about 8.6% [3] - Operating income for the first quarter was $0.4 million, significantly down from $2.4 million in the same period of the previous fiscal year, indicating a decline of approximately 83.3% [3] - Net income from operations was $0.6 million or $0.07 per diluted share, compared to $2.4 million or $0.25 per diluted share for the first quarter of fiscal year 2025 [3] - Net cash provided by operating activities was approximately $1.2 million, a turnaround from net cash used in operations of $1.5 million for the same period of fiscal year 2025 [3] Business Outlook - The company’s backlog at July 31, 2025, was approximately $71 million, slightly up from $70 million at April 30, 2025, indicating stable demand [3] - The CEO noted that the decline in revenue and operating income was attributed to timing issues and customer-driven delays, not cancellations or contract reductions, with expectations for future revenue growth from these programs [4][5] - The company is actively bidding on new programs, some of which are significantly larger than previous contracts, with potential follow-on business over the next decade [5] Strategic Initiatives - The company opened a new engineering facility in Boulder, Colorado, to support ongoing programs and new technology efforts, with expectations for positive contributions to the bottom line by the third quarter of the fiscal year [5] - The company is pursuing external government funding for research and development, particularly in the area of quantum sensing, which is identified as a large emerging market [5] - The company will host its second annual Quantum Sensing Summit in October 2025, aimed at exploring emerging technologies and reinforcing its strategic role in advancing this field [6] Shareholder Returns - The company announced a $20 million share repurchase authorization, reflecting its commitment to returning cash to shareholders while funding growth in next-generation opportunities [8]

Core Viewpoint - D-Wave Quantum has reported mixed earnings results, with a notable share price spike following the announcement, but recent performance shows a decline in share value, raising questions about future growth and market position [1][2]. Financial Performance - D-Wave reported a revenue increase of over 40% year-over-year, reaching over $3 million for the first time, although it remains reliant on a few major sales for revenue goals [7]. - The company missed earnings estimates in the second quarter, posting losses of 8 cents per share, which disappointed investors hoping for signs of profitability [6]. Market Position and Competition - D-Wave faces intense competition in the quantum computing space, with rivals like IonQ and Quantum Computing Inc. showing better stock performance recently [3][4]. - The company must continue to innovate to maintain its market position, as the quantum industry is rapidly evolving and competitive [4]. Strategic Initiatives - D-Wave has over $800 million in cash reserves, and management has indicated that an acquisition strategy will be revealed in the second half of the year, which could include potential buyouts of competitors [2][10]. - The company is also expected to invest in R&D, exploring areas such as gate-model quantum technology and cryogenic packaging, which may signal its strategic priorities moving forward [11]. Analyst Ratings and Stock Forecast - D-Wave Quantum currently has a stock price forecast of $19.27, indicating a potential upside of 23.45%, based on 11 analyst ratings [9]. - Despite having a Buy rating, D-Wave is not among the top stocks recommended by leading analysts, suggesting a cautious outlook among some market experts [12].

Core Insights - ASP Isotopes is preparing for a secondary listing on the Johannesburg Stock Exchange (JSE), with trading expected to commence on August 27, 2025 [3] - The company has successfully shipped its first samples of enriched Silicon-28 to a US customer and anticipates completing the enrichment of Ytterbium-176 by the end of August 2025 [2][5] - The management team will participate in a RedChip Investor call on August 28, 2025, to provide updates on operations and engage with investors [3][16] Corporate Updates - ASP Isotopes has commenced commercial production of Silicon-28 since late March 2025 and shipped its first samples in August 2025 [5] - The company began commercial production of Ytterbium-176 in April 2025, achieving an enrichment factor of 52, with plans to complete the final enrichment batch by the end of August 2025 [7][8] - The company is also enriching Carbon-12 to 99.99% and expects to supply its first commercial product in September 2025, following delays due to regulatory inspections [12] Production and Technology - The company utilizes the Aerodynamic Separation Process (ASP technology) for isotope enrichment, focusing on producing isotopes for healthcare and technology industries [17][18] - ASP Isotopes is transitioning its Ytterbium-176 enrichment plant to a semi-continuous processing method to increase production capacity, despite experiencing a slight delay due to supply chain issues [8] - The company has received permits to import equipment for the enrichment of Nickel-64, Gadolinium-160, and Zinc-68, indicating expansion plans for additional isotopes [9] Market Demand - There is a growing demand for highly enriched Silicon-28 for next-generation semiconductors, which can conduct heat 150% more efficiently than natural Silicon [6] - The company is assessing the potential to expand its Carbon enrichment facility to meet the high demand for both Carbon-12 and Carbon-14 isotopes [12] - The market for isotopes such as Molybdenum-100, Ytterbium-176, and Nickel-64 is expanding, driven by emerging healthcare applications and green energy initiatives [18]

Core Insights - Frequency Electronics, Inc. (FEIM) reported a significant increase in quarterly financial results, yet its stock has declined 10.4% since the earnings report, indicating investor caution despite strong performance [1][2][6] Financial Performance - For Q4 fiscal 2025, net income was $3.3 million or 34 cents per share, up from $2.6 million or 28 cents per share in the prior year [2] - Revenues reached $20 million, a 28.3% increase from $15.6 million in the same quarter last year [2] - Operating income rose to $3.3 million from $2.5 million year-over-year [3] Revenue Breakdown - Satellite payloads generated $12.1 million in Q4, accounting for 60% of total revenues, up from $6.9 million or 44% in the prior-year quarter [4] - Non-space U.S. Government/DoD revenues decreased to $7 million from $7.9 million in the previous year [4] Cash Flow and Backlog - The backlog at fiscal year-end was $70 million, down from $78 million a year earlier [5] - Net cash used in operations was $1.4 million, a reversal from $8.7 million in cash provided in the previous year, partly due to a $9.6 million dividend paid [5] Management Commentary - CEO Thomas McClelland highlighted the quarter as the highest-revenue quarter in 25 years, attributing success to strong execution and accelerated revenue recognition [6] - CFO Steven Bernstein noted a $13.9 million release of deferred tax valuation allowances contributing to the earnings surge [7] Strategic Focus - The company is targeting emerging opportunities in quantum sensing and alternative navigation technologies, with plans to launch a compact rubidium atomic clock branded as TURBO [11] - FEIM is involved in the GPS IIIF program and plans to host the Second Annual Quantum Sensing Summit in New York City [12] Annual Performance Overview - For fiscal 2025, total revenue was $69.8 million, a 26.3% increase from $55.3 million in fiscal 2024 [9] - Net income surged to $23.8 million or $2.48 per share, up from $5.6 million or 59 cents per share in fiscal 2024 [9] - Operating income more than doubled to $11.7 million from $5 million [9]

Financial Data and Key Metrics Changes - For the fiscal year ended April 30, 2025, consolidated revenue was $69.8 million, up from $55.3 million in the prior fiscal year, representing a significant increase [8] - Gross profit increased due to higher revenue and improved gross margin, with operating income rising to $11.7 million from $5 million in the previous year [13][14] - Consolidated net income for the year was $23.7 million or $2.46 per share, compared to $5.6 million or $0.59 per share in the previous fiscal year [14] - The company's fully funded backlog at April 2025 was approximately $70 million, down from $78 million in the previous fiscal year [14] Business Line Data and Key Metrics Changes - Revenue from commercial and U.S. Government satellite programs was approximately $40.9 million, accounting for 59% of total revenue, compared to $23.2 million or 42% in the prior fiscal year [8] - Revenue from non-space U.S. Government and DoD customers decreased to $26.5 million from $29 million, representing 38% of consolidated revenue compared to 52% in the prior year [9] Market Data and Key Metrics Changes - The company is expanding its customer base beyond traditional prime contractors and is actively submitting bids alongside next-generation defense companies [5] - The company anticipates meaningful growth with traditional prime contractors and is well-positioned to benefit from industry trends over the next five to ten years [5] Company Strategy and Development Direction - The company is focusing on several growth opportunities, including quantum sensing and alternative navigation technologies, which are expected to drive future growth [6][24] - The company is committed to maintaining technical excellence through increased R&D spending, which rose to $6.1 million from $3.4 million [12] - The company aims to maintain a gross margin of 40% or more in the upcoming fiscal year [72] Management's Comments on Operating Environment and Future Outlook - Management noted that while the recent quarter was strong, future quarters may not replicate this performance due to the lumpiness of contract awards [4] - There is variability in the timing of contracts due to changes in administration priorities, but the overall spending outlook remains positive [30][31] - Management expressed confidence in the company's ability to fund increased R&D spending through internal funds and external funding opportunities [25][26] Other Important Information - The company is debt-free and maintains a strong working capital position of approximately $30 million [15] - Cash decreased by approximately $13.6 million since the prior fiscal year end, primarily due to dividend payments and timing of billing [15][16] Q&A Session Summary Question: Allocation of resources to growth opportunities - Management is actively pursuing proposals in various growth areas and is in discussions with prime customers about capabilities [22][24] Question: Potential for growth in specific areas - Quantum sensor technology appears promising, with significant market potential, while Golden Dome also shows potential but with uncertain funding [24] Question: Adequacy of cash for increased R&D spending - Management is confident in having adequate cash to fund increased R&D, with a cautious approach to resource allocation [25] Question: Short-term uncertainty and backlog variability - Management clarified that the $70 million backlog is solid, with variability mainly concerning future contracts [34][35] Question: Revenue opportunities from quantum sensing - Quantum sensing is expected to contribute less than 1% of overall revenue in the next fiscal year, with product revenue anticipated five years out [73] Question: SG&A and R&D targets for future years - SG&A is expected to remain around 18% of revenue, while R&D is projected to be in the 6% to 9% range [83] Question: SDA bids and investment expenses - The SDA process is currently being rethought by the new administration, with potential developments expected within the next 9 to 12 months [86][87]

Core Viewpoint - Leidos is developing a new navigation technology called magnetic navigation (MagNav) that utilizes variations in the Earth's magnetic field and quantum properties of nitrogen in diamonds to overcome the vulnerabilities of the Global Positioning System (GPS) to jamming [1][2]. Group 1: Technology Development - The MagNav system does not rely on signals that can be jammed, making it a more secure navigation option for military applications [2]. - Quantum sensing technology is employed to enhance the sensitivity of magnetometers, which are crucial for the MagNav system [2][3]. - The new magnetometer being developed by Frequency Electronics, Inc. in collaboration with MIT Lincoln Lab aims to provide high accuracy in magnetic navigation systems [3][4]. Group 2: Company Overview - Leidos is a leader in the industry, serving both government and commercial customers, with reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025 [5]. - The company is headquartered in Reston, Virginia, and employs around 48,000 people globally [5].