Key TakeawaysThe Federal Reserve enacted a widely anticipated 25-basis-point rate cut, bringing the federal funds rate to a range of 4%-4.25%. Markets showed a mixed reaction, with the S&P 500 dipping slightly and the dollar strengthening. The Fed signaled two more cuts are likely this year.Apple (AAPL) is reportedly testing foldable iPhones in Taiwan, aiming for a 10% boost in total phone shipments in 2026, with a preliminary target of producing around 95 million units. The company expects the foldable mod ...

Financial Data and Key Metrics Changes - Revenue for the second quarter totaled approximately $61,000, a decrease from $183,000 in the prior year [16] - Gross margin increased to 43% from 32% in the previous year [16] - Net loss attributable to common stockholders was $36,000,000 for the second quarter, compared to a net loss of $5,000,000 in the prior year [19] - Total assets increased to $426,000,000 from $154,000,000 at the end of 2024 [19] - Cash and equivalents rose by $270,000,000 in the first half of 2025 to $349,000,000 [19] - Total liabilities decreased by approximately $16,000,000 compared to year-end 2024 [20] Business Line Data and Key Metrics Changes - The company secured an order for a quantum photonic vibrometer from a leading research institute in the Netherlands, indicating commercial adoption of quantum technologies [10] - A major global automotive manufacturer purchased an EMUCORE reservoir computing system, showcasing the application of quantum technologies in edge-based machine learning [11] - The company announced a subcontract valued at over $400,000 to support NASA, highlighting the practical applications of its quantum systems [12] Market Data and Key Metrics Changes - The company is experiencing growing validation of its technologies through customer orders across quantum systems and photonic chip foundry [5] - There is strong momentum around domestic semiconductor and photonic manufacturing, creating new commercial opportunities for the foundry [7] Company Strategy and Development Direction - The growth strategy is centered on two complementary revenue streams: quantum machines and thin film photonic chip foundry [6] - The company aims to integrate quantum machines with nanophotonic chips to enhance performance and reduce costs [24][25] - The foundry is expected to support further development of quantum machines while also offering services to other companies [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position within the evolving quantum ecosystem, emphasizing the importance of delivering real-world solutions [21] - The company is focused on scaling its business to meet increasing demand for quantum technologies [8] Other Important Information - The company completed a $200,000,000 financing round, strengthening its capital position [17] - Operating expenses for the second quarter totaled $10,200,000, driven primarily by increased employee-based expenses [18] - The company was added to the Russell 3000 and Russell 2000 indices, increasing visibility among institutional investors [14] Q&A Session Summary Question: What are the most important milestones for the next one to three years? - Management highlighted the integration of quantum machines with nanophotonic chips as a key focus for the next two to three years [24] Question: Any intentions to accelerate spending or pursue M&A? - Management indicated that while they are hiring additional staff to accelerate technology development, there are no current plans for acquisitions [27][28]