Key Takeaways IonQ expands through acquisitions like Vector Atomic, boosting hardware and quantum sensing capabilities.Partnerships with AstraZeneca, AWS and NVIDIA highlight IonQ's real-world commercial applications.QUBT advances with photonic chip foundry and commercial wins in academia, finance and automotive.In September, the U.S. Federal Reserve delivered its first rate cut of 2025, reducing the federal funds rate by 25 basis points and signaling two more cuts before the year's end. This easing backdro ...

Financial Data and Key Metrics Changes - In Q1 2025, revenues totaled approximately $39 million, up from $27 million in the prior year quarter, reflecting a significant year-over-year increase [14] - Gross margin decreased to 33% from 41% in Q1 2024, indicating variability at the current revenue level [14] - Operating expenses rose to $8.3 million from $6.3 million in the same quarter last year, primarily driven by employee-based expenses [15] - The company reported net income attributable to common stockholders of approximately $17 million or $0.13 per basic share, compared to a net loss of $6.4 million in the prior year quarter [15] - Total assets increased to approximately $242.5 million from $153.6 million at year-end 2024 [15] - Cash and cash equivalents rose by $87.5 million to $166.4 million at quarter-end, bolstered by net proceeds of approximately $93.6 million raised through common stock offerings [16] - Total liabilities decreased by approximately $25 million compared to year-end 2024, primarily due to a non-cash mark-to-market adjustment [16] Business Line Data and Key Metrics Changes - The Quantum Photonic Chip Foundry in Tempe, Arizona, completed construction in Q1 2025, marking a significant milestone [7] - The company secured its fifth purchase order for foundry services from a leading Canadian research institute, indicating early validation of global demand [9] - The quantum machine business announced a collaboration with Sandoz Ture Institutional Therapeutics Discovery Institute to support advanced research in computational chemistry [10] - New customer orders included a quantum photonic vibrometer sold to DEF University of Technology and an immunohistological computing device sold to a major automotive manufacturer [12] Market Data and Key Metrics Changes - The company anticipates modest initial revenue from the foundry this year, with revenue growth expected to accelerate starting in 2026 [9] - The focus on data communications and telecommunications is expected to drive significant market demand for the company's products [8] Company Strategy and Development Direction - The company aims to deliver accessible and affordable quantum machines and photonic solutions that address real-world problems today [6] - The strategy includes building an ecosystem that is open and mutually beneficial, emphasizing the importance of customer discovery and technology validation [20] - The board has initiated a search for a new CEO to help capture substantial market opportunities [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong operational and financial momentum entering 2025, with a focus on real-world applications of quantum and photonic technologies [17] - The completion of the chip foundry and a growing pipeline of customer activity positions the company well for sustainable growth [17] Other Important Information - The company strengthened its board with the addition of Eric Schwarz, who brings over 20 years of experience in financing, M&A, and corporate strategy [13] Q&A Session Summary Question: Any expectations of capacity constraints going in near term? Have you thought about potentially opening up another foundry? - Management acknowledged potential capacity constraints but emphasized the need to build an ecosystem and validate products with customers before scaling [20] - Plans for a second foundry were discussed, indicating exciting developments ahead [22]