Quantum Computing Inc. Common 2026 Q2 Earnings Call

Thank you, and I want to welcome everyone to Quantum Computing Inc.'s second quarter 2026 shareholder update call. Before we begin, please note that today's remarks may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expected results, operational plans, strategy, and market opportunities. These statements are made pursuant to the Safe Harbor provision of Section 27A of the Securities Act and Section 21E of the Exchange Act and are based on current assumptions and expectations. Forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially. Important risk factors are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and in subsequent SEC filings, including the quarterly report on Form 10-Q for the quarter ended June 30, 2026.

We undertake no obligation to update these statements except as required by law. On the call today, we have Dr. Yuping Huang, Chief Executive Officer and Chairman, and Chris Roberts, Chief Financial Officer. The team will provide an update on the business, followed by a question and answer session. With that, I will now turn the call over to management.

Please go ahead, Yuping. Good afternoon, and thank you for joining us for Quantum Computing Inc.'s second quarter 2026 earnings call.

During the second quarter, we continued to build on the momentum established in the first quarter, executing on our quantum roadmap while expanding the technologies and manufacturing capabilities that enable both our quantum systems and a growing portfolio of commercial products and services. We also made meaningful progress in our transition toward scalable, cost-effective production of miniaturized quantum products based on nanophotonics and advanced packaging. As I have said before, our goal is simple, to put quantum products and technologies into the hands of everybody. Everything we do at QCi is focused on making quantum systems smaller, more practical, more affordable, and ultimately, more accessible. At our core, QCi is a quantum technology company.

Our long-term vision is to develop quantum systems built on nanophotonics and advanced packaging that can be manufactured at scale and deployed across real-world applications. Supporting this strategy is the expansion of our portfolio of photonic components, lasers, detectors, photonic integrated circuits, thin film lithium niobate-based technologies, optical packaging, advanced packaging, and U.S.-based semiconductor manufacturing and foundry services. These products and services address growing commercial markets today while providing the core technologies and manufacturing capabilities that will enable our current customers access to the next-generation quantum systems. This integrated approach is central to our strategy. By investing in commercially relevant photonics and semiconductor technologies, we are creating value today while building the engineering activities, manufacturing scale, and the production infrastructure needed to enable our long-term quantum roadmap.

During the first half of the year, we completed three strategic acquisitions that significantly expanded our commercialization efforts, technical capabilities, manufacturing capacities, and engineering talent. Together, these acquisitions have strengthened our ability to execute across multiple high-growth markets while creating a more integrated company serving customers in photonics, semiconductor manufacturing, AI, defense, aerospace, telecommunications, and quantum technologies. Each acquisition contributes unique technologies and activities that strengthens our portfolio of intellectual property, and we are already seeing the benefits of integrating these organizations. Just as importantly, we have welcomed some of the industry's leading engineers and scientists who are now focused on advancing our mission to deliver practical, scalable, and accessible quantum solutions. During the second quarter, we completed the strategic acquisition of NHanced Semiconductors, Inc., allowing us to launch our Fab2 initiative ahead of schedule to advance key roadmap development goals and expand manufacturing capabilities.

NHanced is the leading independent U.S.-based advanced package foundry with deep expertise in integration, hybrid bonding, chiplet architectures, silicon interposers, photonic device integration, and advanced semiconductor packaging and manufacturing. The NHanced acquisition immediately expands our advanced packaging and semiconductor manufacturing capabilities in core nanophotonics area and beyond, while strengthening the production infrastructure supporting our thin film lithium niobate-based platform and future quantum products. Importantly, it also adds to our customer base, production capacity, operational flexibility, and brings an experienced engineering team, positioning us to better serve both commercial and government customers today, while accelerating commercial development of next generation photonic and quantum technologies. In April, we announced that NeuraWave, our next generation photonic reservoir computing platform, reached commercial readiness. NeuraWave combines photonic and digital computing to deliver fast, energy-efficient AI inference and advanced signal processing at the edge.

It is designed to support a broad range of applications across defense, telecommunications, autonomous vehicles, robotics, healthcare, industrial monitoring, and other markets where real-time intelligence and low-power operations are critical. NeuraWave also demonstrate the versatility of our photonics platform. The technologies we are developing extend well beyond quantum computing, enabling differentiated solutions across AI communications, sensing, and edge computing. This allows us to participate in large and growing commercial market while continue to advance our quantum roadmap. In June, we successfully delivered and installed our Dirac-3 quantum optimization machine at a global consulting firm, marking another important commercial milestone for QCi. The Dirac-3 system is being deployed to support our customers' engagements with their enterprise customers on complex optimization challenges, including portfolio optimization.

This sale demonstrates the growing interest in practical quantum optimization solutions and reflects our continued progress in bringing commercially relevant quantum technologies into real-world customer environments. Also in June, we reached a framework agreement with Planck Dynamics that included an initial purchase order for 5 of our NeuraWave photonic reservoir computing systems. Beyond this initial order, the agreement provides a pathway for the potential deployment of multiple dozens of NeuraWave systems as customer milestones are achieved, representing a potential aggregate program value of more than $10 million. We view this as an important validation of our photonic computing technology, its commercial readiness, and its ability to address emerging AI infrastructure requirement on a commercial scale. We also expanded the commercial reach of our quantum communication portfolio with a purchase order from a world-leading university for our quantum secure communications system.

The university plans to evaluate our technology as part of its broader research and development effort focused on quantum secure networking for next generation communication infrastructure. We believe this order reflects continued commercial traction for our quantum communications solution and growing recognition of the role quantum secure communications will play in the networks of the future. During the second quarter, we attended 8 industry conferences to broaden our visibility and strengthen our strategic partnerships across the quantum ecosystem. These engagements, including the Fifth Annual Economist Commercialising Quantum Global 2026 Conference, the Quantum.Tech World Conference, and the Optica Quantum Industry Summit, gave us the opportunity to connect with customers, government stakeholders, and prospective partners while showcasing our expanding photonics and quantum optics capabilities. Looking ahead, we remain focused on 2 complementary growth engines.

First, we will continue to move aggressively along our quantum technology roadmap, leveraging our differentiated room temperature photonic architecture to develop quantum systems that are smaller, more scalable, and more practical for real-world deployment. As these technologies become commercially viable, it allows us to better serve our existing customer base, who will be exploring use cases for these systems. Second, we will continue to grow our commercial portfolio of photonic components, lasers, detectors, photonic integrated circuits, thin film lithium niobate technologies, optical packaging, advanced packaging, semiconductor manufacturing, and other foundry services. These products and services generate revenue and address attractive market opportunities today, while providing technologies, manufacturing activities, and production scale that directly support and enable our long-term quantum strategy. Our scalable manufacturing strategy has accelerated significantly with the expansion from our Fab 1 facility in Tempe, Arizona, to the launch of Fab 2 through NHanced acquisition.

Together, these facilities strengthen our ability to serve commercial customers across multiple industries, support government programs, expand U.S.-based manufacturing services, and scale production as demand grows. We continue to see encouraging commercial validation through new customer engagements, strategic partnerships, and government programs across both our commercial photonic business and our quantum products. We believe our unique combination of photonics innovation, semiconductor manufacturing, advanced packaging, and quantum technology positions QCi to create sustainable long-term value by serving customers across a broad and expanded set of high-growth markets, while continuing to build technologies that will define the future of quantum computing. As we execute on our roadmap, our focus remains unchanged: putting quantum into the hands of everybody. We are moving quantum out of laboratory and into business, government agencies, critical infrastructure, and ultimately, everyday applications.

Our room temperature, chip-scale photonic architecture is a key differentiator, dramatically reducing system complexity, power consumption, and cost while enabling practical deployment in real-world environments. We believe the combination of our quantum technology leadership, expanding photonics portfolio, and growing manufacturing capabilities positions QCi to help shape the next generation of information processing, while creating long-term value for our customers and shareholders. Now I am going to turn the call over to Chris Roberts, who is going to review financials.