Q4 2025 Quantum Computing Inc Earnings Call

March 2, 2026

Shareholder update call.

At this time all participants are in a listen only mode. If anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad.

Please note this conference is being recorded.

Following management's remarks, the call line will be opened for questions. It is now my pleasure to introduce your host.

Roz Christian.

With IMS Investor Relations.

Thank you and I want to go back on everyone into the quantum computing, Inc, fourth quarter and full year 2025 shareholder update call.

Rosalyn Christian: Ladies and gentlemen, greetings and welcome to the Quantum Computing Inc. Q4 2025 Shareholder Update Call. At this time, all participants are in a listen-only mode. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. Following management's remarks, the call line will be opened for questions. It is now my pleasure to introduce your host, Braz Christian with IMS Investor Relations.

Before we begin I'd like to remind everyone that this conference call may contain forward looking statements based on our current expectations and projections regarding future events and are subject to change based on various important factors.

In light of these risks uncertainties and assumptions you should not place undue reliance on these forward looking statements, which speak only as of the date of this call.

For more details on factors that could affect these expectations. Please see our filings with the Securities and Exchange Commission.

On the call today, we have Doctor you Peng, Wang CEO, and chairman and Chris Roberts CFO.

Rosalyn Christian: Thank you. I want to welcome everyone to the Quantum Computing Inc. Q4 and full year 2025 Shareholder Update Call. Before we begin, I'd like to remind everyone that this conference call may contain forward-looking statements based on our current expectations and projections regarding future events and are subject to change based on various important factors. In light of these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this call. For more details on factors that could affect these expectations, please see our filings with the Securities and Exchange Commission. On the call today, we have Dr. Yu Ping Huang, CEO and Chairman, and Chris Roberts, CFO. The team will provide an update on the business, followed by a question and answer session.

The team will provide an update on the business followed by a question and answer session.

With that I would like to turn the call over to management. Please go ahead <unk>.

Good afternoon, and thank you for joining us for cone uncompleted inc's fourth quarter and full year 2025 earnings call.

225 was a transformational year for <unk>.

We made meaningful progress advancing our strategy to build a vertically integrated photonics under on the optics platform capable of supporting scalable commercial applications across AI high performance computing cyber security and remote.

Rosalyn Christian: With that, I would like to turn the call over to management. Please go ahead, Yu Ping.

<unk>.

Over the course of the year, we achieved several key milestones.

Yuping Huang: Good afternoon, and thank you for joining us for Quantum Computing Inc.'s Q4 and full year 2025 Earnings Call. 2025 was a transformational year for QCI. We made meaningful progress advancing our strategy to build a vertically integrated photonics and quantum optics platform capable of supporting scalable commercial applications across AI, high performance computing, cybersecurity, and remote sensing. Over the course of the year, we achieved several key milestones. We completed and opened our thin-film lithium niobate photonic chip fabrication facility, marking an important step towards domestic scalable production of high performance specialized photonic integrated circuits. We continue to expand our foundry services business, which has now begun to generate early revenue and customer engagement. We are in planning phase for our second fabrication facility, which is what we call Fab Two.

We completed and opened our <unk> lithium niobate photonic chip fabrication facility.

Mark in the important step towards domestic scalable production of high performance specialized photonic integrated circuits.

We continue to expand our fund services business, which has now begun to generate early revenue and a customer engagement and we are in play.

Phase four hour second fabrication facilities, which.

It's what do we call it fab two.

Over the course of the year, we achieved several key milestones.

We strengthened our leadership team and board, adding experienced director and the executives with deep accurate Ts is Kelly advanced with technology companies, and Java, and both organic and inorganic growth.

We completed and opened our stem field this night bed for Tonic chip fabrication facility.

I was appointed CEO effective January one 2026, after serving as interim CEO since may 2025.

Marking an important step toward domestic, scalable production of high-performance, specialized photonic integrated circuits.

And we welcome Chris Roberts, as our new Chief Financial Officer, and Eric Shrugs as a new independent board member each brings deep expertise and execution of focus as we scale the business.

We continue to expand our fungi Services business which has now begun to generate early revenue and a customer engagement and we are implying.

Yuping Huang: We strengthened our leadership team and board, adding experienced director and executives with deep expertise in scaling advanced technology companies and driving both organic and inorganic growth. I was appointed CEO effective 1 January 2026 after serving as interim CEO since May 2025. We welcomed Chris Roberts as our new Chief Financial Officer and Eric Schwartz as a new independent board member. Each brings deep expertise and executional focus as we scale the business. Importantly, we recently completed the acquisition of Luminar Semiconductor, Inc., or LSI, which enhances our design, fabrication, and packaging capabilities and accelerates our path to scalable manufacturing. LSI also contributes a established customer base and a steady revenue to the combined organization. Those accomplishments reflect the steady execution of our long-term strategy and position us well as demand for energy efficient room temperature photonic and quantum solutions continue to grow.

And importantly, we recently completed the acquisition of Lumina Semiconductor Inc.

OSI, which enhances our design fabrication and packaging capabilities.

Face, uh, for our second fabrication facility, which is what we call Fab 2. We strengthened our leadership team and board adding a experience director and Executives with deep expertise in scaling, advanced technology companies and uh, joining both organic and inorganic growth.

Accelerates our path to scale up of manufacturing.

As I also contributes.

I was appointed, CEO effective, January, 1 2026 after surveying as interest CEO since May 2025

<unk> established.

<unk> customer base and steady revenue to the combined organization.

Those are accomplishments reflect the steady execution of our long term strategy and positioning us well as demand for energy efficient room temperature photonic Quanta solutions continue to grow.

And we welcome Chris Roberts as our new Chief Financial Officer and Eric Schwartz as a new independent board member. Each brings deep expertise and an execution focus as we scale the business.

Turning into the fourth quarter.

Revenue in the quarter reflects early contributions from our <unk> service business and.

And importantly, we recently completed the acquisition of Lumina Semiconductor Inc., or LSI, which enhances our design, fabrication, and packaging capabilities, and, uh, accessories are passed to scalable manufacturing.

Increasing customer engagement across our product portfolio.

Alsi also contributes a

As many of you know <unk> operates a fifth one as a rapid prototyping facility dedicated to <unk> lithium niobate photonic integrated circuits in support of our quantum machine development roadmap. This facility is not intended to serve as a largest.

Standard revenue to the combined organization.

Commercial production foundry.

Yuping Huang: Turning into the Q4. Revenue in the quarter reflects early contributions from our foundry service business and increasing customer engagement across our product portfolio. As many of you know, QCi operates Fab One as a rapid prototyping facility dedicated to thin-film lithium niobate photonic integrated circuits in support of our quantum machine development roadmap. This facility is not intended to serve as a large-scale commercial production foundry. It does generate revenue by providing foundry services to our customers, but mainly functions as a internal innovation engine that feeds validated designs and process knowledge into downstream manufacturing partners as technologies mature. Fab One enables rapid design, fabrication, test iteration cycles for advanced photonic devices central to QCi's quantum architectures. It allows us to explore novel thin-film lithium niobate based components, validate system-level concept, and de-risk emerging designs ahead of volume manufacturing.

But it does generate revenue by providing foundry services to our customers, but mainly functions as a internal innovation engine that is validated designs and our process knowledge into downstream manufacturing partners as technologies.

Those are accomplishments reflect the steady execution of our long-term strategy and positioning as well as demand for energy efficient room, temperature for Tonic and Quantum Solutions, continue to grow turning into the fourth quarter.

Mature.

Doug.

Both rapid design fabrication test iteration cycles for advanced photonic devices send.

<unk> sighs of quantum architectures allow.

Allows us to explore novel <unk> lithium niobate based components validated system level concept and did derisk emerging designs ahead of volume manufacturing.

Step two is intended to provide a domestic vertical integrated processing capability.

<unk> ability to support <unk> internal.

Technology roadmap, particularly the development and scaling of our photonic quantum machines and quanta enabled systems.

Partners, as technologies mature, that enables rapid design, fabrication, and test iteration cycles for advanced photonic devices.

Centered to queue size. Quantum, architectures.

It will focus on producing specialized quanta and another photonic chips and will complement not compete with.

The broader silicon photonic ecosystem, we expect to engaged external foundries as partners.

Yuping Huang: Fab Two is intended to provide a domestic vertically integrated processing capability to support QCi's internal technology roadmap, particularly the development and scaling of our photonic quantum machines and quantum-enabled systems. It will focus on producing specialized quantum and nanophotonic chips and will complement, not compete with, the broader silicon photonic ecosystem. We expect to engage external foundries as partners as technologies scale. By combining internal vertical integration with external foundry partnerships, QCi aims to strengthen supply chain resilience, accelerate innovation, and support the responsible scaling of advanced photonic and quantum technologies. In December 2025, we announced the acquisition of LSI, which closed in February 2026.

<unk> technologies scale.

By combining internal vertical integration with external foundry partnerships QC and to strengthen the supply chain resilience accelerated innovation and to support the responsible scaling of advanced our photonic and quantum.

It allows us to explore novel simulate-based components, validate system-level concepts, and de-risk emerging designs ahead of volume manufacturing. Step 2 is intended to provide a domestic vertically integrated processing capability to support queue size and internal technology roadmap, particularly the development and scaling of our photonic quantum machines and the quantum-enabled systems.

Technologies.

In December 2025, we announced the acquisition of ASI.

It will focus on producing specialized quantum and nanophotonic chips. And we will complement, not compete with,

Closed in February 2026.

The broader citycom photonic ecosystem.

This subsidiary brains, ne existing customer base.

Additional semiconductor capabilities that expands our adjustable market and strengthen our ability to deliver integrated photonic solutions.

We expect to engage external functions as partners as Technologies scale.

<unk>.

Integration efforts are underway and we are focused.

Aligning teams processes and the customer programs to accelerate growth in 2026 and beyond.

By combining internal vertical integration with external function. Partnerships qci ends to strengthen supply chain. Resilience accelerate Innovation and support the responsible scaling of advanced photonic and Quantum Technologies.

From a product perspective, we continued advancing our quanta authentication and networking technologies.

Yuping Huang: This subsidiary brings a existing customer base and additional semiconductor capabilities that expands our addressable market and strengthen our ability to deliver integrated photonic solutions at scale. Integration efforts are underway. We are focused on aligning teams, processes, and customer programs to accelerate growth in 2026 and beyond. From a product perspective, we continued advancing our quantum authentication and networking technologies as well as our Dirac platform and the remote sensing initiatives, which remain areas of strong interest across government and commercial customers. In the Q4, we also unveiled our photonic-based reservoir computing system, Neuronwave, at Supercomputing 2025. Neuronwave represents a significant milestone as it is designed to integrate with existing computing infrastructure and address emerging AI workloads with improved energy efficiency.

in December 2025, we announced the acquisition of alsi which closed in February 2026,

Well as our direct platform and the remote sensing initiatives.

Which remain areas of strong interest across government and commercial customers.

In the fourth quarter, we also unveiled our photonic based Reds.

Reservoir computing system neuro ways to supercomputing 2025.

<unk> represents a significant milestone as it is designed to integrate with existing computing infrastructure and.

Emerging AI workloads with improved energy efficiency.

We also announced.

It's strategic.

This subsidy brings me existing customer base and additional semiconductor capabilities, that expands our adjustable market and strengthen our ability to deliver integrated photonic Solutions at scale integration efforts, uh, on the way and we are focused on aligning teams, processes and the customer programs to accelerate growth in 2026. And Beyond, from a product perspective, we continued advancing our Quantum authentication and the networking Technologies, as well as our direct platform and the remote sensing initiatives.

Collaboration with <unk> technologies to develop next generation high speed same thing Lisa Niobate modulator based optical engines.

Which remain areas of strong, interest across government and Commercial customers.

Designed to support AI network infrastructure.

In the fourth quarter, we also unveiled our photonic based.

Importantly, we continue to expand our global reach through continued industrial engagement.

We've recently participated in many conferences.

Which just in the fourth quarter included optical quanta industry summit.

Yuping Huang: We also announced a strategic collaboration with POET Technologies to develop next-generation high-speed thin-film lithium niobate modulator-based optical engines designed to support AI network infrastructure. Importantly, we continue to expand our global reach through continued industry engagement. We recently participated in many conferences, which just in Q4 included Optica Quantum Industry Summit, SuperCompute, and Q2B Silicon Valley. Finally, during the year, we formalized and communicated a focused multi-year technology roadmap, which is available on our website. This roadmap is centered on scalable room temperature photonic and quantum products, systems, and solutions. Our vision is to bring quantum technology into real-world applications. That means putting the power of quantum technology into the hands of people by moving it out of the laboratory and into enterprise, government, commercial, and consumer environments through chip-integrated, low-power deployable systems.

Silver compute and a Q2 be silicon valley.

Reservoir Computing system neural wave at supercomputing 25, new representative Milestone as it is designed to integrate with existing Computing infrastructure and address. Emerging AI workloads with improved Energy Efficiency. We also announced a strategic

Finally during the year, we formalized and communicated a focused multiyear technology roadmap, which is available on our website. This road map is centered.

Collaboration with support technologies to develop next generation, high-speed—same thing. Listen, Nate—modulate-based optical engines.

Scalable room temperature photonic and quantum products systems and solutions.

Although <unk> is to bring quantum technology into real world applications.

Designed to support AI Network. Infrastructure importantly, we continue to expand our Global reach through continued industry engagement.

That means putting the power of quantum technology into the hands of people by moving it out of the laboratory.

We had recently participated in many conferences which just in the fourth quarter included Optical Quantum industry Summit.

And into enterprise government commercial and consumer environments through chip integrated low power deployable systems.

At the core of our roadmap, our three capabilities that define our platform capture.

<unk> <unk>.

Communicate.

Capture information through quantitative sensing and our photonic data acquisition compute.

Super compute and Q2B. Citycom Valley, finally, during the year, we formalized and communicated a focused multi-year technology roadmap, which is available on our website. This roadmap is centered on scalable room-temperature photonic and quantum products, systems, and solutions.

Our vision is to bring Quantum technology into real world applications.

Our photonic and quantum processing systems, including our direct platform and photonic AI capabilities commute.

<unk> communicated through quanta secured networking authentication and encryption technologies.

This framework aligns our product development manufacturing strategy and go to market efforts around delivering practical scalable quanta enabled products and systems.

Yuping Huang: At the core of our roadmap are three capabilities that define our platform: capture, compute, communicate. Capture information through quantum sensing and photonic data acquisition. Compute through photonic and quantum processing systems, including our Dirac platform and photonic AI capabilities. Communicate through quantum-secured networking authentication and encryption technologies. This framework aligns our product development manufacturing strategy and go-to-market efforts around delivering practical, scalable, quantum-enabled products and systems. Importantly, this roadmap represents our transition from a development stage company to a commercial manufacturing-driven platform business. We are evolving from a technology innovator into a company capable of delivering repeatable high-performance photonic and quantum hardware at industrial scale. Our differentiation remains clear. Unlike cryogenic quantum systems, our platform is built on thin-film lithium niobate photonics, enabling room temperature operation, lower power consumption, smaller form factors, and a lower total cost of ownership, which we believe are critical for broad adoption.

Importantly, this roadmap represents our transition from a development stage company to a commercial manufacturing drilling platform business.

At the core of our road map are 3 capability capture compute communicate.

Capture information through, Quantum sensing and photonic data, acquisition compute.

We are evolving from a technology innovator into a company capable of delivering repeatable high performance photonic and quant hardware and.

Through photonic and quantum processing systems, including our direct platform and photonic AI capabilities.

Communicate through Quantum security, networking authentication, and encryption Technologies.

Industrial scale.

Our differentiation remains clear.

Unlike cryogenic quantum systems.

Our platform is built on thin film lithium niobate photonics, enabling rune temperature operation lower power consumption smaller form factors.

This framework aligns our product development, manufacturing strategy, and go to market efforts around, delivering practical scalable Quantum enabled, products and systems.

And a lower total cost of ownership, which we believe are critical for broad adoption.

Importantly, this roadmap represents our transition from a development-stage company to a commercial, manufacturing-driven platform business.

As we progress our chip manufacturing capabilities over time, we expect to support global deployment of chip integrated quantum systems across high performance computing.

We are evolving from a technology innovator into a company capable of delivering repeatable, high performance for Tonic and Quantum Hardware at the industrial scale. Our differentiation remains clear.

Silicon defense space and enterprise markets.

Unlike chronic Quantum systems.

Our roadmap is designed to move <unk> from innovation to industrial scale production positioning us to deliver practical quantum technologies that are accessible scalable and commercially viable.

Our platform is built on the same film. Lithium photonics enabling room temperature operation, lower power consumption, and smaller form factors.

Yuping Huang: As we progress our chip manufacturing capabilities over time, we expect to support global deployment of chip-integrated quantum systems across high-performance computing, telecom, defense, space, and enterprise markets. Our roadmap is designed to move QCi from innovation to industrial scale production, positioning us to deliver practical quantum technologies that are accessible, scalable, and commercially viable. Overall, we exited 2025 with a strong balance sheet supported by significant capital raised during the year. A growing commercial foundation through foundry services and product development. An expanded technology platform following the integration of LSI, and a clear path toward scaling revenue through a combination of semiconductor services and quantum-enabled products. Like many companies across the broader technology, AI, and quantum sectors, we have experienced recent volatility in our share price, which we believe reflects broader market conditions rather than any change in our underlying business performance or long-term outlook.

Overall, we exited 2025 ways a strong balance sheet supported by significant capital raised during the year.

And the lower total cost of ownership, which we believe are critical for broad adoption.

Growing commercial foundation through foundry services and product development.

As we progress our chip manufacturing capabilities over time, we expect to support global deployment of chip-integrated quantum systems across high-performance computing.

Hey expanded technology platform following the integration of OSI.

Telecom defense space and Enterprise markets.

And a clear path towards scaling revenue through a combination of semiconductor services and a quantum enabled products.

Like many companies across the broader technology, AI and quantum sectors, we have experienced recent.

Volatility in our share price, which we believe reflects broader market conditions, rather than any change in our underlying business performance or our long term outlook.

Our roadmap is designed to move QCI from innovation to industrial scale production, positioning us to deliver practical quantum technologies that are accessible, scalable, and commercially viable overall. We exited 2025 with a strong balance sheet supported by significant capital raised during the year and a growing commercial foundation through funding, services, and product development.

Our focus remains squarely on.

Executing our strategy.

A expanded technology platform following the integration of aosi.

Advancing our technology roadmap.

And the beauty is sustainable commercial business.

We believe the long term fundamentals for photonics quantum technology and.

And a clear path toward scaling Revenue through a combination of semiconductor services and a Quantum enabled products.

AI infrastructure remains strong.

And we are well positioned to win in these trends.

Like many companies across the broader technology, AI, and quantum sectors, we have experienced recent

With that I will now turn the call over to our Chief Financial Officer, Chris Roberts.

Thank you <unk>.

Revenue for the fourth quarter totaled approximately $198000 compared to $62000 in the prior year quarter.

Yuping Huang: Our focus remains squarely on executing our strategy, advancing our technology roadmap, and building a sustainable commercial business. We believe the long-term fundamentals for photonics, quantum technology, and AI infrastructure remains strong, and we are well-positioned within these trends. With that, I will now turn the call over to our Chief Financial Officer, Chris Roberts.

The year over year increase was driven primarily by hardware sales and services associated with our fab one facility, which began contributing revenue during the fourth quarter.

As we previously mentioned.

We completed the acquisition of alumina or semiconductor Inc. In February 2026, we expect this business to begin contributing revenue in the first quarter of 2006.

Volatility in our share price, which we believe reflects broader market conditions, rather than any change in our underlying business performance or long-term Outlook. Our Focus remains squarely, uh, executing our strategy advancing, our technology road map and building a sustainable Commercial Business. We believe the long-term fundamentals for photonics Quantum technology and AI infrastructure remains strong

And we are well, positioned within this trends.

Operating expenses for the fourth quarter totaled $22 1 million compared to $8 9 million in the same quarter last year.

Christopher Roberts: Thank you, Yuping. Revenue for Q4 totaled approximately $198,000 compared to $62,000 in the prior year quarter. The year-over-year increase was driven primarily by hardware sales and services associated with our Fab One facility, which began contributing revenue during Q4. As we previously mentioned, we completed the acquisition of Luminar Semiconductor Inc. in February 2026. We expect this business to begin contributing revenue in Q1 of 2026. Operating expenses for Q4 totaled $22.1 million, compared to $8.9 million in the same quarter last year. The increase in operating expenses is the result of substantial growth in personnel for research and development, engineering, manufacturing, and sales and marketing as we can position the company for long-term growth. M&A expenses in Q4 also contributed to the higher expenses.

Chris Roberts: Thank you, Yuping. Revenue for Q4 totaled approximately $198,000 compared to $62,000 in the prior year quarter. The year-over-year increase was driven primarily by hardware sales and services associated with our Fab One facility, which began contributing revenue during Q4. As we previously mentioned, we completed the acquisition of Luminar Semiconductor Inc. in February 2026. We expect this business to begin contributing revenue in Q1 of 2026. Operating expenses for Q4 totaled $22.1 million, compared to $8.9 million in the same quarter last year. The increase in operating expenses is the result of substantial growth in personnel for research and development, engineering, manufacturing, and sales and marketing as we can position the company for long-term growth. M&A expenses in Q4 also contributed to the higher expenses.

With that, I will now turn the call over to our Chief Financial Officer. Chris Roberts.

Thank you, you ping.

The increase in operating expenses is the result of substantial growth in personnel for research and development engineering manufacturing and sales and marketing as we can position the company for long term growth.

Revenue for the fourth quarter totaled, approximately 198,000 compared to 62,000 in the prior year quarter.

M&A expenses in the fourth quarter also contributed to the higher expenses.

The year-over-year increase was driven primarily by hardware sales and services associated with our Fab 1 facility, which began contributing Revenue during the fourth quarter.

As we previously mentioned.

We are scaling our organization across the board to support this expansion, including all functional areas of the company.

We completed the acquisition of luminar semiconductor Inc in February 2026.

As a result, SG&A is expected to grow in the near term as we invest in the resources and personnel necessary to advance our technology and execution capabilities.

We expect this business to begin contributing revenue in the first quarter of '26.

The company reported a net loss of $1 $6 million for the fourth quarter or one loss per share.

<unk> to a net loss of $51 2 million in the fourth quarter of 2024.

The increase in operating expenses is the result of substantial growth in personnel for research and development, engineering, manufacturing, and sales and marketing, as we position the company for long-term growth.

The decrease in net loss this quarter was primarily due to a gain of $7 million from the mark to market of a derivative liability plus interest income of $13 $6 million.

Christopher Roberts: We are scaling our organization across the board to support this expansion, including all functional areas of the company. As a result, SG&A is expected to grow in the near term as we invest in the resources and personnel necessary to advance our technology and execution capabilities. The company reported a net loss of $1.6 million for Q4, or $0.01 loss per share, compared to a net loss of $51.2 million in Q4 2024. The decrease in net loss this quarter was primarily due to a gain of $7 million from the mark-to-market of a derivative liability, plus interest income of $13.6 million.

Chris Roberts: We are scaling our organization across the board to support this expansion, including all functional areas of the company. As a result, SG&A is expected to grow in the near term as we invest in the resources and personnel necessary to advance our technology and execution capabilities. The company reported a net loss of $1.6 million for Q4, or $0.01 loss per share, compared to a net loss of $51.2 million in Q4 2024. The decrease in net loss this quarter was primarily due to a gain of $7 million from the mark-to-market of a derivative liability, plus interest income of $13.6 million.

M&a, expenses in the fourth quarter, also contributed to the higher expenses.

We are scaling our organization across the board to support this expansion, including all functional areas of the company.

For the year ended December 31, 2025, the company reported a net loss of $18 7 million.

Or 11 cents per share compared to a loss of.

As a result, SG&A is expected to grow in the near term as we invest in the resources and personnel necessary to advance our technology and execution capabilities.

$68 5 million or <unk> 73 per share in the year ended December 31 2024.

As <unk> mentioned earlier, we continued to strengthen our balance sheet during the fourth quarter in.

The company reported a net loss of 1.6 million dollars for the fourth quarter, or 1 cent loss per share compared to a net loss of 51.2 million in the fourth quarter of 2024.

In October we announced that <unk> entered into securities purchase agreements with a group of institutional investors for the purchase and sale of 37 million shares of common stock in a private placement, resulting in gross proceeds of $750 million before.

The decrease in net loss. This quarter was primarily due to a gain of 7 million dollars from The Mark to Market of a derivative liability.

Plus interest income of $13.6 million.

Christopher Roberts: For the year ended 31 December 2025, the company reported a net loss of $18.7 million or $0.11 per share, compared to a loss of $68.5 million or $0.73 per share in the year ended 31 December 2024. As Yuping mentioned earlier, we continued to strengthen our balance sheet during the Q4. In October, we announced that QCi entered into securities purchase agreements with a group of institutional investors for the purchase and sale of 37 million shares of common stock in a private placement, resulting in gross proceeds of $750 million before deducting offering expenses. That brings the total capital raised in 2025 to $1.55 billion.

Chris Roberts: For the year ended 31 December 2025, the company reported a net loss of $18.7 million or $0.11 per share, compared to a loss of $68.5 million or $0.73 per share in the year ended 31 December 2024. As Yuping mentioned earlier, we continued to strengthen our balance sheet during the Q4. In October, we announced that QCi entered into securities purchase agreements with a group of institutional investors for the purchase and sale of 37 million shares of common stock in a private placement, resulting in gross proceeds of $750 million before deducting offering expenses. That brings the total capital raised in 2025 to $1.55 billion.

Before deducting offering expenses.

That brings the total of capital raised in 2025 to 155 billion.

As a result, we ended the year with cash and cash equivalents of $738 million.

For the year ended December 31, 2025, the company reported a net loss of $18.7 million, or $0.11 per share, compared to a loss of $68.5 million, or $0.73 per share, in the year ended December 31, 2024.

And the investments of $783 million on our balance sheet, roughly 152 billion in total.

As you mentioned earlier, we continued to strengthen our balance sheet during the fourth quarter.

Our interest income for 2025 year was $27 million.

A substantial increase from $423000 in 2024.

As of December 31, 2025, total assets stood at $1 6 billion.

In October, we announced that QCI entered into securities purchase agreements with a group of institutional investors for the purchase and sale of 37 million shares of common stock in a private placement, resulting in gross proceeds of $750 million before deducting offering expenses.

Up from $154 million at.

At year end 2024.

Christopher Roberts: As a result, we ended the year with cash and cash equivalents of $738 million and investments of $783 million on our balance sheet, roughly $1.52 billion in total. Our interest income for the 2025 year was $20.7 million, a substantial increase from $423,000 in 2024. As of 31 December 2025, total assets stood at $1.6 billion, up from $154 million at year-end 2024. Stockholders' equity rose to $1.6 billion at 2025 year-end, reflecting our strengthened financial position. Now I'll turn the meeting back over to Yuping.

Chris Roberts: As a result, we ended the year with cash and cash equivalents of $738 million and investments of $783 million on our balance sheet, roughly $1.52 billion in total. Our interest income for the 2025 year was $20.7 million, a substantial increase from $423,000 in 2024. As of 31 December 2025, total assets stood at $1.6 billion, up from $154 million at year-end 2024. Stockholders' equity rose to $1.6 billion at 2025 year-end, reflecting our strengthened financial position. Now I'll turn the meeting back over to Yuping.

Stockholders equity rose to $1 $6 billion at 2025 year end, reflecting our strengthened financial position.

That brings the total of capital raised in 2025 to 1.55 billion dollars.

As a result.

Now I'll turn the meeting back over to UK.

Thank you Chris.

As we look ahead.

2026, our priorities are clear.

Scaling our foundry services business, and the increasing customer engagements and advancing our product portfolio toward broad commercialization.

We ended the year with cash and cash equivalents of $738 million and investments of $783 million on our balance sheet. Roughly $1.52 billion in total. Our interest income for the 2025 year was $20.7 million, a substantial increase from $423,000 in 2024.

Commercialization.

Successfully integrating LSI and capturing synergies across our platform.

As of December 31st, 2025, total assets stood at $1.6 billion, up from $154 million at year-end 2024,

And to continue to execute with discipline, while preserving capital.

Stockholders' equity rose to $1.6 billion at 2025 year-end, reflecting our strengths in the financial position.

We are building.

<unk> technology platform based on temperature low power photonic and Quanta solutions.

Yuping Huang: Thank you, Chris. As we look ahead to 2026, our priorities are clear. Scaling our foundry services business and increasing customer engagements, advancing our product portfolio toward broader commercialization, successfully integrating LSI and capturing synergies across our platform, and continue to execute with discipline while preserving capital. We are building a differentiated technology platform based on room temperature, low power photonic and quantum solutions, and we believe QCI is uniquely positioned to address growing demand for energy efficient computing, secure communications, and advanced sensing technologies. We appreciate the continued support of our shareholders, customers, and partners, and we look forward to updating you on our progress through 2026. Thank you. With that, we will now open the call for questions. Operator, please go ahead.

Now, I'll turn the meeting back over to Yuping. Thank you, Chris.

As we look ahead.

And we believe <unk> is uniquely positioned.

To 2026. Our priorities are clear.

Position to address growing demand for energy efficient computing secure communications and advanced sensing technologies.

Scaling our Foundry, Services business, and increasing customer engagements.

advancing our product portfolio toward a broader, commercialization,

We appreciate the continued support of our shareholders customers and partners and we look forward to updating you on our progress through 2026.

Successfully integrating ALSI and capturing synergies across our platform.

Thank you.

And continue to execute with discipline while preserving capital.

With that we will now open the call for questions.

Operator, Please go ahead.

Thank you at this time, we will be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You May Press Star two if you would like to remove your question from the queue for participants using speaker equipment and maybe.

We are building a differentiated technology platform based on room temperature, low power for Tonic and Quantum Solutions.

And we believe qci is uniquely positioned to address growing demand for energy efficient Computing, secure Communications and advanced sensing Technologies.

<unk> to pick up your handset before pressing the star keys.

One moment, please while we poll for questions. Once again, please press star one if you have a question or comment. The first question comes from John Mcpeak with Rosenblatt Securities. Please proceed.

We appreciate the continued support of our shareholders customers and partners and we look forward to updating you on our progress through 2026.

Thank you, thank you you're paying and Chris.

Congrats on closing the LSI acquisition.

Rosalyn Christian: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Once again, please press star one if you have a question or comment. The first question comes from John McPeake with Rosenblatt Securities. Please proceed.

Operator: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Once again, please press star one if you have a question or comment. The first question comes from John McPeake with Rosenblatt Securities. Please proceed.

Thank you.

Okay I just wanted to make sure you guys can hear me for a second there.

So.

Yes.

Great.

You have a step function revenue change happening here could you just remind us of the.

LSI revenues, how we should think about that going forward and also.

There are expenses, a little bit as we tried to take a stab at <unk>.

<unk> our models here.

First question was it when you take those questions.

John McPeake: Thank you. Thank you, Yu Ping and Chris. Congrats on closing the LSI acquisition.

Sure I'd be happy to.

Comes from John mcpeek with rosenblat Securities, please. Proceed, thank you, thank you, you paying and Chris

John.

I've seen a couple of analyst reports.

Christopher Roberts: Thank you.

Chris Roberts: Thank you.

Grats on closing the LSI acquisition.

John McPeake: Okay. Just wanted to make sure you guys could hear me for a second there.

Let me backup.

We are not in the.

Habit of giving revenue guidance I want to make very clear that we're not doing that now however, I understand the question.

Christopher Roberts: We can.

Chris Roberts: We can.

John McPeake: You have a step function revenue change happening here. Could you just remind us of the LSI revenues, how we should think about that going forward, and also, their expenses a little bit as we try to take a stab at updating our models here. First question.

There have been several analyst reports.

Yeah.

We indicated that our projected revenue would be in the 20% to $25 million per year range.

Thank you. Okay. Just wanted to make sure you guys could hear me for a second there. Um, so so you great. So you have a step function Revenue, change Happening Here, could you just remind us of the

<unk>.

So I think thats, a reasonable estimate right now.

Okay.

LSI revenues—how should we think about that going forward, and also their expenses a little bit, as we try to take a stab at updating our models here.

Christopher Roberts: Chris, would you take this question? Sure, I'd be happy to. John, I've seen a couple of analyst reports. Let me back up. As you know, we are not in the habit of giving revenue guidance, so I want to make sure we're clear that we're not doing that now. However, I understand the question, and there have been several analyst reports that have indicated that or projected that revenue would be in the $20 to $25 million per year range. I think that's a reasonable estimate right now.

Yuping Huang: Chris, would you take this question?

In terms of.

Chris Roberts: Sure, I'd be happy to. John, I've seen a couple of analyst reports. Let me back up. As you know, we are not in the habit of giving revenue guidance, so I want to make sure we're clear that we're not doing that now. However, I understand the question, and there have been several analyst reports that have indicated that or projected that revenue would be in the $20 to $25 million per year range. I think that's a reasonable estimate right now.

First question, would you take this question?

In terms of costs.

sure, I'd be happy to, uh,

We have some work to do with LSI, everyone and this is a company we acquired out of the limit our technology bankruptcy.

They had a different shared services model. So we're reconstructing some things.

Yeah.

Probably not going to be profitable at this scale.

John. Yeah, I've seen a couple of analysts reports today. Well, let me back up as you know, we're, we are not in the, uh, Habit of giving Revenue guidance. So I want to make sure you're clear that we're not doing that now. However, I understand the question, and there have been several analysts reports that have, uh,

But we're working on and on.

Realigning and integrating the businesses so.

Really don't want to.

And too specific at this point that we're trying to grow.

John McPeake: Okay.

Indicated that our projected revenue would be in the $20 to $25 million per year range. And, like, I think that's a reasonable estimate right now.

Well.

Christopher Roberts: In terms of costs, we have some work to do with LSI. This is a company we acquired out of the Luminar Technology bankruptcy, and they had a different shared services model. We're reconstructing some things. Probably not going to be profitable at this scale, but we're working on realigning and integrating the businesses. We really don't wanna be too specific at this point because we're trying to grow both the core LSI business and the QCi business and develop synergistic products. There's a lot of.

Or.

<unk> business and the Ci business and develop synergistic products. So there's a lot of.

Chris Roberts: In terms of costs, we have some work to do with LSI. This is a company we acquired out of the Luminar Technology bankruptcy, and they had a different shared services model. We're reconstructing some things. Probably not going to be profitable at this scale, but we're working on realigning and integrating the businesses. We really don't wanna be too specific at this point because we're trying to grow both the core LSI business and the QCi business and develop synergistic products. There's a lot of-

uh, okay, and in terms of

In terms of costs.

Spending that's going on around there.

I think it's safe to say that.

We will be investing a fair amount of money and growing the business.

We have some work to do with LSI. This is a company we acquired out of the Luminar Technology bankruptcy, and they had a different shared services model, so we're reconstructing some things.

We're not going to be trying to squeeze every nickel out of a profitability of here in the near term.

uh,

Probably not going to be profitable at this scale.

Okay.

That's fair enough I just have a follow up on teflon number to.

But we're working on, uh,

Realigning, integrating the businesses. So we really don't want to

You got some fabs with LSI.

Could you give us a sense of do you think youre going to be able to co locate with one of those fabs.

Be too specific at this point because we're trying to grow, uh, both the core.

When should we think about.

<unk> expenses.

John McPeake: Mm-hmm.

Christopher Roberts: spending that's going on around there. I think it's safe to say that we'll be investing a fair amount of money in growing the business. We're not gonna be trying to squeeze every nickel out of profitability in the near term.

Chris Roberts: spending that's going on around there. I think it's safe to say that we'll be investing a fair amount of money in growing the business. We're not gonna be trying to squeeze every nickel out of profitability in the near term.

The capex et cetera, kicking in for to fund two and maybe I don't know if you can gauge what that might be like.

Level side business and the qci business and develop synergistic products. So there's a lot of

Uh, spending that's going on around there. Uh, I think it's safe to say that.

That we'll be investing a fair amount of money in growing the business.

Typically of the size you're thinking about.

That's all I got.

That's a really good question John <unk>.

John McPeake: Okay. That's fair. If I could just have a follow-up on Fab 2. You got some fabs with LSI. Could you give us a sense. Do you think you're gonna be able to co-locate with one of those fabs? When should we think about the expenses, you know, the CapEx, et cetera, kicking in for Fab 2? Maybe I don't know if you can gauge what that might be like typically of the size you're thinking about. That's all I got.

And we're not going to be trying to squeeze every nickel out of profitability in the near term.

In terms of co locating the let.

Okay.

Let me take some steps.

Current facility, we have for Fab one is about 9090 600 square feet.

That's fair enough. I just have a, a follow-up on tiflin number 2.

It's not possible to put fab two.

In the same area.

Okay.

<unk> is out there, it's not really set up that way.

What we're looking for is a larger facility.

Whether we end up doing a build to suit.

Or acquire an existing facility or modify it will go where look we're exploring multiple options.

Christopher Roberts: That's a really good question, John. In terms of co-locating the... Let me take this in steps. The current facility we have for Fab One is about 9,600 sq ft, and it's not possible to put Fab Two in the same area.

Chris Roberts: That's a really good question, John. In terms of co-locating the... Let me take this in steps. The current facility we have for Fab One is about 9,600 sq ft, and it's not possible to put Fab Two in the same area.

Um, you got some Fabs, uh, with LSI. Um, could you give us a sense? Do you think you're going to be able to co-locate, with 1 of those Fabs and when should we think about, uh, the expenses? Um, you know, the capex ETC kicking in for tiflin 2 and maybe I don't know if you can gauge, what, that might be like, typically of the size you're thinking about and that's, that's all I got.

We're not likely to incur large costs.

This year, because we have a lot of design and evaluation work to do.

So the larger cost would be two three years out.

Okay.

The.

Cost.

Really hard to estimate at this point, obviously, it's going to be several hundred million dollars.

John McPeake: Mm-hmm.

Christopher Roberts: The space isn't there. It's not really set up that way. What we're looking for is a larger facility. Whether we end up doing a build to suit or acquire an existing facility and modify it, we're exploring multiple options. We're not likely to incur large costs this year because we have a lot of design and evaluation work to do. The larger cost would be two and three years out.

Chris Roberts: The space isn't there. It's not really set up that way. What we're looking for is a larger facility. Whether we end up doing a build to suit or acquire an existing facility and modify it, we're exploring multiple options. We're not likely to incur large costs this year because we have a lot of design and evaluation work to do. The larger cost would be two and three years out.

To build any kind of sizable fab, but it's too early right now to be able to give you a hard number we're still in the design and development phase.

That's a really good question. John, um, in terms of co-locating the—let me take some steps. The current facility we have for Fab 1 is about 9,000, 9,600 square feet, and it's not possible to put Fab 2 in the same area. Um, mhm, it's just—the space isn't there. It's not really set up that way.

So, what we're looking for is a, a larger facility.

We've engaged some experienced design firms.

whether we end up doing a build to suit,

Yeah.

Just a beginning of a process. So I don't have a hard number for you at this point, but nothing substantial is likely to happen.

Or acquire an existing facility and modify it. We're, we're look—we're exploring multiple options. Uh, we're not likely to incur large costs.

In terms of Capex outlays this year.

This year, because we have a lot of design evaluation work to do.

Okay.

Thats helpful.

John McPeake: Mm-hmm.

so, the larger cost would be 2 and 3 years out,

For us Thank you pass it along.

Christopher Roberts: The cost, really hard to estimate at this point in time. Obviously, it's going to be several hundred million dollars to build any kind of sizable fab. It's too early right now to be able to give you a hard number. We're still in the design and development phase. We've engaged some experienced design firms, and we're just beginning the process. I don't have a hard number for you at this point, but nothing substantial is likely to happen in terms of CapEx outlays this year.

Chris Roberts: The cost, really hard to estimate at this point in time. Obviously, it's going to be several hundred million dollars to build any kind of sizable fab. It's too early right now to be able to give you a hard number. We're still in the design and development phase. We've engaged some experienced design firms, and we're just beginning the process. I don't have a hard number for you at this point, but nothing substantial is likely to happen in terms of CapEx outlays this year.

The.

The next question comes from Max Mccandless with Lake Street. Please proceed.

Hey, guys. Thanks for taking my questions just wanted to go back to the alumina.

Acquisition that was made.

So you know you mentioned, 20% to $25 million of revenue can you help us out in terms of that 2026 revenue versus 25 is that at least growing or how should we think about that.

We are expecting some growth.

It's a little early at this point to say how much but when you consider that the initial customer reaction to the acquisition has been positive.

Cost is really hard to estimate at this point in time. Obviously, it's going to be several hundred million dollars to build any kind of sizable fab. But it's too early right now to be able to give you a hard number. We're still in the design and development phase. We've engaged some experienced designers, and we're just beginning the process. So I don't have a hard number for you at this point, but nothing substantial is likely to happen in terms of capex outlays this year.

John McPeake: Okay. Well, that's helpful, I think, for us. Thank you. I'll pass it along.

Christopher Roberts: Sure.

Chris Roberts: Sure.

Okay, well, that's helpful. I think for us. Thank, thank you. I'll pass along.

Sure.

Rosalyn Christian: The next question comes from Max Michaelis with Lake Street. Please proceed.

Operator: The next question comes from Max Michaelis with Lake Street. Please proceed.

CCI acquiring women are brings stability and substantial financial resources to the business with their existing customer base greatly appreciate it.

Max Michaelis: Hey, guys. Thanks for taking my questions. I just want to go back to the Luminar acquisition that was made. You know, you mentioned $20 to $25 million of revenue. I mean, can you help us out in terms of that 2026 revenue versus 2025? Is it at least growing, or how should we think about that?

The next question comes from Max Michaelis with Lake Street. Please proceed.

We have been working closely with alumina our sales team to.

Reassured.

We assure their customers and.

It will drive some additional business.

I'm going to go back to the luminar, uh, acquisition that was made. Uh, so, you know, you mentioned 20 to 25 million of Revenue. I mean, can you help us out in terms of that 2026 record versus 2025? Is it at least growing or how should we think about that?

Sure.

Christopher Roberts: We are expecting some growth. It's a little early at this point to say how much, but we can say that the initial customer reaction to the acquisition has been positive. We, you know, QCi acquiring Luminar brings stability and substantial financial resources to the business, which their existing customer base greatly appreciated. We have been working closely with the Luminar sales team to, you know, reassure their customers and, you know, drive some additional business. We're hoping to at least stabilize and hopefully grow the business this year.

Chris Roberts: We are expecting some growth. It's a little early at this point to say how much, but we can say that the initial customer reaction to the acquisition has been positive. We, you know, QCi acquiring Luminar brings stability and substantial financial resources to the business, which their existing customer base greatly appreciated. We have been working closely with the Luminar sales team to, you know, reassure their customers and, you know, drive some additional business. We're hoping to at least stabilize and hopefully grow the business this year.

We are hoping to at least.

Stabilize and ultimately grow the business this year.

We are expecting some growth.

Okay.

And the Max.

If I may I wanted to add that.

Uh, it's a little early at this point to say, how much, but we can say that the initial customer reaction to the acquisition has been positive.

In fact, it so right now we are about.

Four weeks in.

Two the acquisition so we have already seeing very good momentum.

Uh, you know, QCI acquiring Luminar brings stability and substantial financial resources to the business, which their existing customer base greatly appreciate.

Okay, that's good to hear.

Doesn't sound like nothing really to do in fab two in 2026.

Uh, we have been working closely with the Luminar sales team to

um, you know

But if we look out this year I mean, what are the critical are the crucial milestones you guys are looking to hit.

Reassure their customers and, and, uh, you know, Drive some additional business.

Oh sure sure maybe from an internal perspective, when you guys.

So, we're hoping to at least

Yeah. So the first one is to successfully integrate lumina semi.

Yuping Huang: Okay. Yeah.

Stabilize, and hopefully grow, uh, the business this year.

Christopher Roberts: Um-

Chris Roberts: Um-

Yuping Huang: Max,

Christopher Roberts: Go ahead.

Chris Roberts: Go ahead.

Yuping Huang: If I may, I wanted to add that, in fact, so right now we're about, four weeks into the acquisition, so we have already seen very good momentum.

The thing we have.

Made pretty good progress so far so.

Very pleased with where we are now.

Christopher Roberts: Okay. That's good to hear. Doesn't sound like nothing really to do on Fab Two in 2026. If we look out this year, I mean, what are the critical or the crucial milestones you guys are looking to hit? If you can help share, sort of maybe from an internal perspective from you guys.

Max Michaelis: Okay. That's good to hear. Doesn't sound like nothing really to do on Fab Two in 2026. If we look out this year, I mean, what are the critical or the crucial milestones you guys are looking to hit? If you can help share, sort of maybe from an internal perspective from you guys.

As Youll note Max So we are a.

Okay. Yeah I um and the max I if I may I wanted to add that uh effective. So right now we're about uh, uh, 4 weeks into the acquisition. So we have already seen very good momentum.

Quanta company to all of our production technology.

Based on optics and photonics.

And what's nice is that.

Our team members across the U S already speak the same language.

Okay, that's good to hear. Um, and it doesn't sound like there's really anything to do on Phab 2 in 2026. Um, but if we look out this year, I mean, what are the critical or the crucial milestones you guys are looking to hit?

Yuping Huang: Yep. The first one is to successfully integrate Luminar Semi. I think we have made a pretty good progress so far, so I'm actually very pleased with where we are now. As you know, Max, we are a quantum company, but all of our products and technology are based on optics and photonics. What's nice is that our team members across the US already speak the same language, and the synergy is already high. In fact, these are areas the synergies are higher than what I initially expected. Several cross-site collaborations are already underway, and the combined larger team is pursuing large-scale opportunities that would have not been possible without us joining the forces.

If you can help share sort, maybe from an internal perspective, from you guys.

And the synergies already high in fat.

<unk>.

In some areas.

Synergies are higher than what I initially expected.

Yep. So the first one is to successfully integrate Lumina Semi.

So cross site.

Collaborations are already underway.

And.

The.

I think we have made a pretty good progress so far. So I'm actually very pleased with where we are now.

Combined larger team is pursuing large scale opportunities that.

Would have not been possible without us joined.

As you know, Max, we are a quantum company, but all of our products and technology are based on optics and photonics.

Forces.

So for 2026.

And what's nice is that?

Number one task is.

Uh, our team members across the US already speak the same language.

<unk>.

We successfully integrate.

And it is a Synergy is already high. In fact,

The team now that two ways.

Headcount.

And with our product portfolio.

These are areas where the synergies are higher than what I initially expected.

Largely expanded.

So, cross-side collaborations are already underway.

Yeah.

The second is that we will continue to push our quantum productive portfolio.

I'd just add over the core.

We're really focused on transitioning.

Yuping Huang: For 2026, the number 1 task is that we successfully integrate the team now that with our headcount doubled and with our product portfolio largely expanded. The second is that we will continue to push our quantum product portfolio. As I said, over the core, we're really focused on transitioning from a technology innovator to a company capable of scalable manufacturing of quantum products based on photonics and our integrated circuits. As we outlined in our roadmap that we have published online, we do have plan to roll out several products across computing, sensing, AI, and our thin-film lithium niobate chips. The third would be that we hope to continue to grow our team so that we can move up to the system-level engineering for quantum devices.

And, uh, the combined larger team is pursuing large-scale opportunities that would have not been possible, uh, without us joining forces.

From a technology innovator.

so the for 2026

A company capable of.

the um,

Scalable manufacturing of quantum products based on photonics, and our integrated circuits.

And.

As we outlined.

The roadmap that we are.

Have published online so we do have plans to roll out several.

Number 1 task is that uh we successfully integrate the team. Now that uh we uh um our head count doubled, and with our product portfolio largely expanded.

Products.

Cross computing.

Um, the second is that we will continue to push our Quantum productive portfolio.

Since <unk> AI.

I just said, I would call.

And our symphony data on EBIT chips.

Where really focus on transitioning.

Yes.

And the third would be debt. So we hope to continue to grow our team. So that we can move up to the system level engineering room for quantum.

From a technology innovator.

To a company capable of.

Devices.

Scalable manufacturing of quantum products based on photonics and our integrated circuits.

We are very happy to.

Have now.

<unk>.

Lots of them.

Engineers and manufacturing.

Technicians joy.

From the Illumina semi.

And, uh, as we outlined in our road map that we have published online, we do have plans to roll out several, um, products across computing.

Acquisition.

Next.

Is that so no we have the <unk>.

sensing Ai and our thinking, this, any chips,

<unk>.

In.

In many aspect now in the same room so.

We can move to the.

Manufacturing of quantum products.

Yuping Huang: We are very happy to have now, lots of engineers and manufacturing technicians join us from the Luminar Semi acquisition. The next step is that, now we have the expertise in many aspects in the same room. How fast we can move to the manufacturing of quantum products above the subsystem level, above the component level.

And the third would be that. So, we hope to continue to grow our team so that we can move up to the system-level engineering for quantum devices.

Above the subsystem level above the component level.

We are very happy to have now. Um, lots of, um,

Yes.

Okay. Thank you.

Okay.

Engineers and manufacturing technicians, uh, join, um, us.

Thank you and can I ask questions.

The next question comes from Antonio <unk> with Wedbush Securities. Please proceed.

Thank you for the question in your opinion as you mentioned the various new potential addressable markets, nor cross you mentioned quantum computing sensing AI in thin film lithium niobate, where do you see the largest and you need the most immediately addressable markets or use cases.

To to. So now we have the

expertise.

Um, in in many aspect now in the same room. So

Which market or sub market are you most excited about this year.

How fast we can move to the, uh, manufacturing of quantum products.

For this year.

Above the, uh, subsystem of above the component level.

I think.

Christopher Roberts: Okay. Thank you.

Max Michaelis: Okay. Thank you.

Yeah.

The same thing Lisa nine data.

Okay, thank you.

Yuping Huang: Thank you, Max.

Area that you're particularly excited.

Rosalyn Christian: The next question comes from Daniel Ives with Wedbush Securities. Please proceed.

Operator: The next question comes from Daniel Ives with Wedbush Securities. Please proceed.

Thank you. Next question.

As you may recall, we constructed outlet.

Daniel Ives: Thank you for the question. Yuping, as you mentioned, you know, the various new potential addressable markets, you know, across... You mentioned quantum computing, sensing, AI, and thin-film lithium niobate. You know, where do you see the largest and maybe the most immediately addressable markets or use cases, you know? Which market or sub market are you most excited about this year?

Antoine Legault: Thank you for the question. Yuping, as you mentioned, you know, the various new potential addressable markets, you know, across... You mentioned quantum computing, sensing, AI, and thin-film lithium niobate. You know, where do you see the largest and maybe the most immediately addressable markets or use cases, you know? Which market or sub market are you most excited about this year?

Fab last year, and then we can measure it.

Commission order tools lots are full and since then we have made prototype chips.

And we have also utilized.

Our our.

The next question comes from Anton legal with wedbush Securities. Please proceed. Thank you for the question and you can, as you you mentioned, you know, the the various new potential, addressable markets, you know, cross you mentioned Quantum Computing, sensing Ai and then film with him. Now, be, you know, where do you see the, the largest and maybe the most immediately addressable, uh, markets or use cases, you know, and and which Market or sub Market, or you most excited about this year

Yeah.

Yuping Huang: For this year, I think thin-film lithium niobate is an area that I feel particularly excited. As you may recall, we constructed our fab last year, then we commissioned all the tools last fall. Since then, we have made prototype chips, and we have also utilized our resources to develop and refine recipes and the fabrication processes. Now we are really in the phase of locking down the processes. We're ready to ramp up the manufacturing. All of our current products now are designed to utilize this integrated photonic chip technology, which will make our product smaller, powerful, ready to be produced at scale. I'm very excited to see what could happen with the thin-film lithium niobate production line.

Resources to develop and refine recipes and fabrication processes.

Uh, for this year. Um, I think um,

And then now so we are really in the face of.

Locking down the processes and to and we are ready to ramp up the manufacturing so.

Same thing with Lisa, Knight is the area that I feel particularly excited.

uh, as you may recall, so we constructed our

All of our current.

<unk> products now.

Designed to.

Utilize this.

Fab last year, and then we commercial—uh, commissioned all the tools last fall, and since then we have made prototype chips.

Integrated photonic.

Chip technology.

Which we make.

and we have also utilize, uh, um, our our uh,

Smaller.

Smaller powerful.

Uh, resources to develop and refine recipes and the fabrication processes.

Ready to be produced at a scaled so I'm very excited.

and now so we are really in the face of um,

Do you see.

What could happen with the same theme lithium niobate.

Locking down the processes and uh to and we're ready to uh ramp up the manufacturing. So

Production line in.

In the Meanwhile, so.

Oh.

Now we are ramping up.

all of our current, um, products now are designed to

Our quantum.

<unk>.

Development.

Utilize this, uh, uh, integrated photonic.

Commercialization following the sale of.

Chip technology.

Since then to a top five U S Bank last eight years.

Which we will make our product.

Smaller powerful.

I believe that too.

Question on communications.

Because of.

This technology really at jazz.

Uh ready to be produced at scale. So I'm very excited.

Network security issue that concerns almost everybody.

To see. Um, what could happen with the same thing? Listen, I bait.

Yuping Huang: In the meanwhile, now we are ramping up our quantum communications development and commercialization following on the sale of Assistant to a top five US bank last year. I believe that quantum communications, because this technology really address a network security issue that concerns almost everybody. If we can lower the entering point for this quantum technology, it could be one of the very first quantum technology that can be adopted by large population.

Production line.

If we can lower the entrant.

In the meanwhile. So

0.4 this quanta.

Technology, so it could be.

Um, now we are ramping up um, our Quantum Communications.

One of the very first quantum technology that can.

Can be adopted.

Bye.

By large population.

Development and the commercialization following on the sale of assistant to a top 5 US Bank last year.

I believe that, um,

Thank you that's very helpful last one for me.

If I may I know you recently completed the acquisition of LSI for around $1 million you clearly still have a lot of cash on the balance sheet you have the ability to pursue strategic M&A are there any particular areas of interest or focus on the M&A front as you look ahead to 'twenty six thank you.

Quantum Communications because, uh, this technology really address.

A network security issue that concerns almost everybody.

if we can lower the entrance,

Yes, we have been following a very disciplined approach to M&A.

So our strategy has been.

Ed.

The acquisition.

Shoot.

Daniel Ives: Thank you. That's very helpful. Last one for me, if I may. You know, I know you recently completed the acquisition of LSI for just over $100 million. You clearly still have a lot of cash on the balance sheet. You have the ability to pursue strategic M&A. Are there any particular areas of interest or focus on the M&A front as you look ahead to 2026? Thank you.

Antoine Legault: Thank you. That's very helpful. Last one for me, if I may. You know, I know you recently completed the acquisition of LSI for just over $100 million. You clearly still have a lot of cash on the balance sheet. You have the ability to pursue strategic M&A. Are there any particular areas of interest or focus on the M&A front as you look ahead to 2026? Thank you.

Point for this Quantum technology. So, it could be 1 of the very first Quantum technology that can be adopted, uh, by um, by large population.

Accelerate our roadmap as we published.

Website.

Sure.

While.

Be able to help.

Due to our customer base.

So.

Lumina semi.

Yuping Huang: Yeah. We have been following a very disciplined approach to M&A. Our strategy has been that the acquisition should accelerate our roadmap as we published on our website, while being able to help build our customer base. The Luminar Semi acquisition has been a move along this direction because it really helped fill some technology gaps that we had. I think the next move of is to accelerate our roadmap on the scalable manufacturing. We hope to quickly establish mass production capabilities for some of our quantum machines.

The acquisition.

Has been.

And move along this.

Geographic <unk> because.

Thank you. That's very helpful. Last 1 for me. Um, if I, if I met, you know, I know you recently completed the acquisition of LSI for just over 100 million. You clearly still have a lot of cash on the balance sheet and you have the ability to pursue strategic m&a. Is there any particular areas of Interest or focus on the m&a front, as you look at I have the 2026. Thank you. Yep. We have been following very disciplined approach to m&a.

It really.

Nope.

You saw technology gaps that we had.

Thank you.

The next move.

Is to accelerate our roadmap.

On the scalable manufacturing.

So we hope to quickly establish.

Um, so our strategy has been that um, the acquisition should accelerate our road map as we published our our website and, uh, while um, being able to uh, help.

Production capabilities for some of our quantum machines.

Build, uh, our customer base.

Um,

Uh, acquisition.

Okay. The next question comes from Edward <unk> with <unk>. Please proceed.

has been, uh,

Yes.

Yes, congratulations on Illumina acquisition. My question is that going to make you guys much more exposed to international business.

A move along this uh Direction because it it it really um, helped feel um, some technology gaps that we had.

Let me take this one.

I think the next move is to accelerate our road map.

At the present time, the bulk of the customer base is domestic and a lot of U S government contracts.

On the scalable Manufacturing.

John.

Business in aerospace and defense field.

So, we hope to quickly establish mass production capabilities for some of our Quantum machines.

But youre right in your larger point is that the photonics technology is a global market we will.

Rosalyn Christian: Okay. The next question comes from Ed Wu with Ascendiant. Please proceed.

Operator: Okay. The next question comes from Ed Wu with Ascendiant. Please proceed.

We will look at opportunities overseas, we do source supplies.

Edward Woo: Yeah. Congratulations on the Luminar acquisition. My question is that gonna make you guys much more exposed to international business?

Ed Woo: Yeah. Congratulations on the Luminar acquisition. My question is that gonna make you guys much more exposed to international business?

The lower sales.

In terms of.

We are pursuing a large overseas market that will come in time, but in the near term.

Okay, the next question comes from. Ed Woo with ascendant, please proceed. Yeah. Uh, congratulations on the luminara acquisition. My question is are is that going to make you guys much more, um, exposed to international business?

Christopher Roberts: Let me take this one. At the present time, the bulk of the customer base is domestic. There's a lot of US government contracts and business in the aerospace and defense field. I think your larger point is that photonics technology has a global market. We will look at opportunities overseas. We do source supplies and parts from overseas. In terms of pursuing a large overseas market, that will come in time. In the near term, I would anticipate that the bulk of our revenue is going to be from domestic sources, certainly for the next few quarters.

Chris Roberts: Let me take this one. At the present time, the bulk of the customer base is domestic. There's a lot of US government contracts and business in the aerospace and defense field. I think your larger point is that photonics technology has a global market. We will look at opportunities overseas. We do source supplies and parts from overseas. In terms of pursuing a large overseas market, that will come in time. In the near term, I would anticipate that the bulk of our revenue is going to be from domestic sources, certainly for the next few quarters.

Bulk highway I would anticipate that the bulk of our revenue is going to be from domestic sources certainly for the next few quarters.

Uh, how do you take this 1? Uh,

Great well, thanks for answering my questions and I wish you guys. Good luck. Thank you.

Thank you Ed I appreciate your support.

At the present time, the bulk of the customer base is domestic there's a lot of US government uh contracts and business in the Aerospace and defense field.

Yes.

Okay. Next question is from Troy Jensen with Cantor Fitzgerald. Please proceed.

Hey, gentlemen, congrats on a great 25.

Maybe.

I had a question for you.

My belief you guys are probably a couple of years away from commercializing.

But you're, you're I think your larger point is that photonics technology has a global market. We will, we will look at opportunities overseas, we do Source, supplies, and parts from overseas. But in terms of of

Photonics space kind of quantum computer all in.

But near term, there's a lot of other cool applications in <unk> sensing.

Can you talk to us a little bit about what youre doing there is a scenario that can inflict quicker.

Maybe you guys have exposure to security applications to this content. Thank you.

Pursuing a, a large overseas Market that will come in time but in the near term bulk I would I would anticipate that the bulk of our revenue is going to be from domestic sources certainly for the next few quarters.

Edward Woo: Great. Well, thanks for answering my questions, and I wish you guys good luck. Thank you.

Ed Woo: Great. Well, thanks for answering my questions, and I wish you guys good luck. Thank you.

Christopher Roberts: Thank you, Ed. Appreciate your support.

Chris Roberts: Thank you, Ed. Appreciate your support.

Great. Well, thanks for answering. My question is and I wish you guys good luck. Thank you.

Thank you Troy.

Yes, I believe that too.

Edward Woo: Thank you.

Ed Woo: Thank you.

Thank you, Ed, appreciate your support.

Rosalyn Christian: Okay. The next question is from Troy Jensen with Cantor Fitzgerald. Please proceed.

Operator: Okay. The next question is from Troy Jensen with Cantor Fitzgerald. Please proceed.

General appropriate quantum computing is still some time.

Troy Jensen: Hey, gentlemen. Congrats on the great 25.

Question is from Troy Jensen with Cancer Fitzgerald. Please proceed.

The.

On the road.

This applies to other approaches.

Christopher Roberts: Thank you, Troy.

Chris Roberts: Thank you, Troy.

Troy Jensen: a question for you. You know, my belief, you guys are probably a couple of years away from commercializing a photonics-based kind of quantum computer all in. Near term, there's a lot of other cool applications and, you know, sensing. Can you talk to us a little bit about what you're doing there? Is this an area that can inflect quicker? Maybe, you know, do you guys have exposure to security applications too with quantum? Thank you.

Hey gentlemen, congrats on uh, on the great 25. Uh just maybe a question for you.

In terms of the <unk>.

Practical.

Um, you know, my belief—you guys are probably a couple years away from commercializing a, uh,

<unk> utilities.

On the other hand.

I believe that.

There are some.

Our vacations, where specialized quantum computers.

Can be.

Can find.

Yuping Huang: Thank you, Troy. Yeah, I believe that general purpose quantum computing is still some time further down the road, and this applies to all the approaches in terms of the practical utilities. On the other hand, I believe that there are some applications where specialized quantum computers can be, can find significant utilities without having to construct database to larger scale quantum computers. This is actually so an area that we have been working on in our Dirac series quantum optimization machine, where we have seen that in many use cases, we already establish appreciable quantum advantages there.

Significant utilities without.

Platonic space kind of quantum computer, I'll end um but near term there's a lot of other cool applications. And you know, sensing um if you talk to us a little bit about what you're doing, there is this an area that can inflict quicker and maybe, uh, you know, do you guys have exposure to security applications, too, with Quantum? Thank you. Thank you, Troy.

Having to construct the database to larger scale.

Computers.

And so this is actually so a area that we have been working on.

Our T Rex.

Serious.

Uh yeah, I believe that uh uh general purpose. Quantum, Computing is still sometime uh, further down the road and this applies to all approaches in terms of uh the project practical practical utilities,

Quantum optimization machine, where we haven't seen that.

On the other hand.

I believe that.

there are some, uh,

In many cases they already established.

applications where specialized quantum computers.

Can be.

Appreciable.

Onto advantages there.

Um, can find, uh, um.

In terms of the remote sensing.

<unk> AI, so we mainly.

Commercialize our.

Significant utilities uh, without uh, having to, uh, construct the gate based, uh, larger scale quantum computers.

Core price or a technology.

<unk>.

Single photon detection.

Added by the noise of rejection.

And so this is actually so a area that we have been working on in our direct series. Um,

By what do we.

Quantum of organization machine where we have seen that, uh,

We have developed over the past.

uh,

Hirst.

10 years.

Uh, in many use cases, we already established—

<unk> optics and our way of.

Yuping Huang: In terms of the remote sensing at QCi, we mainly commercialize our proprietary technology in single photon detection added by the noise rejection by what we have developed over the past 10 years using nonlinear optics and our way of using time-gated photon detection to reduce the background noise. So far, we have commercialized a photonic vibrometer which can measure very small amplitude vibration remotely. In the meanwhile, we have worked with NASA, as we announced in the past, to explore some quantum sensing technology suitable for space deployment and in some cases for earth science applications. We are continuing such research and development.

Appreciable Quantum advantages there.

Using time gated.

<unk> <unk>.

Detection to reduce background noise. So.

Uh, in terms of the remote sensing, um, at qci. So we mainly, uh, commercialize our

So far we have.

Commercialized.

A photonic why barometer.

proprietary technology in, uh,

Which can't manager.

Single Photon detection.

Larry small ambulatory vibration.

Remotely.

In the Meanwhile, so we have.

Added by the noise rejection, uh, by what we uh have developed over the past.

Work with NASA as we announced in the past.

To explore some quantum sensing technology suitable for.

Tests, uh, 10 years uh, using not any Optics. And our way of um uh

Using time, gated.

Space deployment.

In some cases for Earth science applications.

Photon detection, to reduce the background noise.

so far, we have, um,

We are continuing such research and the development and then now with the addition of <unk>.

Uh, commercialized.

Photonic wiper, which can measure.

We.

Very small amplitude vibration. Um, uh, remotely.

Are looking at.

Other.

Optical sensing and quantum sensing opportunities by utilizing.

And in the meanwhile, so we have work with NASA, as we announced in the past.

Their laser technology their detectors.

Technology and edge there.

Very strong optical packaging capabilities.

to explore some quantum sensing technology suitable for space deployment and, in some cases, for Earth science,

This is why the way of working now on the sensing side.

Applications.

Gotcha.

Good luck this year.

Yuping Huang: Now with the addition of Lumina Seventeen, we are looking at other optical sensing and quantum sensing opportunities by utilizing their laser technology, their detector technology, and their very strong optical packaging capabilities. This is what we are working now on the sensing side.

Thank you Joy.

Thank you.

I would now like to turn the floor back to management for any closing remarks.

Thank you thank.

Thank you everyone for joining and participating in today's call I encourage you to follow us on our social media channels locally regulated posed to updates and insights into our business and technology.

Um, we are continuing such research and development. And now, with the addition of Lumina 17, uh, we are looking at other

Do you have any questions. Please reach out to the Investor Relations team.

Optical sensing and quantum sensing opportunities by utilizing their laser technology, their detector technology, and their very strong optical packaging capabilities.

Have a good rest of your day. Thank you.

Christopher Roberts: Gotcha. Okay. Good luck this year.

Troy Jensen: Gotcha. Okay. Good luck this year.

This is what we are working on now, on the sensing side.

Gotcha.

Yuping Huang: Thank you, Troy.

This concludes today's conference and you may disconnect. Your lines at this time. Thank you for your participation.

Christopher Roberts: Thank you.

Chris Roberts: Thank you.

Okay, good luck this year. Thank you, Joy.

Rosalyn Christian: I would now like to turn the floor back to management for any closing remarks.

Operator: I would now like to turn the floor back to management for any closing remarks.

Thank you. I would now like to turn the floor back to management for any closing remarks.

Yuping Huang: Thank you. Thank you everyone for joining and participating in today's call. I encourage you to follow us on our social media channels, where we regularly post updates and insights into our business and the technology. Should you have any questions, please reach out to the investor relations team. Have a good rest of your day. Thank you.

Thank you. Thank you, everyone, for joining and participating in today's call. I encourage you to follow us on our social media channels; we very regularly post updates and insights into our business and technology.

Should you have any questions? Please reach out to the investor relations team?

Rosalyn Christian: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Have a good rest of the your day. Thank you.

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

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