Richard Shannon

Tyler Perry Anderson asked this on for Richard Shannon (Craig-Hallum); attributed to the covering analyst per the on-for convention. de Masi said much is classified but confirmed a satellite constellation and ground/space PNT and QKD ambitions.

Tyler Anderson (on for Richard Shannon) asked; de Masi said no material shutdown impact; Shapiro added funded projects continue to work, invoice, and get paid.

Tyler Anderson (on for Richard Shannon) asked; Singh cited strong customer interest in the roadmap and low-cost, low-energy BOM; Ballance noted foundry-based scaling as a differentiator.

Tyler Anderson (on for Richard Shannon) asked whether Lightsynq can run at room temperature for compute or sensing. Kassmann said the diamond quantum memory requires mild cryogenic temperatures, similar to enhanced-vacuum trapped-ion systems.

Tyler Anderson (on for Richard Shannon) asked whether combined Oxford Ionics and IonQ gates can run in parallel and the effect on gate speed. Kassmann said moving to 2D electronic gate control drives a step change in parallelism and throughput plus faster gate speeds.

Tyler Anderson asked this on for Richard Shannon (Craig-Hallum); attributed to the covering analyst per the on-for convention. Kramer said guidance already assumed both organic and inorganic sources, weighted to IDQ's expected contribution, and positions IonQ for 2026.

Tyler Anderson asked this on for Richard Shannon (Craig-Hallum); attributed to the covering analyst per the on-for convention. Kassmann said Lightsynq's diamond-based memory and matured frequency-conversion tech can integrate with multiple modalities across computing and networking.

Asked by an associate (Tyler) on for Richard Shannon. Management declined formal margin guidance but said enterprise mix historically ran 75-77% gross margin and government contracts carry lower margin.

Asked by an associate (Tyler) on for Richard Shannon. Management said acquisition benefits are already showing but declined to size the networking market or quantify near-term revenue.

Tyler Anderson (on for Richard Shannon) asked whether the HPE/PSC deployment uses Rigetti's own fridge and control unit; management said the HPE/PSC system is Rigetti-built with outsourced components like fridges and Quanta control systems.

Management inferred the Japanese buyer already has a fridge since it ordered the core Novera QPU rather than a full system. Question asked by Tyler Anderson (associate) on for Richard Shannon; attributed to the operator-introduced covering analyst per the on-for stand-in rule.

Management said a new quantum fab would cost hundreds of millions, far below a CMOS fab, and is a possible need beyond the three-year horizon.

Tyler Anderson (associate, on for Richard Shannon) asked for DARPA QBI / NQCC updates. Management said DARPA will narrow the field for Phase 2 by year-end and remains optimistic about advancing.

Management said optical signaling is important long-term but roughly three to four years out; coax and flex cables come first.

Management confirmed the roadmap relies on chiplet tiling rather than scaling a larger monolithic chip.

Tyler Anderson stood in for Richard Shannon. Baratz said early multichip and scalable-I/O prototype chips are back and about to begin testing.

Tyler Anderson stood in for Richard Shannon. Baratz clarified the 50% reference was the Italy Q-Alliance deal; cloud capacity is below 50% and systems upgrade quickly.

Tyler Anderson stood in for Richard Shannon. Baratz said SkyWater is a new optimization customer; the large airline's applications were not disclosed.

Tyler Anderson stood in for Richard Shannon. Baratz described the PyTorch-integrated discrete variational autoencoder toolkit that maps data into a discrete latent space suited to annealing.

Markovich confirmed the system booking was the bulk of Q4 bookings but declined to break down the $18.3M or the Q1 revenue beyond the above-$10M figure.

Jim confirmed DCI currently smaller than traditional telecom but growing faster, expected to become bigger component of overall telecom revenue.

Jim reiterated calendar 2025 ramp for 1.6T, expected similar customer breadth as early 800G ramp, declined to provide more specific timing.

Brennan confirmed a full DSP implementation and, at 100 gig per lane, likely the largest revenue opportunity to date, but declined to size it in a competitive space.

Bill said Credo sees no significant competitive changes and treats dual-sourcing as a trailing-edge effort, citing its system-level ownership as an advantage.

Alan noted some customers are more advanced, others need to rearchitect software. Product already transferred to Thailand operations for manufacturing. Deployment realistic in CY2025, meaningful growth in CY2026.

Chris acknowledged 3D sensing is mature with no near-term catalyst. Metaverse/AR/VR and automotive applications helping modestly but slower to adopt than hoped. Keeping expectations muted.