0001193125-25-266942
SEC filingQ3 营收同比增 222% 至 $39.9M，但 Series A 认股权证公允价值变动致净亏损扩大至 $1.06B。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $39.9M | $12.4M | +222% |
| Gross Profit | $18.6M | $5.9M | +216% |
| Gross Margin | 46.7% | 47.5% | -80 bps |
| Operating Income | -$168.8M | -$53.1M | -218% |
| Operating Margin | -423.5% | -428.5% | +50 bps |
| Net Income | -$1.06B | -$52.5M | -1911% |
| Diluted EPS | -$3.58 | -$0.24 | — |
| Operating Cash Flow | -$208.7M (9M) | -$66.3M (9M) | — |
| Free Cash Flow | -$216.3M (9M) | — | — |
Q3 营收 $39.9M，同比 +222%，主要受量子计算硬件交付及并购并表驱动。硬件收入 $21.6M（+240%），服务收入 $18.3M（+202%）。毛利率 46.7%，同比 -80 bps，主因硬件成本及并购相关摊销增加。
经营亏损扩大至 -$168.8M，主要因研发费用（$66.3M，+100%）及 G&A 费用（$82.5M，+476%）大幅增长，后者包含 $16.4M 并购交易成本。净亏损 $1.06B 主要受 Series A 认股权证公允价值变动损失 $881.8M 拖累，剔除该非现金项目后，经营亏损仍显著扩大。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Quantum computing and networking hardware | $21.6M | +240% | — | — | 硬件交付增加 |
| Platform, consulting and support services | $18.3M | +202% | — | — | 并购并表及云服务需求 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $1.08B | +$0.74B |
| Total Debt | — | — |
| Net Debt | — | — |
| Inventory | $8.7M | — |
| RPO/Deferred revenue | $25.2M | +$14.6M |
| Operating Cash Flow | -$208.7M (9M) | -$142.4M |
| Capex | $7.6M (9M) | -$6.8M |
| Free Cash Flow | -$216.3M (9M) | — |