Alan Baratz Chief Financial Officer - John Markovich Operator: Good morning, and welcome to the D-Wave Second Quarter 2026 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Kevin Hunt of Investor Relations. Kevin Hunt: Thank you, and good morning.
Alan Baratz, our Chief Executive Officer; and John Markovich, our Chief Financial Officer. Before we begin, I would like to remind everyone that this call will contain forward-looking statements, which are subject to risks and uncertainties and should be considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC reports. Both an on-demand webcast and a transcript of the conference call will be available on the Investor Relations section of the website within 48 hours after the call.
During today's call, management will provide certain information that will constitute non-GAAP financial measures under SEC rules, such as adjusted EBITDA loss and non-GAAP adjusted operating expenses and operating metrics such as bookings. Reconciliations to GAAP financial measures and certain financial -- certain additional information are also included in today's earnings release, which is available in the Investor Relations section of our company website at ir.dlquantum.com. This morning, we will be limited to taking one question from each analyst during the first round of questions and then time permitting, proceed to a second round of questions where again we have to limit each analyst to one question.
I'll now hand over the call to Alan. Alan Baratz: Good morning, everyone, and thank you for joining us. The quantum computing market is reaching an important inflection point.
Scientific progress is accelerating, customer interest is expanding and a growing number of companies are entering the public markets. That increased visibility is good for the industry, but it also means investors need to separate measurable progress from rhetoric. In a market increasingly crowded with claims, investors should ask three simple questions.
First, does the company have differentiated technology with a credible path to scale? Second, can the company translate that technology into reliable enterprise-ready systems? And third, can it execute and produce measurable customer value.
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