Operator

Ladies and gentlemen, greetings, and welcome to the Quantum Computing, Inc. First Quarter 2026 Shareholder Update Call. [Operator Instructions] It is now my pleasure to introduce your host, John Nesbett with IMS Investor Relations.

John Nesbett

Thank you, and I want to welcome everyone to the Quantum Computing, Inc. First Quarter 2026 Shareholder Update Call. Before we begin, please note that today’s remarks may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expected results, operational plans, strategy and market opportunities. These statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act and Section 21E of the Exchange Act and are based on current assumptions and expectations.

Forward-looking statements are neither promises nor guarantees and involve risks and uncertainties that could cause actual results to differ materially. Important factors are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and in subsequent SEC filings, including the quarterly report on Form 10-Q for the quarter ended March 31, 2026. We undertake no obligation to update these statements, except as required by law.

On the call today, we have Dr. Yuping Huang, Chief Executive Officer and Chairman; and Chris Roberts, Chief Financial Officer. The team will provide

The Quadria Capital-backed company has held preliminary discussions with investment banks about a potential listing and may appoint advisers in the coming weeks, the people said, asking not to be identified because the information is private.

The proposed IPO could include a mix of fresh share issuance and secondary sales by existing investors, the people said. Deliberations are ongoing, and details such as size and timing could change.

A representative for Nobel Hygiene said the company regularly evaluates strategic and capital market opportunities and engages with external advisers from time to time as part of that process.

Indian firms have raised about $3.1 billion through IPOs so far this year, compared with roughly $22 billion in all of 2025, according to data compiled by Bloomberg.

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Quadria Capital, one of Asia’s largest healthcare-focused private equity firms, announced in 2021 that it had acquired a significant minority stake in Nobel Hygiene.
Founded in 2000 by Kamal Johari, the company manufactures hygiene products tailored to Indian consumers, according to its website.

The Co-op has announced plans to open or refurbish 24 stores in the next few weeks as part of a UK expansion drive in 2026

The Co-op has announced plans to open or refurbish 24 stores in the next few weeks.

The investment will take the total number of stores launching in the first half of this year to more than 40, stretching from the south coast of England to the Scottish Highlands, including towns, villages and cities in Cumbria, Gloucestershire, Kent, London, the Midlands, Nottinghamshire and Yorkshire.

Kate McCrae, Co-op operations director, said: “We’re investing to create local stores which are more than just a shop, they are a convenient hub contributing to local life and meeting the needs of communities.

“We are moving through 2026 with a strong focus on our members, customers and communities, and a programme designed to enhance Co-op’s presence in high streets and communities across the UK.”

New or transformed Co-op stores opening in Q2 2026

Innerleithen, Scottish Borders

Market Place, Pickering, Yorkshire

Cruden Bay, Aberdeenshire

Newbiggin by the Sea, Northumberland

Haxby, Yorkshire

Matlock, Derbyshire

Bishopston , Bristol

Bridgwater, Somerset

Grange Over Sands, Cumbria

Birmingham University Centre, West Midlands

Wood Green, Greater London

Stepps, Glasgow

Lechlade, Gloucester

Earls Court, Greater London

Lydney, Gloucestershire

Callerton, Tyne and Wear

Ashford, Kent

Newhaw, Surrey

Cleobury Mortimer, Shropshire

Didcot, Oxfordshire

Rendlesham, Suffolk

Trent Bridge, Nottinghamshire

Wombourne, Staffordshire

Wynyard, County Durham

New or transformed Co-op stores already opened in Q1 2026

Ealing, Greater London

Didcot, Oxfordshire (1)

Eastern Green, Coventry, West Midlands

Cove, Hampshire

Deal, Kent

Totton, Hampshire

Farnsfield, Nottinghamshire

Killearn, Stirlingshire

Sidmouth, Devon

Straits Parade, Gloucestershire

Westgate, Lancashire

Saltdean, East Sussex

Tarbert, Argyll and Bute

Worle, Somerset

Marske, North Yorkshire

Norton Heath, Essex

Marston Moretaine, Bedfordshire

Cuckfield, Sussex

LOS ANGELES — Luka Doncic has reached a significant milestone in his recovery from a Grade 2 left hamstring strain, confirming he has begun running again, but the Lakers superstar remains weeks away from full basketball activity and is highly unlikely to play in the ongoing Western Conference semifinals against the Oklahoma City Thunder.

In his first public comments since the injury on April 2, Doncic told reporters he is progressing day by day but emphasized the original medical timeline called for roughly eight weeks of recovery. With the Lakers trailing 2-1 in the series as of Monday, May 11, the Slovenian star’s return appears targeted for late May at the earliest — potentially too late for this round.

“I’m just doing everything I can,” Doncic said. “Every day I’m doing stuff I’m supposed to do. The doctor said eight weeks at the beginning of the first MRI. So I’m just going day by day, and I feel better every day.”

Progress but cautious timeline

Doncic has started running as part of his rehabilitation but has not yet been cleared for full-contact work, scrimmages or 5-on-5 sessions. He traveled to Spain earlier for specialized PRP (platelet-rich plasma) treatment to accelerate healing, a trip that included multiple injections spaced days apart.

Medical experts note that Grade 2 hamstring strains typically require 4-8 weeks, with elite athletes sometimes pushing the lower end under ideal conditions. However, Doncic’s history of lower-body issues and the original eight-week projection from team doctors suggest a conservative approach to avoid re-injury.

Lakers coach JJ Redick and the medical staff continue evaluating him on a week-to-week basis. While Doncic has participated in non-contact shooting and light on-court movement, the critical next steps — controlled contact and game-speed work — remain ahead.

Impact on Lakers’ playoff run

Without Doncic, the Lakers have relied heavily on LeBron James, Austin Reaves and a deep supporting cast. The team has shown resilience but faces an uphill battle against the top-seeded Thunder. James has shouldered extra minutes, yet the drop-off in playmaking and scoring gravity without Doncic is evident.

A potential return in the Western Conference finals would require the Lakers to extend the current series and give Doncic time to ramp up safely. Even then, rust and re-injury risk would loom large against Oklahoma City’s athletic perimeter defenders.

Injury context and prevention

This marks the latest soft-tissue concern for Doncic, who has battled calf and hamstring issues in recent seasons. The April 2 injury occurred in a regular-season game against these same Thunder. Sources say the team is prioritizing long-term health over a rushed return, learning from past setbacks.

Sports medicine specialists stress that premature returns from hamstring strains often lead to longer absences. Doncic’s methodical approach — including specialized treatment abroad — reflects a commitment to proper healing.

Fan and league reaction

Lakers faithful remain hopeful yet realistic, with many expressing frustration over the timing while praising Doncic’s work ethic. National analysts largely agree the current series is a steep challenge without him, though a deep playoff run could still be possible if the supporting cast steps up.

League insiders note the high stakes for a franchise that invested heavily to pair James with Doncic. His absence tests roster depth and coaching adjustments under Redick.

Looking ahead

The focus for Doncic remains steady progression. If the eight-week timeline holds from the early April MRI, he could target late May for a potential return — possibly aligning with a Conference Finals scenario. Any acceleration would depend on pain-free running, strength testing and medical clearance.

For now, the Lakers push forward without their MVP-caliber leader. Doncic’s update offers cautious optimism — he is moving in the right direction — but full basketball activities remain weeks away. The Slovenian star’s determination is clear, yet hamstring recoveries demand patience.

As the Lakers navigate life without him, all eyes remain on Doncic’s rehabilitation. Whether he returns this postseason or begins preparing for next season, his progress will shape Los Angeles’ immediate future and long-term championship aspirations.

NEW YORK — The Dow Jones Industrial Average climbed to a new all-time high Monday, closing at 49,712.68 and gaining 103.52 points, or 0.21%, as investors welcomed signs of cooling inflation and steady corporate earnings amid a resilient U.S. economy.

The modest gain extended the blue-chip index’s record-setting run in 2026, pushing it firmly above the 49,700 milestone for the first time. The S&P 500 also advanced 0.38% to close at 5,678.92, while the Nasdaq Composite rose 0.62% to 18,245.67, led by technology and semiconductor stocks.

Broad participation in the rally

Gains were widespread across sectors. Technology giants including Apple, Microsoft and Nvidia continued their strong momentum on optimism about artificial intelligence spending. Financial stocks rose as bond yields eased, while energy names benefited from steady crude oil prices hovering near $78 per barrel.

Only a handful of Dow components finished in the red. Caterpillar and Boeing lagged slightly after mixed industrial data, but the overall tone remained positive as traders digested last week’s softer inflation readings and anticipation of the Federal Reserve’s next policy meeting.

Economic backdrop supports optimism

Recent data showed the U.S. economy growing steadily while inflation continues its gradual decline toward the Fed’s 2% target. Investors are pricing in two rate cuts later in 2026, with the first potentially arriving as soon as September. Lower borrowing costs would support corporate investment and consumer spending.

Corporate earnings season has also delivered mostly positive surprises. Major banks, tech firms and consumer giants have beaten expectations, reinforcing confidence that the economy can avoid a hard landing despite higher interest rates earlier in the cycle.

Geopolitical and policy factors in focus

Markets shrugged off lingering tensions in the Middle East, including developments around the Strait of Hormuz, as oil prices remained relatively stable. Investors also monitored upcoming federal budget developments and trade negotiations that could influence corporate profits.

Federal Reserve Chair Jerome Powell is scheduled to speak later this week, with his comments likely to shape expectations for monetary policy. Analysts expect a balanced tone acknowledging progress on inflation while maintaining flexibility on rate decisions.

Small caps and sector rotation

The Russell 2000 index of small-cap stocks outperformed the broader market, rising nearly 1.1%. This rotation into smaller companies reflects growing confidence that lower rates will benefit more interest-rate-sensitive businesses. The outperformance of small caps has been a notable theme in recent sessions.

Investor sentiment and technical levels

Market breadth remained healthy, with advancing stocks outnumbering decliners by a wide margin on the New York Stock Exchange. Volume was moderate, suggesting steady buying interest rather than aggressive short covering. The Dow’s move above 49,700 reinforces its bullish technical structure.

Strategists at major banks have raised year-end targets for the Dow, with several now calling for levels between 52,000 and 54,000 by December 2026, citing AI productivity gains, resilient consumer spending and potential fiscal stimulus.

Risks still present

Despite the upbeat session, caution remains. Elevated valuations in the technology sector leave room for volatility if earnings disappoint or if geopolitical tensions escalate. Some analysts warn of a potential pullback if the Fed signals a more cautious approach to rate cuts.

Household wealth gaps, persistent inflation in services and upcoming debt ceiling discussions also represent longer-term risks that could weigh on sentiment later in the year.

What investors are watching next

This week brings several key earnings reports from retailers and industrial companies, along with Powell’s speech and housing data. The federal budget proposal expected later this week could also influence markets if it includes significant spending or tax changes.

For individual investors, the message from today’s trading is one of continued optimism tempered by the need for diversification. While the Dow’s record run is impressive, experienced market watchers stress maintaining balanced portfolios across asset classes.

Broader market context

The Dow’s performance this year has been driven by a combination of strong corporate fundamentals and expectations of eventual monetary easing. The index is now up more than 8% year-to-date, outpacing many international benchmarks and reflecting confidence in American economic exceptionalism.

As trading continued into the afternoon, futures pointed to a slightly positive open in Europe and steady Asian markets overnight. The VIX volatility index remained subdued near 14, indicating relatively calm investor expectations in the near term.

The Dow’s push into record territory underscores the remarkable resilience of U.S. equities in 2026. With inflation trending lower and growth holding steady, many analysts believe the bull market has further room to run — though selectivity and risk management will remain crucial as valuations stretch higher.

Monday’s session served as another reminder that, even in an uncertain world, well-positioned companies and patient investors continue to find opportunity in the world’s largest stock market.

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Social media influencers are promoting Chinese car brands such as BYD, Xiaomi, and Zeekr, highlighting their luxury features and advanced technology. These campaigns aim to enhance the brands’ global appeal, emphasizing innovation and affordability to attract consumers worldwide. The trend reflects China’s growing influence in the electric vehicle and automotive markets, driven by cutting-edge designs and competitive pricing.

In recent years, American consumers have shown increasing interest in affordable Chinese electric vehicles (EVs), driven by the desire for budget-friendly and eco-friendly transportation options. Chinese EV brands such as BYD, NIO, and Xpeng have expanded their presence globally, offering competitive pricing and innovative technology that appeals to cost-conscious buyers. These vehicles often come equipped with advanced features at a fraction of the price of traditional American and European brands, making EV adoption more accessible for a broader audience.

The demand for low-cost Chinese EVs in the U.S. is also fueled by the government’s push toward cleaner transportation and incentives for electric vehicle purchases. Consumers are attracted to the combination of affordability and sustainability, viewing these cars as a practical alternative to gas-powered models. Additionally, evolving vehicle designs and longer ranges have helped Chinese automakers build trust among American buyers, confirming that quality isn’t sacrificed for price.

However, concerns about durability, after-sales service, and brand recognition remain hurdles for Chinese EV companies entering the U.S. market. Despite these challenges, the growing popularity of affordable Chinese EVs indicates a shifting landscape where cost-efficient, eco-friendly transportation options are becoming a key preference for American consumers eager to embrace the electric future.

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