IonQ Announces $2.8 Million in Revenue for 2022 Q3

IonQ

Insider Brief

  • IonQ’s Q3 revenue set at $2.8 million, compared to $233,000 last year at the same time and $2.6 million last quarter.
  • The company achieved bookings of $16.4 million for the third quarter, but expects continued “lumpiness” in bookings in the future.
  • IonQ’s net loss is tagged at $24.0 million and realized cash, cash equivalents and investments were $555.8 million by the end of the quarter.

IonQ  announced revenue of $2.8 million for the third quarter, compared to $233,000 last year at the same time and $2.6 million last quarter. The news came as part of the company’s third quarter results statement.

“The third quarter represented an important inflection point in business momentum for IonQ,” said Peter Chapman, President and CEO of IonQ.

According to the statement, the company set its net loss at $24.0 million and realized cash, cash equivalents and investments were $555.8 million by the end of the quarter.

IonQ, which achieved bookings of $16.4 million for the third quarter, reiterated that management continues to expect bookings to be “lumpy” for the foreseeable future, likely a result of a still immature quantum market.

A Look Ahead

As for future guidance,  IonQ is expecting revenue of between $2.9 million and $3.4 million for the fourth quarter of 2022 and sees revenue outlook range of $10.2 million to $10.7 million, which is in line with the company’s original forecasts. Management is maintaining its previously stated bookings range of $23 million to $27 million for the year.

IonQ management notes that interest in quantum is gaining and sees the potential for more money — particularly government and national defense money — to flow into the sector. They point out that the United States government investment in quantum information science R&D nearly doubled from 2019 to 2022, going from a reported $449 million to a requested $877 million.

Major IonQ Developments for Q3

IonQ added that the third quarter also saw the company signing large contracts and forming key strategic partnerships.

  • The US Air Force Research Lab announced a multi-part, $13.4 million contract with IonQ where IonQ will supply cloud access to its cutting-edge trapped ion systems and testing for future quantum networking.

  • IonQ announced a partnership with Dell Technologies to offer joint customers a world-class hybrid computing solution, allowing for the seamless transition of workloads between quantum and classical hardware systems.

  • IonQ increased the computational power of its IonQ Aria system by approximately 4x, going from #AQ23 to #AQ25. IonQ Aria is available to the public via cloud access on Microsoft’s Azure Quantum Cloud.

“During the quarter, we announced a $13.4 million contract with the U.S. Air Force Research Lab, which represents a major step in hitting our bookings goal for the year and in the public-private effort to bring quantum technology into the mainstream. We also achieved our technical milestone for the year of 25 algorithmic qubits, setting an industry-wide record and representing a 4x improvement in the computational power of IonQ Aria.”

“This morning, we announced that IonQ is now a trusted provider of quantum technology to Dell Technologies, one of the world’s foremost names in computing hardware. Together with Dell, we will be introducing powerful and groundbreaking new hybrid quantum-classical compute solutions to the market,” noted Chapman. “We are pleased with our third quarter progress and look forward to continuing to deliver on our track record of success.”

Found this article interesting? Check out more news about quantum computing.

Matt Swayne

Matt Swayne

Matt Swayne is a contributor at The Quantum Insider. He focuses on breaking news about quantum discoveries and quantum computing.

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