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IonQ Reports on ‘Fantastic 2022,’ Eyes Even Faster Growth in 2023

IonQ

Insider Brief

  • IonQ beats the high end of full year 2022 revenue guidance, with $11.1 million in revenue.
  • Cash, cash equivalents and investments were $537.8 million
  • Critical Quote: “Our financial outlook for the year predicts even faster growth than in 2022, as customers and prospects continue to show enthusiasm for and commitment to our industry-leading quantum computers and the quantum future as a whole.” — Peter Chapman, President and CEO of IonQ.

PRESS RELEASE — IonQ (NYSE: IONQ), a leader in the quantum computing industry, announced financial results for the quarter and full year ended December 31, 2022, and provided a business update.

“IonQ had a fantastic 2022. We continue to lead our industry as the most advanced and well-capitalized public pure play quantum computing company in the world, and by a wide margin,” said Peter Chapman, President and CEO of IonQ.

“We met our FY22 goal of #AQ 25 early, and our 29 #AQ goal for 2023 ensures that we will be working to further our technical lead in the industry. As we keep delivering against our technical roadmap, we expect our systems will continue to be the world’s most powerful, allowing our customers to solve their most complex problems.”

“While we have seen market conditions slow demand for certain technologies, even affecting some of our peers, IonQ shows no signs of slowing down,” noted Chapman. “Our financial outlook for the year predicts even faster growth than in 2022, as customers and prospects continue to show enthusiasm for and commitment to our industry-leading quantum computers and the quantum future as a whole.”

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2022 Financial Highlights

  • IonQ beat the high end of full year 2022 revenue guidance, with $11.1 million in revenue.
  • IonQ recognized revenue of $3.8 million for the fourth quarter, compared to $1.6 million in the prior year period.
  • IonQ achieved bookings of $24.5 million for the full year 2022.
  • Cash, cash equivalents and investments were $537.8 million as of December 31, 2022.
  • IonQ’s diversified strategy and partnerships with several large, global banking institutions meant that the Company’s exposure to recent events in the banking sector was immaterial. IonQ believes that this approach will continue to serve the Company well in the future.
  • IonQ is confident in the state of its cash and other financial assets, and believes they provide the Company with sufficient reserves to get to profitability without needing to raise additional funds, based on the current roadmap.
  • Net loss was $18.6 million in the fourth quarter, compared to $74.1 million in the prior year period, and net loss was $48.5 million for the full year 2022 versus $106.2 million in 2021.
  • Adjusted EBITDA* for the fourth quarter was ($13.3) million, compared to ($8.0) million in the prior year period, and ($48.7) million for the full year 2022 versus ($28.4) million for 2021. Excluded from Adjusted EBITDA is, among other adjustments, a non-cash gain related to the change in the fair value of IonQ’s warrant liabilities of $1.8 million for the fourth quarter and $30.1 million for the full year 2022.

Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures,” and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.

2023 Financial Outlook

  • For the full year 2023, IonQ expects revenue to be between $18.4 million and $18.8 million, with between $3.6 million and $4.0 million for the first quarter.
  • IonQ anticipates full year 2023 bookings of between $38 million and $42 million.
  • IonQ anticipates an Adjusted EBITDA** loss of $80.5 million for the full year 2023 at the midpoint of the revenue outlook provided above.

** Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures.” The Company cannot provide a reconciliation between its forecasted Adjusted EBITDA and net loss without unreasonable effort due to the unavailability of estimates for stock-based compensation and change in fair value of assumed warrant liabilities, as these items are not within the Company’s control, may vary greatly between periods and could significantly impact future financial results.

Commercial Highlights

Technical Highlights

  • IonQ achieved #AQ 25, its technical milestone for 2022, increasing the computational power of its Aria system by approximately 4x. Aria was already believed to be the most powerful quantum computer known, and is available to the public via cloud access on Microsoft’s Azure Quantum Cloud.
  • IonQ believes that quantum machine learning, or QML, will become one of the most practical and powerful applications of quantum computing in the years to come, given its ability to search through vast amounts of data and identify the best statistical fit. IonQ announced a number of QML updates, including:
    • In collaboration with Hyundai Motor Company, IonQ applied QML techniques to 3D object detection for autonomous vehicles to reduce modeling complexity by several orders of magnitude.
    • IonQ successfully designed and ran the first ever quantum circuits that can simulate human cognitive biases, paving the way for these models to potentially become a key component in the development of highly effective AI-enabled chatbots in the future.
  • In partnership with Hyundai Motor Company, IonQ successfully ran the largest correlated quantum chemistry simulation in history, using IonQ quantum computers.
  • In collaboration with Accenture and the Irish Centre for High-End Computing, IonQ created a scalable chemistry simulation platform that focuses on breaking down human-made carcinogens in the environment.

For more market insights, check out our latest quantum computing news here.

Matt Swayne

With a several-decades long background in journalism and communications, Matt Swayne has worked as a science communicator for an R1 university for more than 12 years, specializing in translating high tech and deep tech for the general audience. He has served as a writer, editor and analyst at The Quantum Insider since its inception. In addition to his service as a science communicator, Matt also develops courses to improve the media and communications skills of scientists and has taught courses. [email protected]

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