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IonQ Reports Trifecta: Strong Q1 2023 Performance, Solid Financial Position, Steady Technical Progress

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Insider Brief

  • IonQ beat their previous guidance on first quarter revenue: reporting $4.3 million in revenue compared to $2 million in 2022’s first quarter.
  • Its financial position remains strong, as well, with about $525.5 million on hand in the form of cash, cash equivalents and investments.
  • The company reports that, on the technological side, they are running ahead of the road map.

PRESS RELEASE — IonQ announced financial results for the quarter ended March 31, 2023. IonQ trades on the New York Stock Exchange — NYSE — as IONQ.

“IonQ is off to a strong start this year – technically, operationally, and financially,” said Peter Chapman, President and CEO of IonQ. “Most importantly, we met our FY23 technical target of 29 algorithmic qubits (#AQ) seven months earlier than expected.”

“We are also excited to announce that we hit this target using IonQ Forte, our newest world-class quantum system. IonQ Forte represents a 16x step up in power from our IonQ Aria system. With Forte already running select customer jobs, this milestone brings us yet closer to reaching quantum advantage.”

First Quarter 2023 Financial Highlights

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  • IonQ recognized revenue of $4.3 million for the first quarter, above the high end of the previously provided range, compared to $2.0 million in the prior year period. This reflects some activities for one of IonQ’s customer contracts taking place earlier than expected, shifting revenue dollars into the first quarter.
  • IonQ achieved $4.1 million in new bookings for the first quarter.
  • Cash, cash equivalents and investments were $525.5 million as of March 31, 2023.
  • Net loss was $27.3 million and adjusted EBITDA loss was $15.9 million for the first quarter.* Exclusions from adjusted EBITDA include a non-cash loss of $3.6 million related to the change in the fair value of IonQ’s warrant liabilities.

*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.

Commercial Highlights

Technical Highlights

  • IonQ achieved 29 #AQ on IonQ Forte, the Company’s latest world-class quantum system, reaching the Company’s most significant 2023 technical goal seven months ahead of the Company’s technical roadmap. This is a 16x increase in computational power, measured by useful computational space for running algorithms, compared to IonQ Aria with 25 #AQ.
  • IonQ completed construction of IonQ Aria 2, a second Aria-class quantum computer. This new machine will join IonQ Aria 1 on the public cloud this quarter.
  • IonQ published research results on modeling human cognition using quantum hardware in the peer-reviewed scientific journal, Entropy. This is the first output of work IonQ initiated a year ago on quantum artificial intelligence, or quantum AI.
  • IonQ hired Pat Tang as Vice President of Research and Development. Pat brings over 23 years of technology experience, most recently as Vice President of Engineering at Amazon’s Lab126.

2023 Financial Outlook

  • For the second quarter of 2023, IonQ is expecting revenue of between $4.1 million and $4.5 million.
  • For the full year 2023, IonQ is increasing its revenue outlook range to $18.8 million to $19.2 million.
  • For the full year 2023, IonQ is reiterating its previously stated bookings range of $38 million to $42 million.

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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