COLLEGE PARK, Md., May 9, 2024 — IonQ (NYSE: IONQ), a leader in the quantum computing industry, has announced financial results for the quarter ended March 31, 2024.

“We kicked the year off with strong revenue results, once again outperforming the high end of our guidance range,” said Peter Chapman, President and CEO of IonQ. “I am also pleased to announce that our sales pipeline is expanding significantly in deal size and volume and increasing in timing visibility, allowing us to raise our full year bookings guidance.”

“The first quarter also saw several institutions, both public and private, use the power of our quantum computers to explore new projects. The start of the year also saw Oak Ridge National Labs, a returning client, begin research on a use case around energy schedule optimization for the United States national power grid. We believe we will continue to see new use cases unfold as our technology approaches commercial advantage.”

Financial Highlights

IonQ recognized revenue of $7.6 million for the first quarter, which is above the high end of the previously provided range of $6.5 to $7.5 million, and represents 77% growth compared to $4.3 million in the prior year.

IonQ achieved $0.3 million in new bookings for the first quarter.

Cash, cash equivalents and investments were $434.4 million as of March 31, 2024.

Net loss was $39.6 million and Adjusted EBITDA loss was $27.0 million for the first quarter. Exclusions from Adjusted EBITDA include a non-cash gain of $8.6 million related to the change in the fair value of IonQ’s warrant liabilities.

Commercial Highlights

IonQ announced early results from its work with Deutsches Elektronen-Synchrotron (DESY) to use IonQ Aria to optimize gate assignments for airplanes to reduce travel time, demonstrating quantum computing’s potential as a more effective solution than classical computing for this problem.

In April, IonQ announced a collaboration with Oak Ridge National Lab to explore how quantum computing technology can be used to optimize the United States power grid.

IonQ announced a strategic agreement with South Carolina Quantum to provide world-class quantum computing capabilities and professional services to institutions throughout the state, including higher education. South Carolina joins Maryland and Washington as the latest U.S. state to invest in its economy and competitive advantage by entering into a quantum partnership with IonQ.

IonQ announced that its first IonQ Forte Enterprise system for customer delivery is currently under construction at its recently completed Seattle manufacturing facility.

IonQ announced that it has team members on the ground assembling components to prepare for the delivery of the first system to its new data center in Basel, Switzerland.

Corporate Highlights

In April, IonQ announced the addition of Stacey Giamalis as its new Chief Legal Officer and Corporate Secretary. Giamalis will oversee IonQ’s global legal affairs including intellectual property, corporate, contracting, and regulatory compliance. Giamalis joins IonQ with over 20 years of experience in the technology sector, including most recently as SVP, General Counsel and Corporate Secretary of PagerDuty, Inc.

IonQ announced the addition of renowned quantum expert Dr. Martin Roetteler as its new Head of Quantum Applications. Dr. Roetteler will be leading IonQ’s Quantum Applications development team, which identifies commercial applications of IonQ’s world-leading trapped ion computers. Dr. Roetteler joins the company from Microsoft, where he led both the Applied Research and Quantum Exploration teams.

2024 Financial Outlook

For the full year 2024, IonQ expects revenue to be between $37 million and $41 million, with between $7.6 million and $9.2 million for the second quarter.

For the full year 2024, IonQ is increasing its bookings expectation range to between $75 million and $95 million.

About IonQ

IonQ, Inc. is a leader in quantum computing that delivers high-performance systems capable of solving the world’s largest and most complex commercial and research use cases. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The company’s innovative technology and rapid growth were recognized in Fast Company’s 2023 Next Big Things in Tech List and Deloitte’s 2023 Technology Fast 500 List, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before.

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Source: IonQ