COLLEGE PARK, Md., Nov. 9, 2023 — IonQ (NYSE: IONQ), a leader in the quantum computing industry, has announced financial results for the quarter ended September 30, 2023.
“Our third quarter represents another massive step in a pivotal year for IonQ as we usher in the enterprise era of quantum computing. I am pleased to report we have achieved our goal of $100 million in cumulative bookings within the first three years of commercialization, since 2021, and are on track to exceed that goal by the end of 2023. IonQ’s commercial pipeline is bigger and better than ever and our technical momentum, while always arduous, continues to be ahead of schedule,” said Peter Chapman, President and CEO of IonQ.
“This quarter, we saw further validation of our technology with another two systems sold in a $25.5 million deal from the US Air Force Research Lab (AFRL) to further explore quantum networking. We also unveiled our next two future generations of quantum computers: IonQ Forte Enterprise and IonQ Tempo. IonQ Forte Enterprise will bring #AQ 35 to customers in a form factor that integrates seamlessly into existing data centers. IonQ Tempo will deliver #AQ 64 and quantum advantage for certain applications.”
Third Quarter 2023 Financial Highlights
- IonQ recognized revenue of $6.1 million for the third quarter, which is above the high end of the previously provided range, and represents 122% growth compared to $2.8 million in the prior year period.
- IonQ achieved $26.3 million in new bookings for the third quarter, and $58.4 million year-to-date as of September 30, 2023.
- IonQ achieved its previously stated goal of $100 million in cumulative bookings within the first three years of its commercialization efforts, starting in 2021, a full quarter ahead of the initial prediction.
- Cash, cash equivalents and investments were $485.1 million as of September 30, 2023.
- Net loss was $44.8 million and Adjusted EBITDA loss was $22.4 million for the third quarter. Exclusions from Adjusted EBITDA include a non-cash loss of $7.6 million related to the change in the fair value of IonQ’s warrant liabilities.
2023 Financial Outlook
- For the full year 2023, IonQ is increasing its revenue outlook range to $21.2 million to $22.0 million.
- For the fourth quarter of 2023, IonQ is expecting revenue of between $5.3 million and $6.1 million.
- For the full year 2023, IonQ is increasing its bookings expectation range to between $60.0 million to $63.0 million.
Announcing Filing of S-3 Shelf Registration Statement
- Tomorrow, the company intends to file a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”).
- The company has no foreseeable needs to raise and use additional capital at this time, however would like to maintain the optionality to raise additional capital to fund strategic growth and M&A opportunities in the near to medium term.
About IonQ
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting an industry-leading 29 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale.
Source: IonQ