COLLEGE PARK, Md., March 31, 2023 — IonQ, a leader in the quantum computing industry, today 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.”

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.

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.

Commercial Highlights

• Rima Alameddine joined IonQ as Chief Revenue Officer (CRO), and Wendy Thomas, the President and CEO of Secureworks, was appointed to the IonQ Board of Directors. Both Rima and Wendy bring a wealth of expertise and experience to the Company, and IonQ looks forward to the valuable contributions they will make toward the Company’s continued success.
• IonQ announced the acquisition of Entangled Networks, a Toronto-based company focused on developing next generation networked quantum computer architectures and full-stack quantum compilers.
• IonQ announced plans to build the country’s first dedicated quantum computing manufacturing facility in Bothell, WA, in an effort to achieve manufacturing scalability and meet the surging demand for its quantum computers.

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.

Fourth Quarter and Full Year 2022 Conference Call

IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company’s financial results for the fourth quarter and full year ended December 31, 2022 and to provide a business update. The call will be accessible by telephone at 877-270-2148 (domestic) or 412-902-6510 (international). The call will also be available live via webcast on the Company’s website here, or directly here. A telephone replay of the conference call will be available at 877-344-7529 or 412-317-0088 with access code 7197039 and will be available until 11:59 p.m. Eastern time, April 30, 2023. An archive of the webcast will also be available shortly after the call and will remain available for 90 days.

About IonQ

IonQ, Inc. (NYSE: IONQ) 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, including IonQ Aria, a system that boasts industry-leading 25 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale. IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

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Source: IonQ