COLLEGE PARK, Md., Sept. 23, 2021 — IonQ, Inc. (“IonQ” or the “Company”), a leader in quantum computing, provided an update on significant progress in its technological and commercialization efforts since the announcement of its transaction with dMY Technology Group Inc. III in March. Over the past six months, IonQ has demonstrated technology that is expected to allow the Company to significantly scale the power of its quantum computers, has expanded its footprint to all major cloud providers and major quantum developer languages, has launched major commercial partnerships with partners like Accenture, Softbank and the University of Maryland, and has tripled its bookings expectations for 2021. IonQ is now many steps closer to realizing its vision of solving the world’s most complex problems, transforming business, society and the planet for the better.
IonQ’s previously announced hardware achievements enable the continued scaling of its trapped ion quantum computers, including:
- The industry’s first Reconfigurable Multicore Quantum Architecture (RMQA) technology, which allows greatly increased qubit count and power of IonQ’s quantum computers.
- Evaporated Glass Traps (EGTs), a new, IonQ-designed chipset that affords greater control of individual qubits in a quantum computer, paving the way for larger quantum computing cores.
- First customers running on IonQ’s latest hardware.
- IonQ’s quantum computers now run thousands of quantum jobs routinely for customers via the cloud each week.
The Company has also partnered with several cornerstone financial institutions to demonstrate applications of quantum machine learning in that industry, including:
- A collaboration with the Fidelity Center for Applied Technology (FCAT) to demonstrate how quantum computers can be used for financial modeling. New quantum machine learning techniques were developed for this purpose that completed training with up to 1,000 times fewer iterations than their classical counterparts, and were able to predict rare “Black Swan” events that equivalent classical models missed.
- A joint research project with Goldman Sachs and QCWare demonstrating the viability of running new algorithms developed by QCWare and Goldman Sachs which can be utilized to speed up Monte Carlo simulations.
IonQ has broadened its footprint by making IonQ computers available on every major cloud platform in the market. Additionally, it is the only quantum computing hardware provider supported by every major quantum software developer tool kit (SDK) in the industry, further establishing IonQ’s credentials as a leading provider of quantum computing. The Company recently announced:
- Availability of IonQ quantum computers on the Google Cloud Marketplace, making IonQ the first quantum computing hardware provider on the Google platform, and the only quantum compute supplier available on all three major cloud providers, including Microsoft (Azure) and Amazon Web Services (AWS).
- Integration with IBM’s Qiskit, making the power of IonQ quantum computers available to over 275,000 quantum developers using Qiskit’s open-source quantum SDK, lowering barriers to entry for IonQ’s platform.
- Integration of IonQ’s quantum computers with Google Cirq, a leading open-source quantum SDK designed to expand access to quantum computing to a broad audience.
- The launch of the second cohort of the IonQ Research Credits Program to provide teams and individuals from qualified academic institutions with free credits to build novel quantum algorithms on IonQ’s cutting-edge hardware. The opening of the second cohort comes on the tail of overwhelming demand in the first cohort of IonQ’s Research Credits Program this June.
IonQ has also announced considerable progress on commercial efforts, including:
- Strategic partnership with Accenture (NYSE: ACN), developing a joint commercial framework to accelerate quantum computing business applications globally and across all industries.
- Partnership with Softbank to jointly deploy quantum-first solutions into the largest enterprises across the globe, including Softbank’s portfolio companies.
- Commercial deal with the University of Maryland as part of the University’s $20M quantum computing initiative to create the National Quantum Lab at Maryland (Q-Lab).
- Update that the Company is on track to significantly exceed its previously announced 2021 bookings target of $5 million dollars, and is now projected to end the year at $15M.
Additionally, the Company announced four critical hires, including Tom Jones as Chief People Officer, who brings decades of human resources and talent development experience from Blue Origin, Microsoft and Honeywell.
Second Quarter Financial Results
Recognized revenue for the second quarter of 2021 was $0.1 million compared to zero for the comparable period in 2020. Research and development (“R&D”) expenses were $5.5 million for the second quarter of 2021 compared to $2.7 million for the comparable period in 2020, reflecting an increased pace of development as the Company continues to hire and fund research essential to executing on its technology roadmap.
IonQ continues to see increases in its general and administrative expenses (“G&A”) and sales and marketing expenses as those teams continue to grow rapidly. G&A for the second quarter of 2021 was $2.9 million, versus $0.6 million in the comparable prior year period, and sales and marketing was $0.9 million for the quarter, versus $0.1 million for the comparable prior year period. The Company expects these trends to continue due to costs associated with operating as a public company, developing the world’s most powerful quantum workforce, and rapidly scaling IonQ as the quantum market unfolds. Net loss for the second quarter of 2021 was $10.0 million, or $1.53 per share, compared to a net loss of $3.7 million, or $0.68 per share, for the comparable period in 2020.
Cash and cash equivalents decreased from $36.1 million dollars at December 31, 2020 to $27.7 million at June 30, 2021.
Pending Transaction with dMY III
On March 8, 2021, IonQ entered into a definitive merger agreement with dMY Technology Group, Inc. III (“dMY III”) (NYSE: DMYI). As a result of this transaction, the Company expects to add approximately $580 million to the balance sheet, net of transaction fees and assuming no stockholder redemptions, which will be used to fuel future growth and further technological innovations.
The Special Meeting to approve the pending business combination is scheduled to be held on Tuesday, September 28, 2021 at 12 PM Eastern time. The Special Meeting will be completely virtual and conducted via live webcast. Holders of dMY III shares of common stock at the close of business on the record date of August 16, 2021 are entitled to notice of the virtual Special Meeting and to vote at the Special Meeting. If the proposals at the Special Meeting are approved, the parties anticipate that the business combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions. dMY III stockholders who need assistance voting or have questions regarding the Special Meeting may contact dMY III’s proxy solicitor, Morrow Sodali, by telephone at 800-662-5200 or by email at firstname.lastname@example.org.
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s next-generation quantum computer is the world’s most powerful trapped-ion quantum computer, and 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.
Source: IonQ, Inc.