Second Quarter Results of $5.5 Million in
Revenue, Above High End of Range
2023 Full Year Revenue Outlook Increased to
$18.9 Million to $19.3 Million
Second Quarter Bookings of $28.0 Million Bring
Bookings to $32.2 Million for the First Half
2023 Full Year Bookings Outlook Increased to
$49 Million to $56 Million
Established Company’s First Quantum Data Center
in Europe with QuantumBasel, which is expected to be Powered by
Future #AQ 35 and #AQ 64 Systems
IonQ (NYSE: IONQ), a leader in the quantum computing industry,
today announced financial results for the quarter ended June 30,
2023.
“This was another landmark quarter for IonQ, most notably with a
record-setting $28 million in bookings, bringing the total to over
$32 million in the first half,” said Peter Chapman, President and
CEO of IonQ. “We are now well on our way to our revised, higher
bookings expectations of $49 million to $56 million for the year.
We are also within striking range of our goal of $100 million in
cumulative bookings within the first three years of IonQ’s
commercialization, starting in 2021.”
“Our impressive second quarter results come on the heels of us
achieving our 2023 technical target of 29 algorithmic qubits (#AQ)
seven months early. As our path to #AQ 64 and quantum advantage
comes into clearer focus, we have seen both public and private
institutions investing not just in our current Forte platform, but
in IonQ’s technical roadmap. Our track record of success is
beginning to speak for itself in the public markets, and we are
relentlessly focused on bringing broad quantum advantage to all our
customers.”
Second Quarter 2023 Financial Highlights
- IonQ recognized revenue of $5.5 million for the second quarter,
which is above the high end of the previously provided range, and
represents 111% growth compared to $2.6 million in the prior year
period. This reflects some progress for one of IonQ’s customer
contracts taking place earlier than expected, shifting revenue into
the second quarter.
- IonQ achieved $28.0 million in new bookings for the second
quarter, and $32.2 million year-to-date.
- Cash, cash equivalents and investments were $509.2 million as
of June 30, 2023.
- Net loss was $43.7 million and Adjusted EBITDA loss was $19.4
million for the second quarter.* Exclusions from Adjusted EBITDA
include a non-cash loss of $15.5 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
- IonQ and QuantumBasel partnered to jointly establish a European
quantum data center, which will be the future home of IonQ systems
capable of up to #AQ 35 and #AQ 64.
- IonQ signed a memorandum of understanding with South Korea’s
Ministry of Science and ICT to become a core provider of education
for Korean students, researchers, and industry professionals. IonQ
also met with South Korea’s President, Yoon Suk Yeol, to discuss
how IonQ quantum computing can help accelerate the nation’s
economy.
- IonQ Forte access was expanded to all IonQ direct access
customers, offering the power of #AQ 29 to developers around the
world. IonQ recently published benchmarks validating IonQ Forte’s
#AQ 29 performance level.
Technical Highlights
- IonQ published a manuscript with Oak Ridge National Laboratory
on modeling the molecular structure of the benzene molecule,
commonly used as an industrial solvent and as a benchmark to
evaluate quantum chemistry algorithms. IonQ believes this
represents the most accurate benzene model run on a quantum
computer to date.
- IonQ intends to achieve an #AQ 64 system by the end of 2025.
The company believes that with that #AQ milestone, its systems will
deliver quantum advantage for certain use cases and classical
computers will no longer be able to fully simulate an IonQ
system.
- IonQ expects to share a more detailed technical roadmap and
upcoming product specifications at Quantum World Congress on
September 27th, which will be live-streamed for all who are
interested in learning more about accessing IonQ’s upcoming
systems.
2023 Financial Outlook
- For the full year 2023, IonQ is increasing its revenue outlook
range to $18.9 million to $19.3 million.
- For the third quarter of 2023, IonQ is expecting revenue of
between $4.8 million and $5.2 million.
- For the full year 2023, IonQ is increasing its bookings
expectation range again to between $49 million to $56 million,
projecting more than 100% growth in bookings year-over-year at the
midpoint.
- Seeing increased demand for its systems, IonQ hopes to sell a
number of systems over the next 18 months, in various
configurations based on customer needs. The Company’s guidance for
this year is a probability weighted average of its pipeline, which
already accounts for the 2023 portion of these potential
sales.
Second Quarter 2023 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 first quarter
ended June 30, 2023 and to provide a business update. The call will
be accessible by telephone at 877-407-4018 (domestic) or
201-689-8471 (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
approximately two hours after its conclusion at 844-512-2921
(domestic) or 412-317-6671 (international) with access code
13739464 and will be available until 11:59 p.m. Eastern time,
August 24, 2023. An archive of the webcast will also be available
here shortly after the call and will remain available for one
year.
Non-GAAP Financial Measures
To supplement IonQ’s condensed consolidated financial statements
presented in accordance with GAAP, IonQ uses non-GAAP measures of
certain components of financial performance. Adjusted EBITDA is a
financial measure that is not required by or presented in
accordance with GAAP. Management believes that this measure
provides investors an additional meaningful method to evaluate
certain aspects of the Company’s results period over period.
Adjusted EBITDA is defined as net loss before interest income, net,
interest expense, benefit from income taxes, depreciation and
amortization expense, stock-based compensation, change in fair
value of assumed warrant liabilities, and other non-recurring
non-operating income and expenses. IonQ uses Adjusted EBITDA to
measure the operating performance of its business, excluding
specifically identified items that it does not believe directly
reflect its core operations and may not be indicative of recurring
operations. The presentation of non-GAAP financial measures is not
meant to be considered in isolation or as a substitute for the
financial results prepared in accordance with GAAP, and IonQ’s
non-GAAP measures may be different from non-GAAP measures used by
other companies. For IonQ’s investors to be better able to compare
the Company’s current results with those of previous periods, IonQ
shows a reconciliation of GAAP to non-GAAP financial measures at
the end of this release.
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.
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 Dr. Christopher Monroe and Dr. Jungsang Kim based on 25
years of pioneering research. To learn more, visit
www.ionq.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Some of the forward-looking statements can be identified
by the use of forward-looking words. Statements that are not
historical in nature, including the words “anticipate,” “expect,”
“suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,”
“projects,” “should,” “could,” “would,” “may,” “will,” “forecast”
and other similar expressions are intended to identify
forward-looking statements. These statements include those related
to the Company’s ability to further develop and advance its quantum
computers and achieve scale; the Company’s ability to reach #AQ 35
and/or #AQ 64 and quantum advantage; the potential benefits of
quantum computing and IonQ’s collaborations, partnerships and
customer contracts, including those with QuantumBasel and the
government of South Korea; IonQ’s market opportunity, anticipated
growth, and future financial performance, including management’s
financial outlook for the third quarter and full year 2023;
continued customer demand for IonQ’s products; and the ability of
quantum computing to improve decision-making models and artificial
intelligence. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including but not limited to:
market adoption of quantum computing solutions and the Company’s
products, services and solutions; the ability of the Company to
protect its intellectual property; changes in the competitive
industries in which the Company operates; changes in laws and
regulations affecting the Company’s business; the Company’s ability
to implement its business plans, forecasts and other expectations,
and identify and realize additional partnerships and opportunities;
the Company’s ability to effectively expand geographically; and the
risk of downturns in the market and the technology industry
including, but not limited to, as a result of public health crises
and/or increased inflationary pressures. The foregoing list of
factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of IonQ’s Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2023 and other
documents filed by the Company from time to time with the
Securities and Exchange Commission. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and the Company
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. The Company does not give any
assurance that it will achieve its expectations.
IonQ, Inc.
Condensed Consolidated
Statements of Operations
(unaudited)
(in thousands, except share and
per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Revenue
$
5,515
$
2,608
$
9,800
$
4,561
Costs and expenses:
Cost of revenue (excluding depreciation
and amortization)
1,901
742
2,937
1,310
Research and development
19,869
9,653
36,102
16,990
Sales and marketing
3,575
2,132
6,242
4,002
General and administrative
10,930
7,558
21,511
16,752
Depreciation and amortization
2,329
1,451
4,120
2,717
Total operating costs and expenses
38,604
21,536
70,912
41,771
Loss from operations
(33,089
)
(18,928
)
(61,112
)
(37,210
)
Change in fair value of warrant
liabilities
(15,537
)
16,061
(19,147
)
29,509
Interest income, net
4,877
1,259
9,108
1,867
Other income (expense), net
31
(46
)
95
(47
)
Loss before benefit for income taxes
(43,718
)
(1,654
)
(71,056
)
(5,881
)
Benefit for income taxes
—
—
—
—
Net loss
$
(43,718
)
$
(1,654
)
$
(71,056
)
$
(5,881
)
Net loss per share attributable to common
stockholders—basic and diluted
$
(0.22
)
$
(0.01
)
$
(0.35
)
$
(0.03
)
Weighted average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
201,431,494
197,214,022
200,775,817
196,708,008
IonQ, Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
(in thousands)
June 30,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
13,984
$
44,367
Short-term investments
361,677
311,430
Accounts receivable
2,428
3,292
Prepaid expenses and other current
assets
13,236
12,539
Total current assets
391,325
371,628
Long-term investments
133,542
182,001
Property and equipment, net
29,089
26,014
Operating lease right-of-use assets
5,605
3,753
Intangible assets, net
11,548
8,944
Goodwill
742
742
Other noncurrent assets
5,001
4,910
Total Assets
$
576,852
$
597,992
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
4,560
$
3,055
Accrued expenses
9,251
6,655
Current portion of operating lease
liabilities
628
591
Unearned revenue
8,428
8,729
Current portion of stock option early
exercise liabilities
761
1,130
Total current liabilities
23,628
20,160
Operating lease liabilities, net of
current portion
5,609
3,459
Unearned revenue, net of current
portion
707
1,201
Stock option early exercise liabilities,
net of current portion
643
839
Warrant liabilities
22,966
3,819
Other noncurrent liabilities
53
303
Total liabilities
$
53,606
$
29,781
Stockholders’ Equity:
Common stock
$
20
$
20
Additional paid-in capital
794,671
769,848
Accumulated deficit
(265,358
)
(194,302
)
Accumulated other comprehensive loss
(6,087
)
(7,355
)
Total stockholders’ equity
523,246
568,211
Total Liabilities and Stockholders’
Equity
$
576,852
$
597,992
IonQ, Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(in thousands)
Six Months Ended
June 30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(71,056
)
$
(5,881
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
4,120
2,717
Non-cash research and development
arrangements
260
260
Stock-based compensation
21,572
12,556
Change in fair value of warrant
liabilities
19,147
(29,509
)
Amortization of premiums and accretion of
discounts on available-for-sale securities
(4,593
)
108
Other, net
736
(1,726
)
Changes in operating assets and
liabilities:
Accounts receivable
2,074
(801
)
Prepaid expenses and other current
assets
(2,928
)
3,576
Accounts payable
479
1,156
Accrued expenses
2,267
484
Unearned revenue
(2,005
)
264
Other assets and liabilities
26
(133
)
Net cash used in operating activities
$
(29,901
)
$
(16,929
)
Cash flows from investing
activities:
Purchases of property and equipment
(2,411
)
(7,022
)
Capitalized software development costs
(1,950
)
(982
)
Intangible asset acquisition costs
(628
)
(370
)
Purchases of available-for-sale
securities
(185,377
)
(403,899
)
Maturities and sales of available-for-sale
securities
189,446
73,090
Net cash used in investing activities
$
(920
)
$
(339,183
)
Cash flows from financing
activities:
Proceeds from stock options exercised
541
567
Other financing, net
(1
)
488
Net cash provided by financing
activities
$
540
$
1,055
Net change in cash, cash equivalents and
restricted cash
(30,281
)
(355,057
)
Cash, cash equivalents and restricted cash
at the beginning of the period
46,367
399,025
Cash, cash equivalents and restricted
cash at the end of the period
$
16,086
$
43,968
IonQ, Inc.
Reconciliation of Net Loss to
Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net loss
$
(43,718
)
$
(1,654
)
$
(71,056
)
$
(5,881
)
Interest income, net
(4,877
)
(1,259
)
(9,108
)
(1,867
)
Interest expense
—
—
—
—
Benefit for income taxes
—
—
—
—
Depreciation and amortization expense
2,329
1,451
4,120
2,717
Stock-based compensation
11,304
5,884
21,572
12,556
Change in fair value of assumed warrant
liabilities
15,537
(16,061
)
19,147
(29,509
)
Adjusted EBITDA
$
(19,425
)
$
(11,639
)
$
(35,325
)
$
(21,984
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230810541196/en/
IonQ Media Contact: Tyler Ogoshi press@ionq.com
IonQ Investor Contact: investors@ionq.com
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