Third Quarter Results of $6.1 Million in
Revenue, Above High End of Range
2023 Full Year Revenue and Bookings Outlooks
Increased Again
Third Quarter Bookings of $26.3 Million Bring
Bookings to $58.4 Million Year-to-Date as of Q3
Announces $25.5 Million Quantum Networking
System Sale to AFRL
Robust Commercial Pipeline Growth and
Visibility
Achieves $100 Million in Cumulative Bookings
Within First Three Years of Commercialization Efforts
Technical Momentum Continues Towards Commercial
Advantage
IonQ (NYSE: IONQ), a leader in the quantum computing industry,
today 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.
*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 announced a new $25.5 million deal with existing customer
AFRL to deploy two barium-based trapped ion quantum computing
systems for quantum networking research and application
development.
- IonQ unveiled two future enterprise-grade quantum computers:
IonQ Forte Enterprise, a #AQ 35 quantum computer, and IonQ Tempo, a
#AQ 64 quantum computer expected to deliver quantum advantage for
certain applications. Both systems will feature modular
rack-mounted form factors designed to fit seamlessly into
customers’ data centers.
- IonQ was awarded an extension to its existing contract with
ZapataAI and the US Defense Advanced Research Projects Agency
(DARPA), to help establish the next generation of benchmarking for
quantum computers.
- IonQ was honored to rank 32nd in the 2023 Deloitte Technology
Fast 500™ List of the Fastest-Growing Companies in North America,
recognizing the significant business growth of IonQ and the broader
quantum industry in recent years.
Technical Highlights
- IonQ announced at its September Analyst Day that it now
believes it will be able to reach #AQ 64 and commercial advantage
using error mitigation–the same technique the company is already
employing today–rather than needing to implement full error
correction. Error mitigation requires fewer qubits than error
correction, and makes IonQ even more confident in the company’s
ability to reach #AQ 64 in the near-term.
- IonQ achieved #AQ 29 on Next Generation Barium Qubits to
Deliver Industry Leading Performance, marking a key milestone in
the company’s journey towards developing scalable and reliable
systems capable of commercial quantum advantage.
- IonQ intends to achieve an #AQ 64 system by the end of 2025.
The company believes that in reaching this #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.
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.
*Any offer, solicitation or sale of any of the securities
registered under the registration statement will be made only by
means of the prospectus and the accompanying prospectus supplement
once the registration statement is declared effective by the SEC.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy securities, nor may there be any
sale of IonQ’s common stock or other securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to the effectiveness of the registration statement
with the SEC and registration or qualification under the securities
law of any state or jurisdiction.
Third 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 third quarter
ended September 30, 2023 and to provide a business update. The call
will be accessible by telephone at 877-300-8521 (domestic) or
412-317-6026 (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
10183201 and will be available until 11:59 p.m. Eastern time,
November 22, 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, income tax expense, 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. To learn more, visit
www.ionq.com.
IonQ 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 technology driving commercial advantage in the
future, the company’s future financial and operating performance,
including our outlook and guidance, the ability for third parties
to implement IonQ’s offerings to increase their quantum computing
capabilities, the effect of increased availability of customer
support functions, IonQ’s quantum computing capabilities and plans,
access to IonQ’s quantum computers, increases in algorithmic qubit
achievement, and the scalability and reliability of IonQ’s quantum
computing offerings. 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:
changes in the competitive industries in which IonQ operates,
including development of competing technologies; changes in laws
and regulations affecting IonQ’s business; IonQ’s ability to
implement its business plans, forecasts and other expectations,
identify and realize partnerships and opportunities, and to engage
new and existing customers, and risks associated with U.S.
government sales, including provisions that allow the government to
unilaterally terminate or modify contracts for convenience and the
uncertain scope and impact of a possible U.S. government shutdown
or operation under a continuing resolution. You should carefully
consider the foregoing factors and the other risks and
uncertainties disclosed in the Company’s filings, including but not
limited to those described in the “Risk Factors” section of IonQ’s
most recent Quarterly Report on Form 10-Q and other documents filed
by IonQ 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 IonQ 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. IonQ 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 September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Revenue
$
6,136
$
2,763
$
15,936
$
7,324
Costs and expenses:
Cost of revenue (excluding depreciation
and amortization)
2,008
733
4,945
2,043
Research and development
24,599
13,292
60,701
30,282
Sales and marketing
5,047
1,969
11,289
5,971
General and administrative
13,927
10,149
35,438
26,901
Depreciation and amortization
2,749
1,531
6,869
4,248
Total operating costs and expenses
48,330
27,674
119,242
69,445
Loss from operations
(42,194
)
(24,911
)
(103,306
)
(62,121
)
Change in fair value of warrant
liabilities
(7,640
)
(1,151
)
(26,787
)
28,358
Interest income, net
5,007
2,059
14,115
3,926
Other income (expense), net
55
20
150
(27
)
Loss before benefit for income taxes
(44,772
)
(23,983
)
(115,828
)
(29,864
)
Income tax expense
(39
)
—
(39
)
—
Net loss
$
(44,811
)
$
(23,983
)
$
(115,867
)
$
(29,864
)
Net loss per share attributable to common
stockholders— basic and diluted
$
(0.22
)
$
(0.12
)
$
(0.57
)
$
(0.15
)
Weighted average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
203,390,383
198,301,240
201,656,916
197,255,965
IonQ, Inc.
Condensed Consolidated Balance
Sheets
(unaudited)
(in thousands)
September 30,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
37,137
$
44,367
Short-term investments
346,853
311,430
Accounts receivable
3,033
3,292
Prepaid expenses and other current
assets
16,816
12,539
Total current assets
403,839
371,628
Long-term investments
101,115
182,001
Property and equipment, net
35,356
26,014
Operating lease right-of-use assets
5,587
3,753
Intangible assets, net
13,059
8,944
Goodwill
742
742
Other noncurrent assets
5,680
4,910
Total Assets
$
565,378
$
597,992
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
6,408
$
3,055
Accrued expenses
15,703
6,655
Current portion of operating lease
liabilities
695
591
Unearned revenue
5,216
8,729
Current portion of stock option early
exercise liabilities
576
1,130
Total current liabilities
28,598
20,160
Operating lease liabilities, net of
current portion
6,500
3,459
Unearned revenue, net of current
portion
457
1,201
Stock option early exercise liabilities,
net of current portion
545
839
Warrant liabilities
30,599
3,819
Other noncurrent liabilities
183
303
Total liabilities
$
66,882
$
29,781
Stockholders’ Equity:
Common stock
$
20
$
20
Additional paid-in capital
813,439
769,848
Accumulated deficit
(310,169
)
(194,302
)
Accumulated other comprehensive loss
(4,794
)
(7,355
)
Total stockholders’ equity
498,496
568,211
Total Liabilities and Stockholders’
Equity
$
565,378
$
597,992
IonQ, Inc.
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended September
30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(115,867
)
$
(29,864
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
6,869
4,248
Non-cash research and development
arrangements
390
390
Stock-based compensation
38,549
22,561
Change in fair value of warrant
liabilities
26,787
(28,358
)
Amortization of premiums and accretion of
discounts on available-for-sale securities
(7,287
)
(383
)
Other, net
1,036
345
Changes in operating assets and
liabilities:
Accounts receivable
946
(1,135
)
Prepaid expenses and other current
assets
(7,545
)
(1,842
)
Accounts payable
975
2,992
Accrued expenses
8,066
1,996
Unearned revenue
(4,944
)
(555
)
Other assets and liabilities
(156
)
(180
)
Net cash used in operating activities
$
(52,181
)
$
(29,785
)
Cash flows from investing
activities:
Purchases of property and equipment
(6,544
)
(8,381
)
Capitalized software development costs
(3,134
)
(1,491
)
Intangible asset acquisition costs
(1,057
)
(598
)
Purchases of available-for-sale
securities
(230,350
)
(488,887
)
Maturities and sales of available-for-sale
securities
285,665
185,150
Net cash provided by (used in) investing
activities
$
44,580
$
(314,207
)
Cash flows from financing
activities:
Proceeds from stock options exercised
775
953
Other financing, net
9
1,212
Net cash provided by financing
activities
$
784
$
2,165
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash
3
—
Net change in cash, cash equivalents and
restricted cash
(6,814
)
(341,827
)
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
$
39,553
$
57,198
IonQ, Inc.
Reconciliation of Net Loss to
Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended September
30,
Nine Months Ended September
30,
2023
2022
2023
2022
Net loss
$
(44,811
)
$
(23,983
)
$
(115,867
)
$
(29,864
)
Interest income, net
(5,007
)
(2,059
)
(14,115
)
(3,926
)
Interest expense
—
—
—
—
Income tax expense
39
—
39
—
Depreciation and amortization
2,749
1,531
6,869
4,248
Stock-based compensation
16,977
10,005
38,549
22,561
Change in fair value of warrant
liabilities
7,640
1,151
26,787
(28,358
)
Adjusted EBITDA
$
(22,413
)
$
(13,355
)
$
(57,738
)
$
(35,339
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231108682450/en/
IonQ Media Contact: Tyler Ogoshi press@ionq.com
IonQ Investor Contact: investors@ionq.com
IonQ (NYSE:IONQ)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
IonQ (NYSE:IONQ)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024