First Quarter Results of $7.6 Million in
Revenue, Exceeding High End of Guidance Range, Representing 77%
Year-Over-Year Growth
Sales Pipeline Expanding in Deal Size and
Volume with Improving Visibility
Bookings Backloaded, Raises Bookings Guidance
Range to $75 to $95 Million for 2024
Hired Stacey Giamalis as Chief Legal Officer,
Dr. Martin Roetteler as Head of Quantum Applications
IonQ (NYSE: IONQ), a leader in the quantum computing industry,
today announced financial results for the quarter ended March 31,
2024.
“We kicked the year off with strong revenue results, once again
outperforming the high end of our guidance range,” said Peter
Chapman, President and CEO of IonQ. “I am also pleased to announce
that our sales pipeline is expanding significantly in deal size and
volume and increasing in timing visibility, allowing us to raise
our full year bookings guidance.”
“The first quarter also saw several institutions, both public
and private, use the power of our quantum computers to explore new
projects. The start of the year also saw Oak Ridge National Labs, a
returning client, begin research on a use case around energy
schedule optimization for the United States national power grid. We
believe we will continue to see new use cases unfold as our
technology approaches commercial advantage.”
Financial Highlights
- IonQ recognized revenue of $7.6 million for the first quarter,
which is above the high end of the previously provided range of
$6.5 to $7.5 million, and represents 77% growth compared to $4.3
million in the prior year.
- IonQ achieved $0.3 million in new bookings for the first
quarter.
- Cash, cash equivalents and investments were $434.4 million as
of March 31, 2024.
- Net loss was $39.6 million and Adjusted EBITDA loss was $27.0
million for the first quarter.* Exclusions from Adjusted EBITDA
include a non-cash gain of $8.6 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 early results from its work with Deutsches
Elektronen-Synchrotron (DESY) to use IonQ Aria to optimize gate
assignments for airplanes to reduce travel time, demonstrating
quantum computing’s potential as a more effective solution than
classical computing for this problem.
- In April, IonQ announced a collaboration with Oak Ridge
National Lab to explore how quantum computing technology can be
used to optimize the United States power grid.
- IonQ announced a strategic agreement with South Carolina
Quantum to provide world-class quantum computing capabilities and
professional services to institutions throughout the state,
including higher education. South Carolina joins Maryland and
Washington as the latest U.S. state to invest in its economy and
competitive advantage by entering into a quantum partnership with
IonQ.
- IonQ announced that its first IonQ Forte Enterprise system for
customer delivery is currently under construction at its recently
completed Seattle manufacturing facility.
- IonQ announced that it has team members on the ground
assembling components to prepare for the delivery of the first
system to its new Basel, Switzerland data center.
Corporate Highlights
- In April, IonQ announced the addition of Stacey Giamalis as its
new Chief Legal Officer and Corporate Secretary. Giamalis will
oversee IonQ’s global legal affairs including intellectual
property, corporate, contracting, and regulatory compliance.
Giamalis joins IonQ with over 20 years of experience in the
technology sector, including most recently as SVP, General Counsel
and Corporate Secretary of PagerDuty, Inc.
- IonQ announced the addition of renowned quantum expert Dr.
Martin Roetteler as its new Head of Quantum Applications. Dr.
Roetteler will be leading IonQ’s Quantum Applications development
team, which identifies commercial applications of IonQ’s
world-leading trapped ion computers. Dr. Roetteler joins the
Company from Microsoft, where he led both the Applied Research and
Quantum Exploration teams.
2024 Financial Outlook
- For the full year 2024, IonQ expects revenue to be between $37
million and $41 million, with between $7.6 million and $9.2 million
for the second quarter.
- For the full year 2024, IonQ is increasing its bookings
expectation range to between $75 million and $95 million.
First Quarter 2024 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
March 31, 2024 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 three hours
after its conclusion at 844-512-2921 (domestic) or 412-317-6671
(international) with access code 13745211 and will be available
until 11:59 p.m. Eastern time, May 22, 2024. An archive of the
webcast will also be available here shortly after the call and will
remain available for one year.
Upcoming Investor Conference Participation
IonQ today announced that Thomas Kramer, Chief Financial
Officer, and Jordan Shapiro, Vice President of FP&A and Head of
Investor Relations, will participate in a fireside chat at the 19th
Annual Needham Technology, Media, & Consumer Conference at the
Westin Grand Central Hotel in New York City on Tuesday, May 14,
2024. The Company’s discussion will begin at 9:30 a.m. Eastern time
and the webcast link will be available on IonQ’s website here, or
directly here.
Upcoming Technical Progress Presentation
IonQ will host an exclusive live webinar tomorrow, May 9th, at 1
p.m. Eastern time where the technical leads will further discuss
our latest technology advancements and updates. To sign up, please
visit the registration page here.
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 that delivers
high-performance systems capable of solving the world’s largest and
most complex commercial and research use cases. IonQ’s current
generation quantum computer, IonQ Forte, is the latest in a line of
cutting-edge systems, boasting 36 algorithmic qubits. The Company’s
innovative technology and rapid growth were recognized in Fast
Company’s 2023 Next Big Things in Tech List and Deloitte’s 2023
Technology Fast 500™ List, respectively. Available through all
major cloud providers, IonQ is making quantum computing more
accessible and impactful than ever before. Learn more at
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 preliminary outlook and guidance; the appearance of
new applications of IonQ’s products and services; the ability for
third parties to implement IonQ’s offerings to solve their problems
and increase their quantum computing capabilities; expansion of
IonQ’s sales pipeline; IonQ’s quantum computing capabilities and
plans; future deliveries of and access to IonQ’s quantum computers;
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; our ability to sell effectively to
government entities and large enterprises; changes in laws and
regulations affecting IonQ’s business; IonQ’s ability to implement
its business plans, forecasts and other expectations, to identify
and realize partnerships and opportunities, and to engage new and
existing customers; and risks associated with U.S. government
sales, including availability of funding and provisions that allow
the government to unilaterally terminate or modify contracts for
convenience. 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 Annual Report on Form 10-K
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 March
31,
2024
2023
Revenue
$
7,582
$
4,285
Costs and expenses:
Cost of revenue (excluding depreciation
and amortization)
3,414
1,036
Research and development
32,368
16,233
Sales and marketing
6,701
2,667
General and administrative
14,020
10,581
Depreciation and amortization
3,955
1,791
Total operating costs and expenses
60,458
32,308
Loss from operations
(52,876
)
(28,023
)
Gain (loss) on change in fair value of
warrant liabilities
8,627
(3,610
)
Interest income, net
4,799
4,231
Other income (expense), net
(134
)
64
Loss before income tax expense
(39,584
)
(27,338
)
Income tax benefit (expense)
(8
)
—
Net loss
$
(39,592
)
$
(27,338
)
Net loss per share attributable to
common stockholders—basic and diluted
$
(0.19
)
$
(0.14
)
Weighted average shares used in computing
net loss per share attributable to common stockholders—basic and
diluted
208,159,439
200,112,855
IonQ, Inc. Condensed
Consolidated Balance Sheets (unaudited) (in thousands)
March 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
60,074
$
35,665
Short-term investments
315,276
319,776
Accounts receivable
9,556
11,467
Prepaid expenses and other current
assets
25,022
23,081
Total current assets
409,928
389,989
Long-term investments
59,090
100,489
Property and equipment, net
42,380
37,515
Operating lease right-of-use assets
9,261
4,613
Intangible assets, net
16,865
15,077
Goodwill
726
742
Other noncurrent assets
5,612
5,155
Total Assets
$
543,862
$
553,580
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
5,852
$
5,599
Accrued expenses
10,541
18,376
Current portion of operating lease
liabilities
1,178
710
Unearned revenue
16,742
12,087
Current portion of stock option early
exercise liabilities
392
392
Total current liabilities
34,705
37,164
Operating lease liabilities, net of
current portion
14,452
7,395
Unearned revenue, net of current
portion
181
447
Stock option early exercise liabilities,
net of current portion
350
448
Warrant liabilities
14,378
23,004
Other noncurrent liabilities
27
128
Total liabilities
$
64,093
$
68,586
Stockholders’ Equity:
Common stock
$
21
$
20
Additional paid-in capital
873,133
839,014
Accumulated deficit
(391,665
)
(352,073
)
Accumulated other comprehensive loss
(1,720
)
(1,967
)
Total stockholders’ equity
479,769
484,994
Total Liabilities and Stockholders’
Equity
$
543,862
$
553,580
IonQ, Inc. Condensed
Consolidated Statements of Cash Flows (unaudited) (in
thousands)
Three Months Ended March
31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(39,592
)
$
(27,338
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
3,955
1,791
Non-cash research and development
arrangements
130
130
Stock-based compensation
22,061
10,268
(Gain) loss on change in fair value of
warrant liabilities
(8,627
)
3,610
Amortization of premiums and accretion of
discounts on available-for-sale securities
(2,302
)
(1,915
)
Other, net
809
345
Changes in operating assets and
liabilities:
Accounts receivable
1,897
2,044
Prepaid expenses and other current
assets
(4,656
)
(939
)
Accounts payable
(521
)
728
Accrued expenses
(554
)
920
Unearned revenue
4,389
(3,271
)
Other assets and liabilities
2,546
(188
)
Net cash provided by (used in) operating
activities
$
(20,465
)
$
(13,815
)
Cash flows from investing
activities:
Purchases of property and equipment
(3,140
)
(1,185
)
Capitalized software development costs
(1,400
)
(843
)
Intangible asset acquisition costs
(357
)
(318
)
Purchases of available-for-sale
securities
(66,619
)
(64,430
)
Maturities and sales of available-for-sale
securities
115,045
88,091
Net cash provided by (used in) investing
activities
$
43,529
$
21,315
Cash flows from financing
activities:
Proceeds from stock options exercised
486
52
Tax withholding receipts (payments)
related to vested and released RSUs, net
873
(18
)
Net cash provided by (used in) financing
activities
$
1,359
$
34
Effect of foreign exchange rate changes on
cash, cash equivalents and restricted cash
4
—
Net change in cash, cash equivalents and
restricted cash
24,427
7,534
Cash, cash equivalents and restricted cash
at the beginning of the period
38,081
46,367
Cash, cash equivalents and restricted
cash at the end of the period
$
62,508
$
53,901
IonQ, Inc.
Reconciliation of Net Loss to Adjusted EBITDA (unaudited)
(in thousands)
Three Months Ended March
31,
2024
2023
Net loss
$
(39,592
)
$
(27,338
)
Interest income, net
(4,799
)
(4,231
)
Interest expense
—
—
Income tax benefit (expense)
8
—
Depreciation and amortization
3,955
1,791
Stock-based compensation
22,061
10,268
(Gain) loss on change in fair value of
warrant liabilities
(8,627
)
3,610
Adjusted EBITDA
$
(26,994
)
$
(15,900
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508949405/en/
IonQ Media Contact: press@ionq.com
IonQ Investor Contact: investors@ionq.com
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