IonQ Releases Second Quarter 2022 Financial Results

Ionq Releases Second Quarter 2022 Financial Results

IonQ, a leading quantum computing company based in the US, has announced financial results for the quarter ended June 30, 2022.

“We are thrilled to share the progress we made in the second quarter,” “I am excited to announce that we are bringing to the cloud a computer that is over 130,000 times more computationally powerful than our previous cloud offering, as defined by the useful computational space. IonQ Aria has achieved a record-breaking 23 algorithmic qubits, representing an 8x increase in Aria’s power and further cementing its lead as the most powerful known quantum computer in the world.”

Peter Chapman, President, and CEO of IonQ.

Second Quarter 2022 Financial Highlights

  • IonQ recorded a revenue increase from $93 thousand in the previous year to $2.6 million for the second quarter.
  • They recorded a net loss of $1.7 million and adjusted EBITDA loss of $11.6 million.
  • Cash, cash equivalents, and investments were $571.3 million as of June 30, 2022.

Commercial Highlights

  • IonQ announced a paid contract with Airbus, a European multinational aerospace corporation using Aria to investigate optimization problems peculiar to aerospace. 
  • IonQ announced a paid contract with Dow, a leading company in Chemistry and material science, to investigate the boundaries of quantum computing in materials discovery research using Aria.
  • IonQ announced the results of its partnership with GE Research to devise a quantum algorithm that manages financial risk exposure. 
  • Aria, the first quantum computer with 23 algorithmic qubits and believed to be the most powerful commercial quantum computer in the world, is now available to all users of Microsoft Azure Quantum. 
  • IonQ signed a formal agreement to partner with the University of Maryland on a project for the National Science Foundation. For this project, IonQ will build and host a quantum router as a part of a new quantum network–the Mid-Atlantic Region Quantum Internet—spanning UMD’s campus and surrounding area.
  • IonQ sealed a subcontract with Zapata Computing to partner on a multi-million dollar DARPA project.

Technical Highlights

  • Aria, IonQ’s latest quantum computer, has increased its computational power by approximately 8x. Previously at #AQ 20, it can now reach #AQ 23. Aria will become IonQ’s newest cloud offering, with more than a 130,000x increase in computational power compared to the existing offers.
  • IonQ announced an 8x increase in the computational power of IonQ Harmony, which has achieved up to #AQ 9, previously #AQ 6. Customers may purchase Harmony systems from the three main cloud providers, including Google Cloud, Amazon Web Services, and Microsoft Azure.
  • IonQ developed quantum NLP algorithms to represent linguistic qualities like ambiguity, vagueness, and novelty, which are challenging to express in classical computing. IonQ believes that such quantum approaches can significantly enhance NLP performance.

Company Highlights

  • IonQ will host its first assembly lines for manufacturing quantum computers in Seattle.
  •  IonQ announced the appointment of Dave Mehuys as Vice President of Product Engineering to support its production plans. Dr. Mehuys comes to IonQ after serving as Vice President of Systems Engineering at PsiQuantum and brings a deep understanding of quantum hardware.
  • IonQ announced the development of IonQ GmbH and IonQ Israel Ltd to support growing regional investments in quantum computing.
  • Kathy Chou joined IonQ’s Board of Directors in July 2022. She is currently the Senior Vice President of SaaS Engineering at Nutanix.

2022 Financial Outlook

  • For the third quarter of 2022, IonQ expects revenue of between $2.6 and $2.9 million.
  • IonQ has reaffirmed the previously announced revenue projection range of $10.2 million to $10.7 million for the full year 2022.
  • IonQ achieved bookings of $0.6 million for the second quarter, compared to $57 thousand in the previous year.
  • IonQ is maintaining its previously stated bookings range of $23 million to $27 million for the 2022 full year. 
  • IonQ notes that the $571.3 million in cash, cash equivalents, and investments enable the Company to invest in R&D and manufacturing to continue delivering market-leading systems.

“Tomorrow, Aria will become available to all users of Microsoft Azure Quantum,” “This launch furthers our commitment to making our industry-leading hardware publicly accessible to current and future generations of quantum programmers. Meanwhile, our customer base–including new customers Airbus and Dow–is leveraging this superior performance to build quantum applications that deliver real business value. The future continues to be ever brighter for quantum computing.”

Peter Chapman, President, and CEO of IonQ.

Second Quarter 2022 Conference Call

IonQ hosted a conference call on August 15 Eastern time to review the Company’s financial results for the quarter ended June 30, 2022. An archive of the webcast will be available for 90 days.

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