Quantum computing company IonQ reports Q3 2023 revenues of $6.1 million, a 122% increase from the previous year. The company also announced a $25.5 million sale of its Quantum Networking System to the US Air Force Research Lab. IonQ’s CEO, Peter Chapman, highlighted the company’s achievement of $100 million in cumulative bookings within three years of commercialization. The company also unveiled two new quantum computers, IonQ Forte Enterprise, and IonQ Tempo, and aims to achieve a 64-qubit system by the end of 2025.
IonQ’s Third Quarter Financial Results
IonQ, a quantum computing company, has announced its financial results for the third quarter ending September 30, 2023. The company reported a revenue of $6.1 million, which is above the high end of the previously provided range. This represents a 122% growth compared to $2.8 million in the same period the previous year.
The company also achieved $26.3 million in new bookings for the third quarter, and $58.4 million year-to-date as of September 30, 2023. IonQ reached 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. As of September 30, 2023, the company’s cash, cash equivalents and investments were $485.1 million.
Quantum Networking System Sale and New Quantum Computers
During the third quarter, IonQ sold two systems in a $25.5 million deal to the US Air Force Research Lab (AFRL) to further explore quantum networking. The company also unveiled its next two future generations of quantum computers: IonQ Forte Enterprise and IonQ Tempo.
IonQ Forte Enterprise is designed to integrate seamlessly into existing data centres, bringing #AQ 35 to customers. IonQ Tempo, on the other hand, is expected to deliver #AQ 64 and quantum advantage for certain applications.
Technical Highlights and Future Plans
IonQ announced that it now believes it will be able to reach #AQ 64 and commercial advantage using error mitigation, a technique the company is already employing today. This requires fewer qubits than error correction, and makes IonQ more confident in its ability to reach #AQ 64 in the near-term.
The company 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.
2023 Financial Outlook
For the full year 2023, IonQ reports it is increasing its revenue outlook range to $21.2 million to $22.0 million. For the fourth quarter of 2023, the company 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.
Filing of S-3 Shelf Registration Statement
The company intends to file a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”). While the company has no foreseeable needs to raise and use additional capital at this time, it would like to maintain the optionality to raise additional capital to fund strategic growth and M&A opportunities in the near to medium term.
“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.” – Peter Chapman, President and CEO of IonQ.
Summary
IonQ, a quantum computing company, reported a revenue of $6.1 million for the third quarter of 2023, marking a 122% growth compared to the same period in the previous year. The company also announced the sale of two quantum networking systems to the US Air Force Research Lab and plans to achieve a 64-qubit system by the end of 2025, which they believe will deliver quantum advantage for certain applications.
- IonQ, a leading quantum computing company, reported financial results for the third quarter ending September 30, 2023.
- The company achieved $6.1 million in revenue, representing a 122% growth compared to the same period in the previous year.
- IonQ also reported $26.3 million in new bookings for the third quarter, and $58.4 million year-to-date.
- The company reached its goal of $100 million in cumulative bookings within the first three years of commercialisation, starting in 2021.
- IonQ sold two systems in a $25.5 million deal to the US Air Force Research Lab (AFRL) to further explore quantum networking.
- The company unveiled its next two generations of quantum computers: IonQ Forte Enterprise and IonQ Tempo.
- IonQ plans to achieve an #AQ 64 system by the end of 2025, which will deliver quantum advantage for certain applications.
- For the full year 2023, IonQ is increasing its revenue outlook range to $21.2 million to $22.0 million.
- Peter Chapman, President and CEO of IonQ, stated that the company’s commercial pipeline is bigger and better than ever and their technical momentum continues to be ahead of schedule.
