IonQ reported $4.3 million in revenue for Q1 2023, surpassing expectations. The company achieved its 2023 technical milestone of 29 algorithmic qubits with IonQ Forte, a quantum system that offers a 16x increase in power compared to the IonQ Aria system. IonQ also completed the construction of IonQ Aria 2, increasing capacity for quantum computing customers. The company has raised its 2023 full-year revenue outlook to $18.8 million to $19.2 million. IonQ’s CEO, Peter Chapman, highlighted the strong start in technical, operational, and financial aspects.
IonQ Reports Strong First Quarter Results and Achieves Technical Milestone
IonQ announced financial results for the quarter ended March 31, 2023, with revenue of $4.3 million, above the high end of the previously provided range. This is compared to $2.0 million in the prior year period. The company also achieved $4.1 million in new bookings for the first quarter.
Peter Chapman, President and CEO of IonQ, said, “IonQ is off to a strong start this year – technically, operationally, and financially.” He added that the company met its FY23 technical target of 29 algorithmic qubits (#AQ) seven months earlier than expected, using IonQ Forte, their newest world-class quantum system.
IonQ Forte: A Significant Step Up in Quantum Computing Power
IonQ Forte represents a 16x step up in power from the company’s IonQ Aria system. With Forte already running select customer jobs, this milestone brings IonQ closer to reaching quantum advantage. The company completed the construction of IonQ Aria 2, a second Aria-class quantum computer, which will join IonQ Aria 1 on the public cloud this quarter.
IonQ achieved 29 #AQ on IonQ Forte, reaching the company’s most significant 2023 technical goal seven months ahead of the company’s technical roadmap. This is a 16x increase in computational power, measured by useful computational space for running algorithms, compared to IonQ Aria with 25 #AQ.
New Partnerships and Research in Quantum Computing
IonQ signed a contract with the United Emirates Quantum Research Center – Technology Innovation Institute to explore how quantum computing can give the nation a competitive edge. In collaboration with Fidelity Center for Applied Technology (FCAT), IonQ announced new work in the field of Quantum Monte Carlo, focusing on speeding up Monte Carlo simulations, a widely-used statistical analysis method in finance, science, and engineering.
The company also launched a partnership with BearingPoint, a global management and technology consulting firm, to bolster their growing quantum team in Europe. IonQ published research results on modeling human cognition using quantum hardware in the peer-reviewed scientific journal, Entropy. This is the first output of work IonQ initiated a year ago on quantum artificial intelligence, or quantum AI.
2023 Financial Outlook
For the second quarter of 2023, IonQ is expecting revenue of between $4.1 million and $4.5 million. For the full year 2023, IonQ is increasing its revenue outlook range to $18.8 million to $19.2 million. The company is reiterating its previously stated bookings range of $38 million to $42 million for the full year 2023.
IonQ’s Continued Growth and Expansion
IonQ’s strong financial results and technical achievements demonstrate the company’s continued growth and expansion in the quantum computing industry. With the introduction of IonQ Forte and the completion of IonQ Aria 2, the company is well-positioned to further develop and advance its quantum computers and achieve scale. IonQ’s partnerships and research initiatives also showcase the potential benefits of quantum computing in various industries, including finance, science, and engineering.
“IonQ is off to a strong start this year – technically, operationally, and financially,” said Peter Chapman, President and CEO of IonQ. “Most importantly, we met our FY23 technical target of 29 algorithmic qubits (#AQ) seven months earlier than expected.”
“We are also excited to announce that we hit this target using IonQ Forte, our newest world-class quantum system. IonQ Forte represents a 16x step up in power from our IonQ Aria system. With Forte already running select customer jobs, this milestone brings us yet closer to reaching quantum advantage.”
Summary
IonQ, a leader in the quantum computing industry, achieved its 2023 technical milestone of 29 algorithmic qubits with IonQ Forte, a 16x increase in computational power compared to its previous system. The company also increased its 2023 full-year revenue outlook to $18.8 million to $19.2 million.
- IonQ, a leader in the quantum computing industry, reported $4.3 million in revenue for Q1 2023, surpassing expectations.
- The company achieved its 2023 technical milestone of 29 algorithmic qubits with IonQ Forte, a 16x increase in power from the IonQ Aria system.
- IonQ completed the construction of IonQ Aria 2, increasing capacity for quantum computing customers.
- The company increased its 2023 full-year revenue outlook to $18.8 million to $19.2 million.
- IonQ signed a contract with the United Emirates Quantum Research Center to explore quantum computing applications.
- In collaboration with Fidelity Center for Applied Technology, IonQ announced new work in Quantum Monte Carlo simulations.
- IonQ partnered with BearingPoint, a global consulting firm, to expand their quantum team in Europe.
- The company hired Pat Tang as Vice President of Research and Development, bringing over 23 years of technology experience from Amazon’s Lab126.
Read More.