IonQ has reported its financial results for the June 30, 2023 quarter. The company achieved $5.5 million in revenue for the second quarter, representing a 111% growth compared to the same period in the previous year. This exceeded the high end of the previously provided range.
IonQ also reported $28.0 million in new bookings for the second quarter and $32.2 million year-to-date. The company’s cash, cash equivalents and investments were $509.2 million as of June 30, 2023. IonQ has increased its revenue outlook range for the full year 2023 to $18.9 million to $19.3 million. The company also increased its bookings expectation range for the full year 2023 to between $49 million to $56 million.
In terms of technical achievements, IonQ published a manuscript with Oak Ridge National Laboratory on modeling the molecular structure of the benzene molecule, which it believes is the most accurate benzene model run on a quantum computer to date. The company also plans to achieve an #AQ 64 system by the end of 2025, which it believes will deliver quantum advantage for certain use cases and make classical computers unable to fully simulate an IonQ system.
IonQ’s Second Quarter 2023 Financial Results
IonQ, a quantum computing company, has announced its financial results for the second quarter of 2023. The company reported revenue of $5.5 million, which is above the high end of the previously provided range and represents a 111% growth compared to $2.6 million in the prior year period. This increase in revenue is attributed to progress in one of IonQ’s customer contracts taking place earlier than expected, shifting revenue into the second quarter.
The company also achieved $28.0 million in new bookings for the second quarter, and $32.2 million year-to-date. As of June 30, 2023, IonQ’s cash, cash equivalents and investments were $509.2 million. However, the company reported a net loss of $43.7 million and an Adjusted EBITDA loss of $19.4 million for the second quarter.
IonQ’s Technical Achievements and Future Plans
IonQ has made significant strides in the field of quantum computing. The company published a manuscript with Oak Ridge National Laboratory on modelling the molecular structure of the benzene molecule, which is commonly used as an industrial solvent and as a benchmark to evaluate quantum chemistry algorithms. IonQ believes this represents the most accurate benzene model run on a quantum computer to date.
The company also plans to achieve an #AQ 64 system by the end of 2025. IonQ believes that with this 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. More details about IonQ’s technical roadmap and upcoming product specifications will be shared at the Quantum World Congress on September 27th.
IonQ’s 2023 Financial Outlook
For the full year 2023, IonQ is increasing its revenue outlook range from $18.9 million to $19.3 million. For the third quarter of 2023, the company expects revenue of between $4.8 million and $5.2 million. IonQ is also increasing its bookings expectation range again to between $49 million to $56 million, projecting more than 100% growth in bookings year-over-year at the midpoint.
IonQ’s Expansion Plans
Seeing increased demand for its systems, IonQ plans to sell several systems over the next 18 months, in various configurations based on customer needs. The company’s guidance for this year is a probability-weighted average of its pipeline, which already accounts for the 2023 portion of these potential sales.
IonQ’s current generation quantum computer, IonQ Forte, boasts an industry-leading 29 algorithmic qubits. IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure and Google Cloud, and through direct API access. IonQ was founded in 2015 by Dr. Christopher Monroe and Dr. Jungsang Kim based on 25 years of pioneering research.
“This was another landmark quarter for IonQ, most notably with a record-setting $28 million in bookings, bringing the total to over $32 million in the first half,” said Peter Chapman, President and CEO of IonQ. “We are now well on our way to our revised, higher bookings expectations of $49 million to $56 million for the year. We are also within striking range of our goal of $100 million in cumulative bookings within the first three years of IonQ’s commercialization, starting in 2021.”
“Our impressive second quarter results come on the heels of us achieving our 2023 technical target of 29 algorithmic qubits (#AQ) seven months early. As our path to #AQ 64 and quantum advantage comes into clearer focus, we have seen both public and private institutions investing not just in our current Forte platform, but in IonQ’s technical roadmap. Our track record of success is beginning to speak for itself in the public markets, and we are relentlessly focused on bringing broad quantum advantage to all our customers.”
Peter Chapman, President and CEO of IonQ.
Quick Summary
Quantum computing company IonQ reported a record-setting $28 million in bookings for the second quarter of 2023, bringing the total to over $32 million for the first half of the year. The company also achieved its 2023 technical target of 29 algorithmic qubits seven months early, and established its first Quantum Data Centre in Europe.
- IonQ, a leading quantum computing company, reported its financial results for the quarter ending June 30, 2023, with a revenue of $5.5 million, a 111% growth compared to the previous year.
- The company achieved $28.0 million in new bookings for the second quarter, and $32.2 million year-to-date.
- IonQ’s CEO, Peter Chapman, highlighted the company’s record-setting $28 million in bookings and the progress towards their goal of $100 million in cumulative bookings within the first three years of commercialisation.
- The company has established its first Quantum Data Center in Europe with QuantumBasel, expected to be powered by future #AQ 35 and #AQ 64 Systems.
- IonQ also published a manuscript with Oak Ridge National Laboratory on modelling the molecular structure of the benzene molecule, which they believe is the most accurate model run on a quantum computer to date.
- The company aims to achieve an #AQ 64 system by the end of 2025, which they believe will deliver quantum advantage for certain use cases.
- For the full year 2023, IonQ is increasing its revenue outlook range to $18.9 million to $19.3 million and its bookings expectation range to between $49 million to $56 million.
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