IonQ Announces First Quarter 2024 Financial Results
First Quarter Results of
Sales Pipeline Expanding in Deal Size and Volume with Improving Visibility
Bookings Backloaded,
Hired
“We kicked the year off with strong revenue results, once again outperforming the high end of our guidance range,” said
“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
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 ofMarch 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 withDeutsches 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 withOak Ridge National Lab to explore how quantum computing technology can be used to optimizethe 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 joinsMaryland andWashington as the latestU.S. state to invest in its economy and competitive advantage by entering into a quantum partnership withIonQ . -
IonQ announced that its firstIonQ Forte Enterprise system for customer delivery is currently under construction at its recently completedSeattle 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 newBasel, Switzerland data center.
Corporate Highlights
-
In April,
IonQ announced the addition ofStacey 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 joinsIonQ 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 theApplied 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
Upcoming Investor Conference Participation
Upcoming Technical Progress Presentation
Non-GAAP Financial Measures
To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP,
About
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
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Three Months Ended
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|
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 |
|
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|
|
|
|
|
|
||
|
|
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 |
|
|
|
|
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 |
|
|
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Three Months Ended
|
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|||||
|
|
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 |
|
|
||||||||
|
|
Three Months Ended
|
|
|||||
|
|
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
Source: