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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IonQ Inc | NYSE:IONQ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.15 | -1.78% | 8.28 | 8.48 | 8.18 | 8.37 | 3,340,546 | 00:48:54 |
Third Quarter Results of $6.1 Million in Revenue, Above High End of Range
2023 Full Year Revenue and Bookings Outlooks Increased Again
Third Quarter Bookings of $26.3 Million Bring Bookings to $58.4 Million Year-to-Date as of Q3
Announces $25.5 Million Quantum Networking System Sale to AFRL
Robust Commercial Pipeline Growth and Visibility
Achieves $100 Million in Cumulative Bookings Within First Three Years of Commercialization Efforts
Technical Momentum Continues Towards Commercial Advantage
IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced financial results for the quarter ended September 30, 2023.
“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.”
Third Quarter 2023 Financial Highlights
*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
Technical Highlights
2023 Financial Outlook
Announcing Filing of S-3 Shelf Registration Statement
*Any offer, solicitation or sale of any of the securities registered under the registration statement will be made only by means of the prospectus and the accompanying prospectus supplement once the registration statement is declared effective by the SEC. This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities, nor may there be any sale of IonQ’s common stock or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the effectiveness of the registration statement with the SEC and registration or qualification under the securities law of any state or jurisdiction.
Third Quarter 2023 Conference Call
IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company’s financial results for the third quarter ended September 30, 2023 and to provide a business update. The call will be accessible by telephone at 877-300-8521 (domestic) or 412-317-6026 (international). The call will also be available live via webcast on the Company’s website here, or directly here. A telephone replay of the conference call will be available approximately two hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 10183201 and will be available until 11:59 p.m. Eastern time, November 22, 2023. An archive of the webcast will also be available here shortly after the call and will remain available for one year.
Non-GAAP Financial Measures
To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA is a financial measure that is not required by or presented in accordance with GAAP. Management believes that this measure provides investors an additional meaningful method to evaluate certain aspects of the Company’s results period over period. Adjusted EBITDA is defined as net loss before interest income, net, interest expense, income tax expense, depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ’s non-GAAP measures may be different from non-GAAP measures used by other companies. For IonQ’s investors to be better able to compare the Company’s current results with those of previous periods, IonQ shows a reconciliation of GAAP to non-GAAP financial measures at the end of this release.
About IonQ
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting an industry-leading 29 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale.
IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. To learn more, visit www.ionq.com.
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 outlook and guidance, the ability for third parties to implement IonQ’s offerings to increase their quantum computing capabilities, the effect of increased availability of customer support functions, IonQ’s quantum computing capabilities and plans, access to IonQ’s quantum computers, increases in algorithmic qubit achievement, 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 IonQ operates, including development of competing technologies; changes in laws and regulations affecting IonQ’s business; IonQ’s ability to implement its business plans, forecasts and other expectations, identify and realize partnerships and opportunities, and to engage new and existing customers, and risks associated with U.S. government sales, including provisions that allow the government to unilaterally terminate or modify contracts for convenience and the uncertain scope and impact of a possible U.S. government shutdown or operation under a continuing resolution. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company’s filings, including but not limited to those described in the “Risk Factors” section of IonQ’s most recent Quarterly Report on Form 10-Q and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.
IonQ, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Revenue
$
6,136
$
2,763
$
15,936
$
7,324
Costs and expenses:
Cost of revenue (excluding depreciation and amortization)
2,008
733
4,945
2,043
Research and development
24,599
13,292
60,701
30,282
Sales and marketing
5,047
1,969
11,289
5,971
General and administrative
13,927
10,149
35,438
26,901
Depreciation and amortization
2,749
1,531
6,869
4,248
Total operating costs and expenses
48,330
27,674
119,242
69,445
Loss from operations
(42,194
)
(24,911
)
(103,306
)
(62,121
)
Change in fair value of warrant liabilities
(7,640
)
(1,151
)
(26,787
)
28,358
Interest income, net
5,007
2,059
14,115
3,926
Other income (expense), net
55
20
150
(27
)
Loss before benefit for income taxes
(44,772
)
(23,983
)
(115,828
)
(29,864
)
Income tax expense
(39
)
—
(39
)
—
Net loss
$
(44,811
)
$
(23,983
)
$
(115,867
)
$
(29,864
)
Net loss per share attributable to common stockholders— basic and diluted
$
(0.22
)
$
(0.12
)
$
(0.57
)
$
(0.15
)
Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted
203,390,383
198,301,240
201,656,916
197,255,965
IonQ, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30,
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
37,137
$
44,367
Short-term investments
346,853
311,430
Accounts receivable
3,033
3,292
Prepaid expenses and other current assets
16,816
12,539
Total current assets
403,839
371,628
Long-term investments
101,115
182,001
Property and equipment, net
35,356
26,014
Operating lease right-of-use assets
5,587
3,753
Intangible assets, net
13,059
8,944
Goodwill
742
742
Other noncurrent assets
5,680
4,910
Total Assets
$
565,378
$
597,992
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
6,408
$
3,055
Accrued expenses
15,703
6,655
Current portion of operating lease liabilities
695
591
Unearned revenue
5,216
8,729
Current portion of stock option early exercise liabilities
576
1,130
Total current liabilities
28,598
20,160
Operating lease liabilities, net of current portion
6,500
3,459
Unearned revenue, net of current portion
457
1,201
Stock option early exercise liabilities, net of current portion
545
839
Warrant liabilities
30,599
3,819
Other noncurrent liabilities
183
303
Total liabilities
$
66,882
$
29,781
Stockholders’ Equity:
Common stock
$
20
$
20
Additional paid-in capital
813,439
769,848
Accumulated deficit
(310,169
)
(194,302
)
Accumulated other comprehensive loss
(4,794
)
(7,355
)
Total stockholders’ equity
498,496
568,211
Total Liabilities and Stockholders’ Equity
$
565,378
$
597,992
IonQ, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended September 30,
2023
2022
Cash flows from operating activities:
Net loss
$
(115,867
)
$
(29,864
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
6,869
4,248
Non-cash research and development arrangements
390
390
Stock-based compensation
38,549
22,561
Change in fair value of warrant liabilities
26,787
(28,358
)
Amortization of premiums and accretion of discounts on available-for-sale securities
(7,287
)
(383
)
Other, net
1,036
345
Changes in operating assets and liabilities:
Accounts receivable
946
(1,135
)
Prepaid expenses and other current assets
(7,545
)
(1,842
)
Accounts payable
975
2,992
Accrued expenses
8,066
1,996
Unearned revenue
(4,944
)
(555
)
Other assets and liabilities
(156
)
(180
)
Net cash used in operating activities
$
(52,181
)
$
(29,785
)
Cash flows from investing activities:
Purchases of property and equipment
(6,544
)
(8,381
)
Capitalized software development costs
(3,134
)
(1,491
)
Intangible asset acquisition costs
(1,057
)
(598
)
Purchases of available-for-sale securities
(230,350
)
(488,887
)
Maturities and sales of available-for-sale securities
285,665
185,150
Net cash provided by (used in) investing activities
$
44,580
$
(314,207
)
Cash flows from financing activities:
Proceeds from stock options exercised
775
953
Other financing, net
9
1,212
Net cash provided by financing activities
$
784
$
2,165
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
3
—
Net change in cash, cash equivalents and restricted cash
(6,814
)
(341,827
)
Cash, cash equivalents and restricted cash at the beginning of the period
46,367
399,025
Cash, cash equivalents and restricted cash at the end of the period
$
39,553
$
57,198
IonQ, Inc.
Reconciliation of Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Net loss
$
(44,811
)
$
(23,983
)
$
(115,867
)
$
(29,864
)
Interest income, net
(5,007
)
(2,059
)
(14,115
)
(3,926
)
Interest expense
—
—
—
—
Income tax expense
39
—
39
—
Depreciation and amortization
2,749
1,531
6,869
4,248
Stock-based compensation
16,977
10,005
38,549
22,561
Change in fair value of warrant liabilities
7,640
1,151
26,787
(28,358
)
Adjusted EBITDA
$
(22,413
)
$
(13,355
)
$
(57,738
)
$
(35,339
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108682450/en/
IonQ Media Contact: Tyler Ogoshi press@ionq.com
IonQ Investor Contact: investors@ionq.com
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