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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 | |
|---|---|---|---|---|---|---|---|---|
| -2.93 | -9.06% | 29.40 | 32.83 | 28.10 | 29.55 | 27,976,245 | 15:48:08 |
From Oct 2024 to Jan 2025
IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced financial results for the quarter ended September 30, 2024.
“We had yet another banner quarter at IonQ, booking $63.5 million and exceeding the high end of our revenue range. We won a $54.5 million deal with the United States Air Force Research Lab (AFRL) to develop and deliver hardware that enables the scaling and networking of quantum systems,” said Peter Chapman, President and CEO of IonQ. “We have entered a new era of commercialization for quantum networking, as demonstrated by the AFRL deal, today's announcement of the Qubitekk acquisition, and last quarter’s networking win with ARLIS. These announcements advance our position as a market leader in quantum networking, in addition to our pole position in quantum computing.”
“For the first time in IonQ’s history, we are announcing a plan to partner on the development of quantum applications for a production use case with AstraZeneca,” said Chapman. “We believe this monumental collaboration will be the first step to validate the years of pioneering research we have conducted in quantum chemistry.”
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.
Q3 and Recent Commercial Highlights
Technical Highlights
2024 Financial Outlook
Third Quarter 2024 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, 2024 and to provide a business update. The call will be accessible by telephone at 877-407-4078 (domestic) or +1-201-689-8471 (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 three hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 13748910 and will be available until 11:59 p.m. Eastern time, November 20, 2024. 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, 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. 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 that delivers high-performance systems capable of solving the world’s largest and most complex commercial and research use cases. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting 36 algorithmic qubits. The Company’s innovative technology and rapid growth were recognized in Fast Company’s 2023 Next Big Things in Tech List and Deloitte’s 2023 Technology Fast 500™ List, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at 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,” “offers,” and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ’s position in the quantum networking sector; its planned partnership with AstraZeneca to develop production applications; the expected progress of IonQ’s application development collaborations; the closing of its transaction to acquire substantially all of the assets of Qubitekk, Inc., including its patents; the expected hiring of Qubitekk employees; the delivery of hardware and technology by IonQ under its contract with AFRL; advancement of quantum networking technology; the expected delivery to IonQ of components for its next generation systems; IonQ’s development of applications in AstraZeneca’s BioVentureHub; the Company’s technology driving commercial applications 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 services; future purchases of IonQ’s offerings by customers using congressionally-appropriated funds from the U.S. government; IonQ’s performance of existing contracts in the future, including anticipated timing of completion of research, development and manufacturing by IonQ; IonQ receiving additional revenues under planned subsequent phases of customer contracts; 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; our ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ’s and its suppliers’ businesses; IonQ’s ability to implement its business plans, forecasts, and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; its inability to effectively enter new markets; IonQ’s ability to deliver services and products within currently anticipated timelines; its inability to attract and retain key personnel; the conditions for closing the asset purchase transaction with Qubitekk not being met, including the entry into certain contracts and amendments to contracts; IonQ’s customers deciding or declining to extend contracts into new phases; the inability of its suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ’s customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. 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,
2024
2023
2024
2023
Revenue
$
12,400
$
6,136
$
31,363
$
15,936
Costs and expenses:
Cost of revenue (excluding depreciation and amortization)
6,515
2,008
15,552
4,945
Research and development
33,178
24,599
96,750
60,701
Sales and marketing
6,630
5,047
19,468
11,289
General and administrative
14,322
13,927
41,395
35,438
Depreciation and amortization
4,890
2,749
13,150
6,869
Total operating costs and expenses
65,535
48,330
186,315
119,242
Loss from operations
(53,135
)
(42,194
)
(154,952
)
(103,306
)
Gain (loss) on change in fair value of warrant liabilities
(3,868
)
(7,640
)
11,398
(26,787
)
Interest income, net
4,508
5,007
14,108
14,115
Other income (expense), net
15
55
(164
)
150
Loss before income tax expense
(52,480
)
(44,772
)
(129,610
)
(115,828
)
Income tax benefit (expense)
(16
)
(39
)
(39
)
(39
)
Net loss
$
(52,496
)
$
(44,811
)
$
(129,649
)
$
(115,867
)
Net loss per share attributable to common stockholders—basic and diluted
$
(0.24
)
$
(0.22
)
$
(0.61
)
$
(0.57
)
Weighted average shares used in computing net loss per share attributable to common stockholders—basic and diluted
214,305,053
203,390,383
211,378,045
201,656,916
IonQ, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
September 30,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
30,172
$
35,665
Short-term investments
335,538
319,776
Accounts receivable
4,137
11,467
Prepaid expenses and other current assets
25,553
23,081
Total current assets
395,400
389,989
Long-term investments
17,131
100,489
Property and equipment, net
49,454
37,515
Operating lease right-of-use assets
10,029
4,613
Intangible assets, net
17,487
15,077
Goodwill
727
742
Other noncurrent assets
7,683
5,155
Total Assets
$
497,911
$
553,580
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
4,854
$
5,599
Accrued expenses
15,657
18,376
Current portion of operating lease liabilities
3,089
710
Unearned revenue
8,332
12,087
Current portion of stock option early exercise liabilities
392
392
Total current liabilities
32,324
37,164
Operating lease liabilities, net of current portion
15,214
7,395
Unearned revenue, net of current portion
60
447
Stock option early exercise liabilities, net of current portion
154
448
Warrant liabilities
11,607
23,004
Other noncurrent liabilities
2,869
128
Total liabilities
$
62,228
$
68,586
Stockholders’ Equity:
Common stock
$
22
$
20
Additional paid-in capital
917,048
839,014
Accumulated deficit
(481,722
)
(352,073
)
Accumulated other comprehensive income (loss)
335
(1,967
)
Total stockholders’ equity
435,683
484,994
Total Liabilities and Stockholders’ Equity
$
497,911
$
553,580
IonQ, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Nine Months Ended September 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(129,649
)
$
(115,867
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
13,150
6,869
Non-cash research and development arrangements
390
390
Stock-based compensation
67,607
38,549
(Gain) loss on change in fair value of warrant liabilities
(11,398
)
26,787
Amortization of premiums and accretion of discounts on available-for-sale securities
(7,086
)
(7,287
)
Other, net
3,901
1,036
Changes in operating assets and liabilities:
Accounts receivable
7,341
946
Prepaid expenses and other current assets
(9,899
)
(7,545
)
Accounts payable
(463
)
975
Accrued expenses
612
8,066
Unearned revenue
(4,232
)
(4,944
)
Other assets and liabilities
3,471
(156
)
Net cash provided by (used in) operating activities
$
(66,255
)
$
(52,181
)
Cash flows from investing activities:
Purchases of property and equipment
(14,399
)
(6,544
)
Capitalized software development costs
(3,064
)
(3,134
)
Intangible asset acquisition costs
(1,201
)
(1,057
)
Purchases of available-for-sale securities
(241,162
)
(230,350
)
Maturities of available-for-sale securities
318,192
285,665
Net cash provided by (used in) investing activities
$
58,366
$
44,580
Cash flows from financing activities:
Proceeds from stock options exercised
2,270
775
Other financing, net
144
9
Net cash provided by (used in) financing activities
$
2,414
$
784
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
4
3
Net change in cash, cash equivalents and restricted cash
(5,471
)
(6,814
)
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
$
32,610
$
39,553
IonQ, Inc.
Reconciliation of Net Loss to Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Net loss
$
(52,496
)
$
(44,811
)
$
(129,649
)
$
(115,867
)
Interest income, net
(4,508
)
(5,007
)
(14,108
)
(14,115
)
Interest expense
—
—
—
—
Income tax (benefit) expense
16
39
39
39
Depreciation and amortization
4,890
2,749
13,150
6,869
Stock-based compensation
24,567
16,977
67,607
38,549
(Gain) loss on change in fair value of warrant liabilities
3,868
7,640
(11,398
)
26,787
Adjusted EBITDA
$
(23,663
)
$
(22,413
)
$
(74,359
)
$
(57,738
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106385224/en/
IonQ Media Contact: Tyler Ogoshi press@ionq.com
IonQ Investor Contact: investors@ionq.com
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