IonQ Announces Third Quarter 2021 Financial Results
IonQ, Inc. (“IonQ” or the “Company”) (NYSE: IONQ), a leader in quantum computing, today announced financial results and a business update for the third quarter ended September 30, 2021.
“IonQ delivered a number of significant milestones this quarter, delivering upon our technology roadmap and accelerating the commercialization of our quantum computers,” said Peter Chapman, President and CEO of IonQ.
In the third quarter, IonQ announced a new chip for the Company’s quantum processing unit, or QPU, that is designed to allow the Company to increase the number of qubits in its system while maintaining stability. IonQ believes this could allow it to scale to hundreds of qubits on a single chip, up from the dozens the Company has on chips today.
Side-by-side comparison of quantum computers tested from each of four providers included in the paper. IonQ’s latest system outperformed all others evaluated by having higher average result fidelity across a wide set of algorithms with a greater circuit width/depth than any other system. There are several benchmarks in the suite that we did not run due to time constraints, but that we expect to run in future benchmarking tests.
In the third quarter, IonQ announced a new chip for the Company’s quantum processing unit, or QPU, that is designed to allow the Company to increase the number of qubits in its system while maintaining stability. IonQ believes this could allow it to scale to hundreds of qubits on a single chip, up from the dozens the Company has on chips today.
In early October, researchers from IonQ and The University of Maryland published results in Nature, a prominent peer-reviewed journal, that documented cutting-edge error correction technology. This joint study with Duke University, the University of Maryland, and the Georgia Institute of Technology was the first, and so far the only one, on any quantum computing system, to show fault-tolerant error-correction working in practice and with very little overhead. Solving error correction is critical to creating quantum computers large enough to deal with the complex problems that governments, businesses, and societies face today.
IonQ’s bookings results demonstrate the Company’s leadership and growing demand for IonQ’s industry-leading trapped-ion hardware. IonQ is the only maker of quantum hardware that is available through every major cloud provider in the United States, which includes Amazon Web Services, Microsoft Azure, and Google Cloud. This gives public and private sectors unprecedented access to the Company’s technology. IonQ’s next generation system was released to select customers in private beta via IonQ’s dedicated cloud.
“We look forward to 2022 with confidence as we continue to build out IonQ’s ecosystem, demonstrate our superior scalability and efficiency, and solve useful problems for our worldwide customer base,” said Chapman.
Third Quarter Financial Highlights
·Revenue of $223 thousand, for a total of $451 thousand year to date.
·Year-to-date total contract value (TCV) bookings of $15.1 million.
·Cash and cash equivalents of $587 million as of September 30, 2021.
·Net loss of $14.8 million.
·Adjusted EBITDA was a loss of $7.9 million.*
“The completion of our business combination with dMY Technology Group III gave us the capital to fuel additional momentum in our system development and commercialization efforts,” said Thomas Kramer, CFO of IonQ. “As part of our business combination, we are fortunate to now call Hyundai Motor Company and Kia Corporation, Silver Lake, MSD Partners, L.P., Breakthrough Energy Ventures, NEA, GV and Fidelity Management & Research Company LLC investors in IonQ.”
“We believe our strong balance sheet with cash and cash equivalents of $587 million on September 30, 2021 will allow us to accelerate scaling of all business functions and continue attracting the industry’s best and brightest. We are well-capitalized and, we believe, well-positioned to benefit from Capitol Hill’s interest in quantum as shown by the infrastructure bill.”
* 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.
Third Quarter and Recent Business Highlights
·Industry benchmarking by the QED-C demonstrated the superior power of IonQ hardware compared to key competitors.
·First team globally to show fault-tolerant error correction in practice in a peer-reviewed paper published in Nature, alongside researchers from Duke University, the University of Maryland and the Georgia Institute of Technology.
·Debuted the industry’s first Reconfigurable Multicore Quantum Architecture, creating a path to scale quantum computers with potentially hundreds of qubits on one chip.
·A partnership with The University of Maryland to create the National Quantum Lab at Maryland (Q-Lab), the nation’s first user facility that enables hands-on access to a commercial-grade quantum computer.
·Announced partnerships and collaborations with leading organizations such as Accenture, Goldman Sachs, Fidelity Center for Applied Research, and GE Research.
·Closed business combination with dMY Technology Group, Inc. III on September 30, 2021, to become the first pure-play publicly traded quantum computing company in the world.
·Continued our hiring of world-class talent with key positions filled by Tom Jones as Chief People Officer (Blue Origin, Microsoft, Honeywell), Ariel Braunstein as Senior Vice President of Product Management (Google, Lytro, Cisco), and Dean Kassmann as Vice President of Research and Development (Blue Origin, Amazon).
Financial Outlook
·Expected bookings of $600 thousand to $800 thousand for fourth quarter 2021, to end the year between $15.7 million and $15.9 million.
·Expected revenue of $1.0 million to $1.2 million for fourth quarter 2021, to end the year between $1.5 million and $1.7 million.
Link:https://ionq.com/news/november-15-2021-ionq-announces-third-quarter-2021-financial-results
