Three Quantum-listed companies report Q1 2023 earnings
On May 11, 2023, three global quantum companies have released their first quarter 2023 financial results. They are IonQ, a leader in quantum computing; Rigetti Computing, a pioneer in full-stack quantum classical computing; and QCI, a pioneering full-stack photon-based quantum computing and solutions company.
All three of these companies have achieved varying degrees of business revenue and technological breakthroughs; however, they also all have net losses averaging over $15 million: only QCI with a net loss of $8.5 million and under $10 million. However, all the above companies are optimistic about their subsequent development.
In addition, D-Wave, a leader in quantum computing systems, software and services, and the only quantum computing company to build a commercial annealing quantum computing system and develop a gated model quantum computing system, has pushed back its first quarter earnings release date to May 19.
On May 11, IonQ (NYSE: IONQ), a leader in quantum computing, announced financial results for the quarter ended March 31, 2023.
Commenting on the quarter's financial performance, IonQ President and CEO Peter Chapman said, "IonQ has had a strong start to the year, technically, operationally and financially. Most importantly, we achieved our FY23 technical goal of 29 Algorithmic Quantum Bits (#AQ) seven months earlier than expected."
"We are also pleased to announce that this goal was met using IonQ Forte, the latest world-class quantum system. ionQ Forte represents a 16x increase in power for our IonQ Aria system. With Forte already running some of our customers' work, this milestone brings us closer to reaching 'quantum superiority'."
In the first quarter, IonQ recognized $4.3 million in revenue, realized $4.1 million in new orders; and had a net loss of $27.3 million.
In addition to the commercial partnerships established with the UAE Quantum Research Center, Fidelity, and BearingPoint (a global management and technology consulting firm), it is worth noting that IonQ achieved 29# AQ on the company's latest world-class quantum system, IonQ Forte - seven months ahead of the company's technology roadmap months ahead of the company's technology roadmap to reach the company's most important 2023 technology goal.
For the second quarter of 2023, IonQ expects revenue to be in the range of $4.1 million to $4.5 million; for the full year 2023, IonQ has increased its revenue outlook range to $18.8-19.2 million and bookings in the range of $38-42 million.
Condensed Consolidated Statements of Operations (unaudited)
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On May 11, Rigetti Computing, Inc. (NASDAQ: RGTI), a pioneer in full-stack quantum classical computing, announced its financial results for the first quarter ended March 31, 2023.
For the three-month period ended March 31, 2023, the company reported total revenues of $2.2 million, total operating expenses of $23.7 million and a net loss of $23.4 million.
Dr. Subodh Kulkarni, Rigetti's Chief Executive Officer, said, "I am pleased to report that we are on track to meet the near-term strategic priorities and technology roadmap announced in February 2023. We are beginning to see a positive impact following the implementation of our updated business strategy announced in February 2023 aimed at improving our focus, operational efficiency and preserving cash resources."
Rigetti's new technology roadmap
Notably, the company's next-generation 84-bit (Ankaa-1) system with a new architecture of square arrays and tunable couplers was deployed for testing within the company in March 2023: 96-97% median 2-bit fidelity and 65-70 nanosecond gate speeds have already been achieved.
Rigetti has also recently released the results of its application and development work, demonstrating that the company is making progress in improving its hardware and software capabilities. For example, in collaboration with Moody's and Imperial College London, at the Quantum Technologies Conference in April, Rigetti demonstrated a new approach to the problem of predicting economic downturns using machine learning techniques that combine classical signature kernel methods with quantum-enhanced data transformation.
"At our current stage of development, we believe that executing toward our roadmap and achieving technical milestones is key to driving us toward our goal of quantum dominance. We remain focused on achieving our goals." Dr. Kulkarni said.
Based on its current operating plan, Rigetti expects to need to raise additional capital by the end of 2024 or early 2025 to continue its R&D efforts and achieve its business objectives. This estimate reflects the fact that Rigetti's current business plan is based on a number of assumptions that may prove to be incorrect and that Rigetti may use its available capital, resources, sooner than it currently expects.
Interim Condensed Consolidated Balance Sheet (unaudited)
Interim Condensed Consolidated Statements of Operations (unaudited)
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Quantum Computing Inc. (QCI) (NASDAQ: QUBT), a first-to-market, full-stack photon-based quantum computing and solutions company, announced its financial results for the first quarter ended March 31, 2023. Quantum Computing launched the commercialization of its technology in the first quarter of 2023 and began multiple product launches to date, including:
- The Dirac family of entropy-valued quantum computers;
- A zero-trust cyber security protection solution;
- Irreducible quantum random number generators;
- Reservoir photonics computing (machine learning/prediction) capabilities to enhance artificial intelligence systems.
"We've been gearing up for this quarter. As we launch our leading quantum computing product line in 2023 and beyond, QCI is prioritizing top-line growth." Robert Liscouski, QCI co-founder, CEO and chairman, commented, "We are establishing ourselves as a leader in optical quantum information processing - which has proven to be a significantly superior approach; compared to other quantum methods, it has greater processing power, higher speed, greater accuracy and security, and lower cost and power requirements.The Dirac family is our flagship family of photon-based quantum entropy computing products, providing solutions to both binary (processing over 11,000 quantum bits) and integer-based (quantum processing) optimization problems."
Overall, QCI reported total revenues of approximately $121,000 (53.3% gross margin) and a net loss of $8.5 million (including approximately $985,000 in non-recurring, merger-related operating expenses and financing costs) for the first quarter of 2023.
In addition to the usual financial planning, business outlook and leadership appointments, QCI has established a wholly owned subsidiary, QI Solutions, Inc. to provide quantum products and services to U.S. government agencies and the defense market. The company, headquartered in Arizona, will be led by Sean Gabeler, a 30-year U.S. Army and Special Operations officer with a distinguished record of service in multiple wars and proven applied technical expertise in translating commercial technology into government solutions.
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On May 11, D-Wave Quantum Inc. (NYSE: QBTS), a leader in quantum computing systems, software and services and the only quantum computing company building commercial annealing quantum computing systems and developing gated model quantum computing systems, announced that it will release its financial results for the first quarter ended March 31, 2023 on Friday, May 19, before the market opens.
In conjunction with this release, D-Wave will host a conference call on Friday, May 19, 2023 at 8:00 a.m. (Eastern Time) to discuss the company's financial results and business outlook.
About IonQ:
IonQ, Inc. is a leader in quantum computing, and IonQ's current generation quantum computer, IonQ Forte, is the latest in a series of cutting-edge systems featuring an industry-leading 29 algorithmic quantum bits. Accompanied by record performance, IonQ has defined what it believes is the best path to scale.
Commercially, IonQ is the only company to offer its quantum systems on Amazon Braket, Microsoft Azure and Google Cloud through the cloud, as well as through direct API access.
About Rigetti:
Rigetti is a pioneer in full-stack quantum computing.
The company has been running quantum computers in the cloud since 2017 and serves enterprise, government and research customers worldwide through its Rigetti Quantum Cloud Services platform. The company's proprietary quantum classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing.
Rigetti previously developed the industry's first multi-chip quantum processor for scalable quantum computing systems. The company designs and manufactures chips in-house at Fab-1, which is also the industry's first dedicated and integrated quantum device fabrication facility.
About Quantum Computing Inc.(QCI):
QCI is a full-stack quantum hardware and software company whose mission is to accelerate the value of quantum computing for real-world business solutions, delivering the future of quantum computing today. Leveraging the company's core quantum approach, QCI also develops specific quantum applications for artificial intelligence, cybersecurity and remote sensing, including its reservoir quantum computing, repeatable and irreducible quantum random number generators and LiDAR products.
About QI Solutions, Inc.(QIS):
QI Solutions, Inc., a wholly owned subsidiary of QCI, is a provider of quantum technology solutions and services to the government and defense industries. QIS has a qualified and vetted team that provides a range of solutions from entropic quantum computing to quantum communications and sensing, backed by expertise in logistics, manufacturing, R&D and training. The company specializes in providing customized solutions to partners in various government departments and agencies.
About D-Wave Quantum Inc:
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, the world's first commercial provider of quantum computers, and the only company to build both annealing quantum computers and gated model quantum computers.D-Wave's mission is to unleash the power of quantum computing for the benefit of business and society. D-Wave is delivering value to customers through practical quantum applications in problems as diverse as logistics, artificial intelligence, materials science, drug discovery, scheduling, cybersecurity, fault detection and financial modeling.
Some of the world's most advanced organizations are using D-Wave's technology, including Volkswagen, Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Health, Unisys, Nippon Electric, Patterson Food Group, Inc, Denso, Lockheed Martin, Julian Research Center, University of Southern California, and Los Alamos National Laboratory.
Reference links:
[1] https://ir.dwavesys.com/news/news-details/2023/D-Wave-Quantum-Inc.-Announces-Date-for-First-Quarter-2023-Earnings-Call/default. aspx
[2] https://www.quantumcomputinginc.com/press-releases/quantum-computing-inc-announces-first-quarter-2023-financial-results/
[3]https://investors.rigetti.com/news-releases/news-release-details/rigetti-computing-reports-first-quarter-2023-results
[4]https://investors.ionq.com/news/news-details/2023/IonQ-Announces-First-Quarter-2023-Financial-Results/default.aspx
