Three quantum-listed companies report Q2 earnings

ICV ꄲ QUANTUM-news ꄲ Three quantum-listed companies report Q2 earnings

On August 10, three quantum companies, D-Wave, Rigetti, and IonQ, released their own earnings reports for the second quarter of the year.

D-Wave reported Q2 revenues of $1.7 million, up $124,000 from the previous quarter and $336,000 from Q2 2022. Bookings were $2.5 million, compared to $2.9 million in the previous quarter and $1 million in the second quarter of 2022. Operating expenses were $21.6 million, compared to $25.1 million in the first quarter of 2023 and $13.1 million in the second quarter of 2022. Net loss was $25.9 million, compared to $24.6 million in the previous quarter and $13.3 million in the year-ago quarter.

The company reported continued technological advances in the Advantage 2 architecture, enhancements to the Leap Quantum Cloud service, increased engagement with new and expanded customers, and continued application development with customers in areas such as media and advertising optimization, industrial construction, financial market performance forecasting, and transportation logistics. The company also reported that it has worked with 115 paying customers in the commercial, education and government segments over the past four quarters.

One of the more significant elements of the announcement was that as of August 8, 2023, D-Wave's cash balance had increased from $7.5 million at the end of June to more than $50 million - the largest cash balance in the company's history. In the six weeks following the end of the second quarter, the company raised approximately $20 million from an equity line of credit with Lincoln Park Capital Fund, LLC. They also drew $30 million from a $50 million four-year term loan agreement with PSPIB Unitas Investments II Inc.

"We believe our second quarter results reflect the growing commitment and investment by organizations in practical quantum computing solutions that address their current complex operational challenges." Dr. Alan Baratz, D-Wave's Chief Executive Officer, said, "We achieved triple-digit year-over-year growth in both bookings and average transaction sizes, which in our view is evidence that forward-thinking enterprises are embracing quantum technology as part of their modern technology infrastructure.

For his part, CEO Dr. Alan Baratz believes that companies and governments alike seem to recognize the value of today's marketable annealed quantum computing systems in driving business and national competitiveness. "We are helping to harness the power of this transformative technology through industry-leading quantum hardware and software solutions and a consultative professional services approach that will facilitate application development and prepare for production scenarios that support our customers' daily operations."

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Link to announcement:

https://ir.dwavesys.com/news/news-details/2023/D-Wave-Reports-Second-Quarter-Results/default.aspx

Rigetti Computing, Inc.(NASDAQ: RGTI), a pioneer in full-stack quantum classical computing, also announced the launch of its financial results for the second quarter ended June 30, 2023

Total revenues for the three months ended June 30, 2023 were $3.3 million, total operating expenses were $19.0 million, and operating loss was $16.2 million and net loss was $17.0 million.

The company recently completed its first QPU sale to a national laboratory: Rigetti delivered a 9-quantum-bit QPU and associated hardware to the lab, featuring a square lattice with a tunable coupler that performs entangled two-qubit gate operations.

"After launching the Ankaa-1 system internally, we are pleased that our long-time partner Riverlane has become the first external partner to use the system to improve the error correction technology on our new architecture," said Dr. Subodh Kulkarni, CEO of Rigetti: "We also look forward to making our most innovative system to date, Ankaa-2, available to the public in the fourth quarter of this year."

As previously disclosed, the company is continuing its efforts to improve Ankaa-1 system performance with the goal of achieving 98% median quantum bit fidelity to support the anticipated Ankaa-2 84 quantum bit system. The Company's Ankaa-2 84 quantum bit system, which is expected to have design and performance improvements, is expected to be deployed and available to external customers in the fourth quarter of 2023, with the subsequent development of the 336 quantum bit Lyra™ system.

Rigetti's New Technology Roadmap

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Link to announcement:

https://investors.rigetti.com/news-releases/news-release-details/rigetti-computing-reports-second-quarter-2023-results

On August 10, IonQ Corporation (NYSE: IONQ), a leader in the quantum computing industry, also reported financial results for the quarter ended June 30, 2023 .

IonQ recognized $5.5 million in revenue for the second quarter, above the previously provided ceiling and up 111% from $2.6 million in the same period last year. This reflects some earlier-than-expected progress on one of IonQ's customer contracts, which shifted revenue into the second quarter.

Net loss for the second quarter was $43.7 million, with an Adjusted EBITDA loss of $19.4 million (Adjusted EBITDA excludes a $15.5 million non-cash loss related to the change in the fair value of IonQ's warrant liability).

Peter Chapman, President and Chief Executive Officer of IonQ, commented, "This was another landmark quarter for IonQ, highlighted by a record $28 million in bookings, bringing the first half of the year to more than $32 million in total bookings. We are now on track to meet our revised, higher expectations - that is, $49 million to $56 million in bookings for the full year. We are also on track to reach our goal of $100 million in cumulative bookings over the first three years of IonQ's commercialization beginning in 2021."

"Our impressive second quarter results follow our achievement of our 2023 technology goal of 29 algorithmic quantum bits (#AQ) seven months ahead of schedule. As our path to #AQ 64 and quantum dominance becomes clearer, we are seeing public and private organizations invest not only in our current Forte platform, but also in IonQ's technology roadmap. Our track record of success is beginning to be demonstrated in the public marketplace, and we are relentlessly committed to bringing a broad range of quantum advantages to all of our customers."

IonQ intends to realize the #AQ 64 system by the end of 2025. The company believes that with the #AQ milestone achieved, its systems will provide a quantum advantage for certain use cases and classical computers will no longer be able to fully emulate the IonQ system.

IonQ expects to share a more detailed technology roadmap and specifications for its upcoming products at the Quantum World Conference on September 27th, which will be broadcast live for anyone interested in learning about IonQ's upcoming systems.