IonQ Announces Third Quarter Financial Results

IonQ has announced its financial results for the third quarter of 2024. A brief summary of some key financial metrics comparing the third quarter of 2024 to the second quarter of 2024 and the prior-year quarter of the third quarter of 2023 can be found in the table below.

IonQ had another strong quarter in the third quarter, posting revenue of $12.4 million, slightly above the previous guidance of $9 million to $12 million. They also had a great book quarter of $63.5 million, with a large portion coming from a $54.5 million contract they signed with AFRL. The company maintains its previous expectation of $75 million to $95 million in full-year 2024 bookings, but is slightly increasing its full-year 2024 revenue expectation to $38.5 million to $42.5 million from $38 million to $42 million previously US dollars. For the fourth quarter, their revenue expectation is between $7.1 million and $11.1 million.

During the quarter, the company announced several technical successes and component supply partnerships. They demonstrated remote-controlled ion-ion entanglement, an important step in networking multiple quantum processor modules. On the supply side, they announced a partnership with NKT Photonics to develop next-generation laser systems used in their quantum computers, as well as another partnership with imec for chip-scale photonic integrated circuits and ion trap technology.

On the commercial side, the company signed the aforementioned $54.5 million contract with the Air Force Research Laboratory (AFRL) to develop quantum networking technology to scale and deploy quantum systems. They signed a $9 million agreement with the University of Maryland that will allow students, faculty, researchers, staff and partners to gain access to a quantum computer and also work with IonQ’s scientists and engineers. They also announced a collaboration with AstraZeneca to develop quantum applications at AstraZeneca’s innovative BioVentureHub in Gothenburg, Sweden. The goal of this collaboration with Astra Zeneca is to achieve the first production use case with IonQ’s technology.

IonQ also announced a two-way collaboration with computer-aided engineering (CAE) provider Ansys to explore how IonQ’s quantum processors can be used to improve simulations on Ansys’ multiphysics models, and IonQ will use Ansys’ tools to assist to develop their next generation quantum processors. (See our separate article here.) Finally, IonQ announced that it will require the assets of quantum networking company Qubitekk, as we report in more detail in our article here.

For more information on IonQ’s third quarter 2024 report, see a company press release here, an investor update presentation here, and a recording of the third quarter conference call here.

November 6, 2024