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Another hot quarter for IonQ, with $6.1 million in Q4 revenue

IonQ, a leading quantum computing company, discusses its finances with IQT News
By Dan O'Shea posted 01 Mar 2024

IonQ continues to be the young quantum computing sector’s equivalent of a blue-chip stock. This week, the company reported fourth-quarter and full-year 2023 revenue marks at the high end of analyst expectations and guidance.

Revenue for Q4 2023 came in at $6.1 million, pushing the company’s full-year revenue to $22 million, representing 98% annual growth compared to $11.1 million in the prior year. IonQ, which also reported $6.1 million for the third quarter of 2023, noted that it achieved $6.7 million in new bookings for the fourth quarter and $65.1 million for the full year, above the high end of the full-year financial outlook range. This represents 166% annual growth compared to $24.5 million in the prior year.

IonQ also had cash, cash equivalents, and investments at the end of the quarter that equaled $455.9 million. As the firm continues to invest in technology development and the build-out of a new R&D and manufacturing facility it just opened near Seattle, IonQ’s net loss for Q4 was $41.9 million with an Adjusted EBITDA loss of $20 million, while the net loss for the full year was $157.8 million, $77.7 million on an Adjusted EBITDA basis

Meanwhile, 2024 is shaping up to be another year of growth. For 2024, IonQ expects revenue to be between $37 million and $41 million, with between $6.5 million and $7.5 million in revenue coming in during the first quarter. The company also anticipates full-year 2024 bookings of between $70 million and $90 million.

“We are getting ready to make more sales both domestically and internationally,” IonQ CEO Peter Chapman said during the Q4 earnings call. “We’re very pleased with how the sales funnel is looking.” He added that the international government sales opportunities were looking especially strong while federal budget battles in Congress cloud the U.S. government market. Enterprise and other commercial market channels also look good, he said.

Dan O’Shea has covered telecommunications and related topics, including semiconductors, sensors, retail systems, digital payments, and quantum computing/technology for over 25 years.

Categories: quantum computing

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