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IonQ beats revenue expectations for Q4 2022 and full year

IonQ, a leading quantum computing company, discusses its finances with IQT News
By Dan O'Shea posted 31 Mar 2023

IonQ beat its fourth-quarter and full-year 2022 revenue expectations, reporting Thursday that it had achieved $3.8 million in revenue for the final quarter of last year and $11.1 million for the full year.

The fourth quarter figure lapped expectations of $2.9 million on the high end, while the full-year revenue post finished solidly above the $10.7 high-end projection the company had discussed in its third-quarter earnings statement.

“IonQ had a fantastic 2022,” said Peter Chapman, President and CEO of IonQ. “We continue to lead our industry as the most advanced and well-capitalized public pure play quantum computing company in the world, and by a wide margin.”

Chapman, speaking after the earnings release of the company’s earnings webcast, told analysts that IonQ also is not seeing any negative effects related to general macroeconomic uncertainty and pressure. “It’s just the opposite because we’re seeing lots and lots of interest from customers, and we’re heartened also that customers are re-upping their contracts with us, so that’s a good sign,” he said.

“While we have seen market conditions slow demand for certain technologies, even affecting some of our peers, IonQ shows no signs of slowing down,” noted Chapman. “Our financial outlook for the year predicts even faster growth than in 2022, as customers and prospects continue to show enthusiasm for and commitment to our industry-leading quantum computers and the quantum future as a whole.”

Meanwhile, IonQ’s net loss narrowed during 2022. It was $18.6 million in the fourth quarter, compared to $74.1 million in the prior year period, and for the full year the net loss was $48.5 million versus $106.2 million for the full year of  2021.

The company also stated in its earnings release that it had cash, cash equivalents and investments were $537.8 million as of December 31, 2022. In an apparent reference to the recent Silicon Valley Bank failure, the company further stated, “IonQ’s diversified strategy and partnerships with several large, global banking institutions meant that the Company’s exposure to recent events in the banking sector was immaterial. IonQ believes that this approach will continue to serve the Company well in the future.”

Regarding its financial outlook, IonQ stated that for the full year 2023, it expects revenue to be between $18.4 million and $18.8 million, with between $3.6 million and $4.0 million for the first quarter. It also expects full-year 2023 bookings of between $38 million and $42 million.

IonQ’s earnings report came the same week that two other publicly-traded quantum companies–Quantum Computing Inc. and Rigetti Computing–also posted earnings reports. More details on those earnings announcements will be forthcoming in separate stories. D-Wave Quantum, the fourth U.S.-based publicly-traded quantum firm, announced this week that it changed the date of its own earnings call to the week of April 10 to coincide with a delayed 10-K filing.

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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