IonQ comes up big again in Q2, increases full-year expectations
IonQ continues to pace the field of quantum computing start-ups from a financial perspective, as the company reported second quarter 2023 revenue this week of $5.5 million, beating its own guidance, and for the second straight quarter raised its outlook for full-year revenue and bookings.
For the most recent quarter, the recognized revenue of $5.5 million represents 111% growth compared to $2.6 million for the same period last year. The net loss for the quarter was $43.7 million. The company also achieved $28 million in new bookings for the second quarter directly connected to its partnership with and sale of two systems to Switzerland’s QuantumBasel, announced in June. That brings bookings to $32.2 million year-to-date, and is giving IonQ considerable confidence to increase its expectations for the rest of 2023.
For the full year 2023, IonQ is increasing its revenue outlook range to $18.9 million to $19.3 million, with revenue for the current third quarter expected to land between $4.8 million and $5.2 million. Meanwhile, full-year bookings are expected to come in between $49 million to $56 million.
“We are seeing increased demand for IonQ systems, and we now hope to sell a number of systems over the next 18 months in various configurations based on customer needs,” said IonQ President and CEO Peter Chapman on the company’s earnings call Thursday afternoon. The firm’s stock, “IONQ,” surged more than 7% in after-hours trading after the earnings call.
Company officials still cautioned that revenue, bookings and the value of system sales could continue to be lumpy and unpredictable quarter to quarter, but IonQ is not leaving investors much reason to be worried. In addition to the strong revenue, bookings, and expectations, the company at the end of last quarter possessed cash, cash equivalents and investments amounting to $509.2 million.
“We continue to believe that this cash position, which we understand to be the strongest of any public quantum pure player, positions as well to execute on our current roadmap with the current nascent industry structure,” Chapman 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.