IonQ increases expectations for 2023 bookings
IonQ is raising its full-year 2023 expectations for bookings to a range of between $45 million and $55 million, 25% higher than its previous projections, and 100% growth over last year’s books of $24.5 million.
IonQ is one of a handful of publicly-traded quantum computing companies, and all of them have been urging the investor community to give more weight to bookings when gauging their companies’ financial performance, and not necessarily just reported revenue for a given quarter.
The College Park, Maryland company said its increased bookings expectation comes on the heels of a recent 25 million CHF ($28.0 million USD) commercial transaction that will see IonQ install two future quantum systems in Europe, including an anticipated future #AQ1 64 system. This transaction will also allow IonQ to service its European customers out of a joint data center, with IonQ and its partner each managing 50% of the IonQ systems. IonQ announced a partnership with Switzerland-based QuantumBasel the day before it announced its new expectations for 2023 bookings.
“IonQ continues to demonstrate strong business momentum, and our ability to double bookings year-over-year in FY23 will be yet another important milestone,” said IonQ CFO Thomas Kramer. “We are thrilled to further our progress towards commercialization through our continued expansion in Europe.”
IonQ currently anticipates delivering the first quantum system in Europe after 2023 and, as such, the Company is not increasing its expectations for 2023 recognized revenue. The company said it will have further updates during its second quarter 2023 earnings call, which has yet to be scheduled.
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.