IonQ has announced its Q2 2024 financial results. A quick summary of some key financial metrics comparing Q2 2024 versus Q1 2024 and the year ago quarter of Q2 2023 is shown in the chart below.
IonQ had a strong second quarter with revenues of $11.4 million, substantially above their previous forecast of $7.6 to $9.2 million. They also showed $9.0 million in bookings. Their previous forecast for bookings was $75 to $95 million for the full year. So far, they have achieved $9.3 million for the first half, so they will need strong bookings in the second half of 2024 to meet their previous forecasted range. But the company continued to reiterate their previous $75 to $95 million 2024 bookings goal in the latest press release. The company also raised its full year 2024 revenue forecast by $1 million to $38 to $42 million from the previous $37 to $41 million. They also forecast revenue expectations of between $9 and $12 million for the third quarter. As we have indicated before, both bookings and revenue will be quite lumpy in companies where the quarterly numbers are highly dependent upon the timing of larger deals.
The company achieved a number of technical highlights in recent months including achieving a 99.9% 2-qubit gate fidelity in tests of its next generation barium based qubits, a new partial error correction technique for Clifford quantum gates, and an updated roadmap with systems providing 100 logical qubits by the end of 2025.
On the commercial side, they are starting a new research project with the U.S. Naval Research Lab to study molecular structures affecting corrosion, a new program with the Applied Research Laboratory for Intelligence and Security (ARLIS) to design a networked system for blind quantum computing. and they also extended their previous contract with Amazon Web Services to provide access to their systems through Amazon Braket.
And on the operations side, their factory in Bothell, Washington is in operation and has started construction of two Forte Enterprise system. They have also started final assembly of a Forte Enterprise system for QuantumBasel in Switzerland.
Additional information about the company’s financial results can be found in the Q2 2024 financial press release here, a recording of the management webcast reviewing the results here, and an August 2024 Investor Update presentation here.
August 7, 2024