IonQ has announced its Q3 financial results and reported revenues of $6.1 million for the quarter. This represents an 11% increase over the Q2 revenues of $5.5 million and a 111% increase over the Q3 2022 revenues of $2.7.6 million. However, operating costs also continued to increase coming in at $48.3 million in Q3 versus $38.6 million in Q2. Adjusted EBITDA loss was $22.4 million this quarter versus $19.4 million in Q2. The company ended the quarter with $485.1 million in cash, cash equivalents, and investments.
The company announced Q3 bookings of $26.3 million which appear to be primarily driven by a contract award from the Air Force Research Laboratory (AFRL) for two barium based ion trap systems for quantum networking research and application development. Because of this Q3 booking the company increased its full year 2023 bookings forecast to $60 – $63 million from their previous forecast of $49 – $56 million. Q4 revenue is forecasted to range between $5.3 and $6.1 million with the full year 2023 revenue forecast is also projected to range between $21.2 to $22 million, an increase from their previous forecast of $18.9 million to $19.3 million.
Of particular note to us is the company stated it is filing an S-3 Shelf Registration Statement that would allow it to offer up to $500 million in securities. The company currently has ample cash for its operations but stated they did this as an option to fund strategic growth or pursue potential M&A opportunities that could occur in the future.
In the company’s earnings release, they reiterated some of the commercial and technical highlights that we have reported here in the future. These include progress with its barium based platforms, the contract award from the AFRL and announcement of the upcoming IonQ Forte Enterprise and IonQ Forte Tempo processors. The company also mentioned they were included in the 2023 Deloitte Technology Fast500™ List of the Fastest-Growing Companies in North America.
Additional information about IonQ’s Q3 results can be seen in a press release located here and their SEC 10-Q report which can be accessed here. An investor update presentation is also available here.
November 10, 2023