IonQ has announced its Q3 2024 financial results. A quick summary of some key financial metrics comparing Q3 2024 versus Q2 2024 and the year ago quarter of Q3 2023 is shown in the chart below.
IonQ had another strong quarter in Q3 achieving a revenue of $12.4 million, slightly above their previous forecast of $9-$12 million. They also had a great books quarter of $63.5 million, with a large portion coming from a $54.5 million contract they signed with AFRL. The company is maintaining their previous expectation of $75 – $95 million in bookings for full year 2024, but they are slightly raising their full year 2024 revenue expectation to a range of $38.5 to $42.5 million from the previous $38 to $42 million. For the fourth quarter, their revenue expection is between $7.1 million and $11.1 million.
During the quarter, the company disclosed a few technical achievements and component supply partnerships. They demonstrated remote ion-ion entanglement, a key step for achieving the networking of multiple quantum processor modules. On the supply side, they announce a partnership with NKT Photonics to develop next-generation laser systems used in their quantum computers and another partnership with imec for photonic integrated circuits and chip-scale ion trap technology..
On the commercial side the company signed the previously mentioned $54.5 million contract with the Air Force Research Laboratory (AFRL) for developing quantum networking technology for scaling and deploying quantum systems. They signed a $9 million agreement with the University of Maryland for students, faculty, researchers, staff, and partners to have access to a quantum computer and also work with IonQ’s scientists and engineers. They also announced a collaboration with AstraZeneca to develop quantum applications at AstraZeneca’s innovation BioVentureHub in Gothenburg, Sweden. The goal of this collaboration with Astra Zeneca is to achieve the first production use case with IonQ’s technology.
IonQ also announced a two-way collaboration with CAE (Computer Aided Engineering) provider Ansys to research how IonQ’s quantum processors can be used to improve simulations on Ansys’s multiphysics models as well as having IonQ use Ansys tools for help in designing their next generation quantum processors. (See our separate article about this here.) And finally, IonQ announced it will be requiring the assets of quantum networking company Qubitekk as we report in more detail in our article here.
Additional information on IonQ’s third quarter 2024 report, you can view a press release provided by the company here, an investor update presentation here, and a recording of their third quarter conference call here.
November 6, 2024
