One of the disadvantages of being a public company is that management needs to disclose their quarterly financial results and answer questions from financial analysts about the company’s operations. Sometimes those questions may not be so easy to answer. It also can give competitors some insights into your operations and how well you are doing which they wouldn’t hear if your company were still private. But now that IonQ is a public entity, they had their first analyst call this week and disclosed the results from the quarter ending September 30, 2021.

For the quarter, IonQ achieved Q3 revenue of $234 thousand which is a 150% increase over the Q2 revenue of $93 thousand. But expenses went up a lot with Q3 R&D expense at $6.18 million versus $5.47 million in Q2. Sales and Marking costs were at $1.28 million versus $871 thousand in Q2 although General & Administrative costs were $6.7 million including one-time offering costs of $4.2 million versus $2.9 million in Q2. The Net Loss in Q3 was $14.7 million versus a loss in Q2 of $9.9 million in Q3.

But we should point out that quarterly results at this stage aren’t very meaningful for understanding the long term prospects for the company. The company expects to achieve Q4 revenue of between $1.0 and $1.2 million providing a full year revenue of between $1.5 to $1.7 million. In addition, they announced expected bookings by year end to total $15.7 million to $15.9 million. This is the second time they have increased this value because in September they announced they had increased their bookings expectation to $15.0 million from a previous $5.0 million. Also, IonQ disclosed that they ended the quarter with $587 million in cash so they should have more than sufficient levels of cash available for the next several years until they turn profitable. Their Q3 announcement also highlighted several of the technical and partnership achievements they had in the quarter. To see more details, you can view IonQ’s Q3 Financial press release available on their website here.

November 16, 2021