\nIonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced financial results for the quarter ended March 31, 2023.<\/p>\n
\n\u201cIonQ is off to a strong start this year \u2013 technically, operationally, and financially,\u201d said Peter Chapman, President and CEO of IonQ. \u201cMost importantly, we met our FY23 technical target of 29 algorithmic qubits (#AQ) seven months earlier than expected.\u201d<\/p>\n
\n\u201cWe are also excited to announce that we hit this target using IonQ Forte, our newest world-class quantum system. IonQ Forte represents a 16x step up in power from our IonQ Aria system. With Forte already running select customer jobs, this milestone brings us yet closer to reaching quantum advantage.\u201d<\/p>\n
First Quarter 2023 Financial Highlights<\/b><\/p>\n *Adjusted EBITDA is a non-GAAP financial measure defined under \u201cNon-GAAP Financial Measures,\u201d and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.<\/i><\/p>\n Commercial Highlights<\/b><\/p>\n Technical Highlights<\/b><\/p>\n 2023 Financial Outlook<\/b><\/p>\n First Quarter 2023 Conference Call<\/b><\/p>\n \nIonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company\u2019s financial results for the first quarter ended March 31, 2023 and to provide a business update. The call will be accessible by telephone at 877-407-4018 (domestic) or 201-689-8471 (international). The call will also be available live via webcast on the Company\u2019s website here<\/a>, or directly here<\/a>. A telephone replay of the conference call will be available approximately two hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 13738049 and will be available until 11:59 p.m. Eastern time, May 25, 2023. An archive of the webcast will also be available here<\/a> shortly after the call and will remain available for one year.<\/p>\n Non-GAAP Financial Measures<\/b><\/p>\n \nTo supplement IonQ\u2019s condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA is a financial measure that is not required by or presented in accordance with GAAP. Management believes that this measure provides investors an additional meaningful method to evaluate certain aspects of the Company\u2019s results period over period. Adjusted EBITDA is defined as net loss before interest income, net, interest expense, benefit from income taxes, depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ\u2019s non-GAAP measures may be different from non-GAAP measures used by other companies. For IonQ\u2019s investors to be better able to compare the Company\u2019s current results with those of previous periods, IonQ shows a reconciliation of GAAP to non-GAAP financial measures at the end of this release.<\/p>\n About IonQ<\/b><\/p>\n \nIonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ\u2019s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting an industry-leading 29 algorithmic qubits. 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\n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(490<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,044<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n138<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(939<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,516<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n728<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(291<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n920<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,571<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(3,271<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,058<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(188<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(103<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(13,815<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8,324<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(1,185<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,672<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(843<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(457<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(318<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(134<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(64,430<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(311,235<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n88,091<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,400<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n21,315<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(304,098<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n52<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n132<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(18<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n148<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n7,534<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(312,274<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n46,367<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n399,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 53,901<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 86,751<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 2023<\/b><\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n (27,338<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (4,227<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n(4,231<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(608<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n–<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n1,791<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,266<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n10,268<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,672<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3,610<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13,448<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n (15,900<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n (10,345<\/b><\/p>\n<\/td>\n )<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230511005688\/en\/<\/a><\/span><\/p>\n \nIonQ Media contact:\n
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\n IonQ, Inc.<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Statements of Operations<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n (in thousands, except share and per share data)<\/i><\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \n March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n Revenue<\/td>\n \n \n \n \n \n \n \n Costs and expenses:<\/td>\n \n <\/tr>\n \n Cost of revenue (excluding depreciation and amortization)<\/td>\n \n \n \n \n \n \n \n Research and development<\/td>\n \n \n \n \n \n \n \n Sales and marketing<\/td>\n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n Total operating costs and expenses<\/b><\/td>\n \n \n \n \n \n \n \n Loss from operations<\/b><\/td>\n \n \n \n \n \n \n \n Change in fair value of warrant liabilities<\/td>\n \n \n \n \n \n \n \n Interest income, net<\/td>\n \n \n \n \n \n \n \n Other income (expense), net<\/td>\n \n \n \n \n \n \n \n Loss before benefit for income taxes<\/b><\/td>\n \n \n \n \n \n \n \n Benefit for income taxes<\/td>\n \n \n \n \n \n \n \n Net loss<\/b><\/td>\n \n \n \n \n \n \n \n Net loss per share attributable to common stockholders – basic and diluted<\/td>\n \n \n \n \n \n \n \n Weighted average shares used in computing net loss per share attributable to
common stockholders – basic and diluted<\/td>\n\n \n \n \n \n \n \n
\n IonQ, Inc.<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n (in thousands)<\/i><\/td>\n<\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n March 31,<\/b><\/td>\n December 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n Assets<\/b><\/td>\n \n <\/tr>\n \n Current assets:<\/td>\n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n Short-term investments<\/td>\n \n \n \n \n \n \n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Long-term investments<\/td>\n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n Operating lease right-of-use assets<\/td>\n \n \n \n \n \n \n \n Intangible assets, net<\/td>\n \n \n \n \n \n \n \n Goodwill<\/td>\n \n \n \n \n \n \n \n Other noncurrent assets<\/td>\n \n \n \n \n \n \n \n Total Assets<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities and Stockholders’ Equity<\/b><\/td>\n \n <\/tr>\n \n Current liabilities:<\/td>\n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n Current portion of operating lease liabilities<\/td>\n \n \n \n \n \n \n \n Unearned revenue<\/td>\n \n \n \n \n \n \n \n Current portion of stock option early exercise liabilities<\/td>\n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating lease liabilities, net of current portion<\/td>\n \n \n \n \n \n \n \n Unearned revenue, net of current portion<\/td>\n \n \n \n \n \n \n \n Stock option early exercise liabilities, net of current portion<\/td>\n \n \n \n \n \n \n \n Warrant liabilities<\/td>\n \n \n \n \n \n \n \n Other noncurrent liabilities<\/td>\n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders’ Equity:<\/td>\n \n <\/tr>\n \n Common stock<\/td>\n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n Accumulated deficit<\/td>\n \n \n \n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \n \n \n Total stockholders’ equity<\/td>\n \n \n \n \n \n \n \n Total Liabilities and Stockholders’ Equity<\/b><\/td>\n \n \n \n \n \n \n \n
\n IonQ, Inc.<\/b><\/td>\n<\/tr>\n \n Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n (in thousands)<\/i><\/td>\n<\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \n March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n Cash flows from operating activities:<\/b><\/td>\n \n <\/tr>\n \n Net loss<\/td>\n \n \n \n \n \n \n \n Adjustments to reconcile net loss to net cash used in operating activities:<\/td>\n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n \n \n \n \n Non-cash research and development arrangements<\/td>\n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n Change in fair value of warrant liabilities<\/td>\n \n \n \n \n \n \n \n Other, net<\/td>\n \n \n \n \n \n \n \n Changes in operating assets and liabilities:<\/td>\n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n Accrued expenses<\/td>\n \n \n \n \n \n \n \n Unearned revenue<\/td>\n \n \n \n \n \n \n \n Other assets and liabilities<\/td>\n \n \n \n \n \n \n \n Net cash used in operating activities<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from investing activities:<\/b><\/td>\n \n <\/tr>\n \n Purchases of property and equipment<\/td>\n \n \n \n \n \n \n \n Capitalized software development costs<\/td>\n \n \n \n \n \n \n \n Intangible asset acquisition costs<\/td>\n \n \n \n \n \n \n \n Purchases of available-for-sale securities<\/td>\n \n \n \n \n \n \n \n Maturities and sales of available-for-sale securities<\/td>\n \n \n \n \n \n \n \n Net cash provided by (used in) investing activities<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cash flows from financing activities:<\/b><\/td>\n \n <\/tr>\n \n Proceeds from stock options exercised<\/td>\n \n \n \n \n \n \n \n Other financing, net<\/td>\n \n \n \n \n \n \n \n Net cash provided by financing activities<\/td>\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net change in cash, cash equivalents and restricted cash<\/td>\n \n \n \n \n \n \n \n Cash, cash equivalents and restricted cash at the beginning of the period<\/td>\n \n \n \n \n \n \n \n Cash, cash equivalents and restricted cash at the end of the period<\/b><\/td>\n \n \n \n \n \n \n \n
\n IonQ, Inc.<\/b><\/td>\n<\/tr>\n \n Reconciliation of Net Loss to Adjusted EBITDA<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n (in thousands)<\/i><\/td>\n<\/tr>\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended<\/b><\/td>\n<\/tr>\n \n \n \n March 31,<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n Net loss<\/b><\/td>\n \n \n \n \n \n \n \n \n Interest income, net<\/td>\n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n Benefit for income taxes<\/td>\n \n \n \n \n \n \n \n \n Depreciation and amortization expense<\/td>\n \n \n \n \n \n \n \n \n Stock-based compensation<\/td>\n \n \n \n \n \n \n \n \n Change in fair value of assumed warrant liabilities<\/td>\n \n \n \n \n \n \n \n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n \n \n \n <\/p>\n
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Tyler Ogoshi
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press@ionq.com<\/a><\/p>\n