IonQ (IONQ) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $11.4 million, up 106% year-over-year and above guidance, driven by strong contract progress and technical milestones including 99.9% two-qubit gate fidelity and a new error correction technique.

• Achieved 2024 technical scaling goal 12 months early, reaching 36 algorithmic qubits on the Forte system.

• Secured $9 million in bookings, including a $5.7 million ARLIS contract and extended AWS partnership.

• Expanded government and research collaborations, including projects with the US Naval Research Lab and DESY.

• Raised full-year revenue guidance to $38–$42 million, reflecting increased confidence in contract progress.

Financial highlights

• Q2 2024 revenue was $11.4 million, up from $5.5 million in Q2 2023; six-month revenue was $19.0 million.

• Net loss for Q2 2024 was $37.6 million, improved from $43.7 million in Q2 2023; Adjusted EBITDA loss was $23.7 million.

• Operating expenses for Q2 2024 rose to $60.3 million, mainly due to increased R&D and stock-based compensation.

• Cash, cash equivalents, and investments totaled $402 million as of June 30, 2024.

• Stock-based compensation for Q2 2024 was $21 million, up from $11.3 million year-over-year.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $38–$42 million; Q3 2024 revenue expected between $9 million and $12 million.

• 2024 bookings guidance reaffirmed at $75–$95 million.

• Projected full-year Adjusted EBITDA loss of $110.5 million.

• Roadmap projects continued increases in algorithmic qubits and gate fidelity through 2028.

• Cash position expected to be sufficient for at least the next 12 months; future capital needs depend on growth and investments.