IonQ (IONQ) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $12.4 million, up 102% year-over-year and above guidance, driven by hardware contracts and new service agreements.

• Secured $63.5 million in Q3 bookings, including a $54.5 million U.S. Air Force Research Lab contract and a $9 million University of Maryland agreement, nearing the $75–$95 million annual target.

• Announced acquisition of Qubitekk for $22 million to expand quantum networking capabilities and add 118 patents.

• Entered major partnerships with AstraZeneca, Ansys, NKT Photonics, imec, and University of Maryland to advance quantum applications and hardware scalability.

• Achieved 2024 technical scaling goal 12 months early, reaching 36 algorithmic qubits on IonQ Forte, surpassing industry competitors.

Financial highlights

• Q3 2024 revenue: $12.4 million (up 102% year-over-year); year-to-date revenue: $31.4 million.

• Q3 bookings: $63.5 million; annual bookings guidance remains $75–$95 million.

• Q3 net loss: $52.5 million; Adjusted EBITDA loss: $23.7 million; operating expenses: $65.5 million.

• Cash, cash equivalents, and investments totaled $382.8 million as of September 30, 2024.

• Stock-based compensation for Q3 was $24.6 million; nine-month total was $67.6 million.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $38.5–$42.5 million; Q4 revenue expected between $7.1–$11.1 million.

• Bookings guidance for 2024 remains $75–$95 million.

• Projected Adjusted EBITDA loss for the year is $110.5 million.

• Management expects continued significant losses as R&D and commercialization investments continue.

• Cash position expected to be sufficient for at least the next 12 months; future capital needs may be met through equity or debt.