IonQ (IONQ) Q4 2024 earnings summary

Executive summary

• Achieved record full-year revenue of $43.1 million in 2024, up 95% year-over-year, and full-year bookings of $95.6 million, both exceeding guidance.

• Closed acquisitions of Qubitekk and announced a controlling stake in ID Quantique, consolidating nearly 900 quantum-related patents and expanding global presence.

• Achieved 2024 technical scaling goal 12 months early, reaching 36 algorithmic qubits on IonQ Forte, with broad SDK support.

• Leadership transition: Niccolo de Masi appointed CEO, Peter Chapman remains Executive Chair, and Gabrielle Toledano joins as director.

• Expanded global presence with new data center in Switzerland and commercial activity in South Korea, Middle East, and North America.

Financial highlights

• Q4 2024 revenue was $11.7 million; full-year revenue reached $43.1 million, up 95% year-over-year.

• Q4 bookings were $22.9 million; full-year bookings totaled $95.6 million, up over 46% year-over-year.

• Q4 operating costs and expenses were $89.2 million, up 47% year-over-year; full-year operating costs were $275.5 million, up 53%.

• Q4 net loss was $202 million (including $128.5 million non-cash warrant loss); full-year net loss was $331.6 million (including $117.1 million non-cash warrant loss).

• Adjusted EBITDA loss for 2024 was $107.2 million, better than projected; cash, cash equivalents, and investments at year-end were $363.8 million.

Outlook and guidance

• 2025 revenue projected at $75–$95 million, with Q1 guidance of $7–$8 million.

• Anticipates Adjusted EBITDA loss of $120 million for 2025 at the midpoint of revenue guidance.

• Positioned to capitalize on a $87 billion total addressable market by 2035, with quantum computing and networking expected to create up to $880 billion in economic value by 2040.