Sign In  |  Register  |  About Walnut Creek Guide  |  Contact Us

Walnut Creek, CA
September 01, 2020 1:43pm
7-Day Forecast | Traffic
  • Search Hotels in Walnut Creek Guide

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

IonQ Announces Second Quarter 2022 Financial Results

Enhances Computational Power of Cloud Offering by More Than 130,000x

Increases Power of Aria by 8x, Vaulting from 20 to 23 Algorithmic Qubits

Expects to Launch Aria Access on Microsoft Azure Tomorrow

New Customers Include Airbus and Dow

IonQ (NYSE: IONQ), a leader in quantum computing, today announced financial results for the quarter ended June 30, 2022.

“We are thrilled to share the progress we made in the second quarter,” said Peter Chapman, President and CEO of IonQ. “I am excited to announce that we are bringing to the cloud a computer that is over 130,000 times more computationally powerful than our previous cloud offering, as defined by the useful computational space. IonQ Aria has achieved a record-breaking 23 algorithmic qubits, representing an 8x increase in Aria’s power and further cementing its lead as the most powerful known quantum computer in the world.”

“Tomorrow, Aria will become available to all users of Microsoft Azure Quantum,” said Chapman. “This launch furthers our commitment to making our industry-leading hardware publicly accessible to current and future generations of quantum programmers. Meanwhile, our customer base–including new customers Airbus and Dow–is leveraging this superior performance to build quantum applications that deliver real business value. The future continues to be ever brighter for quantum computing.”

Second Quarter 2022 Financial Highlights

  • IonQ recognized revenue of $2.6 million for the second quarter, compared to $93 thousand in the prior year period and above the high end of IonQ’s previously provided range.
  • Cash, cash equivalents and investments were $571.3 million as of June 30, 2022.
  • Net loss was $1.7 million and adjusted EBITDA loss was $11.6 million.* Excluded from adjusted EBITDA is a non-cash gain of $16.1 million related to the change in the fair value of IonQ’s warrant liabilities.

    *Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures,” and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.

Commercial Highlights

  • IonQ announced a paid contract with Airbus, who is using Aria to explore optimization problems that are core to their aerospace business, such as how to efficiently load cargo on aircraft. IonQ expects that the quantum algorithm it is developing with Airbus will account for a number of critical aviation variables that make this problem particularly difficult for classical algorithms to solve.
  • IonQ announced a paid contract with Dow, a global leader in chemistry and material science, who is using Aria to explore the boundaries of quantum computing in materials discovery research. They join other customers who are partnering with IonQ to explore the intersection of quantum machine learning, material science, and chemistry.
  • IonQ announced the results of a partnership with GE Research to develop a quantum algorithm that manages financial risk exposure. The work used a large data set to generate risk models across up to four variables and is broadly applicable to industries which have risk-management needs, such as finance, insurance, and supply chain management.
  • Aria, which IonQ believes to be the most powerful commercial quantum computer in the world with 23 algorithmic qubits, which will be available tomorrow to all users of Microsoft Azure Quantum. This announcement furthers IonQ’s commitment to making its industry-leading hardware publicly accessible to current and future generations of quantum programmers.
  • IonQ signed a formal agreement to collaborate with the University of Maryland on a project for the National Science Foundation. For this, IonQ will build and host a quantum router as a part of a new quantum network–the Mid-Atlantic Region Quantum Internet—spanning UMD’s campus and surrounding area. The work is not only important for quantum communications, but also continues IonQ’s work towards connecting multiple quantum computers together to form even more powerful systems.
  • IonQ finalized a subcontract with Zapata Computing to collaborate on a multi-million dollar DARPA project.

Technical Highlights

  • Aria has increased its computational power by approximately 8x, now reaching #AQ 23, up from #AQ 20. Aria will become IonQ’s newest cloud offering, representing more than a 130,000x increase in computational power from the existing offering.
  • IonQ announced an 8x increase in the computational power of IonQ Harmony, which has achieved up to #AQ 9, up from a previous benchmark of #AQ 6. Harmony systems are available to customers via all three major cloud partners, including Microsoft Azure, Amazon Web Services, and Google Cloud.
  • IonQ is investing in cutting-edge research on natural language processing, or NLP. IonQ created quantum NLP algorithms to represent linguistic qualities like ambiguity, vagueness, and novelty which are notoriously difficult to represent in classical compute. No previously published work has demonstrated ambiguity resolution or language generation working on live quantum hardware. IonQ believes quantum techniques of this nature can dramatically improve NLP performance.

Company Highlights

  • IonQ has identified a facility in Seattle, Washington to host its first assembly lines for manufacturing quantum computers.
  • IonQ announced the hire of Dave Mehuys as Vice President of Product Engineering to support its production plans. Dr. Mehuys comes to IonQ after serving as Vice President of Systems Engineering at PsiQuantum and brings with him a deep understanding of quantum hardware.
  • IonQ announced the creation of IonQ GmbH and IonQ Israel Ltd in support of growing regional investments in quantum computing.
  • IonQ welcomed Kathy Chou to the IonQ Board of Directors in July 2022. Ms. Chou is currently the Senior Vice President of SaaS Engineering at Nutanix, and brings a wealth of experience in go-to-market strategy and developing and deploying SaaS applications.

2022 Financial Outlook

  • For the third quarter of 2022, IonQ is expecting revenue of between $2.6 and $2.9 million.
  • For the full year 2022, IonQ has reiterated the previously stated revenue outlook range of $10.2 million to $10.7 million.
  • IonQ notes that more than $24 billion was invested in quantum computing worldwide between 2016 and 2021. The United States government investment in quantum information science R&D nearly doubled from 2019 to 2022, going from a reported $449 million to a requested $877 million.
  • IonQ achieved bookings of $0.6 million for the second quarter, compared to $57 thousand in the prior year period. As IonQ has noted on prior calls, management continues to expect bookings to be lumpy for quite some time. This means that while IonQ has confidence in its overall economic performance, it can sometimes be hard to accurately predict exactly in which quarter deals will close. IonQ believes providing bookings outlooks on an annual basis rather than on a quarterly basis will better capture its business outlook, and intends to provide only annual outlooks moving forward.
  • IonQ is maintaining its previously stated bookings range of $23 million to $27 million for full year 2022.
  • IonQ believes it will achieve its bookings forecast, but also feels it is prudent to acknowledge the risk associated with the present market conditions, which is leading to contracting delays across the technology sector. IonQ has identified $12 million of late-stage opportunity in its bookings forecast that is likely to close, but precise timing is unclear, which may lead us to miss some or all of this value in 2022. Management nevertheless remains confident that these customers will contract with IonQ.
  • IonQ notes that the $571.3 million in cash, cash equivalents and investments enables the company to make investments in R&D and manufacturing to continue delivering market leading systems.

Second Quarter 2022 Conference Call

IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company’s financial results for the quarter ended June 30, 2022. The call will be accessible by telephone at 877-407-4018 (domestic) or 201-689-8471 (international) using passcode 13731257. The call will also be available live via webcast on the Company’s website here, or directly here. A telephone replay of the conference call will be available at 844-512-2921 or 412-317-6671 with access code 13731257 and will be available until 11:59 PM Eastern time, August 29, 2022. An archive of the webcast will also be available shortly after the call and will remain available for 90 days.

Non-GAAP Financial Measures

To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP, we use 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’s results period over period. Adjusted EBITDA is defined as net loss before interest expense, interest income, income tax expense (benefit), depreciation and amortization expense, stock-based compensation, remeasurements of liability-classified warrants, 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 reflects its core operations and may not be indicative of our 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’s non-GAAP measures may be different from non-GAAP measures used by other companies. For IonQ’s investors to be better able to compare its current results with those of previous periods, the Company has shown a reconciliation of GAAP to non-GAAP financial measures at the end of this release.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, including IonQ Aria, a system that boasts industry-leading 23 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale.

IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward- looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward- looking statements. These statements include those related to the Company’s ability to further develop and advance its quantum computers and achieve scale; the upcoming availability of IonQ Aria on Microsoft Azure’s Quantum Cloud; the potential benefits of quantum computing and IonQ’s collaborations and partnerships; IonQ’s international expansion; expectations with respect to the timing of negotiations and execution of applicable contracts; the success or outcome of new contracts entered into with IonQ customers; expectations relating to the development of a manufacturing facility in Seattle, Washington; and IonQ’s market opportunity, anticipated growth, and future financial performance, including management’s financial outlook for the third quarter and full year 2022. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and the Company’s products, services and solutions; the ability of the Company to protect its intellectual property; changes in the competitive industries in which the Company operates; changes in laws and regulations affecting the Company’s business; the Company’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of IonQ’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and other documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectations.

 

IonQ, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share data)

Three Months Ended

June 30,

Three Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

$

2,608

 

$

93

 

$

4,561

 

$

218

 

Costs and expenses:

 

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

742

 

 

327

 

 

1,310

 

 

508

 

Research and development

 

9,653

 

 

5,477

 

 

16,990

 

 

9,131

 

Sales and marketing

 

2,132

 

 

871

 

 

4,002

 

 

1,098

 

General and administrative

 

7,558

 

 

2,904

 

 

16,752

 

 

5,860

 

Depreciation and amortization

 

1,451

 

 

502

 

 

2,717

 

 

947

 

Total operating costs and expenses

 

21,536

 

 

10,081

 

 

41,771

 

 

17,544

 

Loss from operations

 

(18,928

)

 

(9,988

)

 

(37,210

)

 

(17,326

)

Change in fair value of warrant liabilities

 

16,061

 

 

 

 

29,509

 

 

 

Interest income, net

 

1,259

 

 

 

 

1,867

 

 

 

Other income (expense), net

 

(46

)

 

2

 

 

(47

)

 

5

 

Loss before benefit for income taxes

 

(1,654

)

 

(9,986

)

 

(5,881

)

 

(17,321

)

Benefit for income taxes

 

 

 

 

 

 

 

 

Net loss

$

(1,654

)

$

(9,986

)

$

(5,881

)

$

(17,321

)

Net loss per share attributable to common stockholders - basic and diluted

$

(0.01

)

$

(0.08

)

$

(0.03

)

$

(0.15

)

Weighted average shares used in computing net loss per share attributable to common stockholders - basic and diluted

 

197,214,022

 

 

119,253,873

 

 

196,708,008

 

 

118,991,152

 

 

 

 

 

 

 

IonQ, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)

 

 

June 30,

December 31 ,

 

 

2022

 

 

2021

 

Assets:

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

43,968

 

$

399,025

 

Short-term investments

 

379,383

 

 

123,443

 

Accounts receivable

 

1,782

 

 

707

 

Prepaid expenses and other current assets

 

5,113

 

 

6,442

 

Total current assets

 

430,246

 

 

529,617

 

Long-term investments

 

147,992

 

 

80,110

 

Property and equipment, net

 

24,872

 

 

18,870

 

Operating lease right-of-use assets

 

3,894

 

 

4,032

 

Intangible assets, net

 

6,839

 

 

5,841

 

Other noncurrent assets

 

3,149

 

 

3,558

 

Total Assets

$

616,992

 

$

642,028

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

Current liabilities:

 

 

Accounts payable

$

3,680

 

$

1,882

 

Accrued expenses

 

4,019

 

 

2,647

 

Current portion of operating lease liabilities

 

577

 

 

568

 

Unearned revenue

 

4,885

 

 

3,430

 

Current portion of stock option early exercise liabilities

 

1,130

 

 

1,164

 

Total current liabilities

 

14,291

 

 

9,691

 

Operating lease liabilities, net of current portion

 

3,556

 

 

3,643

 

Unearned revenue, net of current portion

 

616

 

 

1,533

 

Stock option early exercise liabilities, net of current portion

 

1,404

 

 

1,969

 

Warrant liabilities

 

4,447

 

 

33,962

 

Total liabilities

$

24,314

 

$

50,798

 

Stockholders’ Equity:

 

 

Common stock

 

20

 

 

19

 

Additional paid-in capital

 

751,259

 

 

737,150

 

Accumulated deficit

 

(151,672

)

 

(145,791

)

Accumulated other comprehensive loss

 

(6,929

)

 

(148

)

Total stockholders’ equity

 

592,678

 

 

591,230

 

Total Liabilities and Stockholders’ Equity

$

616,992

 

$

642,028

 

 

IonQ, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

 

 

Cash flows from operating activities:

 

 

 

Net loss

$

(5,881

)

$

(17,321

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Depreciation and amortization

 

2,717

 

 

947

 

Non-cash research and development arrangements

 

260

 

 

1,001

 

Amortization of customer warrant

 

 

 

125

 

Stock-based compensation expense

 

12,556

 

 

3,874

 

Change in fair value of warrant liabilities

 

(29,509

)

 

 

Other, net

 

(1,618

)

 

122

 

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

(801

)

 

(30

)

Prepaid expenses and other current assets

 

3,576

 

 

(2,710

)

Accounts payable

 

1,156

 

 

3,025

 

Accrued expenses

 

484

 

 

913

 

Unearned revenue

 

264

 

 

275

 

Other assets and liabilities

 

(133

)

 

(42

)

Net cash used in operating activities

 

(16,929

)

 

(9,821

)

Cash flows from investing activities:

 

 

Purchases of property and equipment

 

(7,022

)

 

(2,994

)

Capitalized software development costs

 

(982

)

 

(764

)

Intangible asset acquisition costs

 

(370

)

 

(241

)

Purchases of available-for-sale securities

 

(403,899

)

 

 

Maturities and sales of available-for-sale securities

 

73,090

 

 

 

Net cash used in investing activities

 

(339,183

)

 

(3,999

)

Cash flows from financing activities:

 

 

Proceeds from stock options exercised

 

567

 

 

5,392

 

Tax withholding receipts related to vested and released restricted stock units

 

472

 

 

 

Proceeds from public warrants exercised

 

16

 

 

 

Net cash provided by financing activities

 

1,055

 

 

5,392

 

Net change in cash and cash equivalents

 

(355,057

)

 

(8,428

)

Cash and cash equivalents at the beginning of the period

 

399,025

 

 

36,120

 

Cash and cash equivalents at the end of the period

$

43,968

 

$

27,692

 

 

IonQ, Inc.

Reconciliation of Net Loss to Adjusted EBITDA

(unaudited)

(in thousands)

 

Three Months Ended

June 30,

Six Months Ended

June 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

$

(1,654

)

$

(9,986

)

$

(5,881

)

$

(17,321

)

Interest income, net

 

(1,259

)

 

 

 

(1,867

)

 

 

Interest expense

 

 

 

 

 

 

 

 

Benefit for income taxes

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

1,451

 

 

502

 

 

2,717

 

 

947

 

Stock-based compensation

 

5,884

 

 

2,443

 

 

12,556

 

 

3,874

 

Change in fair value of assumed warrant liabilities

 

(16,061

)

 

 

 

(29,509

)

 

 

Adjusted EBITDA

$

(11,639

)

$

(7,041

)

$

(21,984

)

$

(12,500

)

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 WalnutCreekGuide.com & California Media Partners, LLC. All rights reserved.