ionQ reported first quarter results and showed good revenue growth over the prior quarter and the same quarter in Q1 2022. For Q1 2023 the company achieved $4.3 million in revenue compared to $3.8 million in Q4 2022 and $2.0 million in Q1 2022. The company initially estimates Q1 2023 revenue will be between $3.6 to $4.0 million but is able to accelerate some of the additional revenue expected to occur after the quarter closes. Adjusted EBITDA loss for the quarter was $15.9 million versus $13.3 million in Q4 2022. Orders for the quarter totaled $4.1 million with estimates between $38 million and $42 million for the full year. And the company has raised their forecast for 2023 full-year revenue to between $18.8 million and $19.2 million from its previous estimate of $18.4 million to $18.8 million.
The company ended the quarter with $525.5 million in cash, cash equivalents and long-term investments versus $537.8 million at the end of 2022. requiring no further financing. IonQ’s cash position is the best of any quantum focused company and this will give them a staying power even if the quantum market does not grow as expected.
On the commercial side, the company announced several new customer collaborations including the United Arab Emirates Quantum Research Center at the Institute of Technology Innovation, Loyalty Center for Applied Technologies, and Bearing Point, a management and technology consultancy.
The company indicated that it is building a second Aria-class processor (Aria 2) which will join Aria 1 in the public cloud later this quarter and increase capacity for customer use. IonQ also announced that they are continuing to make technical progress and have operational prototypes of their next generation Forte processors. The key innovation in the Forte is that it will use a software-controlled Acousto-Optic Deflector to aim the laser which will provide more precise control. This engine is not yet available to customers, but internal testing by IonQ engineers indicates that it has achieved an #AQ (Algorithmic Qubit) size of 29 compared to the previous high of 25 in its predecessor Aria-class machines. #AQ is a performance metric that IonQ adopted because they felt it was a better indication of performance for actual quantum algorithms.
May 11, 2023