COLLEGE PARK, Md. - February 28, 2022 - IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced financial results for the quarter and full year ended December 31, 2023.

“IonQ had a landmark year in 2023, meeting and exceeding our financial expectations, and accomplishing our technical goals early,” said Peter Chapman, President and CEO of IonQ. “We sold four systems, unveiled the designs for our upcoming generations, and opened our new Seattle manufacturing facility to begin producing more systems to fulfill our growing pipeline. IonQ’s pipeline for 2024 is stronger than ever, and our sale of two systems in Europe last year is accelerating interest in system purchases, especially in Europe.”

“With the rise of generative AI, we are increasingly hearing from customers about the prohibitively expensive and lengthy compute resources–upwards of $1 billion and 3 months–required to train certain large language models. We estimate that to fully simulate 64 algorithmic qubits, you would need 3.6 billion GPUs, and that by shifting AI workloads to our increasingly powerful quantum computers, IonQ can help address the world’s next great computing challenge. We are eager to work with our customers on the next era of computing and networking in 2024 and beyond.”

Financial Highlights

• IonQ recognized revenue of $6.1 million for the quarter and $22.0 million for the full year, putting results at the high end and above the high end of the respective financial outlook range. This represents 98% annual growth compared to $11.1 million in the prior year.
• IonQ achieved $6.7 million in new bookings for the fourth quarter and $65.1 million for the full year, above the high end of the full year financial outlook range. This represents 166% annual growth compared to $24.5 million in the prior year.
• Cash, cash equivalents and investments were $455.9 million as of December 31, 2023.
• Net loss was $41.9 million and Adjusted EBITDA loss was $20.0 million for the fourth quarter. As for the full year 2023, net loss was $157.8 million and Adjusted EBITDA loss was $77.7 million, ahead of IonQ’s full year Adjusted EBITDA financial outlook.* Exclusions from Adjusted EBITDA include a non-cash gain in the fourth quarter of $7.6 million and a full year 2023 loss of $19.2 million related to the change in the fair value of IonQ’s warrant liabilities.

2024 Financial Outlook

• For the full year 2024, IonQ expects revenue to be between $37.0 million and $41.0 million, with between $6.5 million and $7.5 million for the first quarter.
• IonQ anticipates full year 2024 bookings of between $70 million and $90 million.
• IonQ anticipates an Adjusted EBITDA** loss of $110.5 million for the full year 2024 at the midpoint of the revenue outlook provided above.