COLLEGE PARK, Md. -- IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced financial results for the quarter ended March 31, 2024.

“We kicked the year off with strong revenue results, once again outperforming the high end of our guidance range,” said Peter Chapman, President and CEO of IonQ. “I am also pleased to announce that our sales pipeline is expanding significantly in deal size and volume and increasing in timing visibility, allowing us to raise our full year bookings guidance.”

“The first quarter also saw several institutions, both public and private, use the power of our quantum computers to explore new projects. The start of the year also saw Oak Ridge National Labs, a returning client, begin research on a use case around energy schedule optimization for the United States national power grid. We believe we will continue to see new use cases unfold as our technology approaches commercial advantage.”

Financial Highlights

IonQ recognized revenue of $7.6 million for the first quarter, which is above the high end of the previously provided range of $6.5 to $7.5 million, and represents 77% growth compared to $4.3 million in the prior year.

IonQ achieved $0.3 million in new bookings for the first quarter.

Cash, cash equivalents and investments were $434.4 million as of March 31, 2024.

Net loss was $39.6 million and Adjusted EBITDA loss was $27.0 million for the first quarter.* Exclusions from Adjusted EBITDA include a non-cash gain of $8.6 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 early results from its work with Deutsches Elektronen-Synchrotron (DESY) to use IonQ Aria to optimize gate assignments for airplanes to reduce travel time, demonstrating quantum computing’s potential as a more effective solution than classical computing for this problem.

In April, IonQ announced a collaboration with Oak Ridge National Lab to explore how quantum computing technology can be used to optimize the United States power grid.

IonQ announced a strategic agreement with South Carolina Quantum to provide world-class quantum computing capabilities and professional services to institutions throughout the state, including higher education. South Carolina joins Maryland and Washington as the latest U.S. state to invest in its economy and competitive advantage by entering into a quantum partnership with IonQ.

IonQ announced that its first IonQ Forte Enterprise system for customer delivery is currently under construction at its recently completed Seattle manufacturing facility.

IonQ announced that it has team members on the ground assembling components to prepare for the delivery of the first system to its new Basel, Switzerland data center.

2024 Financial Outlook

For the full year 2024, IonQ expects revenue to be between $37 million and $41 million, with between $7.6 million and $9.2 million for the second quarter.

For the full year 2024, IonQ is increasing its bookings expectation range to between $75 million and $95 million.