IonQ posts another quarterly revenue jump, says bookings uncertainty is easing
IonQ in the first quarter of 2024 again out-distanced revenue expectations, and again is following up that act with bullish guidance for the second quarter and the rest of this year.
In what is getting to be a very familiar story, the company this week reported Q1 2024 earnings highlighted by $7.6 million in revenue, nudging above its previously forecast range of between $6.5 million and $7.5 million. The Q1 2024 figure also was about 77% higher than the $4.3 million in revenue reported in Q1 2023 and above the $6.1 million posted in Q4 2023. IonQ subsequently issued a promising second quarter outlook, with revenue expected to land in the range of between $7.6 million and $9.2 million.
IonQ also said with the pipeline of business opportunities growing it is raising its bookings guidance for the year to a range of between $75 million and $95 million, above the previously forecast range of between $70 million and $90 million. That increase comes on the heels of just $250,000 in reported bookings for the first quarter, but IonQ CEO Peter Chapman said a period of uncertainty around bookings related to government projects appears to be easing.
“In our last call, we mentioned that our bookings guidance was impacted due to the uncertainty around the approval of the U.S. 2024 federal budget,” Chapman said during this week’s Q1 2024 earnings call. “With that risk now passed, we believe that we’ve identified in excess of $50 million of federal opportunities in 2024 not related to system sales.”
While IonQ’s revenue continues to grow, so do its costs of doing business, as one would expect. Operating costs were up 87% year-over-year to $60.5 million in Q1 2024, and IonQ’s net loss grew grew to $39.6 million in the first quarter, compared to $27.4 million in Q1 2023, due in part to increasing payroll expenses for the growing firm.
Despite these increases, IonQ remains in a strong cash position, with cash and cash equivalents in excess of $434 million, about $22 million less than it reported at the end of 2023.
Image caption: The Q1 2024 earnings report followed the recent opening of IonQ’s new Seattle facility. At that event, IonQ CEO Peter Chapman is pictured at center. (IonQ)
Dan O’Shea has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.
