IonQ Stock Jumps On Q4 Earnings: What You Need To Know

IonQ Inc IONQ shares are trading higher in Wednesday’s after-hours session on the heels of the company’s fourth-quarter results. Here’s what you need to know.

What To Know: IonQ reported second-quarter revenue of $6.11 million, which beat the consensus estimate of $5.76 million, according to Benzinga Pro. The quantum computing company reported a quarterly loss of 20 cents per share, which missed analyst estimates for a loss of 19 cents per share.

IonQ said it achieved $6.7 million of new bookings in the fourth quarter. The company ended the quarter with $455.9 million in cash, equivalents and investments.

“IonQ had a landmark year in 2023, meeting and exceeding our financial expectations, and accomplishing our technical goals early. 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,” said Peter Chapman, president and CEO of IonQ.

“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.”

IonQ has appointed Bill Scannell, president of Global Sales and Customer Operations at Dell Technologies, to its board. The company also appointed former director of the National Geospatial-Intelligence Agency Robert Cardillo to its board.

Outlook: IonQ sees first-quarter revenue of $6.5 million to $7.5 million. The company anticipates full-year 2024 revenue in the range of $37 million to $41 million. Full-year bookings are expected to be between $70 million and $90 million. IonQ also anticipates an adjusted EBITDA loss of approximately $110.5 million for full-year 2024.

“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,” Chapman said.

“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.”

A conference call to discuss these results kicked off at 4:30 p.m. ET.

See Also: C3.ai Stock Soars On Q3 Results – Here’s Why

IONQ Price Action: IonQ shares were up 10.5% after hours at 12.39 at the time of publication, according to Benzinga Pro.

Photo: courtesy of IonQ.