IonQ Q3 Earnings: Revenue Beat, EPS Miss, Bookings Jump On Air Force Research Contract, Guidance Raise, New Deals And More

IonQ Inc IONQ reported third-quarter financial results after the market close on Wednesday. Here’s everything you need to know from the quarter.

• Q3 Revenue: $12.4 million, versus estimates of $10.56 million

• Q3 EPS: Loss of 24 cents, versus estimates for a loss of 21 cents

Total revenue was up 102% on a year-over-year basis. IonQ said it achieved $63.5 million worth of new bookings in the third quarter. IonQ ended the quarter with $382.8 million in cash, equivalents and investments.

“We had yet another banner quarter at IonQ, booking $63.5 million and exceeding the high end of our revenue range. We won a $54.5 million deal with the U.S. Air Force Research Lab (AFRL) to develop and deliver hardware that enables the scaling and networking of quantum systems,” said Peter Chapman, president and CEO of IonQ.

Outlook: IonQ expects fourth-quarter revenue to be in the range of $7.1 million to $11.1 million. The company also raised its full-year 2024 revenue outlook from a range of $38 million to $42 million to a new range of $38.5 million to $42.5 million.

Management is currently discussing the quarter on a conference call scheduled for 4:30 p.m. ET.

What Else: IonQ announced the creation of a new quantum application development center in collaboration with AstraZeneca. The companies will work on developing applications for AstraZeneca’s innovation BioVentureHub in Sweden.

“For the first time in IonQ’s history, we are announcing a plan to partner on the development of quantum applications for a production use case with AstraZeneca. We believe this monumental collaboration will be the first step to validate the years of pioneering research we have conducted in quantum chemistry,” Chapman said.

IonQ separately announced that it entered into a definitive agreement to acquire California-based quantum networking company Qubitekk. The company expects to close the acquisition within the next six months.

IonQ also announced a partnership with Ansys to integrate quantum computing into the computer-aided engineering industry. The companies aim to reduce product development timelines, enabling faster market entry for innovative products.

IONQ Price Action: IonQ shares were down 1.54% in after-hours, trading at $14.91 at the time of publication Wednesday, according to Benzinga Pro.

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Photo: Courtesy of IonQ.