IonQ Stock Jumps On Q2 Earnings: The Details

IonQ Inc IONQ reported financial results for the second quarter after the market close on Wednesday. Here’s a look at the highlights from the quarter.

Q2 Earnings: IonQ’s second-quarter revenue increased 106% year-over-year to $11.4 million. The quantum computing company reported a quarterly loss of $37.6 million, or 18 cents per share, and an adjusted EBITDA loss of $23.7 million.

IonQ said it achieved $9 million worth of new bookings in the second quarter. The company noted it demonstrated a two-qubit native gate fidelity of 99.9% using its barium qubits in the quarter, which it said paves the way for highly accurate quantum systems to tackle increasingly complex problems.

IonQ ended the quarter with $402 million in cash, equivalents and investments.

“This was a tremendous quarter for IonQ, with the company posting revenue well above the high-end of our guidance range and leading the industry in technical innovations that have brought the quantum era within reach,” said Peter Chapman, president and CEO of IonQ. 

“Specifically, the second quarter saw the launch of our accelerated technical roadmap, our demonstration of 99.9% fidelity using our next-generation barium qubits, and our invention of an industry-first partial error correction scheme, a new technique that could allow much larger applications to run on near-term quantum systems.”

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Outlook: IonQ sees third-quarter revenue in the range of $9 million to $12 million. The company also raised its full-year 2024 guidance. IonQ now expects full-year revenue to be in the range of $38 million to $42 million. The company continues to expect full-year 2024 bookings of $75 million to $95 million.

Management is currently discussing the company's quarterly results on a conference call that kicked off at 4:30 p.m. E.T.

IONQ Price Action: IonQ shares were up 4.41% after-hours at $7.10 at the time of publication Wedensday, according to Benzinga Pro.

Photo: Courtesy of IonQ.