Why Is IonQ Stock Trading Higher On Friday?

IonQ, Inc. IONQ shares are trading higher on Friday after the company signed a $54.5 million contract with the United States Air Force Research Lab.

Now entering its third year of substantial commercial revenue, IonQ has achieved nearly 100% compound annual growth in sales (bookings) and an impressive 225% growth in recognized revenue.

With a quarter left in the fiscal year, IonQ has reported $72.8 million in bookings year-to-date, expressing confidence in meeting or exceeding its annual guidance of $75-95 million.

“No other publicly traded pure-play quantum computing company has nearly doubled revenue each year since going public, nor have they approached the $100M bookings mark so quickly,” said Peter Chapman, President and CEO of IonQ.

Also Read: IonQ Stock Jumps On Q2 Earnings: The Details

Last month, IonQ announced that it was chosen by the Applied Research Laboratory for Intelligence and Security (ARLIS) to develop a groundbreaking quantum networking contract aimed at creating a networked system for blind quantum computing.

IonQ has recruited experienced professionals from major technology leaders like Microsoft Corporation MSFT, Amazon.com AMZN, International Business Machines Corporation IBM, and more to collaborate with the world’s largest organizations and drive value.

The company also revealed a $9 million agreement with the University of Maryland to offer advanced quantum computing access.

According to Benzinga Pro, IONQ stock has lost over 43% in the past year. Investors can gain exposure to the stock via Main Thematic Innovation ETF TMAT.

Price Action: IONQ shares are trading higher by 16.20% to $9.36 at the last check on Friday.

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Photo courtesy of IonQ