IonQ Announces Fourth Quarter and Full Year 2024 Financial Results

   -- 
 Exceeds High End of Guidance Range with Full Year Revenue of $43.1 
      Million, Representing 95% Year-Over-Year Growth 
 
   -- 
 Exceeds High End of Guidance Range with Full Year Bookings of $95.6 
      Million 
 
   -- 
 Signs Definitive Agreement to Acquire Majority Stake in ID Quantique, 
      Leading Quantum Networking Provider, to Further IonQ's Global Quantum 
      Networking Leadership 
 
COLLEGE PARK, Md.--(BUSINESS WIRE)--February 26, 2025-- 

IonQ $(IONQ)$, a leader in the quantum computing and networking industries, today announced financial results for the quarter and full year ended December 31, 2024.

"We had IonQ's best year yet in 2024, exceeding the high ends of both our bookings and revenue guidance ranges and making truly significant technical strides," said Peter Chapman, IonQ's Executive Chair.

"As we enter 2025, IonQ has a strong pipeline that we believe will enable us to lead in the era of commercial advantage. Last year, our rapidly expanding quantum networking business line closed three major networking contracts. McKinsey expects the quantum networking industry to be worth $10-15 billion per year within the next decade," noted Chapman.

"Our transaction to acquire control of ID Quantique extends IonQ's networking leadership as well as our control of over 400 networking patents granted and pending," continued Chapman. "Moreover, the ID Quantique deal, recent launch of our new Switzerland data center, and commercial activity across South Korea, the Middle East, and North America demonstrate IonQ's expanded leadership in the global quantum industry."

Financial Highlights

   -- 
 IonQ recognized revenue of $11.7 million for the quarter, exceeding the 
      high end of the previously announced guidance range of $7.1 million to 
      $11.1 million. 
 
 
   -- 
 IonQ recognized revenue of $43.1 million for the full year, exceeding 
      the high end of the previously announced guidance range of $38.5 million 
      to $42.5 million. This represents 95% annual growth compared to $22.0 
      million in the prior year. 
 
 
   -- 
 IonQ achieved $95.6 million in new bookings for the full year and $22.7 
      million for the fourth quarter, exceeding the high end of the previously 
      announced full year financial guidance range of $75 million to $95 
      million. 
 
 
   -- 
 Cash, cash equivalents, and investments were $363.8 million as of 
      December 31, 2024. 
 
 
   -- 
 Net loss was $202.0 million and Adjusted EBITDA* loss was $32.8 
      million** for the fourth quarter. For the full year 2024, net loss was 
      $331.6 million and Adjusted EBITDA loss was $107.2 million**, better than 
      IonQ's full year Adjusted EBITDA financial outlook. 
 

*Adjusted EBITDA is a non-GAAP financial measure defined under "Non-GAAP Financial Measures," and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.

** Exclusions from Adjusted EBITDA include a non-cash loss in the fourth quarter of $128.5 million and a full year 2024 loss of $117.1 million related to the change in the fair value of IonQ's warrant liabilities.

Q4 and Recent Commercial Highlights

   -- 
 IonQ announced a new $21.1 million project to work with the Air Force 
      Research Lab on addressing crucial quantum networking needs for national 
      security. 
 
 
   -- 
 IonQ announced a landmark partnership with the University of Maryland 
      and the State of Maryland to fuel the growing quantum economy in the U.S. 
      capitol region, provide access to IonQ's cutting-edge quantum technology, 
      and dramatically strengthen Maryland's workforce with new quantum-focused 
      jobs in an initiative worth up to $1 billion. 
 
 
   -- 
 IonQ announced a partnership with General Dynamics Information 
      Technology, a business unit of General Dynamics, to bring the power of 
      quantum computing to the government and defense sectors. 
 
 
   -- 
 IonQ announced the renewal of its agreement with the Abu Dhabi Quantum 
      Research Center - Technology Innovation Institute in the United Arab 
      Emirates to continue leveraging IonQ's quantum computing technology to 
      advance Abu Dhabi's position as a global leader in science and 
      technology. 
 
 
   -- 
 IonQ signed a Memorandum of Understanding (MOU) with the metropolitan 
      government of Busan, the second largest city in South Korea, highlighting 
      a commitment to mutual cooperation in nurturing talent, and advancing 
      quantum technology. 
 

Q4 and Recent Corporate Highlights

   -- 
 Today, IonQ announced that it has reached a definitive agreement to 
      acquire a majority stake in ID Quantique SA (IDQ), a global leader in 
      quantum networking and sensing, headquartered in Geneva and Seoul. IDQ's 
      technology portfolio in quantum networking will bring the total count of 
      granted and pending patents controlled by IonQ to nearly 900. 
 
 
   -- 
 Alongside the IDQ transaction, IonQ expects to enter into a strategic 
      partnership in quantum with SK Telecom, the largest wireless 
      telecommunications operator in the Republic of Korea. 
 
 
   -- 
 Last month, IonQ announced the completion of its acquisition of 
      substantially all the assets of Qubitekk, Inc., positioning IonQ at the 
      forefront of quantum networking and computing. 
 
 
   -- 
 Today, IonQ named Niccolo de Masi as President and Chief Executive 
      Officer, effective immediately, with Peter Chapman continuing as 
      Executive Chairman of the Board of Directors. De Masi is a seasoned 
      public company chief executive officer and current board member. 
 
 
   -- 
 Today, IonQ announced the appointment of Gabrielle Toledano to its 
      Board of Directors. Toledano brings over 30 years of leadership 
      experience across the technology, gaming, and digital transformation 
      sectors, having held senior roles at Tesla, Electronic Arts, Microsoft, 
      Siebel Systems and Oracle. 
 
 
   -- 
 IonQ announced several accolades recognizing its commercial success and 
      workplace excellence, including being named to Forbes' prestigious 2025 
      list of "America's Most Successful Mid-Cap Companies," multiple Built In 
      "2025 Best Places to Work" lists, and Investor's Business Daily's $(IBD)$ 
      best companies of 2024 list. 
 

Q4 and Recent Technical and Manufacturing Highlights

   -- 
 IonQ announced the delivery of IonQ Forte Enterprise to its first 
      European Innovation Center at uptownBasel in Switzerland, marking the 
      first datacenter-ready quantum computer IonQ has delivered that will 
      operate outside the United States. 
 
 
   -- 
 IonQ announced the completion of its next-generation ion trap vacuum 
      package prototype intended to realize smaller, more compact, room 
      temperature quantum systems that can sustain Extreme High Vacuum $(XHV.SI)$. 
 
 
   -- 
 IonQ announced a technological breakthrough on building scalable 
      quantum computing algorithms, resulting from a collaboration with Oak 
      Ridge National Lab. 
 
 
   -- 
 IonQ announced the launch of its quantum operating system, called IonQ 
      Quantum OS, and a collection of new capabilities named IonQ Hybrid 
      Services suite which greatly advances the performance and utility of 
      quantum computing for enterprise customers. 
 
 
   -- 
 IonQ announced the completion of an industry-first demonstration of an 
      end-to-end application workflow that leverages the NVIDIA CUDA-Q platform 
      alongside IonQ's leading quantum computing hardware. 
 
 
   -- 
 IonQ announced the issuance of five new U.S. patents designed to 
      deliver benefits across multiple industries and applications, bringing 
      IonQ's total owned or controlled patents and patent applications to 
      nearly 900 with the inclusion of IDQ's patent portfolio. 
 

2025 Financial Outlook

   -- 
 For the full year 2025, IonQ expects organic and inorganic revenue to 
      be between $75 million and $95 million, with between $7 million and $8 
      million for the first quarter. 
 
 
   -- 
 IonQ anticipates an Adjusted EBITDA* loss of $120 million for the full 
      year 2025 at the midpoint of the revenue outlook provided above. 
 

At-the-Market Equity Offering

   -- 
 IonQ entered into an equity distribution agreement with Morgan Stanley 
      & Co. LLC and Needham & Company LLC under which it may offer and sell 
      shares of its common stock having an aggregate offering price of up to 
      $500 million, pursuant to an "at-the-market" equity offering program. 
 

Fourth Quarter 2024 Conference Call

IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company's financial results for the fourth quarter ended December 31, 2024 and to provide a business update. The call will be accessible by telephone at 877-407-4078 (domestic) or +1-201-689-8471 (international). The call will also be available live via webcast on the Company's website here, or directly here. A telephone replay of the conference call will be available approximately three hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 13748910 and will be available until 11:59 p.m. Eastern time, March 12, 2025. An archive of the webcast will also be available here shortly after the call and will remain available for one year.

Non-GAAP Financial Measures

(MORE TO FOLLOW) Dow Jones Newswires

February 26, 2025 16:05 ET (21:05 GMT)