Quantum Computing play IonQ shares slide on in-line Q4 earnings and mixed 2024 outlook

IonQ, a leader in the quantum computing industry, announced financial results for the fourth quarter and full year ended December 31, 2023, reporting in-line earnings and mixed guidance for the coming year. The company achieved strong revenue and bookings growth, but also reported a significant Adjusted EBITDA loss.

IonQ recognized revenue of $6.1 million for the quarter and $22.0 million for the full year, putting results at the high end and above the high end of the respective financial outlook range. This represents 98% annual growth compared to $11.1 million in the prior year. 

The company also achieved $6.7 million in new bookings for the fourth quarter and $65.1 million for the full year, above the high end of the full year financial outlook range, representing 166% annual growth compared to $24.5 million in the prior year. 

Net loss was $41.9 million and Adjusted EBITDA loss was $20.0 million for the fourth quarter, and net loss was $157.8 million and Adjusted EBITDA loss was $77.7 million for the full year 2023, ahead of IonQ's full year Adjusted EBITDA financial outlook. 

For the full year 2024, IonQ expects revenue to be between $37.0 million and $41.0 million, with between $6.5 million and $7.5 million for the first quarter. The company anticipates full year 2024 bookings of between $70 million and $90 million, and an Adjusted EBITDA loss of $110.5 million at the midpoint of the revenue outlook provided above. 

In addition to financial results, IonQ announced the appointment of two new members to its Board of Directors: Robert Cardillo, former Director of the National Geospatial-Intelligence Agency, and Bill Scannell, President of Global Sales and Customer Operations at Dell Technologies. 

IonQ has also made significant technical advancements, doubling compute space performance again, reaching #AQ 36 in January 2024, and achieving the first major milestone on implementing photonic interconnects for networked QPUs . 

Overall, IonQ's earnings report reflects the company's strong revenue and bookings growth, but also highlights the significant challenges and expenses associated with developing and commercializing quantum computing technologies. As the company continues to expand its offerings and partnerships, it will be important to monitor its progress towards profitability and the adoption of its quantum computing solutions by businesses and organizations.