Increases booking expectations to new range of $45 million to $55 million from previous range of $38 million to $42 million
COLLEGE PARK, Md.–(BUSINESS WIRE)–IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced that the Company is increasing its 2023 bookings expectations by twenty five percent (25%) to a range of $45 million to $55 million. At the midpoint, IonQ is now expecting more than 100% growth in bookings compared to last year’s record bookings performance of $24.5 million.
IonQ’s increased bookings expectation comes on the heels of a recent 25.0 million CHF ($28.0 million USD) commercial transaction that will see IonQ install two future quantum systems in Europe, including an anticipated future #AQ1 64 system. Such a quantum computer would be capable of considering more than 18 quintillion different possibilities simultaneously, and is anticipated to demonstrate quantum advantage over the very best supercomputers across a variety of applications. This transaction will also allow IonQ to service its European customers out of a joint data center, with IonQ and its partner each managing 50% of the IonQ systems.
“IonQ continues to demonstrate strong business momentum, and our ability to double bookings year-over-year in FY23 will be yet another important milestone,” said Thomas Kramer, Chief Financial Officer of IonQ. “We are thrilled to further our progress towards commercialization through our continued expansion in Europe.”
IonQ currently anticipates delivering the first quantum system in Europe after 2023 and, as such, the Company is not increasing its expectations for 2023 recognized revenue. IonQ looks forward to continuing to update investors on the Company’s financial outlook at its upcoming second quarter 2023 earnings call, the timing of which will be announced next month.
This increase in bookings expectations follows a series of achievements from IonQ as the Company continues its rapid growth. Earlier this year, IonQ announced that it had achieved its 2023 technical goal of demonstrating #AQ 29 on IonQ Forte seven months earlier than expected. Today, IonQ launched Forte for commercial use with customers including Airbus, Hyundai, and Los Alamos National Lab. Last quarter, the company announced it will be opening the first quantum computing manufacturing facility in the U.S., supported by the U.S. congressional delegation from Washington state.
1#AQ or algorithmic qubits is an application-oriented metric to assist the industry in evaluating quantum computers’ utility in real-world settings. For more information please visit our blog post here.
IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQ’s current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, boasting an industry-leading 29 algorithmic qubits. Along with record performance, IonQ has defined what it believes is the best path forward to scale.
IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Dr. Christopher Monroe and Dr. Jungsang Kim based on 25 years of pioneering research. To learn more, visit www.ionq.com.
IonQ Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, those related to IonQ’s ability to further develop and advance its quantum computers and achieve scale; IonQ’s ability to achieve #AQ 64; IonQ’s market opportunity and anticipated growth, including with regard to future bookings results; IonQ’s commercial strategy and availability; and IonQ’s ability to successfully expand geographically, including with regard to the timing of the delivery of its first quantum system in Europe. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: market adoption of quantum computing solutions and IonQ’s products, services and solutions; the ability of IonQ to protect its intellectual property; changes in the competitive industries in which IonQ operates; changes in laws and regulations affecting IonQ’s business; IonQ’s ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of IonQ’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.