Side-by-side comparison of quantum computers tested from each of four providers included in the paper. IonQ’s latest system outperformed all others evaluated by having higher average result fidelity across a wide set of algorithms with a greater circuit width/depth than any other system.
In the third quarter, IonQ announced a new chip for the Company’s quantum processing unit, or QPU, that is designed to allow the Company to increase the number of qubits in its system while maintaining stability. IonQ believes this could allow it to scale to hundreds of qubits on a single chip, up from the dozens the Company has on chips today.
In early October, researchers from IonQ and The University of Maryland published results in Nature, a prominent peer-reviewed journal, that documented cutting-edge error correction technology. This joint study with Duke University, the University of Maryland, and the Georgia Institute of Technology was the first, and so far the only one, on any quantum computing system, to show fault-tolerant error-correction working in practice and with very little overhead. Solving error correction is critical to creating quantum computers large enough to deal with the complex problems that the governments, businesses, and societies face today.
IonQ’s bookings results demonstrate the Company’s leadership and growing demand for IonQ’s industry-leading trapped-ion hardware. IonQ is the only maker of quantum hardware that is available through every major cloud provider in the United States, which includes Amazon Web Services, Microsoft Azure, and Google Cloud. This gives public and private sectors unprecedented access to the Company’s technology. IonQ’s next generation system was released to select customers in private beta via IonQ’s dedicated cloud.
“We look forward to 2022 with confidence as we continue to build out IonQ’s ecosystem, demonstrate our superior scalability and efficiency, and solve useful problems for our worldwide customer base,” said Chapman.
Third Quarter Financial Highlights
| • | | Revenue of $223 thousand, for a total of $451 thousand year to date. |
| • | | Year-to-date total contract value (TCV) bookings of $15.1 million. |
| • | | Cash and cash equivalents of $587 million as of September 30, 2021. |
| • | | Net loss of $14.8 million. |
| • | | Adjusted EBITDA was a loss of $7.9 million.* |
“The completion of our business combination with dMY Technology Group III gave us the capital to fuel additional momentum in our system development and commercialization efforts,” said Thomas Kramer, CFO of IonQ. “As part of our business combination, we are fortunate to now call Hyundai Motor Company and Kia Corporation, Silver Lake, MSD Partners, L.P., Breakthrough Energy Ventures, NEA, GV and Fidelity Management & Research Company LLC investors in IonQ.”
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