IONQ - Earnings call transcript Q4 2021

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Operator

Greetings. Welcome to the IonQ Fourth Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. turn of over and Financial Investor to Jordan your Head now Relations. VP Shapiro, Planning would the to conference host of I & Analysis you. Thank

may You ahead. begin

Jordan Shapiro

Kramer, now, by to and welcome Jordan fourth here is access investorsionq.com. and Please Thomas non-GAAP at Chapman Investor pleased Officer & of I Peter President adjusted our XXXX this should am and refer Chief afternoon Analysis on full on that My Vice a Shapiro Good to the IonQ. financial and measure. on note Financial year earnings is call. and By I Financial and full earnings IonQ’s everyone company's today's section call, President everyone be the the Relations XXXX which website release Chief management Relation's of will fourth issued am and Officer. to name EBITDA, afternoon, of our to call at quarter year IonQ’s today's joined is press Planning Head have which quarter available Investor Executive

this substitute financial information in company be believes not accordance in GAAP. to for as this information non-GAAP presentation financial the measure is intended information provides considered or isolation, investors, for While the the a useful of with presented

release You reconciliation are GAAP. of to our for directed press such measures to

call statement as to about that cautionary during our today. this details conference speak call on Please the note some today's will for remarks Now, Therefore, of statements we these of not forward-looking. please please only made remarks. before refer that began, press this these be forward-looking additional in release

Peter? of Peter Now, Chapman, I to it will President and CEO turn IonQ. over

Peter Chapman

family great in it the staff still having including joining harm's thank people, to the concern you have simply our for I troubling members of of some of It's all IonQ unfolding of to it's crisis Thanks deeply today. a want us see time Ukraine. impact Jordan all on and and the so who us devastating is for first lives many in way. acknowledge

get of some IonQ. When to I quickly ignore Field told approach. started, computer share a Dreams ignore as the the Before three world's a focus Board In I building would of can. sense, me press, on I the and thought and it competition, just I the IonQ ago, years ignore to best as joined little bring quantum you sales, history market

what you this had story, of because latest it's machines. where as we and upside tell we're the important dedicated If At beginning We it, just generation become. sales we you our done. we And commercialization IonQ is built XX and build will the its no executives the shown ARIA we have in IonQ to machine. they computer, quantum best selling two believe come. have I understand that's in qubit believe world's efforts XXXX,

resulted harder all again Now, $XX having for in our departments. above million stand Quantum the to nine contract we was period from the which That revenue our $X.X are making industry any not year This could our call. building for the which engineering quarter which up XXXX. time scaling for that XXXX of We quantum XXXX start combined sales will production for to QX sales land. today, In selling XXXX. commercial systems year, starting three it one we anticipate for be year, fiscal and believe the years, computers sales upside the over as bookings million these on group customers, XX% forecasted the contracts manufacturing will after as have or we responsible shipping that tripling included $X.X recognize to TCV This at outright beat two original full that our number XXXX particular we we to predict going finished figures million next million, This of up to forecast push I XXXX, am related the bookings in from even the forward, $X happy September, to to machines. first million including is said report year. $XX.X outlook system contract end could over nascent, to the early two

Europe. As staff, to to expect our a we lumpy. including expect people our in continue our double very XXXX, the to first result, than sales we contract near-term bookings more sales be In in

now are year's machines than are powerful than last that selling times We Aria more more XXXX announced our model. recently

the a which or Officer will go XX% over our forecast, year increase XXXX before Our and $X original we We going XX% over out XXXX financials our shortly. midpoint. $XX forecast over Financial Kramer, Xx which detail set a at outstanding Thomas million our public represents the increase midpoint, rest our million our This approximately results. our from Chief be be for in fiscal of the XXXX $XX XX XXXX bookings revenue will million revenue. full to expects at at estimate

the industry whole. generation quantum available that not today. the for a quantum technology for our QEDC, from solution. Aria This record machine. We February, system commercially a XX forward independent the industry clearly benchmarks computing as IonQ, the in the with On announced we took but every Aria latest outpaces compute showing algorithmic for qubits, side, achieved leap results a just performance

IonQ lead. the that the announce leverage we that IonQ on that the customers Microsoft Microsoft in we computer quantum Azure. systems REO excited best week, and confident Last are to power of world furthering can We only were series are are our

of only worldwide. IonQ We expect is application one the will unlock this Microsoft creativity of part the story. developers Aria

terbium to beyond and systems. have computers. and components, could that cheaper, error systems December qubits. barium of as could a We to you to plan readily IonQ using be more Aria, our we our quantum the As Barium which part build by opposed in feeds. lead believe controlled in computers enable to lasers also in powerful more abilities, qubits faster to light announced new visible higher lower use and quantum scale promise We light accurate we lasers. turn gates accessible of They potential plan in gates rates visible ultraviolet can result lasers,

qubits crucial of forthcoming systems together to performance. with our eventually our quantum Another key together is lovingly in qubits addition lead a them error In ytterbium known the long over this to Expect from in while systems in scaling Aria the improvement computers. month, further quantum its FAM in powerful network measurement to distances. We showing later system making paying qubits that building already summary, barium this is from preparation system limitations they're believe come one and as leading and qubits, is pack year. Internet. our advantage to Networking the industry, more error, believe key of could barium systems XX-fold exciting easier quantum Earlier we the power news is investment to published data barium our the a barium-based of off. more we to state barium

atoms more Given scientists over a enough secure our Energy's at Pacific the to of for state qubits the Laboratory esteemed with barium-based to not In PNNL make might the natural our engineers working thrilled a be Northwest be barium reality. computers. supply our to the public could question where global barium U.S. of and of constant the needs? we quantum We with National to a chain, computers get follow-up private February, serve be do of results partnership Department announced supply we

gates the and quantum our about set that development Duke new talk call. together we let's novel that since a on qubits our a month, Next, with step, well-known running Last from progress including N-qubit of outlined IonQ many conference a in gate. of research last single researchers announced University, Toffoli method operate

expect family only efficient gates proprietary run powerful our of Ion breakthroughs gates computers. more? can in We be to on them with making the new to and operations. exclusive algebra, fewer N-qubit This What's substantial architecture, lead to quantum trapped more

enabling qubits platform and the qubits do the in more. Our even we're most has to those industry algorithmic now

these be applications the partnership gates January, electric a follows chemistry, series is of critical to over on quantum customers. potential essential chemistry discuss work our simulate chemistry to across transition to as safety development optimization, This expect thrilled for progress a to to enhance Hyundai learning. with on partnership let real-world quantum greatly and quantum discharging, were With to with electric battery capacity, has develop a applications, machine adoption of new announce world, the the in all durability, quantum Hyundai we vehicles. component increasing a batteries. such battery vehicle me The to work Last, more and projects charging, IonQ. mobility. In sustainable algorithms at We

We have creation. for simulating pipeline to Chemical such fertilizer previously present Dow with demonstrate those an the in molecules, end-to-end as work announced

of our simulate manipulating as projects. the tackling drug quantum was extension from the and of Our with our such IonQ molecules, will an be molecules discovery the development. we forecast materials molecules new partnership, In summary, natural of bookings complex shows fields progression XXXX and work broadly $XX we Hyundai Dow We water The in project have with in confidence computers. efforts with increasingly believe contract million. Hyundai related gained experience these applicable to previous

getting for systems over XX-month are we to next we the the believe ready As sell next significant couple full for period. upside potential there's of years,

filling is special individual focusing and nicely talent on salesforce. executive out level. at scaling the team contributor top our Our with We're both attention joining

paying endeavor the into seeing with lead industry our our technical and to continue milestones We are systems already barium-based off.

available in every on leader in we with the three not computing portfolio market the decades adoption quantum maintain we it we discuss quantum quantum significant are progress, company which well-prepared all today, the are believe did at we major our platforms language. leadership the to solutions. of and to our position patent major continues our compatible cash financial pace, only grow as continue Between developer We And although to technical for and cloud to an our be drive believe computing come. asset will results, reserves, and detail

over our Thomas? detailed And the our Aria, system, financials. I I'll that, update it more you barrier an with for error, spam about announcement, point on qubits, to Microsoft algorithmic to For Thomas our turn website. information and

Thomas Kramer

afternoon going you start quarter. everyone would like us. the Thank to over results our by for thank joining and for I you, Peter. Good off

call. million estimated mentioned, quarter this higher is the Peter $X.X we third our $XXX,XXX revenue bookings with or which we for with revenue, quarter. XX% $X.X As and the ended quarter, million in a in outlook what million contract in full on than the $X.X year We outperformed

the beginning TCV $XX.X for which million ended year the from forecast. contract our million call, given our of estimate bookings recent up most Xx already which exceeded was the midpoint up QX Our of $XX.X on year, at

addition Given to that large to We cloud that beginning be and our in we continue are should still compute transactional-based to lumpy reserved revenue, our of for at commercialization customers time. we quite bookings access. for pay contracts the sell phase expect some

to add when further several have been by system have. should sales entities sales outright, would trend approached if potential this and We about which the

our prior in the Moving expenses operating the were and XXX% up income the down total $XX.X $X.X period. statement, from comparable costs million, for million fourth the quarter

million, $X.X full million, XX% year development million year in To down the XXX% break XXXX, $X.X this quarter costs totaled fourth for were $XX.X up in prior further, the from XXXX. For our and million period. the research this up from $XX.X

the from For million the up full $XX.X XX% million, in R&D totaled year, $XX.X XXXX.

as to invest We of building our sequentially increase expect these costs computers. next generation to continue in we

XXX% sales costs the quarter were up the year and from prior Our period. fourth $XXX,XXX marketing in in $XXX,XXX,

year, from to further [indiscernible]. up This commercialization our full was investment million, in XXX% $XXX,XXX and due were and in marketing increase efforts For sales $X.X growing costs XXXX. the the

million, the in prior up the costs fourth quarter administrative and XXX% $X.X from in year $X.X were general period. million Our

For $XX.X and well growing million, as headcount and XXXX. as largely were up year, a XXX% is from with G&A overhead costs public in fees to attributable $X.X the associated scaling costs increase associated being with million a incremental full the This company.

accordingly. G&A to charge. world-class increase year cost III talent in P&L, that the full quarter $X.X the results, may We not million saw in compared hire the year $X.X as business a IPO. warrants fourth transaction scale In loss non-cash dMY which million continue a the period. we the expect will This also whole net a costs a expense of our to $XX.X prior million note sequentially as you is to the non-operating from to our and recurring We more of is to be costs portion in one-time the classified original liability allocated

where $XXX.X Included to and net net non-cash XXXX. in For fourth the a year of million of the warrant million. year, was value $XX.X losses loss related compared the a to million in fair for quarter the loss liabilities $XX.X of charges the full

period. a of compared All $X million to the of the an adjusted loss million loss this in resulted EBITDA prior for fourth in quarter $X.X

full the million adjusted $XX.X compared loss million our year, in For to EBITDA a loss was XXXX. $XX.X

our as and were balance cash million. cash, Turning investments sheet, $XXX December of equivalents, XXXX to XXst, now

our for raise expect closed forward, Recall the to transaction without need net XXth be sufficient Going III year proceeds foreseeable hand to dMY operations million. us we fund with future cash the provided to in last on capital. September on that additional of $XXX and

believe the to on to we well-positioned quantum public also and I infrastructure well-capitalized mention increased a the fiscal interest sectors. in both new computing benefit continue We want from and development to are in side. private

has We will important engineering exception. long Pacific facility no opening technology computing scaling of a been and or been in for be a believe acquisition production hotbed we function. be both which development new talent Northwest Seattle, quantum The would and has

greatly Northwest the Seattle will we quantum and new the the lasting company. area, partners in network, greater we the other PNNL, with and this As build benefit believe in ties area

to computers in We around Puget and are relationships looking building the quantum time forward spending and Sound. more

Now, turning million XXXX and our between year bookings $X This quarter first million $XX $XX and the and year anticipate first outlook. for to year between full $X with of full million, quarter. XXXX million we

with bookings of the we and previous first for to million, year for new expect $XX.X $X result and million between revenue periods million and and be between activity, full the million quarter. a $X.X XXXX As $XX.X

of and This adjusted will that contracts several We our at pattern, an also large be we follow $XX may see if loss term year not since traditional sell bookings also revenue that guidance. for the EBITDA recognized with may more full see large outsized the anticipate quarter-to-quarter. barring deals of years on midpoint stretching to we means to several million few may impact XXXX of significantly it any revenue revenue system with way, have should timing aware implementation period, that in tend revenue recognition. recognized bookings revenue is an months, always Investors we bookings expect signing analysts bookings spike meaningful a growth, even be a contract not and the by our to our a sales. scale exceed Until typically we begins business on a for linear in and a quarters. Note lagging impact in that the significant whereas possible

Our The fourth years, the when a brings in Inflation but to and to Russia. challenges, comfortable year and chain all terms saying technical past like to are no world meaning has both feel pandemic environment. to encouraging and full are been through demand the quarter we chain. its business with We were supply seeing concerns learned in and of impact internal unrest strong Europe identify in exposure it lot we have set advances. external the of few unlikely too results early improve momentum and direct worldwide have supply it's the stability. XXXX the we own

outpace said, will that corporations effects and will demand the globe. of So, current entire on the governments slowdown unforeseen headwinds we clear forward That from we the questions. is events, and both believe see that could still turmoil executing adverse seek not to the our that their the produce In look around it general community unsolvable solutions plan further continue investment to absence are previously we well-positioned progress. updating to our the they from

that, quantum line will with be as like a to Intuit it and look experience and open whole. Credit Babinski. a to her Laurie to for Counsel from with And computing joins in experience space our to of to brings technology Finally, questions. addition Laurie IonQ wealth as the I Karma. newest the would Laurie We a us welcome sector deep and wonderful of pleasure forward legal is IonQ the member our Laurie IP with operator, welcome General team. contributions my the team, the working

Operator

At a Roy time, you. be Please comes Ruben Capital. we Thank this first proceed WestPark conducting Our session. from your with question will the question-and-answer question. [Operator of Instructions] with line

Ruben Roy

to a sales. fiscal commentary Thanks around had the the by Thank approached for -- great is around I system you. guess Congrats Hi, question just finish around Peter. progress very and continued entities the and sales much being system on XXXX. first the I questions.

revenue of past, your has are three anything or looking with working changed view you're list the anything et going got five in how how way the system will on sales a in they you've guys overall your at have cetera, to when in the I years? changed hardware quickly, years, spoken bit system that we've was you progress? over progress down the potentially rec the Thank more hardware Are qubits engineering you. over you of next you're thinking further to hardware, next barium the think little the about rev sales on about terms because rec several cloud, services, in

Peter Chapman

a get which manufacture multiple couple be pieces. quantum rest. quantum recognize do of have support to able And in there's need to them we you you manufacturable, be standardized, computers. Well, those means and the addition scale be that to One is that able to to easily to and all to you want computers

So, terms is now what plan say of on that schedule technology I and would particular starting in work we're to so the ahead we're problem. of

of So, interconnect much have interest already computers. connect you'll is going is these system. full see we way start things start larger a to are seen a What in new that to getting several -- interest work the in, quantum have to from together. that to on where to they to market a great get we customers deal expressed that's And photonic to said we've

had is And said from we new so what that before.

Ruben Roy

Great. Congrats on that--

Peter Chapman

And the other--

Ruben Roy

ahead. go sorry, I'm

Peter Chapman

be as pretty we lumpiness potentially bit, a a would of going just amount maybe single lumpy the these. certain impact forward on expect a see given and these, make should quarter would obviously, And of drive kind it I'll just add sale a little

Ruben Roy

Sure. Sure.

Thomas broad commercial Is fairly bookings just coming that is improvement the question by the in on government that more are from Is Thanks. progress it around As a bookings. based or for additional forth? either Any follow-up, helpful? some quick -- it -- around then, would my partners be or this? concentrated detail

Thomas Kramer

the sales more ask versus rec, right System-as-a-Service Absolutely. obviously system And it's you're rev to different for about sale.

However, -- we be both not we AWS in are from out like, to but look the prudent breaking are interest that people continued just coming it we're that lift it's want At encouraged before because that of it's raise sales, it government to it we know a Google quantum flag, corporate, academic, good raise bookings, a how submitted thought be apps. in more a would are we we even day and don't we as and every our us both won't from through When not institutions. so thing is the surprised. -- it's happens all well individual and are see seeing to at in jobs Asher current, as that how many we very they're interest for who very

Ruben Roy

Okay, thank Congrats again. you much, very guys.

Peter Chapman

Ruben. you, Thank

Thomas Kramer

you. Thank

Operator

Stanley. the comes with Fessler Our next Scott your proceed question of question. from line with Please Morgan

Scott Fessler

the Hi, quarter. guys, on great congratulations

sales expect particularly up the impact operating around has what margins? system question, model, we the on that Following on should

Peter Chapman

the of to revenue expenses. the forcing take you not you're both stretch revenue and see margins, the once all out a bump we immediate system any see the to implement are will bookings change able not current would -- will we So, what model. we in the whereas should that it operating is benefit sale, all you But to the down because of

wouldn't the happened but the several. be the period to which all model, margin, So, of would be we outside it because be recognize instead in a an cost, -- it like one will just same immediate it still bump of wouldn't

Scott Fessler

the follow-up you if a some as well, Got from it. then customer in launch? Got share you it. Aria could could had get And early feedback just I

Peter Chapman

the really customer of, kind impressed able what and positive. the very, excited very to this to are with new feedback level. to take People do applications Generally, is hardware can are see being their next

been customer far, feedback the So has tremendous.

Scott Fessler

guys. Thanks Excellent.

Operator

you. Thank

Please of with your question. next with David proceed Benchmark Williams Company. from line Our comes question the

David Williams

to and you making Hey, wanted But Clearly, good how letting do very the about the curious seems the room restrictions applications, given understanding good to for growth of think without your kind It to as multiple your the about landscape maybe of you kind strength think kind the of systems? the afternoon. for the competitive question. landscape the ask technology here, time? envision over some would size and how headway of Thanks provide business you the me technologies and I competitive coexist and nice some of just just opportunity developing dynamics progress.

Peter Chapman

competitors, be -- because chip of manufacture some technology, in depending be this where can't to of that of do You to It's be their a that's to leads where if applications on manufacturer at that one able when at leader might kind you will, that niches runtime. chips be might obviously, way go qubit a of certain a that all particular hear segmentation. be we of might in. early stage the the processors IonQ, and for there'll design designed they'll help time, the down application. the all the that interesting in before think particular a from chip, they you that Interesting business you have chip may enough design make at decision kind sit And and do

the your can design, we if chip you any -- can so, chip basically at for will, application. perfect -- runtime, And the do we

the chip near-term. approach that do we away a the qubits that IonQ least competitors. you So, and some any in on-the-fly be which that's doesn't to have qubits at application, better point, up that decision it sense, basically denominator At makes to more many we kind basically so in of but say, that the make runtime. we'll unique of But some -- can see in quantum, of morphed throw can it wire because than, the machine and have our not a the some common for devices

of else's be basically at it so combined same the And time. chip anyone them all and can

David Williams

about there, you that is investors an I ones. the qubit to stack with and you you difficulty qubit And some value much guess algorithmic so And I know standard other even of stack benchmarking in metric think the important and I the about there algorithm of of and the walk us understanding through up color. know versus of customers, how -- why how important qubit more think for the up the kind the some others? Thanks maybe one and could that your other is I areas,

Peter Chapman

Yes.

is So, company. were these the benchmarks which the of themselves, made all the industry selected by first thing consortium QEDC, quantum is up

So, first we wasn't, selection represent thing with know is think an to kinds input the important want obviously same it the programs choice although, will, because of are you that we to an it's benchmarks if had going algorithms, IonQ of many think other companies. to We customers these run. to

And a and looking might thing. closer what will not be of that representative them kind one benchmark things Other more component into are in and at to being their there combined -- much all the run. to of so esoteric is customer particular sense, one

application-oriented HPC benchmarks, There's this of uses laptops, even number will, classical if which are So, world. in all is to everyone the very classical you a or benchmarks. which similar,

would easily them so We'd we instead third-party individual think that, and and one of think it's continue like what be benchmarks -- or QEDC happening improvement IEEE be the from -- an to So easily because we independent what's organization, favor the be today we lead. have to would an in the to independent who's all of companies -- will and to actually deciding maybe of are should run important running. that

David Williams

Thanks much. Very helpful. so

Operator

you. Thank

Please Shannon question. question Craig-Hallum. with comes of line with from your next Our proceed the Richard

Richard Shannon

I are questions. bookings you tactical taking you on for a ranges as on guys, your one Thomas, thanks so The the question probably tight, Well, want pointed for bookings. both a Maybe my here of would more revenues, here guess, imply which this to and have sense guidance precision for year revenues comment on hi, to of here. but well. maybe part fairly more

year? visibility sense wanted through would go we this characterize have as numbers. of a is these why potential the And the how your of so to so into you And you get -- upside lot precise,

Thomas Kramer

sold is Obviously, that raising straight is a contracts for until the revenue it producing revenue, Excellent recognized about it question into make and lag had hard, it. the is an months. implementation now. to thank turn is we and tend roughly bookings we they hard sell three not when because comes it future. start particularly you line types up when of And way to revenue between the to there predictions, it When on actually of

that our So, know at what's can comes most schedule we in we can the that you the Yes. a rev have funnel. approach that quarter happen quarter we it your unfortunately, do to also we of When outperformed? that that you to sales rec knowing end Should build so know we bookings, tend funnel, way. taken the and in how score

to However, also I us would it we hard be see -- we at XX. obviously come every think can company underperform, will in less than

bluebirds, So, we brought why up. we're looking at have which this could as a minimum XX it we bet. And is what

why quickly, as surprised. be when not We have And happens. actually happen like that would all but they they that that that's will it think to we're could. so raising don't we we that surprise However, would

Richard Shannon

multiparty and helpful. you're Thomas, thanks here opportunity sales that's the very and supporting. kind a Okay, here Maybe for of structure workforce that. on

about models talked is, then above the that a salesforce to focusing Asian of Europe in give opportunity be specifically Europe. ramp And guess I you us of this of the you Maybe part doubling below characterize just and U.S., see, the first others, said out I kind in of outside question similar think versus how or you is this salesforce in that to would of built as that built assumptions kind pace? year. process terms to want where if I the you're the into is spec your sense the you to think to why.

Peter Chapman

about honest, we it's of or thought. terms pipe original zero last we -- what Just sales in with model be team. terms almost the And that is headcount, though, to the in point, said in we in started of year

the going. of overseas, on The -- the side, just And good we're progress of in getting which South customers -- people as Korea, would number -- seems there great see and and to be and be we deal there the of this So, which the we're terms in interest terms Japan that, year. really really Asia, in locations, sales Australia, the in on would that's and Then be making -- and point. well. of a Europe,

Richard Shannon

one into line. of here. a of the that. out your public great wanted the not spec seen one get one first process all for one, question for spin outs, I'll last the jump you've a Okay, sense market, couple couple quite in to overall through of environment And seen come here, Peter of the me, companies, the way

interest in lot a this and space. activity more in So, funding

You've fairly fund that substantial market your able operations how terms seem in either organizations, all interest kind or and M&A hardware kind of got a into the in to plug be either need see technical organically here done has position cash you software you the do here, might of of to be a or today? teams, even what that IonQ already of, of for

Peter Chapman

general expect out to more time. Certainly, forward, the next just into the for on at active companies. those we money think an one at that's hand, great eye happen the the are over in particular At a and consolidation going there's years. several that, current quantum deal I task same of do time, while keeping opportunities I going an many

quantum. their technical too we'll in I the today I see starting some new far decide And will to throw companies because quantum that see think a players a lot behind that to just to have their hardware too that of need they you'll expressed we'll that realize think players haven't expect who in player be towel. I tech who are and is approach interest it in

and players forward. So, new there's that such in their we the strategy yet and so knows there's a one for is notable opportunities quantum no -- partnership what of number going

quantum. it's So, in time an of certainly -- that's kind interesting

Richard Shannon

about No doubt that, Peter. Thanks.

the me all that's think it, I I and questions guys. Thanks. appreciate for

Operator

you. Thank [Operator next with line Instructions] proceed Bolton Quinn Our from Please comes question. your with Needham. the question of

Quinn Bolton

these done could start number is of thought Thanks your of sort these ask To your the how start the get question. for to capacity number quantum afternoon. Good us you, extent systems? And year? Maybe base algorithmic systems of me for quantum orders systems the you gate you you, computers. on outright you of if a manufacturing blown based you do question Wanted about a qubits. of it a could, sale follow-up just process, as full of know, per go about is, sort fidelity's to what's talk on to letting pricing you

Peter Chapman

a it's -- certainly question. a great It's

more just maybe -- than just So, for which these is that year's in saw, use points because price first thousand times model. last performance thing, terms of you model you same the classical for out here, quantum sort can machines the as the as powerful obvious new of you are can't

powerful future it's next can't times more they the to more will to in thousand just hundred in worse, the times you know, you'll thousand an and expensive. And future, where going get So, model. previous sometime than worse be the be the get or model

the performance, same Moore's ways, So, law, to you buy today. clearly it's up same need mix same in aggressive a for will, year, be we price the you of, period XX price laptop, that more Today, or classical the to performance, world, half double and the what using in if another cost. than the get months, every able expect kind you

in generation. that So, be going per to -- observation, is, needs qubit, to every an price and down leads which

And smaller, much focused quantum in the in themselves, every we're forward technology costs the shrinking the on are so cost also as going improve to the focused computers on things generation, for cheaper. likewise as manufacturing gets generally generally get because the which time -- us included probably everyone, have smaller, get they which -- including us, if generation to means but every is every

just purpose a that work to set. particular we're sole problem on year, up standing this it group So, whose manufacturing is

XXXX. We not believe computers until deliver, that I early will line first off don't

Quinn Bolton

really to question Thank had this of just overcome that you've tackling you and just it's Understood. benefits second the get of blocking through you those went think barium-based all haven't Yes, path you at A of that overcome of Peter. anything you and production? into critical on Or a number of you. been to thank technology, I Got ion systems do systems? there's sort the -- the wondering you, the on point, able if that barium-based think still challenges, sort it. the trap

Peter Chapman

in we lab everything of once we're shown As along, that all we've have kind a said, before. doing, working

organization, breakthrough productizing material laboratories two need the science, taking the we're do and an physics, in required. not where manufacturing, We're no university largely done it. breakthroughs engineering or at have So, we what a Co-Founders

that’s that think a answer So, the to much way. no there's out computer. magic There's quantum don't anything things no there's our short is going larger to figure -- I in -- standing we have getting forward to

Quinn Bolton

you the EBITDA on any would be? give then CapEx may forecast Or XXXX, for in over quickly $XX And what loss good you. you've year of Thank Thomas, sense us estimate be? what can cash given million just burn the a for

Thomas Kramer

second pull while that we one up. just Yes,

hardware, that So since are CapEx what our manufacturing we will office. obviously, is there sometimes outpace involved,

from say think I out do million, that at expect our I'd that's to years more that However, level year should now. be we less. going this or around CapEx four $XX would --

Quinn Bolton

you much. Thank very Perfect. Okay.

Peter Chapman

you. Thank

Operator

session. the turn I remarks. to Ladies closing reached of will and gentlemen, the now over call we have the management end question-and-answer for

Peter Chapman

joining thank comment Well, that growth this members I'd and excited from staff by last these I'll long so you make possible, results worked all results And just thank the to for who've like -- year today. the so a extremely to are continued we the thanks, for to hours expect year. we everyone at actually much. make IonQ

an year this So, year -- and expect we pace. expect was year that continue last to exciting we

joining. for again thanks So,

Operator

day. This participation a wonderful at Thank concludes your your today's this conference you and you and time. may lines have disconnect for

IonQ (IONQ) 29 Mar 222021 Q4 Earnings call transcript