IONQ - Earnings call transcript Q1 2022

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Operator

Greeting, and welcome to the IonQ First Quarter 2022 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] As a reminder, this conference is being recorded. I would now like to hand the call over to your host, Jordan Shapiro, please go ahead.

Jordan Shapiro

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

information this directed financial isolation, measures in the GAAP. in reconciliation not to This GAAP. believes are company the certain accordance for information of for to such information intended provides or investors, as While measures, with of is presented this and discusses non-GAAP you financial call our measure a considered useful non-GAAP to release substitute be press presentation the for

our forward-looking. only Before in in we begin, that remarks speak details cautionary release please to today's today. during will Therefore, about call press statement Please made conference for this this the please forward-looking remarks. of note note additional call refer that some as these of statements be

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

Peter Chapman

Thanks, we way at to we years before the quarter cumulatively provide into roadmap card contract TCV thought, quick earnings a revenue achieve Jordan, on to-date plan. growth Today, that $XXX technical my mark, of today. we call and in and and the expected I a years. Originally, us million thank plan. to plan XX-month year report this the you stand four drive use on ahead. thoughts first to all the a I progress would over bookings or went a give of defined Roughly for joining multi-year public, we the progress about six

quantum dedicated in computers. increased On earnings we are an seeing purchasing that last customers the discussed IonQ interest call, we

XXXX roughly As a financial nine TCV full-year XXXX, to ahead for contract result, our projections. period of original the could expectation that bookings a we announced be from figures three-year our

We original projected XXXX, cumulative numbers Our partners. We XXXX XXXX, XXXX. to have on plan We of two that and our our feature two one qubits to latest period. bring physical qubits part systems via in currently expected qubits. generation cloud up IonQ over announced in physical IonQ and in called online systems XXXX, that recently XX harmony XX in system based which financial IonQ by seven algorithmic available features XX Aria, XX by the XX was

In addition, generation a announce second currently Aria ytterbium Today, systems we our are to series next under potential construction Forte. meet demand. customer in of excited system called IonQ is to rising the

the two-qubit even that average second in gate preliminary of Our has beta Forte early than that will half launch days, machine a additional In the this internal an a this higher access operates. coming Forte and indicate year. fidelity into how provide post release insight that we on fidelity of blog will will system issuing We Aria. anticipate for be results press

optimize we're barium design optical first reach our systems make to higher XXXX performance. build much We to year easier, on at are conferring systems system process to To our also working and qubits, establish barium expected manufacturing scale. longer goals have light, by visible the this beyond, based while wavelength controlled our and

number regard on to reliability, industrial development the features footprint, such plan. focused of process. With part expected and manufacturability, as ahead are this year, We of we are systems of system we this deployability, clearly as design

the classification can models we with Recently, are machine demonstrate inroads we able we show to that achieve machine fraction that happy previously results captured models, These that models, train customers report small only of of of and more On training to upon learning. and build to themselves learnings using are parameters. signal quantum with machine of were expressive a performance that the applications original the reported number we front, results the rivals serious the correspondingly of I on learning image better learning training classical results the making the am early the while the speed quantum effectively data.

we computers progress ahead classical summary, our when quantum to how superior are this IonQ qubits. all we've of today. schedule, But roadmap. In important our we is We broadly up to making to to What's learning compared firing accomplished can race in scale algorithmic that's on beat lead or performance numbers higher on systems. what as of just where are that make more is, cylinders,

low our further be than XX.XX%. push or we qubits preparation error barium limit on lower with along species and that to direction. of using new result system, thing important But qubit already demonstrated became go actually showing overhead. partners, We've path. in which fidelity, beyond this correction, native testing quantum next overhead, to system. X that error is proven one type qubit. And already multiple rates. state need qubits, to limits to our has lower system run we error errors, implement limits Initial is our error number year, two-qubit chips will correction. our with adding correction. that fidelity, significantly implement results qubits more first suggests barium to And qubits did to ytterbium two must achieve the qubits qubits. will Forte together barium of can a native be even with that our error. multi-core fundamental the without qubit error a us gates an roughly in the important fundamental i.e, another need in an to you fit for to Even the milestone more XX error SPAM corrected their of single upcoming that the our do can first systems between error another we see, into measurement company industry To first corrected qubits arsenal a step for implement the released that gate higher it IonQ We've physical fidelity Last with requires university physical of from IonQ data fidelity limit pushes will computing gates gate qubit with The qubit as a low extremely

investment this a power achieve technology we're same At Our systems enable will to multiple future. also scaling called us can that time, in working the Interconnects. Photonic we our to systems, manufacturing, the combine using correction engineering so in year their up error connect to together continue

every of throughout and applicable idea journals, market this been I'm IonQ CRISPR coming entered demonstrations is and with Our quantum appearing technology. years this and world. to the is changing technologically. pure To both many focus day. many era partner broadly has with with other pioneered a laboratory The these computers hard pleased company, technology as labs peer-reviewed computing the the progress first world develop public Duke that at in we the University ago, by We working translate as into IonQ can Maryland Science such University, belief play quantum ideas setting. into commercial summarize, And is making commercially the hardware the labs from reproduced of Nature. the

XXX of Time of to to era, in need any profitability for industries quantum learning Quantum commercializing of customers, our and systems business Influential IonQ to machine value the computing problems the have the in from working demonstrated mobility and dedication raise are ranging alongside developing respect everyday with numerous list the to possible companies the Last be to understand to times this quarter, We cutting-edge energy technology. capital. of apply longstanding entire for additional and who with how would the XXXX, fundamental get on of on financial limits Most without equivalents relentless the innovative are approximately sufficient to of cash company believe services. were cash, Technology. our and and $XXX without continue very the which we Companies we our plan current Financially, to most well None we capitalized team, science, we to million, intend pushing investments honored and our be our the to some efforts

encourage While the the that you outlines of computing there happy future work believe for to letter quantum the done, to of XXXX much journey. We the so still our accomplishments have is are to alongside and through far. industry. be vision is and future for our shareholders that you we proud are IonQ I us to our read bright,

Next, Thomas will provide an update on the financials.

Thomas Kramer

has quite you, the Peter, been quarter. Thank it

we Before received have a sell to IonQ diving last access over entire the questions quarter the cloud. selling to addition like likelihood computers, into over to first our some that financials, I about in increasing address common the few will quantum take would minutes

system. the are There asking why Let's to buy reasons start own be prefer systems. prospect with to customer why will main might two entire

The desire they first and most common control when to is compute.

there the large a customer Eastern. now, start operators open of behind customers and our and offering cloud Monday on may X:XX When morning a of are where financial certain exchange with As a system U.S. be line be the times to at is in queue stock processed, waiting say, jobs number trading.

process not quantum instance, to for model fund time-sensitive, for probably you work this world need you. If to well compute something financial hedge or would time update a conditions, an

a dedicated users. to many likely able system is having important queue the be So being and to define to

The second on and data own in-house sensitive systems. need to certain security a reason is

run due certain data Although or processes specific keeping we who their expose data our any are cannot customers' already very to to controls are diligent machine internal procedures, about own. secure, besides and there sensitive entities

substantial on As IonQ that government private are quantum companies sales call, stemming alike. and are last and seeing our down interest making we governments doubling quarter already To from system end, we we mentioned in computers ready.

efforts of project. of and IonQ a In universities that sales part to received fund a award April, are DARPA, from already Research algorithms that government and a announced private fruit. group Our quantum Development benchmarking companies we bearing was

is customers been for whole transparency contracting important compare we estimate only systems selected something an are multi-year public long makers contribute finalized, While to initiative will industry IonQ award absolute that benefit still resources a with give are standard necessary a being quantum quantum as different computing run as to application, to quantum this excited of is the advocate which the we hardware the a this will methods. across believe has and and

Moving announce revenue total and our we're $X the happy from on we million. achieve quarter, results to $X.X of bookings to of first million financial

fruit. are investments bear team to Our starting growing our in sales

QX in in for building previously as are the million, investing given systems projected we Peter year million the period. the and $XX.X operations Break costs were period. total cost further, comparable XXX% of from for statement our $X.X operating million for prior to development of million, down noted, and than $X.X from expenses quarter XXX% heavily more up prior first XXXX, $X.X this this the anticipated up the and quarter down Moving first R&D year research Recall was our that in demand year.

and team in sales costs has in from started This Our quarter $XXX,XXX due IonQ invest to to the heavily up XXX% $X.X as our first the the million, our marketing was year in growth prior period. were increase commercialization. sales in

Our to in is the largely was general XXX% up the costs prior comparable the and $X.X year quarter This period. comparable first administrative the which period. prior increase stock-based growth first were $X quarter, year compensation in for million $X.X compared expense, in to million, from million attributable in million the $X

of first adjusted loss related to first $X.X the results million is loss first a EBITDA prior $X.X a that an It of gain value of note the quarter All period. of the resulted to this in to compared the fair $XX.X in quarter these quarter, net of the important prior million, $XX.X for the compared the saw year liability. to million warrant non-cash include loss period. in million year in $X.X for million We

equivalents reserves this company's substantial the prices, additional investments funds Turning with should to positioned now well to raise interest deal to our be XXst operations rates We With of durations, the so current sufficient ups this XXXX million. to market on. believe our given cash roadmap. get downs profitability March cash us energy and and without were of Cash, cash and to as $XXX balance sheet. needing gives position,

Now turning outlook. quarter to our second

commercialization reiterate we that our we expect for my Given earnings at call want quite time. comment some to be the lumpy still of to from last that continue I phase, our to bookings beginning are

lumpiness. quarter anticipate million. In and of quarter Our be $X projection from we this $X.X second million million second the results expect $X.X and revenue second quarter reflect between the between bookings We million $X dollars. to financial

open a we the to full-year excited $XX range line operator range our are to our are like $XX to earnings on expectations $XX of increasing to that And that of million $XX now would bookings share last from We million. to we million XXXX for with a call new million of questions.

Operator

a Our Please At David we of question ahead. will Williams session. from Instructions] is time question-and-answer be go Benchmark. this conducting [Operator first

David Williams

congrats progress. Hey, the on good afternoon and

Peter Chapman

you. Thank

David Williams

touch, real computing you kind help your demand quick, Yes, wanted and I Can about backdrop as about kind the But and academic and quantum those are us of in think how I are of revenue, your to academic maybe, research much so the guess, of by driven? your Peter. commercial you world? you that maybe beyond How customer bookings customers terms out the base. your think trends and of parse versus maybe more much or driven

Peter Chapman

we exactly say, good comes don't we to customers of and spread range it using of of customers. a a have companies Let’s be wide kind some from know honest are It’s it. different how cloud

quantum do and doing are where wildcard you have quantum large companies if to computers the will. a you see there papers. and Professors computers homework. large, of using our quantum are students to kind Internet, -- out we Anecdotally, and their YouTube quantum there's work things the producing on then on the scientific using are that teach classes computers companies, videos these make early So

So sure ID to not with the generate don't be honest breakdown, I I'm an is about that would kind all be don't we kind their of information. of full of a users to exact have it you because we into customer mixture or companies them, cloud know transparency get their sometimes of able even

David Williams

will. quantum Casio are you makes and talk algorithmic discussion as the structure to calculator calculations, of I mark? simple has little Can then in like helpful of guess ability been your the if problems that's perform machines you not bit and maybe And of Okay, a practical about just some there logical maybe, quantum why importance sense. useful machines maybe solving

Peter Chapman

Yes, it's a great question.

do math. want looks is to adding at one quantum an for that we're stuff of it everyone, they're going the for if how be at today, commercially plus around, equations against you general are differential be not simple So understand kind that quantum trying phone. be hard hard I to a on to and classical believe never wrap computing today. is quantum so head solve And It’s certain the math very there equations like to happens good, that to one to quantum designed kind however technology same problems and simple We've understand the one. And to hard likely of could on for, said solve your can recognition time this isn't that app and computers for a you working rival differential is what we interesting are your designed object time to one everything, subset good at computers plus certain going be best going forward. same

David Williams

then Can to cubic there of performance thank Aria, system? little in magnitude maybe bit good, the it’s coming How And prior differential capacity the for Very of you that online. just compares just that. talk color about this generations? a the around you

Peter Chapman

line he's going I'll answer since Jungsang it we the him to this, the let I'm Kim on have since here, switch expert. Yes,

Jungsang Kim

for complicated it operating that currently is the believe results right, most in -- We configuration. algorithmic is. with XX our means you capable -- is thank Aria run customers IonQ we cubits, depending one we the can guided this which of application maximizing circuits different performance I numbers Currently have configuration the it that optimal up algorithmic of is what with can being physical of in Aria Yes, qubits, All XX to quantum qubits, qubits load metric configured on the qubit. optimal because operated choice the mean, and as being the the questions. sees

David Williams

Okay.

Jungsang Kim

question. your answer I Did

David Williams

bookings you. can, year. I last did. your guidance if around Thank just it and but for one between it then a appreciate maybe certainly midpoint are maybe that I the talk about did, looks bookings and quarter of the that this the and understand that you're few, like one I lumpy, It but right

quarter Just heavier, year? previously about think are? the of And the talk bit kind of in terms kind what about bookings, think the you bookings how know half a for the do we those about of fourth should remainder of how being maybe little we can maybe just expectations but second I wondering the

Thomas Kramer

first with no raise to how reason listening be the expect technology, the signals be spend bookings earlier, as towards their of from that getting people we will, back all There will it’s course for So old we able we based people would, the are call know we this as loaded. on to the is finish we're the opportunity our it, And the we if said just good of and course, on budget. sale market. we have on guidance to call, the of the to here

David Williams

so Thanks much. fantastic. the on appreciate Okay, best quarter. time and of luck the Certainly the

Thomas Kramer

you. Thank

Peter Chapman

Thank you.

Operator

of ahead. Our is WestPark next from question Capital. go Ruben Please Roy

Ruben Roy

little we bit terms Hi, point to the in yes. we the the qubits to or start once in ever form talk maybe ytterbium that versus to of on cetera. could ytterbium you Thank XX out factor. XXXX? and of, optimizing to going envisioning, to to a a I those topic, little get that correction we revenue, can to spend about systems, could how the same 'XXs of these then about you're we need of of by around into see be sort around start, with up systems you. those of talked that footprint, wanted systems commercialization are can we barium the you that getting And market cumulative the bit using would How you commercialization on footprint barium some systems are thinking mentioned get before talk also your I types little the bit, et working just you helpful? time number if systems Maybe around you're XX, about of of smaller real guess, assumptions system that come I Peter, get the be guess just a manufacturing to if

I rack-mountable the mentioned think some point at in we systems some out that you might see marketplace. had

be you. So, helpful. Thank an update that on would

Peter Chapman

Great question, Yes. Ruben.

So I native to going look the that kind quantum correction. other think computing optimize you're is, is gate thing hanging true determines a do -- does error fidelity, it's fruit have thing first for very of low you the to is that's that's to and with the any you really do for it overhead company

to terms of you than to more of number have be in the get qubits the the So can better consume. lower that physical you

one we So ytterbium we're pushing both hand on number in to get are the we possibly and busily in barium can. lowest

think and we I so, is how we've talked And barium think roughly and XX.XX. at at ytterbium that about basically number, it's XX.X

and more kind in So error then to use qubits physical more that thinking after you almost another the, probably bring to more, to we need least case, at fidelity, have we start do need basically of in to means X or and X do that correction there.

of So the higher. push as -- the instance, to us qubits number what the pushing the hearing we from new this now on physical on also native and number qubits, a we're we're we on that for sense in of where chip you're that, at time much kind been of was one announced starting doing have

as would start and to number what of building we physical we for more to to do starting have have pool We another, increasing is And correction. -- qubits, do of to so network that need you're itself is to Because that hearing we computers, will be to have are continue so believe from but thinking that about story start piece now do of that the that’s you need QPU for you qubit a on to quantum The true, technology. error processors. together. kind X key could just entanglement systems, the is This that not QPU I multiple the IonQ, them and which that network. true the any means they soon as that you

with let's costs more question work on the sit think and standing a their the computers make And it to and really in separate shrinking if quantum team, of sole of in it's on, turns let's the time say terms we of is other So the risk sooner. it's of to those focus if can’t computers, manufacture, start terms to we're forward. been manufacture we working starting were out factor qubits finish their now down what up error the believe. more on natural one is, and you the who that here. can coming gearing focus -- their we haven't game kind really And the that fees, up our about in, to that means primary is this progress point for going in more of -- is will, going now is we how is now up to reducing forward end race We're just it correction

that's call we the And if we're well. reason that as started. talked we're getting in -- ready we interest sales, should from start as earnings the we potential getting about So last get to well, starting for

Ruben Roy

about the Also system under helpful. Very Thanks, Aria to wanted ask systems, I construction. you the mentioned second Aria Peter.

You would the be have of IonQ how Microsoft via some those the about cloud, available course of Are the be going around thinking is systems available on cloud to deploying love this detail going via collaboration Aria. your to year? announcement one or the also you're both over for systems Aria with

Peter Chapman

decided compasity class. is I'm one that to But details. do It's one can all not the that extra tried final both if systems for you've in there that's adding is and got available. general, That build up what you're to when make we've they're another way, sure two -- to running. same maintenance down we the and you in

Ruben Roy

Right.

for in make growth additions you any terms Thomas, going near-term year? for you how that team. to the update otherwise? sales R&D around thinking to around sales mentioned think further update you an maybe us head Can need give question sense. sort the of you're where count other are much in of count this quick go head or and you How about just makes of year you then Okay, a And follow-up were the you

Peter Chapman

as team pretty Yes, in last We this of talked darn first the kind goal the we a we small off of I very sales year. believe quarter we about we sales -- set a of year started close that to with hit and then had team or it.

wanted on of the get obviously, the board going because getting terms of on them In in who help early it people there no the we your to number numbers. it's end sales to is people point of at year, sales

aggressive So working putting of we said domestically, team sales There that goal kind and on expect the will on to of the both sales an lots together, is now in effort so busily international. continue also they are opportunity would I terms grow. greenfield of and

Ruben Roy

Good Thanks, update. Peter.

Peter Chapman

Ruben. Thanks,

Operator

from Richard Our is ahead. Craig-Hallum. of next Please go question Shannon

Richard Shannon

Thanks, Peter getting here. for in and Great. me Thomas

the near-term? it Just it -- for or might most something, here of kind is so or be what small in or this, for of look in a the it of past seems the first and little would we organizations, year guess topics of bit at kind like because sharing couple in those a the to a potentially here be regarding government using themselves it's angles the customers mostly it's you near-term? a And with at group, finished on least is sale it purchase the here for when brought questions demand customers' the heavy quantum two year all, just I companies want interest real a a to private there is follow-up today computer [indiscernible] buying up in a system. buying

Peter Chapman

your on can You put credit card. it

what that's Aria it interest the group would or know, end get is I for, of times it's, for of, we're seriously group kind lot right now, its users. is an there. to So Many more seeing it's or demand say a organization and a an you looking there of

Sometimes or with, be I’d could or just University or in setting the government. setting international national say in it the

incentive in So those contexts. -- it's that in

Richard Shannon

enough. that's Okay, fair

that [indiscernible] your system, this based I guess, ytterbium Second had think Peter? question, you correct I -- is I was as system, new I to wanted on a described

Peter Chapman

yes. correct, That's

Richard Shannon

Okay.

and advancements are in barium there usable any of that here the in to next-generation are expect or do continue develop the So system systems? translatable versions to have you ytterbium? And future

Peter Chapman

we switch I'm Jungsang, so have since online, to that expert going -- to the

Jungsang Kim

we actually for for and thank these Forte to been one have features, while a this Yes, we some that way we a address And those this actually actually few them the quite and so question. are I run you in -- technology. build, or into we like very individual think that of other last that have to atomic of includes gates, the and at logic items Peter other of -- developing think new mentioned I species actually species right, end point, the conferences barium. the actually beams the about is All systems we planning systems steerable, have year, time, the one approaches take scale technologies translate at obviously, easily this qubit

are to ytterbium or these future definitely all they our of many many, features architectural technologies of barium. underlying aligned systems, and certainly whether are So

them, very, I think with will performing going but making so we this to can So confident we at also higher ytterbium with make quantum can transition lot barium. with a point, to background very technology, believe actually trend continue Forte, and our make we that of -- are continue I we we a we with understanding, computers

type finding out future. of of higher R&D in We of some early are that our us to give going barium so systems, more is room the into that continue performance systems lot a measurements do terms

Richard Shannon

I which significant understanding coming Thank in earlier those identities the (ph) kind that that in, from is know, cloud. actually customer small and profile cloud perfect. most don't off [quantum] suggesting certain My here a Peter, question today that, customers some that follow-on the you is through target, a of was quantum of, mentioned customers you, come is that from an question you assumption cloud, coming were have your set are is Okay, Jungsang. your in last that amount from of guess my is contracted portion that? of of

So us, clarify for that can please. you

Peter Chapman

sign up the important up forward, cloud computers the We card offers and quantum a expect to on an way to give kind running and one it quantum could ecosystem credit try. part our on of of with the Anyone easily. it easy you be be call customers the pretty of going an for

market, that So important, and cheaply the early the isn't it's is it but give yet. been not hasn't hardware of the it's cloud -- at we're particularly -- is stages access place commoditized. so that, a quantum sense end, that intended We're you the in TV commoditized to to a market, not

make that expect it supply So business have in other would limited terms -- cloud. a of it one the models kind in it is more favorable that not as would that sense say was kind of of to

happy think stuff we very everyone while these the we've important, access quantum same you think is we're get I market, cloud for try, it very before quantum. if kind now will the a and computer, early the it market to be at so access will a the time of democratized give that it to that is but cloud So, can

Richard Shannon

details, the That Appreciate all enough. Peter. was Thank fair me. Okay, for you.

Operator

Our of Stanley. go next from ahead. Please Fessler question is Morgan Scott

Scott Fessler

headline large you that customers do are by named going of for you later largely demoed new were customers the Forte launching on already trialing the couple or anticipate same guys a systems? new you. customers existing Thank with that or trials will beta these are Would you the year, announced this

Peter Chapman

so still, at is release we -- first internal much of people they we being when new -- applications have it hardware, are it very get And crack we is team. piece usually a

be likely early that's announcements latest working bugs often customers system and the so they one, But not the always is of, something be might the imagine, or to of might and access but so very that with so and first early that’s make to want get there to can are maybe there of -- you perfectly they and result. smooth. or access As papers are customers and kind part or write as and the, a kind deal, greatest with

Scott Fessler

Okay.

in Just there for different so the as follow-up topic, a bookings. I growth Thomas know contract total slightly upping far as it's then, or a yearly guidance the for for

taking the into up roughly growth see categories that commercial. you academic If like government, three split contract the gives set and do Where customer you broad estimate? you conviction the greatest between coming bookings and

Thomas Kramer

interest and to view first, form inbound don't together our of weighted what lot is what funnel of our know sales break forecast. we're a who we they presenting see actually we is, and a is So going

can't one is it our happens of stage mean doesn't. commercialization, sale you because it tell at or I is, which binary, early every So I

know, but we also segments so do just before, I don't will to we not as stated say, intend And I break up yet.

think I to that. too company we're young a do

Scott Fessler

you. Okay. thank All right,

Peter Chapman

you’d give say, an to be us data more draw to enough timeline. have have able to time to a little appropriate I'd

Scott Fessler

right, All thanks.

Operator

Our is last ahead. Needham Bolton of is your Company. Quinn, line Please Quinn & live. question from go

Quinn Bolton

mute. on was I sorry Hi,

the the better on a the system giving to does qubit want speed, questions, result to-date. fidelity, system. you beams Had you does progress And does? a end same do Forte XX it's say Aria a the or first as on use Forte, gate related steerable different few quantum question, a up Just it that physical congratulations system? give laser that steerable with laser does processor gate the faster So

Jungsang Kim

great a that's Yes, Jungsang. question. I think is this Yes,

we any a -- the So number tied on meaning in we've to the of to that is the is, question more hardware like to the really components system. where qubits configurable, are eventually first actually become not to don't underlying -- quantum actually to our sure get make been a computers software point hardware trend we of

that Forte of XX systems actually have what system, big and the we previous think in that qubits I the limits maximum sense we that's had steering to a control. in the XX, So much on that fixed -- what step this but in that beams the takes number with very software direction,

of technological the Forte So But control more these we are other there levels, are our not reasons actually at kind are yes. than we're Forte future the connects -- much so although we actually become scalable address in point -- hardware. those that pieces XX have are exactly tied quantum will necessarily tied computers qubit to numbers not putting at together, more operating necessarily and the in can the why system the qubits, the this

So, using to fluctuations beam -- some can steering is, turns the second be addresses the items stable this then much second to it to be out actually and your make and less yes, that approach, actually answer the we it the that susceptible more indeed beam question system, When well. gate think Also a we system. in are I also the I getting the as improve fidelities lot and we are the think deliver to of seeing we have that our indeed so better. the continue gate systems laser to power room can to more speed

Peter Chapman

question. Great

Quinn Bolton

Great. for that. Thank you

with question of Second availability second sort of Forte is half broader and of that beta just on this availability -- year. next announced now year sort you've

sort public, it come available minus you systems available? the you've of of customers? becomes sort be once half expect Peter the sort Forte I'm to Aria this sorry generation Forte I in and of that public becomes the of second said cloud to private sort to or of, Do cloud, year think public is beta may so as the one to past

Peter Chapman

I same haven't you're cloud the if time generation. coming seeing current at announcing think said announced the that, just action, in to is No, that I cloud the we're And Yes. will. what we Aria and the you go to yet. would

Quinn Bolton

lastly, then and -- go ahead. Understood

Peter Chapman

kind just trend. it's following no Yes, that of

Quinn Bolton

Got it. if year at sense you us reiterating, million to you just I'm give us the level. give $XX.X might of to would of And that then EBITDA wondering Thomas. be this revenue willing sort million $XX.X some might of revenue you're that you think what be can for loss lastly the on forecast

balance to get look Just trying OpEx you the like expect year? a the of what might of sense over

Thomas Kramer

a on when the line, what be end we we is the rec rev or less that flows shouldn't the -- expect EBITDA. increased impact when bookings huge that which think I variations of there the will we front, down towards to on because half, do second So year in

Quinn Bolton

of $XX.X adjusted OpEx on to assume think, year? in $XX.X thinking million the QX. me, of over million based Pardon is million level million million I probably $XX $XX losses, I has EBITDA Do EBITDA upward think the be the course $XX.X mean, loss revenue, the if some to bias you that I in did to something you the right about

Thomas Kramer

of we're So as even million. will should holding from increase to if build loss at have $XX our it course. It not not previously of last, these stated -- we because to well things EBITDA

Quinn Bolton

you. thank Perfect, Okay.

Operator

we have call back the like to closing the reached gentlemen, Peter end And question-and-answer to the would turn session. remarks. and Chapman of I Ladies for

Peter Chapman

and like call for QX all you QX -- seeing we work questions. that entire to earnings in their We'd this to this thank call look for forward thank for all to Well, everyone I'd earnings joining IonQ brought the our point your also heights like quarter. hard new next the thoughtful has to XXXX quarter. And team all us for

So you evening. joining again for a thank and great have

Operator

This for concludes today's joining conference. you Thank us.

You may now lines. disconnect your

IonQ (IONQ) 16 May 222022 Q1 Earnings call transcript