Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day everyone. And welcome to the IonQ Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] Please also note today's event is being recorded.

At this time, I would like to turn the floor over to Jordan Shapiro, VP FP&A and Head of IR. Please go ahead.

Jordan Shapiro

welcome call. fourth and year and everyone, earnings XXXX afternoon, to quarter IonQ’s full Good is Shapiro Head name Financial here My Jordan IonQ. Planning President the at & of Vice Analysis and of Relations and Investor I am

Jungsang today's Chief our I Chapman, by Scientist; Co-Founder Officer; Kramer, and IonQ’s joined Officer; Technology Financial Dr. Executive Peter our Chief Chief call Chief am Kim, and Dr. be and pleased Thomas to Officer. our on Co-Founder President Chris and Monroe,

Company's the afternoon, to quarter access on have should everyone press our this now, year full issued the of earnings which fourth XXXX at section By and available investors.ionq.com. website Investor release Relations is

that is adjusted Please today's will management EBITDA, on a refer measure. which financial to note non-GAAP call

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

to press adjusted are You reconciliation GAAP its closest, of to EBITDA our comparable directed measure. release for

During and number we comments including our due could a forward-looking materially on make and are risks our today. based business the statements. predictions our the differ outlook those with will as events or mentioned SEC. These of to Actual results recent call, uncertainties, in most of expectations and discuss filings

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

Peter Chapman

full earnings And afternoon XXXX everyone. our for and joining quarter you Good thank Jordan. you, Thank year for fourth call. us

confident having year. bright believe leader the companies among On are and computing a level, the in are a technical that pure-play we a IonQ financial ahead. had highly We and future IonQ quantum fantastic we

of we end $XX.X call. quarter, revenue exceed million. generated full for high from we the and fourth earnings revenue the the last generated guidance Both numbers $X.X the our of million For year

full from about the bookings, year, increase million in XXXX. $XX.X we XX% an for secured Additionally, of

our more financials on a will to our Thomas few provide over and turn XXXX I call outlook. to details In minutes, XXXX the

Before and to to from quarter, trajectory evolving this want diving updates position I a the current take rapidly into impressive market. moment IonQ’s in the highlight quantum

in in the year, wrapped listing, even ambitious Two tracked and six targets to that our advance bookings both I Having and have even to plan the years. up ago original schedule. years we've our closely published trailblazing exceeded XXXX current proud technical years of conditions. IonQ ahead technical XXXX, milestone market performance we milestones spite our of future is say of am last weeks in plans technical our hitting an of for financial public

even impact We seen current but some market have no industries many peers, IonQ, down. of signs slowing conditions and see of we our

our demonstrate that by bounds. efforts company-building continue to IonQ. Our enough advancing applications believe runner as leverage industry, customers speed focus are Meanwhile, we We edge. and enthusiasm bolstering based have prospects front our to on full IonQ’s current and our profitability company our computing quantum working get the is position moving quantum most our leaps development the to cash company to and in with are we technical driving pure-play and our advantage the at capitalized, forward roadmap about technological and well believe of we

allow details our the context to of progress IonQ. that me share With latest at

and a forward appointed towards Both Board we and the was of IonQ welcome and IonQ’s President Wendy Directors. valuable the they will look Revenue and to continued and expertise late Secureworks, experience In thrilled wealth contributions Rima IonQ to make of to I’m few Rima Officer; who the XXXX, of First, bring success. Chief team Wendy months. as two last the our Thomas, leaders joined joined our exceptional over Alameddine CEO

across the use quantum world's Officer, revenue most working future as some of division, and Revenue with multiple at that at Vice after years Rima New helm Nvidia, XX customers. clients to sales behalf will current business. Nvidia President for expanding to enterprise Cisco and our of problems. Rima the With Enterprise industries. Rima to on nearly York the Sales will expect Prior Chief the where Americas complex sales go-to-market joins to we of led she Rima us As solve spearhead spent innovate years team continue seven the company's IonQ’s solutions at

accomplishments As impressive I in as financial mentioned, just our XXXX. accomplishments were as our technical

record-breaking XX successfully earnings call. our qubits executed technical by algorithmic to our system schedule against our ahead of Our roadmap team of deliver QX performance

this start believe by gives system for We that Aria We of which enabling superior What's technology the a continue customers. offering to our world Azure. is performance, IonQ with on accessible Microsoft this real cases more? head have computing in us level broadly IonQ company quantum made commercial only use

convergence of experiencing and the the efficiency which quantum of transformation. This are advancements are convergence towards also potential this in our rapid we surge from user customers about driving transformative of led applications has hardware development of We trends, quantum powerful quantum of increasing and potential two the computing commercially a growth at advancement base, the are inquiries computing. At rapid of we to witnessing of quantum IonQ, forefront the viable is unprecedented us algorithms. in the of

the to explore involves be fit for structures or Machine number many to ideal practical to find of machine with models making data computers. Even even than vast recognize learning the scale more variables in learning spaces, classical as We can efficiently with and statistical of the them dimensional complicated quantum Quantum learning small tasks. believe smaller searching systems, efficiently emerge machine that can harnessed answer. trained computing robust be learning of amounts will applications of computers quantum most QML quantum a years. coming machine one best

our autonomous Hyundai partnership yielding with Company to We recently that impressive for QML announced is use results. Motor vehicles

even QML contrast, to of and equivalents, low exposure. with detection, classical life of sign by modeling able similar classical were resolution, instead real maintaining such accuracy As images low challenging previously magnitude, processing by over complexity for several ML with reported to situations using we reduce road orders while as

this Building more QML detection. now to on we success, object applying are XD techniques similar complex

contribute solutions the safer technology QML can We more autonomous confident future. of based transportation to are the reliable in that driving development our and

QML the well on provided the our excited are may published share in a latest in QML natural remember peer-reviewed call about using processing IonQ, academic the on coming an from QX for journal. will earnings Today front, that uptick in the which in update weeks we Additionally, recent language before AI. you be we generative dialogue to work

designed highly participants' new beyond biases, paves this answers. order AI-enabled questions computers. of work team the circuits impacts quantum capability run ever well-known that simulate a a the survey This as the for how has bias Our such cognitive processing the language in the successfully first way of human possibilities natural in becoming and the can future. classical in development of model the component chatbots We effective key envision on

are in not QML. to constrained advancements quantum Our applications

strides making are chemistry. also We quantum in

underlying are is sustainable to quantum and of will This Considering quarter. Today were lithium of date. our to complex oxide run We some groundbreaking immense work We in the work optimize in of quantum chemistry, solutions before. we collaborating molecules. this the public battery past, the The the to electrochemical of modeling field in reactions, Hyundai more storage the pressing work potential cutting in with largest energy line quantum than quantum were the believe more material correlated successfully most the simulations tackle energy results efforts are with fourth more able chemistry top shared for hardware the ever on challenges this edge to longer the of on shared simulation for our efficient, facilitate demonstrating mechanisms. computing, we quantum science. storage development that lasting, simulation

High-End a simulation platform. collaborated scalable another chemistry and Accenture the Computing create In to quantum chemistry initiative, with Centre Irish we for

using the tool compounds focuses in carcinogens pollution. be harmful By IonQ can for us accuracy cheaper of a tools to which suited limited cutting-edge chemical on eliminate human-made are quantum analysis, in computationally one and computers, sight the broader Today's scale, day have could chemicals simulations, built which Specifically, we contributing to and and are line of scope studied. help to environmental environment. expensive the that chemical chemistry we down analysis breaking naturally restricting

XX IonQ system being all These with AQ. or applications qubits accomplished are with algorithmic Aria, a

at work allow our AQ to challenges. year, technology tackle will greater XX of achieving which next already this our are We milestone on

developers we today. governments, believe For and quantum with investors the enterprises, is time to engage

of hardware application the quantum accelerating commercial development usefulness and convergence I for systems. mentioned our is timelines that of

this will Based In we improve several our the in on algorithms team We the trend the acquisition earlier that work on existing expect continue. term Entangled are drove team's in efficiency firm compiler optimizes technology believers on Networks the of of quantum year. Systems. that that technology and IonQ. near algorithms this convergence believe which of of computers. are IonQ we developing acquisition Networks focuses this There assets Entangled running accelerate the our execution Toronto, will will announced ways at It's

Secondly, begin in hardware build how determine design as or a optimize Entangled linked across cores single to with those systems configurations on together help single a us multiple chips expertise multiple architectures. and to Networks chip will we system, algorithms future

laser With increasing improving of use customer have the focused relevant our commercially manufacturability engagements and cases systems. on the insight, we prospect been of

country's in quarter, facility This quantum Washington, to Seattle. we first plans situated the dedicated near build announced manufacturing Bothell, computing

new demand, hardware serve floors to facility the second teams fulfill government. public and XX,XXX quantum work Murray U.S. quantum ample with support pro multiple will manufacturing West will highest and feet as of temporary and creating this the echelons Washington our our It computers President together on for quantum world's goal Coast. IonQ's talent. in hub the here support Delegation plans covering develop the technology thriving is center the software Congressional facility strong first situated Patty from a with and best and R&D Senate to square extends of the computers We Our and data customer U.S. for the assemble announced projected expanding to innovation including State also

that for with the to over Thomas a I'll turn our detailed financials. And of more review Thomas? call

Thomas Kramer

you us Thank and to today. you, joining everyone thank Peter,

in this walk detail. more financial quarters Let's through results

in quarter As an mentioned, we had Peter excellent revenue. $X.X recognizing million

We we of QX million million revenue. $XX in For with bookings, for million target call. in ended $XX the This full year our XXXX. puts range million shared to exceeds firmly the the year year we which $XX.X $XX.X within full original the for range that us ended on our also with

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

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

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

full year customer our our the $XX XXXX. systems number For was are to meet of from projected are that up $XX.X demand. heavily in XXX% in R&D investing million Recall million increasing XXXX, that we and production

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

XXX% year our up our we commercialization full was as in continue us XXXX. For our we million, number that and efforts sales go-to-market continue as to our from $X.X XXXX we to trend $X.X further due the expect in function million increase full expand was This the growing initiatives. that year investment

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

This to $XX.X year up expense, million to for fourth was attributable increase XXXX. period. XXX% For growth million, $X.X the $XX from $X.X full that the prior based XXXX number year largely is million million in was the in stock year compared quarter compensation which a in the full

$X.X year in $XX.X was from million million the year full full XXXX. compensation for based the XXXX, Stock up

million All in $XX.X value $XXX.X then of net for a EBITDA fourth in the is for of of XXXX. and of warrant for million in that to $X $X.X $XX.X year gain saw and this these loss $XX.X loss non-cash resulted $XX.X for XXXX. million $XX.X loss to results versus full important of the to the for non-cash the It million the in EBITDA have million prior liabilities in an XXXX. an loss of versus full include the million net $XX.X period an announced period, XXXX fair year gain fourth a projected $XX loss full note our and $XX.X of for for actuals beating year expected in related quarter XXXX quarter the million adjusted million fourth compared loss the million adjusted of million the year the in We prior million we compared that quarter million Note plan. the $XX.X to and year

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

monitoring closely are We cash. IonQ's

to and banking was meant banking immaterial. recent partnership large in several that well the continue We strategy this institutions in with events our that believe international to future. approach serve diversified exposure Our sector will the

We based on position, us provide sufficient are confident our funds get raise cash roadmap. should to with additional which needing without profitability reserves our in to to current

quantum of earlier, that despite the As the global Peter much market growth market rapid is mentioned headwinds impacting are currently industry. the technology experiencing

these scale companies back been face conditions, of to many the market challenging ions. In their have financial forced

However, IonQ has to rapidly as has cutting player to unparalleled commitment remained expertise our a in our delivering market. in This leading with in projections. dedication edge our quantum goals our steadfast coupled positioned on technology unwavering expanding us the

revenue $XX.X $X million XXXX and between year projecting XXXX and introducing we are quarter outlook, are $XX.X full our and target $X.X a for million year. first to full of we fiscal forward the revenue million between of million, Looking

of Additionally, for bookings $XX million and between we million $XX XXXX. anticipate

the exceptional EBITDA not we in the only place years we a in confident for an adjusted revenue pave team the of meet product the million these targets, positioning. and success, way offerings demonstrate guidance. growth success our market projections full in an XXXX Finally, and $XX.X and loss more we strategy our anticipate are clear we at see strength but continued come. to our of the With will for driving midpoint that These importantly year

remarks. for And would call turn the like some I with that, closing over back to to Peter

Peter Chapman

in takeaways key call. continues have consistently this IonQ summarize Thank a public me going itself computing you, in leadership testament unwavering our leader quantum to our global out, and are allow exceeded commitment XXXX our of the trend to in and establish industry. from solidifying Thomas. October as Since market. technical team, some a well XXXX continue goals, the and To this position close to to in visionary met innovation. track beyond, further we financial on to we We an believe our

are of Our high working computers world to these a to our list quantum using real problems. take chip demonstrate testament of the computers industry them the blue leading power clients expanding platform. solve an alongside in pride effectiveness with demand in We to customers of quantum great

demand and to Our recent path and manufacturing positioned Bothell, a of in acquisition quantum meet the of to of announcement assets as in Entangled a developments the deliver Networks to pave our IonQ in new milestones leader our It's value operating marked computers. Washington scalability the significant for facility of our clear industry pursuit surging grow. clients. and These performance a exceptional

approach have Ion field. dedication the a Trapped to This of prove in computing as systems. innovation superiority superior the unmatched number of worth the testament industry decrease to our our its further of true quantum status to in the our competitors to As IonQ's driving a continues witnessed our we the is and technology leader team a cementing in

And to turn operator Q&A. that over with the like I'd to the to begin call

Operator

Quinn from Please ahead question. go from with your today question Needham first Our comes Instructions] Bolton Company. [Operator &

Quinn Bolton

was in technical wondering first your a continuum? announced to landscape I is the you landscape? of competition see you less talked who this if your I gate and and this the perhaps view Is financial one How just give fidelity's encouraging sort competitors you around in XXXX. question updated Peter, some could really continued think do the larger I see point? guess becoming smaller superconducting, have on superconducting us higher I at of see of competitive. competitors superconducting it it as congratulations growth do guys, about you thoughts and you that on bit maybe some the XXXX you competitive results little Hey favorable more strong guess becoming as to

Peter Chapman

a to fidelity say fidelity about what which means how say words Quinn. you use certain they would you I they've read sometimes people careful very is sometimes one, great question As of do. cubic gate be superconducting, but two have some it's the for that we the it don't average a achieved

really sense that And they mean cubics do. of do to of well, really need which but them in doesn't what a that. have are you so pair And that's that doing might all

of recent XX still by fact is Ion to I today And away So quite bit years. actually see several of lagging are the announcements, people think I saying kind in most think years behind technology more started from five we Trap getting fidelity's a some the really superconducting stride. of or to

So it's correction. error you can't gate average and can't get probably fidelity if get XX% you to – to two cubic

the climb most So folks. that's uphill usually of an for a still superconducting

Quinn Bolton

Got it.

then And if might revenue wondering relative OpEx? loss you about roadmap for be and in so higher to but your perhaps able some of sort EBITDA estimates you're accelerating the previous little appears talk plans consensus seemed you I right at terms drive the Okay. OpEx to and you're just Thomas, the technology a be what guess to line looking in of of booking of to with to at be sort looking Are the XXXX faster?

Thomas Kramer

right expenses future accelerating are has our and meeting absolutely you of that do are that we with some So to demand.

personnel in you them. are interest production because to is that and be Seattle on operated to require deliver our are actually buying to in pulling systems, very do that we consistent place that seeing to year aware actually building spec As units actually facility we are in a up which without And lot us can it able entire be roughly having of earlier IonQ precisely than for we thought. a we're

we going see that now but is that market it. we is have to we anyway, so the demanding knew And it were because expense an doing we're

Quinn Bolton

that back I final the then my question of sort would leads And queue. in guess jump I'll

in be or complete sort the updates would XXXX. sell company thoughts? XX a to the those on by that thought of sort calendar of of computer within Any had position months end quantum you previously a XX think to I

Peter Chapman

to think will We exactly that that continue what happen. is

fact, than of have cycles at In retail should realize multiple convinced tens dollars. about continue of we all millions before that more sales I've we would I look say, I'm new ever at interested been when systems or that we selling to long and parties are because there talk

So confident something it's very pinpoint not that when but can exactly will. I'm that it I happen, will

Quinn Bolton

very Thank much. Excellent. you

Peter Chapman

Thank you.

Operator

Please Williams with comes your David And go Benchmark. question next question. from our from ahead

David Williams

to evening good the definitely congrats on Hey, great progress, and see.

Peter Chapman

David. Thanks

David Williams

you I wondering thinking little and process. guess from could maybe talk talk stack the, you're a systems and and of you're Peter software about first of kind and how the user that you if kind manufacturing about for the of you bit through your simplifying how just perspective

If you have have need to how run the machine, going to to clearly you're it. to

So what are you developments doing and any there? that on front

Peter Chapman

it's Well fronts. on multiple

acquisition more There's we would of hand to of in So on advantage be kind people one of logic we gates will quantum years now. in complicated the better available itself work, run think people terms and allows developer, program is developers the quantum did did and Today business of that five or existing that quantum the in kind still done and work reasons hardware itself, from terms people a the of be was that's on making just in it. taking to the that that's compiler one of line that of that us. of of ahead work what to applications average still say that's I way I don't programming lot

active area for us. an of So is it interest

OpenAI, development that those you're might companies breadcrumbs the the things like things see of are of would You in future. quantum be generation. in which doing I even that of to that kinds automatic code hope classical come to kind are can seeing software kind

David Williams

about you that to Okay of that quarter, And that year, were this that the it display Compute I the kiosk believe kind Dell that. seeing surprised to one last Super thing wanted announced, at I but and partnership on just we that very dedicated helpful. ask Dell was is

thinking if that any how the and there's give really any over that that about you or wondering next update of drives how relationship us there on and years? you several Just kind think color the business you're if can further

Peter Chapman

of the that you the that classical continue saw and of they think from as hear quantum Dell combination Well and probably future. is to kind

so hardware companies – on so quantum with between them with And Dell the we've working the hardware they and been IonQ classical use also the hardware. two can integration that software you

sell kind it Dell's and also as well. they they we've point but like things been sell from their early so Dell's quantum quantum still sales so And it's customers that can force a doing of access us company the so training that but of well gives days force view, to help quantum sales about to as can

we grow continue that next to years. partnership several So over expect to the

David Williams

it And we then are through the could from a But you revenue of just QML; commercial just of in us bit the seeing well. better if of anticipated guide, than can areas fantastic. seeing was talk had or kind what You other bookings and the, those in maybe some and kind annual you maybe the Okay, demand the applications adoption as you're areas terms traction? greatest quantify the relative mentioned of you're the areas? what

Peter Chapman

is in less would that So than the have need that especially already the short-term for that results that the technical in we magnitude a of the what because older I would ML of ML features kind algorithm solution. maybe of number and certainly even to describe of you equipment on leader, orders even a some interesting you the seen need I get several our QML very suggest a little – train classical I'll is what – is

So of millions you've these heard features. probably of hundreds some models of language take large

that with of we've things to – same kind for for but results we shown doing gotten scale yet, haven't instance that but been far get numbers we've for can We that of recognition fewer features. the for image those

to much get in feature we're hardware. that's we that So larger because important classical sure what that not sets can

on on that small see to that study And than – the seem computer created is in a get system. ML that interesting you side classical really that's quantum thing in models the better ML the is again capture the the other signal a small

interesting classical for instance a and seemed be with be and it that Swan points job work of side a do ML financial because So data might might a outlier done to the are so GE on quantum And Black an the seems they those some the that. most to these that very it do is can it's of algorithm, relationship all ML ML turns could not promising. the our or better it; being do things can on used. better creating when means it do capture of a you machine If better, so are out missing ChatGPTs and some kind that research better of you that ML we've anywhere event, but advertising only

certainly a large that's So promise.

well, and also doing things but to is molecules chemistry cure Chemistry the will to things. true larger cancer we're working do do but of in computer ultimately simulation of promise of quantum chemistry, need today, you like those small for kinds course, a

So chemicals. those molecules, even that still forever that be a work break was those bit able were in the working to doing for with these little Accenture instance away. to ways PFAS is small interesting down and are we But ways on

interesting So very it's work. still

David Williams

what one versus And I decision one, petition, more I anything if from impact but on filed know Okay, Garfield a could or just that and Anything fantastic. Boxed the be? quick the may. new you

Peter Chapman

no have particular we No, that today updates one. on

David Williams

Okay, thank you.

Operator

question ahead with from your Richard next Please go from Our question. Craig-Hallum. Shannon comes

Richard Shannon

poll in the I taking an terms getting ask thanks this your Maybe a for achieving Well, tent to the year in that? long of this XX What my is of, questions AQ from XX you I of hi for question up well. as guys, on will think, year. goal

Peter Chapman

things a are here. of there couple Well

going that which goal. have multiple are for systems we is First,

we that's kind up tuning the systems. and have first it this at so So, and of to the the running it's is point systems part

performance to the You actual is – car get still assembled, can is of you work of kind car, to of always do out performance it. think but as there high race it of kind a

we're So right that's we as now doing what speak.

Richard Shannon

Okay.

buying Let's this annual of what in throughput do of potentially do terms here. or footprint here? the when and question interest hear, of kind customers machines increasing capability Especially manufacturing stage for And in forward capability the of what's And light long-term? systems expect the number kind whole current pulling for of this there? running you we When on that see up first people the of capability over here. a get you facility are of kind

Peter Chapman

a So, a terms construction. would architectural, in out things design, there permitting, as that building, you number has then one is and go of of building through, expect to actual

It things they are ongoing. take some those all happen does So, currently time. overnight. Unfortunately, don't

So kind the we is, first goal to product, basically estimates the of production. number given one fold, on now expect of and of several the is machines of the this system throughput we use the by really what this out end terms this leaving phase year. have of building of And yet or the though, do group and haven't make but this, into a to we're behind we're research well the kind of getting

to machines be that And it work on smaller a up to ways and build the so, and able to footprint. it's things organization we like take to service making sure that it's faster field serviceable by for starting cheaper a

really the of things than So a in different productization. past, about pushing now going kind all in we've AQ This of are the on engineering It's production kind of those is engineering. is which numbers. done

Richard Shannon

great. increase the of My the understanding jump is booking year. the booking question well. question, base I'll preto helpful were here be guess customer kind expected for guidance of last the line here. analysis to as from accomplish I Obviously year. out of are able last here the That's my on going to Okay, what a is nice you

see do somewhat characterize How a of would contracts to looking are this, basis, this, larger number for somewhat broader you you or of fulfil smaller ones? We kind a please?

Thomas Kramer

Well, is sounded Richard, we don't do contracts. Well [indiscernible]. that smaller

know funnel with ones. we some at function the but a exceptionally number do opportunities is large, happen. And large have we probabilities number seeing are that is the of arrived are contracts our of the we potential what we have attached. they All just of that when to will in have bookings We don't

have really these element so how large but there how forward happen news we there be, definitely to will of an available, we updating and like that course. will is of And we you look it fast while hardware once in can't tell

Peter Chapman

for sounds that like computer. a application Thomas, quantum perfect a

Thomas Kramer

I you cheat [ph]. can for one tell

Peter Chapman

let on to get available. that. know I'll when We'll you back it's you

application, the So

Richard Shannon

Okay. probability And funnel academic any could nature. at that maybe from kind type institutions be ones would be may this this look weighted characterize of as that government you here a quick potentially way on how follow-up commercial organizations, versus, much in you more of this of

Jungsang Kim

we any dipping what not break government with is it out toes demand already segments, mainstay near technology for But while academics for new the and that a us future. we quantum actually swings it the figure is so don't true distant is So to in out and are and is water them to then now in driven how enterprise. pretty early be is their by by the enterprise heartened seeing that can revolutionary working

Peter Chapman

Yes, little just interesting maybe follow-up. a

you applications. year and on after mentioned year, I if a plan. came the applications supercomputers roadmaps, up then with starting that you it's next that best to XX do beginning of qubits for technical do you kind which XX And both with As remember financial we and XX. of the And for can at are here, rival in this certain number start algorithm XX, of can years to

a We very didn't now in very beginning the at we're now much good but we we now So a track forum. and really have – do record. that have public

I we're quantum. see from very confident results, what years than different being to very in achieve are which those doing X, you X.X So for technologies starting at other kinds is point that stories of this think, about basically away

then add we'll and this so, to off XX. to year, it's then that XX story XX and And

Richard Shannon

Okay. questions all That Thanks Perfect. guys. for me. is the

Peter Chapman

Richard. Thanks

Operator

ahead from [Operator Instructions] your question go WestPark Garrigan next comes from Please question. Our with Kevin Capital.

Kevin Garrigan

everyone. good Yes, afternoon

guide. echo the strong strong results on me Let congrats and my

your remarks, prepared XXXX, customers potential strong a quick any you you push a environment? because strong XXXX, spoke from seeing question but macro outs a tough are during of about Just

Thomas Kramer

It's opposite. No. seeing lots are We're just customers the interest and customers. we're contracts. that the heartened re-upping from also of And lots

So, that's a good sign.

Kevin Garrigan

it when approach quantum just easier in or hear. stage whether and quick probably and or great memory That's it. is wanted or a got memory approach either I Jungsang, comes is aspect better? to for then this important Okay, Chris to about either question development another this the trapped at harder And quantum to is then ions ask

Peter Chapman

want you do to… Jungsang

Jungsang Kim

long little if I quantum Sure. fundamental trapped and that of think, great. memory, historic qubit, a to quantum what I it's hard, atomic qubit would even guess match a very think In Yes, more what for then we for I I see a – context would from irons. maybe bit trapped qubit view Yes, time. understand than that, hold it’s need And of of to the I a is better can memory. including find a point

think, memories a thinking current computers in distort very you And that, that compelling compute. your have memory for our we Because different Are have while Did we quantum answer we about question? information sense? I in technology. very, a

Kevin Garrigan

[indiscernible]. Yes, guys did it

all Yes, I Thanks you. thank that's have. guys. Okay,

Jungsang Kim

right. All

Operator

the to and like I ladies And question-and-answer session. to management that today's gentlemen, with any floor turn we'll back closing remarks. conclude over for

Peter Chapman

team of all the results late everyone obviously and Well just behalf work, questions, asked long it thanks the the hardy but our appreciate that so, also making continuing on of nights, I'll happen the IonQ all thank and for are conclude the employees weekends great are result customers. today we you They and it. joining. to the a to everyone hard for innovate strong team, at just management all the questions. for Also,

so today, thanks you much. thank for And So, joining

Operator

We that joining. conclude Ladies for and thank you and today's gentlemen call with presentation. will we conference

your now disconnect lines. may You

IonQ (IONQ) 30 Mar 232022 Q4 Earnings call transcript