IONQ - Earnings call 3 2023

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Operator

Good day, and welcome to the IonQ Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Jordan Shapiro. Please go ahead.

Jordan Shapiro

Good afternoon, everyone, and welcome to IonQ's Third Quarter 2023 Earnings Call. Shapiro, Analysis the Relations and IonQ. Jordan Financial President here is and Planning Head name and Vice I'm of at My of Investor am President Kramer, our call Financial Officer; on President I Kassmann, Chief Chief be our Dean Chapman, Vice and Thomas Peter Engineering. IonQ's today's Officer; Executive and to pleased of by joined our which adjusted now, website will Relations press release earnings everyone quarter third XXXX Investor that note should By investors.inq.com.Please is refer the this at have non-GAAP is afternoon, on company's section management on access measure. financial of EBITDA, to the call, a available issued today's which to

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

mentioned press Chapman, and Actual file to its we to a of You any results We required over Peter? law.Now, expectations including XX-Q outlook CEO uncertainties, this business except closest those intend after our today. statements. our reflect it a call, changes to to and as I based turn predictions Peter our as of could GAAP and statements or by risks no on of of we obligation with and that tomorrow. SEC revise to will measure.During number will comparable the are in undertake President to release due IonQ. that occur the call, to These comments materially make adjusted our EBITDA differ are events for directed forward-looking discuss reconciliation

Peter Chapman

technical we location are that this our Seattle everyone, we far made quantum systems for thanks, quarter office, with and for which this have progress scale.We Today, are in calling from our so and new happy financial at Jordan, and manufacturing year. computing the is very joining us Thanks, today.

in visibility bookings computing in $XX.X We $X.X we with prior possibility continue start interest period. are there XXXX, built added a to XXX% today, increase a of to to our In quantum goal of sales of annual sell during substantially we XXXX, from full size of range exceeding with puts by that the early year, the the pleased you announce we it and a from quantum to a of in quarter. on system XXXX. million revenue XXXX. since course to the the of above of expect we us million QX are told announced in year for be seeing path Though lumpy, XXXX, was our previously pickup the are that end by a have high of year adopters cumulative the end third go.Over bookings pipeline. end we this a This bookings representing of $XXX Moreover, clear quarter a million the IonQ could the full left our we

main is networking, schedule.Now the to States the with ushering era Air quantum and pipeline sales the better draw continues develop full requiring our are public is ecosystem. bigger our focused growing and of Research details. enterprise continues to enterprise commercial conclusions the without stepping We into let's beginning themselves We Moreover, be #AQ sold correction. in financial Tempo call Forte recent of should in in that we're on technical #AQ technical path strong technology the interest today's the have and to and United performance for as quickly expectations. are are than that: #AQ systems our in you our systems ahead our IonQ two, adopters algorithms X.IonQ's interest original our to quantum stones Customers conclusion expressing with is to quantum seeing ever; error era. by eager XX momentum to XX Force believe bolstered to that XX stand arduous, in Lab.The advantage to now private and accelerate of commercial our early momentum, reflect clear while that Both from and one, reality. always ahead quantum institutions the prepare is most coming quantum, benefit are dive from our

leadership. turned X Congress World at For that major those IonQ's made announcements continued into Quantum of you that we September, now market who presentation in demonstrate our

Notably, used IonQ for X qubit development. World edge application rack-mounted XX quantum The a these generation. a research barium includes be States was Quantum system. the will agreed which Force production-grade first Enterprise be cutting systems sell our X the announcement Forte and $XX.X for technology.The network from of to quantum announcement industry IonQ systems X significant we Research new deal Air to system #AQ second the This or use as Congress whole. in major a have IonQ is will reveal United deal node will computing Lab, and that AFRL, million systems,

IonQ goal data Forte that our will production-grade Enterprise rack-mounted modularity, #AQ Seattle our be first the manufactured also will centers. will in factor system rack-mounted on will It our deliver a new seamlessly all generation reducing XX integrate system. IonQ providing while Forte system footprint Tempo at form facility.Following of into be Enterprise, existing

problems we best generation allow today's upcoming even solving begin our as cannot, computing supercomputers to to refer advantage. certain classical quantum commercial that or to this with expect customers We what

these Forte in to announced one of already We each QuantumBasel service to Switzerland. have and systems, plans Tempo, of Enterprise deliver

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to evolving many IonQ's requires scientific focused is early science. scientific many road companies. In which on are Chris's next product of respects, map, more for our we one some breakthroughs.As represents We now than are breakthroughs foundational for but IonQ and growth grateful contributions a we and natural us, stage executing that with entirely generational behind engineering against this shift, development enter rapidly

Our is growing in team experienced companies.

broader engineering, capabilities on are future lineup to Analyst Blue strength the new and Apple quantum executive continuing presentation veterans you team today, These to This leadership. technical our Dean Dr. and the Dr. VPs of Dr. and Kassmann, generation respectively. Mehuys represent engineering the we IonQ next Amazon, R&D, We industry last tomorrow Pat our of month, product ahead.In that our of Day team. for introduced includes IonQ from building Origin Tang, add Dave while and

in Organizations grow. milestones IonQ, with contracts reflected and and and road vision experience our in we thus right on corner. recognize their our We by strong map. bookings Enterprise continues are XX seeking are the and XXXX.Our With our Forte #AQ potential fully our confident this around momentum their are starting on #AQ side, to respective IonQ's deliver Tempo XX are in out as to far believe ability to

the been award honored told recognizes companies were possibility system sell was as Fast innovative, a Deloitte's you Technology IonQ we we a today, Just XXXX, end winner to most have a quantum the of North XXXX. could in selected fastest-growing there XXX of by full America. In that

of can gaining sold momentum in purchasing and our seriously you pipeline We is customers have now systems Today, X. robust quarter. interested I IonQ tell each

about this IonQ, future for our So addition more the the more over to like another the Thomas to a in business.With I being for review for ahead bright detailed turn Thomas? that, we now yet would call of are even financials. quarter excited to milestone

Thomas Kramer

Peter. you, Thank

software, where top Arakawa growth. all XX the as to international was marketing. IonQ of towards IonQ quantum world's excited pending issued industry newest talent, the patent composed of and Microsoft, is another XXXX. Margaret she as as already ingrained multibillion XX, XX heritage Windows in pleased recently, another contribute additions dollar Networks.We financial firmware ensures is XX Marketing IonQ's the will stage welcome our U.S. Margaret these over of several portfolio at she patents, industry Chief and and of XX Officer; patent Software. includes pioneers, master's Monroe's led to our Kennett and to proudly into patent of Jungsang Vice and earned Kurt leaders.Our charge international October Chris and Of experience. their Note software years scientific expertise aspects the both PhD graduates More well dive DNA Margaret deeply deep Outreach next applications their lab, both. talent IonQ's over XX years and in of that U.S. to which bench businesses. we pending patent cloud patents to graduates, and portfolio and our as that as Microsoft, are applications. technology with XXX these Kurt, lab team. Today, we figures Before robust This counting. XX issued our as degrees and/or comes for President and two veterans U.S. plus quantum of Nintendo some XXX Fastly, Nortel Kim's are are team: brings Marketing Margaret results, integration Kurts of of Chief and responsible hardware, to served IonQ the Surface as at Kurt Officer executive experience she At announce we includes

to deliver on As map, Peter a in on our mentioned customer fulfill AQ earlier, team road our strong execute needs. our is and our position targets

full at confidence and IonQ more have that a quarter's to hard for your detail. for I has year everyone team, our in thank this in company results We let's walk record dedication personally so want far.Now through led and the to financial work

revenue, we had we an the high previously of million provided. in which $X.X mentioned, outlook quarter above end the Peter recognizing As is excellent

$XX which million of This quarter.We in the expected, million. the successfully of than year bookings have acceleration revenue $XX.X third million our the with on put the and year this projection quarter full to million the of still previous in between be of year, Today, and between million with full at for the completion range delivered guidance XXXX to us so high are $XX We increasing bookings. far go. $XX.X $XX resulted fourth above $XX earlier end some exited quarter range percentage we into the projects million

for down that prior expect continue Given the quite want that earnings lumpy some in to on statement. from reiterate we we are to my calls I to time.Moving comment IonQ's commercialization phase, bookings still early income be

continue third these prior third still XX% our in liabilities, quarter our results. period. the up $XX.X in and the our million, of the for plan projected the a results were costs expenses up third costs for as To the quarter given and this within million commercial compared from the $XX.X demand, XX% $X.X It's our We XXX% and of quarter loss from were million, an year our EBITDA resulted the quarter million to $X.X million $XX.X of prior in was heavily the from additional and down up million our in the the than are period. in costs loss period.All third a and from $XX.X million year investment us we also non-cash the year. QX GAAP development efforts.Our For for quarter loss $XX.X million $XX.X quarter investing that period. sales to we year an go-to-market in are due fair $XX.X include $XX.X anticipated into $XX.X loss EBITDA of million that break but the operating net a our further, impacts to and related this function were adjusted the up the million the third important Note million, administrative $XX.X the quarter million, XX% note growing that build total manufacturing year This XXXX, prior research year personnel general in costs saw this $XX.X of third were to adjusted in for period, investing value year compared in prior warrant third Recall million. in to in of line for loss our bottom R&D, projected marketing prior in more the capabilities $X.X year.Our to and support sales which previously increase period. year systems for our we million prior

Cash, to universal you equivalents plan and this statement the quarter's a balance us remain sheet. as we September our now with year.Turning SEC. notice continue XXXX, filing to the registration million.Tomorrow, So cash may of $XXX.X our to investments XX, loss, expect within were for with shelf

additional strategic in than cash get on While and our the we raise we that may is sufficient hand we near capital, arise plans continue M&A more to for immediate to that to no to also believe believe have company positive, cash term. to the flow medium opportunities

to with to M&A maintain fund balance, cash but capital and want raise comfortable our are to We additional strategic growth. the optionality

this of an a to solicitation securities the or SEC sale with registered a jurisdiction. will the As and sale state in declares securities statement offer an effectiveness securities sell under may registration made or XXXX of solicitation or to through any the under prospectus not there full is effective.Now, fourth or securities, sale the registration any quarter which announcement be state offer and turning of or qualification outlook. the law to year only buy be SEC or of would be to registration the registration in the or such Any offer, jurisdiction of reminder, to nor any unlawful statement an any the of our be the prior offer statement and prospectus once supplement the solicitation

milestones delivery full some represents on million to year are be to We the This our increase quarter. to to XXXX $XX.X XXXX. pleased million customer contracts against able fourth that year accelerate in outlook may our we the our revenue $XX.X full expectation for of

AFRL fourth of our revenue million to quarter.With $X.X AFRL between the our target as like also is increasing are bookings XXXX, for mentioned, million.Lastly, over also revenue guidance project the Peter. already to the guidance that, its as introducing back the XX months over to increasing expected I'll to $XX full announced year $X.X in I sales that we million million following are to quarter successful $XX and to turn between and third the recognize call would system And I our the highlight Peter reflect delivery. deal towards we way works Additionally, mentioned

Peter Chapman

our is and a map. hard technical and IonQ and and making happen. should that, like bookings another reached three, This ahead What at our better yet million XXXX. call than is diligently ever. since from could be is our team more all continues today's work executing as for $XXX our and to up traction Operator? be to the computing call has the has against commercial bigger year schedule.And for to of not Q&A landmark session. our one, that been quantum road conclude operator be is financial IonQ in back start with shaping Clearly, the of momentum I it you whole, team technical I'd the our over of pipeline turn to that, And Two, proud

Operator

David The with first from [Operator question Benchmark. comes Williams Instructions]

David Williams

Congrats on the really solid progress gentlemen. here,

Peter Chapman

Thank you.

David Williams

or about that existing there holes? I guess you you activity compelling Thomas, complementary what would be what filing be potential of this attractive first, had you in to M&A are in looking a to little talked your think fill about the bit your technologies market? Could terms out could business? Where And are talk maybe there. you

Thomas Kramer

and that up. bringing thank for question, you Excellent

want appropriate. something and want that to emphasize I becomes and is have we shelf to in that a filing, it if First, this it's when for place just

but that's and wide us good. out Secondly, or we deal technical constantly and our advance our us it's just we acquire anything But is find a interesting. we of will scanning get are gamut, important the that a to also allow something the looking services will to And things. we're market, to customers there pretty advance that delivery will our We're systems not road to at be everything. map that that

So if way. send our you suggestions, them have

David Williams

operational day-to-day I just continuity comfort Chris us may be the map, you that. maybe, think may any of can Certainly would aspects that and affected? leaving. the And that about Peter, kind the give thinking helpful. that And of are impact will do be in provide of color the road transition What very

Peter Chapman

quantum co-founders the mid-XXs. one in seminal computing the in and is business, back way starting X the Chris Obviously, of

has it problem. what However, largely is first been be the you the IonQ Chris behind that that tell It's engineering doing is solved. physics would now to an one

of moving years saying company. and have more now company this -- been a couple to its product-driven academic an from the even now last that so is engineering and we origins for so to And the

to while and him have classes roots. as we quantum University Duke at computing. is will Duke Chris and his teaching continue back He's going And So leaving, academic work we will on always. with partner he's to

it direct As has have an report and advisor forward. has company, that operational of a -- advisor day not will to been hasn't an to since an impact, him no day-to-day impact but the kind is going X. reports Chris

So impact have no it the will -- company. it's largely to

David Williams

you about and the more, at hardware Day, know Fantastic. bit talk And Can discussed little you software later. software Okay. playing Is you the just a developing quickly. Analyst it sense out SaaS developing? can into see how to strategy feels that But predominantly now from it? can us how if give I that potentially And fair time. about the revenue maybe see a you a one then a model? like I you think coming and really maybe sales of this over the for way model

Peter Chapman

up all of stack. kind investments the down software and have we Well,

So next-generation you have our working for is a operating computers. instance, team where for on a system which quantum

support And so quantum networking which next-generation and able to -- is do and hardware the -- to such. be

is another compiler. team have We working next-generation on a which

the is see one your the that is and team leading have be the to us we this optimize generates stack, are higher so of application.If get sure also to And an be XX able make things you go applications the to which of to gates out circuits the then I today. performance #AQ compiler particular -- in able best is to

that go which now working have put advantage to bit we're to in of little is the can on with productions a X finding X of and the ready they're to they're get so applications we've focusing customers we early now a we kind focused POCs we that applications kind with or customers. new, past, when we're system. applications now on, But worked quantum. And on on where Tempo in these so start can commercial What

a is there's a our before kind So that of part most have things the what of said group by obviously, a do software on in fairly been company. that focus controlled of latest change doing software. of that's we but kind large front.But that large hardware It's IonQ -- is inside component, the we

in it's caller? to of terms Operator, So we able get to if out performance our of a very investment being much software next systems. the go

Operator

course. Of The Needham with question Co. Bolton next comes Quinn & from

Quinn Bolton

little as said company. more I'll a Thomas, the on to continued congratulations engineering maybe offer an to a you product Peter Peter, my well IonQ on wanted and you even on transitioning bit challenge and just sort what momentum. of

track I guys you I quantum of established areas. a they're work done wondering be a done on on if Maybe think you I'm #AQ of date error correction. still and on some good still there, guess record there's milestones to pretty to the networking might what those not challenges. to wondering the is if you be there's work was able amount but could quantum it provide some for feels But have like technical map. fair road two like And feels thoughts your on and physics, those to wondering comment be

Peter Chapman

And There here, of Certainly. is Dean can for it in of go the company. not And parts, something shortage and there's a shortage after to a kind pass not to. areas to have we of do. I

we XXX% an when wide quantum my #AQ networking, were focused quantum around open about But as right. kind in example. a talk So and field getting of comments There's computation mostly you're to XX. --

than the give maybe to it Dean that I'll so science more will side. But computation comment. require And to

Dean Kassmann

Thank you, Peter.

are correct. you So

big a us. lift engineering in of have We front

right? different photonic kind was about develop Chris's lab working first you light. the If and one colors of of think of interconnected demonstrate to using the systems, interconnects

those currently through working pieces. we're And so

actually have Seattle We that labs. research in the here occurring

to front Those of support optical be going to developing And on so all of be problems that forward, engineering towards mechanical engineering, physics much design, will be able pieces us. we not focus the is in as the are engineering that to move software as other we aspects of micro-optics, all as the able the stack of of be going to being those. do have to

year. so And where focus that's really the our over be coming will

Quinn Bolton

that. appreciate I

seems contrast The the compare be able the to for Peter similar. and if deal. Wanted might of be QuantumBasel Thomas. to with AFRL revenue and see sort maybe to you deal Second

thought these I revenue may sounds you months then are you'll whether think XX delivery. move to they system comment systems if next And a in sure would sales rec rev those with lab. towards would XXX% you little imply the more I a place, for system were policy bit but AFRL. you QuantumBasel, like it once maybe over little be. not earlier for rev as later It QuantumBasel, mentioned which the was put perhaps rec bit recognizing AFRL

And accounting transaction? so maybe walk us rev just on the the AFRL through rec

Peter Chapman

we'll And I team is think this tag -- this one.

So the impacts deals are delivery other different talk how in that application Thomas that quantum one of for rev and have computation let two and networking quantum rec. them And is I'll also windows. is work. the they just for about different one And

Thomas Kramer

Yes, absolutely.

what think jobs in years. about if we customer these two are of the So there be a for roughly about Switzerland. systems on-prem be period And will delivered said deal, that the their will running QuantumBasel you X

end up once will system until contract. the first system is on and We itself the start part running of recognizing that the the of revenue

But essentially We that between. will swap the out system machine deal. a is in

in We are a our Europe. one first systems systems And Europe. X buying those entry super generations deal. that And series retaining we will of also, part of use pretty actually that And it shows so it go. much exciting of beachhead as people into shows is our it into a future the up capacity

sorry, that deliver on can super deal, much research will smaller but deal. systems, it's be excited also us So, about -- a conduct to quantum It networking network very very nodes for AFRL the which exciting.We're on. AFRL is different

a AFRL the GAAP Now, here based the of Rome, York, will percentage us reason the is and revenue why once to of for up opposed those is recognition revenue be it's months will do. recognition we is the to usage. New And deliver rules as take That entire revenue part XX finished. recognizing different complete nodes in that different to on

XX more recognizing will the more so anticipate And since we of all And revenue. finish we we which contract facility, that running they in of up months of AFRL's systems, when and it recognize will are signing. take Rome complete we as

Quinn Bolton

you Thank it. the it. differences. Really Got for explaining appreciate

Operator

[Operator Instructions] comes Janoskie with question Sachs. The from Goldman next Trevor

Trevor Janoskie

Thanks for on letting Trevor hop is Toshiya. This here. on for me

There Air portion on Basel remaining with So your would when some million $X Could million. bookings. you in bookings $XX.X Lab, for expect of this the the of to million a real $XX.X us you $XX from million quick from ex-systems on Research information of was, accelerate? Force bookings? provide And total

Thomas Kramer

Sorry.

the repeat apologize. Sorry, question? could I you

Trevor Janoskie

Yes. me? Can you hear

Thomas Kramer

Yes.

Trevor Janoskie

Okay.

So would Force bookings? Lab, And million had million total accelerate? on $X but million, Can with was where provide total to $XX.X more bookings, that you expect from with $XX for on in remaining $XX.X bookings the million your Air QuantumBasel million. $XX.X really your information that portion us some you Research a of you when ex-systems of

Thomas Kramer

So that mean the the sales. I -- have yes, contracts other other is just and difference we

we will back and small confused. Questions, that I a up together. happened add just have and we all not also number, the We come mean, monumental bit to little great. be a But announcements -- prior other made that to We deal when is. a it's it's you can hasn't hence, we portion enable upsell to to yet, that them and tell the And will can should you AFRL, point it like that and you but you I was just in

Trevor Janoskie

build Okay. Makes high-volume systems sense. a a many more within road your in to XXXX? question. would or to say, And how let's able be you able year, longer-term you quantify XXXX believe But manufacturing would you map, be

Thomas Kramer

have planning expand Switzerland facilities The love have be are do where some so we that -- to problem to built Right to actually but to about to have. can able that is will It's of any we now, great machines worry we we we machines our reality we are a the amount our of a that. be Switzerland. we that great build for own The machines, number will on-prem in scale facilities, So also would instance, enough can find facility, question. to is planning facilities. but demand. also can customers' build to at a we And at

Trevor Janoskie

ahead, for -- one sorry, just And go Understood. Peter. more

Peter Chapman

one Just thing, to though. add

would speak. you like line, to off You should early first get your get orders to if the in so the

So we early. customers to encourage order

Trevor Janoskie

difference Understood. It from the manufacture on provide it anything takes are that I systems #AQ And said that -- well, networking you -- how the like and it score difference different color there could computers. more Is quantum on I Maybe for guess these actual provide an you some would is? deal. helpful. be quantum these? on your these? guess, you -- long to the what seems one that more

Peter Chapman

purposes. Yes. different They're there's kind two of --

and worried and people uptime, Enterprise One of the they #AQ high which possibly an about they're them, -- Tempo those looking for number are Forte is get. systems, as as can ones are

they're on those.The so more R&D the with And side. networking applications is building

And do quantum so hardware computers looking is in networking. quantum to and own able add do to then what they're to be their to get

And their don't to sometimes make is with the asking hardware. for or the -- compatible modifications not they number of focus. it's about so qubits It so care their so they're us really #AQ. That's about much

their so systems. out they about They integrate how so and technical -- in. figure that And they're to we more hardware information workbench care share can can more

starting miles. the to basics and XX maybe miles we get eventually, over miles over and uptime. short the mile the is of that's systems kind different.And concerned, it in mean, we term. I networking Or hopefully, far really uptime goal in to get thousands work? it's of two XXX not the as work about can total a can So like, and It's It's more as not of really then

So lot mostly you thing, sometime hope production more than things. a tremendous other which of But drive don't that in what I selling an you and Obviously, the systems. It's will we a the production systems, if really for are is of these future, -- we're a today. it's going quantum know you're networking much it obviously in see phase to demand Because systems. quantum in build going need if you're R&D. would have not that internet, yet -- that's to Dean, R&D

Dean Kassmann

The based you just machines. needs, of stacks in the and give change to customer So hardware between bit for the a differences software off example. of terms of color the little can the

software we need tailor research needs. so some to the customer of And stack, to AFRL's

a for support the networking. to qubit barium Tempo species. a to The Similar some the networking. like is of mechanical the has of it, readout design On side, systems They're based is able of has our and atomic systems. design the from systems A and system system leverage both the hardware There hardware needs is systems AFRL. different the optical existing carryover. just our of lower be our of lot off lot everything

while research being needs one so a networking piece it the And components, of the there needs is many pieces, are But there of part some of of are just community the it. distinct commercial installation. just versus common

Trevor Janoskie

have tag like price systems it And these Could we quicker a more high a months rev announcements over networking expect and maybe? quantum next Understood. this rec. like seems XX the

Peter Chapman

-- a We quantity, We we on of number so. are companies about certainly networking. quantum but working yes, won't there's startups hope talk and which

about conversations customers. of part our middle pipeline, pipeline So more of of have provide things we as in we that talked terms robust other a to we're with the of these in

Operator

turn Peter to like session. Chapman our any concludes question-and-answer Thank would for closing very much. you you I to back Please, the over may conference proceed. remarks. all This

Peter Chapman

thank I questions. the us for and want thoughtful for joining to all today everyone

truly with entire to soon. want you that of quarter. achieve and speaking day Thank team Finally, us the continued milestones all the IonQ business for diligent I to we the time, that believe look are at changing world thank a you. technical I this allowed We and one to work many forward

Operator

now This Thank for attending concluded. conference today's presentation. has you

your You disconnect may now Have a lines. day. great

IonQ (IONQ) 8 Nov 232023 Q3 Earnings call transcript