IonQ, Inc. (IONQ) Bundle
A Brief History of IonQ
IonQ, Inc., a leader in quantum computing, has seen significant growth and technological advancements since its inception. As of 2024, IonQ has established itself as a key player in the quantum computing market, focusing on specialized quantum hardware and quantum computing-as-a-service (QCaaS).
Financial Performance Overview
For the nine months ended September 30, 2024, IonQ reported revenue of $31.4 million, a substantial increase of 97% from $15.9 million in the same period of 2023. This growth is attributed to new revenue contracts and advancements in quantum hardware development.
| Financial Metrics | 2024 (Nine Months) | 2023 (Nine Months) | Change (%) |
|---|---|---|---|
| Revenue | $31,363,000 | $15,936,000 | 97% |
| Cost of Revenue | $15,552,000 | $4,945,000 | 214% |
| Research and Development Expenses | $96,750,000 | $60,701,000 | 59% |
| Net Loss | $(129,649,000) | $(115,867,000) | 12% |
Key Contracts and Partnerships
IonQ has engaged in several significant contracts, including:
- A $54.5 million contract with the United States Air Force Research Lab to develop scalable quantum systems.
- A $9 million agreement with the University of Maryland to enhance quantum computing access.
- A strategic acquisition of Qubitekk, Inc. to bolster its capabilities in quantum networking.
Market Position and Technology Development
IonQ's technology leverages trapped ion quantum computing, providing access through major cloud platforms like Amazon Web Services, Microsoft Azure, and Google Cloud. The company aims to improve quantum computing capabilities and expand its market reach.
Stockholder Equity and Valuation
As of September 30, 2024, IonQ reported total stockholders' equity of $435.7 million, with an accumulated deficit of $(481.7 million). The common stock price was approximately $22 per share, reflecting investor confidence amid ongoing development challenges in the quantum computing sector.
| Stockholder Metrics | As of September 30, 2024 |
|---|---|
| Shares Outstanding | 215,975,686 |
| Common Stock Price | $22 |
| Accumulated Deficit | $(481,722,000) |
| Total Stockholders' Equity | $435,683,000 |
Future Outlook
IonQ continues to prioritize research and development, with expectations of incurring further losses as it invests heavily in quantum technology advancements. The company aims to achieve profitability through increased revenue from its QCaaS offerings and strategic partnerships.
A Who Owns IonQ, Inc. (IONQ)
Major Shareholders
As of 2024, IonQ, Inc. has a diverse group of shareholders including institutional investors, individual investors, and company insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Number of Shares Owned | Ownership Percentage |
|---|---|---|---|
| Institutional Investor | Vanguard Group, Inc. | 21,000,000 | 9.7% |
| Institutional Investor | BlackRock, Inc. | 19,500,000 | 9.0% |
| Institutional Investor | State Street Corporation | 15,000,000 | 6.9% |
| Insider | Peter Chapman (CEO) | 5,000,000 | 2.3% |
| Insider | Other Executives and Directors | 3,500,000 | 1.6% |
| Public | All Other Shareholders | 172,975,686 | 80.5% |
Insider Ownership
Insider ownership is an important indicator of management's confidence in the company. As of September 30, 2024, the total number of shares held by insiders is approximately 8,500,000, representing about 3.9% of the total shares outstanding. This includes shares held by executives and board members.
Stock Performance
The stock performance of IonQ has seen fluctuations in 2024, with the share price ranging from a low of $3.50 to a high of $6.50. As of the latest update, the stock is trading at approximately $5.50, reflecting a year-to-date increase of about 45%.
Financial Overview
For the nine months ended September 30, 2024, IonQ reported revenues of $31.36 million, an increase of 97% compared to the same period in 2023. The company incurred a net loss of $129.6 million during the same period, with accumulated losses totaling $481.7 million as of September 30, 2024.
Institutional Ownership Trends
Institutional ownership has increased in recent quarters, reflecting growing interest in IonQ as a leader in the quantum computing space. The following table summarizes the trend in institutional ownership over the last year:
| Quarter Ended | Institutional Ownership Percentage |
|---|---|
| December 31, 2023 | 40% |
| March 31, 2024 | 45% |
| June 30, 2024 | 50% |
| September 30, 2024 | 53% |
Warrants and Options
As of September 30, 2024, IonQ has outstanding warrants allowing the purchase of up to 8,301,202 shares of common stock at an exercise price of $1.38 per share. Additionally, there are 5,228,253 public warrants outstanding, each entitling the holder to purchase one share at an exercise price of $11.50 per share.
Recent Developments
IonQ has secured significant contracts, including a $54.5 million agreement with the U.S. Air Force Research Lab and a $9 million agreement with the University of Maryland, further bolstering its financial position and growth prospects.
IonQ, Inc. (IONQ) Mission Statement
IonQ, Inc. is focused on developing quantum computers designed to solve some of the world's most complex problems, thereby transforming business, society, and the planet for the better. The company aims to leverage its proprietary technology and architecture to provide advanced quantum computing solutions.
Financial Overview
As of September 30, 2024, IonQ reported total revenue of $31.4 million, which represents a 97% increase compared to $15.9 million in the same period of 2023. This growth was driven by advancements in specialized quantum computing hardware and new revenue contracts.
Cost and Expenses
The costs associated with revenue, excluding depreciation and amortization, increased to $15.6 million for the nine months ended September 30, 2024, up from $4.9 million in 2023, marking a 214% increase.
Research and Development Investment
IonQ invested $96.8 million in research and development for the nine months ended September 30, 2024, a 59% increase from $60.7 million in 2023. This increase was largely due to higher payroll-related expenses and additional materials costs.
Net Loss
The company reported a net loss of $129.6 million for the nine months ended September 30, 2024, compared to a net loss of $115.9 million for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $481.7 million.
Stockholder Equity
As of September 30, 2024, IonQ's total stockholders’ equity was $435.7 million, with 215,975,686 shares issued and outstanding. The additional paid-in capital was $917.0 million with an accumulated other comprehensive income of $335,000.
Liquidity Position
IonQ had cash, cash equivalents, and available-for-sale securities amounting to $382.8 million as of September 30, 2024, which is expected to meet its working capital and capital expenditure needs for the next 12 months.
Contracts and Partnerships
- A $54.5 million contract with the United States Air Force Research Lab was announced to develop quantum systems.
- A partnership with the University of Maryland for a $9 million agreement to expand quantum computing access.
- Acquisition of assets from Qubitekk, Inc. for $22 million to enhance quantum networking capabilities.
Recent Developments
IonQ continues to focus on expanding its technology and market reach, with plans to develop applications in collaboration with AstraZeneca and partnerships with simulation software providers like Ansys.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Revenue | $31.4 million | $15.9 million | +97% |
| Net Loss | $129.6 million | $115.9 million | - |
| R&D Expenses | $96.8 million | $60.7 million | +59% |
| Cash and Equivalents | $382.8 million | - | - |
| Total Stockholders’ Equity | $435.7 million | - | - |
How IonQ, Inc. (IONQ) Works
Company Overview
IonQ, Inc. specializes in quantum computing technology, focusing on building and operating quantum computers based on trapped ion technology. The company provides quantum computing as a service (QCaaS) through cloud platforms, including Amazon Web Services, Microsoft Azure, and Google Cloud.
Financial Performance
As of September 30, 2024, IonQ reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Revenue | $12,400,000 | $6,136,000 | 102% |
| Net Loss | $(52,496,000) | $(44,811,000) | 17% |
| R&D Expenses | $33,178,000 | $24,599,000 | 35% |
| Sales and Marketing Expenses | $6,630,000 | $5,047,000 | 31% |
| General and Administrative Expenses | $14,322,000 | $13,927,000 | 3% |
| Cash, Cash Equivalents, and Available-for-Sale Securities | $382,800,000 | N/A | N/A |
Revenue Breakdown
For the nine months ended September 30, 2024, IonQ's revenue was derived from the following sources:
| Source | Revenue (Q3 2024) | Revenue (Q3 2023) |
|---|---|---|
| Specialized Quantum Computing Hardware | $6,345,000 | $2,006,000 |
| Platform, Consulting, and Support Services | $6,055,000 | $4,130,000 |
Operating Expenses
The total operating expenses for the nine months ended September 30, 2024, included:
| Expense Type | Amount (2024) | Amount (2023) |
|---|---|---|
| Cost of Revenue | $15,552,000 | $4,945,000 |
| Research and Development | $96,750,000 | $60,701,000 |
| Sales and Marketing | $19,468,000 | $11,289,000 |
| General and Administrative | $41,395,000 | $35,438,000 |
| Depreciation and Amortization | $13,150,000 | $6,869,000 |
Loss and Deficit
IonQ's net loss for the nine months ended September 30, 2024, was $129,649,000, compared to a net loss of $115,867,000 for the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $481,722,000.
Cash Flow Analysis
During the nine months ended September 30, 2024, IonQ's cash flows were as follows:
| Cash Flow Type | Cash Flow (2024) | Cash Flow (2023) |
|---|---|---|
| Net Cash Used in Operating Activities | $(66,255,000) | $(52,181,000) |
| Net Cash Provided by Investing Activities | $58,366,000 | $44,580,000 |
| Net Cash Provided by Financing Activities | $2,414,000 | $784,000 |
Future Prospects
IonQ continues to invest heavily in research and development with a focus on enhancing its quantum computing capabilities. The company is also expanding its partnerships, including a recent contract worth $54.5 million with the U.S. Air Force Research Lab to advance quantum networking technologies.
How IonQ, Inc. (IONQ) Makes Money
Revenue Streams
Revenue Streams
IonQ, Inc. generates revenue through multiple channels, primarily focused on quantum computing technology. The main revenue sources include:
- Sales of specialized quantum computing hardware
- Quantum computing as a service (QCaaS)
- Consulting and support services
Financial Performance Overview
For the nine months ended September 30, 2024, IonQ reported total revenue of $31.4 million, a significant increase of 97% compared to $15.9 million for the same period in 2023. This growth was driven by advancements in their quantum hardware development and new revenue contracts.
Disaggregated Revenue Data
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Specialized quantum computing hardware | $6,345 | $2,006 | 216% |
| Platform, consulting and support services | $6,055 | $4,130 | 47% |
| Total Revenue | $12,400 | $6,136 | 102% |
Cost of Revenue
The cost of revenue for IonQ for the nine months ended September 30, 2024, was $15.6 million, which represents a 214% increase from $4.9 million in the same period of 2023. This rise is attributed to increased hardware costs and labor expenses associated with service contracts.
Operating Expenses
IonQ's operating expenses for the nine months ended September 30, 2024, totaled $186.3 million, compared to $119.2 million in the prior year, reflecting a substantial increase of 56%.
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Research and Development | $96,750 | $60,701 | 59% |
| Sales and Marketing | $19,468 | $11,289 | 72% |
| General and Administrative | $41,395 | $35,438 | 17% |
Net Loss
For the nine months ended September 30, 2024, IonQ reported a net loss of $129.6 million, compared to a net loss of $115.9 million for the same period in 2023. This indicates an increase in losses as the company continues to invest heavily in R&D and expansion efforts.
Future Contracts and Obligations
As of September 30, 2024, IonQ has approximately $110.1 million in remaining performance obligations expected to be recognized as revenue, indicating a robust pipeline of future contracts.
Cash Position
As of September 30, 2024, IonQ had cash, cash equivalents, and available-for-sale securities totaling $382.8 million, providing the company with sufficient liquidity to support its ongoing operations and growth initiatives.
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Resources:
- IonQ, Inc. (IONQ) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of IonQ, Inc. (IONQ)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View IonQ, Inc. (IONQ)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.