Quantum computing company has published its first full year results since becoming a public company.
The company reported contract bookings of $1.5 million for Q4 2021, and total contract bookings for the year of $16.7m. Revenues for the whole year were $2.1million, $1.6m of which came in Q4.
For 2021 as a whole, IonQ reported a Net loss of $106.2 million and an adjusted EBITDA loss of $28.3 million. Cash, cash equivalents, and investments at the turn of the year were $603 million.
“IonQ’s 2021 was outstanding. We more than tripled our initial bookings target, announced what we believe to be the world’s most powerful quantum computer, and became the world’s first public quantum computing company,” said Peter Chapman, President and CEO of IonQ. “Our fourth-quarter results are testament to our success in both technology development and rapid commercialization.”
For the full year 2022, IonQ expects anticipates full-year 2022 bookings of between $20 million and $24 million and revenues of between $10.2 million and $10.7 million. It anticipates an adjusted EBITDA loss of $55 million
In March 2021, IonQ announced a $2bn merger with a Special Purpose Acquisition Company (SPAC). The startup entered into a merger agreement with dMY Technology Group, Inc. III, to become the first publicly traded quantum computing company. Earlier this year IonQ announced that its Aria system achieved 20 algorithmic qubits and will be bringing the system to Microsoft’s Azure Quantum Cloud.
In its own results, Rigetti Computing – another quantum computing startup that went public via SPAC merger – announced $8.2 million in revenue for 2021 and gross profit of $6.6 million.
However, Net GAAP losses for fiscal year 2021 was $38.2 million, compared with $26.1 million for fiscal year 2020. Adjusted EBITDA was a $27.5 million loss.
The Company had $11.7 million in cash and cash equivalents at the turn of the year, but received approximately $205 million as part of the merger with Supernova Acquisition Company II.
“We are generating strong momentum in our business strategy for quantum computing,” said Chad Rigetti, founder and CEO of Rigetti. “We have achieved significant technical milestones and attracted a multitude of industry leaders to work toward practical quantum applications. Today, our pioneering technology is already fueling business momentum, resulting in solid top-line growth for our fiscal year 2021.
The company said its revenue increases were mainly due to an increase of $2.6 million in revenue from the addition of new development contracts with US and UK government agencies as well as the expansion of work scope with existing customers.
Rigetti made its 80-qubit quantum system, Aspen-M, commercially available in February 2022.
In other quantum news recently, IBM is working with bank HSBC to explore applications for quantum computing in financial services. Rather than deploy on-premise system, the bank will join the IBM Quantum Accelerator program, giving it access to IBM's fleet of quantum computing systems via a portal.
Colin Bell, Chief Executive Officer, HSBC Bank plc and HSBC Europe, said: "By investing in quantum computing we are innovating for the future, to make banking easier for our customers. This technology has the potential to transform how we run areas of the bank by addressing challenges which classical computers may never be able to solve, alone. Our work with IBM, a leading provider of quantum computing, is essential to harnessing this potentially game-changing technology for financial services."
Pasqal is making its quantum computer available through Microsoft’s Azure Quantum service.
The Forschungszentrum Jülich in Germany is aiming to deploy a quantum computer by 2024 under the €76.3 million ($84.7m) QSolid project.
French startup Alice&Bob raised €27 million (just under $30 million) to develop a fault-tolerant quantum processor.
Israel's Quantum Machines (QM) acquired QDevil.
Maybell Quantum revealed its ‘IceBox’ Cryogenic refrigerator platform to house quantum processors.