Quantum computing firms IonQ, Rigetti, and D-Wave have announced their Q3 2024 earnings.
All three companies continued to post losses as they seek to build systems capable of surpassing classical supercomputers.
IonQ saw its quarterly revenues double year-on-year. While losses also increased, they have grown at the same rate.
D-Wave saw revenues drop slightly and losses continue, despite a number of customer wins.
Rigetti also saw revenues decline slightly. The firm announced plans for a new 36-qubit system due to launch next year.
IonQ: revenue doubles year-on-year, losses increase
IonQ recognized revenue of $12.4 million for the third quarter, representing 102 percent growth compared to $6.1 million in the prior year period.
Net loss was $52.5 million and adjusted EBITDA loss was $23.7 million for the third quarter. Net loss for Q3 2023 was $44.8 million and adjusted EBITDA loss was $22.4m.
The company secured $63.5 million in new bookings for the quarter.
D-Wave: Revenue declines, losses continue
D-Wave saw revenue for the third quarter of 2024 of $1.9 million, a decrease of $700,000, or 27 percent, from Q3 2023’s $2.6 million.
Net loss for the quarter was $22.7 million, an increase of $6.6 million, or 41 percent, year-on-year. Adjusted EBITDA loss was $13.8 million, an increase of $2.2 million, or 19 percent, year-on-year.
Revenue, net loss, and Adjusted EBITDA loss for Q2 2024 were $2.2 million, $17.8 million, and $13.9 million respectively.
Quantum computing as a service (QCaaS) revenue for the third quarter of fiscal 2024 was $1.6 million, an increase of $500,000, or 41 percent, from Q3 2023’s $1.1 million.
Bookings for the third quarter of fiscal 2024 were $2.3 million.
During the earnings calls, D-Wave CEO Alan Baratz said that subsequent to the end of the quarter, the company has completely paid off a $50 million secured-term loan with PSP, and the company has nearly $30 million in cash.
Baratz also noted that the company does not sell access to its systems in China or to Chinese companies, and is in the process of tightening up self-service cloud access to prevent spoofing.
Rigetti: Revenues down, losses down
Rigetti saw Q3 2024 post total revenues of $2.4 million. Net loss for the three months was $14.8 million.
Comparatively, Q3 2023 had revenues of $3.1 million and a net loss of $22.2 million.
During the earnings call, Rigetti CEO Subodh Kulkarni said the company plans to introduce a new modular system architecture.
By mid-year 2025, the company expects to release a 36-qubit system based on 49-qubit chips tied together with a targeted 99.5 percent median 2-qubit gigabit gate fidelity, he said. By the end of 2025, it expects to release a system with more than 100 qubits.
“We believe the anticipated 4-chip 36-qubit system will be the most ambitious multichip QPUs architecture in the market and a significant milestone for the company and the quantum computing industry,” Kulkarni said.
“We plan to develop the 336-qubit LiRAR system thereafter. Rigetti remains on track to develop and deploy its anticipated 84-qubit Ankaa 3 system with the goal of achieving a 99 percent-plus median 2-qubit gate fidelity by the end of 2024.”
A nine-qubit Nuvera QPU has been colocated at the Israeli Quantum Computing Center, IQCC, with Quantum Machines OPX1000 control system and Nvidia's Grace Hopper Superchip Servers. A 24-qubit Ankaa system is at the newly-opened National Quantum Computing Center in the UK.
