Quantum computing firm Rigetti, IonQ, and D-Wave have all announced their Q3 2023 earnings results.
All three saw revenue growth and noted customer wins, but losses continue while they work towards quantum supremacy and systems that can outperform classical silicon-based computers.
IonQ: Revenue grows, losses grow; company potentially eyeing M&A opportunities
IonQ recognized revenue of $6.1 million for the third quarter, representing more than 100 percent higher company to 2022’s $2.8 million. Net loss for Q3 was $44.8 million and Adjusted EBITDA loss was $22.4 million for the third quarter.
In Q2 2023, the company saw revenue of $5.5 million; net loss was $43.7m and adjusted EBITDA loss was $19.4m for the second quarter.
“Our third quarter represents another massive step in a pivotal year for IonQ as we usher in the enterprise era of quantum computing,” said Peter Chapman, President and CEO of IonQ.
"I am pleased to report we have achieved our goal of $100 million in cumulative bookings within the first three years of commercialization, since 2021, and are on track to exceed that goal by the end of 2023. IonQ’s commercial pipeline is bigger and better than ever and our technical momentum, while always arduous, continues to be ahead of schedule."
IonQ saw $26.3 million in new bookings for the third quarter, and $58.4 million year-to-date as of September.
With more than $485 million in cash and equivalents on hand, the company said it has “no foreseeable need” to raise additional capital at this time, but would like to maintain the option to fund strategic growth and M&A opportunities in the near to medium term.
In the earnings call, IonQ CFO Thomas Kramer said M&A opportunities “may arise” in the near to medium term.
Rigetti: Delivers a QPU to a national lab
Rigetti posted third-quarter revenues of $3.1 million. Net loss for the three months was $22.2 million.
Q2 saw Rigetti post revenues of $3.3 million and net loss of $17 million.
During the quarter Rigetti delivered a 9-qubit quantum processing unit (QPU) to a national laboratory, having previously delivered one to Fermilab in Q2.
“We are thrilled that leading government agencies and national labs are beginning to choose Rigetti’s established fabrication capabilities to advance their quantum computing research and development,” said Dr. Subodh Kulkarni, Rigetti CEO.
"By providing hands-on access to our QPUs we believe that we are enabling greater progress towards narrow quantum advantage and quantum technology breakthroughs."
The company’s Ankaa-2 84-qubit system is expected to be made available to external customers in the fourth quarter of 2023.
During the earnings call, Kulkarni said the company was talking to “more than a dozen” customers about delivering 9, 24, or 84-qubit systems to customers.
D-Wave: revenues up, losses slow
D-Wave’s revenue for the third quarter of fiscal 2023 was $2.6 million, up or 51 percent from Q3 2022.
Net loss for the third quarter of fiscal 2023 was $15.8 million, compared to a $13.3m loss this quarter last year. Adjusted EBITDA loss for the quarter was $11.6 million, down slightly from the $13m loss in Q3 2022.
The company’s Q2 revenues were $1.7 million, net loss was $25.9m, and Adjusted EBITDA was negative $14.9m
Bookings for the third quarter were $2.9 million.
“Our annealing quantum computing solutions are driving real business impact today, and we believe that our third quarter results reflect a growing recognition that D-Wave is leading the enterprise quantum wave,” said Dr. Alan Baratz, CEO of D-Wave.
“Once again, we experienced quarter-over-quarter and year-over-year growth in the number of customer bookings, commercial revenue, and the size of commercial deals."
