Quantum computing companies IonQ, Rigetti, and D-Wave have posted their Q4 2023 quarterly results, as well as their end-of-year results.

All three companies posted increased revenues, but continue to see losses. All three say commercially useful quantum computers are a few years away but promise to open a market with tens, if not hundreds, of billions of dollars.

IonQ: co-founder and CTO Kim to return to academia

Q4 2023 saw IonQ post $6.1 million in revenue. Quarterly net loss was $41.9 million and Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss was $20m.

For the whole year, IonQ posted $22 million in revenue. Across 2023 as a whole, net loss was $157.8 million and Adjusted EBITDA loss was $77.7 million.

“IonQ had a landmark year in 2023, meeting and exceeding our financial expectations, and accomplishing our technical goals early,” said Peter Chapman, President and CEO of IonQ. “We sold four systems, unveiled the designs for our upcoming generations, and opened our new Seattle manufacturing facility to begin producing more systems to fulfill our growing pipeline. IonQ’s pipeline for 2024 is stronger than ever, and our sale of two systems in Europe last year is accelerating interest in system purchases, especially in Europe.”

The company secured $6.7 million in new bookings for the fourth quarter and $65.1 million for the full year. The company didn’t book any hardware sales in Q4.

For the full year 2024, IonQ expects revenue to be between $37 million and $41m; bookings are expected to be between $70 million and $90m.

During the quarter, the company said it had demonstrated its forthcoming photonic integrated circuit, or PIC, technology in a lab setting. This technology will allow for the light that controls qubits to be routed directly to QPUs. The company said this means it can reduce reliance on lenses and mirrors within the computers.

Work on the company’s first production-class IonQ Forte Enterprise systems has started in its new Seattle manufacturing facility, with plans to begin delivery to customers by the end of 2024.

The company also said it achieved algorithmic qubits (#AQ) 36 on IonQ Forte, which CEO Peter Chapman said ‘effectively doubled the computational space’ of the system.

IonQ co-founder and CTO, Jungsang Kim, is to leave his position to focus on his academic duties at Duke University. He will continue to advise IonQ as a scientific adviser.

Rigetti: Company to deliver a QPU to the UK's National Quantum Computing Centre

Q4 2023 saw Rigetti post $3.4 million in revenue. Net loss was $17.2 million.

For the year 2023, total revenues were $12 million, and net loss was $75.1 million.

The company plans to develop and deploy its 84-qubit Ankaa-3 system by the end of 2024, and to develop the 336-qubit Lyra system thereafter.

The company has been awarded a Small Business Research Initiative (SBRI) grant from Innovate UK and funded by the National Quantum Computing Centre (NQCC) to develop and deliver a quantum computer to the NQCC. Rigetti aims to develop and deploy a 24-qubit quantum computer based on the Company’s Ankaa-class architecture, to be deployed at NQCC’s Harwell Campus, which is due to open later this year.

“Since deploying our first UK-based quantum computer in 2022, we have had the privilege of collaborating with the UK’s talented quantum computing research community. We believe building a system at the NQCC could enable even more innovative discoveries to deepen our understanding of how to improve superconducting quantum computers with the goal of solving practical problems currently intractable by classical resources alone,” said Dr. Subodh Kulkarni, Rigetti CEO.

Rigetti operates a quantum computer in the UK at the Oxfordshire facilities of its dilution fridge supplier, Oxford Instruments.

D-Wave: Revenues up, losses stable

Q4 2023 saw Rigetti post $2.9 million in revenue – up $300,000 on Q3 and $500,000 year-on-year.

Net loss was $16 million - $100,000 less than Q3 and a $2.2m decrease year-on-year. Adjusted EBITDA loss for the fourth quarter of fiscal 2023 was $10.9 million, a $700,000 decrease from Q3 and a decrease of $3.5 million year-on-year.

For the year 2023, total revenues were $8.8 million, an increase of $1.6 million year-on-year.

Net loss for the year was $82.7 million, compared to a $53.7m loss in 2022. Adjusted EBITDA loss was $54.3 million, compared with $48 million in 2022.

“Our momentum is undeniable,” said Dr. Alan Baratz, CEO of D-Wave. “From our commercial traction to substantive product advancements, from our ground-breaking scientific milestones to new strategic partnerships — we believe all these achievements are propelling us forward to solidify D-Wave’s position as the commercial quantum category builder and leader.”

The company said it expects 2024’s Adjusted EBITDA Loss to be less than 2023’s Adjusted EBITDA Loss of $54.3 million.