"We believe we have identified in excess of $50 million of federal opportunities, not related to system sales."
— Peter Chapman
03Detailed Report
IONQ
IonQ Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
IonQ Inc. reported a strong Q1 2024 performance, achieving revenue of $7.6 million, exceeding management's guidance by approximately 14% and marking the tenth consecutive quarter of revenue outperformance since going public. However, the company continues to experience increasing operating losses, with a net loss of $39.6 million. Despite these losses, management expressed a strong confidence in the future, driven by new production systems in development and an expanding bookings pipeline. The company has raised its bookings guidance to between $75 million and $95 million for 2024, fueled by strong demand and significant opportunities arising post-U.S. federal budget approval.
Key Performance Indicators
Revenue
Increasing
7.58M
QoQ: 24.17% | YoY: 76.94%
Gross Profit
Increasing
4.17M
55.00% margin
QoQ: 41.62% | YoY: 28.29%
Operating Income
Decreasing
-52.88M
QoQ: 2.89% | YoY: -88.69%
Net Income
Decreasing
-39.59M
QoQ: 5.52% | YoY: -44.82%
EPS
Decreasing
-0.19
QoQ: 5.00% | YoY: -35.71%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance: IonQ's Q1 2024 revenue of $7.6 million represents a 76.94% increase year-over-year and a 24.17% increase quarter-over-quarter. Profitability Metrics: The gross profit margin stands at 55%, driven by increased efficiencies in contract delivery. However, operating expenses reached $60.5 million, indicating a substantial investment in R&D and marketing efforts. Net Income: The company reported a net loss of $39.6 million with an adjusted EBITDA loss of $27 million, reflecting increased investment in growth dimensions. Cash Flow Position: IonQ's cash and short-term investments are strong at $375.35 million, providing a solid buffer for continued R&D. Free cash flow remains negative at -$25.36 million, underscoring ongoing capital expenditures necessary for scaling operations.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
7.58M
76.94%
24.17%
Gross Profit
4.17M
28.29%
41.62%
Operating Income
-52.88M
-88.69%
2.89%
Net Income
-39.59M
-44.82%
5.52%
EPS
-0.19
-35.71%
5.00%
Key Financial Ratios
Gross Profit Margin
Good
55.00%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
-6.97%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-5.22%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.07%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.08%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
11.81
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.03
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-13.13x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
4.33x
Trading at premium to book value, reflects strong intangibles or growth
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