IonQ Inc (IONQ) Q4 2023: Ionq

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IonQ Inc

IONQ

$52.69 -3.78%

Exchange: NYSE | Sector: Technology | Industry: Computer Hardware

Q4 2023

Published: Feb 28, 2024

Earnings Highlights

Revenue of $6.11M up 60.4% year-over-year
EPS of $-0.20 decreased by 113.7% from previous year
Gross margin of 48.2%
Net income of -41.90M
""We expect to do this in several forms as our technology matures. In the near term, you'll hear examples of how we continue to invest in applications of quantum machine learning, such as predictive maintenance and computer vision."" - Peter Chapman

IONQ

IonQ Inc

Period Q4 2023

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

IonQ Inc (IONQ) delivered a strong fourth quarter in 2023, reporting a revenue of $6.1 million, exceeding expectations and marking a significant 98% year-over-year growth. This positive performance set the stage for a robust overall annual revenue of $22 million, confirming IonQ’s successful commercialization strategy. The optimism is underscored by an impressive $65.1 million in total bookings for the year, well above initial projections, reflecting growing demand for IonQ's quantum technology as applications in AI continue to rise. Management emphasized the strategic shift towards supporting the AI industry, capitalizing on the intersections between quantum computing advancements and increased computational demands.

Key Performance Indicators

Revenue

Increasing

6.11M

QoQ: -0.49% | YoY: 60.39%

Gross Profit

Increasing

2.94M

48.20% margin

QoQ: -28.71% | YoY: 1.27%

Operating Income

Decreasing

-54.45M

QoQ: -29.04% | YoY: -130.47%

Net Income

Decreasing

-41.90M

QoQ: 6.49% | YoY: -124.72%

EPS

Decreasing

-0.20

QoQ: 9.09% | YoY: -113.68%

Revenue Trend

Margin Analysis

Financial Highlights

Financial Performance Overview
1. Revenue: $6.1 million for Q4 2023, up 98% YoY. Annual revenue totaled $22 million, also up by 98% YoY.
2. Bookings: Reached $65.1 million, exceeding expectations and showing a growth of 65% YoY.
3. Net Loss: Q4 net income reported at -$41.9 million, widening from -$18.6 million in Q4 2022. Total net loss for 2023 was -$157.8 million, up from -$48.5 million in 2022.
4. EBITDA: Adjusted EBITDA loss of -$20 million in Q4, and -$77.7 million for the full year, slightly outperforming guidance (projected loss was -$80.5 million).
5. Cash Position: Cash and short-term investments totaled $455.9 million at year-end, providing a strong liquidity position for sustained investment in R&D and operations.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	6.11M	60.39%	-0.49%
Gross Profit	2.94M	1.27%	-28.71%
Operating Income	-54.45M	-130.47%	-29.04%
Net Income	-41.90M	-124.72%	6.49%
EPS	-0.20	-113.68%	9.09%

Key Financial Ratios

Gross Profit Margin

Good

48.20%

Gross profit margin is healthy and competitive within industry standards

Operating Profit Margin

Weak

-8.92%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-6.86%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.08%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.09%

Return on equity suggests inefficient capital allocation

Current Ratio

Strong

10.49

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Conservative

0.02

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-15.18x

Negative earnings make P/E ratio not meaningful

Price to Book

Premium

5.24x

Trading at premium to book value, reflects strong intangibles or growth

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q4 2024	11.71	-0.95	+91.8%	View
Q3 2024	12.40	-0.24	+102.1%	View
Q2 2024	11.38	-0.18	+106.4%	View
Q1 2024	7.58	-0.19	+76.9%	View
Q4 2023	6.11	-0.20	+60.4%	View

IonQ Inc (IONQ) Q4 2023 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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