"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
03Detailed Report
IONQ
IonQ Inc
Period
Q4 2023
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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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
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