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Mar 31, 2024
Ionq Q1 2024 Earnings Report
IonQ's Q1 2024 revenue exceeded guidance, demonstrating strong year-over-year growth, while expanding sales pipeline and raising full-year bookings guidance.
Key Takeaways
IonQ reported a strong first quarter with revenue of $7.6 million, a 77% increase year-over-year, exceeding the high end of their guidance. The company's sales pipeline is expanding, leading to an increased bookings guidance range for the year. They also announced new collaborations and appointments to strengthen their technological and legal expertise.
Revenue for Q1 2024 was $7.6 million, exceeding the high end of the guidance range and representing a 77% year-over-year growth.
New bookings for Q1 2024 reached $0.3 million.
Cash, cash equivalents, and investments totaled $434.4 million as of March 31, 2024.
The full year 2024 bookings guidance was raised to between $75 million and $95 million.
Ionq
Ionq
Forward Guidance
For the full year 2024, IonQ expects revenue to be between $37 million and $41 million, with between $7.6 million and $9.2 million for the second quarter. For the full year 2024, IonQ is increasing its bookings expectation range to between $75 million and $95 million.
Positive Outlook
- Full year revenue is expected to be between $37 million and $41 million.
- Second quarter revenue is projected to be between $7.6 million and $9.2 million.
- Full year bookings expectation range is increased to between $75 million and $95 million.
- Sales pipeline is expanding significantly in deal size and volume.
- Sales pipeline is increasing in timing visibility.