Q2 2024 IONQ Inc Earnings Call Transcript
Key Points
- IonQ Inc (IONQ) exceeded the high end of their revenue range for the quarter, delivering $11.4 million in recognized revenue.
- The company achieved a two Qubit native gates fidelity of 99.9%, a significant technical milestone.
- IonQ Inc (IONQ) has developed a new industry-first partial error correction technique for quantum gates, enhancing computational accuracy.
- The company secured a $5.7 million contract with ARILS for quantum networking node systems, with potential for further phases.
- IonQ Inc (IONQ) raised their revenue guidance for the full year 2024 to a range of $38 million to $42 million, reflecting increased confidence in their progress.
- Total operating costs and expenses for the second quarter were $60.3 million, up 56% from the prior year period.
- Research and development costs increased by 57% to $31.2 million, indicating high ongoing investment.
- Sales and marketing costs rose by 72% to $6.1 million, reflecting increased spending on commercial efforts.
- The company reported a net loss of $37.6 million for the second quarter, despite improvements from the prior year.
- Adjusted EBITDA loss for the second quarter was $23.7 million, compared to a $19.4 million loss in the prior year period.
Greetings and welcome to IONQ second quarter 2024 for earnings calls. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Jordan Shapiro. Please go ahead, sir.
Good afternoon, everyone, and welcome to IONQ second quarter 2024 for earnings call. My name is Jordan Shapiro, and I'm the Vice President of Financial Planning and Analysis and Head of Investor Relations here at INOQ.
I'm pleased to be joined on today's call by Peter Chapman, INOQ, President and Chief Executive Officer, Thomas Kramer, our Chief Financial Officer, and Dr. Dean Kassmann, our Senior Vice President of Engineering and Technology.
By now everyone should have access to the company's second quarter 2024 earnings press release issued this afternoon, which is available on the Investor Relations section of our website at investors.ionq.com.
Please note that in today's
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