IonQ Inc IONQ reported its third-quarter financial results after the market close on Wednesday, revealing a stronger-than-expected revenue and earnings performance. The company posted revenue of $12.4 million, surpassing estimates of $10.56 million and representing a 102% year-over-year increase. IonQ’s adjusted EPS came in at a loss of 24 cents, beating expectations of a 21-cent loss.
Key highlights from the quarter include:
* A record-breaking $63.5 million worth of new bookings
* The signing of a $54.5 million deal with the U.S. Air Force Research Lab to develop and deliver hardware for quantum systems
* Cash reserves stood at $382.8 million
IonQ President and CEO Peter Chapman attributed the company’s success to its “banner quarter,” with bookings exceeding expectations. However, the stock price took a hit after-hours, trading 1.54% lower.
In related news, IonQ has announced several partnerships and collaborations, including a new quantum application development center with AstraZeneca and an integration with Ansys to enhance computer-aided engineering. The company also entered into a definitive agreement to acquire California-based quantum networking firm Qubitekk.
For the fourth quarter, IonQ expects revenue between $7.1 million and $11.1 million, while its full-year 2024 outlook has been revised upwards to $38.5 million to $42.5 million.
Source: https://www.benzinga.com/news/earnings/24/11/41789866/ionq-q3-earnings-revenue-beat-eps-miss-bookings-jump-on-air-force-research-contract-guidance-raise-