IONQ - IonQ ups full year guidance though Q3 results show sequential slowdown in bookings

2023-11-08 17:41:46 ET

Shares of IonQ ( NYSE: IONQ ) on Wednesday had pared most of their gains in extended trading, after the quantum computer maker reported a sequential fall in quarterly bookings but also bumped up its full year guidance.

IONQ stock was last up 1.2% to $11.55 after hours. It had risen as much as 9.1% to $12.45 post-market.

The company's Q3 loss per share widened Y/Y to 22 cents, while missing expectations by $0.07. Revenue, however, more than doubled to $6.1M and beat estimates by $1.1M.

IonQ ( IONQ ) went public through a SPAC merger in 2021. The College Park, Md.-based company has developed a current generation quantum computer called IonQ Forte, which has a capacity of 29 algorithmic qubits.

Quantum machine learning works by using quantum bits, or "qubits" to perform computation on input data using quantum circuits.

IONQ said Q3 bookings were $26.3M, bringing total YTD bookings to $26.3M. But the metric decelerated from Q2, in which IONQ had reported record bookings of $28M.

"I am pleased to report we have achieved our goal of $100M in cumulative bookings within the first three years of commercialization, since 2021, and are on track to exceed that goal by the end of 2023," the company's top boss Peter Chapman said in a statement .

A highlight for IonQ ( IONQ ) in Q3 was a $25.5M deal with the U.S. Air Force Research Lab to deploy two barium-based trapped ion quantum computing systems.

Turning to IONQ's guidance, the company bumped up its full year revenue forecast to $21.2M-$22M form a prior outlook of $18.9M-$19.3M. The consensus revenue estimate is $19.14M.

Full year bookings are now seen to be between $60M to $63M, versus a previous guidance of $49M to $56M.

IonQ's ( IONQ ) results come over two weeks after the company announced the departure of co-founder and chief science officer Chris Monroe.

More on IonQ

• IonQ Stock: The Selloff Does Not Make It Cheap
• Ionq: No Scaling Out Of A Unprofitability Problem
• IonQ Stock Has Already Increased Enough To Represent Its Achievements
• Seeking Alpha's Quant Rating on IonQ
• IONQ growth metrics

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