From DatacenterDynamics, August 23:
Quantum computing earnings Q2 2024: IonQ, Rigetti, D-Wave results
Quantum computing firms IonQ, Rigetti, and D-Wave have announced their Q2 2024 earnings results.
All three companies continued to post losses as they seek to build systems capable of surpassing classical supercomputers, though some saw those losses narrow slightly.
IonQ: Revenue up, net losses down, another govt contract win
For Q2 2024, IonQ reported $11.4 million in revenue; up 106 percent on Q2 2023’s $5.5 million.Net loss for the quarter was $37.6 million and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) loss was $23.7m; Q2 2023 saw a net loss of $43.7m and adjusted EBITDA loss of $19.4m.
During Q1 2024, IonQ recognized revenue of $7.6 million for the first quarter, compared to $4.3 million in the prior year. Net loss was $39.6 million and adjusted EBITDA loss was $27 million.
“This was a tremendous quarter for IonQ, with the company posting revenue well above the high-end of our guidance range and leading the industry in technical innovations that have brought the quantum era within reach,” said Peter Chapman, president and CEO of IonQ.
“Specifically, the second quarter saw the launch of our accelerated technical roadmap, our demonstration of 99.9 percent fidelity using our next-generation barium qubits, and our invention of an industry-first partial error correction scheme, a new technique that could allow much larger applications to run on near-term quantum systems.”
The company secured $9 million in new bookings for the second quarter. The company announced it was to supply the Applied Research Laboratory for Intelligence and Security (ARLIS) with a networked system for ‘blind’ quantum computing, where the system remains ‘blind’ to what information is being processed through them.
The initial phase of the $40m contract is a $5.7 million award for the design of the quantum computers based on IonQ trapped ion processors, due for completion by the end of the year. ARLIS plans to have two systems built based on the initial IonQ design.
IonQ said it also extended its contract with Amazon Web Services (AWS) to continue to offer its quantum computers via Amazon’s quantum service, Braket.
For Q2 2024, total operating costs and expenses for the second quarter were $60.3 million, up 56 percent from $38.6 million in the prior year period, but within the company's plan.
Rigetti: Revenue flat, losses drop slightly
Rigetti posted Q2 revenue of $3.1 million. Operating loss for the quarter was $16.1 million, while the net loss was $12.4 million. This compaed to revenue of $3.3 million and a net loss of $17m in the same period 12 months ago....
