IonQ, Inc. Q4 FY2024 earnings call

• 2024 was IonQ's best year ever with full-year bookings up 47% to $95.6M and revenue nearly doubled to $43.1M.
• Closed acquisition of Qubitekk and signed to acquire majority stake in ID Quantique, with ID Quantique bringing global business, team members, and nearly 300 patents.
• Delivered first Forte enterprise system, made progress on Tempo system, and had partnerships with AstraZeneca, Ansys, and General Dynamics for various applications.
• Reconfirmed confidence in achieving AQ 64 by end of 2024 and will deprecate AQ in favor of new benchmarks aligned with customer applications.
• Niccolo de Masi appointed CEO, Peter Chapman remains Executive Chair; new director Gabrielle Toledano joined.

Quantum Computing: In 2024, revenue was $43.1 million for the year, with $11.7 million in the fourth quarter. Full-year bookings grew 47% to $95.6 million. Delivered the first Forte enterprise system to QuantumBasel and the Air Force Research Lab, and made progress on the Tempo barium-based system with the first unit sold. Quantum Networking: Closed the acquisition of Qubitekk, and signed to acquire a majority stake in ID Quantique. ID Quantique brings nearly 300 quantum networking patents, expanding IonQ's patent portfolio to nearly 900 across quantum key distribution, sensing, networking, and computing.

• Projected 2025 revenue between $75M to $95M, with Q1 revenue $7M to $8M.
• Anticipate adjusted EBITDA loss of $120M at midpoint of 2025 revenue guidance.
• Sunsetting bookings guidance, focusing on significant commercial milestones.

• Actual events or results could differ due to risks mentioned in 10-K, including uncertainties in quantum market adoption, competition, and execution of acquisitions.

Q: Any strategic changes with new leadership?

A: Peter Chapman stays, Niccolo de Masi takes CEO role to offload work, no change in strategic direction.

Q: Thoughts on acquisitions (Qubitekk, ID Quantique)?

A: Qubitekk acquisition closed, ID Quantique acquisition pending. Synergies between networking and computing, patent portfolio expansion.

Q: Timing and impact of ID Quantique acquisition?

A: ID Quantique acquisition expected to close in September, impact will be greater next year. Overlap in technology and market expansion.

Q: Energy consumption with XHV technology?

A: XHV reduces energy consumption, trapped ions scale linearly, better than other modalities' exponential scaling.

Q: Gross margins and OpEx guidance?

A: Not providing specific guidance yet, but expect gross margins to improve as market moves to enterprise commercialization.

Q: $500M at market facility?

A: To support quantum networking and application areas, aiming for quantum networking to be cash flow positive soon.