May 19, 2022

Earning Releases: IonQ, Rigetti, and Arqit Earning Releases: IonQ, Rigetti, and Arqit Three notable earnings releases were made in the past few days and it is interesting to review them and see the progress each has made in the past year. IonQ announced Q1 revenue of $2.0 million, bookings of $4.2 million, and EBITDA (Earnings before interest, taxes, depreciation, and amortization) loss of $10.3 million. This compares to their forecast made at the end of March of Q1 revenue between $1.8 to $2.0 million and bookings of $3 to $4 million. They are continuing to estimate full year 2022 revenue at $10.2 to $10.7 million, but have raised their estimate of 2022 bookings from $20.0 to $24.0 million to a new range of $23.0 to $27.0 million. The company ended the period with a cash and short term investments balance of about $415 million. In other announcements during the release, they discussed their technology roadmap and a new system called Forte, which we covered in more detail here . They also mentioned they are building a second 32 qubit Aria system to meet customer demand. One interesting comment for us was their mention of rising customer interest in purchasing systems for on-premise use which may result in a potential increase in their forecast of contract bookings from their original plan. Reasons for this include customers’ desire to avoid waiting in a queue with other customers for access to a cloud based system as well as data security concerns. Additional details from IonQ’s Q1 earnings release can be seen in a press release posted on their website here as well as webcast recording of their Q1 earnings call here . Rigetti report Q1 revenue of $2.1 million and an EBITDA loss of $13.9 million. The Q1 2022 revenue was lower than Q1 2021 which had revenue of $2.4 million. Rigetti attributed this to the completion of the first phase of a large government agency project in the first quarter of 2021. The company forecasted total 2022 revenue to be between $12 and $13 million with and EBITDA loss for the year in the range between $52 and $53 million. The company ended the period with a cash balance of about $206 million. Rigetti also discussed their future roadmap plans which we covered here . They also discussed some of the challenges they are facing in their technical developments including higher than anticipated costs for labor, equipment, and system components, market and supply chain conditions, and available working capital. You can read Rigetti’s press release with their earnings announcement here and listen to the webcast discussing the results here . Arqit reported their results for their first fiscal half year which covers the six month period ending on March 31, 2022. They achieved revenue for the period of $12.3 million with an adjusted loss before tax of $14.4 million. The revenue came from $5.3 million in QuantumCloud™ revenue and $7.0 million from a project contract from the European Space Agency. The company also announced announced that shareholders holding 105.9 million of the 108.6 million shares currently subject to lock-up agreements that were due to expire have volunteered to extend their lock-up agreements until September. The company ended the period with a cash balance of $82 million. Arqit’s press release with their financial results can be accessed here . May 18, 2022