Quantum Computing Company Revenue Grows 111%

IonQ has exceeded expectations with its second-quarter financial results, delivering revenue of $5.5 million, representing 111% growth compared with the same period last year.

During this period, the quantum computing hardware and software company announced it would deliver two generations of its quantum systems to establish a European quantum data center in partnership with QuantumBasel.

In June, IonQ signed a memorandum of understanding with South Korea’s Ministry of Science and ICT to become a core education provider for Korean students, researchers and industry professionals.

The company also said it intends to achieve a 64-algorithmic qubit system by the end of 2025, which it says could deliver quantum advantage for certain use cases and push its capabilities beyond simulation by classical computers.

This quarter also saw IonQ publish a paper with Oak Ridge National Laboratory on modeling the molecular structure of the benzene molecule, a common benchmark to evaluate quantum chemistry algorithms.

“This was another landmark quarter for IonQ, most notably with a record-setting $28 million in bookings, bringing the total to over $32 million in the first half,” said IonQ president and CEO Peter Chapman.

“We are now well on our way to our revised, higher bookings expectations of $49 million to $56 million for the year. We are also within striking range of our goal of $100 million in cumulative bookings within the first three years of IonQ’s commercialization, starting in 2021.”

Related:IonQ to Provide Two Generations of Quantum Systems to QuantumBasel

IonQ Forms Generative AI Partnership with Zapata AI

On the back of announcing these results, IonQ and software company Zapata AI announced they had entered a strategic alliance to benchmark generative AI techniques on quantum hardware. The companies aim to discover new potential advantages of quantum computing that could help solve complex real-world business problems with a focus on generative AI.

“IonQ’s commercial success is a reflection of the value that our customers attribute to our systems, yet the onramp into quantum computing can be challenging. Our partnership with Zapata will remove roadblocks and accelerate quantum adoption,” said IonQ chief revenue officer Rima Alameddine.

“We are excited to continue our work with Zapata and are confident that this partnership will drive new breakthroughs in the development of generative AI models and help enterprise companies better solve industrial-scale problems.”