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The Quantum Systems Accelerator has been catalyzing the quantum information science (QIS) ecosystem since its foundation in 2020 as a National QIS Research Center. In recognition of the new generation of scientists and engineers preparing to harness the advances in this fast-growing field, QSA continues its series profiling early-career researchers at the centers partner institutions. Three from the Center for Quantum Information and Control at the University of New Mexico contributed their views and explained how they maximize the deep collaborative opportunities at QSA.

Anupam Mitra

Anupam MitraAnupam Mitra is a Ph.D. candidate in Physics at The University of New Mexico and part of the Deutsch Research Group at CQuIC. He focuses on some of the building blocks of neutral atom quantum computers, which involve ultracold atoms cooled to a few micro-Kelvins above absolute zero. Mitra also studies how these ultracold atoms offer the ability to solve quantum problems by simulating model quantum systems. The exponentially large number of variables needed to understand, for example, the properties of matter and energy, make these problems ideal candidates for quantum devices instead of classical computers.

Since middle school, Mitra has been interested in the physics of interference in light waves, and he has also enjoyed building and programming computers. As an undergraduate in Physics and Computer Science at the Birla Institute of Technology and Science in Goa, India, Mitra first learned how quantum phenomena such as superposition, interference, and entanglement can be used for quantum information processing.

What excites you about this growing new field?"The ability to make intermediate-scale quantum systems has led to discoveries of previously inaccessible phenomena and new ways of understanding other quantum phenomena. More complex quantum systems will help us tackle questions about the nature of space and time, the emergence of classical physics from quantum physics, and the properties of large quantum systems. Moreover, they will allow us to have more precise measurements to investigate principles and phenomena beyond what is currently accessible. I hope the research and development in quantum information processing will help humanity, from potentially finding efficient ways to harness solar energy to improving chemical processes like nitrogen fixation."

How has QSA supported your research journey?"QSA has a broad community of researchers tackling several problems at the forefront of quantum information science and technology. Regular interactions with the wider community through seminars, panel discussions, and other events have been beneficial for the rapid exchange of ideas among groups and for sharing knowledge regarding solutions to commonly faced problems. I have benefited from these events, as well as from the broader collaborations with QSA researchers. Moreover, the center-wide discussions about common challenges and issues has reduced the duplication of efforts."

Goals"From a theoretical standpoint, it is easy to imagine ideal quantum systems with well-understood noise and error sources. However, there are always limitations to what contemporary quantum experiments can do, given the complexities introduced by a more extensive quantum system. This reality has been a challenge and a learning experience, so my short-term research goal is to advance quantum information processing with highly excited Rydberg atoms. I also want to finish my doctorate and participate in developing domain-specific robust quantum devices that augment our ability to perform precise measurements, calculate properties of matter, and solve other complex computational problems. Finally, I want to increase diversity, equity, and inclusion in the field, by making it more accessible to underrepresented groups and people whose life circumstances have hindered them from accessing traditional education."

Advice to high-school students"Broadly speaking, scientific research is a collaborative human effort, so the progress we make today is based on the work of others. While many academic circumstances typically encourage us to work by ourselves, communication and exchanging knowledge are essential in science. One can learn from experts by reading their work and speaking with them. It is also essential to reach out to those who aspire to join our efforts, and especially to include groups who have been disadvantaged.

"Specifically, quantum information science and technology is a rapidly growing field that will benefit from researchers from different backgrounds. At present, many of the discussions use the language of quantum mechanics, which is heavy in linear algebra and calculus; thus, an understanding of these concepts can prepare someone better to be a part of the conversation. Most of the problems we are trying to solve are challenging enough to require contributions from many people, and therefore, we would like as many people to join us as possible."

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Pablo Poggi

Pablo PoggiPablo Poggi is a research assistant professor in Physics and Astronomy at the University of New Mexico specializing in quantum control to counteract and tailor the unwanted noise, environmental effects, and errors in quantum devices. In his theoretical research, he pushes the fundamental limitations of quantum control and studies novel methods to build, run, and benchmark quantum simulation devices.

Poggi was the lead organizer for the CQuIC summer course on quantum chaos for QSA members and the broader QIS community. Quantum chaos examines how complex quantum systems use quantum simulators and how features such as hypersensitivity could hinder reliable quantum information processing. Students and faculty across the United States attended the summer course, engaging in the scientific discussions and the lectures.

Poggi first considered physics a career thanks to a high school teacher in Argentina who encouraged him to study the revolutionary theories of relativity and quantum mechanics. Fascinated with quantum theory after reading a book by Einstein, he learned to love math and its connection with physics at the University of Buenos Aires, where he pursued experimental research in an optics lab while finally choosing theoretical research in quantum control.

What excites you about this growing new field?"Quantum physics used to be regarded as a set of bizarre rules that governed the strange behavior of the atomic world. For the past decades, it has been recognized that these rules could be seen as a feature rather than a bug, so that quantum states of superposition may be used to solve computational problems more efficiently. I am particularly excited that there is still a lot to learn about the physics of complex quantum systems, especially out of equilibrium. Quantum devices have a tremendous potential to advance knowledge in this area. The notion of quantum chaos, for example, has taken a new shape in the past few years in the field as researchers started to learn the role of entanglement spreading in many quantum systems and its connection to other system properties such as chaos, ergodicity, and thermalization.

"We live in a unique moment where quantum technologies are being developed with significant pushes from theory and experiment in academic settings, national labs, and industry. As a theorist, it is particularly exciting to think that our studies and inquiries about the fundamental capabilities to manipulate quantum systems could lead to enabling new features in industrial applications - or even to understanding why certain things cannot be done and thus why the focus should be targeted in another direction.

How has QSA supported your research journey?"Being a part of QSA has allowed me to learn about what others are doing and regularly share my work with the community without attending a formal workshop or conference. Many of my collaborators and colleagues here at UNM are part of the QSA, so participating in these collaborative activities is common. It establishes a genuine connection between different groups, potentially leading to more interdisciplinary work.

"Research-wise, we recently finished a QSA project where we studied how a quantum simulator becomes more error-prone in specific types of situations. We discovered that these situations could be explained partly by concepts developed for quantum physics and classical dynamics systems. Making this connection between quantum information and other topics on firm grounds was challenging. It demanded leaving the comfort zone of our expertise to learn about concepts in condensed matter and nonlinear dynamics, so one of the most rewarding aspects of being part of QSA is being able to engage with many colleagues at other institutions and in different ways. QIS is truly an interdisciplinary field, so having done this is a good practice for the future as well."

Goals"I look forward to taking advantage of all the center-wide knowledge and expertise being developed in a variety of topics and collaborating with people from other institutions to keep up to date and get early access to the most recent developments in QIS."

Advice to high-school students"It is exciting to get involved in QIS research because quantum technologies are still in development. There is a lot to do, and the tasks are very diverse. For example, theres research in quantum algorithms and applications of quantum devices, the fundamentals of quantum information processing, and developing the essential tools in the lab to make the quantum devices. Think about what excites you the most and look for mentors to help you get started. But also, dont be afraid to try different things. Its typically hard to find a good match on the first try and you will gain more tools to tackle problems in your future research. QIS is interdisciplinary, so being in touch with specialized communities with diverse expertise will always be a plus."

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Changhao Yi

Changhao YiChanghao Yi is a graduate student and part of the Crosson Research Group at CQuIC.

Yi specializes in quantum algorithms, specifically those for Hamiltonian simulation to study condensed matter physics and materials science.

What excites about this growing new field?"I think we are in a stage when the development of theoretical physics slows down. There are two main reasons. First, the systems are too complicated to solve even if we know all the basic principles; second, experimental physics is not developed enough to discover new phenomena. I believe the construction and control of complex quantum systems can be helpful in both aspects, so it's fascinating to combine the different knowledge areas in theoretical physics, math, and computer science to create something new.

"I look forward to the realization of quantum computing and how the concepts in quantum information, like entanglement and complexity, can be helpful in our understanding of condensed matter physics and high energy physics.

How has QSA supported your research journey?"My experience with QSA has been helpful in my research because I tune in to the QSA science talks frequently. I have also had the chance to meet researchers with similar experiences and interests. This regular communication broadens my horizon and motivates me to progress. The main challenge is learning how to collaborate with other researchers with different backgrounds. For example, I have a physics undergraduate degree. Still, my mentor at UNM has a background in computer science. And I meet researchers at QSA with a diversity of experiences, so sometimes I need to work on projects with many unfamiliar concepts."

Goals"My short-term goal is to continue my research and gain more theoretical and hands-on experience. My long-term goal is to become a professor in the field."

Advice to high-school students"Quantum information science is a research area with vitality. If you are interested in experiments, computer science, math, or theoretical physics, you can find plenty of questions to work on. This community is growing every day. It's the right time to join now."

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Founded in 1931 on the belief that the biggest scientific challenges are best addressed by teams, Lawrence Berkeley National Laboratory and its scientists have been recognized with 14 Nobel Prizes. Today, Berkeley Lab researchers develop sustainable energy and environmental solutions, create useful new materials, advance the frontiers of computing, and probe the mysteries of life, matter, and the universe. Scientists from around the world rely on the Labs facilities for their own discovery science. Berkeley Lab is a multiprogram national laboratory, managed by the University of California for the U.S. Department of Energys Office of Science.

DOEs Office of Science is the single largest supporter of basic research in the physical sciences in the United States and is working to address some of the most pressing challenges of our time.

For more information, visit Energy.gov.

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Meet QSA's early-career researchers advancing the QIS frontier - UNM Newsroom

Don Kahle| Register-Guard

I wonder if people living in the Dark Ages knew thats what it was. Did they miss books and learning? Did they guess that their destruction wasnt complete? Did they expect a new societal order to eventually emerge? Or did they just tend their plot of vegetables, hoping not to lose their harvest to marauding barbarians before winters onset?

If were living in a dark age right now, would we know it? How could we tell? We arent starved for food, but we do seem to be tilling our own tiny, shiny rectangles. We seem to be searching for something that will get us through each day. We seek warmth from the glow of our screens, but they dont sustain us. Were stuck in Narnia, where it was always winter but never Christmas.

We feed ourselves daily with conspiracy theories, tribal hatreds and primal envy. The American Library Association counts more book bans in 2021 than ever. The ALA's Office for Intellectual Freedom tracked 729 challenges to library, school and university materials and services last year. Superstition has replaced learning and curiosity.

We can blame Facebook or Twitter, but most of those concerns rehash earlier warnings about television. The generation before was warned about newsreels and radio. Human passivity is the continual culprit. The phonograph replaced front porch music-making.

If were in the dark, its been dark for a long time a century or more. The darkness may be spreading, but it isnt getting darker. Its reach is progressing but its pitch is not. If history is any guide, humans eventually adapt. We may yet see through this darkness.

In my view, it all started during World War I with the popularization of the wristwatch. Americans always had a timepiece in their pocket. Field generals moved it to the wrist so their soldiers could synchronize attacks. Civilians picked up on the trend. Wearing a wristwatch signaled support for the troops. Information has been stalking us ever since.

With pocket watches, we werent told the time unless we asked. Once on our wrists, we stopped seeking information. Information started seeking us. Yes, church bells did that centuries earlier, but those bells didnt target individuals.

Who has ever accidentally looked at their watch, instantly assessed their situation and reflexively felt anything but small and feeble? Follow that trend through the later technologies. Crooning lovers, filmed heroics, radio dramas, television glamour, Instagram vacation photos. Do any of these make us feel better about ourselves? Nope.

Stir the pot with advertising that subsidizes these technologies, making them popular to the point of becoming irresistible. Advertisers are the Greek Chorus, always reminding us that doom awaits. We feel insufficient without their product, helpless and hapless until we succumb. Those voices are now everywhere pervasive, polarizing and personalized.

Its not a cheery picture, I know. What feels like our fate might still be averted. What will lift the pall? Heres a hunch.

Were just a few years away from a quantum leap in computing power literally. Quantum computers will be unimaginably powerful. What we use today will look like Texas Instruments calculators. Thats really all they are. They can only answer questions, not solve problems. We tell our machines what we dont know. Our ignorance propels the machine.

Future computers will be fueled by our curiosity, not by our ignorance. A computer that is able to assign precise GPS coordinates for every grain of sand on a beach wont be used to answer questions. It will instead explore every possible solution to a particular problem. It will extend and accelerate what first lifted humanity our curiosity.

How soon? How well? For whose benefit? No one knows those answers yet.

Don Kahle (fridays@dksez.com) writes a column each Friday and Sunday for The Register-Guard. Past columns are archived atwww.dksez.com.

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Conspiracy theories, tribal hatreds and primal envy: Are these the dark ages? - The Register-Guard

mviamonte/iStock via Getty Images

While IonQ (NYSE:IONQ) is an exciting company in a next-generation industry, I think the company will struggle to keep up with the rapid pace of technological change. The company is competing with companies with more financial resources necessary to pay for the best talent. The company is losing money, and that will not change soon. Constant refinancing or dilution will be required. It's also unclear how much value IONQ has added to its customers. It is difficult to find information and even more challenging to understand the technology behind quantum computing. Much of any potential future success is already priced into its enormous valuation. In addition, the cost of talent and energy is rising, and venture capital is becoming scarcer as interest rates rise. Therefore, I do not see an attractive risk/reward ratio.

IonQ was founded in 2015 by Dr. Christopher Monroe and Dr. Jungsang Kim, who already had decades of experience researching quantum computers. They had "the goal of taking trapped ion quantum computing out of the lab and into the market".

Right now, it's the only public company whose quantum computers are available in big-tech clouds - via Microsoft's (MSFT) Azure and Amazon's (AMZN) Web Services starting in 2019, and Google's (GOOG) cloud starting in 2021. These can be booked by companies, which generates revenue for the company. The company has been listed on the stock exchange since October 2021.

The quantum computing market size is predicted to rise from $89.6 million in 2019 to $1,866.8 million by 2030 (according to the market research report published by P&S Intelligence), equaling a CAGR of 33.1%. Furthermore, on page 3 of their investor presentation, IONQ mentions a $65B TAM by 2030.

Of course, these are all estimates, and I doubt any assessment that goes further than two years into the future. However, it is almost certain that when quantum computers exceed the computing power of today's best classical supercomputers, the market will be there, and it will be huge. This assumes that the performance will also be practically usable without producing errors, which researchers have struggled with so far. There are already quantum computers that are faster than today's supercomputers, but so far, these perform calculations tailored to them and cannot be used for "everything" in general.

According to IBM, how exactly quantum computers will be useful, we do not know yet. Among the early adaptors are Financial managers and banks. Pharmaceutical companies could also become significant beneficiaries, and finally, quantum computers will help elevate machine learning and AI to levels of complexity that are unimaginable for us today. And there will undoubtedly be many other areas of application, but from today's point of view, this is only speculation.

Many technologies are used for quantum computing qubits, such as superconducting, photonics, silicon-based, spin qubits, trapped-ions, etc. IONQ's quantum technology of choice is trapped-ion qubits created from an isotope of a rare-earth metal called ytterbium but will be switched to barium in the next generation. These barium-based systems are supposed to offer several benefits, such as lower error rates, systems that are easier to network, and increased uptime for customers.

Overall, IONQ is more focused on keeping errors low, as their systems are already commercially available. It could be a potential risk for the company to commit to a specific technology too early and thus be less free to research than the competition: a side effect of the IPO. From now on, the market expects sales to rise sharply.

The current system operates with 20 algorithmic qubits and is expected to multiply within the next few years. However, it is essential to remember that while these long-term projections are a goal for companies, they are never sure to happen.

IONQ march presentation

Meanwhile, on November 15, IBM (IBM) introduced a chip with more than 100 qubits. The 'Eagle' chip is a step towards IBM's goal of creating a 433-qubit quantum processor next year, followed by one with 1,121 qubits, named Condor, by 2023. Already in 2019, Google announced a 54 qubit processor with the goal to build a "useful quantum computer" by 2029.

Other competitors include Honeywell (HON) and several Chinese companies that are going their independent way in this area. As we can see, it's a crowded business where we'll see a lot of discoveries and research in the future. It's impossible to predict who will build the most superior systems for years to come. But one thing is certain: This will require massive capital and talent. Currently, IONQ has only 97 employees (according to Seeking Alpha's company profile), which sounds like almost nothing and makes me wonder how this small company can compete with multi-billion dollar companies. Sure, they have partners like the University of Maryland and South Korea's Q Center. But will this be enough? I don't know. But what I know is...

IONQ currently has a market capitalization of $2.5B with debt of $4.2M and "cash, cash equivalents, and investments" of $603M as of December 31, 2021, resulting in an enterprise value of approximately $1.9B. According to the latest press release, 2021 revenues were $2.1M ($1.6M in Q4), representing an EV/S ratio of 904. The company expects sales in 2022 to be between $10.2M and $10.7M, which would correspond to a price to sales ratio of about 180.

The 2021 net loss was $106.2 million, and the adjusted EBITDA loss was $28.3 million. For 2022, adjusted EBITDA loss is expected to be approximately $55 million. So the cash burn rate continues to accelerate, but at least the cash reserves are sufficient for a few more years. Nevertheless, there is no indication if and when the company will ever be cash flow positive. In the current monetary and geopolitical environment, energy is becoming more expensive, and salaries are higher, especially for the highly educated talent that IONQ needs. They are permanently competing with rivals who can comfortably pay any compensation.

One thing I always check when stock prices appear high is whether there has been insider selling. I interpret that as a sign that those sellers think their price is overvalued. So there's not much to see here, especially since the stock price was double in December. Nevertheless, I mention it anyway because it is always valuable to check insider selling.

openinsider

I could not find out the price for bookings of the quantum computers. Then I realized that there is very little information:

Or in other words: I find it extremely difficult to assess whether this is a sticky business with high added value for IONQ's customers or not. Without knowing that, how should private investors like us evaluate our investments? The technical descriptions and developments are hard to understand for private investors. For example, how is anyone supposed to understand whether barium-based systems will be better than those made of ytterbium? So you always have to rely on the information provided by the company. At the same time, we don't know what the competition is currently researching and how far they are already behind closed doors. It will be the same as in every area of the economy: whoever offers the best product at the best price will prevail.

So there is a lot of uncertainty. Nevertheless, the valuation is so high that years of strong growth are already priced in. It is not an appealing risk-reward ratio. There is a lot of downside potential at this valuation, and I can hardly think of a trigger that would send this enormously high valuation even higher now.

But of course, there are also many positive things about the company. They have proven their concept and already have quantum computing systems in the clouds and successfully monetize them. This could well indicate that the company is technically further ahead than the competition, especially regarding a lower error rate, which research struggles with a lot.

Furthermore, the management team consists of high-caliber and highly educated people. Some have been researching the subject for decades and have previously done fundamental quantum research at universities. Furthermore, there is now a joint R&D with Hyundai to create the next generation EV batteries. The company also has high-profile investors (Amazon, Google) and customers (Goldman Sachs, Accenture).

The company may be a takeover candidate. While they are not generating much revenue, the intellectual property could be precious. Moreover, their system is already running on the clouds of Microsoft, Amazon, and Google. Therefore, it would not be far-fetched if one of these three companies were interested in a takeover. IONQ's technology and employees would most likely complement their research. At the moment, of course, this is just pure speculation, but it should be kept in mind, especially if you want to short the stock because of its valuation.

It is a tempting stock to short. However, there is also risk: The hype around the share and quantum computers may continue or intensify. Furthermore, the company could be a takeover candidate. If you want to short, be sure to place a stop order so that the risk is limited. If you don't want to do that, I think this company is an excellent candidate to wait and see. It is likely that at some point, the company will not reach its quarterly targets, and on that day, the share price will fall sharply. There will be a better time for an entry if you ever want to enter.

For all these reasons, an investment is out of the question for me. So far, there is only meager revenue, a lot of research to do, a high valuation, and a business model that I can't assess. Moreover, a competitor could make a breakthrough any day, causing the company to fall behind technologically. Nevertheless, it is a stock I want to keep on my watchlist since it could possibly be a potential winner of one of the next megatrends.

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IonQ: Enormous Valuation And The Competition Is Big-Tech - Seeking Alpha

Never dismiss the power of money to persuade. A study initiated before the rollout of COVID-19 vaccines has found that a $1000 incentive for the vaccine-hesitant could boost vaccine rates up to 87 percent.

At the time, that number was considered sufficient to confer herd immunity. With COVID-19 variants now proliferating globally, notions of herd immunity have changed. But the authors say their findings are still valuable, given that much of the developing world has yet to become fully vaccinated, and as public health officials continue to encourage vaccination as a powerful tool against serious health effects.

Its even a bigger question than vaccines and COVID. This is part of a larger set of ?dilemmas called collective action problems such as how do we convince people to take action to mitigate climate change, says Vivek Nandur, a doctoral student in behavioural economics at the University of Torontos Rotman School of Management and one of three study co-authors. This speaks to that and how monetary incentives can be used to influence larger behaviour change.

Some 2,500 study participants, recruited online in December 2020, were asked if they planned to get the vaccine or, if they would accept it under one of three conditions if it were free, if it was effective against COVID-19, or if it had no side effects.,

Those who answered yes varied from 68 percent in the free vaccine category to 75 percent for those in the no side effects group. Some 70 percent of participants in the no conditions group said they would get vaccinated.

All participants who answered no, were then asked how much money would incentivize them to accept the vaccine. A $500 cash incentive brought the percentage of vaccine willing up to 80 percent. But the $1000 cash incentive, the maximum, raised that figure to nearly 87 percent.

Between 13 and 15 percent of participants were unwilling to accept the vaccine under any circumstances. But Nandur said the results support other findings that show that the vaccine hesitant are not a homogeneous group and that public health strategies need to be similarly nuanced and targeted. Even cash incentives are not a panacea, and can potentially backfire, given other conditions.

As one example, offering the vaccine for free in our experiment seems to make people a bit warier, which is confusing and likely needs more examination, Nandur said.

Money aside, people were more willing to take the vaccine if it was shown as effective against COVID-19, or had no side effects. Hesitancy was stronger among younger people than older ones, and among political conservatives.

The study was published in Humanities and Social Sciences Communications.

Nandur co-authored the study with David Soberman, a professor of marketing and the Canadian National Chair of Strategic Marketing at the Rotman School, and Ganesh Iyer of the Haas School of Business at the University of Berkley.

The researchers have since looked at the effects of a 2021 policy by the government of West Virginia to offer $100 savings bonds to people aged 16 to 35 who get vaccinated. The policy was introduced to boost the states lagging vaccination rate from 52 to beyond 70 percent.

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Pay the vaccine-hesitant to get their COVID-19 shots ScienceDaily - Verve Times

Total contract bookings of $16.7M (5% beat) for the Full Year 2021

Total contract bookings of $1.5M (115% beat) in the Fourth Quarter 2021

Increases total contract bookings guidance midpoint 47% from $15M to $22M for 2022

Revenue of $2.1M (31% beat) for the Full Year 2021

Revenue of $1.6M (50% beat) in the Fourth Quarter 2021

Expects 2022 revenue to be 5x 2021s topline

COLLEGE PARK, Md., March 28, 2022--(BUSINESS WIRE)--IonQ (NYSE: IONQ), a leader in quantum computing, today announced financial results for the fourth quarter and full year ended December 31, 2021 and provided a business update.

"IonQs 2021 was outstanding. We more than tripled our initial bookings target, announced what we believe to be the worlds most powerful quantum computer, and became the worlds first public quantum computing company," said Peter Chapman, President and CEO of IonQ. "Our fourth quarter results are testament to our success in both technology development and rapid commercialization."

2021 Financial Highlights

After tripling the Companys original 2021 contract bookings forecast in September from $5 million to $15 million, IonQ beat that number again to end up at $16.7 million for the full year.

IonQ achieved revenue of $2.1 million for the full year, which was 31% above the $1.6 million IonQ forecasted on the Companys Q3 call.

Cash, cash equivalents and investments were $603 million as of December 31, 2021.

Net loss was $106.2 million and adjusted EBITDA loss was $28.3 million for 2021.*

* Adjusted EBITDA is a non-GAAP financial measure defined under "Non-GAAP Financial Measures," and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.

2022 Financial Outlook

IonQ expects revenue for 2022 to be 5x IonQs 2021 topline. For the full year 2022, IonQ expects revenue to be between $10.2 million and $10.7 million, with between $1.8 million and $2.0 million for the first quarter.

IonQ anticipates full year 2022 bookings of between $20 million and $24 million, with between $3 million and $4 million for the first quarter.

IonQ believes that over the next two years, one or two system sales could push combined TCV contract bookings over nine figures for the three year period from 2021 to 2023.

IonQ anticipates an adjusted EBITDA loss of $55 million for the full year 2022 at the midpoint of the revenue outlook provided above.**

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**The Company cannot provide a reconciliation between its forecasted Adjusted EBITDA and net loss without unreasonable effort due to the unavailability of estimates for stock-based compensation and change in fair value of assumed warrant liabilities as these items are not within the Companys control, may vary greatly between periods and could significantly impact future financial results.

Commercial Highlights

In January, the Company announced a major commercial deal with Hyundai Motor Company to develop quantum algorithms that may improve the charging, discharging, durability, capacity, and safety of electric vehicle batteries.

IonQ is collaborating with Oak Ridge National Laboratory to research metal hydrides, which can benefit development of technologies including batteries and hydrogen storage for hydrogen powered vehicles.

In 2021, IonQ collaborated with leading organizations such as Accenture, Goldman Sachs, and GE Research.

In 2021, IonQ partnered with The University of Maryland to create the National Quantum Lab at Maryland (Q-Lab), the nations first user facility to enable hands-on access to a commercial-grade quantum computer.

Technical Highlights

In February, IonQ announced that the latest-generation IonQ Aria system achieved a record 20 algorithmic qubits, representing a massive leap forward not just for IonQ, but for the entire quantum computing industry.

In March, Microsoft announced official plans to bring IonQ Aria to the Azure Quantum Cloud, democratizing access to the worlds most powerful quantum computer. IonQ became the only company to make its quantum computers available via all three major cloud providers (Google Cloud, Microsoft Azure, AWS) in 2021.

In December, IonQ announced plans to build quantum computers with barium qubits, which the Company expects will contribute to higher gate fidelity, faster gates, lower error rates, and lower system costs.

IonQs new barium qubits are already delivering on their promise of more accurate quantum computing with recent results showing a 13-fold reduction in state preparation and measurement errors.

The Company has secured a sustainable, perpetual source of barium qubits through a partnership with the U.S. Department of Energys Pacific Northwest National Laboratory (PNNL).

Earlier this year, IonQ announced the invention of a new family of quantum gates in collaboration with the Duke Quantum Center (DQC) at Duke University. IonQ believes these new gates will eventually lead to more efficient quantum algorithms requiring many fewer qubits. Importantly, the gates can only be run using the unique architecture employed by IonQ and DQC systems.

Last year, IonQ became the first team in the world to demonstrate fault-tolerant error correction in practice, as documented in a peer-reviewed Nature paper in collaboration with Duke University, the University of Maryland and the Georgia Institute of Technology.

Team Highlights

IonQ hired world-class talent, with key positions filled by Thomas Kramer as Chief Financial Officer (Opower, Cvent), Tom Jones as Chief People Officer (Blue Origin, Microsoft, Honeywell), Laurie Babinski as General Counsel and Secretary (Intuits Credit Karma), Ariel Braunstein as Senior Vice President of Product Management (Google, Lytro, Cisco), Dean Kassmann as Vice President of Research and Development (Blue Origin, Amazon), Jordan Shapiro as Vice President of Financial Planning & Analysis (NEA, Samsung), Kevin Caimi as Controller (Opower, Ernst & Young), Anant Sanchetee as Senior Director of Marketing (Meta, Dreem), and Mark Solomon as Director of Quantum Sales (IBM).

IonQ appointed Inder Singh, CFO of Arm, as an independent member of the Companys Board of Directors.

Fourth Quarter 2021 Conference Call

IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Companys financial results for the fourth quarter and full year ended December 31, 2021. The call will be accessible by telephone at 877-407-4018 (domestic) or 201-689-8471 (international) using passcode 13726155. The call will also be available live via webcast on the Companys website here, or directly here. A telephone replay of the conference call will be available at 844-512-2921 or 412-317-6671 with access code 13726155 and will be available until 11:59 PM Eastern time, April 11, 2022. An archive of the webcast will also be available shortly after the call and will remain available for 90 days.

Non-GAAP Financial Measures

To supplement IonQs condensed financial statements presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Adjusted EBITDA is a financial measure that is not required by or presented in accordance with GAAP. Management believes that this measure provides investors an additional meaningful method to evaluate certain aspects of the companys results period over period. Adjusted EBITDA is defined as net loss before interest expense, income tax expense (benefit), depreciation and amortization expense, stock-based compensation, remeasurements of liability-classified warrants, and other nonrecurring nonoperating income and expenses. We use Adjusted EBITDA to measure the operating performance of our business, excluding specifically identified items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and the Companys non-GAAP measures may be different from non-GAAP measures used by other companies. For IonQs investors to be better able to compare its current results with those of previous periods, the Company has shown a reconciliation of GAAP to non-GAAP financial measures at the end of this release.

About IonQ

IonQ, Inc. is a leader in quantum computing, with a proven track record of innovation and deployment. IonQs latest generation quantum computer, IonQ Aria, is the worlds most powerful quantum computer, and IonQ has defined what it believes is the best path forward to scale.

IonQ is the only company with its quantum systems available through the cloud on Amazon Braket, Microsoft Azure, and Google Cloud, as well as through direct API access. IonQ was founded in 2015 by Christopher Monroe and Jungsang Kim based on 25 years of pioneering research. To learn more, visit http://www.ionq.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. These statements include those related to the Companys ability to further develop and advance its quantum computers and achieve scale; ability to attract personnel; market opportunity, anticipated growth, and future financial performance, including managements financial outlook for 2022. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: managements financial outlook for 2022; market adoption of quantum computing solutions and the Companys products, services and solutions; the ability of the Company to protect its intellectual property; changes in the competitive industries in which the Company operates; changes in laws and regulations affecting the Companys business; the Companys ability to implement its business plans, forecasts and other expectations, and identify and realize additional partnerships and opportunities; and the risk of downturns in the market and the technology industry including, but not limited to, as a result of the COVID-19 pandemic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of IonQs Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 and other documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. The Company does not give any assurance that it will achieve its expectation

IonQ, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2021

2020

2021

2020

Revenue

$

1,648

$

-

$

2,099

$

-

Costs and expenses:

Cost of revenue (excluding depreciation and amortization)

298

86

1,040

143

Research and development

4,917

2,514

20,228

10,157

Sales and marketing

849

223

3,233

486

General and administrative

5,416

1,707

13,737

3,547

Depreciation and amortization

1,005

405

2,548

1,400

Total operating costs and expenses

12,485

4,935

40,786

15,733

Loss from operations

Originally posted here:
IonQ Announces Full Year 2021 Financial Results and Provides Business Update - Yahoo Finance