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Weeks after the Raman Research Institute (RRI) in Bengaluru demonstrated a breakthrough in Indian quantum communication by making a transmission from a stationary object to a moving one, an agreement has been signed with the Navys Weapons and Electronics Systems Engineering Establishment (WESEE). The MoU, which will last for five years, was signed in New Delhi last week by RRI director Tarun Souradeep and Vice-Admiral Sandeep Naithani.

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The director said that the Indian science and technology ecosystem in recent years is enabling talented and world-class researchers in academic research institutions to contribute to the growth of science and technology capabilities in strategic areas of national importance. Porosity of the perceived boundary between fundamental and applied sciences as well as science and technology will bode well in the coming decades. RRI feels proud to partner with WESEE in cutting edge Science and Technology, Souradeep said.

Professor Urbasi Sinha, group head of the Quantum Information and Computing Lab at RRI, said that the laboratory would be able to foster cutting edge research in order to identify maritime use-cases for the Navy.

The lab had earlier demonstrated transmission of quantum keys between stationary points in 2021. The idea is to transmit quantum keys in order to secure transmissions, as normal keys are protected by mathematical complexity which could be broken by advances in quantum computing. On the other hand, quantum entangled particles are particles which continue to show similar properties apart from each other.

First published on: 13-04-2023 at 12:38 IST

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After breakthrough in quantum communication, Bengalurus Raman Research Institute inks pact with Navy - The Indian Express

Full Year Results of $11.1 Million in Revenue and $24.5 Million in Bookings

Fourth Quarter Result of $3.8 Million in Revenue

Meeting and Exceeding Both Technical and Commercial Milestones

COLLEGE PARK, Md., March 30, 2023--(BUSINESS WIRE)--IonQ (NYSE: IONQ), a leader in the quantum computing industry, today announced financial results for the quarter and full year ended December 31, 2022, and provided a business update.

"IonQ had a fantastic 2022. We continue to lead our industry as the most advanced and well-capitalized public pure play quantum computing company in the world, and by a wide margin," said Peter Chapman, President and CEO of IonQ.

"We met our FY22 goal of #AQ 25 early, and our 29 #AQ goal for 2023 ensures that we will be working to further our technical lead in the industry. As we keep delivering against our technical roadmap, we expect our systems will continue to be the worlds most powerful, allowing our customers to solve their most complex problems."

"While we have seen market conditions slow demand for certain technologies, even affecting some of our peers, IonQ shows no signs of slowing down," noted Chapman. "Our financial outlook for the year predicts even faster growth than in 2022, as customers and prospects continue to show enthusiasm for and commitment to our industry-leading quantum computers and the quantum future as a whole."

2022 Financial Highlights

IonQ beat the high end of full year 2022 revenue guidance, with $11.1 million in revenue.

IonQ recognized revenue of $3.8 million for the fourth quarter, compared to $1.6 million in the prior year period.

IonQ achieved bookings of $24.5 million for the full year 2022.

Cash, cash equivalents and investments were $537.8 million as of December 31, 2022.

IonQs diversified strategy and partnerships with several large, global banking institutions meant that the Companys exposure to recent events in the banking sector was immaterial. IonQ believes that this approach will continue to serve the Company well in the future.

IonQ is confident in the state of its cash and other financial assets, and believes they provide the Company with sufficient reserves to get to profitability without needing to raise additional funds, based on the current roadmap.

Net loss was $18.6 million in the fourth quarter, compared to $74.1 million in the prior year period, and net loss was $48.5 million for the full year 2022 versus $106.2 million in 2021.

Adjusted EBITDA* for the fourth quarter was ($13.3) million, compared to ($8.0) million in the prior year period, and ($48.7) million for the full year 2022 versus ($28.4) million for 2021. Excluded from Adjusted EBITDA is, among other adjustments, a non-cash gain related to the change in the fair value of IonQs warrant liabilities of $1.8 million for the fourth quarter and $30.1 million for the full year 2022.

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* 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.

2023 Financial Outlook

For the full year 2023, IonQ expects revenue to be between $18.4 million and $18.8 million, with between $3.6 million and $4.0 million for the first quarter.

IonQ anticipates full year 2023 bookings of between $38 million and $42 million.

IonQ anticipates an Adjusted EBITDA** loss of $80.5 million for the full year 2023 at the midpoint of the revenue outlook provided above.

** Adjusted EBITDA is a non-GAAP financial measure defined under "Non-GAAP Financial Measures." 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

Technical Highlights

IonQ achieved #AQ 25, its technical milestone for 2022, increasing the computational power of its Aria system by approximately 4x. Aria was already believed to be the most powerful quantum computer known, and is available to the public via cloud access on Microsofts Azure Quantum Cloud.

IonQ believes that quantum machine learning, or QML, will become one of the most practical and powerful applications of quantum computing in the years to come, given its ability to search through vast amounts of data and identify the best statistical fit. IonQ announced a number of QML updates, including:

In collaboration with Hyundai Motor Company, IonQ applied QML techniques to 3D object detection for autonomous vehicles to reduce modeling complexity by several orders of magnitude.

IonQ successfully designed and ran the first ever quantum circuits that can simulate human cognitive biases, paving the way for these models to potentially become a key component in the development of highly effective AI-enabled chatbots in the future.

In partnership with Hyundai Motor Company, IonQ successfully ran the largest correlated quantum chemistry simulation in history, using IonQ quantum computers.

In collaboration with Accenture and the Irish Centre for High-End Computing, IonQ created a scalable chemistry simulation platform that focuses on breaking down human-made carcinogens in the environment.

Fourth Quarter and Full Year 2022 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, 2022 and to provide a business update. The call will be accessible by telephone at 877-270-2148 (domestic) or 412-902-6510 (international). 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 877-344-7529 or 412-317-0088 with access code 7197039 and will be available until 11:59 p.m. Eastern time, April 30, 2023. 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 consolidated financial statements presented in accordance with GAAP, IonQ uses 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 income, net, interest expense, benefit from income taxes, depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, offering cost associated with warrants, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of 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 IonQs non-GAAP measures may be different from non-GAAP measures used by other companies. For IonQs investors to be better able to compare the Companys current results with those of previous periods, IonQ shows 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 current generation quantum computer, IonQ Forte, is the latest in a line of cutting-edge systems, including IonQ Aria, a system that boasts industry-leading 25 algorithmic qubits. Along with record performance, 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, including by continuing to improve its algorithmic qubits to 29, or at all; the sufficiency of the Companys cash reserves and future profitability without the need to raise additional funds; the potential benefits of quantum computing and IonQs collaborations and partnerships; IonQs market opportunity, anticipated growth, and future financial performance, including managements financial outlook for the first quarter and full year 2023; continued customer demand for IonQs products; contributions to IonQs business by new hires and members of the board; IonQs ability to open a quantum computing manufacturing facility; and the prospect of QML becoming one of the most practical and powerful applications of quantum computing in years to come. 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: 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 public health crises and/or increased inflationary pressures. 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, 2022 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 does 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 expectations.

IonQ, Inc.

Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share data)

Three Months Ended

Year Ended

December 31,

December 31,

2022

2021

2022

2021

Revenue

$

3,807

$

1,648

$

11,131

$

2,099

Costs and expenses:

Cost of revenue (excluding depreciation and amortization)

901

298

2,944

1,040

Research and development

13,696

4,917

43,978

20,228

Sales and marketing

2,414

849

8,385

3,233

General and administrative

9,065

5,416

35,966

13,737

Depreciation and amortization

1,356

1,005

5,604

2,548

Total operating costs and expenses

27,432

12,485

96,877

40,786

Loss from operations

(23,625

)

(10,837

)

(85,746

)

(38,687

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IonQ Announces Fourth Quarter and Full Year 2022 Financial Results and Provides Business Update - Yahoo Finance

A niobium superconducting cavity. The holes lead to tunnels which intersect to trap light and atoms. Credit: Aishwarya Kumar

Scientists have uncovered a method to convert quantum information between various quantum technologies, which holds significant impliciations for quantum computing, communication, and networking.

The study, which was published in the journal Nature, was financially supported by the Army Research Office (ARO), the Air Force Office of Scientific Research (AFOSR), and the NSF Quantum Leap Challenge Institute for Hybrid Quantum Architectures and Networks (HQAN), led by the University of Illinois Urbana-Champaign. This represents an innovative approach to transforming quantum information from the format utilized by quantum computers to the format required for quantum communication.

Photonsparticles of lightare essential for quantum information technologies, but different technologies use them at different frequencies. For example, some of the most common quantum computing technology is based on superconducting qubits, such as those used by tech giants Google and IBM; these qubits store quantum information in photons that move at microwave frequencies.

But if you want to build a quantum network, or connect quantum computers, you cant send around microwave photons because their grip on their quantum information is too weak to survive the trip.

A lot of the technologies that we use for classical communicationcell phones, Wi-Fi, GPS, and things like thatall use microwave frequencies of light, said Aishwarya Kumar, a postdoc at the James Franck Institute at the University of Chicago and lead author on the paper. But you cant do that for quantum communication because the quantum information you need is in a single photon. And at microwave frequencies, that information will get buried in thermal noise.

A diagram of the electron energy levels of Rubidium. Two of the energy level gaps match the frequencies of optical photons and microwave photons, respectively. Lasers are used to force the electron to jump to higher levels or drop to lower levels. Credit: Aishwarya Kumar

The solution is to transfer the quantum information to a higher-frequency photon, called an optical photon, which is much more resilient against ambient noise. But the information cant be transferred directly from photon to photon; instead, we need intermediary matter. Some experiments design solid-state devices for this purpose, but Kumars experiment aimed for something more fundamental: atoms.

The electrons in atoms are only ever allowed to have certain specific amounts of energy, called energy levels. If an electron is sitting at a lower energy level, it can be excited to a higher energy level by hitting it with a photon whose energy exactly matches the difference between the higher and lower level. Similarly, when an electron is forced to drop to a lower energy level, the atom then emits a photon with an energy that matches the energy difference between levels.

Rubidium atoms happen to have two gaps in their levels that Kumars technology exploits: one that exactly equals the energy of a microwave photon, and one that exactly equals the energy of an optical photon. By using lasers to shift the atoms electron energies up and down, the technology allows the atom to absorb a microwave photon with quantum information and then emit an optical photon with that quantum information. This translation between different modes of quantum information is called transduction.

Effectively using atoms for this purpose is made possible by the significant progress scientists have made in manipulating such small objects. We as a community have built remarkable technology in the last 20 or 30 years that lets us control essentially everything about the atoms, Kumar said. So the experiment is very controlled and efficient.

He says the other secret to their success is the fields progress in cavity quantum electrodynamics, where a photon is trapped in a superconducting, reflective chamber. Forcing the photon to bounce around in an enclosed space, the superconducting cavity strengthens the interaction between the photon and whatever matter is placed inside it.

Their chamber doesnt look very enclosedin fact, it more closely resembles a block of Swiss cheese. But what looks like holes are actually tunnels that intersect in a very specific geometry, so that photons or atoms can be trapped at an intersection. Its a clever design that also allows researchers access to the chamber so they can inject the atoms and the photons.

The technology works both ways: it can transfer quantum information from microwave photons to optical photons, and vice versa. So it can be on either side of a long-distance connection between two superconducting qubit quantum computers, and serve as a fundamental building block to a quantum internet.

But Kumar thinks there may be a lot more applications for this technology than just quantum networking. Its core ability is to strongly entangle atoms and photonsan essential, and difficult task in many different quantum technologies across the field.

One of the things that were really excited about is the ability of this platform to generate really efficient entanglement, he said. Entanglement is central to almost everything quantum that we care about, from computing to simulations to metrology and atomic clocks. Im excited to see what else we can do.

Reference: Quantum-enabled millimetre wave to optical transduction using neutral atoms by Aishwarya Kumar, Aziza Suleymanzade, Mark Stone, Lavanya Taneja, Alexander Anferov, David I. Schuster and Jonathan Simon, 22 March 2023, Nature.DOI: 10.1038/s41586-023-05740-2

Originally posted here:
An Important Step for the Quantum Internet: New Experiment Translates Quantum Information Between Technologies - SciTechDaily

As funding pours into quantum computing, investors are focused on the potential for this technology to address scientific, business and security problems beyond the reach of todays conventional computers. There are signs that dramatic impacts could come in the not-too-distant future, according to industry executives who spoke at the Goldman Sachs 2023 Disruptive Technology Symposium.

A key question during the event was whether the development of quantum computing will follow a path of globalization or fragment into a regional approach. This is particularly relevant at a time when supply chains are on the minds of policy makers and business leaders, having become a source of geopolitical tension and showing indications of fragility during the pandemic.

Ilyas Khan, vice chairman and founder of Quantinuum, said during a panel on quantum computing that he sees the impulse for national control over the development of quantum computing technology. Work his company is doing in the U.S. is subject to a National Security Agreement that is governed by various federal agencies. In many countries, development of quantum computing technology is governed by national organizations, and the intensity of their attention and investment is a historic development, he said.

Im not aware of anything since the Industrial Revolution that even comes close to resembling the resources that are being managed at a national level in order to gain competitive advantage for individual countries, Khan said. When that happens, you get overlap, you get competition, you get suspicion, and in the early days you possibly get fences and borders and walls. And that is what is happening in quantum at the moment. Among many things that may eventually counter these trends and favor globalization, Khan said, will be the willingness of investors and corporate clients to look worldwide for the best ideas in quantum computing.

At the same time, there are significant military and cyber security concerns, as quantum computing is potentially powerful enough to overwhelm existing encryption protocols. The disruption that quantum computing promises wont just be in the business sphere but also in the national security arena, Stephen Nundy, chief technology officer for Lakestar, a European venture capital fund, told the symposium.

Nundy suggested this lends added urgency to questions about who will lead in developing this new technology. Europeans mostly watched from the sidelines as U.S. companies scaled up cloud computing businesses that are now dominant, he said, and they should be wary of doing the same in quantum computing. Europe would be making a poor choice to simply wait for a copy of the blueprint of quantum technology from the U.S. or Asia, rather than developing its domestic industry and expertise, he said.

Interdependence is another theme that is emerging as the quantum computing technology ecosystem develops. Pia Lemmetty, head of finance for IQM Quantum Computers in Finland, described her companys decision to build a pilot foundry for quantum processors. The initial aim was to be able to design chips and manufacture them in-house, but other startups that dont have foundry capability have started reaching out, she said. It will be very important to think about the European angle and ensure that we have capabilities in Europe to be self reliant on the hardware development side, Lemmetty said.

Lemmetty said her company is already beginning to work with corporate clients to design adaptations of quantum computing algorithms and solutions and then to develop hardware specifications to address industry-relevant problems. This will help ensure that businesses are building expertise and are enabled when a quantum advantage emerges, she said. The time is very much now to start doing that.

Markus Pflitsch, founder and CEO of Terra Quantum, agreed that corporate clients should start building relationships and expertise now. His Switzerland-based company is developing quantum algorithms, software that can run today on classical computers, while the development of quantum hardware proceeds. This hybrid approach, using simulated qubits, is already demonstrating some of what may be possible collective portfolio modeling for the investment industry, for example, or optimized satellite mission planning.

These algorithms may begin to reach their full potential when the hardware advances. But Pflitsch said companies should recognize the coming disruption and begin to work with quantum computing technology as soon as possible. We have a growing number of clients, Pflitsch said. We can deliver business value today.

This article is being provided for educational purposes only. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed.

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Can Europe Beat China and the US in Quantum Computing? - Goldman Sachs

LEESBURG, Va., March 31, 2023 /PRNewswire/ -- Quantum Computing Inc. (NASDAQ: QUBT), ("QCI" or the "Company"), a first-to-market full-stack photonic-based quantum computing and solutions company, today announces that its wholly owned subsidiary, QI Solutions, which focuses on federal projects, joined the Arizona Defense and Industry Coalition (AZDIC) as a non-traditional defense company that offers a suite of quantum services, ranging from quantum computing to quantum sensing, imaging, and cybersecurity.

The Arizona Defense and Industry Coalition (AZDIC)'s mission is to act as a united voice for Arizona's defense and industrial communities. The organization unites Arizona's massive defense community and its stakeholders, which is home to six military installations, four national guard operations and 1,250 defense contractors, specializing in numerous fields including electronic systems, smart automation, precision machining and advanced materials. The Arizona defense industry produces 76,000+ direct and indirect jobs and generates $10B in economic impact.

"We are proud to join AZDIC to help collaborate with the defense community in Arizona and carry on the legacy of the late great Senator McCain," saidQI Solutions President Sean Gabeler. "We see countless opportunities for quantum solutions in the defense community and honored to be part of this organization."

For additional information on the company's suite of solutions, please visit our websiteor contact our team directly.

About Quantum Computing Inc.

QCI is a full-stack quantum software and hardware company on a mission to accelerate the value of quantum computing for real-world business solutions, delivering the future of quantum computing, today. The company is on a path to delivering an accessible and affordable full-stack solution with real-world industrial applications, using quantum entropy, which can be used anywhere and with little to no training. QCI's experts in finance, computing, security, mathematics and physics have over a century of experience with complex technologies ranging from leading edge supercomputing to precision sensors and imaging technology, to the security that protects nations. For more information about QCI, visitwww.quantumcomputinginc.com.

About Quantum Innovative Solutions

QIS, a wholly owned subsidiary of Quantum Computing Inc., is a newly established supplier of quantum technology solutions and services to the government and defense industries. With a team of qualified and cleared staff, QIS delivers a range of solutions from entropy quantum computing to quantum communications and sensing, backed by expertise in logistics, manufacturing, R&D and training. The company is exclusively focused on delivering tailored solutions for partners in various government departments and agencies.

About Arizona Defense and Industry Coalition (AZDIC)

The Arizona Defense and Industry Coalition (AZDIC) is a coalition of regional organizations inspired by Senator McCain, comprising the defense and mining industries, military, veterans and more, to act as a united voice and advocate for regional and national security efforts. Founding members include West Valley Defense Alliance (WVDA), Mesa Industry & Defense Council (MIDC), Southern Arizona Defense Alliance (SADA), and Yuma 50 with industry partners Raytheon, Boeing, and LG Energy. Together, these groups work closely to foster innovation and advocate for those providing critical resources and services to the US national security efforts. AZDIC's mission is to unify the AZ defense industry and its stakeholders to help secure both AZ regional and national security through better communication and policy reform. For more information on AZDIC, email Lynndy Smith at[emailprotected].

Important Cautions Regarding Forward-Looking Statements

This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Quantum Computing Inc. (the "Company"), and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions. Statements in this press release that are not descriptions of historical facts are forward-looking statements relating to future events, and as such all forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance, and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," "aim to," or variations of these or similar words, identify forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in the Company's Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in the Company's filings with the SEC.

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Quantum Computing Inc. Wholly Owned Subsidiary QI Solutions ... - PR Newswire