$IONQ
IonQ, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057804 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $11.38M $7.582M
YoY Change 106.36% 76.94%
Cost Of Revenue $5.563M $3.351M
YoY Change 195.43% 223.46%
Gross Profit $5.818M $4.231M
YoY Change 60.19% 30.22%
Gross Profit Margin 51.12% 55.8%
Selling, General & Admin $19.19M $20.72M
YoY Change 32.3% 56.41%
% of Gross Profit 329.84% 489.74%
Research & Development $31.20M $32.37M
YoY Change 57.05% 99.4%
% of Gross Profit 536.34% 765.02%
Depreciation & Amortization $2.900M $2.700M
YoY Change 81.25% 125.0%
% of Gross Profit 49.85% 63.81%
Operating Expenses $50.39M $53.09M
YoY Change 46.6% 80.08%
Operating Profit -$48.94M -$52.88M
YoY Change 47.91% 88.69%
Interest Expense $4.801M $4.799M
YoY Change -1.56% 13.42%
% of Operating Profit
Other Income/Expense, Net -$45.00K -$134.0K
YoY Change -245.16% -309.38%
Pretax Income -$37.55M -$39.58M
YoY Change -14.12% 44.79%
Income Tax $15.00K $8.000K
% Of Pretax Income
Net Earnings -$37.56M -$39.59M
YoY Change -14.08% 44.82%
Net Earnings / Revenue -330.03% -522.18%
Basic Earnings Per Share -$0.18 -$0.19
Diluted Earnings Per Share -$0.18 -$0.19
COMMON SHARES
Basic Shares Outstanding 211.5M 208.2M
Diluted Shares Outstanding 211.6M 208.2M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $369.8M $375.4M
YoY Change -1.56% -3.23%
Cash & Equivalents $41.75M $60.07M
Short-Term Investments $328.0M $315.3M
Other Short-Term Assets $3.516M $3.636M
YoY Change -73.44% -71.23%
Inventory
Prepaid Expenses $4.425M $5.137M
Receivables $7.893M $9.556M
Other Receivables $0.00 $0.00
Total Short-Term Assets $404.9M $409.9M
YoY Change 3.46% 1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $47.88M $42.38M
YoY Change 64.61% 60.0%
Goodwill $719.0K $726.0K
YoY Change -3.1% -2.16%
Intangibles $16.97M $16.87M
YoY Change 46.94% 67.79%
Long-Term Investments $32.17M $59.09M
YoY Change -75.91% -57.07%
Other Assets $4.900M $5.612M
YoY Change -2.02% 15.54%
Total Long-Term Assets $112.6M $133.9M
YoY Change -39.32% -27.83%
TOTAL ASSETS
Total Short-Term Assets $404.9M $409.9M
Total Long-Term Assets $112.6M $133.9M
Total Assets $517.4M $543.9M
YoY Change -10.3% -7.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.324M $5.852M
YoY Change 38.68% 62.69%
Accrued Expenses $8.925M $10.54M
YoY Change -3.52% 11.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.79M $34.71M
YoY Change 30.3% 66.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $110.0K $27.00K
YoY Change 107.55% -64.94%
Total Long-Term Liabilities $110.0K $27.00K
YoY Change 107.55% -64.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.79M $34.71M
Total Long-Term Liabilities $110.0K $27.00K
Total Liabilities $54.16M $64.09M
YoY Change 1.04% 79.61%
SHAREHOLDERS EQUITY
Retained Earnings -$429.2M -$391.7M
YoY Change 61.75% 76.71%
Common Stock $21.00K $21.00K
YoY Change 5.0% 5.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $463.3M $479.8M
YoY Change
Total Liabilities & Shareholders Equity $517.4M $543.9M
YoY Change -10.3% -7.49%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$37.56M -$39.59M
YoY Change -14.08% 44.82%
Depreciation, Depletion And Amortization $2.900M $2.700M
YoY Change 81.25% 125.0%
Cash From Operating Activities -$26.58M -$20.47M
YoY Change 65.23% 48.14%
INVESTING ACTIVITIES
Capital Expenditures $8.753M $3.140M
YoY Change 469.86% 164.98%
Acquisitions
YoY Change
Other Investing Activities $17.05M $48.43M
YoY Change -182.36% 112.23%
Cash From Investing Activities $8.295M $43.53M
YoY Change -137.31% 104.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.00K 1.359M
YoY Change -106.52% 3897.06%
NET CHANGE
Cash From Operating Activities -26.58M -20.47M
Cash From Investing Activities 8.295M 43.53M
Cash From Financing Activities -33.00K 1.359M
Net Change In Cash -18.32M 24.43M
YoY Change -51.56% 224.22%
FREE CASH FLOW
Cash From Operating Activities -$26.58M -$20.47M
Capital Expenditures $8.753M $3.140M
Free Cash Flow -$35.33M -$23.61M
YoY Change 100.5% 57.37%

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CY2023Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
318000
CY2024Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
66619000
CY2023Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
64430000
CY2024Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
115045000
CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
88091000
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
43529000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
21315000
CY2024Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
486000
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
52000
CY2024Q1 ionq Proceeds From Payments Related To Tax Withholding For Share Based Compensation
ProceedsFromPaymentsRelatedToTaxWithholdingForShareBasedCompensation
873000
CY2023Q1 ionq Proceeds From Payments Related To Tax Withholding For Share Based Compensation
ProceedsFromPaymentsRelatedToTaxWithholdingForShareBasedCompensation
-18000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1359000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34000
CY2024Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
24427000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
7534000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38081000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46367000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62508000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53901000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3043000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
153000
CY2024Q1 ionq Intangible Asset Purchases In Accounts Payable And Accrued Expenses
IntangibleAssetPurchasesInAccountsPayableAndAccruedExpenses
391000
CY2023Q1 ionq Intangible Asset Purchases In Accounts Payable And Accrued Expenses
IntangibleAssetPurchasesInAccountsPayableAndAccruedExpenses
216000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5021000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2239000
CY2024Q1 ionq Bonus Settled In Restricted Stock Units
BonusSettledInRestrictedStockUnits
11443000
CY2023Q1 ionq Bonus Settled In Restricted Stock Units
BonusSettledInRestrictedStockUnits
0
CY2024Q1 ionq Net Share Settled Stock Option Exercises
NetShareSettledStockOptionExercises
1016000
CY2023Q1 ionq Net Share Settled Stock Option Exercises
NetShareSettledStockOptionExercises
0
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
2434000
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
2416000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62508000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38081000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP and the rules and regulations of the SEC require management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates and assumptions are inherent in the analysis and measurement of items including, but not limited to: standalone selling price for revenue arrangements with multiple performance obligations, total expected costs for revenue arrangements recognized over time, capitalization of quantum computing system costs, useful lives for quantum computing systems, and stock-based compensation for awards with performance and market conditions. Management bases its estimates and assumptions on historical experience, expectations, forecasts, and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may differ and be affected by changes in those estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2100000
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
2100000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
60074000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35665000
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
9556000
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
11467000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2024Q1 ionq Capitalized Materials And Supplies To Property And Equipments
CapitalizedMaterialsAndSuppliesToPropertyAndEquipments
1000000
CY2023Q1 ionq Capitalized Materials And Supplies To Property And Equipments
CapitalizedMaterialsAndSuppliesToPropertyAndEquipments
800000
CY2024Q1 us-gaap Interest Receivable
InterestReceivable
1900000
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
2100000
CY2023Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2024Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, investments, and trade accounts receivable. The Company maintains the majority of its cash, cash equivalents, restricted cash and investments with </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> financial institutions. The Company’s deposits routinely exceed amounts guaranteed by the Federal Deposit Insurance Corporation. While the Company has not experienced any losses in such accounts, the failure of Silicon Valley Bank (“SVB”), at which the Company held cash and cash equivalents in multiple accounts, exposed the Company to limited credit risk prior to the completion by the Federal Deposit Insurance Corporation of the resolution of SVB in a manner that fully protected all depositors.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s accounts receivable are derived from customers primarily located in the U.S. The Company performs periodic evaluations of its customers’ financial condition and generally does not require its customers to provide collateral or other security to support accounts receivable and maintains an allowance for credit losses. Credit losses historically have not been material.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:24.5pt;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant customers are those that represent more than </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of the Company’s total revenue. For the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">three months ended March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> significant customers that accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">69</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of total revenue. For the three months ended March 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> significant customers that accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">73</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of total revenue.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 ionq Number Of Financial Institutions
NumberOfFinancialInstitutions
3
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-39592000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-27338000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
208159439
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
208159439
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200112855
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
200112855
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
52913831
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47952453
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
438609000
CY2024Q1 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Gain
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain
19000
CY2024Q1 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss
1754000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
436874000
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
460303000
CY2023Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Gain
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedGain
349000
CY2023Q4 us-gaap Debt Securities Available For Sale And Held To Maturity Cumulative Unrecognized Loss
DebtSecuritiesAvailableForSaleAndHeldToMaturityCumulativeUnrecognizedLoss
2306000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
605000
CY2024Q1 ionq Accrued Equipment And Services Liabilities For Research And Development Current
AccruedEquipmentAndServicesLiabilitiesForResearchAndDevelopmentCurrent
1014000
CY2023Q4 ionq Accrued Equipment And Services Liabilities For Research And Development Current
AccruedEquipmentAndServicesLiabilitiesForResearchAndDevelopmentCurrent
112000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3191000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1709000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
458346000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
233884000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
377000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
132124000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1377000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
366008000
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1754000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
136974000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
264000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
180916000
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
2042000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
317890000
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2306000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
375380000
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
61494000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
436874000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10541000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
18376000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
59709000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
52114000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17329000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14599000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42380000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37515000
CY2024Q1 us-gaap Depreciation
Depreciation
2700000
CY2023Q1 us-gaap Depreciation
Depreciation
1200000
CY2024Q1 ionq Materials And Supplies
MaterialsAndSupplies
16249000
CY2023Q4 ionq Materials And Supplies
MaterialsAndSupplies
12476000
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5137000
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5696000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
3636000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
4909000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
25022000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
23081000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5026000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15950000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1310000
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8301202
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.38
CY2024Q1 ionq Class Of Warrant Or Right Issue Price
ClassOfWarrantOrRightIssuePrice
11.5
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7582000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4285000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7582000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4285000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
61800000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.40
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
twelve months
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
12534000
CY2024Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
6072000
CY2024Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
10461000
CY2024Q1 us-gaap Deferred Revenue
DeferredRevenue
16923000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
21664377
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.26
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
52640
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.24
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1542328
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.97
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20174689
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.38
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M1D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
157090000.00
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
14582299
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.57
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M12D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
124520000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
20174689
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.38
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y2M1D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
157090000.00
CY2024Q1 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
355619
CY2023Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
403764
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
700000
CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
800000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23659000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10887000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Valuation Allowance Methodologies And Assumptions
ValuationAllowanceMethodologiesAndAssumptions
full valuation allowance
CY2023 us-gaap Valuation Allowance Methodologies And Assumptions
ValuationAllowanceMethodologiesAndAssumptions
full valuation allowance
CY2024Q1 ionq Lessee Operating Lease Expiration Year
LesseeOperatingLeaseExpirationYear
2030
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.083
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09
CY2024Q1 ionq Fixed Lease Cost
FixedLeaseCost
554000
CY2023Q1 ionq Fixed Lease Cost
FixedLeaseCost
360000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
45000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
43000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
599000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
403000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
599000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
403000
CY2024Q1 ionq Cash Payments Proceeds Included In Measurement Of Operating Lease Liabilities
CashPaymentsProceedsIncludedInMeasurementOfOperatingLeaseLiabilities
-2323000
CY2023Q1 ionq Cash Payments Proceeds Included In Measurement Of Operating Lease Liabilities
CashPaymentsProceedsIncludedInMeasurementOfOperatingLeaseLiabilities
166000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1865000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3411000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3932000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3994000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4095000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
5333000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22630000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5056000
CY2024Q1 ionq Lease Incentives
LeaseIncentives
-1944000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15630000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
true
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
true
CY2024Q1 ionq Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
true
CY2024Q1 ionq Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
true

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