Q3 2024 Earnings: IonQ Doubles Revenue, D-Wave and Rigetti Face Losses

IonQ Reports Revenue Growth Amid Losses

IonQ announced a revenue of $12.4 million for Q3 2024. This marks a growth of 102% compared to $6.1 million in the same quarter last year. However, the company reported a net loss of $52.5 million, which is an increase from the $44.8 million loss in Q3 2023. Adjusted EBITDA loss was $23.7 million, up from $22.4 million in the previous year. IonQ secured $63.5 million in new bookings during the quarter.

D-Wave Faces Revenue Decline and Increasing Losses

D-Wave’s revenue for Q3 2024 was $1.9 million, a decrease of 27% from $2.6 million in Q3 2023. The net loss rose to $22.7 million, an increase of 41% year-on-year. Adjusted EBITDA loss was $13.8 million, up from $11.6 million the previous year. In the second quarter of 2024, D-Wave reported $2.2 million in revenue and a net loss of $17.8 million. Their quantum computing as a service (QCaaS) revenue rose to $1.6 million, up 41% from last year. D-Wave recently paid off a $50 million loan and has nearly $30 million in cash.

Rigetti Experiences Declining Revenue but Smaller Losses

Rigetti reported $2.4 million in revenue for Q3 2024, down from $3.1 million the previous year. The net loss reduced to $14.8 million from $22.2 million in Q3 2023. CEO Subodh Kulkarni announced plans for a new modular system architecture. Rigetti aims to launch a 36-qubit system by mid-2025 and plans to develop a system with over 100 qubits by the end of that year. They have colocated a nine-qubit quantum processing unit at the Israeli Quantum Computing Center and a 24-qubit system at the National Quantum Computing Center in the UK.