IonQ, Inc. (NYSE:IONQ) Q1 2023 Earnings Conference Call May 11, 2023 4:30 PM ET

Company Participants

Jordan Shapiro - VP, Financial Planning & Analysis and Head, IR

Peter Chapman - President and CEO

Thomas Kramer - CFO

Conference Call Participants

Scott Fessler - Morgan Stanley

Richard Shannon - Craig-Hallum

David Williams - Benchmark Company

Operator

Greetings. And welcome to the IonQ First Quarter 2023 Earnings Call. At this time all participants are in a listen-only mode. [Operator Instructions]. As a reminder, this conference is being recorded.

I would like to turn the conference over to your host Jordan Shapiro, Vice President FP&A and Head of Investor Relations. Please go ahead.

Jordan Shapiro

Good afternoon, everyone, and welcome to IonQ’s first quarter 2023 earnings call. My name is Jordan Shapiro and I am the Vice President of Financial Planning & Analysis and Head of Investor Relations here at IonQ.

I am pleased to be joined on today's call by Peter Chapman, IonQ’s President and Chief Executive Officer; Thomas Kramer, our Chief Financial Officer; Dr. Chris Monroe, our Co-Founder and Chief Scientist; and Dr. Jungsang Kim, our Co-Founder and Chief Technology Officer.

By now, everyone should have access to the Company's first quarter 2023 earnings press release issued this afternoon, which is available on the Investor Relations section of our website at investors.ionq.com.

Please note that on today's call management will refer to adjusted EBITDA, which is a non-GAAP financial measure. While the company believes this non-GAAP financial measure provides useful information for investors, and presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. You are directed to our press release for reconciliation of adjusted EBITDA to its closest, comparable GAAP measure.

During the call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

Now I will turn it over to Peter Chapman, President and CEO of IonQ. Peter?

Peter Chapman

Thanks, Jordan. Good afternoon everyone. And thank you for joining us for our first quarter 2023 earnings call.

We finished the first quarter with $4.3 million in revenue, which was above the high end of our expected range. Meanwhile, we booked $4.1 million in new contracts and are maintaining this year's annual booking guidance. Thomas will share more details on our commercial activity and financials later in the call.