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fae121668718c4e80c089ea91a0ef66455f4baf28a071e5abc267d523fd30db2

The high **loss from operations** in **Q4 2023** was mainly due to a substantial increase in several key expense categories. **Total operating costs and expenses** rose significantly, with a pronounced increase in **Research and Development Expenses** (up 131% to **$31,620 thousand**), **Sales and Marketing Expenses** (up 189% to **$6,981 thousand**), and **General and Administrative Expenses** (up 69% to **$15,284 thousand**). These higher costs reflect IonQ’s increased investments in payroll-related expenses, including stock-based compensation, and its strategic focus on expanding commercialization efforts and overall operational capabilities.  **[0000950170-24-022062_ionq-ex99_1.htm:4]** **[IONQ_3375722_6]** 

Why was Loss from operations so high in Q4 2023?

IonQ’s R&D expenses jumped in **Q4 2023** primarily because of a significant increase in **payroll-related costs** driven by higher headcount and a sharp rise in **stock-based compensation**—which, along with increased spending on **materials, supplies, and equipment**, supported the expansion of their R&D activities to accelerate system development and commercialization.  **[IONQ_3375722_6]** **[0000950170-24-022062_ionq-ex99_1.htm:4]** **[0000950170-24-022072_ionq-20231231.htm:103]** 

Why did R&D expenses jump in Q4 2023?

IonQ's revenue increase in Q1 2024 was driven by **significant progress on its specialized quantum computing hardware contracts** and the **securing of new revenue contracts**, which together contributed to a **77% growth in revenue** compared to Q1 2023.  **[0000950170-24-057804_ionq-20240331.htm:39]** 

What drove the revenue increase in Q1 2024?

IonQ’s higher net loss in Q3 2024 was primarily driven by increased operating costs and expenses. This includes a significant rise in **R&D expenses** (up by **$8,579 thousand** or **35%**), **Sales and Marketing** expenses (an increase of **$1,583 thousand**), and modest growth in **G&A expenses** (up by **$395 thousand**), contributing to an overall operating cost increase of **$17,205 thousand**. Additionally, a substantial jump in the **cost of revenue** (an increase of **$4,507 thousand** or **224%**)—primarily due to higher hardware and labor costs—further contributed to the increased net loss. Moreover, higher **stock-based compensation** and a recorded **non-cash loss on warrant liabilities** added to the overall impact on net loss in Q3 2024.  **[IONQ_3406399_4]** **[0000950170-24-122305_ionq-20240930.htm:5]** **[0000950170-24-122305_ionq-20240930.htm:43]** 

What factors contributed to the higher net loss in Q3 2024?

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The jump in **Cash and cash equivalents** in Q1 2024 was primarily driven by a significant inflow from **investing activities**, where matured and sold available-for-sale securities greatly exceeded the purchases and other capital expenditures. This was complemented by a smaller positive contribution from **financing activities** despite a notable outflow from **operating activities** due to investments in R&D, sales and marketing, administrative expenses, and a net loss. Overall, these factors combined to result in the considerable increase in cash balances during the quarter.  **[0000950170-24-055629_ionq-ex99_1.htm:5]** 

Why did Cash and cash equivalents jump in Q1 2024?

The **Total Assets** dropped in Q3 2024 primarily because the company saw a **significant reduction in long-term investments**, which decreased from **$100,489 thousand** to **$17,131 thousand**. Additionally, there was a **notable decline in accounts receivable** (from **$11,467 thousand** to **$4,137 thousand**) and a **slight decrease in cash and cash equivalents** (from **$35,665 thousand** to **$30,172 thousand**). Although there was an **increase in property and equipment, net**, this was not enough to offset the declines mentioned, leading to an overall drop in total assets.  **[0000950170-24-122264_ionq-ex99_1.htm:6]** **[0000950170-24-122305_ionq-20240930.htm:4]** 

Why did Total Assets drop in Q3 2024?

There was **no change** in Goodwill in Q4 2023; the value remained constant at **$742,000** and did not sharply increase.  **[0000950170-24-022062_ionq-ex99_1.htm:4]** **[0000950170-24-022072_ionq-20231231.htm:132]** **[0000950170-23-061111_ionq-ex99_1.htm:4]** 

Why did Goodwill sharply increase in Q4 2023?

The decline in **Total liabilities** in Q2 2024 was primarily due to a significant decrease in **warrant liabilities** and **accrued expenses**. **Warrant liabilities** dropped from **$23,004 thousand** to **$7,738 thousand** as a result of changes in fair value, which also produced a non-cash gain of **$6.6 million**. Additionally, **accrued expenses** fell from **$18,376 thousand** to **$8,925 thousand**. Although there was a slight increase in **operating lease liabilities**, it did not offset the decreases in the other areas.  **[0000950170-24-092782_ionq-20240630.htm:4]** **[0000950170-24-092737_ionq-ex99_1.htm:0]** 

IONQ Inc (IONQ)

Financials