{
  "docId": "019dd923-622c-750b-8b9a-1cc056790523",
  "docSlug": "340e94a59fc0",
  "documentTitle": "IonQ Inc. (IONQ)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-03 00:00:00",
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  "pageNumber": 143,
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  "notes": "The slide uses a snippet from a 10Q filing to contrast narrative with financial reality.",
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      "kind": "callout",
      "text": "This leads us to conclude that IonQ’s total cumulative revenue since inception to 9/30/21 was only $451K.",
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      "text": "Revenue: $233,000",
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      "kind": "paragraph",
      "text": "Given the long list of top-tier customers and the availability of IonQ’s quantum hardware “through every major US cloud provider” per the CEO’s comments on the Q3 call, we were surprised to discover that the company only reported an immaterial $233,000 of revenue in Q3 2021 and $451,000 for the nine months ended Sep 30 2021, and zero revenue for the same periods in 2020. This leads us to conclude that IonQ’s total cumulative revenue since inception to 9/30/21 was only $451K. The company’s total 2021 revenue of $2.1MM was driven almost entirely by Q4, which comprised ~80% of the total for the year.",
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      "text": "Source: Capital IQ screen",
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      "text": "Revenue table from 10Q filing",
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      "kind": "title",
      "text": "IonQ Q3 2021 10Q filing",
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      "arcName": "Overcoming the Monster",
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      "beatName": "The Conclusion that IonQ's Claims are Exaggerated",
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