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  "documentTitle": "IonQ Inc. (IONQ)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2022-05-03 00:00:00",
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      "text": "It suggested that most or all of the company’s revenue in Q3 and for 2021 came from only 2 and 3 customers respectively – a troubling contrast to the CEO’s claim of “thousands of customers.”",
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      "text": "Comparison of Q3 2021 vs. same period in 2020: \"Revenue increased by $0.2 million, or 100%, to $0.2 million for the three months ended September 30, 2021 from zero for the three months ended September 30, 2020. The increase was primarily driven by three new revenue contracts.\"",
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      "text": "Comparison of first 9 months of 2021 vs. same period in 2020: \"Revenue increased by $0.5 million, or 100%, to $0.5 million for the nine months ended September 30, 2021 from zero for the nine months ended September 30, 2020. The increase was primarily driven by four new revenue contracts.\"",
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      "text": "Excerpts from IonQ 10Q filing for Q3 2021: \"Significant customers are those which represent more than 10% of the Company's total revenue. The Company's revenue was from 2 significant customers for the three months ended September 30, 2021 and from 3 significant customers for the nine months ended September 30, 2021.\"",
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      "text": "customer concentration: 2",
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      "text": "The reason for the CEO's evasiveness was buried in the Q3 10Q filing, where the language was similarly less than candid. It suggested that most or all of the company's revenue in Q3 and for 2021 came from only 2 and 3 customers respectively – a troubling contrast to the CEO's claim of \"thousands of customers.\"",
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      "kind": "quote",
      "text": "“The Company’s revenue was from 2 significant customers for the three months ended September 30, 2021 and from 3 significant customers for the nine months ended September 30, 2021.” — IonQ Q3 2021 10Q Filing",
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      "text": "Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312521329877/d235265d10q.htm#",
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