{
  "docId": "019dd923-622c-750b-8b9a-1cc056790523",
  "docSlug": "340e94a59fc0",
  "documentTitle": "IonQ Inc. (IONQ)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-03 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 148,
  "pageCount": 183,
  "prevPage": 147,
  "nextPage": 149,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "The slide uses a table to derive Q4 figures from annual and Q3 year-to-date data, highlighting a spike in related-party revenue dependency.",
  "elementsJson": [
    "paragraph",
    "data_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/148",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-148",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "36% of Q1-Q3 revenue came from Duke/UMD, but quickly doubled to 70% in Q3 – just as IonQ needed to show growth for the SPAC listing",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd84-2e90b99cd77e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "Source: IonQ SEC filings https://www.sec.gov/ix?doc=/Archives/edgar/data/0001824920/000119312521329877/d235265d10q.htm; https://www.sec.gov/ix?doc=/Archives/edgar/data/1824920/000119312522086738/d257705d10k.htm#fin257705_3; Scorpion Capital estimates and analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a2729afb-7e90-4deb-8eab-edee3cf7d8ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.4,
        "x": 0.35,
        "y": 0.83
      },
      "kind": "legend",
      "text": "36% of Q1-Q3 revenue came from Duke/UMD, but quickly doubled to 70% in Q3 – just as IonQ needed to show growth for the SPAC listing",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db66043d-6379-4685-a5ef-608198be41be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue from related parties: 62%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d2-7501-bd84-30988146bbc8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "IonQ’s filings disclose its revenue from UMD/Duke for 2021 as well as for the first nine months of the year, as well as its R&D transactions with them. This allowed us to calculate the related party contribution for Q4. UMD/Duke accounted for an astounding 62% of IonQ’s “revenue” in Q4, and 56% for all of 2021. The data also makes the round-tripping clear: for all of 2021, IonQ expensed $1.9MM of R&D with Duke/UMB, who turned around and drove $1.2MM of sales. Most importantly, the data shows IonQ’s suddenly increased dependence on UMD/Duke starting in Q3 and into Q4 vs. Q1/Q2– just in time for the SPAC. In other words, the only way that IonQ showed “growth” around the time of its listing is by manufacturing it via the related parties that spun it out as a company.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d3fc157-441b-4da0-b0ba-caa1e484204c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.82,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "table",
      "text": "Q4 estimates based on IonQ 2021 10K and Q3 2021 10Q table showing revenue and R&D transactions by period.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d935c184-d183-48cd-b904-345c47a9f0a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "The related party games and round-tripping continued in Q4 2021.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f891789d-be5f-4563-b699-16875ef8a90c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "424f6454-7071-483d-be94-cb84d67b3534",
      "evidence": "The slide explicitly frames financial data to expose round-tripping and related-party manipulation.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 141,
      "beatId": "f754042f-3c7b-4294-8877-3c1f12cc4462",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Conclusion that IonQ's Claims are Exaggerated",
      "beatSlug": null,
      "evidence": "The deck concludes that IonQ's claims are exaggerated and its technology is flawed, based on the evidence presented.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}