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  "docSlug": "340e94a59fc0",
  "documentTitle": "IonQ Inc. (IONQ)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-05-03 00:00:00",
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  "pageNumber": 149,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 6,
  "notes": "The slide uses a 'before-after' or 'contradiction' framing to highlight the discrepancy between actual revenue and projected bookings.",
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      "text": "Given the immaterial level of IonQ’s revenue, the company has tried to re-frame the narrative around bookings and bookings growth.",
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      "text": "Investor presentation Sep 2021 showing 3x increase in bookings",
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      "text": "Press release excerpt for Q3 2021 earnings, Nov 15, 2021\nThird Quarter Financial Highlights\nRevenue of $223 thousand, for a total of $451 thousand year to date.\nYear-to-date total contract value (TCV) bookings of $15.1 million.",
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      "text": "contract bookings: $15.1 million",
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      "text": "Given the immaterial level of IonQ’s revenue, the company has tried to re-frame the narrative around bookings and bookings growth. A critical part of their SPAC pitch is the purported $15MM of bookings through Q3 2021 and $17MM as of Q4.",
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      "text": "Source: https://investors.ionq.com/news/news-details/2021/IonQ-Announces-Third-Quarter-2021-Financial-Results/default.aspx; https://s28.q4cdn.com/828571518/files/doc_presentation/2021/11/IonQ-Investor-Presentation-Sept-2021-Updates-v091721.4.pdf",
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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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