{ "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": 155, "pageCount": 183, "prevPage": 154, "nextPage": 156, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 6, "notes": "The slide uses a combination of narrative accusation and direct quotes from earnings materials to build a case of financial misrepresentation.", "elementsJson": [ "paragraph", "screenshot", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-1cc056790523/155", "deckHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-1cc056790523#slide-155", "components": [ { "bbox": null, "kind": "callout", "text": "Without this Q4 contribution, IonQ’s illusion of “growth” would instantly evaporate.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d2-7501-bd85-23e7bb08a0c4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.05, "y": 0.5 }, "kind": "list", "text": "Financial Outlook\nExpected bookings of $600 thousand to $800 thousand for fourth quarter 2021, to end the year between $15.7 million and $15.9 million.\nExpected revenue of $1.0 million to $1.2 million for fourth quarter 2021, to end the year between $1.5 million and $1.7 million.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "25cf65fd-97e0-445d-942a-bd3a323ae017", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "revenue: $1MM", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-f5d2-7501-bd85-294b518dec3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.35, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "paragraph", "text": "The purported Q-Lab exhibits no signs of an operational or active entity, yet IonQ reported $1MM of Q4 2021 revenue from UMD/Duke, based on our calculations – presumably by converting the $4MM of accounts receivable booked commensurate with the deal. Without this Q4 contribution, IonQ’s illusion of “growth” would instantly evaporate. We could locate no website for the Q-Lab, nor any staff, job postings, or even an address, in contrast to a number of other quantum computing labs at UMD which have extensive websites, such as the Quantum Technology Center, Joint Quantum Institute, and many others. This is consistent with the press release announcing the deal, which states that the Q-Lab “will” – laughably – “be located...next to IonQ’s headquarters.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "69c4d7fc-89ae-4628-bbb8-e0c92eaa0234", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.72 }, "kind": "quote", "text": "“The closing of bookings in Q3 will have a direct impact on recognized revenue and accordingly, we anticipate our top line for Q4 to end up between $1 million and $1.2 million for the full year revenue of $1.5 million to $1.7 million for 2021.”", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7bf5e950-aab0-42ea-9908-bdfe3a85563c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“The closing of bookings in Q3 will have a direct impact on recognized revenue and accordingly, we anticipate our top line for Q4 to end up between $1 million and $1.2 million for the full year revenue of $1.5 million to $1.7 million for 2021.” — CFO, IonQ Q3 2021 earnings call", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-f5d2-7501-bd85-256782246bb9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: https://ionq.com/news/november-15-2021-ionq-announces-third-quarter-2021-financial-results; IonQ Q3 earnings call transcript https://seekingalpha.com/article/4469760-ionq-inc-class-ionq-ceo-peter-chapman-on-q3-2021-results-earnings-call-transcript", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a953aa53-df00-4b0b-b39f-1273dd908d78", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.05, "y": 0.68 }, "kind": "title", "text": "CFO comments during IonQ Q3 2021 earnings call on Nov 15, 2021", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3eabb631-fb6b-4dbb-a012-3b5d9ce9ba6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.45 }, "kind": "title", "text": "Excerpt from IonQ Q3 2021 earnings release, Nov 15, 2021", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4ffb80f5-3b7f-4ea5-8fd9-9f9ee9caa3d3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "ccc174c9-d830-4963-b68e-932537be9071", "evidence": "The slide explicitly attempts to expose a contradiction between reported revenue and the lack of physical/operational evidence for the revenue-generating entity.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }