Why Is IonQ Stock Trading Higher On Friday?

Benzinga · 09/27 16:25

IonQ, Inc. (NYSE:IONQ) shares are trading higher on Friday after the company signed a $54.5 million contract with the United States Air Force Research Lab.

Now entering its third year of substantial commercial revenue, IonQ has achieved nearly 100% compound annual growth in sales (bookings) and an impressive 225% growth in recognized revenue.

With a quarter left in the fiscal year, IonQ has reported $72.8 million in bookings year-to-date, expressing confidence in meeting or exceeding its annual guidance of $75-95 million.

“No other publicly traded pure-play quantum computing company has nearly doubled revenue each year since going public, nor have they approached the $100M bookings mark so quickly,” said Peter Chapman, President and CEO of IonQ.

Also Read: IonQ Stock Jumps On Q2 Earnings: The Details

Last month, IonQ announced that it was chosen by the Applied Research Laboratory for Intelligence and Security (ARLIS) to develop a groundbreaking quantum networking contract aimed at creating a networked system for blind quantum computing.

IonQ has recruited experienced professionals from major technology leaders like Microsoft Corporation (NASDAQ:MSFT), Amazon.com (NASDAQ:AMZN), International Business Machines Corporation (NYSE:IBM), and more to collaborate with the world’s largest organizations and drive value.

The company also revealed a $9 million agreement with the University of Maryland to offer advanced quantum computing access.

According to Benzinga Pro, IONQ stock has lost over 43% in the past year. Investors can gain exposure to the stock via Main Thematic Innovation ETF (BATS:TMAT).

Price Action: IONQ shares are trading higher by 16.20% to $9.36 at the last check on Friday.

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Photo courtesy of IonQ