1、Dear Stockholders,In 2022,we delivered what we promised to our customers and to investors.We achieved our technicalmilestone of 25 algorithmic qubits(#AQ),and delivered strong financial growth with$24.5 million innew bookings and$11.1 in revenue.We continue to distinguish IonQ as a leader in our ind
2、ustry,with asignificant head start relative to our peers.The 25 algorithmic qubits milestone is one more step towards“quantum advantage,”the point at whichquantum computers will exceed the capabilities of their classical computing counterparts and are likely topropagate broader commercial use cases.
3、We are confident we will hit an#AQ of 29 in 2023,putting usin clear striking range for#AQ 35 in 2024.The#AQ milestone of 35 is particularly significant because reaching it means that classical hardware willno longer be able to fully simulate our quantum hardware at commercial scale.And more importan
4、tly,weexpect that at#AQ 35,the commercial value of the first quantum machine learning(QML)applicationswill crystallize,driving adoption of IonQs industry-leading quantum computers.Today,we are laser-focused on building on our head start to be the first company to achieve quantumadvantage and scaling
5、 our system manufacturing to meet surging demand.IonQs Head Start Towards Quantum AdvantageAt IonQ,our primary focus has been not on the quantity of qubits in a system,but on the quality of thequbits and their operations.For quantum computers,this qualityalso known as fidelityis the keydifferentiato
6、r in successfully completing computational tasks.If the quality of the qubits and theiroperations is low,no number of qubits can lead to useful quantum computation.IonQ differs from most other commercial quantum computers by using trapped ion qubits,whichnaturally have the highest fidelities of any