Company: IONQ
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027722
Chunk: 17

Company: IonQ, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 6
Chunk 17
---
 Research and development

     58,696

     40,103

     Sales and marketing

     13,788

     6,762

     General and administrative

     29,654

     20,059

    Comparison of the Years Ended December 31, 2024 and 2023 Revenue  

     Year EndedDecember 31,

     $

     %

     2024

     2023

     Change

     Change

     (in thousands)

     Revenue
      
     $
     43,073

     $
     22,042

     $
     21,031

     95
     %
    
    Revenue increased by $21.0 million, or 95%, to $43.1 million for the year ended December 31, 2024, from $22.0 million for the year ended December 31, 2023 . The increase was primarily driven by progress on our arrangements to build specialized quantum computing hardware, as well as new revenue contracts under which we provided services during the year ended December 31, 2024.

59

 Cost of revenue  

     Year EndedDecember 31,

     $

     %

     2024

     2023

     Change

     Change

     (in thousands)

     Cost of revenue (excluding depreciation and amortization)
      
     $
     20,597

     $
     8,108

     $
     12,489

     154
     %
    
    Cost of revenue increased by $12.5 million, or 154%, to $20.6 million for the year ended December 31, 2024, from $8.1 million for the year ended December 31, 2023. The increase was driven primarily by an increase in hardware costs used in the construction of specialized quantum computing hardware, as well as an increase in labor costs to service contracts, for the year ended December 31, 2024.Research and development  

     Year EndedDecember 31,

     $

     %

     2024

     2023

     Change

     Change

     (in thousands)

     Research and development
      
     $
     136,827

     $
     92,321

     $
     44,506

     48
     %
    
    Research and development expense increased by $44.5 million, or 48%, to $136.8 million for